BUSINESS WITH PERSONALITY

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PENCE IN THE CITY VP pledges WEWORK’S trade deal straight after Brexit REWORKED

HARRYVALUATION ROBERTSON “There is an awful lot of blue sky in The We Company came under fire Wework’s valuation that it will need on Wednesday for last-ditch attempts @henrygrobertson to fill in the coming years with real to improve its image. The firm said it WEWORK’s parent firm is consider- returns such as profit and cash flow,” would add a woman to its all-male ing a dramatic cut to the valuation it said Fraser Thorne, chief executive of board of directors once public, and will seek when it makes its market investment research group Edison. unwound a $5.9m payment to Neu- debut on Wall Street. The We Company is understood to mann for use of his “We” trademark. The New York-based We Company is want to raise between $2bn and $4bn Separately, underwhelming flota- weighing up a valuation of just over in a listing before the end of the year. tions this year from other loss-mak- $20bn (£16.2bn) for the business, less It has strong backing from Japanese ing tech starlets such as Uber and Lyft than half the $47bn price tag it mega investor Softbank, which has are hanging over the co-working CATHERINE NEILAN The Guildhall event boasted a guest received in private fundraising in put in over $10bn since 2017. behemoth’s plans to pursue a listing. AND ALEXANDRA ROGERS list of City grandees including London January this year. Investors have voiced concerns over Shares in the two ride-hailing giants Stock Exchange chief executive Nikhil The lower valuation reflects nerves Wework’s business model, in which it hit fresh lows earlier this week, as @CatNeilan @city_amrogers Rathi, Lloyd’s of London chair Bruce among potential investors that the rents out its properties to clients on a investors balked at the companies’ US VICE president Mike Pence told a Carnegie-Brown, former Barclays office-sharing tech giant could never short-term basis, but pays long-term potential to turn a profit. City audience last night that the director Gerry Grimstone and turn a profit, people with knowledge rent contracts to landlords. Next month, Wework will open White House wants to offer Britain a Vodafone boss Nick Read. of the matter told Reuters yesterday, There are also worries about the its largest European location on trade deal “immediately upon the Pence told the audience: “We despite having rapidly expanded to grip of founder and chief executive London’s York Road in Waterloo. The completion of Brexit”, insisting that believe an FTA [free trade agreement] more than 500 locations in 100 cities Adam Neumann on the We Company. 280,000 sq ft office building will President Donald Trump stands between the US and UK could in just nine years. The proposed multi-class share house a games lounge, a “brainstorm- “shoulder to shoulder” with Prime increase trade between our two A spokesperson for Wework declined structure would leave him with oper- ing room” and a “wellness room”, Minister Boris Johnson. countries three or four times. And we to comment on the possible reduction ational control even after going with space for more than 1,000 staff. Some of the biggest names in are already going to work on that FTA. last night. public. Fellow tech firm Facebook and Thorne added: “The real challenge British business flocked to the Square “When you’re ready, we will be The We Company lost more than its boss Mark Zuckerberg have faced for Wework is whether it will be able Mile to see Pence talk at a lavish ready,” he added. $900m in the first half of 2019 despite similar criticism, as a result of the co- to meet market expectations as a dinner aimed at bolstering US-UK its revenue climbing to $1.54bn, it founder’s influence on the business listed entity with all the extra trade ties post-Brexit. £ CONTINUES ON P2 revealed in a filing last month. as its chief executive and chairman. scrutiny that will bring.”

FTSE 100 ▼ 7,271.17 -40.09 FTSE 250 ▲ 19,649.56 +30.45 DOW▲ 26,728.15 +372.68 NASDAQ ▲ 8,116.83 +139.95 £/$ ▲ 1.233 +0.009 £/€ ▲ 1.117 +0.007 €/$ 1.103 unc. 02 NEWS FRIDAY 6 SEPTEMBER 2019 CITYAM.COM

THE CITY VIEW A special relationship is something to cherish

MID all the division and uncertainty of our current political challenges, one thing has remained constant: London’s standing as a beacon of international commerce. Money, City figures flocked to Guildhall for the special event. Clockwise from top left: A Andy Palmer, chief of Aston Martin; Dame Jayne-Anne Gadhia, incoming chief people and ideas from all over the world continue to arrive of Salesforce UK; Rupert Soames, chief of Serco; Peter Estlin, lord mayor of and thrive in our capital city in much the same way as they have the City of London; Roger Carr, chairman of BAE Systems; Gerry Grimstone, done for hundreds of years. The ancient Guildhall has become a chairman of Barclays Bank; and Helen Brocklebank, chief of Walpole. physical embodiment of this spirit, hosting dozens of international conferences and celebrations each year. The City’s lord mayor takes the message to the world, acting as the Square Mile’s roving ambassador and trade minister. It was with this in mind that the City welcomed US vice president Pence to Guildhall last night, with the great and the good turning out for the occasion. There will have been many there, and many across the Square Mile, who are less than aligned with the current US administration. But the warm words Pence offered about our shared history, the value of trade and his desire for an even closer partnership between our countries should be universally appreciated. We hope, too, that the vice president appreciated trade secretary Liz Truss’s warnings about the need to make the case for free trade in every generation. Pence’s boss in the Oval Office has not shown himself to be entirely on board with the concept during his time as President, and this would not have been lost on the VP. Differences aside, it is worth recognising the undeniable advantage that comes from having an American government so overtly supportive of Britain. The President is clearly a big fan, and other senior figures in the US government appreciate the value of the ties between our two countries. The commercial links are no less important than the diplomatic ones, and they are thriving. Of course, not everybody celebrates the special relationship. Jeremy Corbyn would rather dine with the CONTINUED FROM FRONT PAGE the freest, most democratic, open with the choice of Pence as guest leaders of Hamas and Venezuela than of our closest and most nations in the world – have been on speaker in light of his opinions on a important ally. Throughout his life, his foreign policy has been Pence added: “The President told me the front line setting the example for range of social issues when the event today to tell Prime Minister Johnson others to follow.” was first revealed by City A.M. shaped by an instinctive aversion to the US and its interests – that we will begin negotiations right The high-profile event attracted One councillor told this newspaper: regardless of whether they overlap with our own. Despite this away. The message is clear – the tight security measures at the insis- “This was a dinner the City was week’s parliamentary chaos, it remains more likely than not that minute the UK is out, the US is in.” tence of US authorities. bullied into hosting, with a speaker the UK will leave the EU in one way or another. It is incontestable The black-tie dinner at Guildhall Councillors were prevented from they didn’t invite who couldn’t be was also attended by international remotely accessing their emails last bothered to stay for the meal. that our efforts to make a success of it will be better served by trade secretary Liz Truss, who argued night, while wi-fi was also disabled “Those who think a US-UK trade enjoying a close friendship with Washington. Recognising this that “after 1945 it was the UK and the around Guildhall from the early deal will be anything other than reality does not require the turning of blind eyes to US policies US who together created the modern morning. one-sided only need look at the trading systems which have hugely Other names on the guest list behaviour of the Americans around with which we disagree, but those disagreements should never enriched our lives”. included Starling Bank chief Anne this dinner to realise how gravely morph into the knee-jerk anti-Americanism spouted by Corbyn. Truss hailed America’s role in Boden, Ocado boss Tim Steiner and mistaken they are.” promoting free trade across the HSBC UK chief Ian Stuart. Earlier in the day, the US vice presi- world, despite the trade war led by A raft of Tory MPs, including Truss’ dent visited Boris Johnson at Number Trump since his election in 2016. predecessor Liam Fox, transport 10, where the two “reiterated their “Over the last three decades free minister Nusrat Ghani, Bim Afolami commitment to negotiating an trade has lifted more than 1bn people and Andrew Rosindell, were also ambitious free trade deal after out of abject poverty,” she said. invited to the event. the UK leaves the EU”, Downing Street Follow us on Twitter @cityam “And our great countries – two of Some councillors were unhappy said in a statement.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL FACEBOOK SPEARHEADS WHAT THE REES-MOGG FACES LEGAL GEORGE OSBORNE FAILS IN FED LINES UP ANOTHER DEEPFAKE DETECTION OTHER ACTION OVER DOCTOR SLUR BID TO HEAD UP THE IMF QUARTER-POINT RATE CUT Facebook and Microsoft are teaming up Leader of the House Jacob Rees-Mogg Former chancellor George Osborne’s Federal Reserve officials are gearing up with artificial intelligence researchers PAPERS SAY has been threatened with legal action hopes of returning to the heart of to reduce interest rates at their next from Oxford, Berkeley and others to after likening the David Nicholl, a senior international politics have been policy meeting in two weeks, most detect so-called “deepfake” videos, THIS consultant, who co-wrote official no- thwarted after he failed in his bid to likely by a quarter-percentage point, as which threaten to create realistic new deal contingency plans to the disgraced become the new head of the Internat- the trade war between the US and disinformation campaigns. The social MORNING anti-vaxxer Andrew Wakefield. ional Monetary Fund. Osborne, now China intensifies. An aggressive half- networking company is contributing editor of the Evening Standard, had the point cut to battle the slowdown hasn’t $10m (£8.12m) to a “deepfake SNP AND LABOUR CONSIDER backing of Prime Minister Boris gained much support inside the central detection challenge”, in the hopes of PACT TO STOP EARLY POLL Johnson to succeed Christine Lagarde. bank. spurring the creation of tools that can Boris Johnson’s election hopes have spot videos manipulated using the low- been hit by an emerging deal between ANGLIA TRAIN DRIVEN FOR 23 PRUDENTIAL TO PAY $2.35BN cost technique. Labour and the SNP to block a poll bef - MINUTES WITH DOOR OPEN FOR ONLINE STARTUP in four months and signalling continued ore the next Brexit delay. Jeremy Corbyn A Greater Anglia commuter train Prudential Financial has agreed to pay US PRIVATE SECTOR ADDS tightness in the labour market despite met Ian Blackford, the SNP West minster heading for London Liverpool Street $2.35bn (£1.91bn) for online startup 195,000 JOBS IN AUGUST uncertainty about the US-China trade leader, to agree that the election must travelled at 80 mph for 23 minutes while Assurance IQ as traditional life insurers US private sector employers ramped up war and fears about slowing domestic take place only after the UK has secured its door was open, an accident seek to reach digital-savvy customers hiring in August, adding the most jobs growth. another extension from the EU. investigation report has found. who shop on the internet. CITYAM.COM FRIDAY 6 SEPTEMBER 2019 NEWS 03 PM digs in over British Land launches legal battle over Monsoon restructuring plans JESS CLARK company voluntary arrangement company’s creditors. Brexit extension (CVA) following its approval in July, The property giant is said to be @jclarkjourno Sky News reported. unhappy about the structure of BRITISH Land has filed a legal The CVA proposals would cut rents funding provided by Monsoon owner challenge against Monsoon by between 25 and 65 per cent at Peter Simon, and alleges that he Accessorize’s recently agreed rescue more than half of Monsoon’s 258 UK failed to listen to landlords’ concerns plan, which will see the retailer slash branches. about the terms of other CVAs. as brother quits rents across more than half of its UK British Land, a FTSE 100 landlord, Sources told Sky News that there stores. owns five Monsoon stores, and voted is a chance that the challenge could CATHERINE NEILAN about his brother’s resignation, said Jo The owner of Sheffield’s against the restructuring proposals be settled before it reaches court as @CatNeilan “does not agree with me about the Eu- Meadowhall shopping centre is in July, which were approved by talks between the two parties are ropean Union because it’s an issue aiming to block the retailer’s more than 90 per cent of the ongoing. A FRESH showdown in Westminster on that obviously divides families and Monday looks certain after Prime Min- divides everybody”. ister Boris Johnson yesterday said he Tories Dame Caroline Spelman and would rather “die in a ditch” than ask Nick Hurd, the MP for Ruislip, also said Brussels for a Brexit extension. they will not be standing at the next Johnson told assembled journalists General Election – the date of which an extension would cost £1bn a month Johnson reiterated yesterday he would and be “totally pointless”. like to hold on 15 October. Johnson said he “hates banging on Leader of the House Jacob Rees-Mogg about Brexit”, adding: “I don’t want an confirmed yesterday that the govern- election at all… but frankly I don’t see ment would bring another motion any other way.” relating to an early General Election. “We must, must, must settle this EU It has been scheduled to return on debate,” the Prime Minister said. Monday. The PM’s defiance that Brexit must A similar motion, to dissolve parlia- not be delayed beyond 31 October ment and go back to the ballot box, came hours after his brother, Jo John- was rejected on Wednesday night. son, quit Cabinet and resigned as an Johnson lost his working majority on MP over the Brexit issue. Wednesday, when Phillip Lee defected “In recent weeks I’ve been torn to the Liberal Democrats, and was between family loyalty and the weakened further by sacking 21 rebels national interest – it’s an unresolvable who voted against the government on tension and time for others to take on the bill to take no-deal off the table. my roles as MP and minister,” the Former Labour-then-Independent younger Johnson said after resigning. Group MP Luciana Berger followed Lee The Prime Minister, when asked in joining the Lib Dems yesterday.

SOLD! Sotheby’s shareholders give green light to $3.7bn sale to billionaire art buyer

SOTHEBY’S shareholders yesterday approved the $3.7bn (£3bn) sale of the auction house to French-Israeli billionaire art collector Patrick Drahi. The sale garnered the approval of over 90 per cent of shareholders at a special meeting.

IN BRIEF FEDERAL RESERVE WARNS OF GRANT THORNTON TO FACE $860BN GLOBAL TRADE HIT FRESH AUDIT SCRUTINY The US-China trade war is set to cost Embattled auditor Grant Thornton is the world about $860bn (£700bn) in set to face renewed scrutiny as lost output, the US Federal Reserve said Patisserie Valerie’s liquidators prepare in research published this week, and to pursue claims against third parties cost the US economy over $200bn. The connected to a multi-million-pound Fed said that uncertainty over trade has hole in the cafe chain’s finances. “shot up to levels not seen since the Administrators KPMG will pass the case 1970s” after the US ratcheted up tariffs on to FRP Advisory later this month. on China over the last year, leading The financial services giant said in July Beijing to respond in kind. In a paper that it could not investigate Patisserie looking at the effect on global growth, Valerie’s auditor Grant Thornton due to the US central bank said the total drag a conflict of interests. Grant Thornton on the global and US economy as also checks KPMG’s accounts. In a investment and trade slowed would be progress report KPMG said: “We expect just above one per cent going into 2020. that the liquidators will be assessing As global GDP is over $86 trillion, the and, if appropriate, pursuing potential cost would be around $860bn, claims against third parties in respect of according to City A.M.’s calculations. the apparent accounting misstate- America’s GDP is over $20 trillion, ments that were uncovered in October resulting in a drag of over $200bn. 2018.” FRP’s investigation will explore Investors were cheered yesterday by legal claims in an attempt to return news that the two sides would re-enter money to investors who lost funds talks in October. when the business collapsed. 04 NEWS FRIDAY 6 SEPTEMBER 2019 CITYAM.COM IN BRIEF US SERVICES SECTOR GROWTH ACCELERATES US services sector activity acceler- ated in August and private Banks hit with employers boosted hiring, suggest- ing the economy continued to grow at a moderate pace despite trade tensions which have stoked financial market fears of a recession. The upbeat reports yesterday came cost crush from on the heels of data this week showing the manufacturing sector contracted for the first time in August as the trade war between the US and China intensified. PPI claims rush LONDON INVESTMENT FIRMS GET EU LICENCES SEBASTIAN MCCARTHY total PPI bill could cost up to £53bn. More than 100 asset managers, Martin Lewis, the founder of Mon- trading platforms and investment @SebMcCarthy eysavingexpert.com who has been at firms in London have so far obtai- BRITAIN’s banking sector is bracing the forefront of the PPI compensation ned licences to run new hubs in the itself for a multi-billion-pound bal- campaign, told City A.M.: “I think it EU after Brexit, a top regulator said ance sheet backlash from a worse- will certainly be over £40bn and it yesterday. Licences are granted by than-expected rush of payment would not surprise me if it was closer Electric cars accounted for 3.4 per cent of the market in August national regulators, but the protection insurance (PPI) complaints to £50bn. But it is difficult to estimate European Securities and Markets that were lodged late last month. what proportion of people will get a Authority (Esma) ensures they don’t Some of the country’s largest banks payout, because this isn’t about offer sweeteners to UK-based firms are facing huge costs following a people with PPI complaining about it, Electric car sales charge ahead that want a base to serve EU clients stampede of consumers making it’s people asking whether they had it after Brexit. claims for mis-sold PPI in the run-up and could complain about it.” to the 29 August deadline. with record monthly demand GLOBAL EFFORT TO AID Clydesdale Bank-owner CYBG and CYBG DEVASTATED BAHAMAS ALEX DANIEL Royal Bank of Scotland have warned P according to the Society of Motor An international relief effort gath- that an unprecedented number of 150 Manufacturers and Traders (SMMT). ered pace yesterday to help stunned @alexmdaniel complaints could cost up to £900m 140 Tesla’s Model 3 was the third-most residents of the Bahamas, where and £450m respectively, with both MORE electric cars were sold in popular car in the country in August the health minister predicted a blaming higher claims last month for 130 Britain last month than ever before, – the first time an electric car has “staggering” death toll from a worse-than-expected blow. 120 5 Sep as zero-emission vehicle sales rose been in such high demand. Hurricane Dorian. The death toll 110 Yesterday CYBG’s share price closed 110 fivefold amid an otherwise subdued SMMT boss Mike Hawes said from was officially 23 while down 21.4 per cent at 110p, with ana- automotive market. August is usually the quietest authorities continued to retrieve lysts worrying that the PPI costs could 100 Zero-emission car sales came to month, “so the huge increase in and register bodies, health minister endanger the firm’s dividend. 3,147 vehicles in August compared to electric vehicle registrations is… Duane Sands said. But he said the New City Agenda has predicted the 30 Aug2 Sep 3 Sep 4 Sep 5 Sep just 659 this time last year, especially welcome”. final toll would be far higher. UK firms appoint staff at weakest rate Leadsom to chair small in three years in sign of job slowdown business finance council HARRY ROBERTSON KPMG revealed in a report today. slowdown could be catching up with ANNA MENIN the launch of the council following Unemployment in Britain remains the jobs market. a meeting with business leaders, @henrygrobertson remarkably low, however, despite Today’s KPMG and REC jobs report @annafmenin said Sky News. COMPANIES hired permanent work- employers being racked by Brexit said: “An uncertain outlook also MINISTERS are reportedly set to It will rep ortedly be chaired by ers at the slowest rate in more than uncertainty. Just 3.9 per cent of the weighed on candidate numbers.” launch a finance council to support business secretary Andrea three years in August, according to a working age population are without Permanent job vacancies in the lending to small and medium-sized Leadsom, and City minister John new survey, in a sign that Britain’s a job, a figure not seen for 45 years. private sector rose at the slowest rate business (SMEs) post-Brexit, follow- Glen. jobs boom is slowing. Some economists have said since January 2012, while the growth ing complaints the govern ment has CBI head Carolyn Fairbairn said August also saw the slowest businesses are reluctant to invest in demand for temporary staff eased not done enough to help prepare that moves towards parliament increase in total job vacancies in and so are hiring workers who can to a 79-month low. the firms for the UK leaving the EU. passing a bill preventing a no-deal more than six years, the Recruitm- be laid off in a downturn. KPMG vice chair James Stewart The Treasury and the Depart- Brexit were a “chink of light”, but ent and Employment Confederation Yet there are signs that Brexit said: “Businesses desperately need ment for Business, Energy, and warned “the cloud has not gone (REC) and professional services firm uncertainty and a global economic clarity on Brexit.” Industrial Strategy will announce away” until a deal is reached. CITYAM.COM FRIDAY 6 SEPTEMBER 2019 NEWS 05

UNFOLDED Samsung reveals new foldable phone UK launch date after months delay Redrow builds profit to fresh high but warns over end of Help to Buy JESS CLARK to 30 June from £380m in 2018. the scheme ending the group is @jclarkjourno The FTSE 250 property developer pushing its “heritage collection” said it is “understandably cautious” forward, with the aim of attracting REDROW reported the sixth about the eventual impact of the more buyers from the secondary consecutive year of record figures impending changes to the Help to market who would not normally yesterday but warned that the Buy scheme, which will be cancelled consider buying a new build home. cancellation of the Help to Buy completely in March 2023. Redrow chief executive John Tutte scheme could impact future trading. Help to Buy accounted for 1,881 of said: “Notwithstanding the political Revenue was up 10 per cent to the housebuilder’s private and economic uncertainty we face, £2.1bn from £1.9bn the previous reservations in the year, up from we have every reason to be confident year. Profit before tax increased 1,794 in 2018. that 2020 will be another successful seven per cent to £406m in the year In order to mitigate the effects of year for the group.”

