YOUR BUSINESS WITH PERSONALITY THEY’RE COMING... WINNING ISWHY KEY FOR THE ELECTION 30 YEARS LATER WEDNESDAY 6 NOVEMBER 2019 BERLIN’S FREEDOM REGULAR ISSUE 3,494 P16-17 MOMENT IS STILL RELEVANT CITYAM.COM P22 PAPER THE NIGHTMARE FREE Satellite firm BEFORE CHRISTMAS vows to push UNION PLOTS STRIKES ON SOUTH WESTERN FOR ALMOST ALL OF DECEMBERon with sale

ALEX DANIEL → @alexmdaniel has reje INSIDE attempt to thwart itscted $6bn a late (£4.7bn) takeover by a private equity consortium, in which it faced claims of ignoring a potential increase in value. Oaktree Ca cent stakehopital, a 2.85 pe British satellitlder, wrote to ther to call on the boarde giant to yesterday, BUSINESS WITH PERSONALITY postpone a c week which ourtwould hearing clear the next path to the takeover. Oaktree, a fund founded b billionaire Howard M y the offer did not takearks, the said potential value of spectrum assets used by Inmars ALEX DANIEL partner Ligado into account.at’s US @alexmdaniel The fund point order by the US ed to a dr 2 December until the New aft TRAIN staff on a major Lo stopping for a brief period Year, around only t communications regulator to network are preparing tondon put rail down tools General Election hugely let down a approve a modification to he for 27 days throughout December, amid Christmas Day and on 12Boxing December Day, when and for “As long as the gain,”compa he said. Ligado’s licence. a long-running dispute that threatens to trains do not run anyw refuse to give assura ny continues to focused on keeping con Inmarsat chief Rupert wreck commuters Pearce has, in the past, said the SWR claimed the u ay. operational role of ncesthe guard on the future in a misguided attem The Rail and Maritime’ Christmas Transport plans. (RMT) “lack of c nion was show trol of train d change could provide oncern” for customers, after remain in dispute,” the unionwe bosswill over the industry,” SWpt to hold powoors union accused rail oper RMT general secretary Mic ing a added, who conf er “substantial incremental Western Railw Lobby group LondonR said. First said th ator South had been “left with no choice”k Cash butsaid to it callavailable for furtherirmed talks. it would remain value” to the company. assurances thatay (SWR)trai of fa strike “will hit the capital’s busine iling to give for the strikes. The dispute surrounds the role of hard durin e Oaktree said it on under a new operationaln guards will model. be kep g their busiest time of yea Inmarsat for a privatehad asked meeting “At the last meeting we he guards on trains. The un and urged the reopening of talks.sses Drivers and guards will strik t over the issue, which it claims principles in agreements weld with SWR keep a guard on ion wants to r,” Previous strike is a material ch e from good faith with the compare made in a demand SWR everyclaims passenger to have agreed train —to shorter periods,s buthave have taken forced place SWR over to circumstance, butange directors of negotiating te ny’s if the RMT will agree to “a method of cut roughly half of its timetabled am and we now feel declined. operation for our n services, including a four-day strike over “Instead the RMTew appear trains”. purel the summer. A longer strike could lead to Two other major shareholders, Kite Lake Capital a more serious uphe Sarries in the sin bin after player investmenty deals come under theManagement spotlight and Rubric in the busy pre-Christmasaval for period. commuters Capital Management, also backed Oaktree’s call to delay MICHAEL SEARL ES the completion @michaelsearles_ of the deal. European champions were given SARACENS the maximum known City chairmanfigure Nigel and W well- under the league’s punishment rules after possible an Owen Farrel vowed to fight the 35-point independent panel found the club and the Vunipolal, Maro brothers Itoje deduction and £ ray has had failed to disclose som — had entered into to the club by Premiersh5.4m fine handed mislead anyone or payments to players for the last investment and property for breaching salary cap e of its cap and that’s why breach it feels thelike ip Rugby three seasons. partnerships. regulations. The investigation is thought to the rug is being completely in around 30 companies, including Wray, 71, called the new pulled out from under our real estate investor Secure Income The reigning English and have been prompted by revelations “absolutely devastatin that Wray and senior l s feet,” he added. REIT and Prestbury Invest “It has been g”. He also HOW incl d k Th MUCH DO PREMIER LEAGUE FANS SPEND ON THEIR CLUB?

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IS A GLOBAL MULTI-ASSET INVESTMENT PLATFORM “THE ETORO FAN FINANCIAL STATEMENT LAYS OUT THE FACTS AND I HOPE IT WILL SERVE AS A WAKE-UP CALL. FOOTBALL HAS TO STAND ABOVE OTHER LEISURE BUSINESSES. IT IS MORE THAN JUST A GAME. IT IS ABOUT COMMUNITY AND WE NEED TO ENSURE WE ARE DOING ALL WE CAN NOT TO PRICE FANS OUT OF THE GAME.” GARY NEVILLE

THERE’SHT ER BS’E BEENEEN A £318M1£3 INCREASEI81 RCNM ESAER INN SSI SPEND BNEPN BYY PD PPREMIERIMERY LE LEAGUEGAER UG E MATCH-GOINGMAATATCHTCH IOG- GN FFAFANSA SN SS SINCENI CE 202014/1551/41 BUTUB WHYWT AREAHW COSTSCRY TSOE RISINGRT SNISIS SOO SG SIGNIFICANTLY?S TNACIFINGIO LLYY?

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IS A GLOBAL MULTI-ASSET INVESTMENT PLATFORM BUSINESS WITH PERSONALITY THEY’RE COMING... WHY 30 YEARS LATER BERLIN’S FREEDOM WINNING LONDON IS KEY MOMENT IS STILL FOR THE ELECTION P16-17 RELEVANT P22 WEDNESDAY 6 NOVEMBER 2019 ISSUE 3,494 CITYAM.COM FREE Satellite firm vows to push THE NIGHTMARE on with sale ALEX DANIEL @alexmdaniel INMARSAT has rejected a late attempt to thwart its $6bn BEFORE CHRISTMAS (£4.7bn) takeover by a private UNION PLOTS STRIKES ON SOUTH WESTERN FOR ALMOST ALL OF DECEMBER equity consortium, in which it faced claims of ignoring a potential increase in value. Oaktree Capital, a 2.85 per cent stakeholder, wrote to the British satellite giant yesterday, to call on the board to postpone a court hearing next week which would clear the path to the takeover. Oaktree, a fund founded by billionaire Howard Marks, said the offer did not take the potential value of spectrum assets used by Inmarsat’s US partner Ligado into account. The fund pointed to a draft order by the US communications regulator to approve a modification to Ligado’s licence. Inmarsat chief Rupert Pearce has, in the past, said the change could provide ALEX DANIEL 2 December until the New Year, only hugely let down again,” he said. focused on keeping control of train doors “substantial incremental stopping for a brief period around the “As long as the company continues to in a misguided attempt to hold power @alexmdaniel value” to the company. General Election on 12 December and for refuse to give assurances on the future over the industry,” SWR said. Oaktree said it had asked TRAIN staff on a major London rail Christmas Day and Boxing Day, when operational role of the guard we will Lobby group London First said the Inmarsat for a private meeting network are preparing to put down tools trains do not run anyway. remain in dispute,” the union boss strike “will hit the capital’s businesses over the issue, which it claims for 27 days throughout December, amid SWR claimed the union was showing a added, who confirmed it would remain hard during their busiest time of year,” is a material change of a long-running dispute that threatens to “lack of concern” for customers, after available for further talks. and urged the reopening of talks. circumstance, but directors wreck commuters’ Christmas plans. RMT general secretary Mick Cash said it The dispute surrounds the role of Previous strikes have taken place over declined. The Rail and Maritime Transport (RMT) had been “left with no choice” but to call guards on trains. The union wants to shorter periods, but have forced SWR to Two other major union accused rail operator South for the strikes. keep a guard on every passenger train — cut roughly half of its timetabled shareholders, Kite Lake Capital Western Railway (SWR) of failing to give “At the last meeting we held with SWR a demand SWR claims to have agreed to services, including a four-day strike over Management and Rubric assurances that train guards will be kept principles in agreements were made in if the RMT will agree to “a method of the summer. A longer strike could lead to Capital Management, also on under a new operational model. good faith with the company’s operation for our new trains”. a more serious upheaval for commuters backed Oaktree’s call to delay Drivers and guards will strike from negotiating team and we now feel “Instead the RMT appear purely in the busy pre-Christmas period. the completion of the deal. Sarries in the sin bin after player investment deals come under the spotlight

MICHAEL SEARLES European champions were given , Maro Itoje mislead anyone or breach the in around 30 companies, including @michaelsearles_ the maximum punishment possible and the Vunipola brothers cap and that’s why it feels like real estate investor Secure Income under the league’s rules after an — had entered into the rug is being completely REIT and Prestbury Investments. SARACENS chairman and well- independent panel found the club investment and property pulled out from under our He also previously owned a stake in known City figure Nigel Wray has had failed to disclose some of its partnerships. feet,” he added. Domino’s Pizza for 17 years. vowed to fight the 35-point payments to players for the last Wray, 71, called the news The club said it Saracens’ punishment has been deduction and £5.4m fine handed three seasons. “absolutely devastating”. “maintains that player suspended, pending the appeal. to the club by The investigation is thought to “It has been co-investments do not The club has gleaned five for breaching salary cap have been prompted by revelations acknowledged by the constitute salary under Premiership titles and three regulations. that Wray and senior players — panel that we never the regulations”. European Champions Cups over The reigning English and including World Cup stars deliberately sought to Wray has holdings the last decade.

FTSE 100▲ 7,388.08 +18.39 FTSE 250▲ 20,294.99 +45.27 DOW▲ 27,492.63 +30.52 NASDAQ▲8,434.68 +1.48 £/$▼ 1.287 -0.004 £/€▲1.163 + 0.005 €/$▼ 1.107 -0.008 02 NEWS WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM

OUT OF THE PICTURE National Portrait Gallery to close its doors for three years from June 2020 for ‘significant’ refurbishment THE CITY VIEW Chinese interference has no place in the City

N MONDAY night MPs elected from among themselves a new Speaker of the House of Commons. Labour’s Lindsay OHoyle prevailed, but all candidates spoke about the vital importance and sanctity of our democratic system of government. That democracy will now burst into life in the form of a General Election campaign which formally gets underway later today. It was fitting, therefore, that the final item of business to emerge from this parliament was a report released yesterday by the Foreign Affairs Select Committee, urging MPs to take tougher action against autocratic regimes which seek to undermine our own democratic defences. The wide-ranging report, produced under the excellent chairmanship of Tory MP Tom Tugendhat, warns that “autocratic states are undermining the rules-based international system”, and in some cases these LONDON’s National Portrait Gallery will close for three years from June 2020 to allow for a £35.5m redevelopment of its Trafalgar efforts are concentrated on our own institutions — including Square home. A number of works will travel the UK whilst the overhaul is completed. The gallery will reopen with a new universities and the City of London. The committee recognises entrance facing north — a plan originally shelved after a donor decreed it couldn’t point in the direction of “seedy” Soho. the incentives for universities to attract international students, but notes there are more than 100,000 Chinese students studying in the UK. This has generated substantial risks, the MPs added, in that “there is a significant threat from hostile state actors of misappropriation of research output, including the seizing of BoE: Insurance industry research data and intellectual property”. China is identified as a particularly pernicious influence, with witnesses telling MPs of Chinese academics and officials “confiscating papers which mention Taiwan at an academic conference”. London’s Chinese embassy is said to have had a hand in such matters but university must improve its culture officials are more than capable of doing China’s work for them, bowing to pressure from the communist state to cancel events and uninvite certain speakers. This is craven, shameful and SEBASTIAN MCCARTHY firms have more work to do to Lloyd’s of London released a damning corrosive. MPs were also critical of the Foreign Office for not @SebMcCarthy improve aspects of corporate culture survey that found nearly 500 people using its powers to impose sanctions on individuals linked to and individual behaviour,” said the working in the insurance market have THE BANK of England sent out a PRA’s acting director of insurance either suffered or observed sexual human rights abuses. China is known as a country whose violent warning to insurance bosses yesterday supervision Gareth Truran. harassment in the last year. suppression of human rights ought to have triggered targeted demanding that they improve work- He added: “These issues The 333-year-old insurance sanctions, but no action has been taken. The flow of dirty money place culture following a spate of also raise broader ques- giant produced the find- into the City should similarly be subject to much more robust sexual harassment revelations. tions about whether ings after Bloomberg In a so-called Dear CEO letter firms are promoting a reported evidence action, according to the committee, and the Financial Conduct written to corporate heavyweights in culture where staff from 18 women of Authority should be required to consult national security experts the insurance industry, the Bank’s feel able to speak sexual harassment in when the involvement of a suspect individual comes to light Prudential Regulation Authority up about poor the industry. during a public offering. The full report makes a range of sensible (PRA) flagged recent instances of practices”. Lloyd’s boss John alleged abuse as of “deep concern”. Truran said compa- Neal has called the and strategic recommendations, but its main effect should be to The body reiterated that top execu- nies should maintain findings “truly terri- galvanise the will of all those who feel that our values and the tives could face fines or bans if they an environment ble” and vowed to integrity of our institutions are worth defending. break conduct rules, sending a fresh where staff feel they make cultural improve- warning shot to the sector after can report “unidentified ments one of his key months of scrutiny over company risks within their priorities. culture. organisations, including issues As part of an attempt to clean up “Recent public reports relating to relating to a firm’s financial the culture, Lloyd’s has sought to curb sexual harassment and bullying soundness”. daytime drinking. within the London market are of deep The comments from the PRA come Truran also urged firms to look at Follow us on Twitter @cityam concern and it is clear that some a little more than a month after their exposure to natural hazards.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL JINGYE SEEKS BRITISH STEEL WHAT THE CALLS FOR MINISTER TO CITY FIRMS FRONTRUNNERS T MOBILE-SPRINT MERGER DEAL IN MATTER OF DAYS OTHER RESIGN OVER RAPE TRIAL ON THIRD WOODFORD FUND APPROVED BY REGULATOR The Chinese company in pole position Alun Cairns, the Welsh secretary, was Blackrock and Schroders are seen as The US Federal Communications to save British Steel is aiming to strike a PAPERS SAY facing calls to resign yesterday after he frontrunners to take over Neil Commission formally approved deal to take over the failed was accused of “brazenly lying” about Woodford’s third investment fund T-Mobile’s merger with smaller rival manufacturer by the middle of this THIS an aide who allegedly sabotaged a rape ahead of a decision on whether to Sprint yesterday, in a three to two vote month, according to people briefed on trial. Cairns said last week that he had it up. The firms are thought to be split. The top two Democratic members the situation. Jingye Group has MORNING been unaware evidence given by Ross leading candidates to take charge of the opposed the deal, while the three emerged as the frontrunner to buy the England led to the collapse of a case at £253m Income Focus Fund. Republican members approved it. stricken steel maker out of insolvency, Cardiff crown court in April 2018. following almost six months of EX-RBS BOSS POINTS THE DIPLOMAT TOLD UKRAINE uncertainty for 5,000 workers. TORY ADVERTS TO TARGET FINGER AT GOVERNMENT AID WAS TIED TO PROBES LEAVERS ON FACEBOOK The former boss of RBS’s scandal-hit A US diplomat who is a key witness in MATCH GROUP’S SHARES HIT The Conservatives are using Facebook restructuring arm Derek Sach has the House impeachment probe told BY REVENUE FORECAST quarter and set out costs connected to to target pro-Brexit Labour voters in key suggested the bank came under Ukrainians over the summer that aid to Match Group, which owns a family of its mooted spin-off from parent northern and Midlands seats. Though pressure from the government to the country would continue to be held dating apps including Tinder and company IAC, sending its shares lower their campaign starts today, ads maximise revenues by seizing small up until Kyiv committed to OKCupid, issued a disappointing yesterday. Shares slipped more than 16 directed at Leavers in 29 constituencies companies’ assets instead of helping investigations that US President Donald revenue outlook for the December per cent to $57.40 in after-hours trading. began running last weekend. them stay afloat. Trump had been seeking. CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 NEWS 03 MPs urge blocks UK mulls listing rule changes in bid to attract tech startups after Brexit on offerings by ANNA MENIN the reported, citing The talks are understood to have @annafmenin people familiar with the discussions. included Treasury and business Possible rule changes were department officials as well as DOWNING Street is said to have held explored as a means of attracting representatives from trade bodies, discussions with representatives from fast-growing companies to hold their including the Investment autocratic states the investment industry about initial public offerings (IPO) in Association and UK Finance. All changing the UK’s listing rules to London rather than competitors declined to comment on the reports. encourage high-growth firms such as such as Hong Kong or New York. Potential measures explored tech startups to float in London. Changes to the regulations were included to attract more IPOs ANNA MENIN The FAC said the power could be “a The talks were part of a push to recommended by Downing Street’s included the use of dual class @annafmenin potentially crucial tool in limiting the help boost the City after the UK financial services business council structures and relaxing requirement influence and reach of autocracies in leaves the EU at the end of January, earlier this year. to report earnings quarterly. THE GOVERNMENT should give itself the UK”. It called for the government the power to block London Stock to update the committee on its Exchange (LSE) listings on national progress before May next year. The security grounds as a check on the government said in June it was “influence and reach” of autocratic exploring the possibility of blocking states, a committee of MPs said. listings on the LSE on national secu- In a report released yesterday, the rity grounds, but no policies have Foreign Affairs Committee (FAC) said been formalised. the government is failing to engage Speaking to City A.M., Baker McKen- with the threat posed by autocracies zie partner James Thompson said that and criticised it for not imposing “any additional layers of regulation” sanctions against autocratic regimes. risk making the UK “less competitive” “The freedom and prosperity of when it comes to listings. democratic states is rooted in the in- The FAC’s report also criticised the ternational rules-based system,” said government for not having used its committee chair Tom Tugendhat MP. power to impose sanctions against in- “We must protect each other and dividuals connected with autocratic ourselves in the face of autocratic regimes. states who are concentrated on under- “The Foreign Office has been far too mining and interfering with hard- slow to make use of this important won liberties,” he said. foreign policy tool in countering the In its report, the committee pressed abuse of human rights by countries the government to act “with much such as China and Russia, and more greater urgency” to establish a power broadly in support of the rules-based to block listings in the UK on national international system,” said the FAC in security grounds. its report.

BHS BUYER BANNED Insolvency Service slaps decade-long ban on Dominic Chappell

DOMINIC Chappell, the businessman who bought BHS from Sir Philip Green for £1 a year before the high street stalwart went bust with 11,000 jobs, was yesterday barred from serving as a company director for 10 years, Sky News first reported. IN BRIEF BOEING CHIEF OFFERS TO UBER SHARES HIT NEW LOWS FOREGO 2019 BONUSES AFTER TURNING $1BN LOSS Boeing chief executive Dennis Ride hailing firm Uber’s shares hit a Muilenburg has offered to forego all record low yesterday, as shareholders bonuses for 2019 as the firm scrambles geared up for today’s expiry of its initial to deal with the fallout from two deadly public offering (IPO) lock-up period, crashes of its 737 Max jet. The when early investors will be allowed to embattled boss, who has been stripped sell their stocks. Uber’s share price fell of his dual role of chief executive and to lows of $27.97, more than nine per chairman of the aerospace giant in cent down, eventually closing at $28.02. recent weeks, faced accusations of lying Some of Uber’s earliest and largest from US senators last week during a investors include Softbank and Saudi bruising hearing on how the firm Arabia’s Public Investment Fund. allowed the 737 Max to fly. However, Investors were also reeling from yet Boeing chairman Dave Calhoun offered another heavy loss in the firm’s third- a vote of confidence in an interview quarter results on Monday night, when with US broadcaster CNBC, saying he it beat analyst estimates on revenue “has done everything right,” and that but still haemorrhaged $1.16bn the executive had called him over the (£900m), topping its $986bn loss during weekend with the intention of rejecting the same period last year. Boss Dara his bonuses for the year. “Remember, Khosrowshahi told broadcaster CNBC Dennis didn’t create this problem,” the firm is hoping to turn a profit for the he said. first time in its history in 2021. 04 NEWS WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM

IF THE SHOE FITS Boots owner Walgreens Primark bounce explores taking pharmacy chain off market Liverpool Street block approved STEFAN BOSCIA helps minimize @StefanBoscia PLANS to build a 10-storey office and retail building at Liverpool Street’s future Crossrail entrance were approved yesterday by the ABF sugar slump City of London Corporation. One Liverpool Street will be run by asset managers Aviva Investors, through a joint venture with SEBASTIAN MCCARTHY two per cent decline in like-for-like Transport for London (TfL). It was sales. approved despite Historic England RETAILER Associated British 5.56% Like-for-like sales in Primark’s UK and City Heritage complaints that Foods (ABF) posted a slight market fell by one per cent but the it would taint the Square Mile. rise in profit for the last 12 firm said it “outperformed a weak months, as a strong showing in its fast total clothing, footwear and acces- WALGREENS Boots Alliance has been exploring whether to go private following fashion arm Primark offset a sharp sories market which includes online”. private equity interest in the US pharmacy chain, which has a market value of more slowdown in its embattled sugar Grocery sales were bolstered by than $55bn (£42.7bn), people familiar with the matter told Reuters last night. business. demand for tea brand Twinings, Shares in the FTSE 100 group which benefited from the success of Ashley’s retail climbed almost 5.6 per cent to 2,374p Cold Infuse teas in their launch mar- at the bell yesterday. kets of the UK and . Adjusted operating profit hit Profit at AB Sugar crashed 78 per conquest ends £1.42bn in the year to 14 September cent to £26m at constant currency, Mothercare shuts up shop with 2019, rising one per cent on the previ- with the company blaming lower ALEX DANIEL ous year. Group revenue climbed two sugar prices and a poor crop in China. @alexmdaniel per cent to £15.8bn. Revenue in the sugar business tum- PwC called in as administrators The firm’s grocery and Primark divi- bled five per cent to £1.61bn. MIKE Ashley’s high street buying sions delivered profit rises of 14 and However, in its outlook for the year ALEX DANIEL baby retailer’s outlets will go in a spree looks set to come to a halt. eight per cent respectively, helping to ahead, ABF said that AB Sugar “will @alexmdaniel phased closure, after the UK unit As Mothercare’s UK business fell weather continued underperfor- benefit materially from the increase had been “loss-making for a number into administration yesterday, he mance in the sugar business. seen this year in EU sugar prices and MOTHERCARE yesterday called in the of years” despite its international said would not be making any more Sales at Primark were 4.1 per cent from further cost reduction.” administrators, meaning it will franchises making profit. bids for distressed retailers for the ahead of last year at constant cur- George Weston, boss of ABF, said: shutter its 79 UK stores, putting 2,500 On Monday, it said it had failed in time being due to “unscrupulous rency, driven by increased selling “The group delivered a resilient jobs at risk. its search for a buyer and was not politicians” who are not supporting space that was partially offset by a performance this year.” Administrators from PwC said the sufficiently profitable. businesses and shareholders. CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 NEWS 05 ELECTION 2019

