BUSINESS WITH PERSONALITY RUNNERS AND WHAT’S UP WITH WOODFORD? RIDERS WILL THE FORMER STAR’S FUND FROZEN NEXT PM BE PRO- AFTER CLIENTS PULL OUT P3 OR ANTI-HS2? P15 TUESDAY 4 JUNE 2019 ISSUE 3,384 CITYAM.COM FREE DOWNTOBUSINESS TRUMP AND MAY SET FOR BREAKFAST TRADE DEAL ON THE MENU... MEETING WITH 10 LEADING BOSSES BUT CHINA FEUD HITS MARKETS OWEN BENNETT the US – will break bread at St James’s chairman Sir Roger Carr, is expected to The business breakfast comes as One touched down in Stansted. @owenjbennett Palace alongside Trump, outgoing say the UK-US trade relationship “is a global markets continue to take fright at Khan hit back, releasing a video Prime Minister Theresa May and Prince great partnership, but one I believe we Trump’s escalating trade war, with the strongly criticising Trump. He said: BUSINESS leaders will sit down for Andrew, the Duke of York. can make greater still”. S&P 500 down more than 200 points “President Trump, if you are watching breakfast with US President Donald Chief executive officers and senior rep- She will say the two countries should (seven per cent) in the last month. this, your values, and what you stand Trump this morning as part of a bid to resentatives from BAE Systems, Glaxo- work together on “keeping markets Trump arrived in the UK yesterday for, are the opposite of London’s values strengthen transatlantic relations, as smithkline, National Grid, Barclays, free, fair and open, and keeping our morning and immediately sparked a and the values of this country.” fears over an impending global trade Reckitt Benckiser, JP Morgan, Lockheed industries competitive,” calling for a war of words with London mayor Sadiq Large protests are expected in central war continue to mount. Martin, Goldman Sachs, Bechtel and “bilateral free trade agreement, with Khan, describing him as a “stone-cold London today. Representatives from 10 leading com- Splunk are expected to attend. broader economic co-operation” and loser” and making fun of Khan’s height panies – five from the UK and five from May, seated next to BAE Systems’ continued collaboration. in tweets sent minutes before Air Force £ CONTINUES ON P3 FTSE 100 ▲ 7,184.80 +23.09 FTSE 250 ▼ 18,877.17 -93.08 DOW ▲ 24,819.78 +4.74 NASDAQ ▼ 7,333.02 -120.13 £/$ ▲ 1.267 +0.005 £/€ ▼ 1.127 -0.004 €/$ ▲ 1.124 +0.008 02 NEWS TUESDAY 4 JUNE 2019 CITYAM.COM PRIVATE MEMORIES Chinese mark 30 years since Tiananmen Square massacre as government bans public commemorations THE CITY VIEW Politicians should rise above Trump’s taunts ODAY marks 30 years since China used brutal force against pro-democracy protesters in Tiananmen Square. It Tis an appropriate time to reflect on our continued good fortune to live in a country where protest movements grow and march without impediment. In this spirit, the anti- Trump demonstrations in the capital should be recognised as a necessary and vibrant component of our liberal, democratic society – whether you agree with them or not. The freedom to protest should not, however, be taken as an opportunity for our political leaders to descend to the level of student politics. How else to describe Sadiq Khan’s criticism of the US President as a fascist? Donald Trump’s online retaliation, mocking the London mayor’s height and calling him a loser was amusing but equally puerile. Neither men emerged from the exchange with their reputations enhanced. It seems left-wing politicians have TAIWAN yesterday called on China’s communist regime to “sincerely repent”, 30 years after troops opened fire on pro-democracy abandoned the field of grown-up politics, seeking comfort amid student protesters in Tiananmen Square. China has never released an official death toll for the tragedy, with estimates running the warm embrace of anti-Trump protesters rather than into the thousands, and authorities ban public commemoration on the mainland. China said it is on the “correct” path. engaging in mature debate. Vince Cable and Jeremy Corbyn both declined to attend last night’s banquet at Buckingham Palace, and the latter will be in his comfort zone today when he addresses the protest. The decision to recuse themselves from a state occasion is particularly unfortunate given the overarching Tech breaks record with purpose of the President’s visit to commemorate the anniversary of the D-Day landings. Opposition to Trump’s personality and political views is one thing, but a broader hostility to America has crept into the debate about post-Brexit trade deals – creating an arena filled with more heat than light. $4.8bn venture funding Horror stories of chlorinated chicken and a ripped-up NHS abound, when in fact the country has a golden opportunity to EMILY NICOLLE deepen its already-mighty trade links with the world’s most Notable rounds in the first five Tech Nation and Dealroom, has also @emilyjnicolle months of 2019 included Greensill identified a further 78 startups that powerful