SAMSUNG’s foldable phone has been given a brand-new launch date months after having to abandon its initial roll-out due to reports of breakages. The Galaxy Fold will hit markets today in South Korea, and in the UK on 18 September for £1,900. Investors revolt as Dixons faces director pay row SEBASTIAN MCCARTHY While it said it was still on track to @SebMcCarthy meet its financial guidance for the year, Dixons reported a 10 per cent ELECTRICAL goods giant Dixons drop in like-for-like mobile phone Carphone faced an investor backlash sales in its UK and Ireland markets at its annual general meeting (AGM) during the 13 weeks to 27 July. yesterday following controversy over The consumer electronics giant has share awards handed out to its chief been hit by a growing volume of cus- executive. tomers keeping their handsets for Almost 20 per cent of shareholders longer and going for SIM-only deals voted against proposals to approve the rather than long-term contracts with annual pay report for directors at the a specific network. firm and re-elect boss Alex Baldock as Despite the slump in its home mar- a director. ket, Dixons enjoyed a four per cent Investor opposition came in the rise in like-for-like revenue overall, wake of a recommendation from bolstered by higher sales in the proxy adviser Institutional Share- Nordics and in Greece. holder Services to vote against the mo- A strong performance in white tions at yesterday’s AGM. goods, tablets and gaming helped Earlier this year, Baldock was deliver a two per cent revenue rise in granted almost 1.2m shares with a electrics within the UK and Ireland, face value of over £2.3m as part of in spite of a slight fall in large screen a long-term incentive plan. TV sales compared with gains that The revolt came on the same day as were made as a result of last year’s Dixons posted a double-digit drop in World Cup. mobile phone sales during the last The group’s share price closed up 1.4 quarter. per cent yesterday at 115.50p. Melrose gains boost despite GKN job cuts and car industry decline

ALEX DANIEL significant reduction on the £372m @alexmdaniel reported this time last year. Revenue 8.79% rose 100.2 per cent to £5.7bn, on a TAKEOVER specialist year-on-year basis. Melrose Industries yesterday Boss Simon Peckham said there forecast the downturn in the global could be job cuts in the automotive automotive industry will persist until division as it made further cost at least the end of the year. reductions. “As with every other However, Melrose’s shares jumped automotive business in the world 8.79 per cent as it allayed investor right now we are reducing overheads concerns about the effect the and people where necessary.” industry’s struggles were having on He told City A.M: “I don’t know its own business. where the auto cycle is going. We’ll Melrose pre-tax loss was £128m do what we need to do in that for the first six months of 2019, a context.” 06 NEWS FRIDAY 6 SEPTEMBER 2019 CITYAM.COM

NO TEARS LEFT TO CRY Boohoo shares hit record high after revenue forecasts increase Hot weather fails to heat up high street retail sales JESS CLARK increasing 18.6 per cent from months is further uncertainty”. @jclarkjourno growth of 13.7 per cent. The industry reiterated calls for Sophie Michael, head of retail the government to take action on BRICKS and mortar retailers and wholesale at BDO, said: “2019 the challenges facing the UK high suffered a further blow last month continues to deliver bad news for street. as soaring temperatures failed to the British high street, with Michael added: “The current warm up high street sales. crumbling consumer confidence political and economic Like-for-like in-store sales and growing uncertainty uncertainty is adding to the dropped 0.1 per cent in August discouraging discretionary spend. struggles of cash-strapped retailers from a base of minus 2.7 per cent “Despite some improvement in and their increasing reluctance to in the same month last year as footfall in the final week of August, make investment decisions. retailers were unable to convert retailers were unable to convert “The sector is in desperate need rising footfall into purchases. this into higher sales. for the government to take action, The lifestyle category recorded “With another worrying month provide some clarity and give its 19 month of no growth as sales of no growth and a government retailers the confidence to make slumped a further 1.8 per cent, distracted by Brexit negotiations the necessary investment to according to the latest High Street and now a potential General deliver long-term growth.” Sales Tracker from accountancy Election, retailers are heading into A string of prominent retailers firm BDO. the crucial Christmas period on have launched restructuring Following an eight-month run of very unsteady footing.” processes in recent months as the in-store sales growth, homeware Earlier this week, retailers were gloom on the high street shows no sales fell 0.8 per cent from minus warned to prepare for further sign of lifting. 6.1 per cent in 2018. political and economic turbulence Sir Philip Green’s retail empire SHARES in online retailer Boohoo closed at an all-time high yesterday, up 15.08 per cent According to research published as a separate tracker also revealed Arcadia is implementing a rescue at 280p, after the fast fashion firm raised sales growth guidance for the year. The today, back to school promotions slumping sales. plan which will allow rent cuts of company announced sales growth would be between 33 per cent and 38 per cent. helped boost fashion sales by KPMG UK head of retail Paul up to 70 per cent at nearly 200 UK 0.9 per cent from a base of minus Martin said businesses should stores. 3.6 per cent in August last year. “have rigorous contingency Meanwhile, Debenhams is in Online shopping continued to plans in place” as “the only thing court this week as it fights a rise during August’s heatwave, that is certain in the coming challenge to its restructuring plan.

Second proxy backs William Hill boss to depart Cobham’s £4bn as losses hurt bookmaker private equity deal JOE CURTIS industry and business ALEX DANIEL @joe_r_curtis experiencing significant @alexmdaniel structural and regulatory WILLIAM Hill’s chief executive is change,” Bowcock said. ANOTHER influential shareholder set to step down at the end of “Having recruited and worked adviser Glass Lewis has recommended the month as turbulent times hit with Ulrik for the last year and a Cobham shareholders back the the UK’s high street bookmaker. half, I am confident he will take company’s £4bn takeover by Advent Philip Bowcock will quit the advantage of the opportunities International, after Institutional top job and his role as company ahead and we will see William Share holder Services (ISS) said the director on 30 September to Hill go from strength to same two days ago. make way for the bookie’s chief strength.” Glass Lewis is the second-most digital officer, Ulrik Bengtsson, Around 70 per cent of William prominent advisory service in the to take the reins. Hill’s gaming machine revenue world behind ISS, and has told share- The switch at the top follows came from stakes above the new holders to choose the “‘bird in the William Hill falling to a pre-tax £2 limit and it took a £883m hand’, in this case being the all-cash loss for the first half of the year charge at the end of its last offer at a significant market premium as it came under pressure from financial year to compensate for representing a two-and-a-half year the government’s new fixed-odds the loss. high price and strong relative value”. betting cap. It is now focused on The advice follows the family of the The regulation could force expanding into the US, where founder of Cobham stepping up its William Hill to close 700 stores, courts overturned a federal ban fight against the takeover, with Lady putting 4,500 jobs at risk. on sports betting recently, Nadine Cobham writing to the top “I have thoroughly enjoyed my though costs have mounted up 15 investors arguing the offer “signif- time at William Hill. It has been as William Hill’s US business icantly undervalues the turnround of an intense period with the achieves scale. a recapitalised business”.

Licensing Act 2003 Applicaon for a new Premises Licence

Noce is given that St Andrew Holborn Church Guild Church Council has applied to the City of London Corporaon on 3 September 2019 for the grant of a premises licence to permit the sale by retail of alcohol on the premises between 18.00­23.00 Monday – Friday and from 12.00 PROPERTY unl 23.00 on a Saturday and Sunday at St Andrew Holborn Church, 5 St Andrew Street, London EC4A 3AF. The record of this applicaon If Taylor’s is held by the Licensing Authority and can be viewed on the website www.cityoflondon.gov.uk or inspected at the offices of the City of looking for an London Corporaon, Port Health & Public Protecon (Licensing), Walbrook Wharf, 78­83 Upper Thames Street, London, EC4R 3TD investment, during normal office hours (Ring in advance for appointment). Any person wishing to submit representaons to the applicaon must Camden could give noce in wring to the Licensing Authority at the address shown be a good shout above giving in detail the grounds of objecon by 2nd October 2019. Representaons must be received by the Licensing Authority by the date given above. The Licensing Authority will have regard to any HELEN CRANE representaons made when considering this applicaon. It is an ON ‘LONDON BOY’ offence under secon 158 of the Licensing Act 2003 for anyone to PROPERTY PRICES recklessly or knowingly make a false statement in connecon with PAGE 18 a licensing applicaon. The maximum fine on convicon is £5,000. NAVIGATING YOUR PENSION AND THE EVENTS LIFETIME ALLOWANCE WILL YOUR PENSION SAVINGS EXCEED £1M?

JOIN OUR EVENING EVENT OUR SPEAKERS

THOMAS SALTER, CHIEF OPERATING OFFICER, NETWEALTH MATT CONRADI, HEAD OF CLIENT ADVISORY, NETWEALTH CHRISTIAN MAY, CITY A.M. EDITOR

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To register your interest in this event, please visit www.cityam.com/event/netwealth. Places are limited and subject to availability. This event is for professionals only, with minimum investable assets of £100k 08 NEWS FRIDAY 6 SEPTEMBER 2019 CITYAM.COM Europe ‘will not accept’ US safety ruling on grounded Boeing 737 Max ALEX DANIEL grounded in March after two crashes understood” and that flight crews killed 346 people. had been sufficiently trained in @alexmdaniel Easa chief executive Patrick Ky changes to the plane. EUROPE’s aviation safety regulator revealed a list of four conditions Boeing declined to comment, but will insist on running its own tests on given to the US authorities in a has previously expressed hopes that Boeing’s troubled 737 Max before presentation given to the European the jet will be back to full service by allowing it to fly again, rather than parliament’s committee on trans- the end of the year at the latest. accepting the verdict of its US port and tourism on Tuesday. US regulator the Federal Aviation counterpart. One of the four conditions was a Administration (FAA) has faced Such a decision from the refusal to accept delegation on the criticism for being too trusting of European Aviation Safety Agency’s decision. Easa also demanded an Boeing after it allowed the manuf- (Easa) could dash Boeing’s hopes of a “additional and broader independ- acturer to carry out the final safety quick return to service in Europe for ent design review,” that the two fatal tests on the jet, rather than doing the best-selling jet, which was crashes were “deemed sufficiently them independently. The 737 Max grounding has already cost Boeing billions of dollars in compensation

HS-ADIEU? Minister set to make ‘go, no- go’ ruling on high speed rail by December Pilots may opt Go-ahead boss to call off British Airways strikes warns of expiry ALEXANDRA ROGERS @city_amrogers BRITISH Airline pilots who are threatening to strike next week have said the industrial action on Southeastern could be averted if the airline considers a new pay offer it has put ALEXANDRA ROGERS allows the state to intervene in failed forward. franchises at the last minute – could Pilots who are members of the @city_amrogers take over the line. British Airline Pilots’ Association THE GOVERNMENT does not have the A DfT spokesperson said: “As con- (Balpa) are due to strike on 9, 10 time to run a full competition for the firmed by the secretary of state on TRANSPORT secretary Grant Shapps has said he will make a “go, no-go” decision on and 27 September, but want the Southeastern rail franchise before 7 August, Southeastern will continue controversial high-speed rail project HS2 in December after a government-ordered airline to consider a new proposal. it expires next April, the chief execu- to provide services until April 2020. review. He said work that has already started will continue in the meantime. BA has said it has offered an 11.5 tive of incumbent operator Go-Ahead “We are considering all arrange- per cent rise over three years which has warned. ments, which must be in the best has been accepted by the Unite and David Brown said it would be interests of passengers and taxpayers, GMB unions. “slightly wrong” and “counterintu- and able to align with the recommen- General secretary Brian Strutton itive” for the Department for Trans- dations from the Williams rail said: “Our members’ resolve is very port (DfT) to bring in a new operator review.” Tory mayoral candidate Bailey strong and they remain very angry for the franchise. Meanwhile, Go-Ahead’s pre-tax with BA, but they also want to leave The competition for the franchise profit slumped by 33.4 per cent to no stone unturned in trying to find was unexpectedly scrapped last £97bn for the year ended 29 June, confirms he will raise Tube fares a resolution to their dispute.” month and a five-month extension while revenue increased by 10 per A BA spokesperson said: “We awarded to Govia, the joint venture cent to £3.81bn. Shares rose three per ALEXANDRA ROGERS Industry. What I would have done is remain open to constructive talks between Go-Ahead and Keolis, until cent at yesterday to 2,208p. not done the bogus fares freeze at the with Balpa to resolve the pay nego- April 2020. @city_amrogers beginning to leave us with such a big tiations, but we do not believe the Speaking to City A.M. yesterday, TORY mayoral candidate Shaun gap to jump.” union is acting in good faith by Brown said: “They [the DfT] haven’t GO-AHEAD Bailey has confirmed he would put A spokesperson for Khan said: “This making an eleventh hour inflated P got the time to have a new competi- 2,250 up Tube fares after saying Sadiq Khan says everything that Londoners need proposal which would cost an tion; they cant bring in another oper- would do the same. to know about the Tories in London. additional £50m. ator. To bring in another operator 2,200 2,208 Bailey, who is looking to replace Throughout his time as mayor, Sadiq “We, at BA, have acted with when we are achieving the best cus- 2,150 5 Sep Khan as London mayor in next year’s Khan has frozen TfL fares and introd- integrity through many months of tomer satisfaction would be slightly 2,100 election, said a Transport for London uced the Hopper bus fare, while TfL negotiations. We and the union’s wrong. It would be counterintuitive.” (TfL) fare hike was a “done deal”. fares went up by more than 42 per leaders agreed and shook on a deal The squeezed timeframe means that 2,050 “It’s not me putting them up, it’s cent under the last Tory mayor and on Monday 12 August only for the Go-Ahead could either receive an 2,000 the reality of the world putting them the new Tory candidate is promising union to back track on that emergency direct award, or the Oper- up,” he told an event organised by the to increase TfL fares every single year agreement and return with new ator of Last Resort – the function that 30 Aug2 Sep 3 Sep 4 Sep 5 Sep London Chamber of Commerce and if he wins.” and unrealistic demands.” Nissan boardroom bust-up roars back into life with fresh pay furore

ALEX DANIEL have found Saikawa and several He said the scheme was one of other executives had received more several “from the Ghosn era”. He @alexmdaniel pay that they were allowed at the denied any active role in the scheme, NISSAN’s long-running scandal over Japanese giant. and that he plans to return excess executive pay has received a new Saikawa admitted to reporters payments. lease of life after chief executive outside his home in Japan yesterday The alleged improper payments Hiroto Saikawa admitted he was that the incentive scheme’s include tens of millions of yen overpaid in violation of internal operation had been “different to Saikawa received through a stock company rules via a scheme designed what it should have been”, according appreciation rights scheme. The by disgraced former boss Carlos to local press. revelations were made at a meeting Ghosn. “I am deeply sorry for causing of Nissan’s audit committee Nissan’s Hiroto Saikawa has admitted he was overpaid – but will return the money An internal investigation is said to concern,” Saikawa said. yesterday, according to Reuters. CITYAM.COM FRIDAY 6 SEPTEMBER 2019 NEWS 09

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

If nothing else, the £ I suspect that when an JUST IN TIME election does come the FOR WINTER Liberal Democrats will do Lords at least offers quite well and finally put the I’ve got some home post-coalition wilderness some good debate improvements coming up years behind them. They’re and am keen to build busy adding to their ranks ATCHING a debate in the government officials bicker with somewhere to lay down a even without the means of a WHouse of Lords can lift the partisan stooges. This week, with few bottles. Alas, it won’t national vote, with two spirits. Admittedly, this Brexit-related procedural twists be ready in time for me to Labour MPs (one via Change isn’t always the case. After all, the requiring the input of peers, we bid on the £4m “ultimate UK) and a Tory defecting to place is so rammed with political saw glimpses of both. Rebel MPs whisky collection” being their ranks in Westminster. cast-offs and the dregs of needed the Lords to nod-through offered by Sotheby’s at the And what a Tory! Philip Lee, quangoland that following its their anti no-deal motion, and end of this month. The whose aversion to Brexit proceedings can often feel like a though their lordships’ stash includes a 1926 drove him into the yellow punishment. However, during acquiesence was never in doubt, Macallan estimated to go arms, has a pretty right-wing moments of great constitutional more than a handful put up a good for nearly half a million. voting record, especially on or legal significance it is to the fight. Lord True described the There are 466 other social issues. Are the Lib Dems Lords that one must turn for a unconstitutional nature of some of bottles to bid for if you feel just a berth for the homeless, higher class of debate. the devices used to hasten the in need of a stiff drink. or do they still have principles? There are more than 700 peers, bill’s passage as “a dagger to my and amid the dross there are heart”. Arch-remainer Lord Patten individuals of immense said: “I am jolly concerned about £ We spent almost all of August in seizing power. Perhaps they just CAN I QUOTE YOU ON THAT? £ Mark Carney may be on his way distinction. When the my nobel friend’s heart but rural Herefordshire. Let me stress don’t follow Hugh Grant on Twitter out but his speeches are still worth Conservative Baroness Blackwood wonder what his cardiologist that if you haven’t been to this and so were unaware of paying attention to. At the end of fainted during a statement earlier would have said when he learned county you should seek to rectify developments. Fearing the arrival August he spoke at the Jackson this year, she was immediately about the longest prorogation your mistake. It is beautiful. But of tanks and thuggish Old Etonians Hole Symposium and ranked the tended to by a former obstetrician, since the 1930s.” Back on his feet, imagine my surprise when, during we retreated to our cottage to ride A photo issues troubling top global a professor of palliative medicine Lord True replied: “I will discuss my a rare instance of the outside world it out. When the time came, it was investors. They are –in order – the and a professor of nursing. On a heart when he discusses his soul.” creeping into our temporary and hard to leave our sanctuary. Not opportunity trade war, monetary policy good day, the Lords will see high- This was civilised sparring, without blissful seclusion, I learned that the because of events in Westminster for Mr Javid impotence, a slowdown in China, ranking members of the judiciary the hectoring and hysteria so often country was in the grip of a coup. A but because it had been the most a bond market bubble, an debating Bletchley Park code- on display in the Commons. I’ve glance around the village pub’s relaxing, restorative and enjoyable How one attendee described a unspecified credit event, Iran, breakers while renowned written here before that it’s hard to beer garden that evening left me holiday I’ve ever had. Brexit or no meeting of financial services global populism, US domestic scientists, ethicists and defend the House of Lords, but with the clear impression that the Brexit, staycations are the future. chief executives at the Treasury politics, market structure, an philosophers offer their expertise. witnessing a great debate makes it people of Herefordshire were Granted, having a toddler colours earlier this week equity market bubble, European On a bad day, washed-up local a little easier to do so. untroubled by reports of fascists one’s view of international travel. politics and, at the bottom, Brexit.