POLL WATCH I CAN BE YOUR LEADER PM: ‘Get out of LABOUR’S BREXIT POLICY will be a key Jo Swinson launches feature of this campaign, but a new YouGov poll suggests 65 per cent of Lib Dem campaign voters are unclear about what it actually is. By contrast, 57 per cent and 56 per LIBERAL Democrat leader Jo cent report understanding the Tories’ and this dismal rut’ Swinson said she was the Lib Dems ’ position. “absolutely certain” her party GOOD DAY could win the election at yesterday’s launch. She also THE PUBS OF WESTMINSTER had an CATHERINE NEILAN election “because it is only by getting “absolutely, categorically” excellent evening as with more than 70 @CatNeilan Brexit done in the next few weeks denied any possibility of MPs standing down, leaving do after that we can focus on all the priorities entering a coalition with leaving do filled the coffers of SW1’s THE PRIME Minister will today urge of the British people”. either party if there is a much-loved but largely grotty voters to “change this blockading Johnson will seek to put a rocky hung parliament. hostelries. Plenty of departing parliament” as he heads to the west start to the election period behind MPs were seen off with a warm midlands to formally launch the him at the west midlands rally. toast, but this being politics, some Conservatives’ campaign. He will tell supporters: “It’s of the colleagues they’re leaving will focus on time to change the dismal behind were celebrating too. his twin approach — pattern of the last three BAD DAY pledging to press ahead years and to get out of with his Brexit deal JACOB REES-MOGG’s comments about with a bolstered major- Hammond: I have had my Phil Grenfell residents — clumsily suggesting Johnson is the last of the ity, while warning they lacked “common sense” by major party leaders to HARRY BANKS about Labour leader make a launch speech the Conservative whip had made it following advice and staying in Jeremy Corbyn’s “toxic impossible for him to continue, as the building — provoked a plan to waste 2020” with PHILIP Hammond, who began the he could not bring himself to offer backlash from Labour a second referendum. our rut. It’s time to end year as chancellor, yesterday a “direct challenge” to the party he politicians and the Fire Johnson is expected to be this debilitating delay.” announced that he would be joined 45 years ago. Brigades Union. The most granted an audience with Last night Johnson told the stepping down as a Conservative MP Hammond joins a long list of damning criticism came from the Queen at Buckingham Palace Telegraph that the party would and would not contest the coming Tory grandees stepping down from Stormzy, however, who called before announcing the formal start of “cheer, not sneer” at entrepreneurs, General Election. the Commons, including father of on “the actual piece of sh*t” the first December General Election adding Labour is targeting wealthy in- Hammond told his Runnymede the House Ken Clarke and veteran to resign. Rees-Mogg said he since 1923. He will tell voters he had dividuals “with a relish... not seen constituents that Prime Minister parliamentarian Sir Nicholas was “profoundly” sorry. “no choice” but to call a winter since Stalin persecuted the kulaks”. Boris Johnson’s decision to remove Soames. Labour four-day week to ‘cost £17bn’ SEBASTIAN MCCARTHY or spending cuts, or see productivity which he said allows for “rat hair in @SebMcCarthy gains go towards cutting hours paprika and maggots in orange rather than improving public sector juice”. LABOUR party proposals for a four- performance”. He promised to resolve Brexit in day week would cost the taxpayer at Labour said the cost of a four-day six months, securing a “sensible least £17bn, according to a new week could be made up by deal” in less than three months and report. productivity increases across the then putting that deal to a public Cutting the working week to 32 economy, but the CPS said this was vote, but it remains unclear how hours for public sector employees “unconvincing.” Labour would campaign. would result in an expansion of the Yesterday Jeremy Corbyn stepped Meanwhile shadow chancellor workforce that could cost the up his assault on the Conservatives, John McDonnell was involved in a Treasury between £17bn and £45bn, saying that “given the chance, they’ll spat with opposite number Sajid the Centre for Policy Studies (CPS) run down our rights at work, our Javid over whether or not civil has warned. entitlement to holidays, breaks and servants were involved in costing Analysis from the centre-right leave”. Labour policies. Figures were think tank said that the policy Corbyn also warned of the UK expected, but are believed to have would “require significant tax rises matching food standards in the US been blocked by Treasury officials. Corbyn pledged to “sort out” Brexit in a wide-ranging speech in Essex seat Harlow 06 NEWS WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM Morrisons takes dispute over data Services sector breach liability to Supreme Court JESS CLARK was legally liable for a former firm after sensitive data including stagnant as new employee leaking the payroll salaries and bank details was posted @jclarkjourno information of around 100,000 online by a disgruntled employee. MORRISONS will begin its final members of staff. The claimants are seeking appeal to the Supreme Court today Morrisons argued it could not be damages for upset and distress after losing a landmark case over the held directly or vicariously liable for caused after auditor Andrew Skelton liability of employers in staff data the breach and is appealing its case leaked their personal data online orders drop off breaches. for a final time this week. and to newspapers. The supermarket giant lost an More than 9,200 Morrisons Skelton, who held a grudge initial challenge at the Court of employees — an additional 3,747 against the company after facing HARRY ROBERTSON The fall in orders and a sharp drop Appeal in October last year after a since the court hearing in October — disciplinary action, was jailed for in backlogs of work caused services judge ruled that the supermarket have brought a claim against the eight years in 2015. @henrygrobertson sector firms to again sack workers in THE UK’s enormous services sector October, marking the fifth fall in flatlined in October as Brexit uncer- employment in 2019 so far. tainty hurt consumer confidence, The weakness in the services sector signalling a weak start to the third dragged the all-sector PMI — a gauge quarter for the UK economy. of private sector output — into The services purchasing managers’ contraction territory for the third index (PMI), which measures the per- month in a row. formance of the sector, came in at 50 “The October reading is historically last month, IHS Markit and the Char- consistent with GDP declining at a tered Institute of Procurement and quarterly rate of 0.1 per cent,” said Supply (Cips) said yesterday. Chris Williamson, chief business A score of 50 indicates no change in economist at IHS Markit. He added: Enjoy today, services sector output, meaning Octo- “The underlying business trend ber’s score was an improvement from remains one of stagnation at best.” the 49.5 contraction seen in Septem- The UK economy contracted in the ber and above predictions of 49.7. second quarter due to a Brexit-driven the future’s The services sector — everything manufacturing slump. It is expected from call centres to car washes — to escape recession when third-quar- makes up over 75 per cent of the UK ter figures come out later this month, economy. Consumer spending in the however. covered sector has helped the UK grow in 2019 Nonetheless, political uncertainty is as business investment and manufac- still acting as a large drag on growth. turing have receded, but there are Cips group director Duncan Brock growing signs that it is waning. said: “The sector’s main difficulties Services companies said they had are largely of Brexit’s making and Get less new business for the second with another deadline comes more £50 month in a row in October. indecision and delay.” of Co-op Food vouchers UP IN THE AIR Cobham’s £4bn takeover with a new life cover policy when new customers buy directly from decision postponed as Leadsom buys time Co-op. Offer ends 31/12/19. Ts & Cs apply.*

THE £4bn buyout of Cobham by American private equity giant Advent could have run into problems, after business secretary Andrea Leadsom said yesterday more time was needed to look into whether the deal raised national security questions. Churn and political interference Get a quote for Co-op Life Cover today is getting in the way of projects ALEX DANIEL Committee chair Sir Bernard coop.co.uk/lifecover Jenkin said: “With government’s @alexmdaniel major projects portfolio currently THE GOVERNMENT’s ability to deliver overseeing 133 projects with a value 0800 678 3941 major infrastructure projects such as of £423bn, addressing these issues to HS2 and Crossrail is under threat the benefit of all taxpayers should from political interference and a high be high on the list of priorities for turnover of civil service staff. any future government.” The Public Administration and The report said churn within the Constitutional Affairs Select civil service over the course of a long *£50 Co-op Food vouchers available to new customers who buy a life insurance policy directly from Co-op Insurance Services. Offer ends 31/12/19. Your policy must be in force for a minimum of 4 months. A new customer is someone who has not had a policy Committee yesterday said it was project sometimes resulted in of the same type with Co-op in the past 12 months. Policies from cashback sites and price comparison sites are excluded. Vouchers will arrive within 180 days (6 months) of your policy start date. Vouchers accepted in Co-op Group Food stores and participating independent co-operatives. For full Ts and Cs visit coop.co.uk/bagsmorelife. Promoter: Co-op Insurance Services. Calls may be monitored or recorded for security and training purposes. Calls to 0800 numbers are free from both UK landlines and mobile “concerning” that political “undeniably negative consequences phones. Lines are open from 8am-7pm weekdays, 9am-5pm Saturdays and 10am-4pm Sundays. Applicants for insurance are subject to normal underwriting criteria. Co-op Insurance Services is a trading name of Co-op Insurance Services Limited; registered motivation was, in some cases, that can only be partially mitigated in England and Wales with registration number 4390. Registered office: CIS Building, Miller Street, Manchester M60 0AL. Co-op Life Cover is provided, underwritten and administered by The Royal London Group. overriding proper scrutiny of the against; such as potential for business case for projects. conflicts of interest”. CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 NEWS 07

RIDING HIGH IN New car sales Topps Tiles boss THE SADDLE Fitness startup continue to fall Peloton narrows will be replaced quarterly losses out of fashion FITNESS startup Peloton JAMES BOOTH narrowed its losses in its first @Jamesdbooth1 quarter despite pushing forward with expansion plans and NEW CAR registrations fell 6.7 per by finance chief investment in its online cent in October, figures released platform. The US company yesterday showed. posted a loss of $49.8m Private demand plunged 13.2 per (£38.71m) in the three months to cent, while fleet demand remained JESS CLARK Williams said: “It has been a really 30 September, reducing the stable, according to data from the @jclarkjourno tough decision to leave Topps but I figure by $4.8m on the previous Society of Motor Manufacturers 1.37% feel now is the right time for me to year as the firm continued to and Traders (SMMT). TOPPS Tiles chief executive pursue a new challenge. target international growth. The SMMT said 10,348 fewer cars Matt Williams yesterday an- “Topps is, and will always remain, a were registered than in October nounced plans to step down this very special company to both me and last year, which it said reflected a month. He will be replaced by the my family. It is a quality business with tough environment for businesses group’s finance chief. enormous strength in its specialism and consumers as economic and Williams yesterday said he will step which it derives from its people and political uncertainty continued to down on 29 November, following the culture. impact confidence. publication of the company’s full-year “It has been an honour and privilege Imperial Brands profit shrinks as Alternatively fuelled vehicles results earlier that week, but will to lead and work alongside everybody reached a record 9.9 per cent remain as an advisor to the business within the Topps family and I wish market share with 14,231 until the end of May next year. them all well for the future.” regulators lambast vaping trend registered. The decision to exit the firm, which Topps Tiles has begun the search for Electrified cars continued to Williams said was due to a desire to a new chief financial officer, the JOE CURTIS September. That came despite a 5.1 grow in popularity. Hybrid electric “pursue a new challenge”, comes company said. AND EDWARD THICKNESSE per cent rise in revenue to £31.6bn. cars increased 28.9 per cent, with after he spent two decades with the Chairman Darren Shapland said: @joe_r_curtis @edthicknesse Earnings per share sank 26.2 per cent 7,950 cars sold, as battery electric business and 12 years as chief. “Matt has made a tremendous contri- to 106p, down from 2018’s 143.6p. vehicle registrations almost tripled, Rob Parker, currently chief financial bution to the business over the last 20 IMPERIAL Brands blamed “tough Chief executive Alison Cooper said up 151.8 per cent to 3,162 units. officer at Topps Tiles, will take over years... During this time he has re- trading” in its vaping division after earlier this month she will step down Registrations of diesel cars fell from Williams later this month. shaped the retail business, completed its full-year profit slipped and after 20 years with the tobacco giant. for the 31st month, down 28.3 per He joined the company as finance a very successful re-branding.” shareholders saw earnings per share Vaping is under heavy pressure in cent, while petrol vehicles also chief in 2007, after working for Savers Topps Tiles shares fell 1.37 per cent fall by a quarter. the US, where President Donald declined, by 3.2 per cent. Health and Beauty and Boots for more to 72.2p on the news yesterday. Operating profit fell 8.7 per cent to Trump has called it a “problem”. Year-to-date, the new car market than 10 years. £2.2bn in the 12 months to the end of Shares closed up 0.62 per cent. continued to decline.

FASHION VICTIM Kate Spade takes a hit US trade deficit drops in September to amid Chinese tariffs on imported clothes $52.5bn as imports and exports sink HOWARD SCHENIDER cars but sold fewer overseas in narrowed by $100m to $31.6bn, with September. It also imported fewer exports to the country falling by THE US trade deficit fell 4.7 per cent mobile phones, toys and games, but $800m in September and imports to $52.5bn (£40.8bn) in September as sold less food, feed and drinks abroad. from China falling by $1bn. the country recorded its first The August trade deficit was The data comes amid fresh petroleum surplus, but overall revised to a slightly wider $55bn. optimism that the US and China can imports and exports otherwise fell While the petroleum surplus of sign a partial trade deal to end the 16- under the weight of rising global $252m was the first since 1978, it month long war between the two tariffs and a slowing world economy. reflected both a drop in exports of US countries. Economists polled by Reuters had oil and a larger decline in imports of US President Donald Trump is forecast the trade gap would fall foreign oil, a possible outgrowth of considering whether to scale back CLOTHING brand Kate Spade reported a 16 per cent drop in quarterly same-store slightly to $52.5bn in September. recent weakness in manufacturing. levies on Chinese imports that were sales yesterday that pulled down parent company Tapestry’s profit. Much of the The United States imported fewer The goods trade gap with China introduced in September. Reuters brand’s clothing and jewellery is made in China, leaving it exposed to new tariffs.

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For more information and bookings, visit CHAPELDOWNGINWORKS.COM 08 NEWS WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM Trainline’s listing costs knock it into Tube air quality loss despite jump in net ticket sales JOE CURTIS rocketed 29 per cent to £129m, on the to £60m and net debt fell to stand at is most polluted @joe_r_curtis back of a 19 per cent rise in ticket 0.5 times Ebitda, down from 3.4 times sales to £1.84bn. Ebitda a year ago. TRAINLINE fell to a post-tax loss of Adjusted earnings before interest, Trainline’s £1.7bn IPO in June saw £89m following its June initial public tax, depreciation and amortisation it price its shares at 350p, and since offering (IPO) despite a 20 per cent (Ebitda) almost doubled to £42m. then the value of its stock has boost to net ticket sales in its half- However, the losses incurred by the climbed as high as 489p. in the whole city year results, it said yesterday. ticket-booking app saw shareholders However, shares have dropped off Trainline recorded an £89m loss make a basic loss per share of 20.3p — since September, posting a 0.83 per after tax in the six months to the end much heavier than the 2.5p loss per cent drop to 417.5p yesterday. of August, mostly owing to costs share it recorded this time last year. Trainline has warned it expected STEFAN BOSCIA related to its IPO. But revenue Free cashflow increased from £2m UK sales to be “significantly lower”. @Stefan_Boscia told the Financial Times the figures were “shocking findings”. THE LONDON Underground is the “We must sort out this terrible level most polluted place in the city with of bad air,” she said. air quality eight-times worse than Transport for London (TfL) employs recommended by health guidelines teams of workers to clean individual in some parts. tracks of dust, hair and soot every day An investigation has revealed that a to decrease the level of pollution. level of PM 2.5 — particulate matter TfL has also said that the air in the that can penetrate deep into the London Underground meets the UK’s lungs and cause heart and lung dis- Health and Safety Executive limits, ease — has been recorded in danger- but this measures only dust, not PM ously high proportions across the 2.5. Lilli Matson, TfL’s health and en- entire system. vironment director, said: “We believe Air pollution was found to be worst [the air] is absolutely safe.” on the so-called “deep lines”, with the Central, Victoria and Northern lines TRANSPORT FOR LONDON’S being the worst affected, according to MOST POLLUTED TUBE LINES the Financial Times investigation. Tube Line Times above WHO’s safe limit These three lines all had air pollu- 1. Central Line 8 times tion levels that were more than five- 2. Northern Line 6 times times the level deemed safe by the 3. Victoria Line 6 times World Health Organisation (WHO). 4. Jubilee Line 5 times Even the lines that performed best 5. Bakerloo Line 5 times in the tests — Hammersmith and City, 6. Piccadilly Line 5 times Circle, Metropolitan and District lines 7. Circle Line 2 times — had air pollution levels above WHO 8. District Line 2 times guidelines. 9. Hammersmith & City Line 2 times Friends of the Earth’s Jenny Bates 10. Metropolitan Line 2 times

Collected passenger wi-fi data will also be used in the future to optimise routes TfL mines phone data to make journey estimate improvements

STEFAN BOSCIA The same information will also be @Stefan_Boscia used in the future to alter train timetabling to optimise routes. TRACKING passengers’ phone usage The upgrade is part of a larger on the Tube has allowed Transport push by TfL to use collected data to for London (TfL) to improve its travel improve its services. time estimates. London’s inaugural chief digital TfL has analysed 2.7bn pieces of officer Theo Blackwell said wi-fi anonymised data since June, which data, and other types of collected has been gained through tracking passenger data, could also increase people’s usage of wi-fi networks at TfL’s bottom line. stations across the capital. “Data can be used to price This analysis has now allowed TfL advertising better and better direct to update its Journey Planner app to advertising,” he said. “This is then better estimate journey times reinvested back into the network to between 55 different stations. make more improvements.”

10 NEWS WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM IN BRIEF CLARIFICATION FARE HEARING Yesterday, we published an article Stewart suggests with the headline: “Saudi Aramco FTSE firms urged posts $15bn loss for 2019 income”. TfL fee rise as he This could have given the impression that Saudi Aramco had slams firm’s losses made a loss in the period. We are happy to clarify that the firm was RORY Stewart has hinted he profitable, but that profit had to link chief pay would likely increase public slipped by $15bn. transport fares if elected mayor and has claimed PE FIRM RAISES RECORD London is “stuck in 2008”. The €5.8BN EUROPEAN FUND independent mayoral US buyout firm Kohlberg Kravis candidate and former Roberts (KKR) has raised its largest to performance Conservative cabinet minister ever European fund at €5.8bn told City A.M. it “cannot make (£5bn), as investors look to the sense to be running a system region for higher returns. The ANNA MENIN executive remuneration. that’s losing this much flagship fund, which launched in @annafmenin Executive pay packages have come money every year”. February with an initial target of under intense scrutiny from share- €5bn, will focus on private equity LISTED companies must make a holders recently, and the issue is set deals in western Europe. KKR had clearer link between pay and perform- to dominate the 2020 AGM season, already committed over a quarter ance and justify executive remunera- which will begin in May next year. (28 per cent) of the fund before the tion levels to avoid shareholder Property developer Hammerson said fundraising closed yesterday. dissent, the Investment Association last month that it would consult (IA) has said. shareholders after resolutions includ- PETROL PRICES FALL FOR Watchdog slams auditors for not THIRD STRAIGHT MONTH The IA has written to all FTSE 350 ing its remuneration report faced a firms outlining the standards it ex- backlash from investors at the com- The price of petrol fell for the third pects their remuneration policies to pany’s AGM. month in a row in October, meet ahead of the 2020 annual gen- Software firm Micro Focus has challenging firms’ management according to data from RAC fuel eral meeting (AGM) season, when pledged to overhaul its executive pay watch, with a litre of unleaded most listed companies are due to policy after investors raised concerns JAMES BOOTH of travel agent Thomas Cook and nearly 3p cheaper than it was at the bring new policies to a shareholder about its structure. @Jamesdbooth1 outsourcer Carillion. beginning of August. The average vote. “The 2020 AGM season will be a key The FRC said “audit quality is still price of a litre of unleaded dropped “IA members continue to believe year for many companies, with in- AUDIT watchdog the Financial not consistently reaching the 1.57p to 126.42p at the end of the that a high level of executive remu- vestors looking out for greater align- Reporting Council (FRC) yesterday necessary high standards expected”. month, down from 127.99p at the neration is a reputational risk to com- ment on pay with long-term company warned that top firms are failing to It flagged challenging start. Diesel also fell a similar panies, individual directors and their strategy,” said Ninian. be robust enough in challenging management and performing amount from 132.08p to 130.49p, shareholders,” wrote Andrew Ninian, “Investors will be looking for signs management of the companies they routine procedures such as revenue reversing September’s slight IA director of stewardship and corpo- that companies... listen to key con- audit. recognition as particular concerns. increase. Asda was the cheapest rate governance. He said it was impor- cerns and ensure the pay structures of The audit sector is in the political The FRC also said audit teams too supermarket for filling up, at tant for firms to consider “wider their top team align with company and regulatory spotlight following often accept unrealistic deadlines, 121.64p a litre for petrol and 125.14p employee pay context” when agreeing performance,” he added. company failures such as the collapse resulting in inadequate work. for diesel.

12 NEWS WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM Wework rival IWG boosts quarterly Scottish mutual revenue as franchise firm expands JESS CLARK and Africa and US markets. are ready to use our strong financial in a £2.4bn deal @jclarkjourno During the third quarter the co- position to undertake such activity,” working space company added 66 the company said. WEWORK rival IWG boosted revenue new organic locations to its network On Monday, IWG added it had in the third quarter as the flexible with net growth capital investment entered into a strategic partnership office space provider built of £64.4m. So far this year IWG has for a master franchise agreement in momentum with its expansion plans added 180 new locations, and is , bringing the total with Canada Life and international franchise business. considering growing the business number of franchise partners to 27 IWG yesterday reported a 9.4 per through further merger and across 22 countries. cent increase in revenue to £692.3m acquisition deals after its purchase of IWG said it remained “very in the three months to 30 September, Clubhouse this year. confident” about its place in the ANNA MENIN Life to concentrate its resources driven by the Europe, Middle East “Where it makes strategic sense, we flexible workspace market. @annafmenin around its core business strategy,” said Canada Life’s Richard Priestly. SCOTTISH Friendly has today an- “Our priority in this transfer was nounced the acquisition of a book ensuring customers receive the high- of life and pensions policies worth est standards of care both during this £2.4bn from financial services transition period, and beyond.” provider Canada Life, in a deal that “Scottish Friendly has a great repu- almost doubled the mutual life and tation in this area which gives us ® investment company’s assets under confidence that customers will be in management (AUM). good hands,” he added. The deal comes after Canada Life Products transferring companies as Life Safe undertook a strategic review of its UK part of the deal include endowments, operations. The firm said it decided to investment bonds, whole of life poli- transfer the significant book of poli- cies, and pensions and protections All in one place. cies to Scottish Friendly after a “com- policies, the firms said. petitive tender process”. Most affected policies were written Simple and secure. The transfer will increase Scottish before 2003, they added. Friendly’s AUM by £2.4bn to more “This is a landmark acquisition for than £5bn. Scottish Friendly and helps to consoli- “This is an excellent move for both date us as a leading mutual and a sig- organisations for Scottish Friendly by nificant player in UK financial increasing their scale and for Canada services,” said chief Jim Galbraith. Shoppers give support to Sainsbury’s fireworks ban

UPERMARKET giant Sainsbury’s Stephan Shas confirmed it will not be Shakespeare selling fireworks this year in its 2,300 stores, a move praised by those who argue they are a danger to kids, pets and people with disabilities. The announcement comes after ® more than 750,000 people signed a Life SafeSafLif ee is a securesecur portalportae l to storestore allall youryour keykey petition earlier this year to ban shops from selling fireworks to the public. of those who class Sainsbury’s as documentsocumend ts and kkeepeep track ooff yyouroour assets frfromom artart,t,t Currently they can only be bought their main supermarket are aged 60 by those aged over 18 and between and over. Therefore this move will be wine oror evevenen a WWorldorld CuCupup winner’wwinner’ss medamedal!l! certain dates. There are also rules positively received by a large portion that forbid them being set off of its customer base. between 11pm and 7am. Since the announcement that it It is certainly a popular opinion. would not sell fireworks, Sainsbury’s YouGov data shows that the majority Buzz scores (a net measure of Legacy managementmanagement FlexibleFlexible access of Brits (54 per cent) support a ban on whether consumers have heard the sale of the fireworks to the anything positive or negative about Wealthth overviewoleaW ovth ervieww AlertsAleerts and reminders public, and just a third (35 per cent) the brand in the last fortnight) are against a ban. among those aged 60 and above have Those aged 60 and above are twice increased from plus 9.1 to plus 16.9 — as likely to support a ban as those a 7.8 point rise. aged between 18 and 24 (61 per cent Its Impression score (whether versus 29 per cent). In fact, the someone has a positive or negative number of 18 to 24 year olds against a impression of a brand) increased “I’m“I’m concerned abouta how to safeguardsaffeeguard tthe sporting memorabiliaa ban (59 per cent) almost matches the among the general public by 4.8 I’mI’m collecting forffooor the futurfuture.e. LifLifefee SaSafeffee is a genius way ooffk keepingeeping number of people over 60 who would points, implying a move that was support it, showing polarisation. originally just a stocking decision has recordsrecords ooff everyteverythingthing secursecurelyely in one placplace.ce. I think it’s a grgreateat idea. ideaidea.”.”” Although Sainsbury’s revealed the inadvertently improved brand health. decision not to stock fireworks is due to product sales performance rather £Stephan Shakespeare is chief executive FrancoisFrancois LouLouww than safety concerns, almost a third of YouGov SouSouthth AfricanAffricacan RugbyR y playerplagbu yer and RoydsRoydds WithyWithy King clientclient SAINSBURY’S BAN ON FIREWORKS PERCIEVED POSITIVELY BY OVER 60s Over the past two weeks, have you heard something positive about Sainsbury’s (whether in the news, through advertising or talking to friends and family)? UK adults over 60 19 Source: YouGov BrandIndex 17 For moremooF infrr informationn visivisiotirmaoe visitt 15 13 www.roydswithyking.com/privatewealth/life-safeking.coking.coythdswiyo.rwww ee-safth/lifleatewvam/pri 11 9 ® Life SafeSaLif efe is a rregisteredegistered trade mark ooff Royds Withy King LLP 7 5 15 Oct 19 Oct 23 Oct 27 Oct 31 Oct 9 Oct 4 Nov CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 NEWS 13 O2 to test out 5G Jellyfish merger creates £500m driverless cars digital ad firm ANNA MENIN @annafmenin FIMALAC, the group owned by French billionaire Marc Ladreit de in London trial Lacharriere, has bought a majority stake in London-based digital marketing agency Jellyfish as it ALEX DANIEL regulator last month said it seeks to compete in an increasingly @alexmdaniel supported a plan proposed by O2, BT, online advertising landscape. EE, Three and to update Fimalac data-driven marketing O2 WILL have a hand in an ambitious auction rules for the rollout of 5G. specialist Tradelab will be merged project to trial driverless cars on Lon- Mark Evans, chief executive of the with Jellyfish, the companies said don roads, using its 5G network to UK arm of O2’s parent company yesterday, to create a combined help test the vehicles in Greenwich. Telefonica, said: “As the UK’s largest entity with a market capitalisation The network — which network, we’re proud of our ability to Fujifilm will drop its two-year legal battle against Xerox as the firms seal the deal of around £500m. yesterday announced it had hit 34m keep attracting and retaining cus- Jellyfish, which was founded in customers following its 5G rollout last tomers, which ensures a healthy busi- 2005, was an early adopter of month — said using the technology ness and drives both top and bottom search engine optimisation on the roads could reduce carbon line growth. Xerox to sell off 25 per cent Fuji techniques. It works with emissions by 330,000 tonnes per year. “Our third-quarter performance companies including Uber, Ebay Announcing its third-quarter continues the strong momentum we and Spotify to help them apply results, O2 said core profit had risen saw in the first half of the year, pow- stake in deal worth over $2.3bn digital analytics to advertising. to £489m, a 5.7 per cent increase on ered by a relentless focus on our Traditional advertising agencies the same period last year. customers through award-winning SEBASTIAN MCCARTHY complete control of the company. have been disrupted by rapidly- It said 34.1m people are now using coverage and great offerings such as @SebMcCarthy The deal, which is worth roughly growing online competitors its network, a 5.6 per cent annual rise. flexible custom plans and limitless $2.3bn (£1.8bn) comes a little over a recently. These include Martin This includes customers on Tesco data.” XEROX has sold off its 25 per cent year after the US printer scrapped a Sorrel’s digital-only S4 Capital, Mobile, Sky Mobile, and Evans said the firm is “moving at holding in Fuji Xerox, bringing an $6bn merger with Fujifilm. which he founded last year after . pace with” its 5G rollout — which is end to one of the largest and oldest Xerox pulled out of the planned being forced out of WPP. The increase helped drive revenue already live in six UK cities, rising to cross-border partnerships between a tie-up in the wake of a shareholder The terms of the deal have not up 4.1 per cent versus the same pe- 20 by the end of the year. Japanese and US firm. backlash, with activist investors Carl been disclosed, but current boss riod last year. Telefonica shares were down one Fujifilm has snapped up Xerox’s Icahn and Darwin Deason Rob Pierre will continue to lead The announcement comes after per cent yesterday despite the news. stake in Fuji Xerox, giving Fujifilm spearheading the opposition. Jellyfish. To create more energy We need bright ideas with fewer emissions, from everywhere.

