Ghosn Says Not Even His Family Knew of His Escape Plan

BUSINESS WITH PERSONALITY

SPLIT UP? HOW LONDON MARATHON 2020 TO HANDLE THE RACE FOR GOLD WITH THE INS AND OUTS OF LATEST SPORTS TECH P20 DIVORCE P18–19

THURSDAY 16 JANUARY 2020 ISSUE 3,535 CITYAM.COM FREE POWER PLAY Putin plots a path BACKLASH to preserving his place at the top OVER STATE

AIDALEX DANIEL GAMBLE In a letter to transport secretary icism from railway bosses, who said Grant Shapps on Tuesday, Walsh the move would encourage more peo- @alexmdaniel wrote that Flybe’s owners “want the ple to travel on planes, rather than THE GOVERNMENT has found itself taxpayer to pick up the tab for their use less polluting trains. embroiled in a row over state aid, mismanagement of the airline”. The Rail Delivery Group, a trade after its decision to save struggling “This is a blatant misuse of public body, said rail was “one of the green- regional airline Flybe sparked a series funds,” he said. est ways to travel and any review of of complaints from rival carriers. Walsh was joined by Ryanair and APD that encourages more people to British Airways (BA) owner Inter- Easyjet in opposing the plan. A fly domestically would limit efforts to national Airlines Group (IAG) Ryanair spokesperson said: tackle the climate crisis”. yesterday filed an official “We have already called for Downing Street insisted it remains complaint to the Euro- more robust and fre- committed to free market economics, HARRY ROBERTSON President and prime minister, pean Commission, after quent stress tests on fi- with any funding given to the airline meaning his 20-year grip on Russian its boss Willie Walsh on “a strictly commercial basis”. @harrygrobertson politics is longer than Stalin’s. He is castigated the govern- The airline serves 8m Meanwhile, a spokesperson for the RUSSIA’s prime minister and its legally required to step down as ment for deferring passengers a year across Department for Business, Energy and entire cabinet quit their posts President in four years’ time, having Flybe’s tax bill as part the UK and Europe Industrial Strategy added that the yesterday after President Vladimir now served two consecutive terms. of a rescue package. government “has not given any state Putin said he will hold a referendum Under Putin’s plans, presidential The deal is also nancially weak airlines aid to Flybe”. on sweeping constitutional changes power would be weakened and the thought to include a so the taxpayer does not The European Commission said: which could allow him to keep power powers of the prime minister, £100m loan, as well as up to have to bail them out.” “We stand ready to discuss with the when his term ends in 2024. parliament and the advisory State £30m in contributions from Johan Lundgren, chief execu- UK the compatibility and proposed The resigning prime minister Council would be beefed up. its shareholders. IAG said this contra- tive of Easyjet, added: “We do not public measures with the EU state aid Dmitry Medvedev said he wanted to The changes would let Putin, who is vened EU state aid rules because tax- support state funding of carriers.” rules. Any state aid intervention give Putin room to make “all the 67, either become prime minister payers would be subsidising an airline Ministers said they would review needs to be designed so that competi- necessary decisions” before the once again or head of the State that competes directly on BA routes. the existing air passenger duty (APD) tion is not distorted.” changes come into effect. Council, keeping his grip on Russia. One of Flybe’s biggest investors is rules — the tax on flights taking off Since coming to power Putin has Virgin Atlantic, a major BA rival. from the UK. However, this drew crit- £ ANALYSIS: P4 moved between the posts of £ CONTINUES ON P4 Secrets and flies: Ghosn says not even his family knew of his escape plan

ALEX DANIEL under-reporting earnings, breach is no one in the family should be “And the second day, 24 hours reporting his income for years, and of trust and misappropriation of aware.” from this, I received a visit from had been siphoning off corporate @alexmdaniel company funds, which he denies. Ghosn also claimed the French the French ambassador who told money for personal use. FORMER Nissan boss Carlos Ghosn Speaking to Reuters, he declined ambassador warned him against me: ‘Nissan is turning against you’. Nissan declined to comment has given advice to would-be to clarify the details of his escape his former company just before his And this is where I realized that further on Ghosn’s accusation, fugitives, as part of an interview in following media speculation that November 2018 arrest. the whole thing was a plot.” other than to say he was found to which he also accused the car giant he fled inside a musical instrument “Frankly, I was shocked by the Former Nissan chief executive have committed “fraudulent” of plotting against him. case. However he proffered a token arrest and the first thing I asked ‘is Hiroto Saikawa told a press activity by the US markets Ghosn fled Japan last month of wisdom: “The first rule of when make sure Nissan knows so they conference hours after Ghosn’s watchdog and that French while awaiting trial on charges of you want to do something like this can send me a lawyer,’” he said. arrest that Ghosn had been under- authorities were investigating.

FTSE 100▲ 7,642.80 +20.45 FTSE 250▼ 21,713.11 -42.94 DOW▲ 29,030.22 +90.55 NASDAQ▲ 9,258.70 +7.37 £/$▲ 1.303 +0.001 £/€▼ 1.167 -0.002 €/$▲ 1.160 +0.003 02 NEWS THURSDAY 16 JANUARY 2020 CITYAM.COM

SIGNED, SEALED, DELIVERED US and China sign long-awaited phase one trade agreement, pausing damaging global trade war THE CITY VIEW Flybe bailout reveals Johnson’s priorities

URING the election campaign, Labour claimed that a Tory victory would unleash “Thatcherism on steroids”. DNow, just weeks into the new Boris Johnson era, corporate bailouts are on the agenda. Hardly the rampant free-market dogma we were warned about. The troubled airline Flybe has received a £100m temporary tax break, plus the promise of a review into air passenger duty, which hits the domestic carrier hard. The airline’s owners were presented with the perfect political opportunity to make their case to government. Ever since his election victory, Johnson has talked about infrastructure spending, regional investment and the importance of connectivity. Flybe’s owner Connect Airways — the consortium US PRESIDENT Donald Trump and Chinese vice premier Liu He yesterday signed a “phase one” trade deal in Washington that founded by Virgin Atlantic, Stobart Aviation and Cyrus Capital — puts in place a fragile peace in the long-running tariff war between the world’s two biggest economies. Trump and Liu put pen to must have viewed ministers as a soft touch. Would they really paper in the White House after months of negotiations. Trump heralded the deal as a “momentous step” forward for the pair. let 2,500 jobs disappear? Would they shrug at the hit to regional airports? Not likely. One wonders how much of a fight the government put up. It’s hard to picture the business secretary on the phone to Richard Branson, saying: “You bought the damn thing, you can prop it up.” It’s not like the billionaire couldn’t afford the bill. Besides, his own biggest shareholder is Delta — Rate cut on horizon as UK one of the most profitable carriers in the world. Given all this, one can hardly blame Willie Walsh for reacting with fury. Granted, his rivalry with Branson is intense and goes back decades, but he’s not wrong to point out that the inflation falls to fresh low government shouldn’t be in the business of bending the rules to save a failing company while viable competitors watch from the wings. ANNA MENIN was sitting just above $1.30 last night. the policy in a speech in Northern Ire- It isn’t only IAG and Easyjet complaining about the @annafmenin Bloomberg data on swaps trading land yesterday. government’s apparent distortion of the market. EU showed market odds of a quarter “This gives the Bank of England all competition officials will assess their complaint but elsewhere STERLING fell yesterday after data point rate reduction have hit 62 per the excuse it needs to cut later this showed UK inflation unexpectedly cent, compared to less than five per month,” said Markets.com chief ana- in Brussels the role of state aid and a commitment to a level slipped to a three-year low during De- cent last week. lyst Neil Wilson. playing-field are at the heart of the EU’s demands for a future cember, ramping up expectations British government bond prices also “Coming off the back of those UK-EU trade deal. The European Commission’s most recent that the Bank of England (BoE) will shot up following the reading, with weaker GDP and industrial produc- document outlining its red lines makes clear that it intends cut interest rates later this month. traders taking the drop as a sign the tion numbers, it does not look as The consumer price index (CPI) rose Bank would move to cut rates. though the economy was firing on all “to prevent unfair competitive advantage[s] that the UK could 1.3 per cent last month compared to a Outgoing BoE governor Mark Car- cylinders at the tail end of last year. enjoy through undercutting of levels of protection with respect year earlier — the weakest level since ney struck a dovish tone in a speech While there may well be a Boris to... competition and state aid”. November 2016, according to official last week, indicating that the central Bounce in the offing, I rather think The government says it’s confident their package for Flybe data released yesterday. bank could cut rates if economic the die is cast in favour of a rate cut.” The weak CPI reading means infla- weakness persisted. The cost of overnight hotel stays pro- doesn’t fall foul of state aid rules, but even if the EU rules in tion slipped further away from the Fellow MPC committee members vided downward pressure on infla- their favour it’s clear that Johnson’s government isn’t Bank’s official two per cent target, fu- Gertjan Vlieghe and Silvana Tenreyro tion in December, with prices squeamish about intervening to prop up failing companies. The elling speculation about an imminent have recently both suggested they dropping 7.5 per cent. Clothing and rate cut by its monetary policy com- would back rate cuts if the Conserva- footwear also provided pressure amid coming negotiations will reveal the extent to which it’s mittee (MPC). tives’ decisive December election vic- the increased competition faced by prepared to fight for its right to do it again. Sterling fell as much as 0.25 per cent tory does not boost the economy. high street stores. Women’s clothing against the dollar to $1.2985 follow- Rate-setter Michael Saunders — who saw the most significant price cuts, ing the unexpected drop in inflation. voted in favour of cutting rates in with 15 per cent of items reduced as Follow us on Twitter @cityam It later regained some ground, and December — restated his support for opposed to 11 per cent a year earlier.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL TSB HIRES IBM FOLLOWING WHAT THE CONSERVATIVES TO MOVE FARAGE BANNED FROM HOUSE VOTES TO SEND MAJOR IT MELTDOWN OTHER HQ OUT OF LONDON FIRING BREXIT FIREWORKS IMPEACHMENT TO SENATE Mid-sized British bank TSB has hired Conservative Campaign Headquarters Brexit Party leader Nigel Farage was told The US House of Representatives IBM to run many of its key technology PAPERS SAY (CCHQ) is to be relocated from London yesterday he cannot set off fireworks yesterday approved seven systems in an effort to move on from an to the midlands or the north as Boris near Parliament Square to celebrate the impeachment managers chosen by IT meltdown that it blamed on a THIS Johnson seeks to entrench the party in ending of Britain’s 45 year long speaker Nancy Pelosi who will argue in previous provider owned by its parent Labour’s former heartlands. The membership of the European Union. the coming Senate trial the Democrats’ company. TSB, the UK’s seventh-largest MORNING Conservatives’ website reported The news came as Tory MP Mark case for removing US President Donald bank, said the partnership with IBM yesterday that a senior source in Francois launched a crowdfunding site Trump from office. would increase its resilience to outages Downing Street had asked it to canvas to cover the costs of a £500,000 Big Ben and security threats while allowing it to activists’ views on the new location. “Bong for Brexit” on 31 January. AMAZON’S BEZOS PLEDGES roll out new products more quickly. $1BN INDIA INVESTMENT UN: NORTH KOREA IS USING GERMAN ECONOMY SUFFERS Amazon chief executive Jeff Bezos ARAMCO ‘ UNDERWEIGHT’ CRYPTO TO EVADE SANCTIONS WORST YEAR SINCE 2013 yesterday pledged to invest an SAYS MORGAN STANLEY including Goldman Sachs, Citgroup and North Korea is drawing on the expertise Germany’s economy grew at its slowest additional $1bn (£770m) in the Morgan Stanley has slapped an Bank of America, stopped short of of foreign experts to use pace since 2013 last year as US company’s Indian operations, part of a “underweight” rating on Saudi Aramco, recommending investors load up on the cryptocurrencies such as Bitcoin to President Donald Trump’s trade war charm offensive hoping to attract local as the bulk of the Wall Street banks that shares in their first published research evade sanctions and launder money, took a heavy toll on its prized businesses in a promising but advised on its initial public offering, on the state-owned oil company. the United Nations has warned. manufacturing industry. challenging market. CITYAM.COM THURSDAY 16 JANUARY 2020 NEWS 03

HATE TO SAY I TOLD YOU City Watchdog Litigation costs twice wrote to fund before Woodford saga Ex-Citi banker THE CITY watchdog raised wins landslide problems with fund supervisors seven years before the collapse of ageism case dent profit for Woodford Equity Income Fund, it was revealed ANGHARAD CARRICK yesterday. The Financial Conduct Authority wrote @angharadcarrick to supervisors in 2012 and A FORMER Citigroup investment 2014 to highlight concerns banker has won an age Goldman Sachs with their work and discrimination case after his boss demanding they take Manolo Falco said: “You are old and action. The fund’s set in your ways.” HARRY ROBERTSON revenue rose 23 per cent in the final collapse last year left The Employment Tribunal Court three months of 2019 to $9.96bn, beat- more than 300,000 found that Niels Kirk, a managing @harrygroberton ing expectations. customers facing director of energy banking, had GOLDMAN Sachs suffered a fall in Goldman’s revenue was boosted by huge losses. been unfairly dismissed following profit in the final quarter of the year the sale of its entire stake in Uber in the comments. as high litigation provisions and in- the fourth quarter, according to The tribunal concluded that Kirk, vestment banking weakness dented CNBC, which likely netted the early who was 55 at the time, had proved the Wall Street giant’s bottom line, its investor a healthy profit. It was also that his dismissal was a result of age results revealed yesterday. boosted by a 63 per cent surge in fixed discrimination. In a ruling on 2 Jan- Net earnings fell 26 per cent year on income revenue. uary Judge John Goodrich said the year to $1.72bn (£1.32bn). The fall in Yesterday’s results were the first comment was “the kind of throw- profit took earnings per share to $4.69 Goldman has published under a new Bank of America earnings take away remark Mr Falco would make”. in the fourth quarter from $6.04 a structure that more clearly states the According to documents in the year earlier, falling well below ana- size of its consumer business, which case, Kirk’s performance ranking lysts’ expectations of $5.47. includes its online bank Marcus. tumble on low US interest rates fell from the best possible grade in The lender did not give precise de- Chief executive David Solomon has 2014, to “a solid performance”, in tails of the litigation provisions, but it focused on beefing up the lender’s EDWARD THICKNESSE lender’s ability to earn more from its 2015 and 2016. His total remunera- is likely they cover for the costs of the consumer arm due to fears that the loans. Net revenue also saw a one per tion fell from £901,669 in 2013 to 1MDB money-laundering scandal. investment business is too much at @edthicknesse cent drop, falling to $22.3bn. £534,614 three years later. Revenue at the investment banking the mercy of swings in the market. BANK of America’s (BoA) profit fell However, the banking giant still Goodrich noted that witnesses in arm fell six per cent to $2.06bn in the Revenue at the nascent consumer four per cent in yesterday’s fourth- exceeded analysts’ expectations, with the case, including corporate bank- final quarter, as mergers and acquisi- business jumped 23 per cent year on quarter results, with the firm earnings per share of 75 cents, ahead ing chief Tom Isaac, had treated al- tions and corporate lending cooled. year to hit $228m in the fourth quar- announcing $7bn (£5.4bn) in net of forecasts of 68 cents. legations of any age discrimination Goldman shares ended the day 0.2 ter of 2019. income, down from $7.3bn last year. BoA is the most vulnerable of the with “some incredulity”. per cent lower at $245.21. Solomon said: “We aim to drive The small decline is due to lower large US banks to fluctuating interest Citigroup yesterday denied the dis- Despite the slip in net earnings, higher returns in the future.” interest rates squeezing the US rates due to its large deposit stock. missal was age-related. 04 NEWS THURSDAY 16 JANUARY 2020 CITYAM.COM

CLAWS OUT Boris Johnson ‘must not let Putin appoints new prime minister fox into the hen house’ in Huawei decision as Russian government step down CONTINUED FROM FRONT PAGE Putin installed Medvedev as ice hockey with Putin, will be seen as President from 2008 to 2012 and then a good bet for the next President. He said in his annual state of the took the job back again, all while However, under Putin’s plans that union address that the plans would maintaining the real power in Russia. role could be much less powerful. be put to a “people’s vote”. Putin announced yesterday that There had long been speculation “Putin doesn’t want power to leave the little-known head of Russia’s tax over whether Putin would step down his hands,” said Nikolai Petrov, senior service, Mikhail Mishustin, would in 2024, as he is legally obliged to. Russia research fellow at Chatham become prime minister. Medvedev Opposition politician Leonid Volov House. “In my view it looks now like will become deputy head of the said the move showed Putin plotting Putin is eager to keep in his hands Kremlin’s security council, a newly to ensure he maintained power in the control over security by chairing created role. Russia, even after relinquishing the the Security Council,” he said. Mishustin, who shares a passion for presidency.

