Golden Oldiesthe Big Three Still Dominate Men's Grand Slamsp19
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BUSINESS WITH PERSONALITY BRITISH STEEL GOLDEN OLDIES THE BIG WHAT NOW FOR THREE STILL DOMINATE THE TROUBLED MEN’S GRAND SLAMS P19 FIRM? P5 & P17 MONDAY 1 JULY 2019 ISSUE 3,403 CITYAM.COM FREE TORIES DRAW BATTLE LINES ANNAOVER MENIN BREXIT assembled a hardline Brexit strategy certain great objectives”. @annafmenin team including Jacob Rees-Mogg, cur- “If it’s borrowing to finance great rent Brexit secretary Stephen Barclay infrastructure projects and there is an THE CONSERVATIVE party’s final two and attorney general Geoffrey Cox, opportunity to borrow at low rates contenders for prime minister bol- according to reports over the weekend. and do things for the long term bene- stered their plans for a showdown Jeremy Hunt, Johnson’s rival for fit of the country then we should do with Brussels over the weekend, while Number 10, has toughened his own them,” he said. frontrunner Boris Johnson also position by recruiting a series of trade A spokesperson for the Institute of sought to talk up his pro-business experts and telling the Sunday Times Directors said “many business leaders credentials. that he will “not hand over a penny are eager to see better transport and Confronted about an incident last more than is legally required” if the digital infrastructure,” but cautioned CROSS THE LINE Trump takes year in which Johnson said “f*** busi- UK crashes out of the bloc without a that “extra spending should still come ness” during a Brexit debate, the for- deal. Former Canadian PM Stephen as part of a prudent plan for the historic steps into North Korea mer London mayor insisted yesterday Harper forms part of Hunt’s heavy- public finances”. that he is an “evangelist for UK busi- weight negotiating team. Johnson has long been a fan of ambi- ANNA MENIN into South Korea. “I never expected to ness” and has “stuck up for business Hunt is due to give a speech today in tious infrastructure projects. He over- @annafmenin meet you at this place,” Kim told through thick and thin”. which he is set to unveil a 10-point saw the failed Garden Bridge project Trump through an interpreter. “I can’t think of anybody [else] in my £20bn plan for no-deal preparations, as during his tenure as mayor of London, DONALD Trump has become the first In a rare statement to the press, Kim party or any party that has stuck up he tries to win over Brexit-backing which cost £53.5m. As mayor, he also sitting US President to set foot in said the meeting demonstrated the for financial services in London during Conservative party members. Some supported plans for an airport to be North Korea as he took 20 steps into pair’s “excellent” relationship. some very difficult times, and indeed I polls show Hunt leading over Johnson built on an artificial island in the the country yesterday. “Great progress has been made, can’t think of anybody who has gone among UK voters. However, Johnson is Thames estuary – dubbed “Boris After shaking hands with North great friendships have been made around the world championing UK the favourite among party members. island”. The plan was rejected by the Korean leader Kim Jong-un at the and this has been, in particular, a businesses,” he told Sky News. Meanwhile yesterday, Johnson also airports commission in 2014. demilitarised zone (DMZ) between great friendship,” Trump said. Johnson also warned of “political talked up the fiscal headroom avail- Outgoing chancellor Philip the two Koreas, Trump asked Kim if Although Trump is the first extinction” if the UK fails to leave the able to an incoming Prime Minister, Hammond has urged Tory leadership he wanted him to cross the border, president to visit North Korea while European Union by 31 October and yet insisting that “there is cash available” contenders exercise fiscal caution. saying: “I am OK with it.” still in office, both Jimmy Carter and again refused to rule out proroguing to finance his ambitious spending Trump stood in North Korea for Bill Clinton visited Pyongyang after parliament. plans and saying he is prepared to £ THE CITY VIEW: P2 around a minute, before stepping back stepping down. The former foreign secretary has see borrowing increase “to finance £ GROWTH HITS THE BUFFERS: P2 FTSE 100 ▲ 7,425.63 +23.30 FTSE 250 ▲ 19,462.10 +147.64 DOW ▲ 26,599.96 +73.38 NASDAQ ▲ 8,006.24 +38.49 £/$ 1.267 unc. £/€ ▲ 1.118 +0.004 €/$ ▼ 1.136 -0.001 AND RECEIVE £100 TO SPEND AT GAUCHO SEE PAGE 22 FOR OUR PARTNER SPOTLIGHT 02 NEWS MONDAY 1 JULY 2019 CITYAM.COM DIVISIVE POLITICS EU leaders summit fails to reach consensus on the appointment of the next European Commission president THE CITY VIEW A new PM has a chance to reanimate Brexit VER since the first parliamentary defeat of Theresa May’s Brexit deal, the country has been in the grip of deadlock Eand defeatism. Political