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BUSINESS WITH PERSONALITY YOU ONLY FLOAT ONCE BORIS’ BIG DAY PM TO SPECTRE OF HARD LAUNCH BREXIT BATTLE YEAR HANGS OVER AT TORY CONFERENCE P5 ASTON MARTIN P12 WEDNESDAY 2 OCTOBER 2019 ISSUE 3,469 CITYAM.COM FREE EAGLES HAWKED £210m price TOP TABLE tag put on Premier League club SHRINKS AT JOHNLEWIS RETAILER WIELDS THE AXE WITH WAITROSE BOSS SET TO QUIT AND BOARDS TO MERGE SEBASTIAN MCCARTHY The major management overhaul is harmonised proposition to leverage @SebMcCarthy seen as a bid by outgoing chairman value from their customer base,” said Sir Charlie Mayfield to set the table Richard Lim, chief executive of Retail JOHN LEWIS Partnership is slashing for his successor, the current Ofcom Economics. its senior management team by a boss Sharon White, who will take the Mayfield said in a statement: third in a shock £100m bid to cut reins at the head of the partnership “Although there will be little or no costs at the struggling retailer. at the end of the year. disruption to our shops or websites in Around 75 senior managers will There will no longer be divi- the near term, there will be get the axe from the current sional boards or separate considerable change in many other FRANK DALLERES Wall Street-based financiers who total of 225 in head office, managing directors for areas of the Partnership as we bring @frankdalleres bought a controlling stake in the John Lewis said yesterday. John Lewis & Partners the two businesses much closer Selhurst Park outfit in 2015 but were As part of the shake- and Waitrose & Partners. together. CRYSTAL Palace is being hawked to reported to be eyeing a sale in March up, the embattled “These are necessary and these prospective buyers in a deal which of this year. chain revealed that Retail rookie Sharon changes will be difficult for some of would value the Premier League Flamboyant chairman and minority longtime Waitrose Rob White will take charge of our partners and we will implement football club at £210m. owner Steve Parish is open to staying Collins is stepping John Lewis later this year as carefully and sensitively as we can.” A document circulating among on but is willing to dilute his stake, down next year. John Lewis is battling high street bankers and seen by City A.M. offers according to the teaser document It is also set to merge “This is an extremely headwinds, from higher fixed costs to to facilitate the purchase of at least dated September 2019. Crystal the boards for the John bold move. The merging of fierce competition. 75 per cent and up to 90 per cent of Palace declined to comment, but it is Lewis department store both businesses signals a Last month the firm revealed its the club, for either a single buyer or understood the document was not chain and Waitrose, comprising single-minded focus on deliver- first ever half-year loss, blaming lower consortium. drawn up by the club themselves. seven new director roles and helmed ing cost-saving efficiencies, improv- sales of homewares and electrical Any takeover would offer a way out by a chair. ing productivity and creating a goods as well as rising costs. to Josh Harris and David Blitzer, the £ CONTINUES ON P23 Suisse exec steps aside as spy scandal rocks staid world of Zurich banks SEBASTIAN MCCARTHY operating officer (COO) Pierre- suicide last week. shadowing of Khan to find out if the firm’s internal investigation. @SebMcCarthy Olivier Bouee and head of security Khan, a star banker who left he was trying to lure in former Yesterday, the embattled bank’s Remo Boccali both stepped down Credit Suisse in July and joined colleagues to join him at UBS, chairman Urs Rohner apologised A BOTCHED spy scandal engulfing over the surveillance of Iqbal Kahn, arch-rival UBS yesterday, filed a Credit Suisse said. for the scandal and expressed Credit Suisse deepened yesterday the lender’s outgoing head of criminal complaint following a Switzerland’s second largest regret at the death of the external following fresh revelations of a wealth management. confrontation with private bank has admitted that its security expert. recent suicide and two high-profile The shock departures came as it detectives which he claimed were reputation is likely to suffer as a resignations. emerged that a private investigator tailing him in Zurich. result of the case, but chief £ THE CEO, THE SPY AND THE SWISS In an unprecedented tale of who helped to organise the An internal investigation claimed executive Tidjane Thiam has been INSTITUTION – THE SCANDAL THAT corporate espionage, chief snooping of Khan committed that Bouee solely initiated the cleared of any responsibility from HAS SHAKEN ZURICH: P9 FTSE 100▼ 7,360.32 -47.89 FTSE 250▼ 19,872.82 -63.85 DOW▼26,573.04 -343.79 