BORIS Johnson was warned yesterday not to “let the fox into the hen house” by allowing Huawei to build the UK’s 5G network. Tom Tugendhat, chair of the Foreign Affairs Committee, said the telecoms giant was not to be trusted. Firms urged to It’s what we do help workers get was £3.70 was £2 £1.85 £1 was £1.40 70p settled UK status

CATHERINE NEILAN Retail and manufacturing will be @CatNeilan particularly hurt, with 50 per cent of all EU nationals working in the sector. Old El Paso Smoky Pataks Tikka Pataks Mango BUSINESSES are being urged to en- There is currently no salary thresh- BBQ Fajita Kit Masala Sauce Chutney sure their employees apply for settled old to apply for settled status in the 500g 450g 210g status as soon as possible, or risk los- UK. However, if the deadline is missed ing up to a fifth of their workforce, by lower-paid EU workers, it is with more than a million Europeans predicted they may not be permitted still yet to do so. to settle in the UK ever again, “which A third of UK-based EU nationals, of could be catastrophic for business was £5.65 was £5.25 was £2.70 which the vast majority are in em- and these individuals”, experts £2.82 £2.62 £1.35 ployment, have failed to secure their warned. status, with experts claiming they are Matthew Evans, director at the Aire- being put off from applying because Centre, said: “The future salary of confusion over salary threshold. threshold for EU nationals coming to The UK government is being urged work in post-Brexit Britain has been to consider whether the deadline well publicised at a possible £30,000. should be extended or dropped “For many, their income will fall altogether, to avoid harming UK below this level and understandably, businesses. they are worried about completing New research compiled by legal their applications for fear of being Tetley 160 Kenco Millicano Nescafe Gold charity the Aire Centre suggests fac- rejected,” he added. Original Tea Bags Wholebean Instant Cappuccino tory and construction jobs are partic- It came as the British government 500g 100g 8 Sachets ularly dependent on EU workers, with yesterday agreed to give the Northern 21 per cent of the workforce born out- Irish Executive an extra £1bn to sup- side of the UK in wider Europe. port a proposed Stormont deal. 1 /2 HE GOVERNMENT’s bailout of THE BOTTOM LINE Flybe may have divided PRICE Topinion, but its explanation that it is both crucial to “regional stumping up £200m as part of a connectivity” and is a “viable £1.1bn debt-for-equity swap with business” facing some headwinds Chinese giant Fosun. This, by its very will , for many, stand up. nature, would have left the firm But when business secretary largely debt-free. Andrea Leadsom went on to As one former adviser to Thomas compare it to recently-collapsed Cook told City A.M. yesterday: “It is Thomas Cook, her argument started alarming that the secretary of state &ODVVLFFXSERDUGƓOOHUV to unravel. in charge of business still doesn’t She said the government did not understand the proposition that help the holiday giant back in was on the table.” half price September because it had “huge “Of course it had a lot of debt — no amounts of debt [so a rescue] sh*t Sherlock,” they added. simply would have been throwing “It demonstrates that she clearly good money after bad”. did not understand the basics of a However, a rescue deal for debt-for-equity deal. That is All products are half price. Offer dates vary, participating stores only. Subject to availability. Thomas Cook would have meant alarming.” ALEX DANIEL CITYAM.COM THURSDAY 16 JANUARY 2020 NEWS 05 London housing Vistry’s Bovis Homes to beat profit record as Persimmon’s sales slump market picks up JESS CLARK consensus of £181.6m. yesterday, reporting a slump in @jclarkjourno The company completed the revenue and housing completions, £1.1bn purchase of two Galliford Try which the housebuilder blamed VISTRY Group has reported that Bovis businesses earlier this year, on a decision to “put customers Homes is set to beat market acquiring Linden Homes and before volume”. after Boris’ win expectations to deliver record profit Galliford’s partnerships and The FTSE 100 firm said total group despite political uncertainty putting regeneration business. revenue last year was £3.65bn, a 2.4 pressure on prices last year. The merged group changed per cent dip compared to the The housebuilder said yesterday its name to Vistry as part of previous year as it took action to JESS CLARK that the housing market is seeing that it expects its Bovis operation to the integration. improve quality and customer @jclarkjourno some benefit from the greater report pre-exceptional profit before Rival development firm service following complaints over clarity provided by the decisive tax for 2019 to be above an analyst Persimmon also updated the market poor build quality. LONDON’S property market has election outcome. enjoyed a so-called Boris bounce “Whether the improvement in sen- following the result of last month’s timent can be sustained remains to be General Election, as the capital saw a seen given that there is so much work sharp increase in buyer interest and to be done over the course of this year sales prospects. in determining the nature of the In December, 31 per cent of char- eventual deal. tered surveyors saw a rise rather than “However, the sales expectations a fall in enquiries from new buyers, indicators clearly point to the up from minus 12 in November, prospect of a more upbeat trend in a sign that the property in transactions emerging market could be picking with potential purchasers up due to the clarity of- being more comfortable fered by the Conserva- tive election win. The number of Average UK house prices agreed sales in Lon- rose 2.2 per cent in don increased to a 22 November per cent net balance, which is the first time in following through on since April 2018 that initial enquiries.” the number of agreed Meanwhile, figures from sales in the city has shown a the Office for National positive result. Statistics showed that average In total 49 per cent of respondents UK house prices were up 2.2 per to Rics’ residential market survey pre- cent in November last year, compared dicted that transactions will rise over to a 1.3 per cent jump in the year the next three months, marking the to October. highest reading in the capital for In the capital house prices rose 0.2 nearly six years. per cent, an improvement on the 0.5 Over the next 12 months, 69 per per cent drop reported in October. cent of respondents said they antici- However, the number of first time pate that sales will rise. buyer mortgages dropped 10.5 per Rics chief economist Simon Ruben- cent in November last year, following sohn said: “The signals from the latest a surge in house purchase activity in Rics survey provide further evidence the same month of 2018.

PREMIER SPOT Aviva Investors scoop up Docklands hotel development for £106m

AVIVA Investors has bought a £106m hotel development site near Canary Wharf. The asset manager has acquired the freehold interest in the site next to Westferry DLR station, where developer Rockwell will build a 30-storey Premier Inn Hotel.

CITYAM.COM THURSDAY 16 JANUARY 2020 NEWS 07 Blackrock posts US prosecutors recommend no jail time for Britain’s flash crash trader record inflows JAMES WARRINGTON But in a court memo filed late on months in jail in London after he was @j_a_warrington Tuesday, the US government said first arrested for spoofing US futures Sarao should not serve more jail time markets over a five-year period. US PROSECUTORS have said that the due to his “extraordinary Spoofing is a form of market British trader linked to the so-called cooperation” with its crackdown on manipulation where traders place as profit jumps flash crash in 2010 should not receive market abuse. large bids on the market with no any additional jail time. Prosecutors also cited Sarao’s intention of executing the trade. Navinder Singh Sarao pleaded autism diagnosis, as well as the fact Since his guilty plea, the disgraced guilty to spoofing and wire fraud in that he lost the majority of his £45m Brit has cooperated with US ANNA MENIN 2019, $129bn of which were during 2016 for his role in the crash of 6 May gains to fraudsters. authorities, including by testifying @annafmenin the fourth quarter, representing 2010, when markets dropped five per Sarao, who earned the nickname of against his former partner-in-crime seven per cent organic asset growth cent in five minutes. the flash crash trader, served four Jitesh Thakkar, who was acquitted. BLACKROCK yesterday reported a 40.3 and five per cent organic base fee per cent rise in quarterly profit and its growth over the year. strongest ever inflows as investors Blackrock said this rise was driven poured more money into the invest- by the strong performance of its fixed ment titan’s exchange-traded funds income offerings, as well as cash (ETFs) amid concerns over slowing flows and record activity in its illiquid global growth. alternative market. Net income at the world’s largest The inflows outpaced Vanguard, asset manager jumped to $1.3bn Blackrock’s index fund competitor (£999m) in the three months ending and the world’s second largest fund 31 December, up from $927m a manager, which reported total net in- year earlier. flows of $268bn in 2019. Blackrock ended the quarter with “Today’s results reflect the system- $7.43 trillion in assets under manage- atic investments we’ve made to build ment, up from $5.98 trillion at the broader and deeper client relation- end of 2018. ships and meet their evolving needs,” “Blackrock’s 2019 results confirm said Fink. the uniqueness of our globally inte- On Tuesday Blackrock announced grated, asset management and tech- an overhaul of its investment strategy, nology platform,” said founder and taking a tougher stance on climate chief executive Larry Fink. change and an increased focus on sus- The investment titan racked up a tainability following sustained pres- record $429bn total net inflows for sure from campaigners.

GOING GLOBAL BBC unveils ambition to double worldwide audience to 1bn by 2030

THE BBC yesterday announced plans to double its global audience to reach 1bn people per week by the end of the decade. Director general Tony Hall added that the BBC will aim to pull in more overseas revenue from content such as the Planet series.

IN BRIEF

KKR RAISES $2.2BN FOR ITS update to the stock exchange SECOND TECH GROWTH FUND yesterday, Ashmore reported a 7.1 per Investment firm KKR yesterday closed cent increase in AUM, which jumped its second Next Generation Technology $6.5bn in the three months to 31 Growth fund at $2.2bn (£1.7bn) — over December to $98.4bn. three times the size of its predecessor. The fund will be dedicated to PROVIDENT SHARES CLIMB technology growth equity investment AFTER CREDIT CARD SUCCESS opportunities in Europe, North America Shares in Provident Financial rose and Israel, KKR said. The firm said it will yesterday after the subprime lender invest over $265m of capital into the said its credit card business Vanquis fund alongside investors including Bank performed “modestly above pension funds, insurance firms, and expectations” in the fourth quarter. family offices. Shares rose 5.3 per cent to 444.3p yesterday after the lender said its ASHMORE ASSETS UNDER performance for the three months to 31 MANAGEMENT NEAR $100BN December was in line with internal Positive investor sentiment towards plans, and will report full-year results in emerging markets has helped boost line with market expectations. It has specialist asset manager Ashmore close focused on growing its customer to the $100bn (£77bn) assets under numbers since fending off a takeover management (AUM) milestone. In an bid by rival Non-Standard Finance. 08 NEWS THURSDAY 16 JANUARY 2020 CITYAM.COM Raise pay to end Shares in legal firm Ince halve productivity lull, on £12m raise JAMES BOOTH @Jamesdbooth1 SHARES in listed legal business Ince Group plunged nearly 50 per urges arts body cent yesterday after the firm raised £12m via a share placing. Ince’s share price plunged 47 per HARRY ROBERTSON University, said that a focus on im- cent to 46.5p yesterday after the proving working conditions new shares were offered at 45p. @harrygrobertson and pay in sectors where “bad work” Ince — formerly Gordon Dadds THE UK government should focus on is prominent seems to deliver the —last year bought the UK arm of raising the pay of the poorest in highest productivity gains. the much larger firm Ince & Co. Britain and encouraging greater The study said a pay-focused ap- Chief executive Adrian Biles said worker representation to tackle proach would be more effective than yesterday’s fundraising “marks the the country’s long-running productiv- trying to improve productivity across Arrival’s vehicle technology innovates on the fuel system used in most electric cars completion of the Ince merger”. ity crisis, according to a new all forms of works. Biles said the low offer price was study published by the Royal Society The findings came in a Carnegie UK “an unfortunate feature of the of Arts (RSA). Trust and RSA collection of research current market conditions”. Increasing productivity — the introduced by Bank of England chief Hyundai and Kia inject €100m in Ince’s share price has fallen 65 amount produced per hour worked — economist Andy Haldane. per cent since August last year. is vital to the long-term growth of an “Working out how to address this economy. But it has barely grown in crisis is the biggest challenge facing London electric vehicle scaleup Britain since the financial crisis, wor- UK economic policy makers today,” INCE EMILY NICOLLE rying policymakers. Haldane said. Kia use the scaleup’s technology to 100 P Although the jobs market has “Improving work quality, on issues develop mobility solutions and boomed in recent years, average in- such as security, training, progression @emilyjnicolle electrify their vehicles. comes have stagnated since 2008 and and engagement, offers one potential CAR MAKING giants Hyundai and Kia Arrival, which has more than 800 80 millions are battling in-work poverty. route to overcoming this challenge.” will today reveal a €100m (£85.6m) in employees in five countries, has not 15 Jan Research published today by the RSA chief executive Matthew Taylor, London-headquartered electric publicly raised funds before today. 60 46.50 Carnegie UK Trust and RSA said the said the research was particularly rel- vehicle firm Arrival. The firm said the injection makes it problems can be tackled together. evant after the Tories’ General Elec- The move will mark the beginning one of the UK’s largest unicorns, but 40 The findings, from Chris Warhurst tion victory in which they picked up of a strategic partnership between declined to give further details on and Derek Bosworth of Warwick seats in many struggling towns. the trio which will see Hyundai and its investor base or valuation. 9 Jan10 Jan 13 Jan 14 Jan 15 Jan CITYAM.COM THURSDAY 16 JANUARY 2020 NEWS 09

STICKY SITUATION Consultant at centre of Lekoil scandal accused of unfair trading Hochschild beats guidance on back THE CONSULTANCY at the centre of a scandal embroiling oil giant Lekoil has been of record production at Peru sites accused of unfairly trading on the name of a separate business EDWARD THICKNESSE San Jose, which contributed 15.4m Despite the record production at that it failed to cut a deal with. @edthicknesse ounces of silver, helped push the certain assets, full-year production Seawave Invest boasts the logo London-listed firm beyond its was 9.4 per cent lower than a year of Canadian healthcare firm RECORD production at two of its targets. The Inmaculada mine in earlier as the company stalled its Kallo on its website, despite not Peruvian mines saw Hochschild beat southern Peru produced 260,216 operations at the Arcata mine, the having permission to do so. its guidance for 2019, boosting shares equivalent ounces of gold, up from firm’s first ever asset, in south-west According to reports, Kallo was more than two per cent yesterday. 244,445 ounces last year. Peru in early 2019. approached by Seawave about Total silver production at the The FTSE 250 firm also announced The company maintained its a potential partnership several company hit 38.7m equivalent that it had secured two permits for guidance for 2020, reiterating years ago, but nothing ounces, comfortably surpassing deposits at Pablo Sur and targets of 422,000 gold equivalent materialised. Seawave caused a forecasts of 37m ounces. Cochaloma, with drilling set to start ounces and 36m silver equivalent storm this week after Aim-listed A 10 per cent increase in output at in the first quarter of 2020. ounces that it set in November. Lekoil claimed it paid the consultant $600,000 (£400,000) for arranging a non-existent loan worth $184m. Tullow Oil takes $1.5bn hit amid oil forecast cuts

JOE CURTIS output with an average floor price of @joe_r_curtis $57.28. For next year, it has hedged 22,000 barrels per day at $52.80 each. TULLOW Oil’s share price slipped It expects to generate cash flow of at nearly 16 per cent yesterday after the least $150m from 75,000 barrels per firm sounded the alarm on oil prices, day at $60. booking a $1.5bn (£1.15bn) writedown Tullow is still searching for a new on its outlook after lowering its long- chief executive after its share price term oil price outlook. plunged 70 per cent in December fol- The energy firm slashed its predic- lowing the resignation of Pat McDade tion for oil prices by $10 to $65 a on the back of the business’ poor barrel, with underwhelming well ex- performance. ploration and a reduction in Ghanian His resignation, alongside that of ex- reserves also contributing to the ploration director Angus McCoss, writedown. wiped £1.2bn off the exploration-fo- “Tullow expects to report pretax im- cused firm’s value. pairments and exploration writeoffs of circa $1.5bn ($1.3bn post-tax),” the TULLOW OIL company said. “Write-offs include Jethro, Joe and 65 P Carapa well costs in Guyana as a result of drilling results and Kenya 60 Block 12A, Mauritania C3, PEL37 Namibia and Jamaica licence costs 55 15 Jan due to the levels of planned future ac- 49.88 tivity or licence exits.” In a bid to guard itself from oil price 50 fluctuations Tullow Oil has hedged 45,000 barrels per day of its 2020 9 Jan10 Jan 13 Jan 14 Jan 15 Jan Australian miner Resolute sells Queensland gold pit for £159m