14 NEWS WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM Gold values top Newmont fails to hit profit aim six-year record amid high costs ARUNDHATI SARKAR

NEWMONT Goldcorp missed Wall Street estimates for quarterly profit due to higher costs as tensions rise The world’s biggest gold miner also cut its annual output target yesterday, as production remained EDWARD THICKNESSE the world’s key central banks towards suspended at one of its largest @edthicknesse a more accommodative monetary mines in Mexico. policy this year has seen investors flee The company said it expects RENEWED economic concerns and back to safety, making gold shine even attributable production for the rising geopolitical tensions have brighter.” year to be 6.3m ounces, down from driven the value of gold to a six anda The report cited a number of factors a prior forecast of 6.5m ounces. half year high, according to the which contributed to the rise in value. The diamond mining crisis has stemmed from an oversupply of polished gems The gold miner had said in Refinitiv GFMS gold survey. First, cuts in interest rates by the US October a blockade that had In the third quarter gold’s dollar Federal Reserve and the European restricted production and exports value rose to an average of $1,472 Central Bank, as well as various stim- of lead and zinc concentrates from (£1,144.50) per ounce, a 12 per cent in- ulus measures implemented by cen- Gem Diamonds shares balloon its Penasquito mine in Mexico has crease on the previous quarter and 22 tral banks in markets including been lifted, though operations still per cent rise year on year. China, India and Russia, have con- remained suspended. At the start of September the price tributed to a spike in investor activity. despite third-quarter price drop Newmont is in the process of hit $1,546 per ounce, its highest point In addition, demand has fallen integrating new operations after it since 2013. away. Retail investment plunged 25 finalised its acquisition of Cameron Alexander, director of per cent in the third quarter com- EDWARD THICKNESSE said that it sold 25,631 carats in the Goldcorp and its Nevada joint precious metals research at Refinitiv pared to a year ago, driven by a fall in @edthicknesse third quarter, down 10 per cent from venture with Barrick Gold in the said: “Renewed economic concerns, physical bar investment in Asia, the 28,379 sold in the second quarter. second quarter. geopolitical tensions as well as rising where demand contracted by a third GEM DIAMONDS’ share price was up Revenues of $11m in the period Adjusted net income rose to threat to the global trade outlook during the July to September period. over three per cent yesterday despite were spearheaded by the sale of five $292m (£227m), or 36 cents per amidst the prolonged trade disputes Global jewellery fabrication prices being six per cent lower than diamonds for more than $1m each. share, for the third quarter ended between the United States and its slumped 26 per cent in the third quar- in the last quarter. Yesterday diamond miner De Beers 30 September, from $175m, or 33 major trade partners all contributed ter, with multi-year high gold prices Achieved prices per carat fell from cut prices by roughly five per cent, in cents per share, a year earlier. to this hike in value. putting pressure on price sensitive $1,501 (£1,164) to $1,417. a bid to stem the current crisis in the Analysts were expecting a profit of “Furthermore, a visible shift among Asian markets. The leading diamond producer diamond mining industry. 39 cents. Reuters Like solar farms We see possibilities that fl oat. everywhere. Lightsource BP, already Europe’s largest solar company, is expanding its large-scale solar capacity across the globe. It’s one more way BP is working to make energy cleaner and better.

CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 NEWS 15 GAN shares soar Weir lowers its profit forecast after huge third for oil and gas EDWARD THICKNESSE @edthicknesse SCOTTISH engineers Weir Group yesterday announced a 32 per cent quarter revenue decline in orders for its oil and gas division in the third quarter among challenging market conditions in EDWARD THICKNESSE technology platform optimised over North America. @edthicknesse several years to convert our clients’ In response, the company marketing dollars into more first announced that they had SHARES in GAN, the internet gam- time online gamblers. Given the rapid undertaken a £30m cost reduction bling software, services and online increase in the total addressable mar- programme in the division, gaming developer, shot up 9.6 per ket for US internet gambling opera- including reducing its North cent yesterday after the company tors and their infrastructure Politicians are pushing for greater regulation in the gambling industry American workforce by around released its third-quarter trading providers such as GAN, we expect to 450 posts. update to investors. see continued and rapid growth.” As a result in the decline in The company now expects year-on- British gambling companies have volumes, the sector only reported year revenue growth of more than been expanding across the Atlantic, Gambling stocks continue to dip moderate profits for the third 100 per cent in 2019. encouraged by a booming online quarter. Weir warned that these Revenue for the four-month period sports betting market in the US. were expected to be lower in the ended 31 October was $121.5m as MPs seek £2 online bet limit fourth quarter. (£94.2m), up 222 per cent from GAN However, a record £100m $37.7m in the same period in 2018. Australian mining contract helped P The company said that higher-than- 130 JAMES BOOTH to be introduced on online gambling offset the decline. The Iron Bridge expected demand for internet gam- 126 products. magnetite project pushed original 5 Nov @Jamesdbooth1 bling with the commencement of 125 The interim report followed the equipment orders up 72 per cent, America’s National Football League GAMBLING stocks fell for a second introduction of stake limits for fixed- with total mineral orders up season in September had pushed 120 day yesterday, following a report by odds betting terminals in betting 17 per cent. driven the impressive results. MPs released on Monday that called shops last year, where the maximum Chief executive Jon Stanton said Chief executive officer Dermot for a cut in online casino stakes. stake was cut from £100 to £2. the Australian project was the Smurfit said: “Our clients are among 115 The gambling related harm all-party Shares of Rank Group and William “highlight” of the third quarter. the leading operators of US internet parliamentary group (APPG) on Mon- Hill fell 4.8 per cent and 1.3 per cent Weir Group shares were up 3.3 gambling, leveraging GAN’s proven 30 Oct31 Oct 1 Nov 4 Nov 5 Nov day called for stake and deposit limits respectively yesterday. per cent to 1,480p yesterday. 16 NEWS WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM London’s Battle Royale: The key constitu

underscores exactly this. Labour still CLASH IN THE CITY — WHERE Catherine Neilan leads in London — taking 39 per cent ARE THE KEY BATTLEGROUNDS? of the vote — but that is down 10 per- looks at how the centage points on the 2017 election. KENSINGTON The Conservatives are on 29 per cent, Damian Lyons Lowe: “Kensington has parties plan to also down from two years ago, when a both areas of lower income voters third of Londoners said they would with dense social housing where attack the capital’s vote blue. Labour has found strong support, but The Liberal Democrats have almost also some of the most affluent parts doorsteps doubled their share, with 19 per cent of London that have traditionally of respondents saying they would vote made this seat Conservative until HILE some have identi- for Jo Swinson, and her newly ex- 2017. Adding to that a higher than fied “Workington Man” panded team which includes high average education profile that is also as the decisive demo- profile defectors from other parties in- pro-Remain makes the seat a fertile Wgraphic in this election, cluding ex-Labour MP Chuka Umunna ground for Lib Dem support which the capital is home to a and former Tory minister Sam Gy- creates a three-way marginal. Who number of significant marginal seats imah. wins this seat may depend on the which could play a central role in However, there is no guarantee that extent that tactical voting occurs: deciding who claims the keys to they will be able to convince enough Liberal Democrat and Labour voters Number 10 next month. voters to jump ship with them. seem really quite happy to vote Strategically, Remain-leaning Lon- “London is going to be a Battle tactically to stop a Tory win when we don presents a problem for the Royale for tactical voters,” says ask them — I don’t think they would Conservatives, whose highly visible Damian Lyons Lowe, founder and be put off by Sam being a former party leader is standing on his pledge chief executive of polling company Conservative.” to Get Brexit Done. “The Tories are on Survation. “The London Labour team the defensive in the ring around Lon- are as good campaigners as their Lib- RICHMOND PARK don, and will probably not do terribly eral Democrat counterparts. The col- Lewis Baston: “If your national cam- well in London itself,” says political an- lateral damage if Remain-minded paign is based on how awful elites are alyst Lewis Baston. voters are split could be that the Tories you are probably not going to go But Labour is also hurting — con- retain seats in places they would oth- The Palace of Westminster is expected to see almost unprecedented churn of MPs down too well in Richmond. People cerns around the party’s failure to erwise lose to a strong ‘tactical Re- might just about vote for Zac under tackle anti-semitism, as well as the im- main’ campaign.” founder of Deltapoll. “This is the foot or the hand — they are both Theresa May but two years on — pact of a truly left-wing government, Ultimately the outcome of many whole story of the election…. What do painful choices to make, but you you’ve got Heathrow, and a more means Jeremy Corbyn is less popular marginal contests here will be you fear more: Boris Johnson’s deal choose the least worst.” hardline form of Brexit... I would be now than he was here two years ago. “determined by the number of people on Brexit or a Jeremy Corbyn One thing is for sure: it won’t just be surprised if the Lib Dems didn’t win. A YouGov/Mile End Institute at whose Brexit identity trumps their government? For many people it carol singers on your doorstep this Sarah Olney is not a big hitter but Queen Mary poll published yesterday party identity,” says Joe Twyman, co- might be do you want to be shot in the Christmas season. she’s known well locally, and voters

   

NORTHAMPTON SAINTS CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 NEWS 17 encies to watch in thiselectioncampaign

are au fait with tactical voting, so FINCHLEY AND be one of the most interesting seats looking over my shoulder.” Momen- per cent). Voters may feel this is their they won’t have that much work to do GOLDERS GREEN in London. If the Liberal Democrats tum, the campaign group that pro- last chance — either this election will to explain how tactical voting will get Joe Twyman: “Labour don’t need could break through somewhere like pelled Corbyn to the leadership has give Boris Johnson the chance to do rid of Zac.” much to steal this seat from Mike this, it’s an indicator they could backed Labour challenge Faiza Sha- whatever he wants with Brexit, or al- Freer who claims he is a Remainer but break through elsewhere. Recently heen who remains a darling of the ternatively is the last time to stop CHIPPING BARNET has supported leave position. The published estimates have the Conser- left-wing movement. Action days are him in his tracks.” Labour came sec- Lewis Baston: “It’s not been Labour problem is this is Golders Green — vatives winning the seat with 35 per planned in an effort to unseat the ond last time. since 1945 but the demographic where there is a large Jewish commu- cent with the Liberal Democrats not architect of Tory welfare reform. trend is helpful to Labour there. It is nity. Luciana, a former Labour MP, has far behind on 27 per cent — but it’s UXBRIDGE & SOUTH RUISLIP Labour’s number one target — they been very critical of antisemitism in about which is the least worst party, CITIES OF LONDON Joe Twyman: “Boris is the ultimate could do it. But the Conservatives the Labour party — so the Remain and the Lib Dems could be accept- AND WESTMINSTER scalp. I don’t think it is likely — you were quite resilient in the 2018 locals, vote could be split… allowing Freer to able both Tory Remainers and a tac- Although a recently published get a boost from being leader and the and the politics of Barnet are quite win fewer votes but still retain his tical choice for Labour minded model currently has this as a moder- Remain vote is too divided here. But sensitive to antisemitism, so it’s by no seat because Labour has lost more. voters.” ate Conservative win, Lyons Lowe if I were a strategist I would look for means a done deal. Theresa Villiers That kind of individual arithmetic is says: “Chuka genuinely has a good a ‘man or woman in a white suit’ has been an MP for a while and it’s playing up and down the capital.” CHINGFORD & WOODFORD chance, which would be very inter- type candidate, get everyone to step well organised. It’s certainly a battle GREEN esting. The majority of the con- aside and make it a one-man race. It to watch and one I wouldn’t care to PUTNEY Joe Twyman: “If I were incumbent stituency is very affluent highly would divert a lot of attention… but predict.” Damian Lyons Lowe: “Putney could [Iain Duncan Smith}… I would be educated and also hyper-Remain (70 I can’t see him being troubled.”

CAPITAL FIGHT THE LONDON POLITICIANS MOST AT RISK THIS ELECTION

1. Kensington (Conservatives) with a 7. Uxbridge and CURRENT Emma Dent Coad majority of 1657 South Ruislip 3 (Labour) with a majority of 20 CHALLENGER Luciana Berger CURRENT Boris Johnson 8 CHALLENGER Sam Gyimah, (Liberal Democrats) (Conservatives) enjoys a (Liberal Democrats), Felicity majority of 5,034 Buchan (Conservatives) 5. Putney CHALLENGERS The Prime CURRENT Justine Greening Minister’s seat will see a flurry 2. Richmond Park (Conservatives) is standing of activity as both Labour 4 CURRENT Zac Goldsmith, down. Majority of 1554 and the Lib Dems target the (Conservatives) with a CHALLENGER Will Sweet premier majority of 45 (Conservatives), Fleur CHALLENGER Sarah Olney Anderson (Labour) 8. Chingford and 7 (Liberal Democrats) Woodford Green 6. Cities of Westminster and CURRENT Iain Duncan Smith 3. Chipping Barnet London - (Conservatives) has a CURRENT Theresa Villiers CURRENT Mark Field majority of 2,438 votes. (Conservatives) with a (Conservatives) is standing CHALLENGER Faiza Shaheen 6 majority of 353 down. Majority of 3,148 (Labour) CHALLENGER Emma Whysall CHALLENGER Chuka 1 (Labour) Umunna (Liberal Democrats), Gordon Nardell 4. Finchley and QC (Labour) and Nicki Aiken Golders Green (Conservatives) CURRENT Mike Freer 5

2

Calculus VCTVCT 0% initial fee – untiln i 2929 NovemberNNoovememmberber 201920120201019 InvestnvI est in the growthh potpotowtgr potentialententh tiala off t thee UK UK’UK’sK’s most exexcitingciting entrepreneurialentrepreneuriali businessesbbuusinessesi sses

6QƒPFQWVOQTGIGVKPVQWEJ  OVWQFPƒQ6  JEWQVPKVGIGTQO info@[email protected] pittal.coml om or 002077 4934 4494094 wwwwww.calculuscapital.com.calculuscapital.com CapitalCapitalal iissa att risk rissk 18 NEWS WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM Water cannons Xi: Global trade break up riots barriers must be in Hong Kong JOHN GEDDIE

POLICE in Hong Kong fired water cannons to break up a Guy Fawkes- themed anti-government protest in brought down the ex-British colony yesterday. It comes as the Chinese Communist Party said yesterday JOHN RUWITCH and Chinese negotiators work to fi- that it would “perfect” the system nalise a text of a “phase one” agree- for choosing the leader of Hong GLOBAL trade barriers must be ment for US President Donald Trump Kong after months of protests. removed, and countries should up- and Xi to sign this month to ease the The party said in a statement it hold basic multilateral trade princi- nearly 16-month trade war that has would support a “special ples while standing firm against dented the global economy. administrative region” of Hong protectionism, Chinese President Xi “There is no single country that can Kong, which returned to China in Jinping said yesterday. resolve by itself the difficulties facing Pandora’s signature charm bracelets have fallen out of favour in recent years 1997, and not tolerate any Speaking at the opening of the development of the world’s econ- “separatist behaviour” either there the China International omy,” Xi said in a speech. or in neighbouring Macau, an ex- Import Expo, Xi said China launched the import con- Portuguese colony. more must be done to ference last year as the China-US Jewellery brand Pandora warns Some protesters in Hong Kong, boost international coop- trade war was heating up. angry at perceived Chinese eration and remove barri- French President Emmanuel meddling in its freedoms, have ers to innovation. Macron, attending the expo, called sales to fall faster than forecast called for independence in He reiterated broad on China to “consolidate” the sometimes violent unrest, a red pledges to continue to opening up of its market. JESS CLARK per cent to nine per cent, compared line for Beijing. China denies open China’s economy and “Much has been done in @jclarkjourno to previous guidance of a three to interference. markets, and strengthen recent years with two revi- seven per cent drop. Hong Kong leader Carrie Lam protection of intellectual sions of the negative lists JEWELLERY retailer Pandora The company has been struggling yesterday said she had held a short property rights. for foreign investment... yesterday warned of a steeper fall in to retain relevancy, as the charm meeting with Chinese President Xi The remarks come as US Important tariff reduc- sales this year, as it said efforts to bracelets it is best known for, which Jinping in Shanghai. She told tions have been revitalise the brand had weighed on were once in high demand, have reporters that Xi “expressed care Xi Jinping said more granted. We call for costs in the third quarter. fallen out of fashion. and concern about Hong Kong, must be done to boost their consolidation,” Pandora said organic growth in Efforts to revitalise the brand especially given the social cooperation Macron said. Reuters 2019 is expected to be minus seven were launched in the third quarter. disturbances”. Reuters CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 NEWS 19 Opec chief lifts Norwegian Air launches share outlook for oil and bond issue TERJE SOLSVIK

NORWEGIAN Air plans to raise up to $316m (£285.4m) through its third share sale in two years and a market in 2020 bond issue to meet the struggling airline’s financial needs through 2020 and beyond, it said yesterday. EDWARD THICKNESSE biggest economy in the world — the With mounting debts and United States — continuing to defy suffering from the grounding of its @edthicknesse projections [and] racing ahead.” 18 Boeing 737 Max aircraft, THE OIL market’s prospects for 2020 Oil prices rose more than one per Norwegian has this year replaced may have upside potential, the cent yesterday amid hopes that breakneck expansion with cost- secretary general of producer group Washington could roll back some of cutting in a bid to regain Opec said yesterday, appearing to the tariffs it has imposed on Chinese profitability. underplay any need to further cut imports. The airline pledged to drive down costs by speeding up the renewal of its aeroplanes “After the completion of the output. The comments come on the same transactions, Norwegian is fully Mohammad Barkindo said he was day Opec released its 2019 World Oil funded through 2020 and beyond more optimistic about next year’s Outlook, which said the group would based on the current business outlook than he had been last month, supply a decreasing quantity of oil in Air -KLM plans sales and plan,” it said in a statement after when he said all options, including a the next five years in the face of rising trading on the Oslo bourse closed cut to oil output amid oversupply pre- output of US shale and other rival yesterday. dictions, were being looked at. sources. efficiency drive to boost profit It came after the firm also “Based on the preliminary numbers, The report said Opec’s production of announced yesterday it would sell 2020 looks like it will have upside crude oil and other liquids is ex- LAURENCE FROST Franco-Dutch airline group has six of its Boeing 232-800 aircraft to potential — there are definitely pected to decline to 32.8m barrels per stabilised under chief executive Ben Pembroke Aircraft Leasing, a brighter spots [and] the numbers are day (bpd) by 2024, compared with AIR FRANCE-KLM outlined plans to Smith thanks to union deals that subsidiary of Standard Chartered. looking more refined,” Barkindo said 35m bpd in 2019. expand its budget Transavia business have increased both wage costs and The sale is part of the Norwegian at a briefing. Rising climate activism in the West and push the core French carrier operating flexibility. Air’s “changed focus from growth “Other non-fundamental factors and widening use of alternative fuels upmarket, while overhauling its fleet Smith set a seven to eight per cent to profitability,” the company said like trade issues that have been are placing long-term oil demand in pursuit of improved sales and profit margin goal for 2024 and in a statement. It would raise impacting negatively on the global under increasing scrutiny. profitability. dangled the prospect of renewed $316m at current market prices. economy, [but] the news coming out Opec and its allies, led by Russia, After a wave of Air France strikes dividends — last paid out to Its shares closed up two per cent is more optimistic. We have seen the will meet in Vienna in December. that cost €335m (£288m) in 2018, the shareholders in 2008. Reuters at the end of trading. Reuters

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Oil majors and BOKU P S&P 500 pulls 103