Recession risks Watchdog chair rise in Germany as exports hit urges tech firms MICHAEL NIENABER WEAKER demand from abroad drove a bigger-than-expected drop in German industrial orders in July, suggesting that struggling manuf- to combat fraud acturers could tip Europe’s biggest economy into a recession in the JAMES BOOTH to contribute to the Citizens Advice third quarter. @Jamesdbooth1 Scams Action service and to create a Germany’s export-reliant scams ad reporting tool, as part of the economy is suffering from slower THE CHAIR of the Financial Conduct settlement of litigation against them global growth and business Authority (FCA) has called on internet by Martin Lewis. I hope that Facebook uncertainty caused by US President giants to play a greater role in tack- will continue to invest in further anti- Hong Kong chief executive Carrie Lam is heckled by pro-democracy protesters Donald Trump’s “America First” ling financial crime which he said scam protections,” he said. trade policies and the planned, but had reached “epidemic proportions” “And I hope that other internet gi- delayed, Brexit. in the UK. ants will follow suit.” Contracts for Made in Germany Charles Randell told the Cambridge Randell said: “Google searches of Hong Kong executive says China goods fell 2.7 per cent from the Economic Crime Symposium on ‘high return investments’ continue to previous month in July, data Wednesday night that “financial reveal numerous very doubtful offers showed yesterday, driven by a big crime, specifically fraud against indi- high up the search rankings. We ‘respects’ withdrawal of the bill drop in bookings from non- viduals, has reached epidemic propor- know from the London Capital & Eurozone countries, the economy tions”. Finance case that a large proportion ministry said. That undershot a Randell said it was not clear how – over £20m – of clients’ payments to ANNA MENIN “Throughout the whole process, Reuters consensus forecast for a 1.5 much financial crime there is “but it’s the firm were spent on Google adver- @annafmenin the Central People’s Government per cent drop. a very serious epidemic”. tising to attract more customers.” took the position that they “The misery in manufacturing The FCA has been heavily criticised Randell said the internet giants “as HONG Kong chief executive Carrie understood why we have to do it. continues. The decline in new by retail investors for its slow actions a minimum” should take down Lam said yesterday Beijing supports They respect my view, and they orders significantly increases the closing down risky investment suspected fraudulent content imme- her decision to withdraw an support me all the way,” she told risk of a recession for the German schemes advertised online, such as diately when requested to do so by the extradition bill that sparked months reporters. economy,” VP Bank analyst Thomas mini-bond firm London Capital & authorities. of unrest, part of measures she hopes Lam had in June said the bill was Gitzel said. Finance (LCF), which collapsed in “I would expect them to use their will “address the discontent” in the “dead”, but had refused to confirm Germany’s gross domestic prod- January owing £237m to more than extraordinary resources to work with territory. its official withdrawal. uct contracted by 0.1 per cent 11,000 bondholders. law enforcement and regulators to In a press conference, Lam was She announced that the bill had quarter-on-quarter in the second Randell said the FCA “couldn’t take develop algorithms and machine repeatedly asked why it took her so been formally scrapped yesterday. quarter on weaker exports, with on the investigation and prosecution learning tools to identify potentially long to withdraw the bill, which “We must find ways to address the the decrease in foreign sales mainly of all investment activity which is fraudulent content,” he said. would have allowed citizens to be discontent in society and look for driven by Britain and China. fraudulently promoted on the Randell said he did not think such extradited to China. solutions,” she said, announcing “The danger is great that neg- internet”. measures would prejudice freedom of Lam did not answer the questions, other measures aimed at countering ative growth will also be recorded He called on internet platforms, speech “or that dissent and and said: “It is not exactly correct to divisions. in the third quarter,” Gitzel added. which are often used to promote democracy in our society will be any describe this as a change of mind.” Chinese state newspaper the The economy ministry said a scams and risky investment schemes, weaker if we throw some well-aimed The Chinese government was People’s Daily said the withdrawal of weak start to the third quarter to do more to help protect consumers. grit into the cogs of the online supportive of her government’s the bill left demonstrators with no means that the outlook for the “I welcome the decision by Facebook scammers”. decision to scrap the bill, she added. excuse to continue protesting. sector was also looking grim. Reuters 10 NEWS FRIDAY 6 SEPTEMBER 2019 CITYAM.COM M&S’s FTSE exit a symbol of terminal decline RCHIE Norman, the Marks his successor, who I can reveal will be months, but after a string of profit suggest an M&A-led outcome is likely. & Spencer chairman, put a Mark Sir Adrian Montague, the Aviva chair- warnings, contract losses and gover- At least two private equity firms brave face this week on the Kleinman man. nance failings, it’s dispensed with a have been circling Micro Focus for A retailer’s demotion from Montague’s appointment implies handgun and moved into full-blown months, while parts of De La Rue the FTSE 100. Nothing to see that he will remain in his role at the bazooka mode. remain attractive to strategic acquir- here, he said: the business was FTSE 100 insurer for some time, Appointing Kevin Loosemore as its ers. In each case, their board’s ability exactly the same on the day after its when there had been a growing chairman is arguably the worst- to mount a vigorous defence has relegation. Focusing on it was the assumption among investors that he timed piece of boardroom recruit- been fatally undermined by their reddest of herrings. would make way once Maurice ment of the decade. Less than a week failure to deploy an invaluable com- In a sense, he is right – but the Tulloch, its new chief executive, is after a profit alert scrubbed about a modity: common sense. decline of the “burning platform” he chance to run today’s M&S, outside properly embedded. third of the stock market value off Loosemore’s acceptance of the job has repeatedly called M&S couldn’t the FTSE 100 and potentially des- It is a key moment for Montague to Micro Focus, the software company at the banknote printer smacks of be more aptly symbolised than by its tined never to return? take the reins at the lobbying group. he serves as executive chairman, arrogance. The offer to him, and the relegation after 35 unbroken years in A no-deal Brexit and a General Loosemore has plumped for another timing of the announcement, smack London’s blue-chip share index. SWAPPING OUT A MANDUCA Election that could usher in the most hands-on job. of rank incompetence. Unfortunately for Norman, that FOR A MONTAGUE left-wing Labour government for His decision to relinquish the chair- It has left Crystal Amber, the decline is becoming harder to arrest It’s no slight against Paul Manduca, generations both loom large, with manship of privately owned software activist investor, with an open goal. with each passing quarter. Stock sup- the Prudential chairman, that few of potentially profound implications company Iris is an irrelevant sop. For The fund manager threatened in July ply issues, continuing leadership tur- the 2.3m workers in Britain’s finan- for Britain’s financial services sector. the next 12 months, De La Rue and to call an extraordinary general moil in its clothing business, cial and related professional services Montague is a solid choice at a time Micro Focus will each be close to meeting if Philip Rogerson, the ageing stores, and a pricey deal with would be able to name him as chair- when the City’s response to domestic full-time jobs. Both need to rebuild incumbent De La Rue chairman, did Ocado to lever its way into the food man of TheCityUK’s advisory council. and global political tumult is about the confidence of customers, share- not step down immediately. delivery market: it’s hardly surpris- That doesn’t make it an unimpor- to be tested like never before. holders and employees. Both are If Crystal Amber believes that is still ing that the shares are close to a tant job: in the decade since the vulnerable to opportunistic takeover the right course of action – with the 20-year low. trade association was established, it PASSPORT MAKER DE LA bids. Both have become graveyards wider objective of clearing out the Whether it’s this side of the crucial has fought the City’s corner in key RUE’S BIG BAZOOKA MOMENT for previously robust boardroom board – it doesn’t have a moment to Christmas trading period or not, battles on regulatory reform, immi- You couldn’t make it up. De La Rue’s reputations. waste. It won’t be short of support. further management change looks gration, taxation and corporate propensity for shooting itself in the Can either be salvaged in their cur- inevitable – but which world-class responsibility. foot has acquired myriad new rent form? The share prices and £ Mark Kleinman is the City Editor of retailer would now jump at the Today, Manduca will make way for techniques during a torrid few sense of shareholder disgruntlement Sky News. @MarkKleinmanSky

IN BRIEF FACEBOOK DATING LAUNCH LONDON FIRST TIME BUYER UK EQUITY OUTFLOWS RISE KNOCKS RIVALS’ SHARES NUMBERS SLUMP OVER UNCERTAINTY Facebook yesterday unveiled its first The number of first time buyers in Cautious investors pulled £1.2bn from foray into matchmaking, causing London has slumped, while new UK equity funds in July, with outflows heartbreak for rival dating magnate entrants to the property ladder have increasing amid heightened political Match Group. The launch of Facebook increased in all other areas of the UK. turmoil. UK equity funds experienced Dating, an app where users can Like a According to the latest research by net outflows of £1.2bn, a significant person’s profile if they’re interested, estate agent Zoopla, first-time buyer rise on the £744m of outflows report- caused Tinder-owner Match Group’s numbers in the capital have fallen 12 ed for June, according to figures from shares to fall as much as seven per per cent since 2014. Buyers in London the Investment Association. The funds cent. Facebook’s app will become now need a £92,000 annual salary to have consistently seen new outflows available in the UK in early 2020, after buy a two-bedroom home to pass over the past year, with the exception a soft launch in the US. mortgage affordability stress tests. of an inflow of £543m in May.

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LED BY BREAKFAST SERIES SPONSOR CITYAM.COM FRIDAY 6 SEPTEMBER 2019 NEWS 11 HSS tools up for challenging times in hire business as losses slim down ANNA MENIN year ago. HSS said this rise was due to ment led to a significant @annafmenin improved first-half trading across improvement in return on capital both its rental and service divisions. and a further reduction in leverage. TOOL hire company HSS yesterday The Manchester-based firm “The widely reported headwinds in reported a substantial narrowing in reported adjusted earnings before the economy have affected the tool pre-tax losses for the first half, despite interest, tax, depreciation and hire market but HSS is well placed to increased expenditure. amortisation (Ebitda) growth of 10.9 manage these… conditions.” Pre-tax loss was down almost per cent, with an increase of £5.5m. He added: “We have taken 28 per cent to £7.4m, compared to Chief executive Steve Ashmore additional action to further optimise £10.2m for the first half of 2018, the called the results “a solid our operating cost base and have a company said. performance… in which the contin- clear strategy to build upon our Revenue grew 3.9 per cent to ued focus on driving profitable existing excellent market positions.” £161.4m during the first half, up revenue growth through strong price Shares closed up 1.9 per cent at from £155.4m for the same period a control and effective cost manage- 32.10p. HSS chief executive Steve Ashmore called the results “a solid performance” Oil firms at risk Equinor owners from climate investments smile as it starts AUGUST GRAHAM @AugustGraham MORE than $50bn (£40.6bn) has been invested by oil and gas companies since 2018 in projects $5bn buyback critics say undermine global climate change goals. AUGUST GRAHAM that the company’s shares have fallen Think tank Carbon Tracker said @AugustGraham 21 per cent so far this year when that the projects, which do not measured in US dollars. take into account global targets, NORWEGIAN state oil giant Equinor The field, which was the biggest dis- will also be unsustainable if govern- yesterday launched a $5bn (£4bn) covery in the North Sea for three ments legislate in accordance with share buyback as it also promised to decades, will produce cheap energy the goals. This could hit bring a massive new oil field online for the company. shareholders, said Andrew Grant, a earlier than expected. It comes as other firms, especially senior analyst at Carbon Tracker. The firm said that it would immedi- US majors, scale back from the dwin- Engie said that it took steps to avoid a repeat of the problems “Investors should challenge ately start repurchasing $1.5bn in dling basin. companies’ spending on new fossil shares, and will complete that first Yesterday, Reuters revealed that US fuel production,” he said. tranche before the end of February. giant Exxon Mobil has agreed to sell “The best way to both preserve Shares bounced on the news, closing all its assets in Norway for $4bn. Ofgem slaps Engie with a £2m shareholder value in the transition the day up 9.15 per cent to €16.70. Exxon did not confirm the reports. and align with climate change goals “We have over the last years built a The news would mark the end of will be to focus on low-cost projects strong financial position with solid Exxon’s business in the country after fine for rigging the gas markets that will deliver the highest credit ratings and a net debt ratio more than a century there. returns.” around 20 per cent,” said chief execu- It comes after the firm in June said AUGUST GRAHAM The regulator fined subsidiary The study estimated that some tive Eldar Saetre. it was looking to sell the portfolio, @AugustGraham Engie Global Markets (EGM) £2.1m, of the world’s largest oil and gas The company’s main shareholder, including stakes in several fields run with a £1m cooperation discount. companies invested 30 per cent of Norway, will keep its 67 per cent stake by Equinor and Shell. FRENCH energy giant Engie was fined Ofgem found that the company their capital expenditure on undiluted. Exxon-owned parts of the 20 fields yesterday as regulator Ofgem found it did not do enough to prevent the projects inconsistent with the Meanwhile, Equinor said it would produced around 170,000 barrels of had manipulated gas prices in 2016. breach by a trader. It also failed to International Energy Agency’s start pulling oil from the Johan Sver- oil equivalent per day in 2017. A trader at the company had detect the spoofing once it started. most ambitious low emissions drup field in the North Sea in Octo- Sources told Reuters that the com- spoofed the market between June “Whilst Ofgem notes EGM did pathway. ber, a month ahead of what it had pany has held talks with Equinor and and August that year, Ofgem found. have some measures in place, they Carbon Tracker said that expected. a handful of other potential buyers. The trader had placed bids and off- were inadequate,” the regulator said. companies would need to slash In a note, UBS analysts said the The sources did not reveal which of ers to trade gas on the wholesale It said that a participator in the investment and focus on projects progress on the field and the buyback the potential bidders has won the markets even though they had no market got in touch after seeing which break even at costs below “signals positive progress from the race for the fields. intention of following through. Then “suspicious activity”. $40 per barrel. board”. “We believe sector shares are Exxon is reportedly also looking to they were able to sell at higher or Engie said it “strongly condemns Otherwise they risk wasting cheap,” they said, pointing to the fact sell its British North Sea stakes. lower prices, Ofgem found. practices that distort the market.” $2.2 trillion by 2030. Crude services M&A fail to bounce back from downturn five years ago

AUGUST GRAHAM It comes as the sector has failed to they splashed out $7.2bn. @AugustGraham bounce back from a 2014 downturn Alan Kennedy at KPMG, which in the price of oil which ripped compiled the data, said that the LEVELS of consolidation in the oil through international markets. This slowdown might be a sign of calm services sector is slowing, experts year’s figures showed the fewest before the storm. warned today, as companies in the deals since the downturn. “Vendors believe that earnings sector face difficulties. Meanwhile, the value of deals in and hence valuations will continue The number of mergers or the sector has also dropped, though to improve and so are reluctant to acquisitions (M&A) in the sector fell not as steeply, according to the data. transact just yet, whereas buyers are to 37 in the first half of 2019, new In the first six months of 2018, still cautious and want to see more data showed, a reduction from 64 in companies spent $7.4bn (£6bn) on evidence of sustainable earnings Several firms, including Gulf Marine Services, are still struggling after the downturn the same period last year. M&A. In the same period their year growth,” he said. 12 NEWS FRIDAY 6 SEPTEMBER 2019 CITYAM.COM Competition authority suspends legal action against ticket reseller Viagogo

JAMES WARRINGTON earlier court order. Viagogo addressed its outstanding The complaint centred around the concerns. @j_a_warrington Switzerland-based website’s use of CMA chief executive Andrea THE COMPETITION watchdog has so-called hover text to display inform- Coscelli said Viagogo’s website was suspended court action against ation such as ticket prices and refund now “worlds apart” from its previous Viagogo, saying the ticket resale site deadlines, which the CMA said was in format, but slammed the company had addressed its concerns about breach of UK consumer law. for its delayed response. how key information was presented The regulator also accused Viagogo “What is clearly not acceptable is to customers. of using misleading information, the time it’s taken to get to this The Competition and Markets including stating that there were stage,” she said. “Stronger consumer Authority (CMA) had launched legal more tickets left on sale than were powers are required in the secondary proceedings against Viagogo for actually available. ticketing sector and we will continue contempt of court after the firm However, the CMA yesterday said it to work with the government on the allegedly failed to comply with an has dropped the court case after most effective way to achieve this.” The CMA says Viagogo’s website is now “worlds apart” from its previous format IN BRIEF

SALARIES FOR NEW ROLES JUMP DESPITE CONCERNS UK employers ramped up salaries last month as they looked to snap Automation use up the best new recruits in a notoriously difficult period for hiring. Salaries for new roles rose 38 per cent year-on-year in August, according to the latest job market data from CV Library. The research doubles as firms showed that the south east enjoyed an even larger increase of 64 per cent, beaten only by the huge 80 per cent boost posted in the north east. BODEN CHIEF EXECUTIVE ramp up robots STEPS DOWN Boden chief executive Jill JAMES WARRINGTON Wright. “It is exciting to see that the Easterbrook has quit after three technology is finally being embraced years in the role, the retailer @j_a_warrington in a sizeable way, but there is now an announced yesterday, as the THE NUMBER of businesses adopting urgent need for leaders to address the fashion brand warned 2019 profit automation at scale has doubled in impact it will have on the workforce. would take a hit from investment in the past year, though most say they “A lot more thought needs to be its multi-channel offering. have yet to assess how this could have given to the integration of humans Easterbrook, a former executive at an impact on their employees. and machines and the new roles that Tesco, will step down at the end of Roughly eight per cent of companies will be created.” Posts by ex-Love Island contestant Olivia Buckland have previously been probed the year to develop a non-executive have deployed over 50 cases of Bosses said they expected automa- director portfolio, which already automation this year, twice as many tion to increase workforce capacity – a includes chairing the remuneration as in 2018, according to a report by company’s ability to ensure sufficient committee of Autotrader. Deloitte seen exclusively by City A.M. staffing levels – by 27 per cent, show- Ad watchdog increases pressure Overall, 58 per cent of organisations ing the potential productivity boost. DANSKE BANK POACHES worldwide have implemented some Critics of automation have raised NEW FINANCE CHIEF form of automation amid a rapid rise concerns that the declining demand on influencer marketing clarity Danske Bank named Stephan in the new technology. for human workers will put thou- Engels from Commerzbank as its Despite the increased uptake, the sands of jobs at risk. JAMES WARRINGTON The watchdog said current finance chief yesterday as part of an report today finds that many business Figures released earlier this year by regulation that requires influencers overhaul by the Danish lender’s new leaders had not considered how the Office for National Statistics @j_a_warrington to label sponsored posts with #ad boss to restore trust after its automation would affect their staff. revealed as many as one in three City THE ADVERTISING watchdog has was “necessary as a minimum”, but involvement in a damaging money Around 60 per cent of executives jobs are under threat. ramped up calls for clear labelling of it did not outline any further laundering scandal. Danske is under surveyed said they had not yet consid- However, previous research by social media adverts amid concerns measures. investigation in the US and several ered whether the tech will require Deloitte has suggested technological users still struggle to identify The ASA warned that influencers other countries for payments totall - workers to retrain, while 44 per cent advances will lead to a net gain in sponsored posts. who did not disclose ads were ing €200bn (£180bn) through its had not looked at whether employees’ employment. The Advertising Standards treating their followers unfairly and small Estonian branch, many of roles would change due to robots. “While new roles will be created to Authority (ASA) said yesterday its were eroding trust in the wider which the bank said were suspici - “Automation has been top of the work in tandem with machines, findings dispelled any arguments influencer community. ous. The Engels’ recruitment follows business agenda for many years, there will be a greater demand for that clear labelling was not needed Any influencer who falls foul of a string of appointments from big promising to boost productivity, cut more strategic and creative thinking and re-stressed the importance the regulations faces a possible internat ional banks, inclu ding Phil - costs and redefine the role of the which only humans can bring,” of influencers being clear and investigation and enforcement ippe Vollot, chief compliance officer, worker,” said Deloitte partner David Wright said. upfront. action, it added. who came from Deutsche Bank. Natasha’s Law to prevent fatalities from food allergens put before MPs

AUGUST GRAHAM allergy warning. this law well help ensure others do It came after Ednan-Laperouse died not suffer in the way our family does, @AugustGraham after eating a Pret a Manger baguette and always will, following the loss of A LAW IN memory of tragic Pret a on a plane in 2016. The shop at our beloved daughter and sister.” Manger allergy teenager Natasha Heathrow where the sandwich had Food Standards Agency head Hea- Ednan-Laperouse was laid in front of been bought did not say that the ther Hancock, said her organisation parliament yesterday, making sure bread contained sesame seeds, which would work with businesses “to get that allergens are properly listed in the 15-year-old was allergic to. this right… This is an important… step cafes across the country. Natasha’s family paid tribute, towards our ambition for the UK to Natasha’s Law will close a loophole saying: “Natasha was a spirited camp- become the best place in the world that allowed food that was prepared aigner for justice and today she is for people who have food allergies Pret a Manger and other outlets will have to list the allergens in their food on the premises to be sold without an smiling down on us knowing that and intolerances.” CITYAM.COM FRIDAY 6 SEPTEMBER 2019 MARKETS 13