EDWARD THICKNESSE to becoming a low-cost, multi-mine @edthicknesse African-focused gold producer. On Monday Resolute had confirmed AUSTRALIAN miner Resolute has sold it was in negotiations with EMR its Ravenswood gold pit in Queens- Capital over the sale of the mine. land to a consortium of buyers for The mining firm described EMR as a AU$300m (£159m). “leading” resources-focused private The dual-listed firm said the consor- equity company with “outstanding” tium, which is made up of EMR Capi- credentials. tal and Golden Energy and Resources, Yesterday, chief executive John was committed to the development of Welborn said: “The sale of our the mine, which has produced nearly Ravenswood gold mine on the terms 2m ounces of gold since 2004. announced today provides the oppor- The sale of the mine fits with Res- tunity for exceptional value for Res- olute’s aim of switching its attention olute shareholders.” 10 NEWS THURSDAY 16 JANUARY 2020 CITYAM.COM New cinemas and indie films help Everyman draw record customers JOE CURTIS Five that opened in the final London Kings Road. @joe_r_curtis quarter included new movie houses “The vast majority of our growth is in London Broadgate, Manchester coming from our expansion and that A RAPID expansion and the success of and Cardiff, to take the company’s is going very well,” chief executive breakout indie movies like Rian total number of screens to 110. Crispin Lilly told City A.M. Johnson’s Knives Out pushed Everyman saw its slim market He added that 3.2m customers Everyman to a record £65m in sales in share rise to 3.1 per cent from 2.5 per visited Everyman’s screens over the 2019, the cinema chain revealed cent in 2018 as a result. year, “which is phenomenal yesterday. The high-end chain, which allows compared to where we were five The record sales, a 25 per cent jump people to order food and drinks from years ago”. on the previous year, were plush sofas before a movie begins, The divisive Joker movie pulled in underpinned by the opening of seven has committed to opening another the crowds, but Lilly said Everyman’s new venues to take Everyman to a 12 venues by 2022. Four will open indie sensibility meant it benefitted total of 33 cinemas across the UK. this year, including Dublin and from smaller releases like Knives Out. Everyman’s focus on indie hits like Knives Out helped the cinema draw in crowds Quiz sales drop Entertainment firm Ten greets despite success bowling success JESS CLARK @jclarkjourno TENPIN owner Ten Entertainment on Black Friday yesterday reported a jump in sales for the past year following investment in bowling alley refurbishments and new JESS CLARK A drop in footfall at Quiz stores and technology. @jclarkjourno concessions saw revenue at bricks and Total sales growth for the year mortar stores fall seven per cent. was 10.2 per cent for the year, with FAST fashion brand Quiz yesterday Quiz chief executive Tarak Ramzan like-for-like sales jumping eight per reported a “disappointing” drop in said: “Whilst the trading backdrop The former Taveta chair said she resigned over the Sir Philip Green allegations cent to £84.1m in 2019 to mark the sales over the crucial Christmas trad- has remained challenging, it is disap- company’s eighth consecutive year ing period, as both online and in-store pointing to report a decline in rev- of growth. revenue declined despite a strong enues in the period... With our cash In a trading update yesterday the Black Friday performance. position, we remain confident that Karren Brady says her feminist company said 70 per cent of its 45 The retailer’s share price plunged we can improve our financial per- bowling alleys were benefitting 17.4 per cent to 15.5p yesterday after it formance and grow revenues.” from cost efficiencies created by its revealed that group revenue fell 9.3 principles made her quit Taveta new technology re-engineering per cent, dragged down by a 14.8 per QUIZ programme. Four sites were cent drop in online sales. JESS CLARK faced allegations of harassment and refurbished last year, with one P The company said it ended unprof- 22 @jclarkjourno bullying, which he denies. location receiving extra investment itable partnerships with a number of Brady had previously said she a to become a “concept site”, where third-party websites, which, along 20 BARONESS Karren Brady said she quit “duty” to employees to remain in her the firm can trial new with weaker sales across remaining 18 the board of Arcadia’s holding role in the face of claims against entertainment experience ideas. platforms, impacted overall online 15 Jan company as her feminist principles Green. Asked how she was able to Meanwhile, Ten Entertainment’s revenue. 16 15.50 did not “square” with allegations square her feminist views with some first new build site at Manchester Revenue through the company’s about retail tycoon Sir Philip Green. of the allegations made against Printworks is expected to open in own website increased 5.9 per cent as 14 Brady stepped down as non- Green, Brady told Sky News: “I didn’t the first half of this year. Quiz pulled back on promotional ac- executive chairman of Taveta square them because I resigned so I Ten said profit will likely be in tivity in the seven weeks to 4 January. 9 Jan10 Jan 13 Jan 14 Jan 15 Jan Investments last February as Green think that says all it needs to say.” line with market expectations.

NEWSLETTERS The biggest Revolution Bars secures deal to cut stories direct to your inbox David Gandy “I’ve been taking rents and close some of its venues Wellman since JESS CLARK my twenties to venues in Leicester, Huddersfield, five lease surrenders. support my @jclarkjourno Newcastle under Lyme and Oxford Revolution expects to be in a health and Road in Manchester. position to make further acquisitions REVOLUTION Bars Group is planning “We have had some of these in around 12 months time, Pitcher hectic lifestyle.” to shut two loss-making venues and [venues] for a very long time, added. has secured rent reductions at three and with developments in The bar chain reported more, as the operator aims to adapt various towns the going yesterday that it hit to changing consumer habits. out areas move record sales over the GET THE The company has come to an around,” Revolution agreement with its landlord Aprirose chief executive Rob The bar chain will MORNING to exit leases at five Revolution bars. Pitcher told City A.M. shutter two of its loss- UPDATE, CITY Venues in Lincoln and Fallowfield The closures and making venues A.M.’S DAILY — a student area in Manchester — will rent reductions will EMAIL be closed. improve the firm’s festive period, as like-for- Revolution has already stopped full-year operational cash like sales in the four weeks trading from the other three leases flows by around £1.2m up to and including New From Boots, Superdrug, Holland & Barrett, in Lancaster, Wood Street in Liverpool per year. Year’s Eve were four per cent supermarkets, pharmacies & wellman.co.uk and Wolverhampton. The transaction with Aprirose is higher than last year. * UK’s No1 men’s supplement brand. Nielsen GB ScanTrack CITYAM.COM/ In a trading update yesterday expected to complete in March, and Shares in the bar chain rose 5.4 per Total Coverage Unit Sales 52 w/e 30 Nov 2019. To verify contact Vitabiotics Ltd, 1 Apsley Way, London NW2 7HF. NEWSLETTER Revolution said it has secured rent will cost the group less that three cent yesterday to 89.1p on the reductions with a 25-year lease at times the annual trading losses of the announcements.

12 FEATURE THURSDAY 16 JANUARY 2020 CITYAM.COM PARTNER CONTENT

Joshua Warner Senior HOW CAN Writer, IG

his month, more people than ever before are taking part in INVESTORS ‘Veganuary’, kickstarting an- Tother year of growth for the vegan market. Almost half of all vegans in the UK only made the change in 2018, demonstrating the speed at which consumers are shunning products made from ani- GO VEGAN? mals or their by-products, and this will only accelerate this year. The rapid adoption of vegan alternatives to meat has primarily been down to the recep- tion they have received from meat- eaters. When hype was at its peak, vegetarianism was polarising: you either ate meat or you didn’t, and if you enjoyed meat then vegetarian alternatives were off the menu. But veganism, partly because of how it links to climate change and because of growing awareness of the possible health benefits, is more fluid. In fact, the vast majority of people that are consuming meat alternatives are not strictly vegan but simply trying to reduce their meat intake, often referred to as ‘flexitarians’ or ‘re- ducetarians’. The Vegan Society claims non-vegans in the UK account for over 90% of meat alternative sales. The fact vegan products now appeal to non-vegans means businesses have been more motivated to move with the times and able to cater to a larger market rather than a niche one. All types of businesses have eagerly started to cater for the growing demand for vegan products. Fast food firms like McDonalds and Greggs, supermarkets including Tesco and Morrisons, and consumer good giants like Nestle and Unilever have all introduced new vegan-friendly product ranges – and sales are booming. Even Tesla, not a prime candidate to discuss when pondering whether a company is vegan friendly, has made

All types of businesses have eagerly started to cater for the growing demand Burger, are currently worth triple the the likes of US agri-business Bunge, segments. ney predicts that only 40% of the global for vegan $25 they were worth when it listed last which supplies plant-based staples like Investors can take a broader and less- population will still be consuming meat May, even if they have dramatically grains, oilseeds and sugar, or firms like risky approach with the US Vegan Cli- by 2040. Although several newer busi- products. fallen from highs of over $230. Ingredion that turns those materials mate Exchange-Traded Fund (ETF), which nesses like Beyond Meat have made a However, there is an argument that the into ingredients such as starches, sweet- tracks the performance of large-cap US name for themselves, they will have to changes, with the electric carmaker re- longer-term opportunity does not lie in eners and gums. stocks that follow ‘vegan and climate- fight to maintain their early lead as moving the leather option for seats for the plant-based meat alternatives that Big players such as US firm Archer conscious principles’. With the ETF more traditional players enter the mar- environmental reasons. companies like Beyond Meat are champi- Daniels Midland, or ADM, recently un- claiming to only contain stocks that ket, such as giants in the meat market Although the popularity of veganism oning, but in new breakthrough areas veiled a slew of new ‘on-trend ingredi- don’t harm animals, the environment or like Tyson Foods, Smithfield and Perdue is quickly rising, the market is still in its such as lab-grown meat, whereby protein ents’, including new plant-based human health, its holdings may come as & Hormel. Plus, they will have to spend infancy. The global vegan and vegetar- is grown in a bioreactor using ingredi- proteins and non-dairy frozen treats, a surprise to many. While it does offer ex- big on developing new products to en- ian market is worth over $50 billion, ac- ents such as sugar, creating ‘meat’ with- demonstrating it is aware of how con- posure to firms like Beyond Meat, its sure they aren’t left behind by new inno- cording to Euromonitor, and sales of out having to rear an animal. sumer diets are changing. Similarly, in largest holdings are in big tech firms like vations like lab-grown meat, which is vegan alternatives to meat reached Some investors may therefore want to Europe, Scandinavian outfit AAK, the Apple, Microsoft, Facebook and Master- expected to be a much bigger opportu- $19.5 billion in 2019. But, with the examine other ways to gain exposure. world's leading producer of specialty and card. The main benefit is that this ETF al- nity than the plant-based alternatives global meat market thought to be worth One option is looking further down the semi-specialty vegetable oils and fats, has lows you to spread risk while upholding currently flying off the shelves. $1 trillion, veganism still represents only supply chain to companies that are de- also launched a new portfolio with tai- an ethical, socially-responsible invest- Still, now is the time for investors to a fraction of the market – but it clearly signing, producing and supplying the in- lor-made solutions for food manufactur- ment strategy. make some early bets. They are not short has plenty of room to grow. The trend gredients needed to make plant-based ers developing plant-based alternatives This is only the start for veganism. US on choice, but they stretches well beyond food, with cosmet- foods and vegan products. This includes within the meat, dairy and ice cream management consulting firm AT Kear- must ensure they ics and clothing companies also adapt- make the right one ing their products to ensure they aren’t for the long-term tested on animals or made from things GLOBAL MEAT CONSUMPTION - % SHARE OF MARKET rather than get like fur. The value of the vegan cosmetics GLOBAL MEAT CONSUMPTION - % SHARE OF MARKET 2025 2030 2035 2040 caught-up in the market is expected to rise from around short-term success $15.5 billion this year to $20.8 billion in Total value ($Bn) $1.2 trillion $1.4 trillion $1.6 trillion $1.8 trillion of new entrants. 2025, according to Statista. Market share of lab-grown meat 0% 10% 22% 35% It is therefore unsurprising that early movers that have tried to push vegan Market share of plant-based alternatives 10% 18% 23% 25% READ MORE ONLINE products into the mainstream have at- Market share of conventional meat 90% 72% 55% 40% tracted investors. Shares in Beyond www.ig.com Meat, famous for its alternative Beyond (SOURCE: AT KEARNEY) CITYAM.COM THURSDAY 16 JANUARY 2020 NEWS 13 Greggs picks Just Eat over Deliveroo for its nationwide delivery rollout JESS CLARK week, launching first in Bristol and customers love the idea that they can Birmingham. get Greggs delivered directly to their @jclarkjourno Delivery will then launch in door and we’re delighted to now be GREGGS has chosen to partner with Manchester, Leeds, Sheffield and working with Just Eat to provide that Just Eat as it expands its food delivery Nottingham in the spring, and the service to our customers across the option nationwide, in a boost for the bakery is targeting national coverage UK by the end of this year.” takeaway app over rival Deliveroo. by the end of the year. Last week Whiteside told City A.M. The high street bakery chain was The service is already available in that Greggs is also planning to extend weighing up both food delivery London, Newcastle and Glasgow, the operating hours of more of its companies following successful trials where Greggs and Just Eat had branches as it seeks to capture the in several cities last year. trialled delivery last year. popular 6pm to 9pm market. Yesterday Greggs said it had opted Greggs chief executive Roger Just Eat managing director Andrew to work exclusively with Just Eat and Whiteside said: “We know from the Kenny said the deal was “an exciting will begin to roll out delivery this trials we have carried out, that our exclusive partnership for Just Eat”. Greggs’ popularity has soared recently after launching its vegan sausage roll

GREEN CONCRETE Barbican road set to City Hall’s 300 be Britain’s first 24/7 zero-emissions street Delta smashes THE CITY’s lord mayor will tonight announce that Beech Street, which runs profit forecast through the Square Mile’s Barbican Centre, will by the spring be off limits to per cent rise in emission-emitting vehicles, making it the UK’s first 24/7 zero-emissions road. as rivals falter TRACY RUCINSKI

Delta Air Lines on Tuesday reported a fourth-quarter profit spend queried that beat estimates, boosted in part by customers it gained from rival airlines’ 737 Max cancellations and growing air travel demand. STEFAN BOSCIA assembly secretariat, so we think it is Net income climbed eight per only fair to give that lots of scrutiny cent to $1.1bn (£840m) in the @Stefan_Boscia and avoid waste.” quarter through 31 December from A THREEFOLD increase in City Hall A mayor of London spokesperson a year earlier. office spending under Sadiq Khan has said the extra spending was neces- Airlines that own Boeing’s 737 come under question, with one Lon- sary, after Khan was given more pow- Max are cancelling more than don Assembly member suggesting it ers over housing, skills, education 10,000 monthly flights in total as could be “uncontrolled”. and health. They cited his Violence the aircraft remains grounded The assembly’s Budget Committee Reduction Unit, adult skills pro- following two deadly crashes. yesterday released its first response grammes and house-building initia- Delta does not operate the 737 to the mayor’s 2020/21 budget, which tives as examples of this in practice. Max, enabling the airline to expand details £17bn of public expenditure. “The mayor makes no apologies its flight capacity and capture new The report noted that Greater Lon- whatsoever for putting the resources London tops European cities for customers as peers like Southwest don Authority (GLA) office spending in place to ensure he can continue Airlines have had to scale back under Khan had dramatically in- delivering real results in all of these operations. creased from £240m in 2016/17 to priority areas,” they said. the most two-hour commutes American Airlines and United £767 in 2020/21 — a 320 per cent rise. The committee also asked for im- Airlines are scheduling flights Deputy committee chair Len Duvall proved transparency on the future vi- STEFAN BOSCIA trip time for Londoners was 45 without the Max into early June, in said the committee was aware Khan ability of major transport projects. minutes, putting it just ahead of anticipation of extra simulator has increased responsibilities com- Duvall said Transport for London @Stefan_Boscia Birmingham and Manchester, with training requirements for pilots pared to the previous mayor, but (TfL) needed to be “much clearer” LONDONERS have more two-hour 44 and 43 minutes respectively. once regulators finally approve the added it was “seeking assurances... about projects that are at risk of not commutes on average than anywhere Richard Freeston-Clough, from jet to fly again. that any uplift in spend is done with going ahead in the next four years. else in Europe, according to a advocacy group London Travelwatch, Delta has not picked up premium true awareness of the cost borne”. Several high-profile transport proj- new survey. said the results were indicative revenues from rivals over the Max A source on the committee told City ects — such as Crossrail 2, the Baker- A study from Israeli app Moovit of an affordable housing shortage in but chief executive Ed Bastian said A.M. the massive increase in office loo line extension and a signalling found that five per cent of all the capital. the carrier would continue to see a and staff costs needed to be scruti- upgrade on the Piccadilly line — are London and south-east commutes “I think the main reason for the marginal benefit while the jet nised. “It is true there are more GLA under a cloud, with no funding yet are two hours or longer. long commutes is that the high cost remains grounded. responsibilities now, but the growth acquired from central government. This was more than anywhere else of housing forces people working in “There’s no question that we’re in budgets looks a little bit uncon- Khan’s spokesperson said TfL had in Europe and second in the world, London further out into commuter picking up new customers, but trolled,” they said. “We have been “comprehensive monitoring” in place behind only Los Angeles. towns where costs are often lower,” that’s not the main driver of our asked to find efficiencies in the to assess the risks of future projects. The survey found that the average he said. performance,” he said. Reuters Picardilly Circus: TfL renames Tube station to celebrate Star Trek launch

JAMES WARRINGTON Circus will be renamed Picardilly transporters” while travelling Circus to celebrate the launch of through the station. @j_a_warrington Amazon’s series Star Trek: Picard. The two-day marketing campaign, WHEN Star Trek fans talk about The move will see Star Trek created with TfL’s advertising partner exploring strange new worlds, they branding and signage plastered on Global, forms part of the transport probably don’t have Piccadilly Circus roundels in the ticket hall and body’s efforts to generate more Tube station in mind. platforms throughout the Grade II revenue through station takeovers. However, Trekkies can now enjoy a listed station. The new series, which features Sir taste of the extraterrestrial thanks to Commuters will also hear special Patrick Stewart returning to a publicity stunt launched by public service announcements his iconic role as Jean-Luc Picard, Transport for London (TfL). advising them to “take care when will launch on Amazon Prime on Piccadilly Station has been transformed into a Trekkie fantasy Until the end of today, Piccadilly using stairs, escalators or 24 January. 14 MARKETS THURSDAY 16 JANUARY 2020 CITYAM.COM