102 101.50 5 Nov back after this Primark owner 101 100 week’s record 99 HE BENCHMARK S&P 500 edged Tlower yesterday, as investors 30 Oct 31 Oct 1 Nov 4 Nov 5 Nov paused in the wake of a rally buoyed by hopes of a trade deal boost FTSE 100 Mobile payments platform Boku is in the money. The company announced between the United States and China yesterday that it had entered into a partnership with an unnamed global mobile that sent the three main US stock group to provide verification and authentication processes. indexes to record highs in the previous Peel Hunt analysts say the payments business is having another stellar year, and session. AINS for oil majors and min- A mixed set of results pushed points to increased services revenue at Apple and Spotify’s jump in premium While there was growing optimism ers pushed London’s FTSE tobacco company Imperial Brands subscriber numbers — both companies are Boku clients. Analysts rate the company over a deal, investors have also shown 100 into the black on yester- slightly higher after a volatile as “buy”, with a target price of 245p. caution, pushing up value stocks over Gday, buoyed by hopes of a morning. growth names over the past few trade deal between the While sales for the year topped sessions. United States and China, while market expectations, the tobacco EXPERIAN Keeping some tentativeness intact, Primark owner Associated British Foods firm guided to low-single digit China is pushing US President Donald P jumped six per cent after strong revenue and profit growth for the 2,500 5 Nov Trump to remove more tariffs as part results. year amid a regulatory crackdown on 2,368 of the “phase one” deal, which may The FTSE 100 advanced 0.3 per cent, vaping in the United States. be signed this month, according to after having touched a one-month Among mid-caps, gambling and 2,450 latest reports. high earlier in the session, related firms fell for a second Financials, a big weight for value while the mid-cap index straight day after lawmak- 2,400 stocks, rose 0.42 per cent as was 0.2 per cent higher. ers called for a raft of benchmark US Treasury yields hit a AB Foods recorded its measures to overhaul six-week high and energy, gained best one-day spike in 2,350 0.45 per cent as oil climbed more than more than 10 months Antofagasta shares rose one per cent as the best performing after it posted higher 3.4 per cent amid a 30 Oct 31 Oct 1 Nov 4 Nov 5 Nov S&P sectors. annual earnings and hike in copper prices The Dow Jones Industrial Average said it was well-posi- Consumer credit reporting firm Experian is in the early stages of an elevated growth rose 30.52 points, or 0.11 per cent, to tioned for further earn- online casinos. Rank cycle “driven by an expanding addressable market and new product innovation,” 27,492.63, the S&P 500 lost 3.65 ings growth in the new Group, William Hill and according to Barclays analysts. Until now the focus has been on Experian’s B2B points, or 0.12 per cent, to 3,074.62 year. Playtech lost between 0.3 per activities, analysts say, but predict the firm’s US B2C activities will be highlighted in and the Nasdaq Composite added Oil majors Shell and BP, which cent to eight per cent. its upcoming first-half results. Analysts have raised their organic growth forecasts 1.48 points, or 0.02 per cent, to fell last week after reporting falls in News of a cyber attack at marine due to structural revenue opportunities they see across Experian’s business, and 8,434.68. profit, generated the biggest boost to services provider James Fisher and rate the company as “overweight”, with a raised target price of 2650p. Apart from hopes of a resolution to the main index, rising about one per Sons dragged its stock nearly six per the trade war, stocks have received a cent each. cent to be among steepest fallers on boost from a largely better-than- Miners, one of the sectors most ex- the FTSE 250 index. WOODFORD PATIENT CAPITAL expected third-quarter earnings posed to trade tensions due to their Defence company Cobham, which season, the Federal Reserve’s interest P dependence on Chinese demand, has agreed to a $5bn deal with US 38 5 Nov rate cut and upbeat economic data. reached a near two-month high, also private equity firm Advent, was the 32.50 A two per cent rise in Boeing’s helped by a rise in copper prices par- biggest drag on the index with a two shares provided the biggest boost to tially driven by a cut in forecasts by per cent fall as regulators at home 36 the blue-chip Dow Jones index after Chilean-focused Antofagasta. continue to scrutinise the merger. chairman Dave Calhoun said the 34 company’s board believed chief Dennis Muilenburg “has done TOP RISERS FTSE everything right” following two fatal 32 P crashes of its 737 Max jet. 1. AB Foods Up 5.69 per cent 7,400 Helping the Nasdaq advance was 2. Schroders Up 4.36 per cent 7,350 7,388.08 30 Oct 31 Oct 1 Nov 4 Nov 5 Nov Adobe , which gained 4.3 per cent as 3. Rolls-Royce Up 3.69 per cent 5 Nov the Photoshop software maker raised 7,300 To say that Woodford Patient Capital Trust (WPCT) has had a difficult few weeks its fourth-quarter digital media TOP FALLERS would be an understatement. The collapse of founder Neil Woodford’s investment annualized recurring revenue target 7,250 empire and his resignation as the trust’s manager left it reeling, and WPCT also has and gave a strong forecast for fiscal 1. M&G Down 2.18 per cent 7,200 faced several substantival writedowns in the valuations of its holdings. The valuation 2020. 2. Aveva Down 2.12 per cent of its stake in cold fusion firm Industrial Heat has now been downgraded for the Uber fell 9.9 per cent as the ride- 3. Fresnillo Down 2.05 per cent second time in as many weeks. Investec analysts describe WPCT’s portfolio as highly hailing service posted a bigger 30 Oct31 Oct 1 Nov 4 Nov 5 Nov geared and highly illiquid, and rate the company as “sell”. third-quarter loss from a year earlier. CITY MOVES WHO’S SWITCHING JOBS

QUADRANT “Having worked on major projects in both Australia Prolexic Technologies where he led the firm’s global fund and the firm’s UK ethical fund. Martyn has been UK real estate asset and the UK, Rowans joins Quadrant bringing a strong security architect team, and was instrumental in with the sustainable investment team since 2012, management and project delivery background, new ideas and a fresh growing revenue from $11m (£8.6m) to $70m within during which he has been responsible for thematic development company way of thinking to some of our projects such as 30 just four years. Commenting on his move, Jay said: analysis, stock picking and active ownership of several Quadrant has appointed South Colonnade at Canary Wharf and a number of “Trend Micro’s vision, extensive security portfolio and of the firm’s themes. He is currently undertaking a Rowan Jenkins as partner. new acquisitions.” amazing team proved irresistible to be a part of. I’m Masters degree in sustainable leadership at the Rowan specialises in excited to help Trend Micro achieve its security goals Cambridge Institute of Sustainable Leadership. development and project TREND MICRO and vision.” Commenting on the appointment, Neil Brown, fund management and brings 25 Cybersecurity solutions firm Trend Micro has manager at Liontrust, said: “Integrating years’ experience in delivering appointed industry expert Jay Coley as its new UK LIONTRUST ASSET MANAGEMENT environmental, social and governance factors into large-scale retail, commercial technical director. Jay’s cybersecurity career started Liontrust Asset Management has appointed Martyn fundamental company analysis is detailed and and residential developments, with an 11-year stint in the US Navy, during which time Jones as fund manager on its sustainable investment complex work. Martyn’s deep understanding of this including managing acquisitions, concept design, he took a degree in Computer Science and Information team. He has also been appointed co-manager of the dynamic field has been a tremendous asset to the planning approvals and project delivery. Technology, before moving into internet service Liontrust Sustainable Future (SF) UK growth fund, SF team for many years and we welcome him to fund Tristram Gethin, founding partner at Quadrant, said: provider network engineering. Jay then worked at European growth fund, the SF Pan-European growth management.”

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1627 Ã 0.0046 €/$ 1.1071 Ä 0.0075 7388.08 20294.99 4065.31 27492.63 8434.68 3074.61 /$ 1.2871 ÄÄ0.0037 €/£ 0.8601 0.0034 18.39 45.27 9.41 30.52 1.48 3.66 £ /¥ 140.44 0.3000 €/¥ 120.80 0.2200 ÃÃÃÃÃÄ Ã Ä 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 Temple Bar IT ...... 1340.0 -2.0 1366.0 1116.0 Inchcape...... 627.0 -5.0 678.0 519.5 Royal Mail ...... 220.0 2.0 350.7 188.4 Hastings Gp Hldgs ...... 182.6 -2.1 231.6 174.0 Sage Group ...... 716.0 -0.8 820.4 536.2 Wizz Air Holdings ...... 3909.0 5.0 3909.0 2722.0 Tsy 4.750 20 ...... 101.34 -0.02 105.3 101.3 Contour Global...... 218.0 -4.5 222.5 150.1 Templeton Em Mkts .....785.0 10.0 829.0 666.0 JD Sports Fashion ...... 759.6 1.4 781.0 318.5 LEISURE GOODS Hiscox ...... 1421.0 -19.0 1777.0 1418.0 Softcat ...... 1047.0 43.0 1047.0 565.0 AIM 50 Tsy 8.000 21...... 111.68 -0.06 118.5 111.7 Drax Gp ...... 291.0 -6.8 427.2 251.0 Vietnam Enterprise .....500.0 2.0 509.0 421.5 Just Eat...... 741.0 3.2 812.0 533.8 RSA Ins Gp ...... 535.4 0.8 597.0 496.6 Sophos ...... 572.0 4.6 577.0 298.2 Games Workshp ...... 4530.0 46.0 5085.0 2800.0 Abcam ...... 1181.0 9.0 1500.0 1017.0 VinaCapital Vietna ...... 344.0 -1.0 357.5 323.0 Kingfisher...... 217.7 2.4 266.2 185.9 OIL & GAS PRODUCERS Tsy 2.500 24 ...... 366.39 -0.39 377.9 360.3 SSE ...... 1280.0 -1.5 1322.5 1008.0 LIFE INSURANCE SUPPORT SERVICES Witan Invest ...... 220.5 0.0 225.5 189.6 Marks & Spencer ...... 182.3 -2.0 312.7 163.9 Advanced Medical ...... 242.0 2.0 354.5 225.0 Tsy 5.000 25 ...... 123.53 -0.22 126.0 122.9 ELECTRONIC & ELECTRICAL EQUIPMENT BP ...... 516.4 5.3 582.5 484.9 Aggreko ...... 811.0 6.0 855.2 691.8 Wwide Healthcare ....2665.0 -10.0 2835.0 2325.0 Aviva ...... 431.8 9.8 438.8 352.3 Alliance Pharma ...... 74.3 1.4 80.4 60.0 Tsy 4.250 27 ...... 128.96 -0.34 132.8 124.0 Next ...... 6586.0 38.0 6850.0 3991.0 Cairn Energy...... 179.0 0.4 213.8 140.0 Ashtead Gp ...... 2386.0 -5.0 2391.0 1586.5 Halma ...... 1903.0 10.0 2094.0 1282.0 Lancashire Hldgs ...... 688.0 -4.0 746.0 561.5 Tsy 6.000 28 ...... 147.16 -0.42 152.1 142.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 206.0 -2.6 239.4 111.5 Energean Oil & Gas .....926.0 17.0 1082.0 568.0 ASOS...... 3237.0 -63.0 5700.0 2107.0 Morgan Advanced ...... 255.0 7.0 281.2 232.4 Legal & General ...... 270.6 2.4 291.2 216.7 Babcock Intl Grp...... 530.2 -12.8 616.2 416.7 Tsy 4.125 30 ...... 381.53 -0.68 404.2 361.1 BT Gp ...... 202.6 -1.8 262.9 158.9 Sports Direct Intl ...... 314.4 -1.6 325.6 214.0 Premier Oil ...... 88.8 2.1 107.2 55.6 Blue Prism ...... 815.5 2.5 1472.0 788.0 Oxford Instruments ..1406.0 70.0 1424.0 842.0 Phoenix Gp ...... 718.8 2.6 724.8 544.0 BCA Market ...... 236.2 0.0 247.0 178.5 Tsy 4.250 32...... 140.06 -0.63 146.4 130.3 Talktalk Telecom ...... 111.5 -0.5 130.0 96.5 Vivo Energy ...... 127.0 2.0 139.5 96.0 Royal Dutch Shell A...2329.0 20.5 2612.0 2213.0 Camellia ...... 9375.0 125.0 11750.0 9100.0 Renishaw ...... 4058.0 66.0 4670.0 3232.0 Prudential ...... 1399.0 16.0 1790.0 1326.0 Bunzl ...... 2027.0 -3.0 2551.0 1943.0 Tsy 4.250 36 ...... 147.53 -0.86 155.7 135.0 ...... 1226.0 10.0 1528.0 1130.0 WH Smith...... 2224.0 0.0 2288.0 1697.0 Royal Dutch Shell B ...2324.5 22.0 2622.0 2218.0 Caretech Holdings ...... 396.5 0.5 402.0 325.0 Spectris ...... 2571.0 54.0 2898.0 1992.5 St James Place ...... 1066.0 3.5 1143.0 913.6 Capita ...... 157.2 -0.6 173.1 99.9 Tsy 4.750 38...... 162.03 -1.02 171.8 147.0 FOOD & DRUG RETAILERS HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 217.4 0.4 250.0 165.2 EQUITY INVESTMENT INSTRUMENTS Std Life Aberdeen ...... 312.2 3.2 312.2 224.8 DCC ...... 7328.0 -4.0 7332.0 5555.0 Central Asia Metals ...... 217.0 4.0 266.5 180.0 Tsy 4.250 46 ...... 168.56 -1.41 181.0 146.4 Convatec ...... 198.1 -2.9 202.8 118.5 OIL EQUIPMENT & SERVICES Diploma ...... 1670.0 46.0 1696.0 1150.0 Clinigen Group ...... 833.0 3.0 1069.0 721.0 3i Infrastructure ...... 288.0 0.0 306.5 243.6 Greggs ...... 1784.0 30.0 2476.0 1183.0 MEDIA AEROSPACE & DEFENCE Morrison (WM) ...... 198.7 -1.4 251.3 176.9 Mediclinic Intl ...... 375.9 -2.7 384.9 293.4 Hunting ...... 416.6 -2.8 662.0 393.0 Electrocomp ...... 706.6 11.8 706.6 480.0 CVS Group ...... 963.5 5.5 1029.0 395.0 Aberforth Smlr Cos ...1322.0 2.0 1346.0 1114.0 4imprint ...... 3050.0 30.0 3130.0 1800.0 Ocado Gp ...... 1360.0 10.0 1435.0 749.8 NMC Health ...... 2337.0 -14.0 3678.0 1801.5 Petrofac ...... 402.2 1.6 595.4 381.5 Equiniti ...... 223.2 0.2 236.2 186.2 BAE Systems ...... 573.0 -9.4 588.2 443.9 Alliance Trust ...... 808.0 4.0 838.0 672.0 Ascential ...... 335.0 -14.4 411.0 335.0 Dart Group ...... 1282.0 14.0 1282.0 709.5 Sainsbury(J) ...... 205.7 -1.0 324.0 177.1 Smith & Neph...... 1653.0 -7.0 1990.0 1380.5 Wood Gp(J) ...... 374.8 8.7 693.0 327.4 Essentra ...... 398.0 3.0 442.0 325.4 Cobham ...... 156.7 -3.1 168.3 96.8 AVI Global Trust...... 753.0 0.0 781.0 660.0 Auto Trader Gp ...... 542.2 -3.8 606.0 417.0 Diversified Gas & Oil ....103.0 -2.0 116.5 97.0 SSP Group ...... 625.0 -2.0 721.0 608.0 UDG Hlthcare ...... 773.0 3.5 821.0 551.0 PERSONAL GOODS Experian ...... 2368.0 -51.0 2631.0 1793.0 Meggitt ...... 636.0 -2.2 643.0 458.0 Baillie Gifford Japan ....795.0 5.0 840.0 663.0 Entertainment One ...... 556.5 0.0 589.0 336.4 Draper Esprit ...... 450.0 8.0 548.0 410.0 Tesco ...... 238.4 -1.2 253.0 189.6 Ferguson ...... 6636.0 34.0 6636.0 4749.0 QinetiQ ...... 318.4 -0.6 319.0 267.0 Bankers InvTst ...... 944.0 -2.0 970.0 766.0 HOUSEHOLD GOODS Burberry Gp...... 2068.0 6.0 2345.0 1623.5 Euromny Inst Inv...... 1368.0 10.0 1498.0 1132.0 G4S ...... 208.0 -1.1 234.3 168.3 Eland Oil & Gas ...... 164.4 0.1 164.6 101.0 Rolls-Royce ...... 769.0 32.8 988.4 702.0 BlackRock Smaller .... 1496.0 0.0 1500.0 1160.0 FOOD PRODUCERS Barratt Devel ...... 630.8 4.0 683.0 434.0 PZ Cussons ...... 205.0 1.5 244.0 178.6 Future ...... 1418.0 -70.0 1514.0 465.0 Hays ...... 162.8 1.4 165.3 135.7 EMIS Group ...... 1050.0 -2.0 1242.0 864.0 Senior ...... 188.0 -0.1 260.0 174.0 BMO Global Smaller ...... 136.1 -1.2 140.6 122.0 Assoc British Foods....2374.0 125.0 2638.0 2041.0 Bellway ...... 3198.0 38.0 3536.0 2419.0 Informa ...... 794.8 11.4 892.0 605.8 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1148.0 -27.0 1263.0 849.0 Fevertree Drinks ...... 1787.5 -32.5 2475.0 1787.5 Ultra Electronics ...... 1964.0 16.0 2252.0 1232.0 Caledonia Inv ...... 2990.0 -10.0 3110.0 2740.0 Bakkavor ...... 122.0 2.4 170.0 93.3 Berkeley Grp Hldgs ...4453.0 13.0 4541.0 3226.0 ITV ...... 135.4 1.9 158.8 103.6 AstraZeneca ...... 7363.0 -119.0 7580.0 5325.0 Intertek Gp ...... 5356.0 -18.0 5962.0 4494.0 First Derivatives ...... 2300.0 100.0 3555.0 2050.0 AUTOMOBILES & PARTS City of London IT ...... 420.0 0.5 431.5 376.0 Cranswick ...... 3174.0 6.0 3408.0 2472.0 Bovis Homes Gp ...... 1174.0 7.0 1226.0 828.0 Moneysupermkt.com ...353.3 4.7 417.7 267.0 Dechra Pharma ...... 2574.0 -38.0 3036.0 2014.0 IWG...... 395.2 -0.1 421.9 199.8 Edin Inv Trust ...... 607.0 1.0 654.0 535.0 Greencore Gp ...... 235.8 2.6 238.6 162.8 Frontier Devs ...... 1120.0 52.0 1160.0 740.0 Aston Martin...... 418.3 -2.7 1374.4 399.3 Countryside Prop ...... 348.8 0.2 368.0 276.8 Pearson ...... 704.2 5.6 1027.5 674.2 Genus ...... 3056.0 64.0 3062.0 2124.0 Network Int...... 525.0 -5.0 628.0 513.0 F&C Investment ...... 723.0 0.0 731.0 616.0 Hilton Food Gp ...... 1014.0 -6.0 1088.0 884.0 Gamma Comms ...... 1180.0 5.0 1195.0 688.0 TI Fluid Systems ...... 202.0 8.0 215.0 155.2 GlaxoSmithKline ...... 1730.0 -24.0 1782.0 1418.0 Pagegroup ...... 450.2 0.8 539.0 367.8 Fidelity China SPE ...... 220.5 3.5 250.0 183.4 Tate & Lyle ...... 668.0 -11.0 800.4 658.4 GB Group ...... 613.0 4.0 631.0 410.5 BANKS MAIN CHANGES UK 350 Hikma Pharma ...... 2003.0 3.0 2200.0 1510.5 Paypoint...... 887.0 -17.0 1118.0 748.0 Fidelity Euro Values .....253.0 -2.5 257.5 202.0 Unilever ...... 4605.5 10.5 5324.0 3941.0 REAL ESTATE Rentokil Initial ...... 438.5 -8.3 467.8 310.6 Gooch & Housego ...... 1090.0 0.0 1755.0 954.0 Barclays ...... 169.2 1.0 178.9 136.2 Fidelity Spec Val ...... 269.0 1.0 269.0 220.0 FORESTRY & PAPER Risers % Fallers % Ã Ä Sanne Group ...... 540.0 -5.0 752.0 450.0 Hurricane Energy ...... 42.0 -0.9 53.6 38.7 BGEO Group ...... 1346.0 46.0 1755.0 1252.0 Finsbury G&I Tst ...... 885.0 2.0 958.0 741.0 Assoc British Foods ...... 2374.00 5.6 Rank Gp...... 220.00 -7.8 Assura ...... 74.0 -0.2 75.4 52.5 Mondi ...... 1691.0 17.0 1898.0 1510.5 Serco ...... 157.6 0.5 157.6 84.1 Impax Asset Mgmt ...... 269.0 5.0 295.0 184.0 HSBC Hldgs...... 597.9 1.9 680.6 580.9 GCP Infra Inv ...... 129.0 0.0 131.6 122.4 Oxford Instruments ...... 1406.00 5.2 Fisher (James) ...... 1898.00 -5.6 Big Yellow Gp ...... 1134.0 -8.0 1152.0 858.5 GENERAL FINANCIAL SIG ...... 113.1 -0.2 153.0 99.3 Iomart Group ...... 365.0 9.5 410.0 308.0 Lloyds Banking ...... 58.1 0.3 66.6 48.6 Genesis Emerging ...... 774.0 5.0 783.0 618.0 Rolls-Royce ...... 769.00 4.5 Future ...... 1418.00 -4.7 BMO Comm Prop ...... 117.0 0.0 141.8 106.0 Travis Perkins...... 1455.5 -10.0 1490.0 1004.5 Royal Bank of Scot ...... 216.5 -0.2 270.4 177.7 Greencoat UK ...... 148.8 1.2 148.8 124.4 3i Group ...... 1150.0 1.5 1184.5 756.2 Softcat ...... 1047.00 4.3 Centamin ...... 114.40 -4.5 British Land ...... 603.8 1.0 638.4 468.3 IQE...... 71.0 -2.5 98.0 47.6 Schroders ...... 3253.00 4.3 Ascential ...... 335.00 -4.1 TECHNOLOGY HARDWARE & EQUIPMENT Standard Chartered .....736.6 18.4 736.8 567.2 Harbourvest Glb ...... 1686.0 -10.0 1786.0 1326.0 Ashmore Gp ...... 489.4 11.4 542.5 341.2 Captl & Count Prop ...... 254.7 -1.8 279.5 184.8 James Halstead ...... 516.0 0.0 532.0 367.0 TI Fluid Systems ...... 202.00 4.1 Hochschild Mining ...... 198.50 -3.2 TBC Bank Group...... 1310.0 2.0 1706.0 1150.0 Herald Inv Trust ...... 1320.0 2.0 1364.0 1055.0 Brewin Dolphin ...... 340.0 1.2 358.0 287.6 CLS Hldgs ...... 244.5 -4.0 266.5 195.4 Comms ...... 202.5 3.7 208.5 112.8 Johnson Service Gp .....175.0 0.0 183.2 113.6 BGEO Group ...... 1346.00 3.5 Sirius Minerals ...... 2.93 -2.9 Virgin Money UK ...... 144.1 2.9 272.8 104.4 Close Brothers ...... 1420.0 15.0 1605.0 1227.0 Daejan Hldgs ...... 4930.0 40.0 6160.0 4715.0 HICL Infr ...... 173.6 1.4 173.6 156.6 Antofagasta ...... 929.00 3.4 Aveva Gp ...... 4140.00 -2.7 TOBACCO Keywords Studios ...... 1117.0 44.0 1838.0 900.0 JPM American ...... 469.0 0.0 494.5 386.5 Coats Group ...... 71.3 -0.7 91.3 69.1 Derwent London ...... 3550.0 -10.0 3638.0 2779.0 BEVERAGES Weir Gp ...... 1480.00 3.3 McCarthy & Stone ...... 141.60 -2.7 Br Am Tob ...... 2791.0 4.0 3426.0 2375.0 Learning Tech Gp ...... 108.0 0.0 130.0 62.2 JPM Emerg Mkt ...... 980.0 6.0 1066.0 787.0 Finablr ...... 170.0 1.8 176.4 140.2 Grainger ...... 262.4 2.8 291.0 205.8 Barr (AG) ...... 542.0 -1.0 975.0 540.0 Jupiter Fund Mngt ...... 359.30 3.1 Babcock Intl Grp ...... 530.20 -2.4 Imperial Brands ...... 1749.2 10.8 2750.0 1692.4 M&C Saatchi ...... 178.0 -2.0 394.0 146.0 JPM Indian IT ...... 755.0 0.0 790.0 609.0 Hargreaves Lans...... 1794.0 45.0 2433.0 1633.0 Grt Portland Est ...... 793.2 3.8 799.6 649.4 Britvic ...... 963.5 -16.0 1068.0 782.5 TRAVEL & LEISURE M.P. Evans ...... 656.0 6.0 722.0 612.0 JPM Japan IT ...... 458.0 4.5 458.0 367.0 IG Gp...... 651.2 5.4 651.2 474.8 Crest Nicholson ...... 375.0 3.2 435.2 309.4 RELX ...... 1829.5 -13.0 2011.0 1531.0 Hammerson ...... 290.7 -1.4 445.5 203.9 Coca-Cola HBC AG ...... 2337.0 -5.0 3074.0 2244.0 Majestic Wine ...... 259.0 3.0 409.0 219.0 Jupiter European ...... 781.0 0.0 875.0 666.0 Integrafin Holdings .....390.0 0.0 406.1 271.8 McCarthy & Stone...... 141.6 -3.9 158.8 123.5 Rightmove Group ...... 593.0 1.2 602.8 420.9 Land Securities...... 916.6 2.6 963.0 735.4 Carnival ...... 3243.0 57.0 4650.0 3056.0 Diageo ...... 3101.5 -29.0 3625.5 2701.0 Jupiter Fund Mngt ...... 359.3 10.9 432.0 287.6 Intermediate Capital 1480.0 28.0 1501.0 899.0 Persimmon ...... 2277.0 7.0 2471.0 1836.0 WPP ...... 993.2 9.2 1038.0 800.4 LondonMetric Prop ...... 232.6 -0.4 234.2 172.7 Cineworld Group ...... 229.1 3.0 321.0 212.0 Midwich Group ...... 520.0 0.0 633.0 474.5 CHEMICALS Law Debenture ...... 606.0 4.0 618.0 534.0 Intl Public Prtnshps .....160.0 1.2 165.4 146.8 Reckitt Benckiser ..... 5860.0 -34.0 6703.0 5593.0 MINING NewRiver Retail ...... 200.0 -0.5 246.0 147.6 Compass Gp ...... 2006.0 -6.0 2138.0 1515.0 Mortgage Advice B .....609.0 17.0 620.0 546.0 Investec ...... 466.1 7.2 518.6 395.3 Redrow...... 611.0 11.0 649.0 460.8 Primary Hlth Prop ...... 140.2 -0.2 141.8 108.0 Croda International . 4886.0 28.0 5375.0 4564.0 Mercantile IT ...... 226.0 -1.0 230.0 168.0 Anglo American ...... 2086.5 6.5 2266.0 1539.0 Dominos Pizza ...... 270.0 -2.8 297.2 221.2 Next Fifteen Comm ...... 473.5 -17.0 658.0 471.0 IP Group ...... 57.5 -0.9 122.0 55.7 Taylor Wimpey ...... 170.1 1.9 192.2 129.3 Safestore Hldgs ...... 707.5 4.5 707.5 506.5 Elementis...... 163.8 4.9 214.2 129.8 Monks Inv Tst ...... 914.0 1.0 964.0 710.0 Antofagasta ...... 929.0 30.2 1022.5 738.0 easyJet ...... 1320.0 10.0 1347.5 854.8 Nichols...... 1547.5 -12.5 1880.0 1350.0 John Laing Gp ...... 364.6 -1.0 402.0 298.2 Savills ...... 916.0 -5.5 957.0 678.5 Johnson Matt...... 3262.0 64.0 3454.0 2620.0 Murray Intl Tst ...... 1232.0 2.0 1232.0 1058.0 INDUSTRIAL ENGINEERING BHP Group ...... 1764.6 41.8 2049.0 1497.2 EI Group ...... 281.8 -0.2 285.0 171.4 Numis Corporation ...... 231.5 5.0 301.0 212.0 London Stock Exch ....6962.0 -88.0 7514.0 3867.0 SEGRO ...... 839.0 -4.4 850.8 585.2 Synthomer ...... 291.8 3.4 458.6 279.0 NB Glbl Fltg Rate Inc .....89.6 0.0 91.8 87.6 Bodycote ...... 771.0 13.0 903.0 652.0 Centamin ...... 114.4 -5.3 152.3 79.8 FirstGroup ...... 128.0 0.0 137.5 79.3 Man Group ...... 150.4 2.0 175.2 126.8 Shaftesbury ...... 937.0 0.0 979.5 739.5 Polar Capital Hdgs ...... 506.0 0.0 604.0 448.0 Victrex ...... 2318.0 26.0 2720.0 1845.0 Pantheon Intl Partn .2280.0 -20.0 2330.0 1955.0 Hill & Smith ...... 1352.0 10.0 1352.0 1034.0 Fresnillo ...... 707.4 -13.8 1027.5 601.0 Flutter Ent...... 8010.0 78.0 8210.0 5525.0 Onesavings ...... 356.2 1.0 447.4 313.6 St Modwen Props ...... 445.5 -1.0 472.0 370.2 Purplebricks Gp ...... 114.0 0.8 132.0 96.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ....319.5 -0.5 339.0 284.5 IMI ...... 1067.5 24.0 1069.5 870.0 Glencore ...... 259.1 7.0 340.3 222.2 Go-Ahead Gp ...... 1969.0 -39.0 2234.0 1480.0 Paragon...... 515.0 6.5 515.0 379.2 TR Property IT ...... 442.0 -6.0 450.0 353.5 Redde...... 110.2 3.0 127.6 100.6 Pershing Square ...... 1432.0 -4.0 1570.0 990.0 Melrose Ind ...... 223.0 2.1 223.0 146.3 Hochschild Mining ...... 198.5 -6.5 227.0 149.9 GVC Hldgs ...... 823.0 19.6 897.4 507.5 Balfour Beatty ...... 225.2 -1.6 295.0 194.2 Plus500 ...... 794.8 5.8 1647.0 495.0 Tritax Big Box ...... 151.2 0.0 159.7 130.0 Renew Holdings...... 382.0 0.0 436.5 333.0 Personal Assets Tst 42000.0 -150.0 43150.0 RHI Magnesita ...... 3610.0 52.0 5000.0 3318.0 Kaz Minerals ...... 515.0 15.1 738.4 380.3 Intercontl Htls ...... 4773.0 63.0 5738.0 4230.4 CRH ...... 2879.0 6.0 2879.0 1971.5 Provident Fin ...... 445.0 -1.8 658.6 356.0 UK Commercial Prop .....86.8 -0.1 92.7 79.9 38900.0 Rotork ...... 325.0 5.1 325.0 235.7 Polymet Int...... 1246.5 -24.5 1272.0 700.2 Intl Cons Airl...... 542.4 -5.4 667.6 413.5 RWS Holdings ...... 593.0 -5.0 652.0 450.0 Galliford Try...... 740.0 5.0 900.5 512.0 Quilter ...... 143.9 1.9 156.6 110.6 Unite Group ...... 1127.0 -1.0 1174.0 797.5 Polar Cap Tech Tst ...... 1452.0 6.0 1500.0 1066.0 Spirax-Sarco...... 8330.0 130.0 9400.0 5900.0 Rio Tinto ...... 4343.0 49.0 4976.5 3513.5 Marstons ...... 121.9 -1.0 131.3 90.5 Scapa Group ...... 223.0 5.5 445.0 157.0 Grafton Group...... 795.0 1.5 937.0 630.0 Rathbone Brothers ....2160.0 20.0 2540.0 2075.0 Workspace Gp ...... 1045.0 13.0 1045.0 789.5 Renewables Infra Gp ...132.8 0.6 133.2 109.6 Weir Gp ...... 1480.0 47.5 1814.0 1240.0 Sirius Minerals...... 2.9 -0.1 24.3 2.9 Mitchells & Butlers ...... 423.5 -6.0 432.0 238.0 Secure Income REIT ...429.0 3.0 454.0 371.0 Ibstock ...... 250.0 5.4 262.0 193.1 Schroders ...... 3253.0 133.0 3253.0 2334.0 SOFTWARE & COMPUTER SERVICES RIT Cap Partners ...... 2155.0 -15.0 2170.0 1892.0 National Express ...... 443.0 1.0 462.0 361.4 Serica Energy...... 134.2 -0.6 143.4 103.6 Marshalls ...... 727.5 5.5 740.0 415.2 TP ICAP ...... 366.8 -0.2 367.0 270.0 INDUSTRIAL METALS MOBILE TELECOMMUNICATIONS Riverstone Energy ...... 468.0 -4.0 1256.0 441.5 Avast...... 426.4 3.0 426.4 259.6 PPHE Hotel Gp ...... 1870.0 0.0 1990.0 1540.0 Polypipe Group ...... 453.0 0.0 466.0 312.8 Evraz ...... 377.0 -1.7 709.4 367.2 Inmarsat...... 558.0 5.6 608.2 362.8 Smart Metering Sys.....499.4 9.4 665.0 310.0 Schroder Asia ...... 450.5 3.5 469.5 388.0 GENERAL RETAILERS Aveva Gp...... 4140.0 -116.0 4256.0 2284.0 Rank Gp ...... 220.0 -18.5 247.5 135.0 DIVERSIFIED INDUSTRIALS Ferrexpo ...... 131.9 0.2 301.3 123.0 Vodafone Gp ...... 162.0 1.7 168.9 123.3 Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Inv Tst ...... 825.0 -1.0 843.0 748.0 B&M ...... 377.1 -5.3 426.3 278.6 Computacenter...... 1360.0 -6.0 1525.0 952.0 Restaurant Grp ...... 134.8 -2.9 175.3 111.9 Thorpe (F.W.) ...... 274.0 2.0 340.0 248.0 Smith (DS) ...... 378.4 6.3 383.6 292.2 Scottish Mortgage ...... 515.5 4.0 568.5 441.4 Card Factory ...... 174.6 1.2 209.0 151.2 INDUSTRIAL TRANSPORTATION NONLIFE INSURANCE FDM Group...... 749.0 -1.0 994.0 647.0 Stagecoach Gp...... 137.1 1.1 177.0 115.5 Smiths Gp...... 1667.5 16.0 1692.0 1315.0 Sequoia Econ Infra ...... 114.2 0.0 117.6 108.5 Dixons Carphone ...... 124.0 -2.3 175.3 104.9 BBA Aviation ...... 305.0 -4.0 324.8 207.0 Admiral Gp ...... 2063.0 28.0 2300.0 1958.0 Kainos Gp ...... 526.0 4.0 676.0 430.0 Wetherspoon (JD) ...... 1469.0 17.0 1624.0 1066.0 Watkin Jones ...... 238.5 3.0 241.5 192.2 Smurfit Kappa Gp...... 2714.0 -44.0 2758.0 1934.0 Smithson Inv ...... 1214.0 -4.0 1280.0 1000.2 Dunelm Gp...... 762.5 -5.5 981.0 482.8 Clarkson ...... 2845.0 45.0 2900.0 1878.0 Beazley ...... 582.5 -1.0 628.0 492.6 Micro Focus Intl ...... 1035.0 5.0 2160.0 1004.0 Whitbread ...... 4182.0 7.0 5114.0 3988.0 Young’s Brew NV ...... 1140.0 -40.0 1238.0 1030.0 Vesuvius...... 418.6 9.6 642.0 341.0 Syncona ...... 227.5 -0.5 294.0 213.5 Howden Joinery Gp.....580.4 -0.4 584.2 416.4 Fisher (James) ...... 1898.0 -112.0 2260.0 1600.0 Direct Line Ins ...... 277.8 3.3 366.5 272.1 Playtech ...... 398.0 -1.5 468.0 360.5 William Hill ...... 173.9 -2.4 205.2 132.3 Young’s Brew-A...... 1600.0 0.0 1885.0 1322.5 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 281.35 -4.75 296.35 180.10 3M ...... 175.27 0.37 219.50 150.74 AIR LIQUIDE ...... 119.50 0.40 130.80 102.40 ABBOTT LABORATORIES ...... 82.34 0.12 88.74 65.56 ALLIANZ AG ...... 221.60 -0.45 222.90 172.16 ADOBE INC ...... 289.29 11.79 311.27 205.16 AMADEUS IT GROUP ...... 66.98 -0.66 70.00 42.30 ALPHABET NON VTG-C ...... 1292.03 0.66 1291.37 976.2 ALPHABET-A ...... 1291.44 1.83 1289.61 1116.79 ANHEUSER BUSCH INBEV ...... 71.53 0.50 92.71 57.35 AMAZON.COM ...... 1801.71 -2.95 2020.99 1343.96 ASML HOLDING NV ...... 246.50 1.65 244.85 130.88 AMERICAN EXPRESS ...... 118.77 -0.85 128.57 89.50 AXA ...... 24.23 0.14 24.37 18.54 APPLE INC ...... 257.13 -0.37 257.50 142.19 BANCO SANTANDER ...... 325.60 -5.05 402.00 301.00 AT&T ...... 39.17 0.28 38.95 27.36 BASF...... 71.03 0.74 74.49 56.20 BANK OF AMERICA ...... 32.82 0.42 32.40 22.7 BAYER AG...... 71.64 0.36 72.81 52.53 BERKSHIRE HATHAWAY...... 220.88 2.90 222.42 187.7 BMW ...... 72.80 1.20 77.75 58.70 BOEING CO ...... 358.29 7.20 432.69 294.16 CATERPILLAR INC ...... 146.37 -0.55 146.92 113.38 BNP PARIBAS ...... 49.10 0.65 48.98 38.55 CHEVRON ...... 121.94 0.37 126.54 100.99 CRH ...... 2879.00 6.00 2879.00 1971.50 CISCO SYSTEMS ...... 47.76 0.28 58.05 40.28 DAIMLER ...... 53.32 0.17 59.31 40.53 CITIGROUP ...... 74.83 -0.32 75.15 49.26 DANONE ...... 73.50 -0.12 82.00 60.28 COCA-COLA CO ...... 52.42 -0.72 55.77 44.69 DEUTSCHE POST AG ...... 32.67 0.19 32.48 23.72 COMCAST ...... 44.28 0.39 46.97 33.0 DEUTSCHE TELEKOM ...... 15.64 -0.03 16.25 14.10 DOW ...... 54.20 0.03 66.65 40.7 ENEL ...... 6.91 -0.06 6.97 4.45 EBAY INC ...... 35.48 0.07 41.57 26.14 EXXON MOBIL ...... 73.09 1.42 83.38 65.5 ENGIE...... 14.71 -0.17 15.12 11.99 FACEBOOK ...... 194.32 -0.40 204.87 174.60 ENI ...... 14.20 0.22 15.94 13.04 GOLDMAN SACHS GROUP ...... 218.64 -1.23 231.65 156.3 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 232.20 -2.72 237.93 158.14 FRESENIUS MEDICAL CARE ...... 67.78 1.02 76.32 56.64 HONEYWELL INTERNATIONAL ...... 180.68 0.68 180.00 124.8 IBERDROLA ...... 9.04 -0.10 9.54 6.02 IBM ...... 137.89 0.22 151.36 107.5 INDITEX ...... 28.09 -0.12 32.37 2.55 INTEL ...... 57.55 -0.06 58.82 43.46 ING GROEP NV...... 10.55 0.17 12.05 8.34 JOHNSON & JOHNSON ...... 130.42 0.19 147.84 122.84 INTESA SANPAOLO...... 2.34 0.03 2.34 1.83 JPMORGAN CHASE & CO ...... 129.10 0.28 128.82 92.14 MASTERCARD INC ...... 269.00 -7.33 292.08 174.6 KERING ...... 525.80 0.30 537.50 374.20 MCDONALD’S ...... 192.18 3.52 221.15 170.28 KON KPN NV ...... 2.78 0.02 2.96 2.34 MEDTRONIC ...... 105.53 -1.62 111.18 82.4 L’OREAL ...... 263.20 2.70 263.10 195.25 MERCK & CO ...... 82.92 -0.98 86.91 71.1 LVMH MOET HENNESSY ...... 400.25 2.75 397.50 243.25 COMMODITIES TOURIST RATES MICROSOFT ...... 144.46 -0.09 144.61 94.1 MUENCHENER RUECKVE ...... 249.60 -1.10 250.80 185.10 NETFLIX ...... 288.03 -4.83 385.03 233.88 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1509.45 +0.65 Copper Cash Official...... 5846.25 +50.25 Canada ...... 1.612 New Zealand ...... 1.869 NIKE INC ...... 89.88 0.02 96.22 67.5 ORANGE ...... 14.32 -0.07 15.16 13.15 Silver (Pence) ...... 1818.50 +6.50 Aluminium Cash Official ...... 1786.75 +21.25 Croatia ...... 7.789 Norway...... 11.20 ORACLE ...... 55.67 0.22 60.15 42.69 PAYPAL HOLDINGS ...... 100.99 -1.82 121.30 96.64 ROYAL PHILIPS ...... 39.77 -0.21 44.34 29.10 Silver (Cents) ...... 1407.00 +9.00 Nickel Cash Official ...... 16590.00 -157.50 Czech Republic ...... 27.15 Poland ...... 4.3429 Krugerrand ...... 1505.55 -24.02 Aluminium Alloy Cash Official ...... 1355.00 -10.00 ...... 8.2289 Singapore ...... 1.6315 PEPSICO ...... 134.01 -1.15 140.28 118.6 SAFRAN ...... 142.70 -0.80 145.00 100.70 Brent Crude ...... 62.13 +0.44 Natural Gas ...... 43.61 +0.79 Hong Kong ...... 9.5864 ...... 11.82 PFIZER INC ...... 37.48 -0.55 46.23 34.24 SANOFI ...... 82.76 0.06 85.25 72.24 Platinum ...... 947.00 +15.00 Tin Cash Official ...... 16437.50 -112.50 Iceland ...... 141.38 Switzerland ...... 1.2146 PROCTER & GAMBLE ...... 118.90 -0.17 124.94 87.36 SAP SE ...... 120.36 -0.46 124.38 85.79 British Sovereign ...... 351.72 -5.50 Zinc Cash Official ...... 2585.75 +45.25 India ...... 80.31 Turkey ...... 7.0226 TRAVELERS COMPANIES ...... 131.27 1.07 154.83 112.6 SCHNEIDER ELECTRIC ...... 86.62 0.98 85.64 57.58 Lead Cash Official ...... 2175.50 u/c White Sugar ...... 344.10 +4.00 Israel ...... 4.0785 United States ...... 1.2308 TWITTER ...... 29.81 -0.24 45.42 29.6 SIEMENS AG ...... 108.38 0.92 108.66 85.00 UNITED HEALTH GROUP ...... 250.30 -0.95 286.33 215.26 SOCIETE GENERALE...... 26.97 0.41 33.87 21.13 WORLD INDICIES UNITED TECHNOLOGIES ...... 147.85 0.34 147.51 102.06 COMMUNICATIONS ...... 59.50 -0.37 61.05 53.0 TELEFONICA SA ...... 6.87 -0.07 9.18 5.94 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 176.37 -2.58 185.74 168.86 TOTAL ...... 49.30 0.79 52.27 43.18 FTSE 100...... 7388.08 +18.39 +0.25 S&P 500...... 3074.61 -3.66 -0.12 CAC 40 ...... 5846.89 +22.59 +0.39 Hang Seng ...... 27683.40 +136.10 +0.49 WALGREENS BOOTS ALLIANCE...... 61.21 1.56 76.05 49.29 UNILEVER NV ...... 52.99 0.49 57.56 46.03 FTSE 250 ...... 20294.99 +45.27 +0.22 Dow Jones I.A ...... 27492.63 +30.52 +0.11 Swiss Market Index ...... 10272.98 +20.74 +0.20 Nikkei ...... 23251.99 WALMART ...... 118.86 1.29 120.24 85.8 VINCI ...... 101.15 -1.25 102.40 70.50 FTSE All-Share ...... 4065.31 +9.41 +0.23 Nasdaq Composite ...... 8434.68 +1.48 +0.02 ISEQ Overall Index ...... 6781.08 +3744.18 +123.29 STI Index ...... 3248.63 -0.66 -0.02 WALT DISNEY CO ...... 131.45 -1.47 146.39 100.3 VIVENDI ...... 25.03 0.02 26.42 20.93 FTSE AIM All-Share ...... 890.90 +1.58 +0.18 Xetra DAX...... 13148.50 +12.22 +0.09 FTSEurofirst 300 ...... 1585.03 +3.16 +0.20 ASX All Ordinaries...... 6811.60 +11.80 +0.17 WELLS FARGO & CO ...... 53.30 0.58 54.35 43.38 22 OPINION WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Let the Berlin Wall remind us TO THE EDITOR Who wants to be of Communism’s tragic cost a billionaire?