energy was sapped away with every subsequent defeat and consequential delay to the UK’s exit date. More than three years on from the vote to leave the EU, attention now turns to the two men determined to succeed where May failed. The outgoing PM, arriving at her last EU summit in Brussels last night, said she still thinks the deal she negotiated was a good one, but that her successor will now have to deliver on the referendum result. There isn’t much between the two contenders’ plans: both have committed to the new 31 October exit date. In Boris Johnson’s case, our departure on Halloween is “come what may... do or die”. Hunt has taken a slightly more diplomatic approach and insisted that if a deal is LAST night’s meeting of European politicians passed without fanfare as leaders failed to choose who will take over as European in sight, but not over the line, by the end of October he would Commission president. State heads met in Brussels to decide who should get the EU’s top jobs, including a successor to current boss seek another delay in order to secure an orderly exit. This seems Jean-Claude Juncker (above). Council head Donald Tusk will now hold meetings with leaders ahead of Wednesday’s deadline. entirely reasonable and few in Westminster believe Johnson would really walk away if negotiations were at a viable stage. Whoever is chosen by Tory party members to lead the country will face an almighty task to reanimate the Brexit process. EU leaders talking to the media at last night’s summit held to the line that there can be no fresh negotiations, but their position will be tested by a new PM talking tough on a no-deal exit. Such Low growth predicted as a scenario would hit Ireland particularly hard, and it can be avoided. Johnson and Hunt have both lined up new negotiating teams, while bringing the former Canadian prime minister on board is a coup for Hunt. Though it is impossible to forecast the EU exit uncertainty bites diplomatic weather, it is at least interesting – and potentially encouraging – to note that both Johnson and Hunt seem SEBASTIAN MCCARTHY proved domestic orders slumped to a The CBI said private sector activity in committed to revitalising the UK’s approach to Brexit. They have @SebMcCarthy seven-year low in the last three the three months to June had energised Westminster with talk of radical pre-Brexit Budgets, months. contracted at the quickest pace since TWO OF Britain’s biggest business The figures come as a quarterly sur- September 2012, with the balance of tax cuts and political reform. While the intoxicating groups have warned of dismal growth vey released by the CBI this morning firms reporting growth at minus 13 atmosphere of a leadership race has, regrettably, encouraged for the second quarter of 2019 as found that optimism regarding the per cent. both men to play fast and loose with fiscal discipline, the political turmoil and rising costs take overall business situation in the Rain Newton-Smith, CBI chief econ- experience has also forced them to talk about Brexit – and life a heavy toll on the UK economy. financial services sector has contin- omist, said: “There are some tempo- Downbeat forecasts for the health of ued to fall, although at a slightly rary factors pushing down activity at after Brexit – with an enthusiasm and energy that was the country’s private sector have been slower pace than in the previous the moment, such as companies depressingly absent from May’s ill-fated efforts to get her laid bare by the British Chambers of three months. adjusting their stocks following the unpopular deal over the line. Of course, the challenges that Commerce (BCC) and the CBI, after Overall business volumes stabilised Brexit extension, interruptions to car dogged May’s government (and new ones on the horizon) will months of uncertainty over Britain’s after two quarters of consecutive falls, production and poor weather. But imminent departure from the Euro- the CBI said, but the greatest drag on underlying activity and confidence is still confront whoever takes over from her, but there is at least a pean Union. growth came from the general insur- clearly subdued.” chance that new ideas and fresh faces could count for The UK’s manufacturing sector ance, banking – which saw the fastest Suren Thiru, head of economics at something come October. suffered a slowdown in the second fall in growth since September 2013 – the BCC, said today’s new figures quarter while services saw little im- and investment management sectors. “indicate that underlying economic provement, prompting experts at the The gloomy findings also echo conditions in the UK remain decid- BCC to estimate today that there was another CBI forecast over the week- edly downbeat, with intensifying “minimal GDP growth in the second end which found underlying growth uncertainty over Brexit, the rising quarter of 2019”.