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 Defensive stocks GAMMA COMMUNICATIONS P 1,400 Wall St towers 1,350 on trade pact buoy FTSE ahead 1,300 S STOCKS ended higher 1,355 Uyesterday with the Dow posting 14 Jan 1,250 a record close after the United States and China signed a phase one trade agreement and pledged to of US-China deal 9 Jan 10 Jan 13 Jan 14 Jan 15 Jan resolve a tariff dispute that has roiled financial markets for over a year. Gamma has been described as a “cash machine” by Peel Hunt, after a 52 per cent The Dow ended above 29,000 for the year-on-year increase in cash reserves. The cloud provider recently acquired first time on yesterday and the S&P telecommunications company Telsis, which Peel Hunt believes will scale up its 500 on news of the agreement. ONDON’s main share index had its rating downgraded by Barclays, efforts. The analyst retains an “add” rating and upped its target price to 1420p. The S&P 500 gained 0.19 per cent to rose slightly yesterday, hours led the sub-index down one per cent to 3,289.3 — its highest ever close. before the sealing of an initial a one-month low with a 2.5 per cent The Nasdaq Composite added 0.08 LUS-China trade deal, though share price fall. SECURE TRUST BANK per cent to 9,258.70, just short of its sentiment was tempered when Keeping a lid on losses on the midcap record high close set on Monday. P the US said tariffs on Chinese goods bourse, Provident Financial jumped 1,700 The centerpiece of the truce is a would not be rolled back immediately. even per cent after its key credit card pledge by China to purchase at least The FTSE 100 rose 0.3 per cent on a business had a strong fourth quarter. 1,650 1,640 an additional $200bn (£153bn) third day of gains, supported by a host 14 Jan worth of US farm products and other of so-called defensive stocks including FTSE 1,600 goods and services over two years, pharmaceutical giants Astrazeneca over a baseline of $186bn in and GSK, which rose nearly two per 7,660 P 7,642.80 1,550 purchases in 2017. Trump said he cent and consumer goods companies. 7,640 15 Jan would remove all US tariffs on Chinese The FTSE 250 ended 0.2 per cent 1,500 imports once the two countries sign lower, with a 15.5 per cent plunge in 7,620 the phase two trade agreement, on Tullow Oil weighing the most. 7,600 9 Jan 10 Jan 13 Jan 14 Jan 15 Jan which talks will start soon. Banks suffered across the board as 7,580 The three main stock indexes gave weak inflation data further spurred Secure Trust Bank’s pre-close trading update for 2019 indicates that results will be up earlier intraday record highs, with hopes that the Bank of England will 7,560 in line with expectations, with Canaccord Genuity forecasting before-tax profit of disappointing earnings reports from cut interest rates in its January meet- £40.6m. This would be an increase of 10.7 per cent on 2018. Canaccord retains its Bank of America pushing the S&P ing. Royal Bank of Scotland, which also 9 Jan10 Jan 13 Jan 14 Jan 15 Jan “buy” rating and increased its target price to 1959p. financial index down 0.55 per cent. CITY MOVES WHO’S SWITCHING JOBS

BROWN RUDNICK appointment, Ravi said: “I am thrilled to be joining Clydesdale Bank and a member of the National announced the appointment of Teresa Dietrich International law firm Brown such an experienced and dynamic team of litigators. Australia Group Europe board, together with as chief product officer. With over 20 years of Rudnick has announced the Brown Rudnick’s enviable track record of delivering Clydesdale Bank. He also held a number of senior experience, Teresa has a successful track record of appointment of Ravi Nayer as success for clients involved in some of the most executive roles at National Australia Bank. John is solving complex problems within large, medium, and a partner in the firm’s litigation challenging financial and commercial disputes, is a currently chairman of the Cumberland Building startup companies. She joins Stack Overflow from and arbitration practice in testament to the intellect, creativity and Society and former chair of the society’s risk McKinsey New Ventures, where she served as London. He joins the firm from determination at the heart of the firm’s culture.” committee, and is also a non-executive director and global head of product and engineering. Prior Pinsent Masons, where he chair of VTB Capital’s risk committee. Richard Gregory, to that, Teresa was chief technology officer at Namely, served as a partner. His TOGETHER chairman of Together Personal Finance, commented: and held several leadership roles at Web MD considerable experience UK specialist mortage provider Together Financial “We are delighted to welcome John to the board of our and AOL. Prashanth Chandrasekar, chief executive of includes creating joint defence Services has announced the appointment of John personal finance business. He brings extensive Stack Overflow, commented: “I’m thrilled that and novel litigation Hooper as a non-executive director of Together’s experience... and will be a valuable addition.” Teresa is joining our leadership team... Her cooperation agreements for peer institutions in some personal finance division. John brings over 35 years of excellent execution skills and understanding of the of the UK’s largest class actions, including the recent banking, finance and risk experience to Together. STACK OVERFLOW developer workflow make her a great fit for our RBS Rights Issue litigation. Commenting on his new Previously, John was chief operating officer of Online development firm Stack Overflow has organization.”

To appear in CITYMOVES please email your career updates and pictures to [email protected]

NEWS Average British employee does not World’s largest hedge achieve career satisfaction until 45 fund predicts gold rise ANGHARAD CARRICK boss, cited by 42 per cent, and of 18 to 24 year olds. ANNA MENIN investors to look to so-called safe redundancy, cited by 39 per cent. “By 45, most people have been haven assets. “People should be pre- @angharadcarrick Bill Richards, Indeed’s UK through both successes and setbacks @annafmenin pared for a much wider range of po- THE AVERAGE British worker will not managing director, said: “Our study at work, be that scoring a promotion, THE CO-CHIEF investment officer of tentially more volatile set of be satisfied with their job until they shows a real generational difference facing a challenging team or a the world’s biggest hedge fund has circumstances than we are mostly reach the age of 45, according to in what makes us happy in our jobs, redundancy, and have often spent said gold could surge to a record high accustomed to,” he said. research released today. and it takes the average person some time in different roles or even above $2,000 an ounce as global polit- Jensen also told the paper he A survey commissioned by global time to find it.” careers,” Richards said. ical uncertainties increase. believed the US Federal Reserve would job site Indeed found that by this When it comes to defining job “We learn from these experiences, “There is so much boiling conflict,” let inflation run hot for a while, cre- point in their career employees will satisfaction, Generation Z — the so have a clearer idea of what it is we Greg Jenson, who helps oversee ating the circumstances for higher have had eight different jobs and four generation born after 1995 — seem want from a role — whether it’s over $160bn at Connecticut-based gold prices as investors turn to the pre- major setbacks. more concerned with social salary-focused, flexible hours or social Bridgewater Associates, told the cious metal to hedge inflationary Nearly half of the 1,500 employees conscience than huge pay packets. purpose,” he added. Financial Times. forces. who took part in the survey said they By contrast 49 per cent of “We know what will make us happy Jensen cited growing income in- “There will no longer be an attempt had been rejected following an millennials measured success by and have built up the confidence to equality in the US and rising tensions by any of the developed world’s major interview. Other common stumbling having a higher salary than their get ourselves there, even if that means with China and Iran as some of the central banks to normalise interest blocks included arguments with a friends, compared to just 34 per cent taking a few risks along the way.” uncertainties that could prompt rates. That’s a big deal,” he said. CITYAM.COM THURSDAY 16 JANUARY 2020 MARKETS 15