[Re: Do British voters really want to ban HIRTY years ago this Satur- cross it over the years, and what at rather than butter for its people, the billionaires like Corbyn says?] day, on 9 November 1989, first seemed an impregnable edi- Alan spectre of the Communist world Robert Colvile justifies the vast wealth one of the greatest sym- fice proved a permanent reminder Mendoza might still be haunting us today. accumulated by billionaires on the bols of oppression the of the moral bankruptcy of the All this may seem to be a distant grounds that people who start companies T or invent useful products should receive a world has ever known Communist system. history lesson. But incredibly, began to be dismantled. As if emboldened by the Berlin British politics today is not immune “fair share” of the wealth they create. The Berlin Wall had stood since Wall’s cold embrace, the GDR be- to the charms of Communist nos- That’s quite a leap – if he ever tires of the 1961, built by its East German mas- came the archetypal police state, ex- talgia or revisionism. think tank game, he should try basketball. ters to encircle Allied-controlled erting firm ideological control. At The Labour party leader Jeremy Everyone agrees that people who do West Berlin. the time of its collapse, nearly Corbyn once suggested that Nato something useful for society should be But it was much more than simply 100,000 East Germans worked di- If the West does not was set up to “promote a Cold War rewarded for that. But does a £1bn-plus a barricade. It became the very sym- rectly for the country’s secret police, with the Soviet Union”. He has sur- fortune constitute a fair share? It’s more bol of the struggle between the free the Stasi, with hundreds of thou- remember the Soviet rounded himself with individuals than the GDP of several small countries. and Communist worlds, its brood- sands more acting as unofficial in- like Seumas Milne — who has You could live a lifestyle beyond the wildest ing, baleful presence providing an formants decrying the “deviant” Union’s abuses, we praised the Communist world for dreams of most people on two per cent of ever-present reminder to Europeans behaviour of their fellow citizens. open the door to its having inspired “genuine idealism that amount. that their continent was divided by So complete was Stasi control that and commitment” and “social and This is clearly far more than is necessary an ideology of oppression. it was not unknown for husbands modern-day variants women’s equality” — and Andrew to incentivise “wealth creation”, even if one For uniquely among city walls in to betray their wives, and vice versa. Murray, a member of various British buys the dubious notion that wealth is history, Berlin’s variant was built to Yet despite this wholesale sup- Communist institutions for some created by individual hero entrepreneurs keep people in, rather than out. pression of liberty, when a wave of 40 years, leaving only in 2016. rather than collective endeavour. Did Steve By 1961, it had become evident to unrest swept across Communist These Presidents — and other lead- They are quiet about what they Jobs succeed by foraging for cobalt, hand- the rulers of the German Demo- Hungary and Poland in late 1989, ers like them such as Margaret believe now. But what they believed crafting each individual iPhone, and then cratic Republic (GDR) that, left the GDR could not remain immune Thatcher — calculated correctly that then is a matter of historical record. personally delivering it to his customers, or unchecked, emigration to West Ger- from the mass yearning of bru- attempting to undermine the Wall Let us be under no illusions. Com- by drawing on extensive publicly funded many posed an existential threat. talised populations to secure the by extolling the virtues of freedom munist life echoed the Hobbesian re- research and the work of thousands of The main East German border had freedoms others had. and choice would have repercus- frain: poor, nasty, and brutal. Those colleagues? been closed in 1952, but Berlin — oc- And once the Wall finally did sions far beyond Berlin itself. who dared to protest and assert Generating wealth is critical to raising cupied as it was by all four Allied come tumbling down, the collapse But for every leader looking to their inalienable human rights living standards, but is easier said than powers after the War — still offered of the entire Communist world shine a light on Communist abuses, could add “solitary” and “short” to done. Measures to ensure fairer an escape route from the misery of order was not far behind it. there were those fellow travellers complete their quintet of misery, distribution of existing resources also have life under Communism. By 1961, This was not coincidental. The who sought to excuse such excesses, such was the depth of repression. a role to play. Redirecting more of anywhere between 2.7 and 3.5m unique mythology of the Wall to and instead blame the West for The world is far better for the ex- billionaires’ wealth towards pay increases East Germans had fled to the West. the stories of both the West and threatening world peace. On the pungement of Communist rule. for low and middle earners or investments With their dreams of nirvana East was twice recognised by US mass human rights abuses of the But if the West does not remember in healthcare, education and green energy evaporating before their eyes, the Presidents during the Cold War. Soviets and their allies, they were of Communism’s abuses and recall is obviously practically and morally the Communists took the only course First in 1963, when President course silent. our own crucial role in hastening right thing to do. of action they felt could stem the Kennedy exclaimed “Ich bin ein Had it not been for the determina- its demise, we open the door once We’ll end up with a much nicer country – tide: the erection of a barrier to Berliner”, then in 1987, when Presi- tion of those western leaders who more to its modern-day variants in and the billionaires themselves will still physically restrain their population. dent Reagan admonished his Soviet sought to promote freedom at every their challenge to who we funda- have plenty to get by on. With its foreboding watch towers opposite number with the cry of turn, these apologists may well have mentally are. Luke Hildyard, director, High Pay Centre and wide “death strip”, the Berlin “Mr Gorbachev, tear down this carried the day. And rather than Wall accomplished what it set out Wall!”, the leaders of the free world being driven into economic and £ Alan Mendoza is executive director of to do — but at a cost. Some 200 East recognised the particular and calcu- political ruin as a consequence of the Henry Jackson Society. The views BEST OF Germans died trying in vain to lated menace that it embodied. prioritising guns against the West expressed are his personally. TWITTER Corbyn: Tories will deliver Thatcherism “under the banner of Brexit”. NB 39% (vs 31%) think her tenure was good for GB while 38% (vs 28%) say she left the it better off economically, more From World War II to the financial crisis, respected in the world (49% vs 17%) & with better opportunities for women (40% vs 11%). our institutional memory is fading fast @ProfTimBale A shorter working week may well raise HE YOUNG contestants on That said, the Second World War tivity, away from popular culture, labour #productivity (i.e. output per Lord Sugar’s reality TV is of far more historic significance Paul this shortening of collective mem- hour worked). But productivity would show The Apprentice than Britain’s colonial skirmishes. Ormerod ory may have disturbing conse- have to jump by as much as 25% if Tsparked outrage last week. The participants in The Apprentice quences for all of us. people wanted to earn the same total They appeared to have vir- might, one would think, be ex- In financial markets, for example, pay despite working only 4 days tually no knowledge about the Sec- pected to know more about it. there is a traditional tale that a cri- instead of 5. This is just maths. ond World War. Their ignorance reflects a more sis happens precisely when the in- @julianHjessop The online clips of the sequence general trend towards what can be stitutional memory of the last crisis capture to perfection their expres- described as a shortening of cul- has faded. But if traders and deci- To be fair to Corbyn, he’s playing the sions of bovine outrage at even tural memory. sion-makers develop shortened Remainers for mugs again. The being expected to know such an es- This can be seen in many seem- turnover in popularity of names has memories, crises could become practical political reality is there’s no oteric thing as how long the War ingly unrelated ways. increased dramatically. It was more frequent. way Corbyn can negotiate a deal with lasted. For many viewers, it was a Baby names, for example, are im- steady for almost the whole of the Already bodies such as the Interna- the EU, sign it, then say “this deal I’ve powerful argument for an immedi- portant indicators of culture. The twentieth century – once a name tional Monetary Fund are warning secured is rubbish, don’t support it”. ate raising of the voting age to at example may seem slightly frivo- had made it into the top 10, say, it about the build-up of private sector Labours formal position will have to least 35. lous but, as the American poly- tended to stay there a long time. But debt, even though it is scarcely a be Leave. Trying to be fair, I reflected on my math Stephen Pinker has written, the “churn” is now running at a decade since such debt precipitated @DPJHodges own knowledge of the Boer War. the choice of name “encapsulates rate nearly 10 times greater. the global financial crisis. The gap between that and my birth the great contradiction in human The outcomes of behaviour on the The apparent ignorance of The Ap- This UK election is going to be fought is not that much more than the one life: between the desire to fit in and internet provide a more obvious ex- prentice candidates offers a warn- between a government wildly between World War II and Lord the desire to be unique”. ample. At any point in time, the ing to us all. overstating the potential benefits of a Sugar’s wannabes. Whenever there is a royal birth in most popular memes on Twitter or US FTA and an opposition wildly I have to confess that it is very the UK, the name given to the new the most viewed videos on YouTube £ Paul Ormerod is an economist at overstating the potential harms. A sketchy. I know it was around 1900. baby enjoys a surge in popularity as are often millions of times more Volterra Partners LLP, a visiting professor side plot will be the fight between The Boers nearly pulled off a shock people copy what is fashionable. popular than the average. But their in the Department of Computer Science myself and the overwhelming urge to victory, but our boys pipped them But there is also the desire to give popularity is ephemeral. at UCL, and author of Against the Grain: drink heavily. in extra time. And there was a siege your baby a distinctive name. In what many would regard as far Insights of an Economic Contrarian, @DmitryOpines at somewhere called Mafeking. In the twenty-first century, the more serious areas of economic ac- published by the IEA. CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 OPINION 23