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

4IMPRINT GROUP Strong sterling 2,900 P Wall St returns 2,850 to rally mode 2,800 5 Sep knocks FTSE 100 2,750 2,880 as fears recede 2,700 DE-ESCALATION in trade Atensions after Washington and 30 Aug 2 Sep 3 Sep 4 Sep 5 Sep Beijing agreed to hold high-level talks next month caused a surge in FTSE 250-listed 4imprint Group is a direct marketer of promotional merchandise. shares yesterday, while strong US as exporters hit Maybe not the most thrilling company in existence, but according to Liberum it’s one economic data eased fears of a worth watching. Interim results were ahead of Liberum analyst’s estimates, with 16 domestic slowdown. per cent organic revenue growth. Order intakes increased 14 per cent in the first half, The Dow Jones jumped 1.41 per HE FTSE 100 slipped yester- Rolls-Royce helped limit the index’s with new orders up eight per cent. Liberum flagged US recession risk as a possible cent to end at 26,728.15 points, while day as a surge in sterling fall with gains of one per cent each downside, but said industry analysis shows scope for further growth. The broker the S&P 500 gained 1.3 per cent to pushed exporter stocks after French engine maker Safran gives the stock a “Hold” rating and a target price of 2,800p. 2,975.97. Nasdaq surged 1.75 per cent Tlower, missing out on a hiked a profit forecast and Rafale war- to 8,116.83. glo bal rally led by growing planes maker Dassault Aviation China and the US agreed to hold hopes of a resolution to the US-China affirmed a higher net sales target. 888 HOLDINGS talks in early October in Washington, trade dispute. Another prominent gainer was boosting markets as investors bet on a The blue-chip index slid 0.6 per cent, turnaround specialist Melrose, which 165 P thaw in the trade war between the to 7,271.17 per cent, with multination- jumped nine per cent after its first- world’s two largest economies, which als such as spirits company half profit beat estimates. 164.90 has taken a toll on global growth. 160 Diageo and pharma giants On the mid-cap FTSE 250, 5 Sep Alternating signs of improvement Astrazeneca and Glaxo- specialist media services and deterioration in the US-China smithkline slipping about company Future surged 155 trade war have repeatedly sparked three per cent as a 10 per cent after upbeat volatility on Wall St in recent months. strong pound meant forecast, while pay- “Whether the talks occur or not, the value of their US 150 we’ll see. And whether they are earnings was lower. Zovirax maker productive, we’re sceptical. But the Stocks trading with- Glaxosmithkline slipped 30 Aug 2 Sep 3 Sep 4 Sep 5 Sep market loves it,” said Tim Ghriskey, out dividend entitle- as US earnings fell chief investment strategist at ment on the day such Gambling firm 888 is a “jet engine running up to full speed”, according to the analysts Inverness Counsel in New York. as BHP, Glencore and ments solutions at Peel Hunt who give the stock a “Buy” rating and a target price of 200p. Next week’s The ADP National Employment Micro Focus fell provider Network In- interim results “will highlight the power of the Orbit casino platform, which has now Report, considered a precursor to the between 1.2 and ternational lost 7.5 been rolled out across the group”, the analysts said. They predicted that the new US Labor Department’s more three per cent, weigh- per cent as its major platform will deliver enough new revenue to generate profit growth next year and to comprehensive jobs report, showed ing heavily on the shareholder Emirates highlight to potential M&A partners the value of the technology and expertise US private employers’ payrolls grew at blue-chip index. Micro Focus is also NBD Bank sold stock at a discount. embedded in the group. the fastest pace in four months in set to be relegated from the index There was no crying at Aim-listed August, led by big gains in service later this month. online fashion retailer Boohoo as it sector jobs. Another private survey As investors turned to riskier assets shot up by 15.1 per cent to a record AVATION showed growth in US services sectors on account of renewed trade hopes high after raising its annual revenue accelerated in August, rebounding and away from safe haven gold, growth forecast. 305 P from its weakest level in nearly three precious metals miner Fresnillo Small-cap oil firm Enquest climbed years, as new orders rose to their tumbled nearly six per cent and was seven per cent after affirming its 300 299 highest level since February amid the steepest faller on the FTSE 100. full-year production view and cutting 295 5 Sep trade worries. Industrial giants BAE Systems and debt. The upbeat reports eased concerns 290 of an economic downturn, which was exacerbated by data on Tuesday that 285 TOP RISERS FTSE showed a contraction in US factory P 280 activity in August. Investors will keep a 1. Melrose Up 8.79 per cent 7,350 close watch on the crucial non-farm 2. NMC Health Up 6.28 per cent 30 Aug 2 Sep 3 Sep 4 Sep 5 Sep payrolls data due today. 3. St James’s Place Up 5.06 per cent 7,300 “Manufacturing is in a bit of a global 7,250 Chanelling Daft Punk, the analysts at Canaccord Genuity think aircraft leasing slump, but if you look at the other TOP FALLERS 5 Sep company Avation is “bigger, better, stronger”. The broker retains its “Buy” rating for economic data, like the services and 7,200 7,271.17 the stock and gives a target price of 350p. “Avation offers investors an attractive jobs reports, none of them point to an 1. Fresnillo Down 5,76 per cent combination of earnings growth and income, in our view,” they said. The target price economy that is teetering on a reces- 2. Diageo Down 3.35 per cent 7,150 is based on a 20 per cent premium to the net asset value per share as of 30 June sion,” said Michael Antonelli, market 3. BHP Down 3.09 per cent 2019, “which reflects the company’s attractive growth prospects”. The broker strategist at Robert W Baird in 30 Aug2 Sep 3 Sep 4 Sep 5 Sep continues to “forecast attractive growth in the coming years”. Milwaukee. CITY MOVES WHO’S SWITCHING JOBS

STONEHAGE FLEMING time executive capacity as managing partner, FINANCIAL CONDUCT AUTHORITY CHARTERED INSTITUTE OF PUBLIC FINANCE AND Chris Merry has been concentrating first and foremost on serving existing The Financial Conduct Authority (FCA) has appointed ACCOUNTANCY appointed group chief clients as well as building new client relationships. He Kate Collyer as its chief economist. Kate is currently The Chartered Institute of Public Finance and executive of independently will also become deputy chairman of the board, where chief economist for energy and market frameworks Accountancy (Cipfa), has announced that Andrew owned international wealth he will continue to contribute to the strategic direction and joint-director of analysis at the Department for Burns has joined in the part-time advisory role of management company of the firm. Chris has a proven track record as an Business, Energy and Industrial Strategy. Kate will act associate director for local government. Having started Stonehage Fleming. Formerly experienced and effective chief executive. As well as his as an adviser to the FCA’s executive committee and his career as a finance trainee with Birmingham City chief executive of Ipes, a five-year tenure at Ipes, Chris has also served as chief board. The City watchdog has also announced the Council, Andrew qualified as a Cipfa accountant in European provider of fund of RSM Tenon, the UK accounting firm later acquired appointment of Marlene Shiels, chief executive of 1988. In his 35-year career across the West Midlands, administration and by Baker Tilly, and at Matrix Group, a privately held capital credit union, as chair of the FCA’s smaller busi- he has held posts with responsibility for social care, outsourcing services, Chris will boutique financial services firm. He was the finance ness practitioner panel –an independent statutory public service agreements, property and customer be based in Stonehage director for global law firm Clifford Chance prior to body that represents the interests of practitioners of services in addition to finance roles. Most recently, Fleming’s London office. Chris will be taking over from which he was a partner at Big Four accountancy firm firms of small or medium size within their sector across Andrew was director of finance and resources at Giuseppe Ciucci, Stonehage Fleming group chief PwC, with experience in London, New York and FCA-regulated activities. She succeeds Craig Errington, Staffordshire County Council, where he led the executive since 1997. Giuseppe will remain in a full- Shanghai. group chief executive of Wesleyan. authority’s transformation agenda.

To appear in CITYMOVES please email your career updates and pictures to [email protected] 14 MARKETS FRIDAY 6 SEPTEMBER 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1173 0.0069 €/$ 1.1034 0.0002 7271.17 19649.56 3990.65 26728.15 8116.83 2976.00 /$ 1.2333 0.0080 €/£ 0.8944 0.0060 40.09 30.45 16.54 372.68 139.95 38.22 /¥ 131.79 1.5096 €/¥ 118.00 0.6371

                               