NASDAQ▼7,908.68 -90.65 £/$▲ 1.231 +0.001 £/€▼ 1.125 -0.003 €/$▲ 1.094 +0.004 02 NEWS WEDNESDAY 2 OCTOBER 2019 CITYAM.COM BILLION-POUND MAKEOVER Canada Water £3.3bn town centre redevelopment plan gets the green light from Southwark Council THE CITY VIEW Get building, Tories — but get building smart IKE MOST with an eye on economic growth, the battle to boost productivity and efforts to address regional Linequalities, City A.M. is — on the whole — a fan of infrastructure investment. The reasons are hardly worth repeating, but for those reading this from a skyscraper in Canary Wharf, the most obvious manifestation is the Jubilee Line and other arteries that serve the financial district. Even for free marketeers, there is an acceptance that government has a job to do to set the table for economic growth via working infrastructure, functioning public services and an education and skills system that equips the next generation. But that does not mean that all infrastructure investment is a good thing in and of itself. When the government goes ahead with a project, the decision should be evidence-based, concept CANADA Water is set to get a £3.3bn facelift over the next 15 years, after Southwark Council granted planning permission for property giant British Land to build a new town centre for the area. The scheme will create 3,000 homes and accommodate deliverable, and built within a manageable budget. It is hard 20,000 jobs. Developers hope it will “bring significant benefits to the local economy and the community”. to see that HS2, in particular, passes any more than one of The HS2 bill makes those tests. Yesterday planning very transport secretary Grant difficult indeed Shapps confessed that he EU factories see doesn’t know how much it Decade low for would cost; an admission that was probably rather more frank than he’d quite intended. activity slump It is welcome that Shapps has opened a review into the future of HS2. Politicians that have managed to resist the urge to in September simply say yes to so-called grand projects are very welcome US plant output indeed. The gigantic bill that hangs around the Treasury’s neck HARRY ROBERTSON makes planning for anything else difficult. But decisions are HARRY ROBERTSON @henrygrobertson needed. We await final confirmation on Heathrow, a project for under the trade policies of US Presi- dent Donald Trump, who has THE EUROZONE and UK manufac- which costs are spiralling. City Airport’s expansion is currently @henrygrobertson ratcheted up tariffs on China — the turing sectors had another dismal held up by planning complaints. The estimates for the final THE US manufacturing sector world’s second-largest economy. This month in September, survey data costs of Crossrail are so wildly uncertain as to resemble contracted at its fastest rate in a has damaged global trade and in turn showed yesterday, causing job losses decade in September, according to a hurt industrial production. in factories across the continent. performance art, and Crossrail 2’s future is also far from secure. closely-watched survey yesterday, as Yet Trump was quick to deflect the The euro area’s manufacturing That’s before we get to the much-needed road crossing in east trade wars and a global slowdown blame on to US Federal Reserve chair sector suffered its worst month in London. The answer to our infrastructure crisis -— for that is took their toll on factories. Jay Powell, arguing that he has not seven years as German factories what we are approaching — is neither to “build, baby, build” nor The September purchasing man- cut interest rates low enough to were battered by trade wars and a agers’ index (PMI) from the Institute devalue the dollar against other slowdown in China, surveys from to ignore it. There is a middle ground, founded in the three tests for Supply Management (ISM) fell to currencies. data firm IHS Markit showed. we have already proposed. This government would win fans in 47.8 — a score not seen since 2009. The S&P 500 and Dow indices closed Meanwhile, the British factory the City if it made decisions, stuck to them, kept costs under September was the second month in down at their lowest levels in over a sector was left teetering on the a row the sector returned a sub-50 month yesterday. edge of recession as output control and built the 21st century infrastructure our score, which indicates contraction. • General Motors (GM) said last remained in the red and job losses businesses need. “Global trade remains the most night it would be temporarily laying piled up, according to Markit. significant issue,” said ISM chair off 6,000 workers at two plants in In Britain, “output, new orders Timothy Fiore. He said this was Mexico.

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