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam How to place rocket boosters DEBATE under our engineering industry Was McDonald’s right to sack its chief executive for a consensual HAT do prosthetic limbs, gineering can make that a reality. cosmetics, clean water, Hayaatun This Is Engineering is already having relationship with an employee? YouTube, and biodegrad- Sillem an impact: whereas 39 per of teens Wable plastic alternatives said that they would consider a career have in common? None in engineering before the campaign “You can’t help who you fall in love of them would exist without engineers launched, after a year that figure had with” is one of the great romantic – but that would likely come as a sur- risen to 72 per cent among those who clichés. Unfortunately, if you are the prise to most people. had seen it. Importantly, the change £12.3m-per-year boss of McDonald’s, YES Unfortunately, we suffer from nar- in consideration had been greater this is not an excuse you can serve up – row and outdated stereotypes of what among underrepresented groups. with or without fries. MARTIN TOWNSEND engineers do and the role they play in us – from designing our cities and We are building on these founda- When Steve Easterbrook, the society. And this misconception is pre- transport systems, to delivering clean tions to try to reach those who influ- company’s Watford-born chief Easterbrook’s case may have been venting young people in the UK from energy solutions, enhancing cyber se- ence young people’s decisions – executive, embarked on a relationship unconnected, but it won’t have helped. considering these rewarding and var- curity, and advancing healthcare. We parents, grandparents, and teachers. with an employee, it mattered not a jot But even without these factors, any ied careers. In fact, new research from need people from all backgrounds We have made today – 6 November – that he was divorced or that the affair relationship between a boss and EngineeringUK shows that over three and walks of life to draw on their di- This Is Engineering Day, a national was consensual. The company’s rules subordinate has the whiff of an unfair quarters of people aged 11–19 don’t verse experience in order to respond day to publicly celebrate the industry, ban relationships with “direct or power dynamic about it. It neither looks know much about what engineers do, effectively to shared challenges. with organisations and supporters indirect subordinates”. Easterbrook nor feels right in a working environment and almost half have never thought That’s why in January 2018 the Acad- across the country coming together to was fired and accepted the decision. – and any attempt to make it seem so is about becoming an engineer. emy launched This Is Engineering, a showcase the real faces of twenty-first Was this an overreaction? Of course clutching at stripy straws. This deficit of engineering ambition campaign that highlights inspiring sto- century engineering to the public. not. We live in the age of #MeToo, and could have far-reaching implications ries of real young engineers who repre- It’s also why we’ve set out to change McDonald’s has been facing claims £ Martin Townsend is a partner at for all of us. At present, we simply sent the full diversity of the industry search engine image results for the about the sexual harassment of staff. communications consultancy Pagefield. don’t have enough engineers to meet through short films on social media. word “engineer”. Rather than the cur- the needs of our economy: according Take Dr Enass Abo-Hamed, a young rent sea of (predominantly white) men to EngineeringUK, Britain needs up to entrepreneur whose determination to in hard hats and high-vis jackets, 59,000 additional engineering gradu- protect the environment and help we’ve created a public photo library With Britons spending so much time at ates and technicians every year to those in need drove her to set up her featuring an array of diverse engineers the office, and lines increasingly blurring meet demand. own company producing batteries from all areas. We’re challenging web- between home and work, we need to This skills crisis is not just about the that store renewable energy and pro- site owners, the media, advertisers, take a modern approach to romances. NO numbers of people with the skills we vide power for hospitals, schools, and and recruiters to commit to using One in five couples meet at work, while need, it’s also about the diversity homes in the developing world. more representative and inclusive im- 1.4m couple-run firms exist in the UK, EMMA LONG deficit in engineering. It is a source of If young people are looking to make agess when they depict engineers. proving that successful relationships real concern and frustration that only a difference to people and planet, sto- Engineering is everywhere. By chal- and successful businesses can coexist. research suggests that 22 per cent of 12 per cent of the UK’s engineering ries like hers show how a career in en- lenging stereotypes and shining a light Conducted maturely, an office romance workers have dated their boss. workforce are women, while only on the individuals who make possible should not affect either individual’s The stakes are always high: couples nine per cent are from black and mi- so many of the features of modern life, judgement, nor the wider team. meeting at work are more likely to nority ethnic backgrounds. We suffer from we hope to inspire more people from We do not know whether Steve marry than those meeting elsewhere, Too many young people from under- outdated stereotypes all parts of society to choose a profes- Easterbrook’s consensual relationship but six per cent of workers have left a represented groups are missing out sion that shapes our world. had any negative effect on McDonald’s, job after a romance ended. Still, on future-facing, high job satisfaction of the role engineers though the share-price reaction workplace romances should not careers. But the lack of diversity has play in society £ Dr Hayaatun Sillem is chief executive of suggests that investors would have automatically be a sackable offence. profound implications for society too. the Royal Academy of Engineering. To preferred him to stay. The difficulty in Engineers play a profoundly impor- discover more, visit @ThisisEngineering on this case is the seniority of Easterbrook. £ Emma Long is commercial director of tant role in shaping the world around Instagram, or @ThisIsEng on Twitter. But this is also not uncommon: US BizSpace.

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 26/08/2019 till Printed by West Ferry Printers Ltd, Email: [email protected] 29/09/2019 is 82,331 Commercial Sales Director Jeremy Slattery | Head of Distribution Gianni Cavalli Kimpton Rd, Luton LU2 0SX 24 FEATURE WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM OFFICE POLITICS

tural decay – and to transform compa- nies that have been damaged by scan- dals. However, achieving this goal Is the concept isn’t easy or intuitive. It requires some major changes to the way corporate leaders are selected, evaluated, and re- warded, as well as a new approach to how they lead their organisations. of the ethical SPACE Corporate boards have a big role to INVADERS play. More often than not, they could do a better job keeping a critical eye Regus: Offices on high-performing chief execs, hold- CEO too good Free ing leaders accountable for unethical actions, and asking tough questions Sick of working about allegations and other problem in noisy coffee indicators when they arise. to be true? shops? Or are Top bosses themselves need to com- you looking for a municate their ethical expectations to professional their teams, customers, business part- Recent cases do not inspire confidence in environment? ners, and even competitors. They Say hello to should encourage open dialogue on corporate leadership, says José Hernandez Regus, which is ethical dilemmas among employees. one of the Business practices should never be a largest providers taboo subject within the organisation. FISH rots from the head bosses leaving their positions, with Last year, more Arcadia, Volkswagen, Odebrecht, and of short-term They must also foster a culture down.” It’s a worn cliché, nearly 17.5 per cent of chief execs more chief Petrobras (to name a few) have been workspaces in where employees feel empowered to perhaps, but one that res- from the world’s 2,500 biggest compa- executives were marked by shocking allegations that the world. You speak up about their concerns with- Aonates strongly in a world nies departing their jobs, according to dismissed for do not engender confidence in the can book out fear of retaliation. where increasing scrutiny is PwC’s consulting arm Strategy&. ethical lapses state of corporate leadership. meeting rooms, And beyond the four walls of their being placed on those at the helm of And for the first time in the study’s than for financial In some of these instances, personal private offices, or companies, they should participate in global companies. history, more chief executives were performance behaviour like misuse of company as- coworking industry-wide collective action initia- Investors, customers, governments, dismissed for ethical lapses than for sets was directly to blame. desks. Just tives and stand with their corporate and even chief executives themselves, financial performance. However, more often, the public out- choose the space peers to tackle pervasive issues that are finally starting to take real action One way to view this is as a positive cry has taken aim at the boss’s will- via the app and are impossible to address alone. based on the idea that unethical con- sign that boards and other stakehold- ingness to tolerate misconduct, such you can book by Through better oversight, communi- duct starts at the top and trickles ers are holding chief executives ac- as fraud or corruption, by their subor- the hour or by cation, and collaboration, chief execu- downward. countable for ethical failures. dinates. With such cases piling up in the day. There tives can set a new standard for For their part, chief executives at the However, looking at the Strategy& the headlines, it is fair to ask whether are also no corporate leadership. The old adage world’s biggest companies have made numbers a different way, could there the concept of the ethical chief exec- contracts or about rotting fish need not apply here. declarations and promises, signalling simply be more instances of serious utive is too good to be true. sign-up fees to a shift away from the pursuit of profit ethical misconduct happening at big Reassuringly, just as chief execs have give ultimate £ José R. Hernandez is chief executive of at any means towards more ethical, companies which have led to career- the power to tarnish the reputations flexibility. Ortus Strategies and author of Broken sustainable business practices. ending scandals? Indeed, the recent of the organisations they lead, they Business: Seven Steps to Reform Last year saw the highest rate of top cases of Nissan, Toshiba, Wells Fargo, also have the power to prevent cul- Companies Gone Bad. CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 FEATURE 25 SPECIAL FEATURE IF I WERE CHANCELLOR...

In lieu of an actual Budget, City A.M. has been sourcing some radical ideas from our business experts

ODAY was scheduled to be the first Budget of Boris Johnson’s premiership. The chancellor announced the Budget last month, saying: “This is the rightT and responsible thing to do – we must get on with governing.” Unfortunately, to misquote a phrase, the best-laid plans of chancellors and Prime Ministers often go awry. The Budget has now been delayed until after the General Election. But if it had gone ahead, what should Sajid Javid have in- cluded in his spending plans? With Javid off on the campaign trail, City A.M. has asked five financial and business experts what they would do if they were put in charge of the nation’s money for the day. Free from party poli- tics and the election cycle, what policies do they think would turbocharge Britain’s economy? JO GILBEY, TAX PARTNER AT ACCOUNTANCY FIRM BDO As chancellor, I would look to take radi- cal steps to boost the economy and help the UK thrive post-Brexit. Simplifying and improving the tax sys- tem should be the key priority to help in- dividuals and businesses succeed in this increasingly challenging environment. First, I would merge national insur- ance contributions with income tax to simplify tax administration for employ- ers and help level the playing field for competitive in tech as EU countries framework would be a noble legacy for from the P11D – the form that gives health centres, education and coun- personal service companies and gig which have already given the sector a any chancellor. HMRC information about benefits selling and grants for business startups. economy workers. seat at the cabinet table. you’ve received from your employer, For the Premier League, £100m a year is I would also replace fuel duty EMMA JONES, FOUNDER OF apart from your salary. small change; for Britain’s young people, and other motoring taxes with a PETE GLADWELL, HEAD ENTERPRISE NATION Rather than being penalised as a tax- it is a whole new world. mileage tax on all vehicles. Environ- OF PUBLIC SECTOR My priority as chancellor in these able benefit, incentives such as health “Now let’s lasso a sacred cow that’s mental efficiency would be incen- PARTNERSHIPS AT LGIM uncertain times would be to give entre- insurance are increasingly viewed as es- lived too long. Since 1980, council ten- tivised by setting a zero tax rate for If I were chancellor, I would invest in preneurs a fighting chance. sential to ensure that your team remains ants have enjoyed the right to buy their electric cars, meanwhile petrol and local initiatives to reduce the burden on First, I’d issue Export Vouchers, which in top condition, both mentally and homes at huge discounts. Lucky tenants diesel vehicles would be levied at 100 the social care system. could be spent on a Brexit mentor to physically. It’s a form of investing in your have bagged big lottery wins, with aver- per cent and 200 per cent of the cost Household budgets are about saving as help guide entrepreneurs through their workforce, and it shouldn’t be taxed. age discounts of 44 per cent. Good for per mile respectively. well as spending. When it comes to so- first global transactions. them, bad for the country. cial care, it’s no different. Next, we all know that we’ve got to BRUCE DEAR, HEAD OF “Right to Buy has been a poor-value pri- CHRISTIAN FAES, CO-FOUNDER Early interventions can save taxpayers’ learn more to earn more. But for entre- LONDON REAL ESTATE AT vatisation of rent-producing public as- AND CHIEF EXECUTIVE money and improve wellbeing. Preven- preneurs, taking time out of their busi- EVERSHEDS SUTHERLAND sets. It has damaged our ability to house OF LENDINVEST tion isn’t just better than cure; it’s better ness and paying up-front fees can As chancellor, I would tackle our two poor and vulnerable people. Previous Top of my list as chancellor would be to value too. make training unlikely. As such, I’d major religions – football and houses. governments stopped Right to Buy re- make changes to the way the govern- As our experience building homes in bring in tax breaks for training, to be And I imagine that my Budget speech ceipts being used to build replacement ment supports fintech which go beyond Salford shows, initiatives driven by local used for anything from digital to fi- would begin with football: council housing. The predictable result the superficial. communities can effectively address nancial skills, or boosting profits “The Premier League is the world’s is a grave shortage of social housing, I’d make fintechs eligible for govern- fundamental issues around disconnec- through sales courses. richest league, with annual revenues of with well over one million people on ment-backed schemes such as the Enter- tion and disempowerment. And analysis Finally, to prepare firms for the future over £4.8bn. Many of its clubs have their waiting lists. prise Investment Scheme, and would of NHS data – on levels of GP visits, dia- of work and how to retain a workforce, historic homes in the UK’s most de- “And 40 per cent of ex-council houses instruct the British Business Bank – betes, obesity etc. – can help tailor local I’d remove health insurance as a benefit prived areas. Football’s money should are now owned by small private land- whose purpose it is to champion British projects to combat loneliness and get come home. lords. The rents they receive are indi- businesses, after all – to make funding people active again. “The Premier League clubs have agreed rectly paid by taxpayers through more readily available to financial serv- Prevention projects like this could to put £100m a year into a new fund for housing benefit. Our annual Housing ices companies. be funded by allowing councils and the UK’s poorest areas. The government Benefit bill is well over £20bn. Right to The fact that neither of these things combined authorities to keep a portion will match their money pound for Buy has caused a mass social housing are happening now puts UK fintech at a of the savings made to their social pound for the first 10 years, creating a shortage, and turned the public sector distinct disadvantage to fast-growth care budgets. £2bn fund. As part of this deal, the clubs from a rent collector into a rent payer. firms in other sectors. This is madness. The upfront investment could come As I sit down, the will be awarded a new national season “I am therefore abolishing Right to Buy London fintech alone has won $2bn of from the many in society who want to Prime Minister ticket lottery and tax-free development in England – Scotland and Wales have al- investment so far this year – it deserves invest their pensions into initiatives zones around their grounds to create ready killed it. It will be replaced by a na- better state-level support. that improve people’s lives, such as will sack me over jobs and housing. tional crusade to build millions of Once I’d sorted that, I’d head next door best-in-class retirement schemes. This “The fund will invest in our most de- high-tech, modular council houses.” to 10 Downing Street and convince the creates a virtuous circle between saving my Right to Buy prived areas to establish the services and As I sit down, the Prime Minister will Prime Minister to establish a Depart- social care costs and generating income idea, but he knows support our most disadvantaged young sack me over Right to Buy and my ment for Technology. Without that, it’s to pay pensions. people need: new purpose-built youth council house crusade. But he knows going to get harder for the UK to stay as Developing a sustainable social care I’m right centres, highly-trained youth workers, I’m right. 26 LIFE&STYLE WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM FOOD&DRINK

WINES OF THE WEEK Gezellig wine buyer Wieteke Teppema picks a pair of wines to invest in this week

1. 2017 MAQUINA Y TABLA, LADERAS DE LEONILA, BIERZO, A drink that walks like a wine and talks like a sherry. A combination of Dona Blanca and typical grapes from North- ern Spain blended with Sherry’s Palomino grape. It is the best of both worlds with the body of a serious wine and salty smokiness that makes sherry so irresistible. Perfect to start off an evening along side some salted al- monds and charcuterie. CAFÉ GEC serving from breakfast (8am) all the available. You can take advantage of £14.50, leaandsandeman.co.uk way through to dinner (10pm). the lunch deal, which offers salad, NORTHERN & SHELL BUILDING, one “protein” dish and a beer or WHO’S RESPONSIBLE? 2. 2017 JULG, SPATBURGUNDER, 10 LOWER THAMES ST The Good Eat- glass of wine for a very reasonable PFALZ, ing Company is a big deal in the cater- £10. We went for a parsnip, potato WORKING ing world, preparing food for over and kale salad in a harissa glaze Not called the Heartbreak grape for WHAT IS IT? A quality casual dining LUNCH 10,000 people a day. It has a reputa- with a portion of crispy kimchi nothing, there is a lot of hard work that spot at the south side of the City close tion for quality seasonal food sourced gyoza and a deliciously creamy – goes into growing this finickity grape to the river on Lower Thames Street. from sustainable local producers. It’s and rather gigantic – portion of ox variety. The Pflaz is sandwiched between It’s located at the entrance of the a laid-back, canteen-style venue with cheek croquettes. Germany and France’s Alsace, giving it Northern & Shell Building, once a bistro menu that’s perfect for a some of the character of both. This bottle home to Fleet Street stalwarts in- quick refuel or a cheeky afternoon SHOULD I BOOK? No, just turn up, from Spatburgunder is a perfumed, cluding the Daily Express, Daily Star beer. You can also take food away if both times we went for lunch there elegant Pinot Noir that’s light on its feet. and OK! Magazine (the company sold you’re on the go. were seats available. It’s a refreshing glass of red that’s ideal as its media portfolio, so don’t worry The best places to a reasonably-priced mid-week treat. In about bumping into any journalists WHAT’S ON THE MENU? You can get NEED TO KNOW: Cafe GEC is on 10 fact, I may crack open a bottle tonight. these days). eat in and around the everything from roast chicken and Lower Thames St, Billingsgate, EC3R £13.45, howardripley.com Cafe GEC is a public-facing venture potatoes to a sandwich or a glass of 6EN; For more information on The from high-end workplace catering City, from fine dining bubbly. The lunch spread is impres- Good Eating Company go to goodeat- £ To book a table at Gezellig go to firm The Good Eating Company, to fast-casual sively varied, with a host of salads ingcompany.com gezellig.co.uk or call 020 3004 0004

THIS WEEK’S RECIPE: though. When you have great wild So, next time you see a clump of £A handful of chopped chestnuts MARK HIX ingredients at hand, then you must nettles, thank your lucky stars. £A bunch of wild or hedgerow garlic Mark Hix on how use them, and both young nettles Hopefully you’ll find some dock Chef and and wild garlic are abun- leaves nearby, too. METHOD he conquered his restaurateur dant at this time of year. £Melt the butter in a thick-bottomed pan They’re also super NETTLE SOUP and gently cook the leek for 2-3 minutes to weeds and turned easy to gather: just (SERVES 4) soften, stirring every so often. make sure you £Stir in the flour then gradually stir in the them into soup bring a rubber INGREDIENTS hot stock. Bring to the boil and simmer on a glove with you for £2 leeks, medium heat for about 20 minutes. ou know that saying “when Until fairly recently, nettles picking: once trimmed, cut into £Add two thirds of the nettles and wild life gives you lemons, make were seen as extremely useful cooked nettles rough 1cm garlic and simmer for another few minutes. lemonade”? Well, if life plants for gardeners thanks to lose their sting squares and £Blend in a liquidiser until smooth then gives you nettles, make net- their high nitrogen content: chop so don’t worry washed. return to the pan. Add the double cream tle soup. Before I moved them up and stick them in a cov- about them irri- £1.5 litres and the rest of the wild garlic and nettles intoY my boat, my garden was full of ered bucket of rainwater for two tating your throat vegetable stock and simmer for a few more minutes, nettles: big, alien looking clusters weeks, stirring every couple of on the way down. £Salt and freshly seasoning again if necessary. that brought you out in hives just days, and you have yourself a nat- Just allow the leaves ground black pepper looking at them through the win- ural fertiliser that you can dilute to wilt and cook them £3-4 tbsp cream dow. Well, I showed them who’s (with ten parts water) and put on with wild mushrooms, £A handful of wild garlic boss – by turning them into soup, your hyacinths. chestnuts, snails and wild leaves, washed and chopped as I do with all of my enemies. But nothing beats nettle soup, or hedgerow garlic. £A handful of young nettle tops CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 LIFE&STYLE 27 LIFE&STYLE A NEW WARDROBE: YOURS FOR £30, 000

Jeff Goldblum. resistant fabrics or short sleeved op- This new service “When I first started Spencer Hart tions for hotter climates. I paid so much attention to getting Hart agreed to draw me up a com- from Spencer Hart every detail exactly right,” he says. plete wardrobe to get a feel for the “The right collars to go with the right service, and then create one of the de- will design you an lapels to go with the right style of signs for me. Walking into his Maryle- coat. But people would then buy sin- bone showroom is like entering a From top left: Steve being measured up at the Spencer Hart showroom; Founder entire bespoke gle pieces, so they didn’t get the ben- nightclub: spotlit suits line a black Nick Hart outside the Marylebone property; One of the 12 outfit proposals efit of all that effort, and that made corridor, interspersed with photo- wardrobe. By me feel pretty gutted.” graphs of celebrities wearing Hart’s Today, Hart doesn’t act merely as a tailoring: Cumberbatch smoking a Steve Dinneen tailor, but as a kind of sartorial per- cigar, Bowie looking as sharp as ever. sonal trainer, taking you on a transfor- As we walk from sample to sample e all have days when we mational journey in which the Hart gently quizzes me: whether I want to stuff our entire destination is you being the best wear suits to work (sometimes), wardrobe into bin bags dressed guy in your office. “It’s great whether I want a purely formal and dump them out- for people who work in the City. It’s a wardrobe, or something that could side the nearest branch world that’s changing so quickly – you transition into the weekend (the lat- ofW Oxfam. Most of us will go out and might be at a senior level in finance ter). His diagnosis goes from the gen- buy a new shirt and get on with our and suddenly half your client base eral (why my body-shape means I’d be slightly dishevelled lives. work in tech. I see people who have re- better off with narrow lapels) to the But for those with the commit- lied on the same pinstripe suits for 20 practical (why I should get one-button ment and a spare £30,000, there’s a years, and navigating towards a more suits with subtle flourishes like elbow more nuclear option. The Wardrobe casual look can be tricky.” patches and patch pockets, which are by Spencer Hart is exactly what the Most companies, Hart says, treat easier to dress down) to the granular name suggests: a service by the Savile the client as the expert and build a (how big my notepad is, so he can Row stalwart that will design and wardrobe around them, which he says make my breast pocket large enough build you an entire new wardrobe, is putting the cart before the horse. In- to accommodate it). from Monday morning suits to Sun- stead Hart and his team get a feel for While the Spencer Hart ‘look’ is, on day evening knitwear. For that sum a client’s routines, their work environ- the face of it, rather minimal, it’s also you will receive 12 full outfits (com- ment, their likes and dislikes, and quite surprising when you get up prising a jacket, trousers and either a then compile a dossier full of poten- close. Hart likes to use fabrics in un- shirt or knitwear); two coats; two ca- tial outfits. For someone who travels usual ways: suits made from jersey, sual ‘blouson jackets’; and four pairs a lot, that might mean lighter, crease- dinner jackets in herringbone, shirts of shoes. If that sounds a little ex- in thick, open-weave materials. features, and an opposite page show- of someone who actually knows what treme, there are also “capsule” and After the consultation, I’m meas- ing inspirations and fabric examples. they’re doing. “compact” versions for £15,000 and ured and dressed up in a series of I can see how this business works “You’ll go into work and people £5,000 respectively. sample suits while Hart makes obser- now: I want them all. I eventually opt won’t know exactly what’s changed,” “How often do you see someone vations and takes notes. It’s a pleasant for a midnight blue suit in a textured smiles Hart. “It’s just that you sud- who’s got two thirds of an outfit right way to spend an afternoon, although ‘pin dot’ cotton, along with a polo- denly look great.” but they have terrible shoes or a big apparently some clients hurry style long-sleeved shirt. £ Full Wardrobe: 12 fully coordinated tie knot with a thin collar?” asks How often do you through the process in less than half Five weeks later, I’m standing in outfits plus two coats, two casual ‘blouson Spencer Hart founder Nick Hart. “I an hour. A few days later a 32-page front of a mirror in the other, whiter jackets’ and four pairs of shoes costs completely understand why – looking see someone who’s document arrives in my inbox detail- half of the Spencer Hart showroom £30,000 good is hard. If it wasn’t, everybody got two thirds of an ing 12 full outfits, from formal looking, quite frankly, like a million £ Capsule Wardrobe: Six fully would look good.” eveningwear to a pastel-blue short- dollars. Or maybe more like thirty coordinated outfits plus coat and three Hart should know. He’s worked in outfit right but they sleeved summer shirt; from slick, grand. That Spencer Hart makes ex- pairs of shoes costs £15,000 menswear his whole life – “from de- black work outfits to casual suits in quisite made-to-measure garments £ Compact Wardrobe: Two fully sign and brands to distribution and have terrible shoes those unusual fabrics. goes without saying, but this feels coordinated outfits, one coat and a pair marketing” – having dressed every- or a big tie knot The level of detail is remarkable, like the perfect suit for me. Like it was of shoes costs £5,000 one from David Bowie to Robbie each outfit sketched out, with notes downloaded directly from my ego £ For more information go to Williams, Benedict Cumberbatch to with a thin collar? explaining the cut, lining and unique and then filtered through the brain spencerhart.com or call 020 7935 3355 28 PUNTER WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM

Hong Kong racing expert Wally Pyrah THE PUNTER previews today’s action from Happy Valley HONG KONG RACING TRADER

receives from Mr Picasso. Chadwick is also aboard Gentle Breeze in the Lockhart Handicap (2.15pm), whom he partnered to vic- Mehboob can tory over the course and distance in September. A 5lb penalty tempers enthusiasm, especially in a race where at least a handful of horses can be given a chance on their best form. Chadwick could have better fortune be Chadwick’s when he partners MY DARLING in the closing six-furlong O'Brien Handicap (2.50pm). This course and distance winner hasn’t raced at the Valley since March 2018, but has produced several good efforts at Sha Tin to suggest he could sprint Darling be well-handicapped. Having finished three lengths fifth behind one of Hong Kong’s top sprint- ORMER HK champion appren- form in the book that might have ers Golden Sixty on the first day of the tice Matthew Chadwick could slipped under the radar. season, Benno Yung’s gelding subse- be the jockey to follow when With seven rides at the inner-city quently just failed to see out seven racing resumes at Happy Valley track, Chadwick, at least on paper, has furlongs when collared in the closing later this morning. strong possibilities of riding a couple stages and finishing fourth in a blan- FLike most of the local jockeys riding of winners if the gods of fortune are ket finish. in Hong Kong, Chadwick has found it smiling on him. That form has subsequently been hard to compete against the likes of Purton’s supporters will be licking well and truly franked, with three Joao Moreira and Zac Purton, who their lips with anticipation when the winners coming out of the race and continue to dominate the racing reigning champ renews his partner- three more being placed in competi- scene. ship with top-weight Mr Picasso in the tive handicaps. An astonishing statistic shows the six-furlong Harbour Handicap Matthew Chadwick has a number of good chances at Happy Valley With an inside draw to his advan- two champion jockeys have so far rid- (11.45am). tage, he is capable of racing close to den over 50% of the market leaders in The seven-year-old drops down in No doubt bettors will be keen to get play on his seasonal appearance the pace from the off and then kick- races this season. class despite bouncing back to form on and you can guarantee he is going when, despite suffering an inter- ing for glory turning into the straight. Chadwick, a former winner of the when a close-up fifth in a hot handi- to start at prohibitive odds. rupted passage, he finished strongly Shergar Cup Silver Saddle at Ascot cap earlier last month. However, lurking near the bottom of to chase home G Unit over five fur- back in 2012, can safely be described He now races off a mark similar to the handicap is the Chadwick-ridden longs three weeks ago. POINTERS as a value-for-money rider. Despite his last winning one and has Purton MEHBOOB who will be getting 14lbs With the extra furlong here in his partnering many no-hopers, he is aboard again. from the favourite. favour and racing along the ‘golden Mehboob 11.45am Happy Valley clearly capable of producing the With a low draw in his favour, this The Paul O’Sullivan-trained four- highway’ from stall one, he is capable My Darling e/w 2.50pm Happy Valley goods when riding horses with good looks a recipe for success. year-old produced an encouraging dis- of making the most of the weight he Royal Racer looks another winner for King of the Valley T’S WORTH paying particular at- Sunday and Rise High ending the come in the shape of the consistent were ridden more patiently and month. tention to Caspar Fownes’ horses winning sequence of champion ROYAL RACER, who is trying 1m1f closed off strongly in the latter He races off a similar mark in the Iat present. Beauty Generation a couple of for the first-time in the Gloucester stages of the race had plenty of Lawasia Cup (12.15pm) over the The three-time champion trainer weeks back. Handicap (12.45pm). success. extended mile and makes plenty of suffered a frustrating start to the Fownes excels at Happy Valley Jockey Zac Purton may have made With the in-form Neil Callan now each-way appeal. season, but is now firing on all and with a handful of winners at an error of judgement in his most aboard, as well as an inside draw cylinders with seven winners and the inner-city track already, he recent race, when rushing the four- and a favourable-looking mark, he 25 placed horses from his last 61 must be confident of extending year-old on a wide path around the must go close. POINTERS runners. that tally when he enters half-a- turn into the home straight and Earlier on the card, keep an eye Highlights in those victories have dozen contenders on the nine-race having nothing more to give in the on C P POWER who didn’t fire when C P Power e/w 12.15pm Happy Valley included Southern Legend winning card. closing stages. strongly fancied behind subsequent Royal Racer 12.45pm Happy Valley the main event at Sha Tin last His best chance of success could Results showed that horses who winner Flash Famous early last

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AT HAPPY VALLEY 9 RACES 10:45AM - 2:50PM

Shops Online Watch RACING ON WEDNESDAY CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 PUNTER 29

3 9 FLYING EMPEROR (28) (B) 9 899954 CHEERFUL STAR (21) (T) 2 826392 FRUSTRATED (42) (B) (CD) (G,GF) HAPPY VALLEY (12) C Chang 3-9-4 ...... H N J Wong(3) 46 (12) F Lor 5-8-7 ...... L Hewitson 83 (4) F Lor 4-9-2 ...... Z Purton 94 Runs: 1 Wins: 0 Places: 0 Runs: 22 Wins: 0 Places: 2 Runs: 10 Wins: 2 Places: 3

Going: GOOD 4 000088 E GENERATION (21) (D) (G) 10 449832 BULLISH GLORY (21) (H) 3 386-14 KING’S EMINENCE (28) (G) (8) K Man 4-9-0 ...... K H A Chan(10) 63 (2) C Chang 6-8-6 ...... J Moreira 83 (6) L Ho 4-9-2 ...... M Poon(2) 88 Runs: 31 Wins: 2 Places: 4 HARBOUR HANDICAP (DIV I) (CLASS 4) (3YO+) (COURSE B) Runs: 8 Wins: 1 Places: 0 Runs: 7 Wins: 1 Places: 1 1 10.45(TURF) 6f 3yo plus 12 dec. 5 BABY STORM (HT ) 11 808053 GARLIC YEAH (21) (B) (CD) (GY,G) 4 745572 SPECIAL STARS (28) (CD) (G)

(6) L Ho 4-8-13 ...... T So(2) - (10) C Yip 7-8-4 ...... C Y Ho 79 (11) J Size 4-9-1 ...... J Moreira 92 1 632844 HERO TIME (28) (HTB) (CD) (G,GF) Runs: 0 Wins: 0 Places: 0 Runs: 36 Wins: 4 Places: 7 Runs: 11 Wins: 2 Places: 2 (9) Richard Gibson 6-9-7 ...... Z Purton: 78 12 629634 DIONYSUS COLLIN (28) (H) 1 6 809980 GINTOKI (25) (B) (G) 5 1 CALIFORNIA LEVEE (221) (TP ) (D) (G) Runs: 17 Wins: 2 Places: 2 (9) T Yung 5-8-13 ...... B Shinn 73 (6) K Lui 4-8-2 ...... M Chadwick 77 (2) A Cruz 3-9-0 ...... K Teetan 100 2 846399 SUPER LUCKY (122) (H) (CD) (G) Runs: 11 Wins: 0 Places: 2 Runs: 14 Wins: 1 Places: 0 Runs: 1 Wins: 1 Places: 0 (4) C Fownes 6-9-3 ...... A Sanna 76 13 630176 PLAY WISE (14) (B) (C) (G) 7 260075 GOLDEN GLORY (14) (TB) (CD) (G,GF) 6 076750 HARD PROMISE (122) (B) (G) Runs: 19 Wins: 1 Places: 3 (13) C Yip 6-9-5 ...... RESERVE 77 1 (4) J Ting 9-8-13 ...... K Leung 80 (1) T Yung 6-9-0 ...... M Yeung 94 3 BRILLIANT PROFIT (TB ) Runs: 26 Wins: 1 Places: 6 Runs: 31 Wins: 3 Places: 7 Runs: 25 Wins: 2 Places: 4 (2) C Shum 4-9-1...... K Leung - 14 969009 THE FULL BLOOM (14) (C) (GF,G) 8 077 SIMPLY FLUKE (42) 7 06003 BEAUTY CHARISMA (28) (TP) Runs: 0 Wins: 0 Places: 0 (14) C Yip 6-8-3 ...... RESERVE 77 (10) C Yip 5-8-8 ...... A Badel 68 (7) John Moore 4-8-12 ...... K H A Chan(10) 92 4 886982 IRON BOY (14) (B) (D) (G) Runs: 3 Wins: 0 Places: 0 Runs: 53 Wins: 6 Places: 4 Runs: 5 Wins: 0 Places: 1 (7) D Whyte 8-9-1 ...... G Van Niekerk 77 9 09782 MEHBOOB (21) :BETTING: 4 Bullish Glory, 9/2 Royal Racer, 6 Sangria, 7 Cheerful Star, 8 Dionysus 8 073161 GENTLE BREEZE (42) (B) (CD) (G,GF) Runs: 38 Wins: 2 Places: 8 Collin, 9 Garlic Yeah, 10 Circuit Number One, 12 Heavenly Thought, 14 Others (1) P O’Sullivan 4-8-7 ...... M Chadwick 76 (5) P Yiu 5-8-12 ...... M Chadwick 90 5 3 METHANE (14) Runs: 5 Wins: 0 Places: 1 Runs: 16 Wins: 3 Places: 4 (11) D Ferraris 4-9-1 ...... L Hewitson 72 HARBOUR HANDICAP (DIV III) (CLASS 4) (3YO+) (COURSE B) 10 944459 LIGHTNING STEED (21) (T) (G) 1.15(TURF) 6f 3yo plus 12 dec. Runs: 1 Wins: 0 Places: 1 9 534820 E MASTER (46) (V) (CD) (G) (11) C Fownes 5-8-6 ...... A Sanna 78 (12) C Fownes 6-8-10 ...... R Bayliss 92 6 90 VEGA RHYTHM (21) (H) 1 936244 LADY FIRST (21) (T) (BF) Runs: 17 Wins: 1 Places: 3 Runs: 20 Wins: 3 Places: 4 (12) L Ho 4-8-13 ...... H Lai 61 (1) J Ting 6-9-7 ...... Z Purton 77 11 860344 MASTER ALBERT (17) (TB) (D) (GF) Runs: 2 Wins: 0 Places: 0 Runs: 22 Wins: 0 Places: 7 10 -00740 MOMENTUM GALAXY (21) (HE) (G) (5) W So 6-8-5 ...... K Teetan 80 7 700835 WINNING WAYS (21) (TB) (D) 2 155423 SPEEDY DRAGON (157) (D) (G) (10) J Ting 4-8-8 ...... K Leung 96 Runs: 28 Wins: 1 Places: 6 Runs: 10 Wins: 1 Places: 1 (8) A Millard 5-8-13 ...... A Badel 78 (3) D Hall 5-9-3 ...... C Y Ho 73 12 070050 BRILLIANT (28) (HT) Runs: 26 Wins: 2 Places: 4 Runs: 13 Wins: 2 Places: 2 11 0009 SKYEY SUPREME (14) (T) 1 (3) K Lui 5-8-4 ...... C Y Ho 73 8 90 APOLLOS BOW (46) (B ) 3 704852 SHOUSON (14) (B) (8) K Lui 4-8-7 ...... H N J Wong(3) 83 Runs: 6 Wins: 0 Places: 0 Runs: 4 Wins: 0 Places: 0 (6) Y Tsui 4-8-12 ...... N Callan 60 (12) John Moore 4-9-2 ...... J Moreira 77 13 0 MENAGGIO (17) Runs: 2 Wins: 0 Places: 0 Runs: 11 Wins: 0 Places: 1 12 -80700 WINNING FEELING (17) (G) (13) P Yiu 4-8-13 ...... RESERVE 54 9 512966 NICE KICK (21) (E/S) (D) (G) (3) D Ferraris 4-8-6 ...... L Hewitson 86 Runs: 1 Wins: 0 Places: 0 4 836649 KHAKI (25) (CD) (G) Runs: 6 Wins: 1 Places: 0 (3) J Size 6-8-11 ...... J Moreira 76 (7) A Millard 6-9-1 ...... A Badel 80 Runs: 28 Wins: 2 Places: 6 :BETTING: 2 Mr Picasso, 3 Mehboob, 5 Master Albert, 6 Golden Glory, 7 Others 13 095553 BREEDERS’ STAR (14) (H) (C) (G,GF) Runs: 24 Wins: 3 Places: 5 10 428997 SUPREME PLUS (14) (TB) THE LAWASIA CUP (CLASS 4) (3YO+) (COURSE B) (TURF) 5 REFINEMENT (T) (13) D Ferraris 7-9-5 ...... RESERVE 96 (5) F Lor 4-8-11 ...... C Y Ho 75 12.151m 3yo plus 12 dec. (6) J Size 4-8-13 ...... B Shinn - Runs: 42 Wins: 5 Places: 6 1 Runs: 8 Wins: 0 Places: 1 Runs: 0 Wins: 0 Places: 0 14 000-00 MY BEGINNER’S LUCK (241) (TP ) (D) (G) 1 1 737668 THUNDER STOMP (21) (B) (CD) (G) 11 926409 WHAT A LEGEND (36) (B ) 6 05 SUPER WINNER (36) (T) (14) J Ting 6-9-1 ...... RESERVE 75 (8) Y Tsui 7-9-7 ...... J Moreira: 80 (1) J Ting 5-8-10 ...... U Rispoli 76 (9) C Yip 4-8-12 ...... K Teetan: - Runs: 11 Wins: 1 Places: 1 Runs: 49 Wins: 4 Places: 9 Runs: 8 Wins: 0 Places: 2 Runs: 2 Wins: 0 Places: 0 BETTING: 11/8 Special Stars, 7/2 Gentle Breeze, 5 Frustrated, 8 King’s Eminence, 2 508837 STARSHIP (25) (B) (D) (GF,G) : 12 700639 WINWIN THIRTYTHREE (126) 7 980770 THE ONE (17) (B) 12 Beauty Charisma, 20 Others (4) P O’Sullivan 7-9-5 ...... R Bayliss 80 (10) P Yiu 4-8-4 ...... K Teetan 76 (8) Y Tsui 6-8-11 ...... R Bayliss 82 Runs: 35 Wins: 3 Places: 4 O’BRIEN HANDICAP (CLASS 3) (3YO+) (COURSE B) (TURF) Runs: 7 Wins: 0 Places: 1 Runs: 9 Wins: 0 Places: 0 3 000900 WON WON TOO (14) (T) (GS) 2.506f 3yo plus12 dec. 13 664959 BULB ELITE (14) (B) 8 770808 THE SHOW (14) (B) (CD) (G,GF) (2) C Yip 5-9-5 ...... C Y Ho 73 (13) C Yip 6-8-11 ...... RESERVE 74 (10) C Chang 9-8-7 ...... H N J Wong(3) 78 1 63-03 YOO YOO KING (28) Runs: 17 Wins: 1 Places: 0 Runs: 22 Wins: 0 Places: 3 Runs: 47 Wins: 4 Places: 8 (1) A Millard 4-9-7 ...... K Teetan 92 4 450893 ZHAN JIANG ROCKS (28) (T) (D) 14 8 VIGOR CHAMP (17) 9 543717 COMPASSION STAR (21) (CD) (G,GY,GF) Runs: 4 Wins: 0 Places: 2 (12) W So 4-9-4 ...... Z Purton 80 (14) T Yung 4-9-1 ...... RESERVE 54 (2) K Man 6-8-6 ...... M Yeung 81 2 036879 FANTASTIC FEELING (42) (CD) (G) Runs: 18 Wins: 2 Places: 3 Runs: 1 Wins: 0 Places: 0 Runs: 23 Wins: 3 Places: 1 (10) D Ferraris 8-9-4 ...... G Van Niekerk 95 5 558602 KIRAM (21) (CD) (GY) 10 8890 GUN GUN WIN (36) (T) Runs: 32 Wins: 4 Places: 8 :BETTING: 11/4 Nice Kick, 9/2 Hero Time, Iron Boy, 6 Methane, 7 Winning Ways, (1) D Ferraris 8-9-3 ...... N Callan 80 12 Brilliant Profit, What A Legend, 16 Supreme Plus, 20 Others (5) W So 5-8-6 ...... M Poon(2) 67 3 092549 MY DARLING (25) Runs: 42 Wins: 5 Places: 13 Runs: 4 Wins: 0 Places: 0 (2) T Yung 7-9-4 ...... M Chadwick: 98 FLEMING HANDICAP (CLASS 5) (3YO+) (COURSE B) (TURF) 6 717550 FAITHFUL TRINITY (21) (HET) (CD) (G,GF) 11 90002 FOCUS (21) Runs: 26 Wins: 2 Places: 4 11.151m 3yo plus 12 dec. (11) Richard Gibson 5-9-0 ...... K Leung 75 (11) P Yiu 4-8-5 ...... G Van Niekerk 73 4 542341 BALLISTIC KING (28) (CD) (G) Runs: 30 Wins: 3 Places: 1 1 650002 CALLING THE SHOTS (14) (TB) Runs: 5 Wins: 0 Places: 1 (5) J Ting 5-9-1 ...... C Y Ho 90 7 764535 C P POWER (28) (TV) (CD) (G) (9) A Cruz 4-9-7 ...... Z Purton: 66 12 090000 PLAY TO WIN (115) (HT) Runs: 9 Wins: 1 Places: 2 (10) A Millard 7-8-12 ...... G Van Niekerk 78 Runs: 22 Wins: 2 Places: 3 (4) T Yung 5-8-4 ...... K Leung 82 5 500000 HANG’S DECISION (168) (HB) (CD) (G,A) Runs: 35 Wins: 4 Places: 6 2 353525 GOLD VELVET (25) (B) (CD) (G) Runs: 8 Wins: 0 Places: 0 (4) W So 8-9-0 ...... K Leung 91 8 80 PRESIDENT STAR (14) (TB) (11) A Millard 6-9-7 ...... J Moreira 59 13 00 WONDER WIN (25) (T) Runs: 42 Wins: 5 Places: 8 (3) C Shum 4-8-11 ...... M Chadwick 61 Runs: 27 Wins: 1 Places: 6 (13) L Ho 4-8-11 ...... RESERVE 49 6 025492 FIRST RESPONDER (14) (TP) Runs: 2 Wins: 0 Places: 0 3 709401 ASSOCIATION FANS (21) (H) (CD) (GY,GF,G) Runs: 2 Wins: 0 Places: 0 (7) John Moore 3-8-13 ...... N Callan 96 9 436226 DOR DOR (14) (H) (1) L Ho 7-9-5 ...... M Poon(2) 63 14 NUNCHUKS Runs: 11 Wins: 0 Places: 4 (9) J Size 4-8-10 ...... M Rispoli 73 Runs: 40 Wins: 3 Places: 4 (14) C Fownes 5-8-13 ...... RESERVE - Runs: 13 Wins: 0 Places: 5 7 711-8 NAMJONG SINGS (36) (T) (D) (S,G) 4 90000 FORTUNE BUDDY (128) (TB) Runs: 0 Wins: 0 Places: 0 (6) C Shum 4-8-12 ...... B Shinn 76 10 000 SHANGHAI RUSKY (25) (H) (7) T Yung 5-9-5 ...... M Yeung 46 :BETTING: 3 Lady First, 4 Shouson, 5 Speedy Dragon, 6 Compassion Star, 8 Super Runs: 4 Wins: 2 Places: 0 (7) T Yung 4-8-8 ...... M Yeung 52 Runs: 5 Wins: 0 Places: 0 Winner, 10 Focus, 16 Khaki, 20 Others Runs: 3 Wins: 0 Places: 0 8 252523 BUOYANT BOY (21) (T) (CD) (G,GF) 5 00000 TIGERLAD (31) (B) JAFFE HANDICAP (CLASS 3) (3YO+) (COURSE B) (TURF) (3) K Man 5-8-11 ...... A Badel 94 (4) Richard Gibson 4-9-5 ...... A Badel 45 11 616270 MANAGEMENT STAR (151) (TB) (D) (G) (6) K Lui 6-8-7 ...... K Teetan 73 1.451m 3yo plus 10 dec. Runs: 21 Wins: 2 Places: 7 Runs: 5 Wins: 0 Places: 0 Runs: 17 Wins: 1 Places: 4 9 314752 NORDIC WARRIOR (28) (B) (CD,BF) (G) 6 272643 GOLDEN CANNON (66) (HB) (CD) (G) 1 753126 MY ALLY (21) (T) (CD,BF) (G) (12) Richard Gibson 4-8-10 ...... Z Purton 90 (8) K Lui 8-9-4 ...... C Y Ho 54 12 932578 DIAMOND LEGEND (21) (TV) (C) (G) (9) John Moore 5-9-7 ...... K H A Chan(10) 91 Runs: 13 Wins: 2 Places: 3 Runs: 31 Wins: 3 Places: 11 (5) A Cruz 7-8-4 ...... A Badel 76 Runs: 27 Wins: 2 Places: 9 Runs: 35 Wins: 2 Places: 6 10 099400 SHANGHAI MASTER (28) (CD) (G) 7 070007 MEDIC DRAGON (128) (B) 2 026713 FEARLESS FIRE (42) (C) (G,GF) (8) K Lui 6-8-10 ...... H N J Wong(3) 98 (2) P O’Sullivan 4-9-4 ...... M Chadwick 62 13 -32300 NABOO STAR (28) (TV) (7) C Fownes 5-9-6 ...... K Teetan 88 Runs: 25 Wins: 2 Places: 3 Runs: 7 Wins: 0 Places: 0 (13) C Fownes 5-9-1 ...... RESERVE 73 Runs: 27 Wins: 3 Places: 6 Runs: 7 Wins: 0 Places: 3 11 1-222 DANCING FIGHTER (21) (T) (G) 8 0-000 STRAPPING BAUHINIA (206) 3 712161 HIGH REV (21) (B) (CD) (GF,G) (11) C Fownes 4-8-7 ...... J Moreira 96 (5) Y Tsui 4-9-4 ...... A Sanna 48 14 724500 MULTIMAX (14) (TB) (C) (G) (2) D Hall 5-9-4 ...... Z Purton 89 Runs: 4 Wins: 1 Places: 3 Runs: 4 Wins: 0 Places: 0 (14) L Ho 8-8-2 ...... RESERVE 76 Runs: 13 Wins: 3 Places: 2 Runs: 48 Wins: 3 Places: 8 12 587508 BEST ALLIANCE (17) (G) 9 430517 MEGATRON (21) (TB) (CD) (G,GF) 4 323136 CHARIZARD (17) (T) (G,GF) (9) D Whyte 4-8-4 ...... L Hewitson 98 (10) P Yiu 7-9-2 ...... K H A Chan(10) 60 :BETTING: 5/2 Zhan Jiang Rocks, 4 Thunder Stomp, 5 Kiram, 7 C P Power, 8 Others (8) D Ferraris 5-9-1 ...... N Callan 93 Runs: 19 Wins: 2 Places: 0 Runs: 42 Wins: 5 Places: 4 Runs: 14 Wins: 3 Places: 5 1 GLOUCESTER HANDICAP (CLASS 4) (3YO+) (COURSE B) 13 90 BEAUTY SPARK (122) (TB ) 10 701059 DOCTORS DELIGHT (14) (HT) (D) (G) 12.45 5 600900 HAPPY FAMILY (21) (HE) (A) (TURF) 1m1f 3yo plus 12 dec. (13) F Lor 4-8-12 ...... RESERVE 73 (3) J Ting 7-9-1 ...... K Leung 60 (4) L Ho 4-9-1 ...... T So(2) 93 Runs: 2 Wins: 0 Places: 0 Runs: 21 Wins: 1 Places: 2 1 690938 HEAVENLY THOUGHT (21) (H) (G) Runs: 15 Wins: 2 Places: 3 14 789897 HARBOUR ALERT (25) (P) (D) (A) 11 507801 WONDERFUL TIGER (14) (HT) (CD) (GF) (5) F Lor 5-9-7 ...... Z Purton: 82 6 947083 HAR HAR HEART (21) (CD) (GF,G,GY) Runs: 16 Wins: 1 Places: 2 (14) C Chang 8-8-3 ...... RESERVE 94 (12) W So 5-8-8 ...... K Teetan 64 (1) J Size 6-8-13 ...... J Moreira 96 2 495255 STARLIT KNIGHT (7) (C) (GF,G) Runs: 29 Wins: 2 Places: 8 Runs: 30 Wins: 2 Places: 3 Runs: 30 Wins: 4 Places: 9