Marshalls ...... 681.0 0.5 696.0 412.2 Future ...... 1302.0 110.0 1432.8 410.0 Great Portland Es . . . . .703.8 -2.0 773.6 649.4 Mitchells & Butle ...... 357.0 1.0 357.0 238.0 GILTS FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6403.0 -96.0 7155.0 5593.0 National Express . . . . .433.4 -4.6 438.4 361.4 Polypipe Group ...... 393.6 -4.2 453.8 307.8 Redrow ...... 586.0 20.0 674.6 460.8 Goco Group ...... 74.8 -0.1 104.0 64.6 Hammerson ...... 241.8 9.2 470.0 203.9 Haynes Publishing . . . .220.0 0.0 227.0 160.0 PPHE Hotel Group . . .1730.0 -10.0 1990.0 1500.0 Tsy 3.750 19 ...... 100.08 0.00 103.0 100.0 ELECTRICITY 3i Group ...... 1153.0 20.5 1164.5 756.2 Centrica ...... 69.1 -0.8 155.6 64.6 Taylor Wimpey ...... 151.8 3.7 192.3 129.3 Intu Properties ...... 35.7 -0.2 201.5 32.2 Tsy 2.000 20 ...... 101.25 -0.02 102.4 101.2 3i Infrastructure ...... 302.0 1.0 303.0 240.3 National Grid ...... 845.3 -21.4 889.2 748.7 Huntsworth ...... 94.2 3.2 123.5 81.0 Rank Group ...... 169.0 1.8 183.6 135.0 Land Securities G . . . . .764.4 -10.8 936.0 735.4 .130.4 3.2 221.9 111.9 Tsy 4.750 20 ...... 102.11 -0.02 106.0 101.8 Contour Global ...... 184.0 1.0 218.0 150.1 AJ Bell ...... 408.0 1.5 477.0 220.0 Pennon Group ...... 763.4 -3.8 792.8 684.2 INDUSTRIAL ENGINEERING Informa ...... 848.4 -15.6 892.0 605.8 LondonMetric Prop . . . .208.2 2.4 215.2 172.7 Restaurant Group . . . . Tsy 3.750 20 ...... 103.21 -0.03 106.0 103.2 Allied Minds ...... 55.0 -2.5 84.2 37.3 ITE Group ...... 78.0 2.0 82.7 56.3 Stagecoach Group . . . . .126.9 -0.7 177.0 115.5 Drax Group ...... 269.4 0.6 427.2 260.2 Severn Trent ...... 2062.0 7.0 2153.0 1770.0 Bodycote ...... 703.5 -7.0 941.5 654.0 Primary Health Pr . . . . .137.0 -0.4 139.0 106.4 TUI AG Reg Shs (D . . . . .852.4 6.2 1474.0 698.0 Tsy 2.500 20 ...... 355.07 -0.02 361.4 355.0 ...... 1168.5 -0.5 1268.5 1008.0 Amigo Holdings ...... 72.4 -0.2 297.5 70.5 United Utilities ...... 807.8 -2.4 873.6 682.4 ITV ...... 121.2 4.8 162.3 103.6 . .786.4 -6.6 799.2 585.2 SSE . . . . . Hill & Smith Hold . . . . .1147.0 -17.0 1306.0 902.5 SEGRO ...... Wetherspoon (J.D. . . .1603.0 -21.0 1645.2 1066.0 Tsy 8.000 21 ...... 113.19 -0.08 119.7 112.8 Arrow Global Grou . . . .195.7 -0.4 273.0 167.2 IMI ...... 1013.0 16.6 1204.0 870.0 Moneysupermarket. . . .368.3 5.0 417.7 264.0 Shaftesbury ...... 850.0 -4.5 928.5 739.5 Tsy 4.000 22 ...... 108.94 -0.15 110.9 108.9 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .380.0 -4.0 496.0 320.0 GENERAL INDUSTRIALS Pearson ...... 845.8 -1.0 1027.5 769.2 Whitbread ...... 4469.0 16.0 5114.0 4086.0 Melrose Industrie . . . . .201.8 16.3 230.0 146.3 Tritax Big Box Re ...... 141.7 -0.3 159.7 129.0 William Hill ...... 181.2 1.2 265.5 132.3 Tsy 0.500 22 ...... 100.30 -0.15 100.7 97.7 Halma ...... 1999.5 3.0 2094.0 1237.0 Ashmore Group ...... 454.6 3.2 542.5 341.2 Smith (DS) ...... 345.3 5.6 491.4 292.2 Reach ...... 91.4 -1.0 94.0 54.6 RHI Magnesita N.V . . .4234.0 -36.0 5000.0 3318.0 Unite Group ...... 1040.0 -10.0 1076.0 797.5 Wizz Air Holdings . . . .3649.0 111.0 3769.0 2329.0 Tsy 1.875 22 ...... 116.78 -0.18 118.3 115.5 Morgan Advanced M . .256.6 -2.4 338.8 237.0 Brewin Dolphin Ho . . . .311.8 5.8 358.0 287.6 Smiths Group ...... 1687.0 8.0 1701.0 1279.5 Rotork ...... 316.4 1.5 341.9 235.7 Relx plc ...... 1940.0 -58.0 2011.0 1491.5 Workspace Group . . . . .871.5 5.5 1069.0 789.5 Tsy 2.250 23 ...... 107.25 -0.25 107.9 104.7 Oxford Instrument . . . .1318.0 -26.0 1424.0 842.0 Charter Court Fin . . . . .268.0 -4.0 375.0 228.8 Smurfit Kappa Gro . . .2522.0 36.0 3194.0 1934.0 Spirax-Sarco Engi . . .8060.0 35.0 9400.0 5900.0 Rightmove ...... 536.3 -0.7 585.1 420.9 AIM 50 Tsy 2.500 24 ...... 374.92 -0.33 377.9 358.7 City of London In . . . . .418.0 7.5 440.0 360.0 STV Group ...... 362.0 17.0 405.5 318.0 SOFTWARE & COMPUTER SERV. Renishaw ...... 3664.0 10.0 5285.0 3368.0 Vesuvius ...... 466.8 8.4 662.0 448.8 Weir Group ...... 1486.0 42.0 1814.0 1240.0 Abcam ...... 1221.0 1.0 1533.0 1017.0 Tsy 0.125 24 ...... 114.90 -0.35 115.8 110.9 CMC Markets ...... 97.1 0.1 167.6 77.4 WPP ...... 971.4 5.8 1179.5 800.4 Avast ...... 378.2 4.4 393.4 259.6 Spectris ...... 2333.0 28.0 2898.0 1966.5 GENERAL RETAILERS INDUSTRIAL METALS & MINING Advanced Medical . . . .294.0 -8.5 354.5 260.0 Tsy 5.000 25 ...... 124.89 -0.43 126.1 122.1 EQUITY INVESTMENT INSTRUM. Coats Group ...... 72.4 -0.2 91.3 69.8 MINING Aveva Group ...... 3822.0 -12.0 4170.0 2284.0 Tsy 4.250 27 ...... 130.84 -0.71 132.8 122.6 Georgia Capital ...... 1020.0 20.0 1260.0 941.0 Auto Trader Group . . . .516.4 6.2 606.0 388.5 Computacenter ...... 1372.0 7.0 1525.0 952.0 Alliance Pharma ...... 66.7 -1.3 94.6 60.0 Evraz ...... 502.2 2.9 709.4 442.1 ASOS ...... 2484.0 140.0 6050.0 2107.0 Tsy 1.250 27 ...... 138.84 -0.84 141.1 128.4 Aberforth Smaller . . . .1180.0 -2.0 1356.0 1114.0 Hargreaves Lansdo . . .1950.5 35.5 2433.0 1633.0 B&M European Valu . . .373.9 16.4 426.3 278.6 Ferrexpo ...... 199.0 3.3 301.3 143.5 Acacia Mining ...... 253.0 -17.0 273.1 96.1 FDM Group (Holdin . . . .767.0 1.0 1000.0 734.0 Tsy 6.000 28 ...... 149.76 -0.77 152.2 140.5 IG Group Holdings . . . .554.0 9.4 915.0 474.8 Card Factory ...... 159.4 5.5 209.0 151.2 Anglo American . . . . .1836.0 18.0 2266.0 1464.6 Blue Prism Group . . . . .920.0 -12.0 2575.0 871.5 Alliance Trust ...... 801.0 -3.0 838.0 672.0 Funding Circle Ho ...... 111.4 1.2 440.0 99.0 .9350.0-150.0 11750.0 9100.0 Tsy 0.125 29 ...... 132.01 -1.10 134.7 118.8 Apax Global Alpha . . . .153.0 -3.5 159.0 127.0 IntegraFin Holdin . . . . .392.0 1.5 406.1 269.0 Dixons Carphone ...... 115.5 1.6 178.6 104.9 INDUSTRIAL TRANSPORTATION Antofagasta ...... 888.0 27.2 1022.5 727.2 Kainos Group ...... 433.0 -4.0 676.0 366.0 Camellia ...... Tsy 4.750 30 ...... 144.99 -0.92 147.9 132.1 Intermediate Capi . . . .1386.0 12.0 1429.0 899.0 nelm Group ...... 824.5 25.0 981.0 482.8 BHP Group ...... 1750.6 -55.8 2049.0 1490.6 ocus Inter . . . . .1085.0 -21.8 2491.6 1051.4 CareTech Holding . . . . .365.0 2.0 406.0 325.0 AVI Global Trust ...... 752.0 7.0 781.0 660.0 Du BBA Aviation ...... 318.6 -1.8 324.8 207.0 Micro F Central Asia Meta . . . . .189.8 1.0 266.5 180.0 Tsy 4.125 30 ...... 395.95 -1.18 404.2 355.2 Baillie Gifford J ...... 798.0 1.0 866.0 663.0 International Per ...... 103.6 2.4 233.6 87.0 Inchcape ...... 612.5 13.5 695.5 486.6 Clarkson ...... 2275.0 -5.0 2860.0 1878.0 Centamin (DI) ...... 144.5 -2.5 152.4 79.8 Playtech ...... 380.2 11.3 508.4 360.5 Tsy 4.250 32 ...... 142.82 -1.08 146.4 128.5 Bankers Inv Trust . . . . .950.0 0.0 970.0 766.0 Investec ...... 437.4 7.9 561.0 400.7 JD Sports Fashion . . . . .635.2 12.8 649.8 318.5 Fresnillo ...... 723.0 -44.2 1027.5 601.0 Clinigen Group ...... 869.5 -29.5 1069.0 721.0 Fisher (James) & . . . .2095.0 45.0 2260.0 1600.0 Sage Group ...... 707.6 -3.6 820.4 525.6 0.0 1023.0 395.0 Tsy 1.250 32 ...... 161.89 -2.04 167.7 144.1 BBGI SICAV S.A. ( ...... 156.5 -3.5 168.0 142.5 IP Group ...... 60.2 1.8 131.2 55.7 Just Eat ...... 764.4 5.4 812.0 533.8 Glencore ...... 239.5 -3.4 341.5 222.2 Softcat ...... 1044.0 14.0 1046.0 565.0 CVS Group ...... 875.0 1 Royal Mail ...... 222.3 4.9 489.0 188.4 Dart Group ...... 738.5 -1.5 1017.0 675.6 Tsy 0.125 36 ...... 154.03 -3.06 162.5 133.4 BlackRock Smaller . . .1400.0 2.0 1482.0 1160.0 John Laing Group . . . . .354.8 -1.2 402.0 296.2 Kingfisher ...... 198.9 3.9 271.0 188.0 Hochschild Mining . . . .210.8 -13.0 227.2 149.1 Sophos Group ...... 387.9 2.8 520.5 298.2 Tsy 4.250 36 ...... 151.04 -1.25 155.7 133.1 JTC ...... 404.0 24.0 440.0 287.0 Marks & Spencer G . . . .196.5 3.4 299.1 180.4 Kaz Minerals ...... 415.8 15.0 738.4 380.3 Diversified Gas & ...... 107.0 0.0 134.0 97.0 BMO Global Smalle . . .1358.0 -2.0 1495.0 1220.0 Draper Esprit ...... 475.0 3.0 625.0 445.0 Tsy 4.750 38 ...... 166.02 -1.38 171.8 144.9 Caledonia Investm . . .3040.0 0.0 3110.0 2650.0 Jupiter Fund Mana . . . .357.3 9.0 432.0 287.6 Polymetal Interna . . . .1162.0 -46.5 1208.5 597.2 SUPPORT SERVICES Tsy 0.625 40 ...... 174.64 -3.77 185.7 152.8 Liontrust Asset M . . . . .752.0 -10.0 816.0 532.0 Rio Tinto ...... 4220.5 13.0 4976.5 3486.0 Aggreko ...... 782.0 -6.8 876.6 691.8 Eland Oil & Gas ...... 123.4 -0.8 134.0 97.0 City of London In ...... 411.0 -3.0 431.5 376.0 EMIS Group ...... 1110.0 -12.0 1242.0 864.0 Tsy 4.500 42 ...... 169.79 -1.61 176.7 145.9 v Tru . . . .556.0 -3.0 684.0 535.0 LMS Capital ...... 56.3 -0.5 58.3 44.0 Ashtead Group ...... 2301.0 8.0 2438.0 1586.5 Edinburgh In MOBILE TELECOMS Fevertree Drinks . . . . .2300.0 -30.0 3956.0 2070.0 Tsy 3.500 45 ...... 152.15 -1.80 159.0 128.0 F&C Investment Tr . . . . .710.0 -2.0 731.0 616.0 London Finance & . . . . .38.5 0.0 42.5 37.5 BCA Marketplace . . . . .242.0 0.0 247.0 178.5 Tsy 4.250 46 ...... 173.01 -1.83 181.0 145.7 Fidelity China Sp ...... 218.0 -1.0 250.0 182.4 London Stock Exch . . .7208.0 72.0 7316.0 3867.0 Inmarsat ...... 591.2 -15.8 608.2 362.8 Bunzl ...... 2073.0 23.0 2551.0 1978.5 First Derivatives . . . . .2315.0 -35.0 4200.0 2050.0 Tsy 4.025 49 ...... 179.79 -2.00 188.9 150.0 Fidelity European . . . . .251.0 -1.0 257.5 202.0 Man Group ...... 174.3 0.9 183.0 126.8 MAIN CHANGES UK 350 Vodafone Group ...... 153.7 -3.2 170.9 123.3 Capita ...... 134.6 3.4 150.2 99.9 Frontier Developm . . .1032.0 -20.0 1385.0 740.0 Gamma Communicati .1155.0 5.0 1195.0 688.0 Tsy 0.500 50 ...... 203.19 -6.18 222.9 173.7 Fidelity Special ...... 255.0 -3.0 275.0 220.0 OneSavings Bank . . . . .325.2 -1.2 447.4 313.6 OIL & GAS PRODUCERS DCC ...... 7152.0 28.0 7390.0 5555.0 Tsy 0.250 52 ...... 200.00 -6.69 221.1 168.8 Finsbury Growth & . . . .950.0 -7.0 966.0 740.0 Paragon Banking G . . .450.0 7.0 478.8 379.2      Diploma ...... 1662.0 6.0 1673.0 1150.0 GB Group ...... 588.0 5.0 631.0 410.5 Plus500 Ltd (DI) ...... 705.0 5.6 1647.0 495.0  BP ...... 507.0 0.0 598.3 485.9 Gooch & Housego . . . .1030.0 10.0 1880.0 954.0 GCP Infrastructur ...... 126.2 -0.2 130.8 122.4 Electrocomponents . . .595.6 13.2 749.4 480.0 Hurricane Energy ...... 42.6 -1.1 60.8 38.9 AEROSPACE & DEFENCE Genesis Emerging . . . .773.0 0.0 783.0 615.0 Provident Financi . . . . .385.0 -1.1 673.6 356.0 Future ...... 1302.0 9.2 CYBG ...... 110.0 -21.4 Cairn Energy ...... 177.3 5.1 233.8 140.0 Equiniti Group ...... 208.6 -5.0 266.0 186.2 Quilter ...... 127.9 0.6 156.6 110.6 Wood Group (John) ...... 390.0 9.1 Network Internatio ...... 580.0 -7.5 Energean Oil & Ga . . .1008.0 -2.0 1082.0 530.0 Impax Asset Manag . . .234.0 0.0 295.0 184.0 BAE Systems ...... 563.4 6.4 636.2 443.9 Greencoat UK Wind . . .139.6 -0.4 143.2 124.4 Essentra ...... 404.8 2.6 442.0 325.4 HarbourVest Globa . . .1702.0 -12.0 1726.0 1326.0 Rathbone Brothers . . .2325.0 20.0 2602.0 2085.0 Melrose Industries ...... 201.8 8.8 Acacia Mining ...... 253.0 -6.3 Premier Oil ...... 83.9 0.3 143.6 55.6 Experian ...... 2586.0 -19.0 2622.0 1728.5 Iomart Group ...... 331.5 -7.5 475.0 308.0 Cobham ...... 162.1 0.1 168.3 96.8 -0.8 98.7 47.6 Herald Investment . . .1326.0 6.0 1364.0 1055.0 Real Estate Credi ...... 166.0 -1.0 175.5 163.0 Royal Dutch Shell . . . .2284.5 -8.0 2666.0 2213.0 . . . .6416.0 52.0 6556.0 4749.0 IQE ...... 49.3 Meggitt ...... 630.0 -1.6 631.6 458.0 NMC Health ...... 2759.0 6.3 Hochschild Mining ...... 210.8 -5.8 Ferguson ...... James Halstead ...... 504.0 23.0 532.0 367.0 5.0 Record ...... 31.3 0.1 42.1 27.3 Royal Dutch Shell . . . .2279.0 -1.0 2705.5 2227.0 G4S ...... 175.2 -1.9 245.8 168.3 QinetiQ Group ...... 286.4 -7.0 312.4 267.0 HGCapital Trust ...... 220.0 0.0 221.0 17 Hunting ...... 477.0 5.7 Fresnillo ...... 723.0 -5.8 Johnson Service G . . . . .177.6 4.6 189.8 113.6 HICL Infrastructu ...... 163.8 -2.0 170.1 149.9 River and Mercant . . . .263.0 8.0 330.0 212.0 St James's Place ...... 971.6 5.1 Vivo Energy ...... 123.4 -5.7 Tullow Oil ...... 219.0 10.2 266.3 165.2 Grafton Group Uni . . . .776.0 19.0 937.0 630.0 Rolls-Royce Holdi . . . . .776.2 7.2 997.4 730.0 S&U ...... 2180.0 10.0 2605.0 1767.5 Hays ...... 147.0 0.7 212.0 135.7 Keywords Studios . . . .1557.0 9.0 1954.0 900.0 Senior ...... 203.6 -0.4 323.0 185.4 International Pub . . . . .161.2 -1.8 165.4 146.8 Tullow Oil ...... 219.0 4.9 Woodford Patient C ...... 42.6 -5.3 OIL EQUIPMENT & SERVICES JPMorgan American . . .478.0 4.0 494.5 386.5 Sanne Group ...... 531.0 5.0 752.0 450.0 Homeserve ...... 1146.0 -9.0 1263.0 849.0 Learning Technolo . . . . .129.2 -0.4 166.5 62.2 Ultra Electronics . . . . .2212.0 -40.0 2294.0 1232.0 M&C Saatchi ...... 204.0 -3.0 394.0 204.0 JPMorgan Emerging . .1006.0 4.0 1066.0 759.0 Schroders ...... 2833.0 43.0 3210.0 2334.0 Sports Direct Inte ...... 254.8 4.8 Pagegroup ...... 407.2 -4.7 Hunting ...... 477.0 25.8 838.5 414.2 Howden Joinery Gr . . . .561.0 1.4 573.4 416.4 BANKS JPMorgan Indian I . . . .693.0 -11.0 790.0 566.0 Standard Life Abe . . . .250.5 2.3 370.3 224.9 B&M European Value ...... 373.9 4.6 Polymetal Internat ...... 1162.0 -3.9 Petrofac Ltd...... 421.1 7.4 663.4 381.5 Intertek Group ...... 5554.0 -60.0 5962.0 4387.0 M. P. Evans Group . . . . .677.0 -8.0 800.0 637.0 TP ICAP ...... 304.8 5.2 324.5 267.2 ITV ...... 121.2 4.1 Hikma Pharmaceutic ...... 1976.5 -3.5 Wood Group (John) . . .390.0 32.5 796.4 357.5 Midwich Group ...... 504.0 4.0 685.0 490.0 Bank of Georgia G . . . .1331.0 -14.0 1878.8 1310.0 JPMorgan Japanese . . .451.0 2.0 463.0 367.0 Network Internati . . . .580.0 -47.0 628.0 500.0 Mortgage Advice B . . . .554.0 -12.0 720.0 490.0 Jupiter European . . . . .847.0 5.0 877.0 666.0 Walker Crips Grou ...... 25.2 -0.8 38.0 24.0 Pagegroup ...... 407.2 -20.2 599.5 405.6 Barclays ...... 139.8 2.5 178.9 136.2 XPS Pensions Grou . . . . .114.5 0.5 176.0 95.0 PERSONAL GOODS Naked Wines ...... 256.5 -2.0 420.5 219.0 Law Debenture Cor . . . .572.0 -6.0 620.0 534.0         PayPoint ...... 902.0 -26.0 1118.0 748.0 Close Brothers Gr . . . . .1333.0 46.0 1660.0 1227.0 Mercantile Invest . . . . .205.0 -0.5 215.7 168.0 Burberry Group . . . . .2260.0 36.0 2345.0 1623.5 Rentokil Initial ...... 457.4 0.5 462.7 284.8 Next Fifteen Comm . . .566.0 -14.0 658.0 469.0 CYBG ...... 110.0 -30.0 336.8 108.3 FIXED LINE TELECOMS Nichols ...... 1750.0 0.0 1880.0 1240.0 Monks Inv Trust ...... 924.0 -3.0 964.0 710.0 Next ...... 6144.0 144.0 6144.0 3991.0 PZ Cussons ...... 217.0 -1.5 244.0 178.6 Robert Walters ...... 540.0 18.5 475.0 814.0 HSBC Holdings ...... 598.8 -5.3 682.0 580.9 BT Group ...... 167.7 1.3 264.7 158.9 NON LIFE INSURANCE Numis Corporation . . . .244.0 -1.0 422.0 221.5 ing Gr . . . . .50.0 0.4 66.6 48.6 Murray Internatio . . . .1180.0 -4.0 1208.0 1056.0 Pets at Home Grou . . . .232.8 2.2 234.4 110.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 147.1 0.3 148.7 84.1 48.0 Lloyds Bank NB Global Floatin ...... 88.8 0.0 93.0 87.6 TalkTalk Telecom . . . . .103.6 0.6 137.0 96.6 SIG ...... 129.1 -1.4 153.0 102.2 Polar Capital Hol ...... 518.0 -2.0 644.0 4 Metro Bank ...... 274.0 -7.0 3050.0 261.6 Sports Direct Int ...... 254.8 11.6 374.2 214.0 Admiral Group ...... 2067.0 -28.0 2300.0 1932.5 Purplebricks Grou . . . . .125.0 -1.8 277.8 90.0 NextEnergy Solar . . . . .120.5 -2.0 124.5 109.0 Telecom Plus ...... 1150.0 -18.0 1528.0 1010.0 Ted Baker ...... 945.0 1.5 2378.0 800.0 Beazley ...... 588.5 -0.5 598.0 492.6 AstraZeneca ...... 7191.0-200.0 7533.0 5325.0 Travis Perkins ...... 1313.0 28.5 1465.0 970.0 Royal Bank of Sco . . . . .190.5 6.4 270.4 177.7 Dechra Pharmaceut . .2974.0 -26.0 3030.0 2014.0 Redde ...... 112.2 4.8 196.0 90.0 Standard Chartere . . . .645.8 2.4 736.8 519.8 Pantheon Internat . . .2275.0 -15.0 2330.0 1955.0 FOOD & DRUG RETAILERS Vivo Energy ...... 123.4 -7.4 146.9 96.0 Direct Line Insur ...... 284.3 4.4 366.5 278.8 TOBACCO Renew Holdings ...... 380.0 -3.0 436.5 333.0 . . .294.0 -3.5 358.0 284.5 Genus ...... 2776.0 36.0 2884.0 2098.0 TBC Bank Group . . . . .1236.0 -2.0 1728.0 1210.0 Perpetual Income . WH Smith ...... 2026.0 43.0 2186.0 1697.0 Hastings Group Ho . . . .190.0 3.0 271.4 174.0 RWS Holdings ...... 604.0 -2.0 652.0 415.5 Pershing Square H . . .1550.0 -18.0 1570.0 990.0 Greggs ...... 2026.0 -54.0 2476.0 1006.0 Hiscox Limited (D . . . .1560.0 6.0 1777.0 1418.0 GlaxoSmithKline . . . . .1701.8 -43.4 1746.2 1418.0 British American . . . .2910.0 5.5 3763.0 2375.0 Morrison (Wm) Sup . . .186.2 1.1 267.2 176.9 HEALTH CARE EQUIPMETN & S. Hikma Pharmaceuti . .1976.5 -72.5 2064.0 1510.5 Scapa Group ...... 247.5 10.0 473.4 157.0 BEVERAGES Personal Assets T . . .42900.0 -50.0 43150.038900.0 Lancashire Holdin . . . . .707.0 1.5 725.5 530.0 Imperial Brands . . . . .2142.5 -4.5 2750.0 1846.8 Secure Income Rei . . . .429.0 -5.0 438.0 371.0 Polar Capital Tec . . . . .1422.0 10.0 1500.0 1066.0 Ocado Group ...... 1331.5 -0.5 1435.0 749.8 Assura ...... 70.7 0.1 71.0 52.4 RSA Insurance Gro . . . .522.8 0.6 634.0 496.6 PureTech Health ...... 282.0 -8.0 292.0 157.0 Barr (A.G.) ...... 613.0 -4.0 975.0 589.0 Sainsbury (J) ...... 200.8 0.9 324.0 177.1 TRAVEL & LEISURE Serica Energy ...... 114.6 5.4 142.0 74.9 Britvic ...... 880.0 -18.5 956.0 745.0 RIT Capital Partn . . . . .2140.0 5.0 2150.0 1892.0 Convatec Group ...... 174.0 -4.0 239.0 118.6 Sabre Insurance G . . . .264.5 2.0 294.0 249.0 REAL ESTATE INVEST. & SERV. SSP Group ...... 706.0 -3.0 744.4 615.1 . . .3473.0 3.0 5000.0 3366.0 Smart Metering Sy . . . .464.0 9.4 665.0 448.6 Coca-Cola HBC AG . . .2820.0 -16.0 3074.0 2244.0 Riverstone Energy . . . . .717.0 0.0 1282.0 635.0 Mediclinic Intern ...... 349.7 -2.3 490.8 293.4 Carnival ...... Telford Homes ...... 349.0 -0.5 430.0 267.0 79.0 Tesco ...... 229.3 1.8 253.0 189.6 LIFE INSURANCE BMO Commercial Pr . . .109.0 0.6 147.0 106.0 Diageo ...... 3489.0 -121.0 3625.5 2523.5 Schroder Asia Pac . . . .442.0 3.0 469.5 3 NMC Health ...... 2759.0 163.0 3734.0 1801.5 Cineworld Group . . . . .223.6 3.5 323.6 212.0 Thorpe (F.W.) ...... 301.0 -2.0 340.0 248.0 Scottish Inv Trus ...... 827.0 2.0 875.0 748.0 UDG Healthcare Pu . . .790.0 -9.0 821.0 551.0 Capital & Countie ...... 211.4 3.1 279.5 184.9 57.0 2147.0 1483.0 Smith & Nephew . . . .1945.0 -33.0 1990.0 1258.0 Aviva ...... 364.4 9.0 497.0 352.3 Compass Group . . . . .2080.0 - Watkin Jones ...... 216.0 -1.5 232.5 192.2 CHEMICALS Scottish Mortgage . . . . .519.0 0.5 568.5 441.4 FOOD PRODUCERS Legal & General G . . . . .232.2 8.0 291.2 216.7 CLS Holdings ...... 238.5 -6.0 255.0 195.4 Domino's Pizza Gr . . . .240.5 0.6 297.2 221.2 ia Economic . . . .115.2 0.2 117.6 106.0 HHOLD GDS & HOME CONSTR. Daejan Holdings . . . . .5170.0-140.0 6160.0 5090.0 285.0 155.8 Young & Co's Brew . . .1590.0 -50.0 1885.0 1322.5 Croda Internation . . .4694.0 -8.0 5447.7 4564.0 Sequo Phoenix Group Hol . . .646.0 4.0 724.8 544.0 EI Group ...... 281.4 0.0 Young & Co's Brew . . .1150.0 0.0 1235.0 1030.0 Smithson Investme . . .1272.0 8.0 1284.0 1000.2 Associated Britis . . . . .2370.0 4.0 2638.0 2041.0 Grainger ...... 242.8 -0.8 277.1 205.8 FirstGroup ...... 131.1 -0.5 131.9 79.3 Elementis ...... 151.2 0.9 245.8 129.8 Barratt Developme . . . .607.2 7.6 663.0 434.0 Prudential ...... 1423.0 25.5 1814.5 1326.0 Syncona Limited N . . . .243.0 -1.0 302.5 213.5 Bakkavor Group ...... 108.6 0.4 177.6 93.3 Bellway ...... 2976.0 52.0 3226.0 2419.0 St James's Place ...... 971.6 46.8 1154.5 914.0 NewRiver REIT ...... 170.4 0.8 264.0 147.6 Flutter Entertain . . . . .7030.0 36.0 7290.0 5525.0 Johnson Matthey . . . .3105.0 25.0 3673.0 2620.0 Cranswick ...... 2780.0 -18.0 3454.0 2472.0 Safestore Holding . . . .666.5 -14.5 683.7 499.4 Sirius Minerals ...... 10.3 -0.1 32.5 8.1 Temple Bar Inv Tr . . . .1204.0 2.0 1366.0 1116.0 Berkeley Group Ho . . .3873.0 39.0 3981.0 3226.0 Go-Ahead Group . . . .2208.0 60.0 2242.0 1480.0 CONSTRUCTION & MATERIALS Greencore Group . . . . .224.2 -2.2 230.0 162.9 MEDIA Savills ...... 838.0 4.0 957.0 678.5 0 Synthomer ...... 315.4 9.0 520.4 279.8 Templeton Emergin . . .782.0 0.0 829.0 649.0 Bovis Homes Group . . .1037.0 4.0 1177.0 828.0 Greene King ...... 840.8 -1.2 850.0 475. he Renewables In . . . .129.0 -0.6 133.2 109.3 Hilton Food Group . . . .975.0 -17.0 1088.0 884.0 St. Modwen Proper . . .409.5 1.5 441.5 365.0 Victrex plc ...... 2124.0 44.0 3408.0 1845.0 T Countryside Prope . . . .305.8 4.8 353.2 270.0 4Imprint Group . . . . .2880.0 -10.0 2940.0 1800.0 GVC Holdings ...... 682.4 8.4 1098.0 507.5 TR Property Inv T . . . . .424.0 -6.0 430.0 353.5 Tate & Lyle ...... 737.2 -5.8 800.4 633.4 Crest Nicholson H . . . . .351.4 3.0 404.8 296.4 Ascential ...... 394.8 -0.2 434.6 337.2 UK Commercial Pro . . . .80.5 -1.1 92.7 80.1 InterContinental . . . .5080.0 -70.0 5738.0 3958.4 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . . .491.5 -2.5 495.5 421.5 Unilever ...... 5179.0-128.0 5324.0 3931.0 McCarthy & Stone . . . . .136.5 -0.4 142.7 111.9 Bloomsbury Publis . . . .238.0 5.0 243.0 190.5 REAL ESTATE INVEST. TRUSTS International Con . . . . .431.6 7.4 694.8 413.5 . . . .126.1 -0.2 128.0 90.1 Balfour Beatty ...... 222.6 2.0 295.0 194.2 VinaCapital Vietn . . . . .352.5 -5.0 358.5 318.0 FORESTRY & PAPER Persimmon ...... 1914.5 48.0 2471.0 1836.0 Centaur Media ...... 39.5 0.0 56.5 34.7 Marston's ...... Witan Inv Trust ...... 214.0 0.0 225.5 189.6 Big Yellow Group . . . .1064.0 1.0 1074.0 852.5      CRH ...... 2752.0 -34.0 2798.0 1971.5 Entertainment One . . .588.0 4.5 590.0 336.4 Merlin Entertainm . . . . .451.6 0.1 453.4 307.1 Woodford Patient . . . . .42.6 -2.4 91.0 40.1 Mondi ...... 1601.0 3.5 2157.0 1510.5 Euromoney Institu . . .1394.0 -34.0 1456.0 1132.0 British Land Comp . . . . .521.8 5.0 625.6 468.3 Millennium & Copt . . . .685.0 0.0 685.0 436.0  Galliford Try ...... 609.5 22.5 1104.0 512.0 Derwent London . . . . .3130.0 -28.0 3328.0 2761.0 Ibstock ...... 217.2 1.0 262.0 193.1 Worldwide Healthc . .2745.0 -5.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV ...... 84.95 -0.72 92.71 56.32 3M...... 164.23 4.16 219.75 154.00 ADIDAS N...... 275.00 1.90 297.95 178.30 ABBOTT LABORATOR...... 85.90 1.68 88.76 65.22 AIR LIQUIDE ...... 124.30 -1.60 127.50 101.85 ADOBE...... 287.75 3.15 313.11 204.95 AIRBUS BR...... 127.32 1.12 133.86 77.50 ALPHAB RG-C-NV...... 1211.38 29.97 1289.27 970.11 ALLIANZ...... 203.00 1.75 218.70 170.50 ALPHABET-A ...... 1212.19 29.92 1296.98 977.66 AMADEUS IT GRP BR-A...... 68.08 0.68 82.20 58.06 NEWSLETTERS AMAZON.COM ...... 1840.72 40.10 2050.50 1307.00 ASML HLDG...... 215.10 10.40 215.15 130.12 AMERICAN EXPRESS...... 120.67 2.27 129.34 89.05 AXA...... 21.41 0.39 23.99 18.40 APPLE ...... 213.28 4.09 233.47 142.00 BANCO SANTANDER...... 3.53 0.12 4.68 3.39 AT&T...... 35.89 0.17 35.98 26.80 BASF N...... 60.95 0.66 81.73 55.72 BANK OF AMERICA...... 28.12 0.63 31.37 22.66 BERKSHIRE HATH RG-B...... 204.24 2.05 224.07 186.10 BAYER N...... 66.33 -1.27 79.69 52.00 BOEING CO...... 360.30 3.77 446.01 292.47 BBVA...... 4.50 0.18 5.79 4.19 The biggest stories CATERPILLAR...... 122.99 3.89 159.37 111.75 BMW...... 62.33 1.09 86.71 58.10 CHEVRON...... 117.64 0.39 127.60 100.22 BNP PARIBAS A...... 42.46 1.21 55.34 38.14 direct to your inbox CISCO SYSTEMS...... 48.42 1.10 58.26 40.25 CRH PLC...... 30.63 -0.03 34.87 26.53 CITIGROUP...... 66.34 2.06 75.24 48.42 DAIMLER N...... 45.35 1.30 59.90 40.35 COCA-COLA CO ...... 55.12 -0.65 55.92 44.25 DANONE...... 81.80 -0.20 82.38 59.72 COMCAST-A...... 46.41 0.89 46.62 32.61 DEUTSCHE POST N...... 30.38 0.47 32.01 23.43 COSTCO WHSL...... 296.97 0.85 299.95 189.51 DEUTSCHE TELEKOM N...... 15.13 -0.04 15.88 13.36 DOW...... 43.36 0.82 0.00 0.00 ENEL N...... 6.67 -0.07 6.76 4.24 GET THE MORNING UPDATE, EXXON MOBIL...... 70.27 0.98 87.36 64.65 ENGIE ...... 13.76 -0.10 14.39 11.31 FACEBOOK-A...... 190.90 3.76 208.66 123.02 ENI N...... 13.87 0.20 16.67 12.92 GOLDMAN SACHS GR...... 207.05 5.32 239.45 151.70 ESSILORLUXOTT...... 134.80 -0.65 136.70 95.50 CITY A.M.’S DAILY EMAIL HOME DEPOT...... 228.15 4.00 229.27 158.09 FRESENIUS...... 44.71 -0.06 69.76 38.50 IBM...... 140.97 4.65 154.36 105.94 IBERDROLA...... 9.44 -0.06 9.57 5.68 INTEL...... 50.10 1.18 59.59 42.36 INDITEX ...... 28.54 0.74 28.55 21.85 JOHNSON&JOHNSON...... 128.58 -0.28 148.99 121.00 ING GROUP...... 9.03 0.27 12.14 8.20 JPMORGAN CHASE...... 112.37 2.50 119.24 91.11 INTESA SANPAOLO N...... 2.06 0.03 2.47 1.80 CITYAM.COM/NEWSLETTER MASTERCARD RG-A...... 292.08 5.98 293.46 171.89 KERING...... 455.40 9.15 539.80 351.70 MCDONALD'S...... 219.49 0.99 221.93 156.56 KON AH DEL BR...... 21.63 0.04 24.01 18.60 MEDTRONIC...... 107.72 0.06 109.70 81.66 L'OREAL...... 250.70 -4.10 257.80 182.00 COMMODITIES CREDIT & RATES MERCK...... 86.10 0.05 87.35 66.10 LINDE...... 170.00 0.05 0.00 0.00 MICROSOFT...... 140.05 2.42 141.68 93.96 NIKE -B-...... 88.42 2.07 90.00 66.53 LVMH...... 376.40 7.90 392.65 242.30 Copper Cash Official...... 5538.00 124.00 Euro Base Rate ...... Gold...... 1546.10 8.25 BoE IR Overnight...... 0.750 0.00 ...... 0.000 0.00 ORACLE ...... 53.84 0.87 60.50 42.40 MUENCHENER RUECKV N...... 221.90 0.50 228.70 180.50 Silver...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 19.31 0.83 Aluminium Cash Official...... 1734.00 20.00 PAYPAL HOLDINGS...... 111.46 2.73 121.48 74.66 NOKIA...... 4.50 0.04 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.25 0.00 Brent Crude...... 60.70 2.44 Nickel Cash Official...... 17925.00 -25.00 PEPSICO...... 135.98 -3.17 139.18 104.53 ORANGE...... 13.71 -0.08 15.25 13.08 Krugerrand...... 1578.20 3.30 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.06 0.09 Aluminium Alloy Cash Official...... 1110.00 -5.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor ...... -0.404 -0.01 PEPSICO ...... 118.61 0.56 119.74 101.06 ROY.PHILIPS...... 42.97 -0.02 43.67 29.05 Palladium...... 1545.00 9.00 LIBOR Euro - overnight...... -0.466 0.00 The vix index...... 16.27 -1.06 PFIZER...... 36.34 0.51 46.47 33.97 SAFRAN...... 138.00 6.70 142.05 99.98 Cocoa Futures...... 2161.00 1.00 Platinum...... 968.00 32.00 LIBOR Euro - 12 months...... -0.395 0.01 The baltic dry index...... 2518.00 17.00 PROCTER&GAMBLE ...... 122.76 -0.45 123.43 78.49 SANOFI ...... 81.19 0.09 82.11 71.74 Coffee 'C' Futures ...... 95.08 -1.52 Tin Cash Official...... 16550.00 405.00 LIBOR USD - overnight...... 2.091 0.00 Markit iBoxx EUR ...... 249.35 -1.50 SALESFORCE.COM...... 153.77 1.31 167.56 113.60 Feed Wheat Futures...... 134.25 1.70 SAP I...... 111.36 2.10 125.00 84.02 Lead Cash Official...... 1995.00 11.00 LIBOR USD - 12 months ...... 1.897 -0.04 Markit iBoxx GBP...... 355.75 -4.91 TRAVELERS COS...... 151.74 1.58 155.09 111.08 SCHNEIDER EL...... 76.14 1.40 81.36 57.54 Zinc Cash Official...... 2210.00 58.00 Soybeans Futures Continuation Contract...862.50 3.00 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 265.02 0.18 TWITTER ...... 45.30 1.94 45.33 26.19 SIEMENS N...... 91.60 0.00 112.12 84.72 UNITEDHEALTH GRO...... 229.59 2.86 287.94 208.07 SOCIETE GENERALE...... 24.18 0.82 35.01 20.81 WORLD INDICES UTD TECHS...... 133.03 1.98 144.40 100.48 TELEFONICA...... 6.51 0.07 8.06 5.86                 VERIZON COMM...... 58.59 0.41 61.58 52.28 TOTAL...... 46.23 0.82 55.39 42.65 VISA RG-A...... 184.73 2.96 185.68 121.60 UNILEVER...... 56.89 -0.67 57.77 45.30 FTSE 100...... 7271.17 -40.09 -0.55 S&P 500...... 2976.00 38.22 1.30 CAC 40 ...... 5593.37 61.30 1.11 Hang Seng ...... 26515.53 -7.70 -0.03 WALGREENS BOOTS...... 52.33 0.90 86.31 49.03 VINCI...... 100.90 0.20 101.70 69.98 FTSE 250...... 19649.56 30.45 0.16 Dow Jones I.A...... 26728.15 372.68 1.41 Swiss Market Index...... 9983.07 88.47 0.89 Shanghai Composite...... 2985.86 28.45 0.96 WALMART ...... 115.44 -0.47 117.96 85.78 VIVENDI...... 25.25 -0.08 26.69 20.80 FTSE All-Share...... 3990.65 -16.54 -0.41 Nasdaq Composite...... 8116.83 139.95 1.75 ISEQ Overall Index ...... 6031.58 69.39 1.16 STI Index...... 3146.83 10.82 0.35 WALT DISNEY...... 138.84 0.95 147.15 100.35 VOLKSWAGEN VZ I...... 151.20 2.90 163.70 131.02 FTSE AIM All-Share ...... 880.25 2.24 0.26 Xetra DAX...... 12126.78 101.74 0.85 FTSEurofirst 300 ...... 1518.32 9.93 0.66 ASX All Ordinaries...... 6720.80 64.70 0.97 WELLS FARGO ...... 47.62 1.12 59.20 43.02 CITYAM.COM FRIDAY 6 SEPTEMBER 2019 FEATURE 15 OFFICE POLITICS Is your star employee really that good?