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1674 Ä 0.0020 €/$ 1.1159 Ã 0.0030 7642.80 21713.11 4237.59 29030.22 9258.70 3289.29 /$ 1.3028 ÃÃ0.0011 €/£ 0.8566 0.0015 20.45 42.94 8.36 90.55 7. 37 6.14 £ /¥ 143.24 0.0100 €/¥ 122.69 0.2100 Ã Ä Ã ÃÃÃ ÃÃ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise .....466.0 1.0 509.0 421.5 Just Eat...... 892.6 -1.8 901.0 587.4 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 325.0 1.0 357.5 323.0 Kingfisher...... 214.0 -4.5 266.2 185.9 Tsy 4.750 20 ...... 100.58 -0.01 104.4 100.6 Contour Global...... 195.0 0.0 222.5 159.1 Games Workshp ...... 6755.0 -205.0 6960.0 2800.0 BP ...... 495.2 -0.7 582.5 462.4 Aggreko ...... 853.0 -16.2 869.2 693.2 Abcam ...... 1400.0 30.0 1500.0 1066.0 Witan Invest ...... 233.5 -1.5 235.0 197.4 Marks & Spencer ...... 180.8 -4.2 303.2 163.9 Tsy 8.000 21...... 110.42 0.04 117.0 110.3 Drax Gp ...... 289.4 -3.8 413.8 251.0 LIFE INSURANCE Cairn Energy...... 196.6 1.2 213.8 143.1 Ashtead Gp ...... 2432.0 -13.0 2473.0 1805.5 Advanced Medical ...... 295.0 18.0 354.5 225.0 Tsy 2.500 24 ...... 363.31 0.70 377.9 358.8 SSE ...... 1486.5 28.0 1486.5 1008.0 Wwide Healthcare ....3180.0 45.0 3255.0 2495.0 Next ...... 6868.0 30.0 7340.0 4644.0 Energean Oil & Gas ..... 878.0 -17.0 1082.0 613.3 Aviva ...... 408.5 -2.5 438.8 352.3 Babcock Intl Grp...... 618.8 -13.8 646.6 416.7 Alliance Pharma ...... 82.3 1.0 84.5 61.0 Tsy 5.000 25 ...... 123.18 0.41 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 275.0 2.0 287.8 120.3 Premier Oil ...... 114.0 -0.5 117.8 65.1 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 757.5 -2.5 780.5 561.5 Bunzl ...... 2101.0 3.0 2551.0 1943.0 Tsy 4.250 27 ...... 129.03 0.64 132.8 125.2 Vivo Energy ...... 117.2 -2.2 139.5 111.4 Royal Dutch Shell A...2262.5 5.5 2612.0 2144.5 ASOS...... 3186.0 -140.0 4066.0 2107.0 Halma ...... 2121.0 18.0 2164.0 1385.0 BT Gp ...... 182.9 -2.7 238.9 158.9 Legal & General ...... 296.5 -6.5 317.7 216.7 Capita ...... 172.4 2.5 183.0 99.9 Watches of Switz ...... 380.0 0.0 390.0 270.0 Royal Dutch Shell B ...2288.5 17.0 2622.0 2126.5 Blue Prism ...... 1228.0 -2.0 1472.0 788.0 Tsy 6.000 28 ...... 147.21 0.79 152.1 143.1 Morgan Advanced ...... 312.0 -1.8 324.8 232.4 Talktalk Telecom ...... 115.1 -1.7 126.5 96.5 Phoenix Gp ...... 741.5 -0.5 758.7 621.6 DCC ...... 6650.0 74.0 7496.0 6225.0 WH Smith...... 2514.0 -14.0 2654.0 1861.0 Tullow Oil ...... 49.9 -9.3 250.0 39.9 Camellia ...... 8550.0 25.0 11750.0 8475.0 Tsy 4.125 30 ...... 382.23 1.85 404.2 364.2 Oxford Instruments .. 1542.0 -28.0 1626.0 866.0 Telecom Plus ...... 1520.0 2.0 1534.0 1130.0 Prudential ...... 1400.5 -53.5 1790.0 1279.5 Diploma ...... 1847.0 -54.0 2084.0 1261.0 Tsy 4.250 32...... 140.76 1.03 146.4 132.4 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Renishaw ...... 3684.0 -16.0 4670.0 3232.0 FOOD & DRUG RETAILERS St James Place ...... 1102.5 -9.5 1199.5 913.6 Electrocomp ...... 686.0 -2.4 729.8 530.2 Caretech Holdings ...... 463.0 -7.0 473.0 325.0 Tsy 4.250 36 ...... 148.75 1.18 155.7 137.5 Spectris ...... 2790.0 -33.0 2962.0 2234.0 Greggs ...... 2434.0 6.0 2476.0 1496.0 Convatec ...... 214.4 -2.9 217.3 118.5 Std Life Aberdeen ...... 309.0 -3.1 336.9 231.1 Hunting ...... 368.0 -13.2 657.0 363.8 Equiniti ...... 215.8 0.8 236.2 186.2 Central Asia Metals ....228.0 -2.0 266.5 180.0 Tsy 4.750 38...... 163.51 1.44 171.8 150.0 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 190.5 -2.0 245.8 176.9 Mediclinic Intl ...... 413.4 1.5 415.3 293.4 MEDIA Petrofac ...... 382.2 -3.1 559.0 374.4 Essentra ...... 416.8 -2.0 449.0 357.4 Clinigen Group ...... 954.5 14.5 1069.0 737.5 Tsy 4.250 46 ...... 171.26 1.90 181.0 1.0 Ocado Gp ...... 1338.5 35.5 1435.0 873.8 NMC Health ...... 1345.5 -39.5 3000.0 1256.5 Wood Gp(J) ...... 370.0 -9.3 598.6 319.6 3i Infrastructure ...... 299.5 2.0 306.5 264.1 4imprint ...... 3350.0 70.0 3500.0 1917.5 Experian ...... 2642.0 44.0 2642.0 1884.0 CVS Group ...... 1172.0 9.0 1172.0 395.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 215.0 -5.5 293.9 177.1 Smith & Neph...... 1890.0 14.5 1990.0 1405.5 PERSONAL GOODS Aberforth Smlr Cos ..1486.0 -4.0 1546.0 1114.0 Ascential ...... 421.2 8.8 421.2 319.0 Ferguson ...... 7176.0 -40.0 7216.0 4800.0 Dart Group ...... 1820.0 17.0 1820.0 709.5 SSP Group ...... 687.0 1.0 721.0 608.0 UDG Hlthcare ...... 804.5 -1.0 832.5 551.0 BAE Systems ...... 613.0 0.8 614.0 443.9 Alliance Trust ...... 864.0 1.0 864.0 708.0 Auto Trader Gp ...... 568.6 -9.4 607.6 445.3 Burberry Gp...... 2313.0 42.0 2345.0 1695.0 G4S ...... 206.6 0.1 234.3 168.3 Tesco ...... 247.6 -2.5 258.9 212.6 HOUSEHOLD GOODS Diversified Gas & Oil ....103.5 -1.0 116.5 97.0 Cobham ...... 164.6 0.1 168.3 99.8 AVI Global Trust...... 792.0 -2.0 794.0 696.0 Euromny Inst Inv...... 1324.0 24.0 1498.0 1152.0 PZ Cussons ...... 199.6 -3.9 227.0 178.6 Hays ...... 172.6 -0.3 183.5 138.0 FOOD PRODUCERS Draper Esprit ...... 500.0 20.0 548.0 410.0 Meggitt ...... 694.4 -0.4 697.2 489.9 Baillie Gifford Japan ...842.0 -3.0 848.0 711.0 Barratt Devel ...... 787.2 6.2 787.2 516.6 Future ...... 1406.0 -10.0 1572.0 500.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1311.0 2.0 1316.0 878.0 QinetiQ ...... 358.2 -0.2 367.4 267.0 EMIS Group ...... 1150.0 -12.0 1242.0 890.0 Bankers InvTst ...... 1020.0 4.0 1020.0 803.0 Assoc British Foods...2555.0 -6.0 2672.0 2106.0 Bellway ...... 3945.0 -54.0 3999.0 2698.0 Informa ...... 856.8 17.2 892.0 653.6 AstraZeneca ...... 7836.0 145.0 7836.0 5325.0 Intertek Gp ...... 5936.0 44.0 5962.0 4643.0 Rolls-Royce ...... 676.8 3.2 988.4 665.6 Fevertree Drinks ...... 2082.0 82.0 2475.0 1732.5 BlackRock Smaller ....1708.0 -8.0 1726.0 1280.0 Bakkavor ...... 137.2 -0.8 170.0 93.3 Berkeley Grp Hldgs ...4845.0 -35.0 5214.0 3437.0 ITV ...... 144.7 -1.2 156.5 103.6 Dechra Pharma ...... 3068.0 10.0 3068.0 2290.0 IWG...... 456.1 5.9 456.1 220.2 Senior ...... 173.0 -6.0 239.2 165.7 BMO Global Smaller .....146.3 0.9 150.0 127.0 Cranswick ...... 3384.0 2.0 3464.0 2472.0 Countryside Prop ...... 492.2 5.2 492.2 277.6 Moneysupermkt.com ...322.5 -10.5 417.7 289.1 Genus ...... 3080.0 -4.0 3246.0 2158.0 Network Int...... 585.0 2.0 645.0 513.0 First Derivatives ...... 2600.0 85.0 3555.0 2050.0 Ultra Electronics ...... 2252.0 -40.0 2292.0 1232.0 Caledonia Inv ...... 3110.0 0.0 3180.0 2910.0 Greencore Gp ...... 248.1 -0.7 281.8 185.1 Crest Nicholson ...... 438.6 6.2 445.0 332.0 Pearson ...... 618.4 13.4 943.8 605.0 GlaxoSmithKline ...... 1835.2 30.8 1835.2 1436.0 Pagegroup ...... 488.8 0.2 539.0 367.8 Frontier Devs ...... 1298.0 32.0 1298.0 844.0 AUTOMOBILES & PARTS City of London IT ...... 442.5 1.0 448.5 381.5 Hilton Food Gp ...... 1030.0 -24.0 1118.0 894.0 McCarthy & Stone...... 142.9 0.7 158.8 123.5 RELX ...... 2001.0 26.5 2011.0 1606.0 Hikma Pharma ...... 1975.0 30.5 2200.0 1510.5 Paypoint...... 1064.0 6.0 1118.0 820.0 Gamma Comms ...... 1355.0 20.0 1390.0 780.0 Edin Inv Trust ...... 628.0 0.0 652.0 535.0 Tate & Lyle ...... 790.6 4.2 800.4 663.8 Persimmon ...... 2807.0 11.0 2826.0 1836.0 Rightmove Group ...... 651.2 -5.0 656.2 465.9 Aston Martin...... 465.0 4.8 1374.4 399.3 REAL ESTATE Rentokil Initial ...... 464.3 7.6 467.8 329.0 GB Group ...... 720.0 3.0 800.0 420.0 TI Fluid Systems ...... 248.0 -2.0 273.0 155.2 European Opp ...... 856.0 7.0 875.0 675.0 Unilever ...... 4352.0 32.5 5324.0 3941.0 Assura ...... 76.5 -0.2 79.3 54.1 Sanne Group ...... 632.0 21.0 752.0 450.0 Gooch & Housego ...... 1442.5 20.0 1527.5 954.0 BANKS F&C Investment ...... 773.0 1.0 778.0 655.0 FORESTRY & PAPER MAIN CHANGES UK 350 Fidelity China SPE ...... 247.5 1.0 250.0 193.4 Big Yellow Gp ...... 1166.0 15.0 1200.0 918.0 Serco ...... 161.8 -0.9 165.0 110.1 Hurricane Energy ...... 27.2 -0.1 53.6 27.2 Mondi ...... 1610.0 -20.0 1898.0 1510.5 Barclays ...... 178.5 -2.5 192.5 136.2 Fidelity Euro Values .....265.0 0.5 265.0 214.0 Risers Ã % Fallers Ä % BMO Comm Prop ...... 111.6 0.8 130.4 106.0 SIG ...... 95.0 -0.1 153.0 93.2 Impax Asset Mgmt ...... 370.0 -20.0 394.0 184.0 BGEO Group ...... 1620.0 -10.0 1755.0 1252.0 GENERAL FINANCIAL British Land ...... 588.8 3.6 638.8 468.3 Travis Perkins...... 1618.5 -0.5 1692.5 1166.0 Fidelity Spec Val ...... 277.5 0.0 280.5 240.5 Provident Fin ...... 451.30 7.0 Tullow Oil ...... 49.88 -15.7 Iomart Group ...... 384.0 8.0 400.0 316.5 HSBC Hldgs...... 589.8 -0.6 680.6 552.3 Finsbury G&I Tst ...... 888.0 7.0 958.0 757.0 3i Group ...... 1095.0 -5.5 1184.5 810.8 Spirent Comms ...... 248.00 6.2 Galliford Try ...... 151.86 -4.0 Captl & Count Prop ...... 261.9 3.0 270.5 184.8 TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 48.0 -0.1 98.0 41.8 Lloyds Banking ...... 57.8 -0.9 67.2 48.6 GCP Infra Inv ...... 131.0 -1.6 132.6 122.6 Ashmore Gp ...... 551.0 4.0 551.0 371.6 Barr (AG) ...... 565.00 3.7 IP Group ...... 65.20 -3.7 CLS Hldgs ...... 285.5 2.0 312.5 212.0 Spirent Comms ...... 248.0 14.5 251.5 139.0 James Halstead ...... 562.0 12.0 562.0 440.0 Royal Bank of Scot ...... 224.9 -5.8 270.4 177.7 Genesis Emerging ...... 808.0 5.0 808.0 663.0 Brewin Dolphin ...... 358.4 1.6 375.2 287.6 Sanne Group ...... 632.00 3.4 Prudential ...... 1400.50 -3.7 Daejan Hldgs ...... 5300.0 -120.0 6160.0 4715.0 Avast...... 524.50 2.8 Hunting ...... 368.00 -3.5 TOBACCO Standard Chartered .....703.2 -13.4 738.6 575.7 Greencoat UK ...... 148.6 -0.8 152.8 128.8 Close Brothers ...... 1588.0 -11.0 1663.0 1227.0 Derwent London ...... 4006.0 78.0 4010.0 2884.0 Johnson Service Gp .....207.5 -0.5 211.5 128.0 Ocado Gp ...... 1338.50 2.7 Senior ...... 173.00 -3.4 TBC Bank Group...... 1262.0 2.0 1706.0 1150.0 Harbourvest Glb ...... 1818.0 0.0 1832.0 1394.0 Coats Group ...... 79.6 1.4 91.3 68.1 Grainger ...... 298.2 -4.8 315.6 217.4 Br Am Tob ...... 3507.0 24.0 3507.0 2375.0 Keywords Studios ...... 1543.0 18.0 1838.0 900.0 Centamin ...... 121.55 2.7 Synthomer ...... 323.00 -3.2 Virgin Money UK ...... 175.1 -0.3 220.1 104.4 Finablr ...... 130.0 -1.1 215.0 126.0 Grt Portland Est ...... 897.8 3.4 897.8 649.4 Herald Inv Trust ...... 1466.0 -20.0 1514.0 1165.0 Hochschild Mining ...... 168.50 2.7 Moneysupermkt.com ...... 322.50 -3.2 Imperial Brands ...... 2025.0 36.2 2713.5 1668.2 Learning Tech Gp ...... 140.0 2.8 143.0 62.2 Hargreaves Lans...... 1830.0 18.0 2433.0 1633.0 Hammerson ...... 265.0 -7.5 388.4 203.9 BEVERAGES HICL Infr ...... 173.0 1.0 174.0 156.6 Puretech ...... 279.00 2.6 Games Workshp ...... 6755.00 -2.9 TRAVEL & LEISURE M&C Saatchi ...... 112.5 2.5 394.0 79.0 Land Securities...... 963.8 4.0 1001.5 735.4 JPM American ...... 500.0 0.0 500.0 411.0 IG Gp...... 685.0 -3.6 708.0 474.8 Fresnillo ...... 623.60 2.4 Vistry Group ...... 1303.00 -2.9 Barr (AG) ...... 565.0 20.0 975.0 526.0 Carnival ...... 3656.0 58.0 4430.0 3056.0 M.P. Evans ...... 724.0 4.0 750.0 612.0 JPM Emerg Mkt ...... 1080.0 -2.0 1084.0 861.0 Integrafin Holdings ...... 447.0 5.0 462.0 318.5 LondonMetric Prop .....228.8 3.4 241.2 176.6 Britvic ...... 868.5 -4.0 1068.0 850.0 Cineworld Group ...... 194.0 -4.9 321.0 191.0 JPM Indian IT ...... 756.0 -3.0 790.0 633.0 Intermediate Capital 1660.0 9.0 1660.0 971.5 Reckitt Benckiser ...... 6232.0 89.0 6688.0 5593.0 WPP ...... 1035.5 -4.0 1077.5 800.4 NewRiver Retail ...... 194.2 0.0 246.0 147.6 Majestic Wine ...... 227.0 7.0 318.0 213.0 Coca-Cola HBC AG .....2748.0 37.0 3074.0 2299.0 JPM Japan IT ...... 468.0 0.0 477.5 368.0 Intl Public Prtnshps .....166.8 0.6 171.0 146.8 Redrow...... 770.0 2.0 771.0 533.0 MINING Primary Hlth Prop ...... 159.0 0.0 160.0 112.0 Compass Gp ...... 1971.5 15.5 2138.0 1583.0 Midwich Group ...... 515.0 -20.0 633.0 474.5 Diageo ...... 3276.0 45.0 3625.5 2701.0 Jupiter Fund Mngt ...... 388.9 -1.4 432.0 311.9 Investec ...... 439.0 2.4 518.6 395.3 Taylor Wimpey ...... 209.4 -0.5 209.9 142.9 Safestore Hldgs ...... 766.5 6.0 817.5 527.5 Dominos Pizza ...... 298.9 -4.6 326.4 221.2 Mortgage Advice B ...... 734.0 0.0 795.0 546.0 CHEMICALS Anglo American ...... 2161.5 -11.0 2266.0 1666.6 IP Group ...... 65.2 -2.5 112.4 55.7 Vistry Group ...... 1303.0 -39.0 1399.0 957.0 Savills ...... 1186.0 -2.0 1232.0 765.5 easyJet ...... 1499.5 -9.5 1509.0 854.8 Law Debenture ...... 640.0 -2.0 654.0 552.0 Antofagasta ...... 969.8 -7.2 1022.5 779.6 Next Fifteen Comm .....544.0 -8.0 658.0 465.0 Croda International ..5030.0 -115.0 5375.0 4564.0 Mercantile IT ...... 259.5 -0.5 267.5 188.0 John Laing Gp ...... 385.0 -1.2 402.0 339.0 SEGRO ...... 879.2 7.0 900.0 623.6 EI Group ...... 284.0 0.0 285.0 194.0 INDUSTRIAL ENGINEERING BHP Group ...... 1801.4 -5.4 2049.0 1563.0 Nichols...... 1420.0 0.0 1880.0 1380.0 Elementis...... 142.7 2.2 197.9 129.8 Monks Inv Tst ...... 990.0 4.0 990.0 768.0 London Stock Exch ....7646.0 100.0 7766.0 4404.0 Shaftesbury ...... 913.0 4.0 979.5 739.5 FirstGroup ...... 125.1 -1.3 137.5 89.0 Bodycote ...... 934.5 6.0 971.0 652.0 Centamin ...... 121.5 3.2 152.3 79.8 Numis Corporation ...... 288.5 8.5 306.0 212.0 Johnson Matt...... 2902.0 -29.0 3454.0 2770.0 Murray Intl Tst ...... 1244.0 -2.0 1286.0 1114.0 Man Group ...... 152.2 -1.4 175.2 130.5 St Modwen Props ...... 492.0 1.0 510.0 373.0 Flutter Ent...... 9208.0 112.0 9456.0 5525.0 Onesavings ...... 414.0 -2.8 452.0 313.6 Hill & Smith ...... 1450.0 -4.0 1510.0 1049.0 Fresnillo ...... 623.6 14.6 1027.5 539.6 TR Property IT ...... 480.0 -1.0 491.5 377.0 Synthomer ...... 323.0 -10.6 420.8 279.0 Next Energy Solar ...... 123.0 -0.5 126.5 112.0 Go-Ahead Gp ...... 2078.0 -32.0 2278.0 1733.0 Polar Capital Hdgs ...... 570.0 -1.0 604.0 450.0 Paragon...... 485.6 -9.6 553.5 388.0 IMI ...... 1171.5 -6.0 1206.0 906.0 Glencore ...... 241.3 -1.3 340.3 216.9 Tritax Big Box ...... 140.8 -0.6 159.7 135.3 Victrex ...... 2434.0 2.0 2540.0 1845.0 Pantheon Intl Partn ..2400.0 -20.0 2620.0 2020.0 GVC Hldgs ...... 932.0 7.0 939.0 507.5 Purplebricks Gp ...... 125.6 1.6 132.0 96.0 Plus500 ...... 930.6 -19.0 1647.0 495.0 Melrose Ind ...... 236.8 -1.1 242.3 156.8 Hochschild Mining ...... 168.5 4.4 227.0 152.0 UK Commercial Prop .....86.7 0.9 92.7 79.9 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...329.0 1.0 342.0 284.5 Intercontl Htls ...... 5063.0 28.0 5738.0 4257.5 Redde...... 106.8 0.4 127.6 100.6 Provident Fin ...... 451.3 29.4 610.0 356.0 RHI Magnesita ...... 3594.0 -66.0 5000.0 3420.0 Kaz Minerals ...... 560.0 -10.0 738.4 380.3 Unite Group ...... 1271.0 12.0 1271.0 863.5 Pershing Square ...... 1550.0 12.0 1570.0 1104.0 Renew Holdings...... 534.0 2.0 568.0 358.0 Balfour Beatty ...... 259.4 -2.6 295.0 194.2 Workspace Gp ...... 1144.0 -10.0 1198.0 806.0 Intl Cons Airl...... 643.4 -3.4 667.6 413.5 Personal Assets Tst ...43000 50.0 43150 39000 Quilter ...... 156.2 -2.5 167.6 120.8 Rotork ...... 326.8 0.5 341.2 267.0 Polymet Int...... 1244.5 3.5 1272.0 772.6 CRH ...... 2967.0 -51.0 3100.0 2169.0 Marstons ...... 122.3 1.5 131.4 93.3 RWS Holdings ...... 610.0 -1.0 670.0 450.0 Polar Cap Tech Tst .....1664.0 -8.0 1674.0 1154.0 Rathbone Brothers ....2045.0 -55.0 2540.0 2045.0 Spirax-Sarco...... 9135.0 70.0 9400.0 6240.0 Rio Tinto ...... 4523.0 -22.0 4976.5 3761.5 SOFTWARE & COMPUTER SERVICES Galliford Try...... 151.9 -6.4 177.2 102.4 Schroders ...... 3250.0 -24.0 3419.0 2541.0 Mitchells & Butlers ...... 417.0 -8.0 470.5 238.0 Scapa Group ...... 284.5 8.5 403.0 157.0 Renewables Infra Gp ...134.4 -1.6 139.2 115.4 Weir Gp ...... 1468.0 -30.5 1814.0 1261.5 MOBILE TELECOMMUNICATIONS Avast...... 524.5 14.5 524.5 276.0 Grafton Group...... 902.0 7.5 937.0 645.5 TP ICAP ...... 404.7 -0.8 417.5 270.0 National Express ...... 463.0 -2.2 476.0 379.0 RIT Cap Partners ...... 2060.0 -10.0 2180.0 1944.0 INDUSTRIAL METALS Aveva Gp...... 4938.0 70.0 4938.0 2712.0 Secure Income REIT ..458.0 1.0 458.0 384.0 Ibstock ...... 297.0 -2.6 322.0 208.6 Vodafone Gp ...... 158.0 1.4 165.2 123.3 PPHE Hotel Gp ...... 1940.0 -20.0 1990.0 1630.0 Schroder Asia ...... 477.5 -3.5 483.5 412.0 GENERAL RETAILERS Computacenter...... 1733.0 18.0 1829.0 1018.0 Serica Energy...... 137.8 -0.2 143.4 103.6 Marshalls ...... 831.5 14.5 876.0 496.0 Evraz ...... 391.5 -3.6 709.4 341.4 NONLIFE INSURANCE Rank Gp ...... 267.0 2.0 280.0 144.0 Scottish Inv Tst ...... 827.0 -3.0 843.0 769.0 B&M ...... 376.9 -5.3 420.9 313.4 FDM Group...... 996.0 -22.0 1100.0 647.0 Smart Metering Sys.....535.0 -18.5 665.0 310.0 Polypipe Group ...... 520.0 9.0 546.5 372.8 Ferrexpo ...... 152.6 -3.9 301.3 123.0 Scottish Mortgage ...... 596.5 -3.0 601.5 465.7 Dixons Carphone ...... 144.7 0.8 150.0 104.9 Admiral Gp ...... 2307.0 -11.0 2318.0 2014.0 Kainos Gp ...... 818.0 14.0 818.0 430.0 Restaurant Grp ...... 148.5 -0.6 166.4 111.9 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 117.0 0.0 118.0 110.0 Dunelm Gp...... 1108.0 -1.0 1173.0 690.0 Beazley ...... 532.0 5.0 628.0 492.6 Micro Focus Intl ...... 1121.2 1.4 2160.0 1004.0 Stagecoach Gp...... 152.0 0.1 167.0 115.5 Thorpe (F.W.) ...... 343.0 -3.0 359.0 250.0 Smith (DS) ...... 358.7 -8.9 394.8 307.9 Smithson Inv ...... 1328.0 4.0 1334.0 1016.0 Frasers Group ...... 513.5 -4.5 518.0 214.0 Clarkson ...... 2950.0 45.0 3030.0 2200.0 Direct Line Ins ...... 327.9 -1.7 366.5 270.5 Playtech ...... 393.6 3.4 457.7 360.5 Wetherspoon (JD) .....1600.0 1.0 1734.0 1187.0 Smiths Gp...... 1734.0 0.5 1748.0 1378.0 Syncona ...... 212.0 -2.0 294.0 203.0 Howden Joinery Gp.....685.6 5.0 685.8 478.8 Fisher (James) ...... 1974.0 -18.0 2260.0 1790.0 Hastings Gp Hldgs ...... 185.5 -0.1 231.6 167.9 Sage Group ...... 738.2 4.2 820.4 623.6 Whitbread ...... 4837.0 58.0 5152.0 3988.0 Watkin Jones ...... 248.5 0.5 248.5 199.6 Smurfit Kappa Gp...... 2838.0 12.0 2966.0 2096.0 Temple Bar IT ...... 1422.0 -10.0 1486.0 1162.0 Inchcape...... 693.0 -11.0 720.0 545.5 Royal Mail ...... 218.8 0.1 304.3 188.4 Hiscox ...... 1352.0 -2.0 1777.0 1213.0 Softcat ...... 1216.0 -5.0 1221.0 672.0 William Hill ...... 185.1 3.6 205.2 132.3 Young’s Brew NV ...... 1280.0 5.0 1310.0 1030.0 Vesuvius...... 466.6 -3.2 642.0 341.0 Templeton Em Mkts ....864.0 -5.0 869.0 716.0 JD Sports Fashion ...... 850.0 -4.2 854.2 434.6 Signature Avi ...... 324.9 0.0 406.0 285.2 RSA Ins Gp ...... 556.6 -6.0 597.0 501.6 Sophos ...... 566.0 -1.8 577.0 298.2 Wizz Air Holdings ...... 4209.0 -120.0 4329.0 2880.0 Young’s Brew-A...... 1610.0 -10.0 1885.0 1475.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 316.05 2.80 313.25 197.00 3M ...... 179.78 -1.59 219.50 150.74 AIR LIQUIDE ...... 126.80 -0.20 130.80 103.95 ABBOTT LABORATORIES ...... 87.38 1.64 88.74 69.05 ALLIANZ AG ...... 217.20 -1.65 223.80 180.24 ADOBE INC ...... 342.94 -1.69 345.63 238.27 AMADEUS IT GROUP ...... 76.10 0.56 75.54 42.30 ALPHABET NON VTG-C ...... 1439.20 8.32 1439.23 1036.23 ALPHABET-A ...... 1439.20 8.61 1440.03 1116.79 ANHEUSER BUSCH INBEV ...... 71.88 -0.15 92.71 62.63 AMAZON.COM ...... 1862.02 -7.42 2020.99 1588.22 ASML HOLDING NV ...... 271.45 1.95 272.40 137.50 AMERICAN EXPRESS ...... 129.82 1.02 128.80 99.49 AXA ...... 24.18 -0.51 25.47 20.10 APPLE INC ...... 311.34 -1.34 316.96 152.70 BANCO SANTANDER ...... 306.20 -3.25 402.00 295.05 AT&T ...... 37.87 -0.22 39.63 29.37 BASF...... 64.35 -0.41 74.49 56.20 BANK OF AMERICA ...... 34.67 -0.65 35.64 26.25 BAYER AG...... 75.32 0.78 75.36 52.53 BERKSHIRE HATHAWAY...... 228.35 1.18 228.65 195.81 BMW ...... 72.19 -1.11 77.75 58.70 BOEING CO ...... 329.80 -2.55 432.69 320.42 BNP PARIBAS ...... 50.96 -1.21 53.58 39.32 CATERPILLAR INC ...... 145.57 -1.11 150.53 113.38 CRH ...... 2967.00 -51.00 3100.00 2169.00 CHEVRON ...... 116.13 -0.17 126.54 111.39 CISCO SYSTEMS ...... 48.01 0.22 58.05 43.52 DAIMLER ...... 47.24 -1.22 59.31 40.53 CITIGROUP ...... 81.24 -0.67 81.91 60.33 DANONE ...... 72.44 1.04 82.00 61.90 COCA-COLA CO ...... 56.70 0.70 56.13 44.69 DEUTSCHE POST AG ...... 34.26 0.13 34.91 25.02 COMCAST ...... 46.28 0.25 46.97 34.97 DEUTSCHE TELEKOM ...... 14.68 0.04 16.25 14.10 DOW ...... 52.27 0.03 66.65 40.71 ENEL ...... 7.42 0.02 7.42 5.10 EBAY INC ...... 35.33 -0.02 41.57 30.38 ENGIE...... 14.90 0.09 15.12 12.45 EXXON MOBIL ...... 69.09 -0.11 83.38 66.70 ENI ...... 13.80 -0.08 15.94 13.04 FACEBOOK ...... 221.15 2.09 221.91 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 245.21 -0.45 245.66 182.49 FRESENIUS MEDICAL CARE ...... 67.28 0.04 76.32 57.92 HOME DEPOT INC ...... 224.59 1.78 238.85 174.87 HONEYWELL INTERNATIONAL ...... 180.73 0.28 182.01 139.82 IBERDROLA ...... 9.21 0.18 9.54 6.02 IBM ...... 136.62 0.80 151.36 122.19 INDITEX ...... 31.38 -0.12 32.37 2.55 INTEL ...... 58.94 -0.49 60.84 43.46 ING GROEP NV...... 10.58 -0.18 12.05 8.34 JOHNSON & JOHNSON ...... 147.01 0.49 146.52 126.95 INTESA SANPAOLO...... 2.32 -0.03 2.41 1.83 JPMORGAN CHASE & CO ...... 136.72 -2.08 141.09 98.93 KERING ...... 594.60 2.50 600.90 397.50 MASTERCARD INC ...... 314.25 3.61 315.21 198.35 KON KPN NV ...... 2.68 0.01 2.96 2.48 MCDONALD’S ...... 209.77 2.45 221.15 173.97 L’OREAL ...... 269.40 5.60 266.10 196.75 MEDTRONIC ...... 117.33 0.29 118.64 84.15 LVMH MOET HENNESSY ...... 431.45 0.45 431.00 246.55 MERCK & CO ...... 91.54 1.61 92.04 72.92 MUENCHENER RUECKVE ...... 267.40 -0.10 268.70 190.45 COMMODITIES TOURIST RATES MICROSOFT ...... 163.18 1.05 163.28 102.78 NETFLIX ...... 339.07 0.38 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1548.80 +2.90 Copper Cash Official...... 6246.50 +69.75 Canada ...... 1.63 New Zealand ...... 1.85 NIKE INC ...... 102.79 -0.13 102.92 77.14 ORANGE ...... 13.03 -0.01 15.01 13.04 Silver (Pence) ...... 1777.00 -21.50 Aluminium Cash Official ...... 1767.25 +1.00 Croatia ...... 7.94 Norway...... 10.85 ORACLE ...... 54.76 -0.12 60.15 48.58 ROYAL PHILIPS ...... 44.70 -0.19 44.90 31.05 Silver (Cents) ...... 1367.00 -20.00 Nickel Cash Official ...... 13675.00 -512.50 Czech Republic ...... 26.93 Poland ...... 4.52 PAYPAL HOLDINGS ...... 114.85 0.21 121.30 96.64 SAFRAN ...... 139.25 1.65 149.90 108.20 Krugerrand ...... 1569.50 +8.67 Aluminium Alloy Cash Official ...... 1325.25 -9.75 Denmark ...... 8.25 Singapore ...... 1.67 PEPSICO ...... 139.20 2.35 140.28 118.61 SANOFI ...... 91.72 0.45 92.72 72.24 Brent Crude ...... 64.49 +0.29 Natural Gas ...... 29.18 -2.16 Hong Kong ...... 9.67 Sweden ...... 11.63 PFIZER INC ...... 40.67 0.60 44.40 34.24 SAP SE ...... 123.00 -0.60 124.72 88.83 Platinum ...... 972.00 -5.00 Tin Cash Official ...... 17317.50 +55.00 Iceland ...... 146.27 Switzerland ...... 1.21 PROCTER & GAMBLE ...... 125.96 1.27 126.09 90.44 SCHNEIDER ELECTRIC ...... 92.34 -0.28 93.74 58.48 British Sovereign ...... 366.44 +2.07 Zinc Cash Official ...... 2363.00 -3.25 India ...... 82.38 Turkey ...... 7.50 TRAVELERS COMPANIES ...... 137.57 0.92 154.83 122.36 SIEMENS AG ...... 115.74 -0.66 119.90 85.00 Lead Cash Official ...... 1896.50 +5.25 White Sugar ...... 389.80 +6.60 Israel ...... 4.26 United States ...... 1.36 TWITTER ...... 33.23 0.41 45.42 28.89 SOCIETE GENERALE...... 30.95 -0.48 31.79 21.13 UNITED HEALTH GROUP ...... 296.41 8.17 295.97 215.26 UNITED TECHNOLOGIES ...... 151.96 0.42 153.68 111.06 TELEFONICA SA ...... 6.04 -0.03 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.10 0.06 62.07 53.28 TOTAL ...... 48.58 -0.58 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 199.80 3.75 196.05 168.86 UNILEVER NV ...... 50.52 0.30 57.56 46.40 FTSE 100...... 7642.80 +20.45 +0.27 S&P 500...... 3289.29 +6.14 +0.19 CAC 40 ...... 6032.61 -8.28 -0.14 Hang Seng ...... 28773.59 -111.55 -0.39 WALGREENS BOOTS ALLIANCE...... 54.43 -0.19 76.05 49.29 VINCI ...... 100.55 0.15 102.40 74.38 FTSE 250 ...... 21713.11 -42.94 -0.20 Dow Jones I.A ...... 29030.22 +90.55 +0.31 Swiss Market Index ...... 10670.74 +14.92 +0.14 Nikkei ...... 23916.58 -108.59 -0.45 WALMART ...... 115.28 -0.90 121.28 93.86 VIVENDI ...... 25.22 -0.08 26.42 21.49 FTSE All-Share ...... 4237.59 +8.36 +0.20 Nasdaq Composite ...... 9258.70 +7.37 +0.08 ISEQ Overall Index ...... 7169.88 -79.34 -1.09 STI Index ...... 3256.98 -13.56 -0.41 WALT DISNEY CO ...... 144.32 -0.88 151.64 107.79 VOLKSWAGEN AG ...... 182.62 -2.60 185.52 138.16 FTSE AIM All-Share ...... 970.95 +1.21 +0.12 Xetra DAX...... 13432.30 -24.19 -0.18 FTSEurofirst 300 ...... 1640.91 +1.40 +0.09 ASX All Ordinaries...... 7113.50 +35.50 +0.50 WELLS FARGO & CO ...... 48.32 -0.98 54.46 43.38 16 OPINION THURSDAY 16 JANUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Trump proved the doubters TO THE EDITOR Open season wrong and got it right on Iran [Re: British tech startups beat £10bn funding to top global growth] It’s hardly surprising that venture capital investment in technology has risen. HEN the Middle East ability to continue its repression of petence of the regime. Innovation and the concept of the “new” crisis broke at the start Alan its own people — would have only But by far the greatest sign that will always have its appeal. What remains of this year, many out- Mendoza ended with one outcome: the col- the Iran defeatists and doubters got a challenge, however, is ensuring that the Wcomes were predicted lapse of Iran’s theocracy. it wrong, and that Trump has got it investment pays off. Ideas need to be by a panicked commen- It doesn’t matter how many terror- right, has come this week with the scalable, profitable, and address a tariat in response to the US drone ist attacks or forms of unconven- declaration by the UK, France and genuine business need. Technology — and strike on Iran’s terrorist-in-chief, tional warfare a country might be Germany to refer Iran to the Dis- especially fintech — has historically been Qassem Soleimani. able to unleash if its ruling regime pute Resolution Mechanism of the prone to flash-in-the-pan businesses that The various theories peddled by is unable to defend its powerbase on Joint Comprehensive Plan of Action have an interesting concept but fail to such observers fell into two broad home soil. The ayatollahs could see (JCPOA, commonly called the Iran garner widespread interest. camps: that war would inevitably What everyone appeared to have this clearly, which is why they Deal) regulating the country’s nu- For investors looking for the hot ticket in result, or that the west would suffer forgotten is that there is no equiva- pulled their punches by missile- clear programme. 2020, it may be worth considering the from the wrath of an Iran united in lence of power between the US and striking empty bases in their rush Iran has been cheating on the burgeoning sector of trade finance grief for the loss of a great leader. Iran. On the contrary, Washing- for the exit ramp from conflict. JCPOA terms ever since the Ameri- technology. Historically a paper-based Some particularly emotive souls ton’s military capabilities dwarf All this should have been obvious cans withdrew from it in 2018. But industry where faxing documents is still even conflated both ideas into a those of Tehran. were western observers not blinded desperate to keep the deal alive commonplace, the industry is looking to combined critique of the foreign The only real question was there- by the idea — or perhaps, in some (rather than renegotiate it to make digitise existing processes to improve policy erraticism and adventurism fore whether the US would rise egregious cases, hope — of perceived it more effective, as the Americans efficiencies, mitigate the effects of Basel IV of their much-loathed target, the from its recent strategic torpor in US decline. But even this myopia wanted), the Europeans did not fol- on banks, and reduce the $1.5 trillion Trump administration. the Middle East, and use them. pales into comparison to the ex- low suit, even as Iranian infractions worth of funding businesses still need. In an extreme example of this This was answered by the traordinary assumptions made of JCPOA became ever more blatant. With trade finance accounting for 40 per phenomenon, London was last Soleimani strike and Trump’s about the Iranian people’s likely re- Now, finally, the three European cent of global trade and underpinning the week subjected to a Corbyn-led rally threat to hit 52 targets in case of an sponse to the death of Soleimani. countries have rediscovered their flow of goods across borders, the of protesters who delighted in dust- Iranian escalation. A section of Iran’s population does backbone, and initiated a move industry’s desire to become more tech- ing off their old “Stop the War” hats Under such circumstances, an ex- enthusiastically support the clerical that could lead to the snapback of savvy unanimous. More institutions in this (which should more properly be panded conflict between the two regime. But if this were a genuinely sanctions on Iran in a couple of industry are looking at how innovation can called “Stop Some Wars”, as it only countries — which would not have popular government, the ayatollahs months. The Trump administration enhance their business and increase both appears to be conflicts threatening been a ground invasion but an air would have had no need to shut has long sought solidarity from its efficiency and profits in 2020. The industry enemies of the west that these peo- campaign designed to disrupt the down the internet at the end of last European allies on this subject. It is is ripe for disruption. For investors, it could ple ever want to prevent). Iranian regime’s command and year to hide the fact that the author- no coincidence that it has finally be open season. What was emphatically not fore- control abilities and hamper its ities were butchering an estimated obtained it just after reasserting its Christoph Gugelmann, co-founder and seen by most, however, was what ac- 1,500 of their own citizens in order own red lines in the region. chief executive, Tradeteq tually happened: a stunning foreign to prevent escalating unrest. The lesson of all this is simple. policy triumph for President Trump, Thus, the public mourning for Our enemies are not 10 feet tall, and the unmasking of the Iranians Soleimani did attract crowds. But it much as we might sometimes be- — at least in this round of hostilities was just that part of the population lieve that they are. The west retains — as a bungling paper tiger. that Iran’s authorities wanted the tremendous power to shape the BEST OF To give some credit to pessimistic The west retains world to see. world for the better. All it needs is TWITTER western critics, the crisis might well Many in the west bought the prop- the belief to do so. Donald Trump have led to an expanded conflict. tremendous aganda completely, only to have to may be an unusual messenger to re- Netflix is ripping off the public, and But this was always unlikely, be- eat humble pie when the tragic mind us of this truth, but it is en- our public services, by channelling cause for the Iranians to have upped power to shape shooting down of PS752 by Iranian during nonetheless. profits through tax havens. The the ante to the next level would have the world for forces and the attempted Iranian government should adopt Labour’s meant inviting ever more devastat- cover-up led to a resumption of do- £ Alan Mendoza is executive director of plan for unitary taxation, and not just ing reactions from the Americans. the better mestic protests at the sheer incom- the Henry Jackson Society. a weak Digital Services Tax, so that multinationals pay their fair share @johnmcdonnellMP

