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BUSINESS WITH PERSONALITY TASTE OF INDIA A REAL STERLING YEAR MUMBAI’S BEST DISHING OUT THE AWARDS COMES TO THE FOR 2019’S TOP STARSP31 CAPITAL P26 FREE YOUR WEDNESDAY 18 DECEMBER 2019 ISSUE 3,524 CITYAM.COM SQUARE MILE REGULAR EXPORTS UP PAPER TO NEW HIGH → ANGHARAD CARRICK fantastic professional services economist and head of research at The will continue to lead City UK, said: “The UK’s strength in BRITISH net exports of finan- NET around the world and this area is derived not only from the cial and related professional that our share of the high volume and value of transac- services grew almost five per EXPORTS global marketplace goes tions, but also the breadth of services cent in 2018, data showed from strength to and expertise available — the ‘ecosys- today. £82.8bn strength.” tem’ effect.” Despite looming economic The UK increased its “This ranges from green finance to and geopolitical uncertainty, global market share in key Islamic finance to maritime business exports grew to an estimated financial markets. Interest services, and is supported by an exten- £82.8bn in 2018, up £3.8bn from rate over-the-counter deriva- sive network of professional services INSIDE 2017, according to a new report tives rose 11 percentage related to financial services: legal, from The City UK. YEAR-ON - points to 50 per cent, com- accounting and consulting.” BOJO ISSUES SNO-GO ORDER The business body found YEAR pared to 32 per cent in The report also found that the UK’s about a third of the growth GROWTH the US. fintech market is now worth roughly Ministers told Davos is off limits (£1.1bn) came from financial The findings also £7bn to the UK economy, employing services, while £2.7bn came showed foreign exchange 60,000 people. 4.5% turnover increased from Catherine McGuinness, policy chair SEB MCCARTHY international business and political from related sectors such as elite. legal services, accounting and 37 per cent to 43 per cent, at the City of London Corporation, @SebMcCarthy between 2016 and 2019. said: “The success of UK financial and A group of six senior ministers from management consultancy. The the cabinet flew out to the previous figure represents a record high in The US accounted for 26.6 per related professional services plays a BORIS Johnson has taken the cent of the UK’s exports, vital role in balancing our trade surprise step of boycotting Davos WEF event, where bakeries, ski shops dollar terms. and chalets are transformed into Liz Truss, who was reappoint- while the EU bloc account- deficit.” next year, banning his ministers from ed for 40.5 per cent — She warned that the government attending the annual World corporate lounges and business ed as trade secretary this FINTECH receptions for three days. week, said: “The financial with the Netherlands should see the figures as an important Economic Forum (WEF) jamboree. NOW WORTH (8.4 per cent), Germany reminder of the need for a future trad- Buoyed by his thumping new However, a government source services sector is a bedrock of confirmed yesterday that ministers the UK’s trade and economic (seven per cent) and ing framework with the EU, majority in parliament, the Prime £7bn France (6.7 per cent) rank- calling for a “positive partnership” Minister has decided to turn his back would not be joining the rush to the growth,” she said, pointing to slopes. increases in British trade with ing as the top three after Brexit. on the Swiss resort, which has become the premier networking non-EU countries. destinations. CONTINUED ON P3 “This government will ensure our Anjalika Bardalai, chief BORIS SETS OUT HIS STALL: P2 event on the global calendar for the Sotheby’s cracks open the bubbly after a vintage year for wine auctions JESS CLARK The auctioneer reported for any bottle of wine or In April the auction house set a Tom Gearing, co-founder at wi total auction sales of spirit when The Macallan new record for a private wine investment spe i l @jclarkjourno $118m in 2019, an 60-year-old 1926 was collection sold at auction when SOTHEBY’s Wine toasted sales of increase of 20 per cent, in bought for $1.9m, as part Hong Kong’s Transc d more than $100m (£75.9m) for the a year that saw Sotheby’s of its Ultimate Whisky sold f second consecutive year in 2019, in London record its Collection In t following a string of record- highest value wine or breaking auctions, as wealthy spirits sale. investors seek alternative asset Sotheby’ b classes. BUSINESS WITH PERSONALITY Looking forwardWe didn’tto another think year-end so. close? Make the move to modern accounting at blackline.com Make the move to modern accounting at blackline.com BUSINESS WITH PERSONALITY TASTE OF INDIA A REAL STERLING YEAR MUMBAI’S BEST DISHING OUT THE AWARDS COMES TO THE FOR 2019’S TOP STARS