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IRAN ATTACKS US FORCES Tens of missiles launched at multiple air HACK HOLDS bases housing US troops in Iraq TRAVELEX TO $6MRANSOM STEFAN BOSCIA “In the case of payment, we will City A.M.: “Organisations must notify delete and will not use that [data]base the ICO within 72 hours of becoming @Stefan_Boscia and restore them [across] the aware of a personal data breach unless HACKERS have warned Travelex that entire network.” it does not pose a risk to people’s it has just over a week to pay a ransom Employees at Travelex have resorted rights and freedoms.” of at least $6m (£4.6m) or else a to using paper and pen, while foreign Until yesterday, customers visiting tranche of sensitive customer data exchange transactions are only avail- the Travelex website were met with a JAMES WARRINGTON damage or casualties caused by the will be sold on the black market. able over the counter. message saying the site was down strikes. Cyber criminal gang Sodinokibi Firms who use Travelex’s for “planned maintenance”. @j_a_warrington The attacks mark a dramatic launched an attack on the foreign ex- network — such as Sains- The firm has denied there IRAN launched a string of missile escalation in a bitter clash between change company on New Year’s Eve, bury’s Bank and Virgin is any evidence that cus- attacks on US troops in Iraq late last the US and Iran after an American forcing Travelex to abandon its digital Money — have not been tomer data has been night, ratcheting up fears of a full- airstrike killed Iranian military networks and shut down its websites able to provide ex- blown military conflict between the commander Qasem Soleimani on in Asia, the US and Europe. change services at all. The firm is a fixture in two sides. Friday last week. The hackers, also known as REvil, Travelex released a departure lounges The Pentagon confirmed Tehran In a statement the Islamic claim they infiltrated the company’s statement on 2 January had fired more than a dozen ballistic Revolutionary Guard Corps said it network six months ago and have now to say the company had compromised. missiles against at had fired “tens of ballistic missiles” pilfered 5GB of customer data. discovered a virus and Tony D’Souza, chief ex- least two Iraqi air at the Al Assad base This includes customers’ dates of taken the company’s ecutive of Travelex, said: bases hosting US “in the name of birth, credit card information and systems offline. “We take very seriously our troops, including the Al martyr general social security numbers. However, it failed to report responsibility to protect the pri- Assad base in western Qasem Soleimani”. The Metropolitan Police confirmed the cyber attack to the information vacy and security of our...customers’ Iraq and another in A White House it was investigating the attack. watchdog, leaving the company poten- data.” He added: “We sincerely apolo- Erbil in the north of spokesperson said In a statement, the hackers said: tially open to a fine of up to four per gise for the inconvenience caused.” the country. President Donald “The deadline for doubling the pay- cent of global turnover. Travelex said it is working with the As City A.M. went to Trump was aware of ment is two days. Then another seven A spokesperson from the Informa- National Crime Agency and Metropol- print there was no Top Iranian official Saeed Jalili the situation and was days and the sale of the entire base. tion Commissioners’ Office (ICO) told itan Police to resolve the issue. information about any tweeted his country’s flag monitoring it closely. Archers shoot themselves in foot with Livery Company’s ban on women STEFAN BOSCIA served as trade associations and is the Worshipful Company of not 1820”, while councillor Anne members they are arguably also guilds for different crafts. Bowyers (long-bow makers), which Fairweather also said the group undermining the electoral @stefan_Boscia The groups now perform a does not allow women as members. needed to change its ways. franchise of Common Hall, and ONE OF the City’s ancient trade variety of functions, often relating The Bowyers have been criticised Hailes said: “Leaving aside the that is a real problem.” guilds that does not accept to training and education in their by a group of City of London principled inclusion and equality One source on the City of female members is “tainting” the respective fields, but retain a heavy councillors and aldermen as being issues for one moment there’s also London’s Court of Aldermen told City of London, according to a social aspect. They also have voting retrograde and discriminatory. a constitutional question as City A.M. it was absurd the group group of councillors. rights for senior City of London Alderman Tim Hailes and members of the Livery have a key still operated like this, but The City of London Corporation positions, such as Lord Mayor, in councillor Ed Lord lambasted the role in electing the sheriffs and understood the reasons behind it. has 110 associated Livery what is called the Common Hall. Bowyers, with both individually Lord Mayor. companies, which traditionally Included among the 110 groups repeating the phrase: “It’s 2020, “By failing to admit women as £ CONTINUES ON P4

FTSE 100▼ 7,573.85 -1.49 FTSE 250 ▲ 21,832.68 +72.15 DOW ▼ 28,583.68 -119.70 NASDAQ▼ 9,068.58 -2.88 £/$ ▼ 1.313 -0.004 £/€ ▲ 1.179 +0.002 €/$ ▼ 1.114 -0.005 02 NEWS WEDNESDAY 8 JANUARY 2020 CITYAM.COM

FULL MARX Rebecca Long-Bailey gives defeated Jeremy Corbyn ‘10 out of 10’ as she launches her campaign for Labour leadership THE CITY VIEW Labour refuses to learn the lessons of defeat