True, it doesn’t pay its fair share of tax. But its output is far superior to the BBC, which people are strong-armed Head in the sand? Ostrich shops need to into paying for under threat of prison time. I know which one pisses me off more. stop blaming the high street and step up @BenedictSpence No 10 wants new CCHQ in the Midlands/North — “somewhere... TORIES of failing retailers to be struggling. Both are posting bars, as well as photo booths for close to a university with good seem to be as regularly in the Mark strong sales and operating profits. shoppers to share snaps of their out- maths/physics departments, good news as Brexit or Harry and Halstead These successful retailers put the fits via social media. train links, well placed in political SMeghan. And when we read so-called “demise of the high street” These high street retailers are cre- terms”. Says all ideas welcome. about them, it’s usually ac- into perspective, and suggest that ating locations which are more @PaulGoodmanCH companied by lamentation that the their rivals’ performance problems than simply places to shop — they state of the high street is to blame. run much deeper. are places where people can meet, It’s very useful for a party’s HQ to be Just this week, City A.M. reported Instead of obsessing over the per- eat, drink and socialise. near Parliament, for boring practical that department store Beales is fac- ceived unfairness of business rates Next in particular shows how the reasons, so if the Tories are serious ing collapse. Its chief executive has or changing shopper behaviour, os- high street can coexist with the in- about this they should be proposing criticised high street business rates, street retailer showing strong, trich shops need to focus on evolv- ternet. It uses digital channels to re- shifting Parliament to the unhelpful councils, and the chal- healthy financial performance. ing their bricks and mortar stores ward customers with VIP passes to Midlands/North, and then opening a lenging retail market as customers Compare, for example, budget to create experiences that shoppers queue-jump the sales at high street new CCHQ nearby. change their shopping habits. fashion retailers Bonmarche and can’t get sat in front of a laptop. shops. It also enables people to order @thhamilton These factors make for a checklist Primark. The former entered admin- Successful shops are doing exactly online then collect and try on items of overused excuses. But retailers istration in October, owing creditors this. A revamp of Selfridges’ flag- in-store. This embraces the conven- To anyone reading this outside the US: who resort to them are burying almost £24m, whereas Primark has ship Oxford Street store includes a ience of online shopping while also help me start a revolution here by their heads in the sand. They are “os- seen sales in the past three years rise 14-seat circular bar, a Japanese addressing one of the biggest ecom- replying to this with what you pay per trich shops” — and they’re wrong. from £2.9bn to £3.3bn. flower market, and even a skate- merce gripes: returning items. month for your internet connection at Our analysis of around 130,000 UK Or look at John Lewis and M&S, board bowl. Similarly, Next stores If more retailers stopped playing home. retailers shows that five out of 10 compared to Selfridges and Next. now feature bars and coffee shops — the blame game and instead focused @tomgara high street retailers are ostrich M&S is midway through plans to one Manchester outlet has a pizza on evolving their shops, consumers shops, experiencing a downward close 100 stores by 2022, and John and prosecco restaurant. might spend more time — and I just looked this up and yeesh. Land trend of deteriorating performance, Lewis is looking at ditching its an- Primark too has proved that its suc- money — on the high street. of incredibly cheap petrol and with no signs of improvement. How- nual staff bonus for the first time in cess isn’t just down to its discount astonishingly expensive broadband. ever, the analysis also shows that for 67 years, as sales and profits slump. model. It has enhanced in-store expe- £ Mark Halstead is a partner at @rcolvile every ostrich shop, there’s a high But Next and Selfridges don’t seem rience with hair salons and beauty financial risk analysts Red Flag Alert. CITYAM.COM THURSDAY 16 JANUARY 2020 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Don’t let corporate governance DEBATE Was the government right to sign turn into a box-ticking exercise off a bailout for the airline Flybe? AST week, some of the UK’s stronger statutory powers, with a big- biggest businesses received a Edwin ger arsenal of penalties at its disposal rap on the knuckles, as the Fi- Morgan and a fresh new management team — Sitting in London, it is easy to think that Lnancial Reporting Council led by Sir Jon himself, formerly of Flybe should be allowed to fail. Sit in (FRC) published its annual re- HMRC — to wield them. the departure hall at Exeter Airport, or view of how well companies lived up The change has been prompted by Southampton, or one of the other YES to the Corporate Governance Code. the numerous perceived failings in regional hubs where Flybe represents Some FTSE firms, the accounting and the audit sector. Critics have argued over 75 per cent of traffic, and you may ROB BURGESS governance regulator argued, were that the current regulatory set-up has see it differently. simply “paying lip service to the spirit produced a lacklustre response to a If the airline goes, the airports go. unprofitable routes, and its few of the Code”, which sets out the prin- up encourages directors to consider list of corporate scandals, most no- Easyjet, Ryanair and Jet2 have no large jet aircraft are leaving the fleet. ciples and best practice for the boards the spirit of the rules while avoiding tably the collapse of Carillion. interest in operating 78-seat Dash-8 The Virgin rebrand, connecting traffic of directors of listed companies. FRC “creative compliance”, and means the Few would dispute that auditing aircraft. Eastern and Loganair are too from Virgin Atlantic and integration chief Sir Jon Thompson bemoaned the regulator isn’t expected to anticipate needs a regulator with teeth. But small and financially weak to pick up into Virgin Flying Club should generate fact that a “box-ticking compliance” every potential problem — which whereas audit oversight — which IoD the slack. new revenue. approach could end up harming both would clearly be an impossible task. members agree needs beefing up — Changing the air passenger duty rules Real progress needs to be seen this shareholders and the public. As a result, our corporate gover- might benefit from a set of steadfast to exempt the return leg of domestic summer, but it is right to give the airline The regulator’s chief has put his fin- nance regime is respected throughout rules, this simply isn’t the case with flights would help Flybe get back on its time now. ger on a real problem. Good gover- the world. Combining high standards corporate governance. feet, although of course the Virgin nance is not about following a with flexibility, the system helps to With new powers and a mandate to consortium can’t have a free ride. Freed £ Rob Burgess is editor of pre-determined set of procedures and mark the UK out as an attractive des- use them, Arga is expected to take few from PLC pressures to show constant headforpoints.com, the UK’s biggest thinking that this constitutes success tination for global businesses and in- prisoners when it comes to auditing growth, it is taking an axe to frequent flyer website. in its own right. Checklists can be re- vestors alike. But this is being put at and accounting failures. It’s difficult assuring, but they can also end up re- risk by proposed changes to the way not to see corporate governance being placing rather than complementing companies are overseen. caught in the crossfire. With the Cor- critical thinking and careful strategy. Under current plans, the FRC is to be porate Governance Code also falling So why does the UK appear to be mov- beefed up substantially, evolving into a under Arga’s remit, can we realisti- The government’s rescue package for ing towards a much more rigid system new regulator — the Auditing, Report- cally expect that firms will not focus Flybe flies in the face of its own that could promote exactly the box- ing, and Governance Authority (Arga). more on complying with the letter of promises to make the UK the “cleanest, ticking approach we want to avoid? This body will be underpinned by the law, rather than its spirit? . greenest” country on Earth. Domestic NO At present, corporate governance is To maintain our global reputation flights are the most polluting way to regulated under a “soft law” approach. on governance, Britain must avoid the travel — for every kilometre travelled, CARYS ROBERTS Under this method, the FRC works temptation of a heavy-handed legalis- domestic flights produce more than with firms to set out best practice for tic approach. Instead, the govern- three times the emissions of rail, or 22 domestic flights where a train journey their board of directors through the ment’s long-term aim should be times the emissions of the Eurostar. Any could be made in under five hours. Corporate Governance Code. establishing a separate body to over- cut to air passenger duty would boost Connecting the regions of the UK is At the heart of this model is the To maintain our see governance, designed to aid corpo- demand for these polluting flights. vital for economic growth that is fairly “comply or explain” principle. This global reputation, rate decision-making rather than Other airlines and rail companies are shared. But to do this the government gives boards the freedom to diverge constrict it. asking why Flybe should get a special should be investing in rail rather than from specific requirements, but they Britain must avoid Otherwise, the box-ticking that Sir bailout. Domestic air travel already propping up uncompetitive, carbon- must outline to the world at large why Jon Thompson so rightly deplores will benefits from no taxes on fuel, and the intensive businesses. they have done so, while keeping true the temptation of become the norm. zero-rating of tickets for VAT. to the broad principles of the Code. a heavy-handed Meanwhile, other countries are £ Carys Roberts is chief economist In practice, boards tend to follow the £ Edwin Morgan is director of policy at the moving in the opposite direction: at the Institute for Public Policy Code’s recommendations, but the set- approach Institute of Directors. France is even considering banning all Research (IPPR) .