ber of the team drives your business Here’s what to do if the best worker on your forward in some way, and deserves to team is also the most difficult to deal with be rewarded if they’re brilliant, and given constructive feedback if they’re not. You can’t reward excellence but OUR star employee brings in ignore misdemeanors, because that the money, keeps the cus- Marianne simply isn’t fair. tomers smiling, and boosts Page The way to deliver this sort of feed- Yyour online reviews. On the LEARN THE back is away from the others, so that surface, they are driving your LINGO the individual is not embarrassed. Ac- business forward single-handedly. knowledge the fact that they’re doing You can’t imagine things without Babbel a great job, but highlight what’s not them. They’re indispensable, and the Free so great, and advise them in a con- thought of them leaving brings you structive way how you would like out in a cold sweat – the firm would Learning a new them to do it differently next time. never survive. But is this the case? nightmare to manage, but they bring language is Tell them how they affect the team Look into the background. Are they in the results. But why are they so dif- always a or the business, and explain why it’s over promising, forcing the rest of ficult to manage? And at what cost do valuable skill, so important that they make changes. your conscientious team to scramble they bring in these results? and this app can Also, make sure that you record this, around, trying to meet unrealistic Here’s another scenario. Perhaps help make it an monitor regularly, and repeat the deadlines? Your best employee’s suc- your best employee is receiving excel- easier task. feedback if there’s no change. cess may well come at the cost of in- lent customer reviews and feedback, Choose from 14 At the end of the day, no one is indis- creasing your team’s stress level. far exceeding their colleagues. different pensable. If they’re going to continue No wonder one person is bringing in Of course, they could be genuinely Treat everyone because they’re flaky and forget to at- language to be disruptive, there will come a time more dosh than the others – the rest brilliant – or are they offering free up- the same, tend meetings, or they’re always late, courses catering when you’ll have to let them go. of the team are too busy picking up grades? If you’re working in hospital- even if some or are constantly making mistakes to complete We all hate this part – especially if the pieces to be able to sell anything. ity, maybe they’re giving away free produce great that their colleagues cover up? beginners or you like the person involved – but if In fact, the customer service is down food and drink? This success is only results and There are so many scenarios that I advanced they’re not fulfilling their role and to those guys in the background who surface-deep if it’s cutting into the you’re tempted could go on forever, but the way to speakers. performing to the standards clearly are silently (or not so silently in some company’s profit margin. to overlook tackle this problem is the same across The app also set out then ask yourself: are they re- cases) cursing your star achiever. Maybe they’re difficult because things the board: be consistent. uses speech ally invested in my business? Do they And at the end of the month, resent- when you explain this to them, they Treat everyone the same, even if recognition tech care? Would the team be more pro- ment builds further when they scoop are remorseful, but then immediately some produce great results and you’re to help make ductive without them? up the bonus which rightfully be- slip back into the same routine. tempted to overlook things. Short-term sure that your You’ll soon realise that in fact, longs to the team as a whole. What about the team clown? They special treatment leads to long-term pronunciation is they’re not your best employee at all. Does any of this sound familiar? are great for morale, keeping energy resentment from the rest of the team. on point. We’ve all been in a situation where a levels up, and creating a buzz in the After all, your business is only a suc- £ Marianne Page is an author and the member of the team is an absolute office. But perhaps they’re difficult cess because of your team. Each mem- founder of Marianne Page Ltd. 16 OPINION FRIDAY 6 SEPTEMBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Neither tragic nor hero, Boris is TO THE EDITOR Round the just in thrall to the Brexit fates houses