AVING overseen Labour’s worst defeat since the 1930s Jeremy Corbyn called for “a period of reflection”. HUnfortunately, this overlaps with the campaign to replace him, so instead of ruminating on the reasons for their electoral humiliation Labour MPs are busy pandering to a party membership that still thinks Corbyn was right and the voters were wrong. Shadow business secretary and darling of the Momentum group of hard-left activists Rebecca Long-Bailey was asked yesterday to rate Corbyn’s performance as leader out of 10. Having considered, presumably, a charge sheet that includes a lamentable failure to deal with antisemitism and the small matter of setting his party back 70 years, she declared “ten”. This will go down well with the party members but less so with fellow MPs, not to mention all those former MPs. LABOUR leadership frontrunner Rebecca Long-Bailey yesterday insisted she was “not anybody’s continuity candidate”, despite Ageing Marxist John McDonnell — who says he wants to slide giving Jeremy Corbyn 10 marks out of 10 for his direction of the party. The shadow business secretary told ITV that Corbyn was “one of the most...principled politicians I’ve ever met”.Last month Corbyn led the party into its worst election result since 1934. into the role of “elder statesman” — insists Long-Bailey has his full support. He also backs the hapless shadow justice secretary, Richard Burgon, to be her deputy. Burgon has been a painfully loyal supporter of Corbyn, but his talents don’t appear to extend much further than that. Labour’s chairman Ian Lavery flirted with a run at the top job but has pulled out and now backs Go-go in New York but Long-Bailey. This will deprive the opposition of a candidate who remains best known for pocketing £165,000 from a 10-member branch of the National Union of Mineworkers which he ran before becoming an MP. The main challenger, then, is Sir Keir Starmer, the shadow Brexit secretary. While he’d likely UK banks stay watchful give Boris Johnson a run for his money, it’s unclear how a committed Remainer would win back votes in the party’s HARRY ROBERTSON Leave-backing (former) heartlands. er supply in London, S&P’s report said “Fundamentally, it’s not that easy UK banks were entitled to have a nowadays for a bank to make very At least the race for deputy leader offers some light relief. @harrygrobertson “rosier view” after a bruising year, and strong returns.” Tooting MP Rosena Allin-Khan has proposed a “Ministry of US CREDIT rating agency Standard & predicted that banks would have an Catherine McGuinness, policy chair Fabulosity” which would “be dominated by fabulous MPs and Poor’s (S&P) yesterday predicted UK easier time in 2020. at the City of London Corporation, banks will “ease” rather than “roar” The rating giant said that the arrival said: “The crucial role of services — come out with fabulous policies”. When pressed yesterday by into the 2020s as low interest rates, of some political certainty following banking or otherwise — to households ITV on what sort of fabulous ideas this ministry could produce, tech disruption and politics present Boris Johnson’s thumping election vic- and businesses up and down the coun- she claimed that in politics “there is room for a dance off”, new challenges to the sector. tory reaffirmed its judgement that UK try must be reflected in negotiations adding “we all love a boogie”. And she’s one of the more sane British lenders had a torrid 2019, banks are “stable”. around our future relationship with with expensive misconduct charges Yet the report said: “Brexit is more of the European Union.” and competent Labour MPs. denting their balance sheets and a process than an event and the UK’s Russ Mould, investment director at We won’t know who will emerge from the rubble, clutching a Brexit uncertainty casting gloom over future relationship with the EU AJ Bell, said that at the end of 2018, battered crown, until 4 April. This means that Corbyn’s final the economy. remains uncertain.” Wall Street’s “bears were getting the Meanwhile in the US, traders are It added that with interest rates set upper hand but another huge upward outing at Prime Minister’s Questions will be on April Fool’s Day. keenly anticipating the big banks’ to stay at the ultra-low level of 0.75 per run in 2019 gave the advantage back That’s a headline we can write in advance. fourth-quarter results next week. New cent, banks’ earnings potential would to the bulls”. research from AJ Bell shows that Wall remain limited. Low rates limit the so- “As 2020 begins, investors seem Street is already enjoying the longest- called net interest margin of banks — reluctant to fight the Fed and willing running equity bull market in history, the difference between payouts on to buy on the back of hopes for a trade and an eight per cent advance from deposits and what they can earn from deal between the US and China and the S&P 500 would make it the biggest investments. how both monetary policy and such of all in terms of capital gains. Nigel Greenwood, S&P’s financial an agreement could boost earnings, Follow us on Twitter @cityam But while optimism may be in short- institutions group director, said: dividends and buybacks,” he added.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL CENTRAL BANKS LOW ON WHAT THE FUNDSMITH CHIEF TAKES SONOS SUES GOOGLE OVER SENATE PANEL APPROVES LIQUIDITY, WARNS CARNEY OTHER £16M HOME (TO MAURITIUS) ITS WIRELESS SPEAKER TECH NORTH AMERICA TRADE DEAL The global economy is heading towards Terry Smith took home £16.2m last year Sonos is suing Google for allegedly A US Senate committee approved a a liquidity trap that would undermine PAPERS SAY and may have received even more after stealing its wireless speaker technology rewrite of the North American Free central banks’ efforts to avoid a future his investment business paid almost while undercutting its prices to conquer Trade Agreement yesterday, despite recession, according to Mark Carney, THIS £116m to a company that the star fund the market. The audio company, which criticism from some lawmakers that it the governor of the Bank of England. In manager controls overseas. Pre-tax pioneered cable-free speakers, filed a lacks sufficient protections for US an interview, the outgoing governor MORNING profit at his Fundsmith business rose lawsuit against Google in two US companies. The Senate finance warned that central banks were from almost £21m in 2018 to £26.4m in federal court systems yesterday, committee voted 25 to three to back the running out of the ammunition needed the year to the end of March, according seeking undisclosed financial damages. US-Mexico-Canada Agreement. to combat a recession. A liquidity trap to accounts filed at Companies House. occurs in the rare occasions when CRISPIN ODEY’S SHOWPIECE GENERAL MOTORS POSTS monetary policy loses all effectiveness JUNIOR LAWYERS CALL TIME FUND FALLS TO LOSS AGAIN BIGGEST CHINA SALES FALL to manage economic swings. ON FIRMS’ BOOZY EVENTS Hedge fund tycoon Crispin Odey saw General Motors posted its biggest-ever Tory voters for granted by scrapping the Junior lawyers have complained that his main fund slump last year as punts sales drop in China last year and PRIME MINISTER WARNED HS2 high-speed rail scheme from firms are encouraging too many boozy failed to pay. Company data showed warned of another tough year ahead, OVER SCRAPPING OF HS2 London to the north. Street said the work events, which they claim can lead the investment grandee’s flagship fund underscoring the challenges that US car West Midlands mayor Andy Street has cancellation would be a “hammer to bullying and sexual harassment of fell 10.1 per cent, which he blamed in makers are facing as it suffers its first warned Boris Johnson not to take new blow” to the West Midlands economy. vulnerable staff. part on turbulence in Argentina. protracted decline in three decades. CITYAM.COM WEDNESDAY 8 JANUARY 2020 NEWS 03 Everything £1! Millennials keep But maybe not the shares... Rolls rolling as JESS CLARK @jclarkjourno THE OWNER of Poundland is reportedly mulling a stock market buyer age drops listing that could value the discount retailer at about £3.4bn. Steinhoff International Holdings, the owner of Poundland’s parent ALEX DANIEL sees the car painted black inside and company Pepco Group, is expected @alexmdaniel out. “This is a cooler, darker, more to appoint advisors in the next few menacing, edgy proposition, [aimed] days to support plans for an ROLLS-ROYCE’s high-end, luxury cars especially towards younger clients.” The luxury car maker will hope for a boost from the next Bond film initial public offering (IPO), Sky may not immediately come to mind “Many smart kids around the world News reported. as the playthings of the younger gen- building platforms or whatever mak- The high street chain could be eration. But thanks to a concerted ing a fortune early in their life are listed in both London and Warsaw, push to appeal to younger buyers, the coming to us to start investing in a Aston Martin revenue in skyfall sources close to the talks told the 111-year-old company has managed to Rolls-Royce.” broadcaster, however a decision has bring the average age of its clientele Also helping Rolls-Royce target not yet been made. The company is down by 13 years over the last decade young people was its latest Cullinan as luxury firm warns on profit also reportedly considering an to just 43. SUV model, which drove a 25 per cent outright sale of the business. “That means that for everybody who jump in overall sales last year. JOE CURTIS drop compared to the £247.3m it Goldman Sachs and JP Morgan is 60 [buying a Rolls-Royce], you The luxury car company said it @joe_r_curtis earned the previous year. were hired to work on the plans for have somebody who is sold 5,152 cars last year — a It sent Aston Martin’s share price an IPO last year. 20,” boss Torsten Muller- quarter higher than the ASTON Martin yesterday warned sinking more than 16 per cent Poundland, which has almost 850 Otvos told City A.M. 4,107 it sold in 2018, annual core profit could halve as yesterday to 435p, close to its all- stores in the UK and Ireland and He said that was thanks largely to the European sales weakened over its time low of 399p in October 2019. operates under the Pepco brand in in part down to success of the Culli- peak Christmas period. Aston Martin blamed weak eastern Europe, was taken private the introduction nan, which weighs The struggling luxury car demand for a seven per cent fall in in 2016 in a transaction valued at of so-called black 2.6 tonnes and manufacturer told investors that wholesale volumes in Europe. Its more than £600m. badge versions of retails at around annual earnings before interest, tax, other geographies performed in line The holding company sold two of its cars, which $400,000. The depreciation and amortisation with expectations. its other UK chains to Alteri strong trading has (Ebitda) will sink to between £130m “From a trading perspective, 2019 Investors following an accounting The Rolls-Royce defied a global and £140m. has been a very disappointing year,” scandal that brought it to the brink Cullinan SUV slump in car sales. That is as much as a 47 per cent chief executive Andy Palmer said. of collapse. Government to review rollout of IR35 London property investor tax legislation that targets contractors hails city’s ‘bright future’ HARRY BANKS resounding election victory, adding: JAMES BOOTH assessing whether or not contractors “The purpose of this consultation “After three and a half years of politi- @Jamesdbooth1 need to pay income tax and national is to make sure that the A PROPERTY tycoon who has pumped cal turmoil, the UK can finally move insurance contributions. implementation of these changes in roughly £400m into the City of Lon- forward as a country and put to bed THE GOVERNMENT said yesterday it Yesterday, the Treasury said it was April is as smooth as possible.” don has hailed a “bright future” for the divisive issue of Brexit.” will review the rollout of launching a review of the rollout of The chairman of the Federation of the capital after Brexit. Hong Kong-based Tenacity has made controversial tax plan IR35 which is changes to off-payroll working rules Small Businesses Mike Cherry called Patrick Wong, founder and chief ex- two major property acquisitions on due to take effect in April 2020. after concerns were raised by for a delay to the rollout of the rules. ecutive of investment giant the Tenac- Gracechurch Street as part of a wider IR35, which aims to prevent affected individuals and businesses. He said: “This important review ity Group, said his firm was bullish on plan to transform the eastern end of workers from disguising themselves Financial secretary to the Treasury presents an opportunity to reassess London’s long-term prospects due to the City — known as the Eastern City as freelancers as a way to pay less Jesse Norman said: “We recognise our flawed off-payroll legislation.” its history, proximity to other key Cluster — into a vibrant hotspot for re- tax, is being extended in April. that concerns have been raised Julia Kermode of the Freelancer & markets and access to talent. tail and nightlife, as well as business. Under the changes private sector about the forthcoming reforms to Contractor Services Association said Writing in City A.M. today, Wong wel- employers will be responsible for the off-payroll working rules. the review was “meaningless”. comed the Conservative party’s £ LONDON’S BRIGHT FUTURE: P16-17

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BAILEY BATTLE Sajid Javid rejects calls Neil Woodford and partner bagged to delay Andrew Bailey’s BoE appointment CHANCELLOR Sajid Javid has rejected criticism of his choice of £13.8m year before empire collapsed Andrew Bailey as the new governor of the ANNA MENIN £16.3m, according to accounts The accounts cover the period in Bank of England, after @annafmenin submitted to Companies House. which investors began to pull money Labour’s John The accounts also revealed that the out of funds controlled by Woodford McDonnell called for the NEIL Woodford and his partner Craig company paid out £13.8m in as his company’s performance began appointment to be Newman were paid almost £14m in dividends to Woodford Capital, which to deteriorate, but do not cover the postponed until after a dividends in the year leading up to is entirely controlled by Woodford suspension of his flagship Equity review of regulation the fund crisis that ultimately and his chief executive Newman. Income Fund in June. failures while he was brought down their company. The pair have a 65 per cent and 35 The fund was suspended after head of the Financial For the year ending 31 March per cent stake in Woodford Capital being overwhelmed by investor Conduct Authority 2019, Woodford Investment respectively, entitling Woodford to withdrawal requests, until (FCA). McDonnell said Management’s profit more than £9m of the dividends and Newman administrators said in November the Bailey had been “asleep halved, falling from £33.7m to to £4.8m. fund would be shut down. at the wheel” at the FCA.

Burford’s shares up after US legal case withdrawn

JAMES BOOTH “We would also caution anyone @Jamesdbooth1 against interpreting the litigation dis- missal as affirmation that there is no LITIGATION funder Burford Capital’s misleading conduct or wrongdoing at share rose yesterday after it said a US the company.” lawsuit against it had been dropped. He added that it was “nothing more Burford’s shares plunged over the than the reality of the US being overly summer after it was targeted by short- litigious”. seller Muddy Waters, which attacked “Lawsuits get filed and dismissed all its corporate governance and account- the time, which in this case is ironic, ing standards. given Burford’s own contribution to Yesterday, Burford said a securities the clogged toilet that is the US court lawsuit filed in August in the US fol- system,” he said. lowing its share price drop had been Burford said it had engaged head- withdrawn by the plaintiffs and dis- hunter Korn Ferry to lead its search missed in its entirety. for two independent board directors. “There is no litigation pending The company also said it was ready against Burford at present other than to start the formal process of seeking ordinary course skirmishing within a a US listing, which it promised to do small number of ongoing funded in- after criticism from Muddy Waters vestment matters,” the firm said. about its decision to remain solely Carson Block of Muddy Waters said: listed on Aim, despite being by far the “None of what they have said today largest company on London’s junior counters the fact that Burford Capital growth market. manipulates its performance metrics Burford’s shares rose 2.3 per cent to and abuses the latitude afforded it 700p yesterday. Last July, Burford’s under fair value accounting. shares were trading above 1,600p. Livery companies ‘taint the City by association’, says top official

CONTINUED FROM FRONT PAGE Bowyers, but said they were sympto- matic of a larger problem among “I think what happens is that the the Liveries. type of people who want to be in an “The Bowyers are tainting the City all-male club can find a place where by association, but at least have the there is an all-male club,” they said. merit of being honest about not ad- “Because of this, they have got a mitting women, unlike many livery waiting list to be a member, while companies which technically do, but others have problems with member- in practice are male clubs,” he said. ship. They can say they’ve got good fi- “The ancient links between the City nancial health and it offers the Corporation and Livery Companies members what they want — to only be mean that we are at risk of being around other males.” damned by association.” The deputy head of the City’s The Worshipful Company of powerful policy and resources com- Bowyers declined the opportunity to mittee Tom Sleigh derided the comment.