P31 CAPITAL P26 WEDNESDAY 18 DECEMBER 2019 ISSUE 3,524 CITYAM.COM FREE SQUARE MILE EXPORTS UP TO NEW HIGH ANGHARAD CARRICK fantastic professional services economist and head of research at The will continue to lead City UK, said: “The UK’s strength in BRITISH net exports of finan- NET around the world and this area is derived not only from the cial and related professional that our share of the high volume and value of transac- services grew almost five per EXPORTS global marketplace goes tions, but also the breadth of services cent in 2018, data showed from strength to and expertise available — the ‘ecosys- today. £82.8bn strength.” tem’ effect.” Despite looming economic The UK increased its “This ranges from green finance to and geopolitical uncertainty, global market share in key Islamic finance to maritime business exports grew to an estimated financial markets. Interest services, and is supported by an exten- £82.8bn in 2018, up £3.8bn from rate over-the-counter deriva- sive network of professional services 2017, according to a new report tives rose 11 percentage related to financial services: legal, from The City UK. YEAR-ON - points to 50 per cent, com- accounting and consulting.” The business body found YEAR pared to 32 per cent in The report also found that the UK’s BOJO ISSUES SNO-GO ORDER about a third of the growth GROWTH the US. fintech market is now worth roughly (£1.1bn) came from financial The findings also £7bn to the UK economy, employing Ministers told Davos is off limits services, while £2.7bn came showed foreign exchange 60,000 people. from related sectors such as 4.5% turnover increased from Catherine McGuinness, policy chair SEBASTIAN MCCARTHY international business and political elite. legal services, accounting and 37 per cent to 43 per cent, at the City of London Corporation, @SebMcCarthy management consultancy. The between 2016 and 2019. said: “The success of UK financial and A group of six senior ministers from figure represents a record high in The US accounted for 26.6 per related professional services plays a BORIS Johnson has taken the the cabinet flew out to the previous dollar terms. cent of the UK’s exports, vital role in balancing our trade surprise step of boycotting Davos WEF event, where bakeries, ski shops Liz Truss, who was reappoint- while the EU bloc account- deficit.” next year, banning his ministers from and chalets are transformed into ed as trade secretary this FINTECH ed for 40.5 per cent — She warned that the government attending the annual World corporate lounges and business week, said: “The financial NOW WORTH with the Netherlands should see the figures as an important Economic Forum (WEF) jamboree. receptions for three days. services sector is a bedrock of (8.4 per cent), Germany reminder of the need for a future trad- Buoyed by his thumping new However, a government source the UK’s trade and economic (seven per cent) and ing framework with the EU, majority in parliament, the Prime confirmed yesterday that ministers growth,” she said, pointing to £7bn France (6.7 per cent) rank- calling for a “positive partnership” Minister has decided to turn his back would not be joining the rush to the increases in British trade with ing as the top three after Brexit. on the Swiss resort, which has slopes. non-EU countries. destinations. become the premier networking “This government will ensure our Anjalika Bardalai, chief £ BORIS SETS OUT HIS STALL: P2 event on the global calendar for the £ CONTINUED ON P3 Sotheby’s cracks open the bubbly after a vintage year for wine auctions JESS CLARK The auctioneer reported for any bottle of wine or In April the auction house set a Tom Gearing, co-founder at wine @jclarkjourno total auction sales of spirit when The Macallan new record for a private wine investment specialist Cult Wines, $118m in 2019, an 60-year-old 1926 was collection sold at auction when told City A.M: “There is uncertainty, SOTHEBY’s Wine toasted sales of increase of 20 per cent, in bought for $1.9m, as part Hong Kong’s Transcendent Wines which is when people look for safe more than $100m (£75.9m) for the a year that saw Sotheby’s of its Ultimate Whisky sold for $29.8m. haven assets, they look to be more second consecutive year in 2019, in London record its Collection. In total the The bumper year comes as defensive. following a string of record- highest value wine or collection, which went investors are looking at alternative “A bottle of great Bordeaux will breaking auctions, as wealthy spirits sale. on sale in London in investments that are more shielded always have a great value in the investors seek alternative asset Sotheby’s broke the October, achieved sales from wider market movements marketplace, and you can’t say that classes.

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