Editorial Editor Christian May | Deputy Editor Andy Silvester Distribution helpline Our terms and conditions for external Josh Martin Rachel Cunliffe contributors can be viewed at Fountain House, News Editor | Comment & Features Editor If you have any comments about Lifestyle Editor Steve Dinneen | Sports Editor Frank Dalleres the distribution of City A.M. cityam.com/terms-conditions 3rd Floor, 130 Fenchurch Street, Billy Breton London, EC3M 5DJ Certified Distribution Creative Director please ring 0203 201 8955, or email [email protected] Tel: 020 3201 8900 from 28/10/2019 till Printed by West Ferry Printers Ltd, Email: [email protected] 24/11/2019 is 85,760 Commercial Sales Director Jeremy Slattery | Head of Distribution Gianni Cavalli Kimpton Rd, Luton LU2 0SX

NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 18 FEATURE THURSDAY 16 JANUARY 2020 CITYAM.COM SPECIAL FEATURE

HRISTMAS is meant to be a relaxing time, but for many people it’s also a period of Cstress, tension, and tribula- tions — especially for mar- ried couples. The financial burden of the holi- days plus the pressure to have a “perfect Christmas” and the familiar strain of dealing with in-laws can lead to squabbles and even full-blown arguments. It should be no wonder then that the first working Monday back after the festive break has been branded “Divorce Day”, as men and women who’ve finally had enough look into legal separation. In fact, online searches for “I want a divorce” rose by 230 per cent in the first week of January 2020 compared to December 2019, according to Richard Nelson solicitors. If you are considering filing for a divorce, you need to go into it with a clear head — and armed with knowl- edge. To help you prepare, City A.M. asked John Oxley, divorce and family law barrister at Vardags, for his ex- pert advice. WHAT ARE THE BASIC FINANCIAL ISSUES PEOPLE SHOULD LOOK INTO WHEN CONSIDERING DIVORCE? Divorce will involve an assessment of your entire finances. You need to TIL DIVORCE have a firm grip on what is available — both income and assets — to each party, and what each are likely to need for a reasonable standard of liv- ing afterwards. In most cases, one spouse will have a much higher earning capacity, and so is likely to leave the marriage with DO US PART less capital — and perhaps ongoing ob- ligations to the other. It is important to consider things such as mortgage John Oxley explains how couples can navigate the tricky legal and financial waters of separation

Try to keep the legal side as separate as possible from the emotional fallout

capacity too. Both parties will need to be housed afterwards, and often this can be the hardest need to meet. People should also be aware of how best to manage a settlement — especially when it comes to the tax impact of dealing with properties or businesses in certain ways. Both parties should leave the marriage with a sta- ble financial future ahead of them, with a real sense of how their new needs are going to be catered for. It is of course crucial to think about financial maintenance for children. There is a set formula for maintenance where the non-resident parent earns under £150,000 per year, but maintenance beyond that — and issues such as school fees — may have to be resolved separately. HOW LONG DOES A DIVORCE TAKE, AND HOW MUCH CAN IT COST? If proceedings aren’t contested and negotiations are straightforward, the whole matter can be wrapped up in around four months. Where matters are more contentious or complex, up to 18 months is about average. Fees will vary in line with the com- plexity of the case, and the quality of the lawyers involved. Fees are charged on hourly rates, but a good CITYAM.COM THURSDAY 16 JANUARY 2020 FEATURE 19

rule of thumb is to expect to spend a real headache for couples with lives dation for the rest of your life and se- around five per cent of the assets in- spread across multiple jurisdictions. curing your financial future. It volved in fees. Some of the biggest should not be about recriminations cases can last for up to five years and ANY FINAL ADVICE FOR for the past. cost millions in fees — but these are COUPLES CONSIDERING Most of all, remember that the per- highly specialist cases. SEPARATION THIS MONTH? The process is son on the other side of the divorce There is no doubt that divorce is a about laying the is someone whom you cherished and WHAT SHOULD HIGH NET complex and demanding process. It with whom you built a family. What- WORTH INDIVIDUALS OR is emotionally intense, and brings foundation for the ever has led to the end of the mar- COUPLES BE AWARE OF? with it the complexities of litigation riage, remaining civil and focused on For the very wealthy, the complexi- and making financial decisions. rest of your life the relationship you might rebuild ties are magnified. Their circum- Those who fare best after divorce afterwards — especially if children stances are likely to be unique, are the ones who consider the future. and securing your are involved — is a good way of mov- requiring bespoke advice around val- The process is about laying the foun- financial future ing through the process. uation and division of assets. The most important thing is to re- alise what is at stake. For the wealthy party, this could be about half of the wealth they have built up. For the homemaker, getting it wrong could see them go from a life of luxury to one of penury. If one party tries to hide or undervalue assets, it can be very hard to counter it. The most important thing is to act quickly and get specialist advice from the outset. Failure to deal with complexities such as jurisdiction straight away can have costly consequences. These sorts of cases are multi-million pound pieces of litigation, so it is vital to see them as such and to en- gage the experts. WHAT AREAS DO PEOPLE TEND TO OVERLOOK WHEN GETTING DIVORCED? Pensions are regularly neglected. These can be a massive asset, but it is often a case of “out of sight, out of mind”. Generally, any pension assets built up during the marriage should be shared equally between the spouses. Failure to do this can make a big difference to retirement incomes, especially where one spouse has been out of the workforce. Due to the way that returns are likely to accrue, failure to get your fair share of pension wealth could mean leaving a big por- tion of the marital pot behind. Equally, where one party has received deferred compensation from work, such as share options, that should also not be neglected. Leaving these things off the balance sheet can lead to cases being reopened for non-disclosure in the future. WHAT’S YOUR BEST ADVICE FOR KEEPING THINGS CIVIL? It is important not to get bogged down in the past, and instead focus on the future that you are trying to build. Some couples use proceedings as a way of raking over everything bad that has ever happened between them. It is a recipe for strife and costs. Ultimately, try to keep the legal side as separate as possible from the emotional fallout of the divorce. Of course, that can be difficult, but stay- ing rational and focused on life beyond divorce is often the best way through it. ARE DIVORCE LAWS SET TO CHANGE IN THE FUTURE? The new parliament is expected to finally push through the move to “no- fault” divorce. This will allow couples to separate without going through the process of apportioning blame, and should make the process quicker and easier. Also, leaving the EU could have serious consequences for cross-border couples. Currently, it is EU law which decides in which court a cross-border dispute can be heard, while also providing for easier recognition and en- forcement of judgments across countries. This will no longer apply to the UK, but it remains unclear what may end up in its place. This could be 20 LIFE&STYLE THURSDAY 16 JANUARY 2020 CITYAM.COM TECHNOLOGY EDITED BY STEVE HOGARTY

BODY TRACKING HYDRATION WITHINGS BODY+ LARQ WATER BOTTLE £69, WITHINGS.COM £95, LIVELARQ.COM Step on to these smart bathroom scales This high-tech bottle and – by running an imperceptible periodically blasts your electrical signal through the base of your water with the same feet – the scales will measure and beam all ultraviolet light used to of your body’s essential stats to your sterilise operating theatres, phone. Weight, fat percentage, water destroying the harmful content, even bone mass can be tracked bacteria that builds up in and graphed over time, providing valuable regular bottles and causes insights into your fitness levels. the dreaded bottle stink. It also keeps hot things hot and cold things cold, and has a special adventure mode designed to tackle water taken from rivers and lakes. HEADPHONES BEATS POWERBEATS PRO £220, BEATSBYDRE.COM

These sports-focused wireless earphones from Apple-owned Beats not only sound great but look the part too, with a discreet clip-on design that fits snugly and never comes loose, even when you’re really going for it. Jump over a fence, backflip off a bridge, cartwheel into a bush – these guys aren’t leaving your earholes. HEARTRATE MONITOR MYZONE MZ-3 £130, MYZONE.ORG

Strap this to your abdomen before you run for more accurate heart rate monitoring than you’d get in a regular fitness watch. The MZ-3 transmits live data to your wrist MARATHON or phone, and measures effort as well as overall fitness, making it ideal for novices and pros alike. It has built in memory too, so you’re free to leave you phone behind and upload your metrics afterwards. READY With just three months to go until the London Marathon, here’s our pick of the best running gadgets to keep you on top of your game AFTERSHOKZ AEROPEX £150, AFTERSHOKZ.CO.UK

These wireless headphones use bone WATCHES HUAWEI WATCH GT 2 conduction technology to transmit audio £199, HUAWEI.COM directly into your skull by vibrating the WITHINGS MOVE ECG bones in and around your ear, which isn’t £130, WITHINGS.COM Chinese telco giant Huawei isn’t having a even nearly as dangerous or frightening as terribly good time of things on the world it sounds. The effect is spooky, like hearing One of the first smart watches to feature an stage right now, but if anything the air of voices in your head, but leaves your ears electrocardiogram – the type of heartrate potential corporate subterfuge just adds a open to surrounding environmental noise monitor that produces that distinctive certain frisson to its range of high-end and so keeps you safer whenever you’re bleeping line you’ll recognise from smart watches. The Huawei Watch GT 2, as running near traffic or tiger enclosures. Casualty – the Withings ECG can detect well as giving you a very small role to play heart conditions such as arrhythmia and in an ongoing international trade dispute, atrial fibrillation. AI-driven fitness tracking is powered by the company’s own LiteOS SENNHEISER CX SPORT automatically kicks in whenever the device operating system. This means it’s lacking in £119, SENNHEISER.COM detects that a workout has begun. the third-party apps available to Android Unlike the Apple Watch, the ECG must and Apple watches, but the premium Don’t let the pretty models on the be performed hardware and glut of bio- brochures fool you, running is manually each sensors make up for the a sweaty business and you time – catnip for limited expanded should look like absolute hypochondriacs – functionality. dog mess when you’re and the watch APPLE WATCH SERIES 5 GARMIN FENIX 6 doing it. The CX Sport won’t ping you a FROM £399, APPLE.COM/UK FROM £529, GARMIN.COM wireless earphones notification if recognise this, and so are it notices a Apple’s latest iteration of its category- This multisport monster does pretty much splash and sweat dicky ticker. leading smartwatch features an always-on everything a fitness wearable could resistant. Drip as much of But in its display, which will help you out when feasibly do. It monitors your heart rate, your human brine over defence, you’re legging it through the 20th mile of your altitude, your pace, your gradient, these guys as you it’s a stylish your marathon and can no longer lift your your lactate threshold and your maximal like, they’ll never piece of go- arms. If you’re having a particularly torrid oxygen uptake. It shows you animations of give up. As well as anywhere time of it, you can even stop running and exercises to help you figure out new hardy, they’re the wristwear, with check you’re not having a heart attack routines, it comes preloaded with maps of best sounding a neat and using the electrocardiogram feature. 41,000 golf courses and 2,000 ski resorts. sports earphones clutter-free face Health concerns aside, it’s a brilliant all- The Fenix 6 is so overloaded with features you can buy at this that pairs with round smartwatch with heaps of third and functions that it’s a wonder you can’t price, thanks to any outfit. party apps, including dozens designed to just take it off, place it on the ground and Sennheiser’s class help you run faster. let it go running all by itself. leading drivers. CITYAM.COM THURSDAY 16 JANUARY 2020 FEATURE 21 OFFICE POLITICS A simple formula to recruit top women