06 NEWS WEDNESDAY 8 JANUARY 2020 CITYAM.COM

HOOFED OUT Boris bullish as he pledges Tensions between US and Iran set to put past PMs’ projects out to pasture BORIS Johnson has told his Cabinet colleagues that he to raise fuel prices for UK drivers will bin the pet projects of his EDWARD THICKNESSE worry about availability of supply”. 1p a litre due to an obligatory rise in predecessors, @edthicknesse He added that if the current accordance with EU fuel directives. saying it “is time situation were to worsen, “drivers This put an end to four consecutive for the slaughtering ONGOING tensions in the Middle East could be looking at far greater months of price falls for UK of sacred cows”. He will have an impact on UK drivers, increases at UK forecourts”. consumers, and comes on the back said that ministers with fuel prices set to rise at least 2p On Friday prices surged over three of a five per cent rise in December. should make the a litre in the next two weeks, per cent after an US airstrike in Iraq This was a result of the long- cuts even though according to the RAC. killed top Iranian general Qasem awaited breakthrough in the US’s some would cause Simon Williams, the RAC’s fuel Soleimani, raising concerns that 17-month trade war with China, as senior officials to spokesman, said that the dispute unrest in the Middle East could well as December’s agreement to “squeal”, the Times between the US and Iran “will cause disrupt oil supplies. further increase supply cuts by oil reported. the oil price to go up as traders Fuel prices have already risen by producer group Opec. Auditor declares doubts over the future of SWR

JOE CURTIS timetable changes initially due in @joe_r_curtis December 2018 hit its performance, as well as a “significant and unfore- SOUTH Western Railway is on the seen change in circumstances”. brink of collapse, its auditor has Deloitte said: “Since year end the warned, after it swung to a massive company has continued to be loss- £137m loss in its latest financial year. making and current forecasts indi- Deloitte said there is “significant cate that losses will exceed the doubt” over the future of the strike- amount of the onerous contract pro- hit firm, which could be nationalised vision within 12 months from the by the Department of Transport date of approval of these accounts.” (DfT) in order to keep its rail However, South Western said it franchises running. holds a “reasonable expectation that South Western suffered a month of the discussions with the DfT will have strike action in December in a miser- a positive conclusion”. able run-up to Christmas for com- The government could force owners muters, which led to services being First Group and MTR to submit pro- cancelled and delayed. posals for a short-term contract to In accounts filed to Companies keep running the franchises. House earlier this week, the rail oper- A company spokesperson said: ator revealed losses of just under “South Western Railway’s recent £137m in the year to March 2019, performance has been affected by driven largely by a £146m fall in the issues including infrastructure estimated value of a contract. reliability, timetabling delays and That came despite the operator see- industrial action. ing revenue top £1.1bn, representing “We continue to be in ongoing and six per cent like-for-like passenger constructive discussions with the DfT growth from 2018, when it also regarding potential commercial and counted a profit of £7m. contractual remedies for the fran- South Western said delays to chise and what happens next.” Tech giants lobby EU not to hold them liable for illegal content ANNA MENIN rules for the sector. @annafmenin The letter — which comes amid growing scrutiny of how tech giants THE WORLD’s largest tech companies monitor content on their platforms — have called on the EU not to hold called for both self-regulation and them liable for all content on their limited liability to continue. It urged platforms, but have accepted that a new framework “that would enable their efforts to remove illegal or and incentivise online service harmful content could be regulated providers to do more to protect by a new European watchdog. consumers from illegal content”. A lobby group that represents tech Under current EU rules, platforms titans including Google, Facebook, can self-regulate for all illegal Twitter and Amazon yesterday wrote material excluding terrorist content. to the EU Commission as it draws up They are not held liable for illegal a Digital Services Act to establish new content that they are unaware of. CITYAM.COM WEDNESDAY 8 JANUARY 2020 NEWS 07 Big Four grocers face festive competition

JESS CLARK up £50m on last year, however growth THE BOTTOM LINE @jclarkjourno slumped to the lowest rate since 2015. RITAIN’s biggest supermarkets are update before he exits the firm this year. Year-on-year supermarket sales grew Bfacing a crunch week as they reveal Research showed that Tesco’s sales SUPERMARKET giant Morrisons 0.2 per cent in the 12 weeks to 29 De- how they fared during the crucial showed that Sainsbury’s sales dipped 0.7 were down 1.5 per cent in the three suffered a drop in sales over the cember, and total volume sales Christmas trading period, with early re- per cent in the 12 weeks to 29 December, months to 29 December, and its market Christmas period amid “unusually dipped 0.7 per cent, as average house- ports suggesting the tough retail environ- though it managed to cling on to its share declined by 0.4 percentage points. challenging” trading conditions, as hold spending fell by £8 to £1,055. ment and the continued rise of the market share, which slipped just 0.1 The supermarket faced particularly tough competition from German discount Kantar head of retail and consumer German discounters took a hefty toll on percentage point. comparisons as it outperformed its rivals stores Aldi and Lidl ramped up. insight Fraser McKevitt said: “There the Big Four grocers. Analysts at Barclays said the retailer last Christmas, according to Barclays Group like-for-like sales excluding was no sign of the post-election Sainsbury’s is due to publish its third- “might be the most satisfied with its research. fuel fell 1.7 per cent for the 22 weeks rush many had hoped for in the quarter trading statement this morning, showing in this set of data”, following a Investors will have to wait until to 5 January, Morrisons said in a trad- final weeks before Christmas, with with research indicating that the grocer tough quarter for the UK’s supermarkets. tomorrow’s update for a full picture on ing update yesterday morning. shoppers carefully watching may have suffered slightly less than its Big Meanwhile, Tesco will follow suit whether the final quarter of 2019 was Including fuel, the drop was their budgets.” Four rivals. tomorrow with outgoing boss “drastic” “golden” for the UK’s largest 2.8 per cent. The Big Four supermar- Kantar data published yesterday Dave Lewis’s final Christmas trading supermarket. Meanwhile, German kets suffered the most in discounter Aldi re- the challenging trading ported yesterday that sales increased 7.9 per Morrison’s is battling cent in the four weeks increased competition to Christmas Eve, from discount rivals breaking £1bn for the first time, driven by environment due to in- strong growth in beers, tense competition. wines and spirits, its pre- Sales at Sainsbury’s fell 0.7 mium Specially Selected range per cent, Tesco was hit by a 1.5 and fresh meat. per cent drop in sales, while Asda and However the budget supermarket’s Morrisons saw sales dip 2.2 per cent growth fell short of the 10 per cent re- and 2.9 per cent respectively, accord- ported in the same period last year. ing to Kantar data. The grocers’ trading updates were All four of the UK’s biggest super- published as data from market re- markets lost market share during the search firm Kantar revealed that su- period, the Kantar data found. permarket sales growth over the Meanwhile, discount retailers Aldi Christmas period slowed to the lowest and Lidl took their highest ever com- rate in four years, as shoppers were bined Christmas market share of 13.7 cautious with their spending. per cent — more than three times Retailers reported sales of £29.3bn, their market share in 2009.

BACK TO BLACK Hobbs returns to profit as retailer opens new concession stores

FASHION retailer Hobbs returned to profit last year despite a “challenging retail environment” as the firm ramped up its concession store expansion plan. The womenswear brand reported a profit after tax of £4.9m, compared to a loss of £4.8m the previous year when it was hit with costs related to its 2017 sale to The OUR WINTER SALE Foschini Group. Hobbs opened one standalone store and IS ON NOW added 23 new concession branches. We’re kicking off the new year with our big seat sale to the Americas. Now is the time to save on travel to Canada, the U.S., South America, and sunny Caribbean destinations. With non-stop flights from London to St. John’s, Halifax, Montreal, Ottawa, Toronto, Calgary, and Vancouver, and Carr’s Group holds expectations smooth connections throughout the Americas, it’s only a question of where to go. despite slowdown in agriculture Sale ends January 31, 2020. Book at aircanada.com or contact your travel agent. ANNA MENIN its US agriculture business, reduced @annafmenin cattle prices and a delayed start to winter feeding had dented demand CARR’S Group has maintained its for its products, Carr’s added. expectations for the full year, with a Overall, the firm now expects the weaker showing from its agriculture performance of its agriculture business offset by strength in its business to be “moderately behind” engineering division. the board’s forecasts. In a trading update issued Chief executive Tim Davies said: yesterday, the Carlisle-based farming “Despite a challenging start to the supplies firm said trading in its year in our agriculture division, due agriculture business had fallen to a number of weather and market behind expectations for the 18 weeks factors, we are confident in the to 4 January. medium-term prospects for It blamed this on mild weather in agriculture.” the UK leading to reduced spending Shares in Carr’s closed down more on feed and animal supplements. In than five per cent. 08 NEWS WEDNESDAY 8 JANUARY 2020 CITYAM.COM UBS to cut 500 jobs as firm begins Creditor vows to wealth management unit revamp EDWARD THICKNESSE business into distinct entities. the former EMEA unit, will lead the fight Premier Oil @edthicknesse The changes, revealed in an main European business. internal memo seen by Reuters, are The Swiss bank has seen profit stall UBS IS likely to cut up to 500 jobs at the first big shake-up since the bank over the past year, leading to scrutiny its wealth management business as appointed Khan to lead its wealth over a potential change of strategy. division co-head Iqbal Khan looks to management business alongside Tom There are also plans to increase tackle flagging profit at the bank. Naratil in October. collaboration with UBS’s investment over refinancing The cuts, which would equate to Caroline Kuhnert will lead the new bank and asset management division. roughly two per cent of the division’s central and eastern Europe division, Khan made similar changes at rival staff, will remove three management with Ali Janoudi appointed head of bank Credit Suisse, where he more layers and split the firm’s Europe, the Middle East and Africa. than doubled profits in his division EDWARD THICKNESSE acquisitions, as they “will only serve Middle East and Africa (EMEA) Christl Novakovic, who was head of during a four-year tenure. @edthicknesse to increase risk for stakeholders”. It said management should instead NORTH Sea explorer Premier Oil’s focus “on transactions that facilitate largest creditor, hedge fund Asia Re- a significant deleveraging of the com- search and Capital Management pany’s highly levered balance sheet”. (ARCM), has said it will fight the oil Premier’s debt has been under firm’s plans to extend its debt matu- scrutiny in recent weeks, after it rity and pursue several acquisitions. was reported that a number of its The fund, which holds more than 15 lenders were pushing the company to per cent of Premier’s debt instru- divest assets. ments, issued a statement yesterday The firm later tweeted that the after the FTSE 250 firm said it had reports were “factually incorrect agreed a $625m (£473.8m) deal with and misleading”. BP to buy two major North Sea assets. In yesterday’s announcement, the The firm used the deal to announce company said it had reduced its debt a proposed extension of its existing by $330m in 2019, taking it below credit facilities to November 2023, $2bn, in line with its guidance. giving Premier two and a half years Premier’s chief executive Tony of leeway. Durrant said that “the cash flow gen- In response, ARCM said that it “will erated from the acquired assets will take all steps to oppose the company’s also accelerate the deleveraging of proposal and will vigorously contest Premier’s balance sheet”. any attempt to implement such pro- The proposed acquisitions are ex- posal via a scheme of arrangement”. pected to be funded through a $500m The fund added that it was “deeply equity raise, existing cash and a loan concerned” about Premier’s new of $300m if needed.