As our political parties squabble over our HEN a Prime Minister change when the Prime Minister play out in the courts. European future and the country sits in a who has spent his ca- did. Nor did the red lines of the cho- Rachel Cunliffe As for an election, it is inevitable – state of political paralysis, note that our reer leaning heavily on rus in this particular drama: the EU. Comment and features the argument is over when and how. property market has retained dignity even his classical education If Boris believed his own hype over editor at City AM And when it does come, it’s not at all if our politicians have not. W UK house prices and rental values are – peppering speeches the summer recess that he could clear that this week’s parliamentary with references to Pericles, the succeed in two months where May soap opera will have much bearing higher than before the referendum, by sword of Damocles, and how the EU failed in three years in striking a on how people cast their votes. eight per cent and five per cent subjecting Britain is like the Ro- compromise acceptable to all sides, Of course, the timing matters, but respectively, and while transactions in mans trampling over Carthage – that was his folly. the message that Boris is the man London in particular are now lower, much loses his first four votes, his major- But eyeing up the unappealing The House of championing Brexit (and, by his def- of this can certainly be attributed to the ity, and 23 MPs in the space of four possibilities and determining that Commons maths inition, democracy) in the face of assault on stamp duty orchestrated a days, the comparisons to Greek a radical gamble (proroguing par- near-overwhelming resistance from couple of chancellors ago, where the top tragedy are inevitable. liament in order to sidestep ob- that backed May into an out-of-touch establishment is a rate is now an asphyxiating 15 per cent. And there is certainly a sense of structive MPs) was needed to break a corner did not powerful one. If he wins, the last This is remarkable resilience overall. And tragic irony about Boris Johnson’s the stalemate was a logical move in few days will seem a distant dream. yet, not content with successive attempts story lately. He has wanted this job a puzzle with no right answer. change when the And if he loses? at destroying the market and sucking all his life and was until recently It’s the same with the overwhelm- One mistake that people often positive sentiment out of it, enter stage left being hailed as the man whom this ing sense of schadenfreude concern- Prime Minister did make about Greek tragedy is to in- the Labour party, with a nuclear option or moment of national crisis de- ing chief aide and professional terpret “hamartia” as a character two to finish the job that the Conservatives manded. Then finally he gets his maverick Dominic Cummings. defect. In reality, it is less fatal flaw, seem to have started. wish, only to be taunted as at best a Yes, it may be satisfying to watch a more simple mistake. Sadiq Khan wants to cap rents, and disappointment, at worst a fraud. man so convinced of his own supe- disastrous for Boris – from losing his The ancient tragedians were often therefore the investment yields that Already, the conversation has rior intellect see his master strategy majority live on air when Phillip Lee concerned not so much with per- landlord investors may achieve. John moved on from events in Westmin- unravel, but the plan – let MPs force crossed the floor to join the Liberal sonal shortcomings, but with imper- McDonnell says that he wants to tax ster to dissecting the Prime Minis- a Brexit extension and then call an Democrats, to watching his own fect individuals placed in impossible landlords until, presumably, their pips ter’s character and arguing about election, allowing Boris to run on a brother quit as a Conservative MP situations, trying and failing to rea- squeak. And now wishes to steal 20 per whether his “hamartia” – the Greek platform of “parliament versus the because he is “torn between family son their way out of dilemmas far cent of the value of each of their properties term usually translated as “fatal people” – was a sound one. loyalty and the national interest”. beyond their control. Many times and gift that to their tenants with a neat flaw” that brings down tragic he- The probability that the Labour If he thought being Prime Minister their main fault is making what ap- bow attached. roes – is ambition, arrogance, or party, which has been clamouring would be easy for someone so appar- pear to be sensible decisions in the If this short-sightedness succeeds in just plain laziness. for an election for years, would sud- ently gifted in leadership, charisma face of forces that are just too strong becoming law in the event of a change of But let’s take a step back, and con- denly U-turn looked remote, as did and rhetoric, he has had a rude for a mere mortal to master. administration, as now seems possible, the sider what has actually happened. the risk of so many long-standing wake-up call. The many-headed hydra of Brexit glee of the Treasury and tenants Boris inherited the leadership of a Conservative MPs voting against But Boris ultimately only wants has already chewed up and spat out respectively will be very short-lived indeed country that is very much not busi- their party on an effective motion two things: for Britain to leave the one Prime Minister – two if you when they suddenly realise that there are ness as usual. Unelected by the vast of confidence and ending their po- EU by the 31 October deadline, and count David Cameron, who resigned no landlords left with which to fight. majority of the population, he litical careers. to win an election. rather than take on the challenge. The property market underpins our stepped into the ruins of govern- That miscalculation by Cummings While none of them are easy, If it defeats a third, perhaps we economy, provides much of our social ment left behind by a predecessor is humiliating, but with the infor- there are still options available to should view Boris as less the protag- housing via the private rented sector, crushed to inconsequence by the in- mation available, it’s hard to see him for achieving the former – from onist in his own personal tragedy, employs hundreds of thousands of compatible demands of parliament, what alternative course of action ramming through a jazzed-up ver- and more the victim of circum- peoples and contributes billions of pounds public and party. would have been more successful. sion of Theresa May’s deal at the last stances he should never have sought in direct and indirect taxation. The House of Commons maths Finally, it is not yet clear how moment, to ignoring legislation to control, who was never quite as Like the proverbial piñata, if you bash it that had backed Theresa May into much any of this actually matters. passed by MPs to request an Article powerful or as important in this on- for long enough, your sweets fall to the floor and then disappear in all directions. an inescapable corner did not The week has undeniably been 50 extension and letting the battle going story as he thought he was. Marc von Grundherr, director, Benham and Reeves BEST OF Business must look beyond no-deal prep TWITTER It’s interesting that the three people we’re now debating as to the worst and plan for a globally competitive future PM of the 21st century – Cameron, May and Johnson – found their biggest problem wasn’t economic, or BRAND new chancellor, long? As freedom of movement tional customers. The best are using disaster, or war, but their own party. same old challenge. It’s ends, we are not going to hire our Tony the time ahead not only to get ready @caitlinmoran the issue that brought us way to further growth, and we al- Danker for Brexit, but also to get match fit Ato Brexit, and the one that ready work longer hours than most for new competitive realities. For those wondering what happens will underpin its impact: of our G7 peers. Uncertain times may not be good next, the Apothecary of the flatlining UK productivity. That’s why it was heartening to for business investment, but they Household instigates the Trial of the Sajid Javid and Philip Hammond see the new chancellor redouble can be good for business readiness. Pyx. Should that fail, the Hereditary may not be on the same side this the government’s focus on produc- And now is the right time for UK Lord Falconer of Scotland dons the week, but both chancellors en- tivity. Tellingly, he echoed the businesses to study the best around Cap of Maintenance for the Swan tered Number 11 to confront this words of the Prime Minister on his them – their pioneering peers in Upping. As a last resort, the Rouge same priority. On Wednesday, Javid first day when Boris Johnson said petitiveness, operational efficiency, the UK or other countries. There is Dragon Pursivant pays the Quit Rents. stood up to deliver his spending re- he would seek higher productivity and superb talent management much for business to be purposeful @Mr_John_Oxley view and put a price on the prob- across the whole of the UK, un- practices will determine a com- about, regardless of drama in West- lem: £5,000 annually, for every leashing “the productive power not pany’s ability to win post-Brexit. minster and Brussels. It’s been an honour to represent household. just of London and the south east”. It may not be in the foreground, Now is a time for bi-focal lenses. Orpington for 9 years & to serve as a Think about that. If productivity Yet, in order to achieve this, the but far-sighted businesses are al- Prepare for 31 October, but simulta- minister under three PMs. In recent had continued to grow at levels government needs business on ready gearing up for tougher com- neously see that October is just the weeks I’ve been torn between family prior to the financial crisis, average board. While we know that in the petition: for talent, for contracts, for end of the beginning. loyalty and the national interest – it’s annual wages today would be over long run public projects like trans- suppliers and for customers. In Wednesday’s speech, the chan- an unresolvable tension & time for £5,000 higher. port, broadband and other infra- Economists will tell you that pro- cellor began by talking about no- others to take on my roles as MP & And it isn’t improving. The most structure are vital for productivity ductivity and exports are strongly deal preparations, before moving Minister. #overandout recent figures from the Office for to rise, in the immediate future correlated. That’s because expo- quickly on to measures in pursuit @JoJohnsonUK National Statistics (ONS) show four businesses themselves have their sure to best-in-class global compe- of a decade of renewal. The prize is consecutive quarters of decline. Pro- hands on the levers that count. tition brings out the best in great, but so is the price if we fail to Seems Jo Johnson has become the ductivity was down 0.6 per cent in For now, every business is focused domestic firms. face the future now. first minister to resign to spend less the last quarter. on preparing for a no-deal Brexit. British business owners I talk to time with his family. Good call. Employment growth has masked But it is vital that they also start say that already they are fighting £ Tony Danker is chief executive of Be @amcarmichaelMP its impact on GDP, but for how preparing for new deals. Sales com- hard to prove their value to interna- the Business. CITYAM.COM FRIDAY 6 SEPTEMBER 2019 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Britain cannot afford to ignore DEBATE Labour’s interventionist agenda Is the UK economy already in a recession? OR THE past three years in free society. Westminster, it’s been difficult Kate Labour is not stopping at nationalis- to think more long-term than Andrews ing parts of private companies, which Recession. It’s the only thing as Fthe next few hours. Nearly on its own threatens fundamental as- guaranteed as death and taxes. Brexit every day has dragged us fur- pects of liberalism and private prop- or not, we all know we’re due one. But ther into uncharted political territory. erty; it is turning to housing as well. how low will we go – and for how long? YES Meaningful votes, Brexit extensions, Shadow chancellor John McDonnell Not only has Britain already witnessed and leadership contests have been has plans to implement a “right to one quarter of negative growth, with VICTORIA BATEMAN making and shaping history – though buy” scheme for private tenants this week’s PMIs suggesting that we it would be fair to say that for all the (which, it has been suggested, would may be into a second, but investment Once we realise how much our chatter, little substantial had changed scrutiny on the opposition’s plans for not have to be sold at market rates). activity has been limp ever since the EU spending is out of sync with the up until this past week. higher taxes and more spending. This would break the fundamental referendum. As John Maynard Keynes economic reality, we will have to cut our The political realignment, predicted In the midst of Brexit upheaval, the principle of property rights, which knew well, this is a key driver of cloth. The question is not whether we by academics like my colleague Dr Financial Times has been running a does not allow other people to use or economic ups and downs. are back in a recession – many of the Steve Davies, has now been acceler- series on the Labour party’s agenda: take your belongings from you with- The ability of the economy to poorer communities that struggled ated. We are witnessing the overhaul its ideology, its plans, and the cost of out your permission. withstand Brexit uncertainty so far, deeply after the global financial crisis of party allegiance in real time. The its policies if implemented. As Dr Eamonn Butler succinctly put buoyed by the good old British and under austerity would be surprised left-right divide has become secondary This week, the research estimated it in his IEA book Foundations of a Free consumer, has been remarkable. But it to hear that we were ever out of it. to the fight between populist protec- that the party would need “at least Society, “freedom creates prosperity”. cannot last. As Keynes’ nemesis tionism, and liberalism. £26bn in new tax rises” to “end auster- Political parties, by nature, tinker at Friedrich Hayek understood, the more a £ Dr Victoria Bateman is a lecturer and While tensions among Conservatives ity” according to Labour’s own defini- the edges of these freedoms, debating recession lies dormant, the worse it fellow in Economics at Gonville and have been steadily simmering for tion of the term. It would also marginal tax rates, the merit of regu- subsequently becomes. Caius College, Cambridge. years, in just three short days a funda- confiscate roughly £300bn worth of lations, and how prevalent the state mental split and shift in the oldest company shares to carry out its plan should be in our daily lives. But it party in modern history has occurred for “inclusive ownership funds”, in should be a cause of great concern Whenever the looming General Elec- what researchers describe as “the when there is talk of expropriating The UK is experiencing unprecedented tion comes, the Conservative party will biggest state raids on the private sector private property, without any mean- economic and political turmoil due to not look remotely like it did the last to take place in a western democracy”. ingful challenge from the other side. the increasingly fraught Brexit process. time it asked the public for their votes The costs of these proposed policies Brexit will be dominating politics The inevitable consequence of this NO in 2017. Down 23 MPs (so far) because would be economically damaging in for the foreseeable future. But it scenario is a decrease in spending from of its unapologetic “do-or-die” stance their own right, but this could just be shouldn’t be forgotten that the last investors, which in turn leads to KEVIN VON NEUSCHATZ on leaving the EU by 31 October, it will the beginning. The party is increas- General Election was supposed to be reduced productivity and growth. be going to the polls with a hardened ingly advancing plans for mass redis- fought on such grounds, and quickly But a cautious approach to spending industry attracted £6.3bn in venture and clearer line than it had before. tribution, in ways which appear to be diverted to the domestic policy issues commitments by businesses before the capital funds in 2018. So will the Labour party, but on very in direct conflict with the pillars of a that, according to public sentiment, outcome of Brexit is decided does not Whatever the nature of our future different grounds. had been neglected for far too long. mean a loss of confidence in the UK. relationship with the EU, the UK Labour has had a topsy-turvy rela- If we don’t push ourselves to see past While recent forecasts suggest a remains a powerhouse for investment tionship with Brexit, having U-turned The ‘right to buy’ the next few hours, days, or weeks, we slowdown, the suggestion that we are and innovation. By building better links dramatically over the past two years to plan would break the risk overlooking major plans to re- already in recession is wide of the mark. with emerging markets and energising now back a second referendum. But on shape our economic and social fu- London remains a hub of our export opportunities, the current the economy, Labour’s top team have fundamental principle tures – for the better, and most entrepreneurialism and innovation, economic turbulence will be a bump in been quietly and swiftly doubling of property rights certainly for the worse. and a go-to headquarters for ambitious the road. down on an interventionist agenda. companies. The financial services And with the government focused on £ Kate Andrews is associate director at the industry alone contributed over £132bn £ Kevin von Neuschatz is chief European affairs, there has been little Institute of Economic Affairs. to the UK last year. Our booming tech executive of Elemental Financial.

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INDUSTRIAL Brentford dock is being revived by new homes, shops and CHIC GOES WEST culture. Helen Crane takes a look around

lthough it is only divided In keeping with the local area, lots from Kew by a thin stretch of of the apartments will have an indus- river, Brentford and its West trial feel: think cantilevered bal- London neighbour could not conies and concrete worktops. be more different. Ballymore also has plans for 50 new ATake their history, for example. retail spaces, including a new set of While the former started out as a pedestrianised ‘lanes and yards’ country retreat for royals, Brentford which will play host to independent has built itself on being a hive of in- retailers, craftspeople and artisans. A dustry. 15th-century church will become a In the Victorian era a dock designed ‘cultural and foodie hub’ with an by Isambard Kingdom Brunel was open-air pool in the grounds. built there, where workers loaded up John Mulryan, group managing di- boats with coal, steel and timber from rector at Ballymore, says he wants the the railway to be sent along the river project to “bring fresh energy to the to the Docklands. Post-war, Brentford area in a way that honours and builds became the starting point of its historic past – as well as its abun- The Golden Mile – a stretch dance of creativity and culture.” of art deco factories that Already installed on the site is clas- once produced every- sic car restoration business, Duke of thing from gyroscopes London. As well as a working garage to potato crisps. and forecourt, it also runs an events Developer Ballymore space, The Factory, which is as likely is now trying to capi- to be found hosting a supper club as talise on this industrial From left: the cafe; the events space; what the homes in the development will eventually look like it is a meet for motor enthusiasts. It heritage by creating a will soon be offering food from Le new district combining down the A4 from ence of the water, which “even some phase of which will comprise 300 stu- Swine and Santa Maria Pizza, and is housing, independent Heathrow? residents have forgotten about” be- dio, one, two and three-bed apart- even set to host an event for London shops and restaurants and Walking down Brent- cause it was closed off for many years. ments starting from £369,500. Steen Fashion Week. cultural spaces. It is called The ford High Street, the devel- Ballymore has already opened a hip- says The Brentford Project is aimed at “I’ve lived in this area all my life, and Brentford Project, and the first opment is impossible to miss. ster-friendly cafe and events space on “people who love to be in their before this there wasn’t much reason homes are available to buy this week. This is because the floor and walls the waterside to try and pull people home,” and the spacious show flat for people to venture past the There is a template for this kind of have been painted bright blue, in an into the 11.8-acre site. Over the sum- boasts unusually high ceilings, a Chiswick roundabout,” says founder thing in Peckham and Hackney. But installation by artist Huw Morgan. mer it has played host to live music, range cooker and a balcony that Merlin McCormack. what does post-industrial regenera- Ballymore’s sales director Jenny Steen art and baby yoga. It is building a could comfortably fit a dining table There is still a long way to go – but tion look like when it happens just tells me this is to signpost the pres- total of 876 new homes, the first and four chairs. it looks as if that is starting to change. PROPERTY SHOWCASE EVENT

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hen Taylor Swift re- leased her latest album, Londoners were sur- prised to find she had Which London Boy penned an ode to our cityW in a track called London Boy. In the song, she travels around the capital using routes that anyone with a cursory knowledge of the transport system would find completely illogi- location is best? cal, such as going from Shoreditch to Highgate then back to Hackney. She also describes her love for hav- ing high tea, browsing in Camden Taylor Swift’s new song shows her love for Market and watching rugby in the pub with her boyfriend, British actor London – but where should she buy a home? Joe Alwyn. So if Tay-tay decided she liked Lon- don enough to buy a pad here, which of the locations in the song would be her best bet? Researchers at Savills have totted up the totals and say Shoreditch repre- sents the best value, with the average second-hand home coming in at just £516,250 in the year to May. In the song Swift expresses a pen- chant for hanging out in Hackney over Louis Vuitton on Bond Street – and she could pick up a tidy bargain there too, with the average sale price in Hackney Central sitting at £576,339. This is the third-cheapest location after Shoreditch and Brixton, which comes in at £539,433. Borough 1 year change in average The West End (which takes in Soho lower now than it was five years ago. If she’s looking for an investment, second hand sale price and Bond Street, both mentioned in Nick Verdi, head of Savills Shored- though, Camden might be a good Camden 8.4% the song) is unurprisingly the priciest itch, says: “Shoreditch is home to shout. It is the only area that has seen Highgate -15.3% location at £2.08m. some of London’s coolest bars and house prices go up, rather than Brixton -0.8% While the pop star won’t have any restaurants, Brixton is renowned down, in the year to May, and by a Shoreditch -22.5% problem handing over that kind of for its food markets and the woods not-insignificant 8.4 per cent. In the Hackney Central -3.3% cash, she might want to consider that in Highgate provide some quiet last five years, the average sale price the sale price of homes in the area space in the city. West End -37.1% has increased by 35.1 per cent – again fell by 37.1 per cent in the last year. “It’s great to be able to draw atten- the highest on the list, and compared London 0.0% It is the also the only London Boy lo- tion to some of London’s well-loved to a London average of 22.3 per cent. Source: Savills Research using Land Registry cation where the average sale price is areas and all that they offer.”

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22 HOT PROPERTY FRIDAY 6 SEPTEMBER 2019 CITYAM.COM INTERIORS A first look at Chelsea

Barracks From left: kitchen; exterior; living area Sharkey, Chelsea Barracks’ development manager, points out the precision-laid brass inlays within the marble floor. “It’s The first show apartment has opened easier to do this with joinery than in stone,” she says, explaining that the at super-luxe Chelsea Barracks. craftsmen had plus or minus half a mil- limetre margin for error. What Sharkey Laura Ivill spots the key trends doesn’t know about marble isn’t worth knowing. f ever there was a long-awaited Lon- Gandhi (ex-Candy and Candy), the Kens- Nothing is fussy, yet it’s not pre- don development, then Chelsea Bar- ington-based firm couldn’t wish for a dictable either – opening the doors to a racks is it. Empty for a decade, and more prestigious showcase. Gandhi says meeting room reveals, surprisingly, a Ifive years under construction, she is passionate about “materiality, symphony in leather – a bespoke Eli- residents will finally start texture and craft” – elements cyon-designed handstitched leather- to move in this month. that are in abundance in topped boardroom table with a set of This week, the first show every room, yet handled iconic Cab chairs by Mario Bellini for apartment was revealed with restraint. This pre- Cassina in cognac-coloured leather. The – and even if we don’t cision echoes the past, de Gournay wallpaper was handpainted have the £24m re- when the British Army velvety greens, and a base colour of dove ing, even down to the “leather-feel” tex- and meticulously hung, and when quired to snap up this was on parade here, grey. Symmetry creates order and calm, ture of the marble installed underneath you’ve become accustomed to the pops four-bedroom 4,000 sq buffed and polished and in the master bedroom, where the the breakfast bar. Not one inch has been of burnt orange, suddenly in the bil- ft residence, it’s a and perfect in every de- bed, headboard and bedside cabinets overlooked, yet they have succeeded in liards room, the accent is crushed rasp- pretty good second-best tail. obey symmetry and geometry, the yin to making both the apartment and the berry. to have a nosey around. Burnt orange as an ac- this yang is in the suite’s softly struc- club feel like a home – if your home has At £24m, this show apartment isn’t So follow me inside. cent colour (hint: cush- tural curves of the sofa and chairs. someone to continually karate chop the even the Top Trump of Qatari Diar’s de- Both the show apartment, ions update), and its There’s a lot to take in in every room. cushions. velopment. Next up are the individual and the residents’ Garrison associated palette of russet, The scale is grand – wide doors and cor- “Lots of the art you see is craft-or-fash- townhouses – at £37m each. Time to Club have luxury interiors by Eli- ochre, tan, brushed brass and cham- ridors and 2.8m ceilings. Texture is sub- ion treated as art,” Gandhi says, pointing form an orderly queue. cyon. Founded just five years ago by the pagne, flow through the design, comple- tly layered everywhere you look, to a vintage Hermès scarf framed for a architect and interior designer Charu mented by either deep inky blues or creating interest yet never overwhelm- bedroom wall. In the spa, Francesca £ chelseabarracks.com; elicyon.com

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Prices and details correct at time of print. *Based on a 35% share of the full value (full value of 1-bedroom apartment starting from £345,000, 2-bedroom apartment from £450,000 and 3-bedroom apartment from £527,500). **Based on a 5% deposit of £120,750. ^T&C’s apply - 5% towards your deposit based on the minimum 35% share value on selected plots. Offer subject to availability and review. This offer cannot be used in conjunction with any other offer. Southern Home Ownership reserve the right to withdraw this offer at any time. In accordance with Consumer Protection from Unfair Trading Regulations 2008, these details and images have been prepared with due care, however the information contained therein is intended as a preliminary guide only. Southern Home Ownership Ltd is a housing association. Industrial & Provident Societies no: 1852R Registered Offi ce: Fleet House 59-61 Clerkenwell Road London EC1M 5LA. CITYAM.COM FRIDAY 6 SEPTEMBER 2019 LIFE&STYLE 23 GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen

FILM They share an easy chemistry, IT CHAPTER 2 their rekindled bonds plausible and DIR. ANDRÉS MUSCHIETTI touching. It’s here that the film works best: as a nostalgia piece, BY STEVE DINNEEN Stranger Things for grown-ups, full of sepia-tinged flashbacks to Pennywise the dreadful clown is bril- hanging out at arcades and riding liant as a twisted metaphor for our bikes down picket-fenced avenues. It childhood fears. He is less brilliant as deals with the melancholy of age, a literal space alien who can only be how the bitter-sweet emotional defeated through some arcane Native rollercoaster of childhood is American ritual. Alas, that’s where destroyed by the pressures of Stephen King’s bulging 1,200-page everyday life. novel ends up. Unfortunately, the material Director Andrés Muschietti’s sequel demands the characters are almost to his 2017 reboot leans into this immediately separated, each going absurdity, with plenty of knowing on a spurious quest to locate some jokes about how the novelist central totem from their past. These character can’t write endings. But sequences soon suffer from that doesn’t change the fact that the diminishing returns, with the set- “Losers Club”, now a bunch of 40- piece horror routines – chases somethings returning to their involving monstrous old ladies and hometown after 27 years, end up animated statues – all tonally doing battle with an utterly similar; by the fifth time around the demystified version of the first film’s carousel you’re more likely to be terrifying antagonist. yawning than screaming. First the good: the casting is These pacing issues persist excellent, with each of the adult throughout the grotesquely bloated characters instantly recognisable run-time of almost three hours. from their younger selves. Bill Hader Muschietti simply doesn’t make gets all the best lines as stand-up enough choices, his film eventually comedian Richie “Trashmouth”, turning into a war of attrition. By the whose acerbic put-downs have only time the characters face off against gotten sharper over the last three the alien-clown, my brain was as decades. Jessica Chastain takes on the numb as my buttocks. role of Bev, the physical embodiment Thankfully Bill Skarsgård’s heavily of the cycle of abuse, having moved stylised Pennywise is always a joy, straight from violent father to vicious giving even the most protracted husband. Hypochondriac Eddie is scenes a joyously malevolent energy. given manic energy by James He almost makes it all worthwhile. Ransone; overweight romantic Ben Almost, but not quite. grew up to be a hunky architect It Chapter 2 is more of the same: played by Jay Ryan; stuttering author the same scares, the same pacing Bill is played with the damaged issues, the same cuddly nostalgia. It’s charm that’s become a calling card the perfect companion piece to an for James McAvoy. imperfect movie.