At WIBF, we understood this. For Here’s some ‘gender maths’: Recognise + over two decades, we have been recognising and celebrating the talent in Celebrate = Retain & Attract Female Talent the financial services sector in our annual WIBF Awards for Achievement. SIGNIFICANT challenge fac- Vivienne Through five award categories, we cel- ing financial services is how Artz ebrate career achievement, champi- to retain the talent that we ons for women, future leaders, team have grown or recruited. A NEW diversity, and technology stars. With more transparency CHALLENGE Many of our award winners have aroundA gender pay gap reporting and leveraged their WIBF Award as a targets for achieving greater gender Beelinguapp launchpad to be role models and lead- balance at all levels of seniority, firms Free ers of change, which is transforming are under increasing pressure to iden- the business we do and how we do it. tify, hire, and retain top female talent. Looking to set We have seen former award winners It is a virtuous circle, where the of seeing the results of this exercise. It yourself a new named in the annual honours list, greater your gender balance, the more is inspiring to see the breadth and challenge in and countless others go on to receive attractive your firm is to female talent. depth of talent identified within those 2020? Why not further accolades and awards. But how do we get the ball rolling, hidden gems or iconic leaders who are trying learning a Firms and recruiters often say that when so many firms are starting from nominated for, and are winners of, the language? they struggle to find female top talent. low rates of female representation, Women in Banking and Finance Beelinguapp To them I say: in 23 years we haven’t particularly at senior levels, as shown (WIBF) Annual Achievement Awards. teaches by struggled. All modesty aside, we do in the data published through the Part of the success of this process is getting you to seem to have an eye for spotting talent. Women in Finance Charter? derived from peers nominating col- Recruiters in turn creates a strong gender profile read and listen This year’s awards will be particu- I would like to suggest that the “gen- leagues, rather than the traditional often say that for a firm, attracting more female tal- to stories in two larly special, as WIBF is celebrating its der maths” is fairly straightforward. approach of consulting with HR and they struggle ent. Clearly, the gender maths works. languages side fortieth year of inspiring and connect- But what is the formula for this, and senior leaders to consider the “talent to find female Recognising the right people at the by side. Read the ing people with talent and a passion how can we implement it? list”, which can be subject to con- top talent — right time in their professional and text in the dialect for diversity. We believe that it starts with recog- scious and unconscious bias. but in 23 years, personal journeys can be the catalyst you wish to I encourage firms and managers to nising the talented people who are sit- The next step is to celebrate talent we haven’t for unlocking high-impact achieve- learn, and then consider who is your talent, and to ting next to us. Too often we look through nomination for awards. We struggled ments, and that is in everyone’s best check what a call it out. It is important, and can outside our organisations, instead of know the effect on an individual’s per- interest. When we highlight suc- word or phrase make all the difference. So make sure applying a “gender lens” to identify ception and impact within an organi- cesses, we create role models and in- means in the that you nominate outstanding col- talent within our own firms. This sation when they are recognised and spire everyone around them. language you leagues to the WIBF Awards for would help us re-evaluate what we re- celebrated for being shortlisted or win- Creating belief in the ability to already know. Achievement. The deadline for nomi- gard as talent and achievement, and ning an award — it is transformative. change and succeed is a powerful tool nations is Friday 28 February 2020. move away from existing stereotypes. Recognition and celebration of talent for embedding a culture of inclusion Each year in June, I have the pleasure can lead to improved retention, which and “can do” in an organisation. £ Vivienne Artz is president of WIBF. 22 SPORT THURSDAY 16 JANUARY 2020 CITYAM.COM SPORT

NGLAND’S opening Six Nations match next month is a difficult trip to Paris against a French Eside that has undergone a complete overhaul. SIX Their new head coach, Fabien Galthie, who was promoted from assistant following the World Cup, has left out a handful of experienced stars, including Yoann Huget, Maxime Medard and Camille Lopez, in favour of young and hungry personnel. France’s initial 42-man squad in- APPEAL cludes 19 uncapped players. But it is unlikely that Eddie Jones, set to unveil his squad on Monday, will make such dras- tic changes, despite proclaiming that “this team is finished now” after last Michael Searles assesses the autumn’s Rugby World Cup final defeat. options facing Eddie Jones Jones will no doubt go back through a match in which they failed to lay a ahead of England’s Six Nations glove on South Africa with his team, yet he is likely to pick many of the same 31 squad announcement players from the tournament given the youth the squad possessed. However, as with any new World Cup cycle, there are players who will not make it to France in 2023, and while England will not have to rebuild to the level of some countries, there are a few decisions for Jones to make ahead of his Six Nations squad announcement. SCRUM-HALF Starting in the clearest position where change looks set to be forced, both Ben Youngs, 30, and Willi Heinz, 33, would appear to be too old to be England’s starting No9 in three years time. Long-time first choice Youngs, whose displays have ranged from excellent to underwhelming during Jones’s reign, will surely be in the squad, but if Jones is to take England through to France – something the Rugby Football Union is still to confirm – then he will have to start thinking about the likely succes- sors for such a crucial role in the team. England do not boast a standout can- Ben Curry, twin didate of the calibre of South Africa’s brother of Tom, is Faf de Klerk or New Zealand’s Aaron in contention for Smith, but Saracens’ Ben Spencer is the his first call-up most obvious choice to come in, along with Dan Robson of Wasps, both 27. Elsewhere, Bristol’s Harry Randall and Northampton’s Henry Taylor mandeering George Kruis’s role as line- spite an approach from England. would present more left-field and pos- out caller. THE PLAYERS FIGHTING FOR A PLACE sibly long-term options, while Sale back With Kruis linked with a move to CENTRES row Ben Curry is said to be seen by Japan at the end of this season amid With Manu Tuilagi and Henry Slade Jones as a potential No9. speculation regarding Saracens’ efforts LIKELY SAFE IN CONTENTION UNDER THREAT also nursing knocks, there is an oppor- to stay within the salary cap, his re- tunity to impress for Jonathan Joseph PROPS duced role with England and the fact LUKE COWAN-DICKIE HARRY WILLIAMS DAN COLE and Piers Francis, both of whom were In Kyle Sinckler and Manu Vunipola he turns 30 next month, his interna- TOM CURRY ALEC HEPBURN MARK WILSON in Japan. there is little cause to change the start- tional career may have reached its final ELLIS GENGE BEN CURRY WILLI HEINZ Saracens’ Alex Lozowski has been in ing props, but Dan Cole, 30, and Joe innings. JAMIE GEORGE ELLIOT STOOKE JOE MARLER and out of the England squad and has Marler, 29, who played significant roles Fellow lock Courtney Lawes is already MARO ITOJE ALEX MOON GEORGE KRUIS the ability to fill in, although a lot will at the World Cup, may also be too old 30, but has only seemed to improve JOE LAUNCHBURY NICK ISIEKWE RUARIDH depend on whether Jones continues to to stay the distance this cycle. with age. He has the potential to make COURTNEY LAWES BEN EARL MCCONNOCHIE* deploy Owen Farrell at No12 with Cole struggled when replacing Sinck- France if given the chance and Jones is LEWIS LUDLAM SAM SIMMONDS JOE COKANASIGA* George Ford at fly-half or revert his cap- ler after just three minutes of the final likely to abide. Alun Wyn Jones, 34, ex- KYLE SINCKLER OLLIE THORLEY HENRY SLADE* tain back to No10. as the Springboks dominated the celled at lock for Wales last year despite JACK SINGLETON BEN SPENCER MANU TUILAGI* scrum. A long, illustrious international his age. SAM UNDERHILL DAN ROBSON BACK ROW career should not be remembered for Wasps’ Joe Launchbury, 28, and Bath’s BILLY VUNIPOLA ALEX LOZOWSKI *DUE TO As with much of the squad, there will that alone, but it may be time for new Elliott Stooke, 26, are both slightly MAKO VUNIPOLA INJURY not be wholesale changes due to the blood to step up. younger and strong candidates to come ELLIOT DALY young nature of the team. Marler, meanwhile, only returned in as cover, if not step up in the long OWEN FARRELL The trio of Billy Vunipola, Tom Curry from international retirement last term, while Alex Moon has impressed GEORGE FORD and Sam Underhill were a highlight of summer and there remain questions this season for Northampton and, at 23, PIERS FRANCIS England’s World Cup and will surely be about whether he can commit to play- could be one for the future. JONATHAN JOSEPH a shoo-in again. ing for his country over the next four JONNY MAY Northampton’s Lewis Ludlam, 24, years. BACK THREE JACK NOWELL continues to knock on the door, but Ellis Genge is still a great option for Among the backs, England’s biggest ANTHONY WATSON Mark Wilson, 30, on loan at Sale from Jones at loosehead, while Exeter’s Harry concerns are injury-related. Bath trio BEN YOUNGS Newcastle, may struggle to hold onto Williams and Alec Hepburn are liked by Joe Cokanasiga, Ruaridh McConnochie his place, particularly given that he has Jones and could come in at tighthead. and Anthony Watson have all had in- not played since Japan due to injury. Bath’s Beno Obano and Will Stuart – jury issues to varying extents, but Curry’s twin brother Ben is reportedly now coached by ex-England scrum would otherwise be expected to be in- remain the standout set for a call-up – and, says Sale boss coach Neal Hatley – also deserve a men- cluded in the squad. choices to fill the back Eddie Jones Steve Diamond, is seen by Jones as a tion. Watson has continued his fine form three in their absence. promised possible No9 – while Saracens’ Nick for Bath since returning from Japan but Gloucester wing Ollie Thorley was changes to his Isiekwe and Ben Earl have been excep- SECOND ROW was forced off last weekend with injury selected for last year’s Six Nations next England tional for their club so far this season, Maro Itoje will remain one of the first in the Champions Cup dead rubber de- and could be called on again, but his squad after the as has Exeter’s Sam Simmonds, still names on the team sheet and went feat to Harlequins. teammate, Louis Rees-Zammit, 18, World Cup only 25, giving England’s head coach from strength to strength in 2019, com- Elliot Daly, Jack Nowell and Jonny May has been summoned by Wales de- final defeat plenty to think about. CITYAM.COM THURSDAY 16 JANUARY 2020 SPORT 23

PIVAC SPRINGS SIX NATIONS SPORT DIGEST MATA MAGIC Spaniard’s chip sends United into the fourth round SURPRISE IN WALES SQUAD £ Gloucester winger Louis Rees- received a straight red card in the Zammit and Saracens centre Nick Gunners’ 1-1 draw with Crystal Palace Tompkins are among five uncapped for a challenge on Max Meyer. The players in new Wales coach Wayne striker will now miss Saturday’s home Pivac’s Six Nations squad. Taulupe match against Sheffield United, a trip Faletau and Rhys Webb have been to Chelsea and an FA Cup fourth- recalled. Exeter Chiefs full-back Stuart round tie at Bournemouth. “It’s a big Hogg has been appointed captain of shame and a big loss for us, but he Scotland, who named six uncapped mistimed the tackle and we have to players in their 38-man squad. New accept it,” said Arteta. “It’s an action Ireland head coach Andy Farrell has that is completely accidental.” confirmed that Johnny Sexton will skipper the side at the tournament, ARSENAL AND CHELSEA which starts on 1 February. INTO CONTI CUP LAST FOUR £ Kim Little’s late goal saw Arsenal NORTJE: SOUTH AFRICA beat Reading 1-0 and reach the semi- WILL RESPOND TO BUTTLER finals of the Continental League Cup £ South Africa bowler Anrich Nortje last night. Chelsea progressed with has warned Jos Buttler that he is likely goals from Magda Ericsson, Ji-So Yun to be on the receiving end of some and Emily Murphy seeing off Aston hostility in today’s third Test. Buttler Villa 3-1. Manchester City thrashed was fined 15 per cent of his match fee Sheffield United 4-0 to go through and in the second Test after swearing at Manchester United beat Brighton 2-1. Vernon Philander and Nortje says the England wicket-keeper can expect a GLOUCESTER’S CIPRIANI response in Port Elizabeth. “It does get OUT FOR EIGHT WEEKS the blood flowing and once we £ Gloucester will be without Danny identify a moment we will probably try Cipriani for up to eight weeks after the and rev it up,” the fast bowler said. fly-half tore his calf muscle. Cipriani limped out of the 29-6 Champions Cup AUBAMEYANG SUSPENSION win over Montpellier, leaving Johan Juan Mata’s chip was enough for Manchester United to see off Wolves 1-0 in their FA Cup third-round replay at Old Trafford last night. Pedro A BIG BLOW, SAYS ARTETA Ackermann to choose between Owen Neto had a goal ruled out for handball in the build-up by VAR as a tight first half ended goalless. United improved after the break and John £ Arsenal manager Mikel Arteta says it Williams and Lloyd Evans at No10. Ruddy had to keep out attempts from Mata and Daniel James before the Spaniard raced onto Anthony Martial’s ball and dinked in the is a “big shame” that captain Pierre- Gloucester must go to Toulouse and game’s only goal. United will travel to face either Watford or Tranmere in the fourth round after the sides’ replay was postponed due to a Emerick Aubameyang will serve a beat the Pool 5 leaders on Sunday to waterlogged pitch. In last night’s other game Cardiff City edged past Carlisle United 4-3 in a thrilling encounter to earn a tie with Reading. three-match ban. Aubameyang have a chance of progression.

CRICKET COMMENT FIT-AGAIN Chris Tremlett WOOD IMMY Anderson’s broken rib has left England with a decision to make for the third Test Jmatch against South Africa, THE WAY which starts in Port Elizabeth this morning. Anderson took seven wickets in the 189-run win in Cape Town and will be a big miss, but his absence is an opportunity for one of Jofra Archer, TO GO Mark Wood and Chris Woakes. All three of the contenders are out of practice. Archer missed the last Test with an elbow injury, Wood hasn’t played since the World Cup final due to a side strain, while Woakes was one of many in the squad to be struck down by illness. Archer is the man in possession, having taken eight wickets in the first Test at Centurion, but he has had a busy last 10 months and England must be cautious with him. If he is fully fit and raring to go then I would always like to see him play, but the suggestions from this week’s net sessions are that he isn’t. Archer needs looking after in the long term so that he can stay a 95mph bowler and not slip down to 85mph. There is a bigger picture. Archer will play for England across all three for- mats for the rest of his career, so it is not worth gambling on his fitness. Maybe, with some more time, he land’s win over the West Indies in Feb- lots of positives to take. Chief among thought Dom Bess had a solid if un- could be ready to return for the ruary 2019 – and looked the part them was the contribution of Eng- spectacular game. The off-spinner is fourth Test. throughout the World Cup last sum- land’s young players, with five players perhaps more suited than leg-spinner Woakes is England’s Steady Eddie: mer, bowling quickly. under the age of 25 in the XI. Parkinson to being a front-line spin- he’s a seasoned campaigner, who will Wood is the most attacking option Stokes was almost embarrassed to ner and brought control to one end in bowl more overs in better areas than and if the Port Elizabeth pitch proves Wood is the most accept the man of the match award the fourth innings. the other two. But for me Wood is a to be a flat one he offers a real point attacking option ahead of Dom Sibley, whose first Test For England, especially away from better fit into the pace bowling attack of difference due to his pace and abil- century set the winning platform. home, the question has always been alongside Stuart Broad, Sam Curran ity with reverse swing. and offers a real Ollie Pope made a second Test half- about consistency. To win and take a and Ben Stokes. century and is full of promise in the 2-1 lead in the four-match series the Due to his action, which takes a lot YOUNG GUNS point of difference middle order, Zak Crawley took a few young team now need to pick up out of him physically and has unfor- England should be coming into vital catches and Curran continued where they left off in Cape Town. tunately given him ankle problems, today’s game full of confidence. Their due to his pace his knack of picking up big wickets. we have only seen snippets of what performance at Cape Town was bril- and ability with I feel sorry for Matt Parkinson, who Chris Tremlett is a former England and Wood can do at full throttle. However, liant and, although Ben Stokes once is yet to get a game despite Jack Surrey fast bowler and a director at Source he took 5-41 in his last Test – Eng- again took the headlines, there were reverse swing Leach’s struggles with illness, but I Property Investments. @ChrisTremlett33 FREE LIVE INVESTING EVENT | 23RD JANUARY – 4PM | FINECO HUB IMPROVE YOUR INVESTING SKILLS

European asset allocations can be complex — especially with the UK’s political future still uncertain. Join us this January as Francis Ellison and Felicity Long, Client Portfolio Managers at Columbia Threadneedle, share their positioning for 2020, thoughts on European equity capabilities, and market outlook. Visit ﬁ necobank.com for more information. Tickets are limited, so book yours today. Thursday 23rd January Liverpool St Moorgate 4pm to 6pm FINECO HUB Liverpool St FINECO HUB | 19 Great Winchester St, London EC2N 2JA

Advertising message. The value of the fund’s assets will go down as well as up. You may get back less than you originally invested.