NO DELAYIN’ Boris Johnson to tell Ursula Von Der Leyen deal must not be extended

BORIS Johnson will today tell the new European Commission president that a post- Brexit trade deal must be concluded before the end of December 2020. The Prime Minister is hosting Ursula Von Der Leyen in Downing Street this afternoon. World’s largest law firm Dentons joins Brexit stampede to Ireland JAMES BOOTH Law firms to open in Dublin since @Jamesdbooth1 2016 include DLA Piper, Pinsent Masons, Simmons & Simmons, THE WORLD’S largest law firm Fieldfisher, Covington & Burling and Dentons is poised to open its first Tully Rinckey. office in Ireland. UK law firms are also registering Dentons has hired banking large numbers of their lawyers on partner Peter O’Brien from Irish the Irish roll of solicitors as a way of firm Matheson to spearhead its retaining rights of audience before expansion into the market. EU courts after Brexit. Since the Brexit vote in June 2016, Last year a record 1,893 solicitors Ireland has been targeted by UK and from England and Wales joined the international law firms looking to Irish roll, according to data from the retain access to the EU following the Law Society of Ireland. UK’s exit from the trading bloc. Dentons declined to comment. CITYAM.COM WEDNESDAY 8 JANUARY 2020 NEWS 09 Property funds Landlords seek to exit market suffer the worst due to reforms JESS CLARK @jclarkjourno A QUARTER of landlords are planning to exit the market this year on record year, citing tax increases and government reforms as the main driving factors behind the decision ANNA MENIN M&G suspended trading in its to sell, a new survey has found. @annafmenin £2.5bn property fund early last The survey of UK landlords month following unusually high in- found that 26 per cent were UK PROPERTY funds endured the vestor withdrawals, which the asset preparing to sell at least one largest and most sustained with- manager blamed on ongoing Brexit- property this year, partly due to drawals on record in 2019, with total related political uncertainty. government reforms such as outflows of £2.2bn, as the industry “Although some funds have fared changes to licences for houses in was dented by weakening sentiment better than others, the net selling has The overall project aims to build 3,500 new homes on the site multiple and the banning of over Brexit and the fallout from the been pretty indiscriminate,” said Ed- administration fees. M&G real estate fund suspension. ward Glyn, head of global markets at Landlords said that rising rental The figures, which are equivalent to Calastone. “The suspension of a major costs, the desire to cash in on their £1 in every £15 under management in fund in December has only spurred Vistry scoops first contract with investment, economic instability property funds being withdrawn, further outflows from the sector, as and slowing house price growth were collated by global fund transac- investors fear their capital becoming had also prompted their decision tions network Calastone. trapped in funds unable to trade.” £66m Southwark regeneration to sell up. Real estate funds suffered a 15th By contrast, UK equity funds saw The research by insurance broker consecutive month of outflows in record inflows in December, marking HARRY BANKS a residential housing estate in Simply Business, which surveyed December. Overall, net withdrawals a positive end to a lacklustre year for Walworth, as part of a £66m 800 landlords, found that 82 per totalled £314m, with the value of the sector, which spent many months VISTRY Partnerships, formerly regeneration project by housing cent were not planning to buy new sales more than twice that of the lagging behind European rivals. Galliford Try Partnerships, has association Notting Hill Genesis properties this year, and just 13 per value of purchases. But the Conservatives’ decisive been appointed as the main aimed at building 3,500 new homes. cent said they would expand their The figures represent the second General Election victory provided contractor on a major new site in The deal is the first major contract portfolio in 2020. worst monthly performance since investors with more certainty that south-east London. win for Vistry Partnerships since it A third of landlords reported a 2015. The only larger outflows the UK would leave the EU, and they The newly-formed firm has was formed last week following the decrease in their rental yield last recorded were in the immediate after- poured a net £1bn into UK-focused snapped up the contract to build a £1.1bn acquisition of two Galliford year, with a quarter expecting to math of the EU referendum in 2016. equity funds last month. new civic square at Aylesbury Estate, Try businesses by rival Bovis Homes. see a further deterioration. 10 NEWS WEDNESDAY 8 JANUARY 2020 CITYAM.COM Beijing’s new envoy to Hong Kong promises ‘return to the right path’ EDWARD THICKNESSE administrative region. the right path.” In his first statement since taking Luo’s predecessor, Wang Zhimin, @edthicknesse the role, Luo said: “In the past six had previously come under fire for CHINA has appointed a new envoy to months, Hong Kong’s situation has failing to anticipate public opposition Hong Kong in a sign of Beijing’s made everybody’s heart wrench. to a now-withdrawn extradition bill. growing frustration at the ongoing Everyone earnestly hopes that [it] can The city has been rocked by protests in the financial hub. return to the right path.” protests over the bill since last June. Luo Huining, a previous governor The city’s leader Carrie Lam echoed Despite its withdrawal, protests of Qinghai province, has replaced the Luo’s words in a press conference, have evolved into a broad campaign previous head of the liaison office, saying that she would “work closely for democratic freedoms and the Chinese government’s most with director Luo in the coming calls for an inquiry into complaints important office in the special future…for Hong Kong to return to of police brutality.

More than 6,500 Hong Kong protesters have been arrested in clashes with riot police Chinese lenders turn nose up at US and Europe

HARRY ROBERTSON outward cash flows from Beijing, strengthened regulatory reviews in @harrygrobertson the US and Europe, and slowing CHINESE investment in Europe and growth and lower liquidity in the Chi- North America hit a nine-year low in nese economy all contributed to 2019, new analysis has shown, as Bei- lower investment. jing focused increasingly on the do- Yet the law firm said a number of mestic economy and geopolitical factors suggested Chinese investment tensions hurt capital flows. could climb in 2020. It cited easing Chinese foreign direct investment trade tensions and intervention by in Europe tumbled 40 per cent in Beijing to boost liquidity in the Chi- 2019, while it fell 27 per cent in the nese economy. US, analysis from law firm Baker Baker McKenzie said the UK is likely McKenzie and research provider to launch a charm offensive to woo Rhodium Group showed today. Chinese investors as it leaves the EU. Global trade, markets and invest- Peter Lu, head of Baker McKenzie’s ment were rattled in 2019 as the US China Group in London, said: “Chi- and China locked horns in a trade war nese investors remain relatively at- that saw tariffs slapped on billions of tracted to both the UK’s robust, open dollars worth of goods. economy, and its ethos which has en- The two sides are due to sign phase dured even throughout Brexit: the one of a trade deal on 15 January, UK is open for business and ready however, which will reduce tensions for opportunity.” for the time being. Tracy Wut, Baker McKenzie’s head In 2019, Chinese investors only com- of mergers and acquisitions for Hong pleted $5.5bn (£4.2bn) of deals in the Kong and China said that “a combina- US and Canada, down again from tion of market and policy forces con- $7.5bn in 2018. This was the lowest an- tinue to weigh on Chinese outbound nual investment since 2009. investment to Europe and North Baker McKenzie said restrictions on America”. China’s yuan hits a five-month high as appetite for risk returns HARRY ROBERTSON for risk yesterday as they appeared to decide concerns about a ramping up @harrygrobertson of tensions in the Middle East were THE CHINESE yuan reached its overblown. They sold off safe-haven highest level in five months yesterday assets such as US 10-year bonds — on as risk sentiment returned and which the yield rose to 1.813 per traders await the signing of a phase cent — and bought assets considered one trade deal between China and riskier, such as Asian currencies. the US. “Markets were in a happier mood China’s yuan — the unit of its [yesterday],” said Russ Mould, renminbi currency — had risen 0.6 investment director at AJ Bell. But he per cent to 6.934 per dollar towards added: “The market always finds the end of the Chinese session, a something to worry about... US- level not seen since August. China trade relations could quickly Investors regained their appetite return to the agenda.” CITYAM.COM WEDNESDAY 8 JANUARY 2020 NEWS 11 Norwegian Air Tribe moves to block Amerisur boosts earnings takeover deal EDWARD THICKNESSE @edthicknesse A LONDON law firm is acting on behalf of a Colombian tribe in an on capacity cuts attempt to block the takeover of Amerisur Resources by a larger energy firm. ALEX DANIEL distance flown and the number of Leigh Day, which is representing @alexmdaniel seats available, fell 25 per cent year on members of a tribe who live by year last month. Colombia’s Putumayo river, has NORWEGIAN Air was forced to cut its But the airline’s yield — income per tried to secure an injunction capacity for the third month in a row passenger carried and kilometre against Geopark’s £240m in December, as it scrapped loss-mak- flown — rose 14 per cent to 0.43 Nor- Hammersmith Bridge was closed in April last year due to safety concerns acquisition of Amerisur, which is ing routes as part of a plan to return wegian krone (£0.037), beating a 0.41 expected to complete next week. to profit. krone forecast. The legal challenge comes after The firm, which recently appointed The airline on average filled 83.5 per allegations that Amerisur polluted a new boss, Jacob Schram, has cent of seats in December, up from a Tories fail to confirm temporary the local water supply, which had a struggled over the last year following load factor of 78.6 per cent in the knock-on effect on the tribe’s rapid expansion. final month of 2018 and beating an health. Sky News, which broke the In 2014 Norwegian introduced the average forecast of 82.4 per cent. Hammersmith Bridge promise story, reported that a court UK’s first low-cost, long haul flights to “The ticket sales for the next hearing had been scheduled for the US, and it now flies to 11 US desti- months ahead are looking good, both STEFAN BOSCIA crossing alongside the bridge. later this week. nations, Buenos Aires and Rio de for business and leisure travellers,” @Stefan_Boscia However, fellow transport minister Aim-listed Amerisur has denied Janeiro from London. But the swift chief executive Jacob Schram said in Baroness Charlotte Vere yesterday the allegations, which were first growth has caused the airline to a statement. A TRANSPORT minister has failed to twice refused to confirm if the reported last year. Members of the haemorrhage cash in recent years. Norwegian carries almost 6m UK stand by an election pledge from a temporary bridge would go ahead at tribe complained that they had It has also taken a hit from the passengers each year to 30 destina- fellow minister to build a temporary a House of Lords session. endured severe physical illnesses grounding of its fleet of 18 Boeing 737 tions worldwide. It is the third largest Hammersmith Bridge. The statement could be perceived after wastewater was pumped Max jets, which has forced it to fly airline at London Gatwick, with 4.6m In December, transport minister as a climbdown, after Freeman straight into the river. passengers on planes bearing the annual passengers and more than George Freeman joined environment confirmed the Tories were keen on Amerisur made no mention of branding of other airlines via a 1,500 UK-based pilots and cabin crew. minister Zac Goldsmith in a Twitter building the temporary bridge. the legal action in a statement on so-called wet-lease agreement. Shares in Norwegian Air rose more video to confirm the government It is believed it would cost around the sale to the London Stock Overall capacity, a measure of than four per cent yesterday. wanted to build the temporary river £5m and take three months to build. Exchange yesterday.