12 000602 WINNING CIRCLE (10) (TB) (11) Y Tsui 7-9-3 ...... H N J Wong(3) 81 7 876764 STIMULATION (25) (TP) (D) :BETTING: 6/4 Dancing Fighter, 11/4 Ballistic King, 7 First Responder, 10 Buoyant Runs: 39 Wins: 3 Places: 5 (6) C Chang 4-8-3 ...... G Van Niekerk 66 (10) A Cruz 5-8-13 ...... M Yeung: 96 Boy, 12 Nordic Warrior, 18 Yoo Yoo King, 20 Others 3 521606 GOOD DAYS I (21) (TB) (C,D) (G,GF) Runs: 20 Wins: 0 Places: 2 Runs: 20 Wins: 3 Places: 2

13 157577 GODSPEED (21) (B) (CD) (G) (1) C Shum 6-9-2...... K Teetan 74 8 000900 CHUNG WAH SPIRIT (10) (T) (D) (A) Happy Valley Racecourse Turf Track Starts Runs: 27 Wins: 3 Places: 4 (13) D Hall 6-9-6 ...... RESERVE 58 (3) C Yip 6-8-12 ...... H N J Wong(3) 87 4 984 CIRCUIT NUMBER ONE (14) (HT) 1000M 2400M 2200M Runs: 21 Wins: 1 Places: 3 Runs: 34 Wins: 3 Places: 6

14 907899 IRISH VEGA (10) (7) A Cruz 4-8-13 ...... M Yeung 78 9 243139 ACCLAIMED LIGHT (21) (B) (CD) (G,GF) Runs: 3 Wins: 0 Places: 0 (14) C Fownes 5-9-2 ...... RESERVE 63 (5) P O’Sullivan 7-8-6 ...... M Chadwick 90 Runs: 19 Wins: 0 Places: 1 5 000000 GREAT SMART (7) (B) (G) Runs: 35 Wins: 3 Places: 10

(8) L Ho 4-8-12 ...... T So(2) 63 10 09083d0 FARSHAD (10) (B) (D) :BETTING: 3 Calling The Shots, 7/2 Gold Velvet, 6 Wonderful Tiger, 7 Association Runs: 11 Wins: 1 Places: 0 Fans, Golden Cannon, 8 Winning Circle, 12 Doctors Delight, Megatron, 20 Others (6) Y Tsui 5-8-3 ...... H Lai 94 6 130753 ROYAL RACER (21) (HE) (C) (GF) Runs: 18 Wins: 2 Places: 0 HARBOUR HANDICAP (DIV II) (CLASS 4) (3YO+) (COURSE B) (3) C Fownes 4-8-11 ...... N Callan 74 11.45 :BETTING: 11/8 High Rev, 4 Fearless Fire, 11/2 My Ally, 8 Stimulation, 10 Charizard, (TURF) 6f 3yo plus12 dec. Runs: 12 Wins: 1 Places: 3 16 Farshad, 20 Others W 1 046865 MR PICASSO (28) (B) (CD) (G) 7 686028 SANGRIA (21) (CD) (G) (9) D Ferraris 6-8-11 ...... A Badel 79 LOCKHART HANDICAP (CLASS 3) (3YO+) (COURSE B) (TURF) (2) D Hall 7-9-7 ...... Z Purton: 76 2.155f 3yo plus 12 dec. Runs: 39 Wins: 2 Places: 8 Runs: 25 Wins: 3 Places: 4

2 0 WILLFUL (25) 8 900 GOLDEN TURBO (28) (B) 1 406089 BALTIC WHISPER (17) (T) (D) (G) (7) Y Tsui 3-9-4 ...... M Yeung 47 (4) P O’Sullivan 4-8-8 ...... K Leung 59 (9) C Shum 6-9-4...... B Shinn: 97 Runs: 3 Wins: 0 Places: 0 Runs: 1 Wins: 0 Places: 0 Runs: 18 Wins: 2 Places: 2 Cards provided by 30 SPORT WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM

Frank Dalleres visits 23 Capital, the London firm making football’s big deals happen

OOTBALL’S two biggest deals of the summer transfer window had something in common, and not just that Atletico Madrid was either the buying or selling club. FThe other unifying factor in the sign- ings of £113m Portuguese sensation Joao Felix and £108m France forward Antoine Griezmann was the involvement of fi- nancing from London-based 23 Capital on one or both sides of the transaction. That fact is both a sign of the sport’s shifting sands and the growing influ- ence of 23 Capital, which was only set up five years ago, has been backed by billion- aire George Soros and has quickly be- come a major player in a market where banks fear to tread. The company is the brainchild of two men: Jason Traub, who cut his credit teeth in a 13-year stint at Investec, and Stephen Duval, whose commercial nous was honed at sportsbiz heavyweights IMG and SFX. Traub and Duval spotted a gap in the market for a firm that could offer finance to entities in the worlds of sport, music and entertainment, where intangible assets and cash flows are king and traditional lenders run for cover. So they established 23 Capital in August 2014, focusing initially on football, BARCA where Traub’s expertise lay. “We did our first deal in November,” he tells City A.M. “Within four months we’d done £60m-£70m.” The company now employs more than 50 people across four offices: its Fitzrovia headquarters; Barcelona, the sport busi- ness hub; Los Angeles, for its music and entertainment links; and New York, which focuses on capital markets. LOANER It was at Investec, where Traub built

the bank’s sports, media and entertain- A.M. GREG SIGSTON/CITY ment offering, that he realised the foot- ball industry was being under-served. “We came to the conclusion that opportunistic lenders, such as funds for an upfront payment. But increas- there’s no magic to this. It’s good credit, charging up to 10 per cent, or lean on ingly, Traub says, the company is in- HOW TO FINANCE TRANSFERS average credit, sh**ty credit. How well do local relationships. A friendly bank man- volved on both sides of the deal. “We can you run your business? That really was ager might green-light a loan of, say, solve it so that you [selling team] can get Lending to the seller: Club A want to pay the thesis,” he says. “Nobody was doing £15m that did not have head office ap- your money today, you [buying team] can Club B in instalments for Player X. Club B, this business, could make sense of it. We came to the proval if it bought them favour with defer it over a period of time, so that all however, want the money now, so they Over the next eight years [at Investec] we their favourite team. “It was not a you need to negotiate over is the cost of can effectively sell the receivable to 23 did about £1bn. That played out with conclusion there’s healthy relationship,” says Traub. that. So you’ve brought that down from Capital, who loan the full fee upfront, to zero defaults, through the biggest finan- Football represents half of 23 Capital’s a £150m negotiation to £1.5m-£2m. And be repaid over an agreed timescale. cial crisis of recent eras. Yet it was still in- no magic to this. business, he says – the rest is music and that can get solved in 10 minutes.” credibly difficult to build within a bank.” It’s good credit, entertainment, which centres around Lending to the buyer: Club B is insisting He adds: “Transfers were the lead be- rights and publishing. Of the football, 40 PRESSURE TO SPEND on upfront payment from Club A for cause there were rules. It goes to the in- average credit, per cent relates to transfers, but the com- Being a young, streamlined company al- Player X. This may be the case if a player tegrity of football. You can’t buy Ronaldo pany also provides financing for projects lows 23 Capital to be nimble when clubs has a release clause. 23 Capital can offer a for 200m, end up in an insolvency sh**ty credit such as stadium development. “What we demand it, he says. “In this [summer] loan to Club A to complete the deal, some process, come out the other side clean, won’t do is fund into an operating expen- window, one of the largest deals was of which may be due for repayment when and have Ronaldo. Regulators will insist diture requirement, unless there’s an ex- done in five days, from first call to cash is recouped through player sales. that transfers are paid.” ceptional circumstance as to why they’re money being in the account. Don’t get losing 20m this year and it makes sense me wrong, please don’t do that again, be- THE RETAIL COMPARISON for that hole to be plugged,” he says. cause everything else stops – you don’t ance sheet and profit and loss.” Traub explains the challenges faced by Like those of Joao Felix and Griezmann, want that. But you can. Traditionally, Seeing a club complete a high-profile football clubs by comparing them to re- the transfers 23 Capital works on are 2-3 weeks is the right timeframe.” signing is a “very tangible” reward for 23 tailers. “If you’re a retailer, an awful lot those at the top of the market, where Longer term, developing trust with Capital’s work, says Traub, although the of your value is tied up in stock. That staged payment is clubs can allow 23 Capital to offer strate- Tottenham season-ticket holder cites a moves through and you would be able necessary due to gic services – such as restructuring a bal- deal he facilitated while at Investec as to get some of the older financings on the size of the ance sheet, as it has for Portuguese among his most satisfying. the market,” he says. “In football it’s fees involved. In giants Benfica – that Traub believes can “One of my proudest moments was never more true: they have a massive practice, this keep them ahead of any competitors in being involved with a big transfer that amount of their value tied up in stock, means only deals the banking sector. took one of Arsenal’s best players away,” and that stock unfortunately is not of £20m or more Some football followers might be sur- he recalls with a degree of mischief. “I an easy asset class to finance.” and involving teams prised to learn that Barcelona, one of the don’t want to get into the details but I Banks got burned in the from the Premier world’s three richest clubs, needed a did offer the best rates we could to make 1980s and 1990s by long- League or their equiva- loan to complete the signing of Griez- sure that deal could go through.” term securitisations on lents in Europe. mann. Traub says even the biggest clubs Formula One, rugby, cricket, cycling, football stadia, he says. Initially, 23 Capital can need short-term finance because, US college sports and mass participation “Without thinking on the would strike an arrange- under pressure to spend from fans and events are all in 23 Capital’s sights as the credit side, it’s only as ment with one of the unaccustomed to paying dividends, do company looks to continue its growth by good as the club and the clubs in a transfer – not tend to stockpile large cash reserves. expanding into other sports. Beyond strength of that going usually the seller, who “It’s the same for No20 in the Premier that, Traub has simple ambitions. concern. There’s nothing would be looking to League and No1 in LaLiga – they need to “If you told me that in three years’ time you can do if it goes cash in the receivable invest, but the numbers are much bigger we’d continue with our market penetra- wrong – and they at Barcelona,” he says. “You could say it’s tion and growth such that we are help- went wrong.” exaggerated but then their revenue’s ing more of those clients in more Most recently, clubs Traub (main) and 23 much bigger. If Bournemouth or Burnley directions, that’s more than I could ask seeking financing Capital worked on the are buying a £20m player and Barcelona for,” he concludes. “That and to see if my would have to turn to Griezmann and Felix deals £200m, it’s the same relative to their bal- little boy could one day play for Spurs.” CITYAM.COM WEDNESDAY 6 NOVEMBER 2019 SPORT 31

Oxlade-Chamberlain DEPLETED MAN CITY AIM TO XHAKA STRIPPED OF ARSENAL REDS IN BOX SEAT MAINTAIN PERFECT START FOOTBALL DIGEST CAPTAINCY BY EMERY helps Liverpool take control of Group E £ Manchester City will take to the San £ Granit Xhaka has been stripped of the Siro in a competitive match for the first KANE BACK AS SPURS HUNT Arsenal captaincy by manager Unai time since 1978 as they look to make it RARE AWAY WIN IN BELGRADE Emery following his angry reaction to fans four wins from four in the Champions £ Tottenham come into tonight’s in last month’s draw against Crystal League this season against Atalanta Champions League game at Red Star Palace. Emery has made striker Pierre- tonight. It is Atalanta’s first season in Belgrade still without a win away from Emerick Aubameyang the new Gunners’ Europe’s premier competition and they home since 5 March. They came within skipper, with Xhaka also left out of have been granted permission to play seconds of beating Everton at Goodison Arsenal’s travelling squad for their Europa their home games at the home of AC Park on Sunday only to be denied by a League game against Vitoria in Portugal Milan and Inter as their own ground falls 97th-minute equaliser from Cenk Tosun. A tomorrow. “I had a meeting with him and short of governing body Uefa’s win would move Spurs four points clear of told him he is no longer in the captain's requirements. If City are to maintain their Red Star in Group B and tighten their grip group,” said Emery. “He accepted my 100 per cent record in Group C they will on second place with two games to go. decision. I needed to take a decision and have to do it without midfielder David Harry Kane returns to the squad following now it’s closed.” Xhaka said he had got Silva, who has joined Rodri, Aleks a virus, while Son Heung-min has “carried away” and reacted Zinchenko, Leroy Sane and Aymeric travelled despite being affected by his “disrespectfully” to fans after swearing Laporte on a lengthy injury list after he involvement in the serious injury to and walking straight down the tunnel sustained a muscle strain against Everton’s Andre Gomes. Erik Lamela and when he was substituted in Arsenal’s 2-2 Southampton on Saturday. Jan Vertonghen are both sidelined. draw with Crystal Palace on 27 October.

Liverpool beat Genk 2-1 at Anfield last night to move top of Group E. Georginio Wijnaldum put the hosts ahead early on before the Belgian side equalised through Mbwana Samatta’s header. But Alex Oxlade-Chamberlain (pictured) found the bottom corner to send Liverpool a point clear of Napoli, who drew 1-1 with Salzburg. Value for money in non-stop clash of attacking sides Chelsea and Ajax refuse to conform in relentless, epic tie, writes Felix Keith

HERE’S rarely a dull moment CHAMPIONS LEAGUE with Chelsea at the moment, but even so last night’s CHELSEA AJAX TChampions League match against Ajax was scarcely be- PA AWARDS lievable. Frank Lampard’s exciting, ex- uberant and confident side only added one point to their total in ONLY YOU KNOW WHAT THEY DO - DOES YOUR COMPANY Group H, yet fans certainly got their money’s worth at Stamford Bridge. Jorginho44 (4’ pen, Abraham 2’ og, HAVE THE PERFECT PA OR EXTRAORDINARY EA? The fast-paced nature of the match 71’ pen), Promes 20’, was relentless from the first minute Azpilicueta 63’, Kepa og 35’, to the last, with the home fans’ emo- James 74’ van de Beek 55’ TO NOMINATE YOURSELF, OR AN EXCEPTIONAL COLLEAGUE VISIT tions ranging wildly from stunned, content, unhappy, shocked, elated WWW.CITYAM.COM/EVENTS/PA-AWARDS and finally the concluding state of en- tertained but strangely still disap- blocked Callum Hudson-Odoi’s shot pointed. Chelsea displayed all of their with his hand. Both were already on best and worst characteristics in quick yellow cards and, after a period of PA OF THE YEAR AWARD WINNERS WILL RECEIVE succession, but were also simply un- mayhem, both were dismissed and fortunate. They conceded two own Jorginho added his second successful A Harrods Gift Card Experience • Champagne & Caviar Dinner for two at Bob Bob Cité goals from set pieces, which were penalty of the night and his fourth of 1 year City AM Club Membership • Bragging rights forever...! equal parts brilliant delivery, sloppy the season to bring Chelsea back into concentration and unlucky. the contest trailing 4-3. But as we’ve come to expect from Cesar Azpilicueta thought he’d won the Blues under Lampard’s happy-go- it with his second goal of the night to lucky tenure, they were also electric make it 5-4 late on against nine men, AWARDS DINNER CATEGORIES in attack, winning two penalties but in keeping with the crazy events Wednesday 11th December Creative Industries PA of the Year – West End through their endeavour and cutting of the evening, it was ruled out by the Ajax open time and again. video assistant referee for a handball 6:30pm until late Creative Industries PA of the Year – City & Canary Wharf Ajax’s prowess away from home and by Abraham in the build-up. Bob Bob Cité, Leadenhall Professional Services PA of the Year – West End a gung-ho approach came as a stark Not worried by their numerical dis- Building, 122 Leadenhall street, EC3V 4AB Professional Services PA of the Year – City & Canary Wharf contrast to their tactics in the sides’ advantage, Ajax gamely ventured for- Dress code: Cocktail Attire first meeting two weeks ago, when ward in search of a winner, but Kepa they were beaten 1-0 in Amsterdam, Arrizabalaga, who was earlier struck and made for an enthralling and im- in the face by Ziyech’s free-kick to con- possible to predict match. cede, saved from Edson Alvarez. Hakim Ziyech’s crosses were pin- Hero of the return fixture Michy Bat- For more information email [email protected] point, Quincy Promes’ movement was shuayi had two late openings but spot-on, Donny van de Beek was cool couldn’t beat Andre Onana, leaving in the penalty area, but eventually Group H fittingly wide open with two they were undone by the poor disci- games to go. pline of their experienced central de- Ajax may remain top of the group fenders, who were sent off in quick on goal difference thanks to the point In association with In association with Venue Partner succession in the second half. against Chelsea, but Valencia’s 4-1 win Daley Blind dived in recklessly on in Lille leaves three teams level on Tammy Abraham before Joel Veltman seven points from four games. 32 SPORT WEDNESDAY 6 NOVEMBER 2019 CITYAM.COM BARCA LOANER The London company financing football’s SPORT biggest transfers PAGE 30 FIREWORKS AT THE BRIDGE Chelsea come from 4-1 down to draw with nine-man Ajax SPORT DIGEST SON RED OVERTURNED BY TOTTENHAM APPEAL £ Son Heung-min’s red card for the tackle which led to a serious injury to Everton’s Andre Gomes has been overturned following an appeal by Tottenham. Son will no longer serve a three-match ban after Spurs’ claim of wrongful dismissal was upheld by a Football Association independent regulatory commission. The Premier League previously said referee Martin Atkinson showed a red card to Son “for endangering the safety of a player”. Gomes was released from hospital yesterday after undergoing successful surgery on a fracture dislocation to his right ankle. LIVERPOOL TO PLAY TWO GAMES IN 24 HOURS £ Liverpool will field separate teams in two different competitions within 24 hours in December after the date of their Carabao Cup quarter-final with Aston Villa could not be rearranged. Jurgen Klopp’s side will face Aston Villa at 7.45pm on 17 December, while a different squad will be in Qatar to play the Club World Cup semi-final the following day. Liverpool, who have to play nine fixtures in December, said in a statement they would be “utilising two playing squads simultaneously” to fulfill both games. SALAZAR ATHLETES TO BE INVESTIGATED BY UKAD £ Britain’s anti-doping authority has said it will review whether it needs to take any action against athletes who trained with Alberto Salazar. Salazar, the former coach of and the head of Nike’s Oregon Project, was found guilty of doping offences by the US Anti-Doping Agency. Ukad will follow-up the investigation to see “if there is any evidence that relates to athletes under our Chelsea came from 4-1 behind to draw 4-4 with nine-man Ajax on a breathless night in the Champions League at Stamford Bridge. Chelsea conceded two own goals from free- jurisdiction”. The Oregon Project was kicks and allowed Quincy Promes to score a header to go in at half-time 3-1 down following Jorginho’s penalty. The game appeared to be over when Donny van de Beek found the home of Farah between 2011 the corner early in the second half to make it 4-1 but Cesar Azpilicueta got a goal back from close range before Ajax imploded. Centre-backs Daley Blind and Joel Veltman were and 2017. The four-time Olympic sent off for second yellow cards in quick succession and another coolly-taken Jorginho penalty made it 4-3. Reece James smashed in a rebound to equalise (pictured) and champion has never failed a drugs Azpilicueta thought he’d won it, only for VAR to rule it out for handball by Tammy Abraham. The draw leaves Chelsea second in Group H, level on points with Ajax and Valencia. test and denies any wrongdoing. WHY VAR’S GONE TOO FAR

E ALL want to see the FOOTBALL being reviewed. They may Roberto Firmino’s disallowed correct decisions being still disagree with the out- goal for Liverpool at the week- made and that is why COMMENT come but that’s always end. Wvideo assistant referees been the way in football, Fundamentally, the hip is a were introduced but and, with winter coming, more accurate measurement their implementation doesn’t seem to Trevor at least they won’t be sit- of where a player is. Decisions Referees must be have been thought through. Steven ting still in the cold. made on that basis would be given the chance The introduction of VAR to the Pre- Lastly, the way off- understandable, consistent mier League this season has not ad- sides are being re- and believable. to watch replays – vanced the game at all but with every viewed also need to Other sports, such as passing week has instead created meant to be. change. How did so , cricket and be seen to be more controversy and uncertainty. Referees must be given the chance to many people sit and tennis, have having the final Referees have always been accused watch replays themselves and then be around a table dis- enhanced their of inconsistency. All VAR has done is seen to be having the final decision. cussing this and games by using decision replace one inconsistency with an- I really think they would prefer that still get it so technology and other and asked fans to accept it. It system. I was at Everton on Sunday wrong? in football the be watched by referees and shown to turns out that fans prefer the old in- and the official, Martin Atkinson, got If VAR is recent addition fans; measure offsides from the hip. consistency. awful abuse for the use of VAR when going to of goal-line On top of that, all leagues and compe- The first problem with VAR is that it he hadn’t even asked for it; it was im- check for off- technology has titions should implement it in the is being used too much. At the mo- posed on him. sides using worked a treat. same way, otherwise that is introduc- ment, incidents are being remotely re- freeze-frame So for VAR to ing another inconsistency. VAR is not viewed that fans have not even SIMPLE CHECKLIST replays, they work better, going away, but football needs to take noticed let alone questioned. When refs are watching a replay it have to draw the line from the Premier it back to its basics. Secondly, the role of referees has should be shown to fans in the sta- the player’s hip – not their League ought been diminished. Premier League pro- dium. That isn’t the case now and it is underarm, as was the case in to follow this Trevor Steven is a former England tocol means refs aren’t using the a negative experience for the match- simple check- footballer who played at two World Cups pitchside screens, so VARs are making going supporter. Martin Atkinson was at the list: use it less; ad two European Championships. decisions – and that isn’t how it was Fans should be able see what is centre of another controversy reviews must @TrevorSteven63 CLUB EST. 2019/20 WHO’S SEASON SPEND PER TOP & DEDICATED FAN* BOTTOM Arsenal £2,238 Newcastle United £2,124 OF THE Tottenham Hotspur £2,113 FAN Chelsea £2,107 Liverpool £2,055 SPEND AFC Bournemouth £1,972 Southampton £1,964 TABLE? Manchester United £1,957 Norwich City £1,930 Brighton & Hove Albion £1,899 West Ham United £1,883 Crystal Palace £1,879 Everton £1,860 Watford £1,794 £1,888 Wolverhampton Wanderers £1,731

ESTIMATED AVERAGE Sheffield United £1,696 SPEND PER DEDICATED Manchester City £1,665 PREMIER LEAGUE FAN* THIS SEASON Leicester City £1,651 Burnley £1,641 Aston Villa £1,605

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*Dedicated Fan - An adult fan who attends all 19 home games and travels to 5 away-games. Represents the Premier League’s top tier, most loyal customers. Those that are investing a high amount in their club on match day. £1.3 BN WILL BE SPENT BY PREMIER LEAGUE MATCH-GOING FANS THIS SEASON.

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