UNMISSABLE the argument turns increasingly nasty. velop as a farm. Unfortunately for all This isn’t, we realise, a pair of lovers en- concerned, the land is already occu- THEATRE gaging in verbal one-upmanship, but pied, by the Aboriginal Dharug people. two damaged people dancing around From the first anxious encounter be- HANSARD some catastrophic event neither can tween the Thornhills and the Dharug, NATIONAL THEATRE (LYTTELTON) bare to face head-on. the tragic course of The Secret River is BY STEVE DINNEEN In criticising the Tories’ lack of empa- never in doubt. As the narrative flows thy, Diane circles back time and again determinedly towards its conclusion George Osborne was in the audience to the party’s indefensible backing of there are rapids and eddies, and for this blistering political drama by Section 28, the act outlawing the “pro- steadily building intensity. The hu- debut playwright Simon Woods, no motion of homosexuality” in schools, manisation of all characters – indige- doubt taking some credit for lines such hinting at some terrible event in their nous and interloper alike – gives real as “It’s so easy to mistake an expensive own history. emotional weight to the eventual bru- education for a genuine understand- In the end it leaves you with the ax- tality. The matter-of-fact way in which ing of the world”. iomatic truth that tribalism pales into the mass slaughter of the area’s origi- Hansard – the title taken from the insignificance in the face of personal nal inhabitants is approached by the verbatim record of everything said in tragedy. It’s an incredibly assured settlers, and the absence of lengthy Parliament – is ostensibly about the po- debut, one that left me a little broken reasoning or genuine attempts at jus- litical heavyweights of the late 1980s, but eager to see more from Simon tification, reinforces the sense that the told through the prism of a Tory back- Woods. outcome was an inevitable conse- bencher and his left-leaning wife. quence of the colonialist mindset. Robin returns from parliamentary RECOMMENDED Written by Andrew Bovell (who co- business to find Diana luxuriating in wrote the screenplay for Strictly Ball- her dressing gown, their artfully THEATRE room), The Secret River is based on a shabby Cotswolds home heavy with 2005 work of historical fiction by Kate the fug of gin fumes. The pair immedi- THE SECRET RIVER Grenville. Director Neil Armfield’s pro- ately begin to spar, with Robin’s upbeat NATIONAL THEATRE (OLIVIER) duction is economically staged, and pragmatism the perfect foil for Diana’s BY SIMON THOMSON benefits greatly from live music per- droll disdain. They giddily tear strips formed just off stage – but still in view off each other, neither conceding an A smash at the Edinburgh Festival, The of the audience – by its composer Iain inch in a grandstanding battle we as- Secret River has transferred to the Na- Grandage. Grandage is also responsible sume has been underway for decades. tional Theatre. Slow-paced, thoughtful for an excellent, fourth-wall breaking “It’s the great mystery of our time,” and direct, it demonstrates a basic sight-gag. The cast is capable, and the remarks Diana, “The insatiable desire truth; that the process of colonisation fact that most of the Aboriginal actors of the people of this country to be is inherently violent. are speaking in the Dharug language fucked by an Old Etonian.” Will Thornhill was living in Dicken- hardly seems like a barrier to under- Someone once counted up the jokes sian poverty in early 19th century Lon- standing. per minute of popular sitcoms (Veep don; forced into thievery, and – like The Secret River’s narrow focus, on won with one almost every 12 sec- Magwitch – transported to New South two families and a single piece of land, onds); were they to repeat the task Wales. We meet him in Sydney, on the represents in microcosm the kinds of with plays, Hansard would surely be up day he receives his pardon. His wife, terrible events that must have played there. Sal, has joined him in Australia, along out for decades across the continent. There are also some pointed gags with their sons Willie and Dick. She Australia is beginning to examine this about our own political situation, such encourages him to return to England legacy, and as Britain talks of re-estab- as the dysfunctional Tories looking as soon as they have money for pas- lishing ties with the Commonwealth, across the house and thinking: “We sage. But Thornhill has set his sights it might be timely for us to reflect on can’t believe our luck”. on a 100-acre plot of land 30 miles our own culpability, as the former But as the nimble 90 minutes tick by, along the coast, which he wants to de- colonial power. 24 PUNTER FRIDAY 6 SEPTEMBER 2019 CITYAM.COM THE PUNTER RACING TRADER @BillEsdaile Bill Esdaile previews tomorrow’s action at Haydock, Ascot and Kempton Haydock rain means Dreams can come true

Dream Of Dreams (yellow cap) for Sir Michael finished a close second to Blue Point at Royal Ascot earlier this season ESPITE the fact that jockey July Cup when the cards didn’t really Frankie Dettori is only a few drop in his favour. months away from his 49th Even though there was plenty of cut in ing Blue Point in the Diamond Jubilee The same can also be said of Brando here off an 8lb lower mark than his turf Dbirthday, he appears to be in the ground when Advertise won at the Stakes two starts back. who was a gallant second to The Tin rating, and with Thomas Greatrex tak- the best form of his career. Royal meeting in June, I’m not sure he You can draw a line through his last Man in this 12 months ago on bottom- ing off another 5lbs he is effectively rac- The evergreen Italian steered Enable to wants it really soft and that’s a concern run in the July Cup where the combina- less ground. ing off just 83. an effortless victory in the Yorkshire if you’re getting involved at 11/4. tion of fast ground and an undulating Regular followers of this column will He was only beaten a handful Oaks a couple of weeks ago, which was All the recent rain means that, even track were against him. remember I selected FIRST IN LINE who of lengths off marks in the high also his 14th Group One success of an in- though he has been declared, it would Conditions are spot on for the five-year- was narrowly touched off in the Melrose nineties at Goodwood in two starts last credible 2019. be a surprise if Ten Sovereigns was al- old and he looks the value call at around Handicap at York a fortnight ago on month so shouldn’t be far away here He has a chance of landing another to- lowed to take his chance. 8/1 with such an unsettled forecast. ground that was too quick. at around 8/1. morrow when he partners favourite Ad- Khaadem made a mockery of his hand- Stoute last won this valuable prize He gets a chance to gain some com- vertise in the Betfair Sprint Cup (4.10pm) icap mark in the Stewards’ Cup at Good- with Ajdal back in 1987 so you could say pensation in the opening staying hand- POINTERS TOMORROW at Haydock. wood last month and is another with it’s been a long enough time between icap (1.50pm) now that the rain has The three-year-old has been in rude form on rain-softened ground. drinks! come and the 11/4 should be snapped First In Line 1.50pm health this summer, landing both the However, he may not want it too soft Looking at his dangers and it would be up. Haydock Group One Commonwealth Cup at either and at as short as 4/1 with the no surprise to see fellow three-year-old Finally, on a busy afternoon, don’t Gossiping e/w 3.15pm Royal Ascot and the Prix Maurice de sponsors I’m prepared to look elsewhere. Hello Youmzain give him most to think miss GOSSIPING as he returns to the all- Kempton Gheest at Deauville. One horse who will relish every drop about, as he is another who handles soft weather in the ‘London Mile’ (3.15pm) Dream Of Dreams e/w 4.10pm Those two successes sandwiched a of rain is Sir Michael Stoute’s DREAM OF underfoot conditions and goes well at at Kempton. Haydock solid second to Ten Sovereigns in the DREAMS who got within a head of beat- Haydock. Gary Moore’s seven-year-old can race Spanish City and Arbalet have Cunard Handicap claims ACING and food take centre stage to defend his crown off only a pound Yarmouth last month and I’m hoping I also like the look of ARBALET, He is now back on a very tempting Rat Ascot tomorrow with the higher mark, and with form figures that will be the confidence booster he whose two runs over course and mark, has conditions to suit and is a course’s two-day Italian Tourist over course and distance of 131254, it is needs. distance on good-to-firm ground have nice each-way price at 16/1 with Coral. Board Festival of Food and Wine Week- easy to see why he has been well-backed He has some very good form at Ascot, been a fifth in last year’s Jersey Stakes end – and the prosecco corks will be this week. including a fourth in this race last year, and a second in the International POINTERS TOMORROW popping if punters can find a winner or He surely won’t be far away again, and it’s interesting that Roger Varian is Handicap a month later. two. although he just doesn’t represent using 7lb claimer Marco Ghiani. I tipped him for the International in Spanish City e/w 2.45pm The big betting race of the day is the much value at 11/2. Claiming jockeys have won four of July but the ground went against him Ascot Cunard Handicap (2.45pm), which Ripp SPANISH CITY has been one of my the last five renewals of this contest and he was then dropped a further 4lbs Arbalet e/w 2.45pm Orf won 12 months ago. cliff horses over the past couple of and Spanish City looks a good each-way after a disappointing effort over a mile Ascot David Elsworth’s five-year-old is back years, but he got his head in front at bet at 10/1 with Ladbrokes. at York last month. CITYAM.COM FRIDAY 6 SEPTEMBER 2019 SPORT 25 Super League aiming to build on World Cup momentum the signs are good. The 2019-20 fixtures, but the overwhelming Etihad for only the second time and clear of City last year, but the chasing Promising signs campaign is the first with Barclays as feeling is one of excitement. And with the first since 2014. pack looks strong. the title sponsor, after they signed a good reason. Both City and Chelsea have given City, who won the FA Cup and for bumper year in three-year deal worth £10m in March, Manchester United and Tottenham out free tickets to kick-start their League Cup, have lost England winger while the league has also sold its first were promoted last season to form a seasons, but the ambition is there Nikita Parris to European giants Lyon women’s top flight overseas broadcast rights deal for a 12-team division which is England’s across the board, with Tottenham but have also added to their already six-figure sum to Sky Mexico and largest full-time women’s league to and West Ham also scheduling deep ranks, while young stars Georgia writes Felix Keith Scandinavian broadcaster NENT. date. They both start in style this fixtures at the Tottenham Stadium Stanway and Lauren Hemp are With matches available for free weekend, with United travelling to and London Stadium respectively. As expected to shine. Emma Hayes’s HE WOMEN’S Super League elsewhere, via the newly-launched FA the Etihad Stadium for a first ever City’s Demi Stokes told The Guardian Chelsea can challenge, while the kicks off a new season to- Player, it looks certain the WSL will women’s Manchester derby, while this week: “We want it to become the addition of Casey Stoney’s United will morrow looking to build on benefit from its greatest ever Spurs head to Stamford Bridge on norm and not to be a surprise.” add further difficulty to the mix. the success of this summer’s exposure. Sunday to play rivals Chelsea in front As for the football itself, we should The hope then is that with better World Cup and there is There may be some consternation of a full house of 42,000 fans. have a competitive, high-quality title backing, greater exposure and a more Tevery indication that it is on the among players around the short gap The Manchester derby is live on BT race. Defending champions Arsenal professional, settled make-up the right path. between this week’s friendly Sport, with City moving from the are favourites after winning 18 of Super League can make good on its Even before a ball has been kicked internationals and the first round of 7,000-seater Academy Stadium to the their 20 games to finish seven points clear potential this season. Places to play for in last World Cup showdown

NGLAND head to Newcastle RUGBY United’s St James’ Park for their final warm-up game COMMENT against Italy tonight before they fly to Japan for the Ollie WorldE Cup — and what an occasion it will be. Phillips Newcastle seems to be turning into a real hotbed of rugby after hosting the Challenge Cup and Champions Cup in May, so it’s a real shame the forward would be devastating so late. Falcons were relegated from the Pre- For others there is plenty to play for miership. besides just fitness. Anthony Watson It’s traditionally a football city, but starts at full-back for the first time I’m sure there will be a cracking at- since March 2018 following injury mosphere as England gear up before problems, while Ruaridh Mc- flying out on Sunday. Connochie will finally is due to make Eddie Jones has named what he calls his England debut after pulling out of a “mix and match” squad for the oc- both of the Wales games with knocks. casion, with three players – Joe Watson has worked very hard to Marchant, Matt Kvesic and Charlie come back and is an exciting Ewels – involved despite not being in prospect, while McConnochie will the 31-man World Cup squad. want to impress, because, with Nowell That gives it an odd dynamic in a struggling, he could play a big part in way, as those three ready them- Japan. selves for what is undoubt- Italy are the perfect opposi- edly an awesome tion really. The back three opportunity but one should get plenty of ball, which could lead space to run into and nowhere. All the other players will be Harlequins’ centre Joe buzzing, talking about Marchant has a chance to Japan, while at the mo- impress against Italy ment they’re not going. However, any chance chances to score tries. to play for your country Ben Youngs is in a similar should be savoured and in- boat, as he’s currently way off juries mean there’s always it with just Willi Heinz as a back- something more to play for. up No9, while Owen Farrell will want Jack Nowell is out with an ankle in- to perform at fly-half after George jury and is also recovering from ap- Ford’s classy showing against Ireland. pendicitis while Jonathan Joseph and It’s also a big game for Mark Wilson, Henry Slade are not fit yet so who was the stand-out player at the Marchant, who starts at centre, has an Six Nations, but has since slipped opportunity to impress. down the back row pecking order, with Tom Curry and Sam Underhill SELECTION BALANCE gelling well. Wilson will also want to It’s tricky for Jones to find the right say farewell to the Newcastle public balance in selection and his hand has after joining Sale on loan following been forced by circumstances in many the Falcons’ relegation. cases. The consideration of giving The opposition may not be the best, players minutes to provide confidence but the location and context means and match sharpness has to be this is an important game. weighed up against the risk of injury. That is certainly the case with Billy Ollie Phillips is a former England Sevens Vunipola, who starts a fourth succes- captain and now a director within the real sive game at No8. Jones says he needs estate and construction team at PwC. minutes, yet an injury to the Saracens Follow him @OlliePhillips11 26 SPORT FRIDAY 6 SEPTEMBER 2019 CITYAM.COM SPORT For the first time at Euro 2020 all five British Isles teams could qualify, says Frank Dalleres

OR A tournament that is sup- posed to be pan-continental there is already a distinctly FBritish flavour to next sum- mer’s European Champi- onships. Of 51 matches, 10 will be staged in London or Glasgow, with Wembley hosting both semi-finals and the final. But the Britishness could yet go up several notches, with all five British Isles teams still in contention to qual- ify. Only twice before have four made it to the same major international tournament; only once – in 1958 – have all four Home Nations done so. How many make it to Euro 2020 will be determined over the next two months, starting with the resumption of qualifiers this week. England, who host Bulgaria tomor- row at Wembley and Kosovo on Tues- day in Southampton, look all but certain to reach the 24-team finals. They sit top of Group A, above rivals who have played more games, having begun their campaign with back- to-back five-goal victories over the Czech Republic and Mon- tenegro. With the first two in each group assured of a place in November’s draw, it would HOME AFFAIRS take a monumental reversal in fortunes to fall behind the Czechs and Kosovo, currently second and third. Even in that unlikely event, England points from four and, again, both have games in hand away group leaders Belgium. Scot- would have a second matches so far. The on the Irish. But the Republic, who land’s challenge is to catch the other chance to qualify bad news is that reached the last 16 in France three teams ahead of them, Kazakhstan and via the play-offs they are still to face years ago, have put themselves in a Russia, who visit tonight in a six- next March, by the Germans and strong position to reach a third suc- Only once – in pointer. With Clarke at the helm and virtue of having the Dutch, who cessive European Championship. Liverpool’s Andy Robertson, Manches- won their Na- both have games Euro 2016 semi-finalists Wales face 1958 – have all ter United’s Scott McTominay, Aston tions League in hand. Jogi perhaps the toughest task of the Villa’s John McGinn and group. Low’s men British Isles teams. They lie fourth of four Home Bournemouth’s Ryan Fraser making Northern Ire- visit Windsor five teams in Group E, behind leaders their mark in the Premier League, land are, perhaps Park on Mon- Hungary, Slovakia and Croatia, on Nations made it to there is a sense that years of decline surprisingly, the day. three points after three games. More a tournament could be in reverse at last. And should Home Nation cur- Mick Mc- positively, they have already played they fail to qualify from their group, rently best placed Carthy’s Re- their two most daunting fixtures, they would be guaranteed a second to join England at public of Ireland are also away to Hungary and Croatia, and lost up to do after a slow start to Group I, chance via the play-offs. the finals. Michael sitting pretty at the summit only narrowly each time. Tonight’s which included a 3-0 defeat to Kaza- With Hampden Park set to host O’Neill’s side sit of Group D following their visit of whipping boys Azerbaijan to khstan. Alex McLeish paid the price three group games, Scotland – like all proudly above both 1-1 draw with Switzerland Cardiff is a must-win if they are to get for that embarrassing result and Steve the British Isles nations – can look for- Germany and Holland last night. The Swiss and back on track for only a third major Clarke replaced him in May, leading ward to the next best thing to a home atop Group C, having Denmark are their chief ri- tournament in the team’s history. his new charges to a win over Cyprus tournament if they can reach the plundered maximum vals for a top-two finish Scotland, too, have some catching on debut followed by a loss to run- competition proper. CITYAM.COM FRIDAY 6 SEPTEMBER 2019 SPORT 27

MCGOLDRICK MAINTAINS SPORT DIGEST ANOTHER ONE Smith doubles up as sloppy England toil on day two IRELAND’S UNBEATEN RUN £ David McGoldrick scored a late Spanish club in the summer transfer header to earn the Republic of Ireland window, with manager Zinedine a point against Switzerland last night Zidane trying to sell him. But the move and ensure Mick McCarthy’s side to Chinese club Jiangsu Suning fell remain unbeaten in Euro 2020 through and the 30-year-old remains qualifying. McGoldrick headed in at Real this season. “I understand I was James McClean’s cross in the 85th made more of a scapegoat than minute, moments after Glenn Whelan most,” he told Sky Sports. “I wouldn’t struck the bar. It was enough to earn a say I’m playing happy but I’m playing, 1-1 draw after Newcastle’s Fabian when I’m playing I’m professional and Schar had finished off a Swiss move 10 I’m always giving all I can.” minutes earlier. The result moved Ireland onto 11 points from five F1 NEEDS TO BECOME SAFER games, leaving them three ahead of FOR DRIVERS, SAYS VETTEL second-placed Denmark. Elsewhere, £ Sebastian Vettel has called on Northern Ireland beat Luxembourg 1-0 Formula One to improve driver safety in a friendly thanks to an own goal following the death of Anthoine from Kevin Malget. Michael O’Neill’s Hubert last weekend. Formula Two side play Germany in a Euro 2020 driver Hubert was killed after a qualifier at Windsor Park on Monday. 170mph crash at Spa, Belgium on Saturday. “I still think there’s things we HALES AND NASH HAMMER can do better and improve,” Ferrari’s MIDDLESEX IN T20 BLAST Vettel said ahead of this weekend’s £ Middlesex failed to reach T20 Blast Italian Grand Prix. “Some people think finals day after being on the receiving Formula One is too safe and too end of a 10-wicket thrashing by boring, but I would rather have boring Nottinghamshire Outlaws in the Formula One championships forever quarter-finals last night. England and bring Anthoine back.” white-ball captain Eoin Morgan (53 from 31 balls) was the only batsman to CASEY LEADS EUROPEAN get going as Middlesex posted 160-8 OPEN AFTER FIRST ROUND batting first at Trent Bridge. Chris Nash £ Paul Casey holds a one-shot lead at (74 from 53) and Alex Hales (83 from the European Open after overcoming 47) then knocked off the total with 22 tough conditions on the first day in balls to spare in a stunning unbeaten Hamburg. The Englishman defied wet partnership of 165 as the away side and windy weather to shoot a six- dropped the chances came their way. under round of 66 in Germany. Austria’s Matthias Schwab is second, BALE: I’M NOT HAPPY WITH with Scotland’s Robert MacIntyre, Steve Smith ground England into the dirt with a fantastic double-century which left Australia in a commanding position at Old Trafford. REAL MADRID SITUATION Germany’s Max Rottluff and England’s Smith was dropped on 65 and dismissed off a Jack Leach no-ball on 118 on the way to making 211 – his third century of the series – as the £ Wales forward Gareth Bale has Ben Stow all a further shot back. visitors declared on 497-8. England were sloppy in the field, also dropping Tim Paine, who made 58, while Mitchell Starc smashed an admitted he’s not happy playing for “That’s one of the finest rounds I’ve unbeaten 54. The hosts will resume this morning on 23-1, with Australia eyeing wickets and a win which would see them retain the Ashes. Real Madrid. Bale nearly left the played this year,” said Casey.