By the side of business in London

Working with the business, we supported Jude’s Ice Cream with the finance to build a new dairy and increase their expected annual turnover by 50%.

By the side of business 12 NEWS WEDNESDAY 8 JANUARY 2020 CITYAM.COM TfL and Santander to mark 10-year anniversary of capital’s Boris bikes STEFAN BOSCIA mayor of London, Boris Johnson. planning to celebrate the milestone @Stefan_Boscia This is despite the fact that the idea of the public hire scheme. This will was his predecessor’s — ex-Labour include events and competitions to be SANTANDER and Transport for London mayor Ken Livingstone. held over the next half a year. London (TfL) are gearing up to The Transport for London (TfL) Santander’s Dan Sherwood said: celebrate the 10th anniversary of so- initiative now boasts 12,000 bikes “It’s incredible to celebrate 10 years called Boris bikes. over 781 docking stations. since the scheme launched. The hire scheme — officially known The transport body estimates that “Over that time Santander Cycles as Santander Cycles — began in July more than 87m bicycles have been has evolved to cover more than 2010 with 315 docking stations over hired over the 10-year period, 100km of London, ensuring more eight boroughs and was informally including more than 10m last year. communities than ever can benefit named after Prime Minister, and then TfL and Santander are now from the fantastic scheme.”

The scheme rolled out by Boris Johnson was initially sponsored by Barclays Bank Overground to cut ticket office hours after row

STEFAN BOSCIA office removed, after “TfL listened to @Stefan_Boscia concerns raised by the trade unions, and worked with [Overground opera- TRANSPORT for London (TfL) has con- tor] Arriva Rail London”, according to firmed it will cut the opening hours a TfL spokesperson. of London Overground ticket offices However, RMT general secretary after a row with the rail union. Mick Cash said the decision was still TfL yesterday said a swathe of ticket not good enough and that it would offices will have their hours cut if put people in danger, arguing that they are deemed not busy enough to disabled and elderly passengers were be open all day. most at risk. The decision was taken because less The union has begun balloting its than two per cent of ticket sales hap- members who work on the London pen through ticket officers, according Overground about a potential strike to the transport body. in December, but the result is unclear. The quietest offices, such as Bruce “However TfL and Arriva Rail Lon- Grove and Penge West, will have don try to dress this up, they are staffed offices between just 7.30am ploughing on with damaging cuts in and 10am. the face of clear passenger opposi- There will be no change in some of tion,” Cash said. the busiest stations, such as New “Violence and crime on the railways Cross Gate, Walthamstow Central and is soaring — Arriva Rail London and Willesden Junction. TfL’s decision to decimate ticket office London Overground originally hours and staffing will only serve to planned to close many ticket offices make stations less secure and safe.” permanently, but intervention by the London Travelwatch’s Richard Free- National Union of Rail, Maritime and ston-Clough praised TfL’s decision to Transport Workers (RMT) appears to not close station offices en masse, have reversed the decision. describing it as a “better outcome for Now only Brondesbury will have its all passengers”. Mayors of London and New York call for city fossil fuel divestment RACHEL SAVAGE London mayor Sadiq Khan pledged to do so in his 2016 mayoral THE MAYORS of New York City and election campaign. London urged other cities to divest Investors with $11 trillion in assets their pension funds from fossil fuel under management have pledged to producers yesterday, as they divest from fossil fuels, campaign introduced a toolkit to help cities group 350.org said in September. shift investments away from “We need all cities to act now to companies that drive climate change. help protect our planet for future New York City said in January 2018 generations,” Khan said. that over five years it would remove “I’m calling on every major city in fossil fuel investments from its public the world to follow suit,” the mayor pension funds, which then had said, noting that “taking action $189bn (£144bn) in assets under on divestment is not only achievable management. but absolutely necessary”. Reuters CITYAM.COM WEDNESDAY 8 JANUARY 2020 NEWS 13

VEGAS GETS (EVEN MORE) WEIRD AND WONDERFUL Tech Minister flies the showcase puts cars, robots and kids’ gadgets in the spotlight flag for Britain’s tech in Las Vegas