economy. As the Federation of Small Businesses said and Oaknorth’s raises of $800m and are poised to join the unicorn ranks yesterday: “The size of the market means that the US is seen as THE UK has already broken past its $440m respectively from Japanese within the next few years. the most important single nation to be trading with. Around 50 half-year record for venture capital in- mega-investor Softbank, and take- The platform, designed for use by vestment, reaching $4.8bn (£3.8bn) of away startup Deliveroo’s $575m UK entrepreneurs, investors and poli- per cent of all exporting or importing small firms choose the funding across the burgeoning tech round led by Amazon. cymakers, has been released ahead of country as their priority market.” This is the economic reality sector in just five months. Fintech more than tripled its previ- London Tech Week, which begins in that should be at the front of politicians’ minds during the It topped the previous record set in ous record to hit $2.3bn of venture the city next Monday. President’s visit, not how many likes they can get on social the first six months of 2017 of $4.2bn, capital funding so far this year, up Digital secretary Jeremy Wright according to data from Tech Nation from the sector’s earlier record of said: “This timely initiative from Tech media for outdoing each other with anti-Trump rhetoric. For all and Dealroom, through their new $1bn in 2017. Nation and Dealroom is a world-first the President’s faults, his administration is genuinely Data Commons platform. The tech industry’s best-performing with the potential to spark a new enthusiastic about supporting the UK once it leaves the EU, and Startups in London took the lion’s player stormed past its counterparts, wave of investment in the UK’s tech share of the investment, grabbing with foodtech coming in second place startups and help create new jobs and that is not an offer we can afford to turn down. $3.2bn from venture capital firms with $667m of investment, and prosperity across the country.” around the world since January. This $473m raised for enterprise software George Windsor, head of insights at also broke past the city’s previous startups. Tech Nation, said: “This open database record, set in 2017 at $2.6bn. The UK now has 78 unicorns – com- will help all of us to build a true The capital was followed by Bristol panies with a valuation of $1bn or picture of the UK’s fast-growing tech which has raised $291m so far this more – both current and acquired. sector, to spot opportunities, make year, Cambridge at $142m and Oxford The Data Commons platform, a smart connections, reduce costs and Follow us on Twitter @cityam at $114m. national database launched today by drive innovation.” FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL AIR SAFETY AGENCIES TO WHAT THE CHINA’S TENCENT PUTS TESLA IS ‘STRUCTURALLY UK INVESTIGATES CITIGROUP DRAW UP FLYING TAXI RULES OTHER $40M BET ON TRUE LAYER UNPROFITABLE’ EMPLOYEE OVER LEAK Aviation safety agencies around the The owner of China’s largest social Analysts have described Tesla as The UK’s Financial Conduct Authority is world are rushing to draw up rules for PAPERS SAY network is set to pump tens of millions “structurally unprofitable” as Elon investigating allegations that a flying taxis, with a wave of companies of dollars into a five-year-old British Musk’s electric car company battles Citigroup employee leaked insider promising to be ready to launch THIS fintech startup. Tencent is leading a with a slowing in demand and information about major deals to a services in the next five to 10 years. In $40m (£31.6m) funding round for the increased competition. Bernstein said stock trader before they became public. Europe, aviation regulator Easa said it MORNING London-based True Layer, according to Tesla faced high costs, a smaller The revelation came during a was preparing a set of tests to ensure industry and City sources. Temasek, market for its models than expected continuing insider trading trial the safety of both the vehicles and the Singapore’s sovereign wealth fund, is and technology that is no longer yesterday when prosecutors made a software that will run them. Its flying also likely to back the startup. unique. special disclosure to the jury. taxis approach would cover, among others, operations and maintenance PLASTIC PACKETS AXED AT DEUTSCHE BANK BOSS TOLD PLUNGING YIELDS EXPOSE and the competence of operators. SUPERMARKET WAITROSE TO STOP ‘TINKERING’ STATE OF EUROPEAN BANKS of major global currencies in 2020 after Waitrose will sell loose cereals, pasta, Deutsche Bank must stop “tinkering” The global downdraft in bond yields TOP BANKS PUSH AHEAD years of research convinced them that rice and coffee for customers to buy in with its restructuring plans and decide and rising trade tensions are falling WITH DIGITAL COINS IN 2020 the technology underpinning reusable boxes.