EDWARD THICKNESSE roads safer and quicker. @edthicknesse Stuart is also expected to meet with US commerce secretary Wilbur Ross A DELEGATION of 67 UK tech busi- to build further support for a future nesses, led by international trade trade deal between the UK and US. minister Graham Stuart, is showcas- CES, which takes place over 11 loca- ing the best of British innovation at tions with nearly 200,000 attendees the world’s largest consumer tech and 4,400 exhibitors, will see global trade show in Las Vegas. tech giants such as Tesla and Google The delegation, which includes 12 unveil their latest innovations, as well LAS VEGAS’s Consumer start-ups from the Northern Power- as unleash new products and tech Electronics Show has been lit house, is expected to sign millions of startups to the world. up by some of the world’s pounds worth of deals over the course The government also announced at biggest firms this week. of the week. the show that three tech firms would Mercedes Benz’s Vision Among those in the desert are be spun out of the University of concept car (above) drew Speech Graphics from Edinburgh, Southampton, in a move that many favourable comparison to the which provides the lip-sync and hope will ape the success of US uni- Batmobile, whilst Samsung’s audio-based facial animation used in versities’ efforts in this area. Ballie (right), a spherical video games including the latest in Spyderdisk, Radii Devices and robot which follows you the Tomb Raider franchise, and a firm Aquark — who design portable atomic around your home, sounded from Hull providing wearable tech for clocks — were all launched this week. more like a modern version of mental wellbeing. Ben Clark, director of the Future Star Wars’ R2-D2. ROYBI (left) UK outfit Valerann won the Best of Worlds accelerator at the university, is part of a range of smart, Innovation award at the show for its said he was excited “to see these educational robot toys smart roads platform, which they latest innovations make global impact designed for children. claim will make journeys on the in 2020”. Government is determined to fly the flag for tech triumphs HE UK’s position as Europe’s Graham The government is committed to so-called unicorn startups than any £184bn to the economy every year, I leading tech superpower is sustained, strategic and dynamic other European nation. know how important this conference being reinforced and demon- Stuart MP use of AI and data which is At this week’s CES some of the is to jobs and investment at home, as Tstrated at Consumer Elec- now being reflected in UK’s most innovative compa- well as our reputation internationally. tronic Show (CES) — the record levels of foreign nies are putting their prod- CES offers a major annual opportu- world’s largest tech show — in Las investment into our ucts and services on show to nity to sell the UK as the best Vegas this week. tech ecosystem. place in Europe for tech companies As the UK investment minister I’m In 2018 UK tech More than 2.1m people to invest as well as boost already delighted to be leading a powerful del- companies received work in digital tech jobs booming UK exports. egation of UK tech companies ranging more venture capital in the UK My message to investors is clear, the from startups hosted by the Future by government. Technology is at the funding than any other UK is the best destination in Europe to Worlds accelerator at Southampton heart of the government’s strategy to country in Europe. Last nearly a quarter of a million start a tech business and the UK is University to more established players. meet the grand challenges of climate year this rose again with people in Las Vegas as they hope open for business. It’s little understood how profoundly change, the future of mobility and an £5.5bn invested in the first seven to secure contracts and raise their important and successful the UK’s tech aging society as well as a cornerstone months alone. profiles abroad. With more than 2.1m Graham Stuart is the UK’s investment scene is, nor how much of a priority of delivering higher living standards The UK has produced — and is people working in digital tech jobs in minister at the Department for and how much resource is given to it and a more productive economy. producing — more billion dollar the UK and the sector contributing International Trade 14 NEWS WEDNESDAY 8 JANUARY 2020 CITYAM.COM Thousands of Venezuela’s homes razed as Guiado pushes Australia burns past security to EDWARD THICKNESSE enter congress @edthicknesse ALMOST 2,000 houses have been de- POPPY WOOD stroyed as bushfires continue to rav- @poppyeh age large swathes of Australia. According to the latest data, VENEZUELAN opposition leader more than 25m acres, an area Juan Guaido was sworn in for roughly the size of South Korea, another term as speaker of have been razed by the fires in the parliament yesterday after pushing past month, with the south-east hit past troops to enter Congress. particularly hard. Guaido, who on Sunday was re- Yesterday firefighters used the elected to a second term as head of break in searing temperatures to the opposition-held Congress, was strengthen containment areas initially prevented from entering around the huge fires as the costs the building in a tense showdown of the disaster spiralled. for control of parliament. Higher temperatures and Guaido argued with National stronger winds, which will fan the Guard security forces, who had flames, are expected to return later blocked the building in an attempt this week. Andrew Crisp, Victoria to allow socialist legislators to police’s emergency management swear in their own speaker, before commissioner, said: “We need to eventually pushing past them. remain vigilant.” “This is not a barracks. This is The country’s insurance body the house of laws,” Guaido told raised its estimates for damage armed guards. “The military does claims from the fires to more than not get to decide who can enter the AU$700m (£366.2m). On Monday house of laws.” Prime Minister Scott Morrison While Guaido was barred from pledged AU$2bn to a newly created entering Congress, his rival National Bushfire Recovery Agency. claimant to the speaker position, A three-year drought, which has Luis Parra, occupied the parliament left much of Australia vulnerable speaker’s chair. to fires, has exacerbated the crisis. Bushfires in Australia have ravaged an area the size of South Korea, with higher temperatures set to return later in the week By the time Guaido was allowed into the building, Parra had already left. Security forces then fired tear gas at Guaido and members of his party as they left Congress, local Iranian funeral stampede media sources reported. The incident marked an Investors call on Barclays escalation in socialist President Nicolas Maduro’s crackdown on leaves more than 56 dead the opposition. Guaido has served as president of to cut fossil fuel funding the National Assembly for the past PARISA HAFEZI state media said. year and has been recognised by ANNA MENIN shareholder resolution — thought to His death has plunged the region many nations as the country’s @annafmenin be the first ever climate change A STAMPEDE among mourners dur- into a new crisis and sparked fears of rightful interim ruler. resolution at a European bank. ing the funeral ceremony for a slain broader international conflict. His main international ally — the A GROUP of Barclays shareholders has Barclays is the largest financer of Iranian military leader killed at least Soleimani, who commanded the Trump administration — has so far taken formal action against the bank, fossil fuels in Europe, and the sixth 56 people in his hometown of elite Quds Force, was responsible for been unsuccessful in its long- demanding it stops financing fossil largest globally. Kerman yesterday. building up Tehran’s network of standing attempt to oust Maduro fuel companies that are not aligned Since the Paris Agreement was A further 190 people were injured in proxy armies across the Middle East. from office. with the Paris Agreement’s climate signed in 2015, the bank has provided the crush during the funeral cere- He was a pivotal figure in orchestrat- However, US special envoy for change goals. over $85bn (£65bn) of funding to mony for Qassem Soleimani, who was ing Iran’s long-standing campaign to Venezuela Elliott Abrams on A total of 11 institutional investors fossil fuel firms and high-carbon killed in a drone attack ordered by US drive US forces out of Iraq. Monday said Washington was managing over £130bn of assets, projects, according to investment President Donald Trump last Friday. A senior Iranian official said Tehran preparing fresh sanctions to coupled with over 100 individual charity Share Action, which The stampede forced Soleimani’s was considering several scenarios to ramp up pressure on the investors have launched the coordinated the resolution. burial to be delayed by several hours, avenge his death. Reuters incumbent President.

Successful business leaders talk of being in the right place at the right time.

Join us on 16 January at the Royal Society of Arts for our Executive MBA-Global Preview Evening. Book your place now: hly.ac/rsa CITYAM.COM WEDNESDAY 8 JANUARY 2020 NEWS 15

n a constantly evolving technolog- the way in which companies operate. ical world, it’s no surprise that in- Tasks that previously required a creasing numbers of us are high level of resource, which many Ibranching out and launching our small businesses do not have access own small businesses. In fact, at HAVE A SMART to, can now be achieved simply on a the start of this year, a record 5.8 mil- mobile device using a range of highly lion were registered according to UK intuitive apps. For example, expenses Small Business Statistics, which is management to alleviate the stress of more than ever before. There are a end of year accounts, to payment pro- multitude of reasons for this: from PHONE? START cessing for employees and personal the modern, can-do culture that en- time management programs — there courages having a side hustle, to the are myriad ways to streamline busi- desire for diversity in our day-to-day ness processes. Online marketplaces roles, we live in a time when we’re like Amazon and eBay, required for more emboldened than ever to chase A BUSINESS bringing digital storefronts to a after our lifelong career goals. wider audience, and social media The prevalence of mobile phones platforms essential for marketing and tablets is also a key factor in this purposes are all within the touch of cultural revolution, of course. Smart a button. All of these components phone technology means that it’s eas- have become so integral that in a re- ier than ever to work on the go — cent survey, Three discovered that we’re no longer confined to the four walls of an office, and that means set- ting up a small business or expand- ing to become a larger enterprise can be done anywhere at any time, a de- velopment that companies like Three The prevalence are keen to foster. That’s precisely why they’re committed to providing of mobile phones tools and platforms that help small businesses flourish and grow. and tablets is Indeed, the function of Three’s mis- a key factor in sion now extends far beyond provid- ing a basic phone contract. These this cultural days, the company is committed to offering assistance to the UK’s most revolution. exciting and innovative entrepre- neurs. From website building tools 78% of entrepreneurs said being on- and accounting support, to discounts line was all they needed to run their on business stationery, not to men- business. tion 5G ready plans with in-plan It’s thanks to this influx of digital roaming in 71 destinations and op- tools and technology that the tradi- tions for unlimited data, Three’s un- tional working environment is evolv- derstanding of the unique criteria ing now more than ever. Increasingly, required to run a successful small smart phones and technology are giv- business runs deep. With a business ing us the confidence to pursue life- plan on Three, enterprises can access long passions and the tools required a package of exclusive benefits from to sustain that goal, or simply to sup- Freshbooks, Moo, Wework and Wix. plement our incomes with additional At the forefront of this awareness is funds. Small wonder that according Shadi Halliwell, CMO at Three. Halli- to a study by Henley Business School, well also runs The Dog Treat Com- one in four of us now benefits from pany, a Devon-based family business an extra source of income as a result selling gourmet dog treats. She views of a side hustle. As we enter into a the changing landscape of business new decade, there’s no doubt that as an invitation to get stuck in. there’s never been a more exciting “There has never been an easier and time to launch into the entrepre- more exciting time to set up and run neurial unknown, and Three prom- your own business,” Shadi explains. will bring greater connectivity and businesses in the era of 5G.” mute is no longer essential, and ises to be there alongside businesses “Smartphones are challenging the super-fast download speeds. I feel like Indeed, there’s no doubt that the when tasks need dealing with ur- on this adventure, helping them way we do business and people no we are standing at the edge of the arrival of 5G connectivity heralds a gently, they can be addressed with in every step of the way. longer have to stick to a linear career next technological revolution and I new era for both technology and real-time on a mobile device — sud- path. You can literally manage your am deeply excited. I am also proud business, which is great news for denly the office is in the palm of your business from your mobile phone that at Three, we’re able to offer busi- those looking to embark on their hand. The ongoing rollout of 5G is using a plethora of tools and soft- nesses more than connectivity, with own small business journey. Excep- also set to bring untold additional ware.” added extras that we provide tional connectivity and faster speeds benefits, many of which are yet to be “I think the next few years are through our partners. And I am look- mean entrepreneurs are no longer fully defined but which are likely to going to be the most exciting yet,” ing forward to moving these partner- limited by where they work and that provide expertise beyond the reach of she adds. “The rise of 5G technology ships forward and supporting flexibility is key — suddenly the com- small businesses and revolutionize 16 NEWS WEDNESDAY 8 JANUARY 2020 CITYAM.COM GracechurchGUEST OPINION developer

for business. City hotspot guru In October 2017, my company the Wong’s business Tenacity Group, a Hong Kong-based has pumped Patrick Wong real estate and investment company, £400m worth of acquired 70 Gracechurch Street, a investment into explains why he Grade A office and retail building in the City of London the City of London’s Eastern sees London as a City Cluster. In summer 2018, we fur- ther increased our footprint in the global bright spot City through the purchase of a sec- ond property located at 55 S AN overseas investor in Gracechurch Street. the City of London, the elec- Together, the two acquisitions rep- tion of the new Conserva- resent a significant post-Brexit tive majority government investment of around £400m into and the message it sends to the City of London. peopleA like me who are keen to in- In early December 2019, we un- vest in the UK economy is welcome. veiled our plans to transform 70 After three and half years of political Gracechurch Street into The Forum turmoil, the UK can finally move for- — a multiuse building on the site of ward as a country and put to bed the the original Roman Forum and divisive issue of Brexit. which will provide around 600,000 For me, the message could not be sq ft of office, retail space and a sig- any clearer: the UK — and London in nificant public amenity space. particular — is once again open Later this year we hope to release

Brands race to create winning Veganuary product

EGANISM has grown in pop- Stephan vegetarian than the national average grill as beef burgers and contains (37 per cent) are actively trying to ularity over the past year, (three per cent vegan, versus one per dairy fillings, so strict vegans will reduce their meat consumption, leading to many products Shakespeare cent of the country as a whole, and pass it by. and a fifth believe that a meatless like Greggs’ vegan sausage six per cent vegetarian, versus four Only January’s sales figures will tell diet is the healthier option (23 per roll and KFC’s vegan burger per cent of the country). if Burger King’s flexitarian approach cent), suggesting the appetite is whichV I’ve looked at in this column This suggests Co-op’s new range is successful. certainly there. previously. will strongly appeal to those However, YouGov data shows that YouGov data shows that while only current customers, rather than more than a third of its customers £ Stephan Shakespeare is chief executive one per cent of the UK describes their enticing new ones. of YouGov eating habits as vegan, a further five Figures showed that 95 per cent of per cent are likely to take the plunge those who consider Co-op their main BURGER KING’S FLEXITARIAN BURGER AIMED AT FLEXITARIAN CUSTOMERS in the next year. supermarket say they are unlikely to Statements agreed with about food and drink Source: YouGov BrandIndex December 2019 In celebration of the popular become fully vegan in the next 12 Veganuary craze this month, even months — slightly higher than the 92 more brands have created vegan per cent national average. Burger King Customers offerings. Veganism isn’t the only dietary Greggs has added a vegan steak trend for the New Year — reduc- bake to its range and Pizza ing meat intake, particularly Hut has launched a new red meat, and generally fol- pepperphoni pizza. lowing a more flexitarian diet, Supermarket chain the Co-op is another tendency that brands 37 has also launched a new range of are counting on. vegan food named Gro, featuring Burger King has created a plant- 35 meat-free products. based version of the famous Whop- 23 Those who consider the Co-op per aimed specifically at those their main supermarket are who want to eat less meat; more likely to be vegan and it’s cooked on the same I am actively trying to reduce my meat consumption A meatless diet is the healthier option CITYAM.COM WEDNESDAY 8 JANUARY 2020 NEWS 17 bangs drum for a city with a ‘bright future’

details of our plans for 55 mains the location of choice for in- USA and the long-term historical re- Gracechurch Street. ternational investors. lationships with the Far East, includ- We envisage that both of our proj- For Tenacity in particular, we are ing Hong Kong and China — I value ects will help change the dynamics of bullish on the long-term prospects the UK as a great place for collabora- the City by contributing to the City for London for a number of reasons. tion in creativity, entrepreneurial- of London Corporation’s vision to The City of London is historically ism, and hospitality. make the City Cluster area the heart one of the oldest global commercial And finally, but perhaps most im- of a thriving 24/7 economy. centres of the world – dating back to portantly, being from Hong Kong we We plan to make it a destination for the Romans when they established are only too aware of the UK’s world- the weekend and the night, as well as Londinium. class legal system and its similarities a place of work. We hope As a member of the Board of to ours back home. our projects will help the City to Trustees for Harrow School Develop- Once the dust has settled and 2020 evolve and fulfil this vision. ment Trust, I am only too aware of starts to get underway, I very much Over recent months, when reading the abundant talent from within the hope the UK can finally put to bed much of the commentary in the UK UK education system. the issues of Brexit and open a new press surrounding the Brexit referen- As someone who has worked and chapter that focuses on the opportu- dum, one could easily question the studied in both the UK, America and nities which lie ahead. logic behind our investment and de- Asia, I also recognise the irreplace- I hope the UK can, once again, velopment plans. able centrality of the English lan- rediscover its renowned role as an en- However, I remained unfazed, and guage to international business. terprising, outward-looking and indeed still am, by the British elec- As an outsider, it is hard not to fall open country. The future, for Lon- torate’s decision to leave the EU. in love with London’s multi-cultural don, is bright indeed. After years of pessimism, it is worth and cosmopolitan nature. reminding ourselves of why the UK, As an international businessman, it Patrick Wong is founder and chief and especially the City of London, re- is the UK’s close proximity to Europe, executive officer of the Tenacity Group

Impossible Foods bins plans for whopper McDonald’s burger deal RICHA NAIDU that “it would be stupid for us to capacity than we do right be vying for them right now... now because the demand is high,” IMPOSSIBLE Foods is no longer Having more big customers right he added. trying to win a coveted deal to now doesn’t do us any good until Impossible Foods said it had supply McDonald’s with plant- we scale up production”. previously met with McDonald’s based burgers, telling Reuters it Impossible Foods and its rivals, but declined to disclose details cannot produce enough of its including Beyond Meat, are about when it decided it could not imitation meat to partner with duking it out over coveted support a potential deal. the world’s number one fast- partnerships with fast-food chains In late September, McDonald’s food chain. to cash in on the roughly $3,500 launched a 12-week test of a plant- Its strategic reversal marks a (£2,667) per person average that based burger in Canada, using new twist in the battle among Americans spend each year on patties made by Impossible’s rival imitation-meat makers, which food away from home. Beyond Meat. hope to convince more Silicon Valley-based Impossible But McDonald’s has yet to offer restaurants to offer their patties. Foods teamed up with Burger a plant-based burger — dubbed the It is unclear how far along the King last year to launch its soy- PLT — as a regular feature on its talks between Impossible Foods based Impossible Whopper in the menu at any of its roughly 14,000 and McDonald’s were or why they United States. US outlets. fell apart. Impossible Foods is now “The PLT is a craveable plant- McDonald’s declined to working to more than double based burger with a patty recipe comment on the discussions. production instead of trying to that is made by McDonald’s, for Referring to McDonald’s, score a deal to McDonald’s scale, McDonald’s,” the fast-food chain Impossible Foods chief executive Brown said. said in a statement. It declined to Pat Brown said in an interview “I wish we had vastly more provide any specifics. Reuters 18 NEWS WEDNESDAY 8 JANUARY 2020 CITYAM.COM US services beat Spain confirms new Socialist forecasts with Prime Minister INTI LANDAURO

SPAIN’s parliament yesterday confirmed Pedro Sanchez as head of a new coalition government strong year end after being elected by a wafer- thin margin. Yesterday’s 167-165 vote, which HARRY ROBERTSON locked in a rancorous trade war for came after heated debate in the over a year. Billions of dollars of goods Spanish parliament, will pave the @harrygrobertson have been tariffed, shaking business ground for Sanchez to be sworn in THE US’s enormous services sector confidence in both countries. Yet the today as the head of a coalition outperformed expectations in Decem- world’s two biggest economies are between his Socialist party and the ber, survey data showed yesterday, fin- due to sign a deal on 15 January that India is looking to focus on formulating an export-centric farming economy hard-left Podemos movement. ishing the year in a strong position should lessen tensions. In a charged speech, Sanchez compared to the country’s struggling “The non-manufacturing sector had ushered in the new government as manufacturers. an uptick in growth in December,” a welcome break from four years of The closely-watched Institute for Nieves said. “The respondents are pos- Indian economy falls behind its political instability, which saw four Supply Management (ISM) purchasing itive about the potential resolution General Elections. managers’ index (PMI) came in at 55 on tariffs.” “There are only two options: in December, up from a reading of The upbeat end to the year in serv- rivals as growth prediction cut either a progressive coalition or a 53.9 the previous month. ices starkly contrasts with the gloom continuing impasse for Spain,” The reading was above economists’ hanging over the US’s manufacturing he said. expectations of 54.5 and indicates sector. Last week, an ISM survey HARRY ROBERTSON The statistics ministry said Sanchez’s Socialist party solid growth for the sector that dom- showed that US manufacturers were manufacturing is forecast to grow previously topped the polls in inates the US economy. It was the experiencing the deepest slump in @harrygrobertson just two per cent in 2019/20, Spain’s November election, but 119th consecutive month of expan- more than a decade. INDIA’s economy will grow five per compared to 6.9 per cent growth in failed to enter parliament after sion, ISM said. Timothy Fiore, head of ISM’s manu- cent in the current financial year, the 2018/19. falling short of an overall majority. ISM chair Anthony Nieves said the facturing surveys, said: “Global trade country’s statistics ministry The Indian economy’s lacklustre Yesterday’s narrow result indicated better-than-expected reading re- remains the most significant cross-in- predicted yesterday, marking the performance spurred the central that the new administration will flected optimism about the US and dustry issue, but there are signs that slowest pace of expansion in 11 years. bank to slash rates five times last have little room for manoeuvre. China agreeing on phase one of a several industry sectors will improve If the prediction is accurate, India’s year. Yet there is little sign so far It will be the first to include trade deal. as a result of the phase one trade pace of growth will be behind its that the extensive measures have communist politicians since Spain’s Washington and Beijing have been agreement.” rivals China and Vietnam. been effective. civil war 80 years ago. Reuters

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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 Oil majors drag 888 HOLDINGS P Wall St slips as 166

164

162 investors focus 7 Dec on FTSE before 160 160 158 on Middle East 156 ALL STREET’s major indexes Wdeclined yesterday as investor 31 Dec 2 Jan 3 Jan 6 Jan 7 Jan caution persisted amid the US-Iran stand-off, and energy shares key Brexit vote Gambling firm 888 Holdings issued a “reassuring” full-year trading update, reporting fell as oil prices gave back some that continued financial progress in the second half of the year culminated in record recent gains. revenue in December. During the second half of 2019 the company continued to Exxon Mobil and Chevron declined report strong revenue growth in the UK and Italy, driven by its Orbit casino platform with oil prices, which had rallied in RITISH bluechips handed politicians later this week. and sports. The firm has also made good progress in the Swedish and Romanian recent days on escalating tensions back gains as falls in oil That lifted shares of housebuilders, markets and will continue to invest in the US, analysts said. Canaccord Genuity between Washington and Tehran majors offset relief over the considered among the most vulnera- reiterated a “buy” rating and issued a reduced price target of 243p from 264p. following the killing of a top Iranian Babsence of an immediate ble to a disastrous departure from the military commander by the United escalation in Middle East ten- trading bloc. States last week. sion, but a report that Britain’s prepa- Global markets steadied after the BOOHOO Chipmakers gained and helped to rations for a no-deal Brexit had been killing of a top Iranian military com- limit market losses, especially in the P halted aided domestic stocks. mander by the United States sparked 304 Nasdaq. The Philadelphia The FTSE 100 ended flat on the day a sell-off on Monday, when both the 302.20 Semiconductor index rose 1.8 per cent with Shell and BP losing roughly one UK benchmark indexes lost nearly 302 7 Jan with Micron Technology gaining 8.8 per cent each due to lower oil one per cent. 300 per cent after brokerage Cowen & Co prices, while the midcaps out- Among midcaps, Premier Oil upgraded the chipmaker to performed with a 0.3 per shares surged 14 per cent 298 “outperform”. cent gain. after a deal to buy certain 296 Equity investors have been jittery The FTSE 250 index of BP assets, more than off- since late last week, when a US drone domestically exposed 294 strike killed Iranian major general stocks has fared better Oil giants Shell and BP Qasem Soleimani, taking major in comparison to its slipped as a fall in oil 31 Dec 2 Jan 3 Jan 6 Jan 7 Jan indexes off record highs. blue-chip counterpart prices took their toll The Dow Jones Industrial Average since Prime Minister Fast fashion retailer Boohoo reported a record Black Friday in 2019, and analysts fell 119.7 points, or 0.42 per cent, to Boris Johnson won a setting an 17 per cent expect the online brand to deliver a strong trading update on 15 January. Brokers at 28,583.68, the S&P 500 lost 9.1 points, clear majority in the De- slide in luxury carmarker Jefferies said Boohoo’s upcoming trading update for the four months to the end of or 0.28 per cent, to 3,237.18 and the cember election. Aston Martin following a December should “confirm the group’s status as one of the fastest growing Nasdaq Composite dropped 2.88 His victory meant the Brexit profit warning. European retailers” with anticipated sales growth of 33 per cent. The firm’s strong points, or 0.03 per cent, to 9,068.58. process would be smoother, as earlier Retailers were the standout social media presence has driven its growth, and analysts expect it to take further Among gainers, Boeing shares transition deals by Johnson and his performers among bluechips, as ro- market share this year. Jefferies issued a “buy” rating and a price target of 375p. climbed 1.1 per cent after it said it was predecessor, Theresa May, failed to bust sales by Morrisons helped recommending that airline pilots win over a parliament that was dead- strike out some worries of dismal undergo simulator training before locked over how, when or even if to trading updates for the key holiday THE GYM GROUP they resume flying the 737 Max, leave the European Union. period. a shift from its previous position that P Sky News reported that Britain’s Ocado, Morrisons, Kingfisher, Pri- 305 pilots only needed computer-based emergency preparations for a no-deal mark owner Associated British Foods 289 training on new software following 300 7 Jan Brexit have been halted “with imme- and Sainsbury’s took the top spots on two fatal crashes. diate effect” as Johnson’s deal to leave the main index with gains between 295 Microchip Technology rose 6.7 per the EU is expected to be approved by 1.6 per cent and 4.2 per cent. cent after raising the midpoint of its 290 third-quarter sales forecast. 285 Apache soared 26.8 per cent TOP RISERS FTSE after it made a major oil discovery, 7 Jan 280 P with France’s Total SA, off the coast 1. Ocado Up 4.25 per cent 7,700 7,573.85 of Suriname. 2. Kingfisher Up 3.83 per cent 7,650 31 Dec 2 Jan 3 Jan 6 Jan 7 Jan On the economic front, data showed 3. AB Food Up 2.18 per cent new orders for US-made goods fell in 7,600 Budget gym chain The Gym Group is expected to report a 21 per cent increase in November, pulled down by steep TOP FALLERS total revenue when it issues its full-year trading statement on 17 January. Total declines in demand for machinery 7,550 membership numbers are expected to hit 800,000 at the end of 2019, up 10 per cent and transportation equipment. 1. NMC Health Down 10.59 per cent 7,500 compared to December 2018. Average revenue per member – which jumped 4.6 per However, a reading on 2. Standard Life Down 3.35 per cent cent in the first half, is expected to increase five per cent following minimal price non-manufacturing sector activity 3. Rentokil Down 2.23 per cent promotional activity towards the end of last year. Peel Hunt issued a “buy” rating for November came in better 31 Dec2 Jan 3 Jan 6 Jan 7 Jan and a target price of 350p. than expected. CITY MOVES WHO’S SWITCHING JOBS

KANTAR group finance director of Emap, the international announced the appointment of Simon Holland as Deutsche Bank, where he served as managing director Data, insights and consulting magazine and radio business. Commenting on the chief product officer. Simon brings over 12 years’ of the firm’s legal, corporate and investment banking company Kantar has appointment, Eric Salama, chief executive of Kantar, experience in financial services, fintech and product unit. Over the course of his 18-year career at Deutsche announced the appointment said: “Ian brings with him a wealth of experience in the management to the role, and joins after three years as Bank, Joe led the legal work on many of the largest of Ian Griffiths as its new chief media industry. His track record in dealing with public an independent consultant, most recently as head of and most important transactions the bank conducted. financial officer (CFO). Ian markets and delivering strong returns for product at early stage fintech Projectpulse.co.uk, a Ed Estrada, global chair of Reed Smith’s financial succeeds Robert Bowtell who shareholders, both as CFO and COO, will be important spin-out from HSBC. Prior to that, Simon built e- industry group, said: “Joe is immensely respected and has been CFO since 2001. Most to Kantar as we embark on the next stage of our commerce, online banking and developer portals for regarded within Deutsche Bank and throughout the recently Ian was chief growth journey.” Ian commented on his appointment: global banks and marketplaces. In his new role he will investment bank community, and his reputation for operating officer (COO) and “I am thrilled to be joining Kantar at such an exciting be responsible for Wealthify’s programme of new providing steady and sound leadership on complex CFO of ITV, where he played time.” Robert Bowtell will remain with Kantar until the products and innovations. transaction and litigation matters as in-house counsel a key role in creating the end of June 2020 to facilitate a smooth transition. is an invaluable asset that our clients will certainly environment to transform ITV from being reliant on UK REED SMITH benefit from. We are excited to have him join our advertising to a more diverse international and WEALTHIFY Reed Smith has announced that Joe Kohler has joined team.” Joe said: “I am really excited to be joining Reed increasingly digital business. Before joining ITV Ian was Digital wealth management platform Wealthify has the firm’s financial industry group. Joe joins from Smith’s highly impressive team.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 20 OPINION WEDNESDAY 8 JANUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Soleimani is the UK’s first test TO THE EDITOR Speculation, of post-Brexit foreign policy not stability

[Re: Oil prices surge after US kill Iran T WOULD be safe to say that the The most puzzling aspect of the Britain along in their wake, even as general Qassem Soleimani] last thing our new government whole affair has been the reaction Alan it is increasingly obvious that with- The recent escalation of US-Iran tensions expected at the start of 2020 — of sections of the media and intel- Mendoza out US participation — withdrawn has coincided with a jump in bitcoin’s Iflush with enthusiasm for its do- ligentsia in the west to the death of because the agreement was tempo- price. This has reignited claims that mestic agenda — was a foreign a thug. A talented thug perhaps, rary in nature and did not address bitcoin can be a “safe haven” asset during policy crisis, much less so one but the henchman to an odious Iran’s non-nuclear expansionism — global economic turmoil. sprung upon it by the reaction of the regime responsible for domestic that deal is dead. This is dangerous. Cryptocurrency is mercurial Trump administration. human rights abuses, the recent Pusillanimity may make sense to prone to periods of both relative stability But in truth, the drone strike on murder of hundreds of its own cit- the EU. But the British people re- and sharp volatility. And while the increase Iran’s regional meddler-in-chief, izens protesting against it, and un- cently re-endorsed the idea of a in institutional and regulatory involvement General Qassem Soleimani, in Bagh- told misery to millions in its region new direction for our country by may be a temporary stabiliser, the asset dad last week by the US should have owing to its interventions in Iraq, In the choice of our breaking away from the EU, while simply has nowhere near the volumes been entirely understandable to our Lebanon and its propping up of the age-old ally or an simultaneously rejecting the ap- traded in traditional currencies, so it’s leaders, even if not predictable. barbarous Assad regime in Syria. peasement-personified foreign pol- comparatively still quite illiquid. This Soleimani, the commander of the The New York Times wrote up such Iranian regime that icy viewpoint of the main means we’re unlikely to stop seeing large elite Qods Force of the Islamic Rev- a glowing account of Soleimani’s opposition party. swings in price any time soon. olutionary Guards Corps, had his life that one social media wag sug- has long been the The Iran situation is unwelcome The rise in bitcoin is more likely explained fingerprints over all manner of gested it read like a Tinder profile. principal source of and creates complications. But by market downturn causing investors to Iranian interventions in the Middle Others have variously breathlessly every crisis is also an opportunity. abandon the limited gains seen recently in East over the past two decades, in- compared him to James Bond and destabilisation in the And this one clearly offers the traditional markets, and turn towards cluding the deaths and maiming of Lord Nelson, with the idea taking Middle East, there is chance for the UK to set the seal on more speculative investments which can British soldiers in Iraq through ter- root that the US action was some- years of EU-led foreign policy drift generate returns. rorist activities under his influence. how equivalent to a successful Iran- no question where that has done nothing to stop the As a result, until the market grows and a His hand had been detected in the ian attempt to kill the chairman of our loyalties must lie ayatollahs from attempting to pur- regulatory consensus is reached, we are a ramping up of Iranian regional ag- the US Joint Chiefs of Staff. sue their dreams of regional hege- long way away from “safe haven” status. gression in the past six months, in- It is not in the slightest. There can mony, and replace it with a And any investors who treat it as such cluding the attempted paralysis of be no moral equivalence between post-Brexit vision of renewed could be in for a nasty surprise further Saudi Arabia’s oil infrastructure, the killing of one of the icons of in- British influence and vigour in the down the line. the hijacking of a British ship in the ternational terrorism and a mili- to target western allies of the US, po- Middle East. Gavin Smith, chief executive, Panxora Gulf, and recent Iranian-organised tary leader of a democracy with tentially placing the British mili- This doesn’t mean conflict with provocations in Iraq. legal, judicial and political con- tary, merchant ships, and even the EU, or supine obedience to the It was the last of these, an assault trols. Nor should we accept that civilian holidaymakers in peril. The US, but a robust and confident UK on the US embassy in Baghdad, Iranian ambitions are legitimate, first care of the British government that places British strategic inter- BEST OF which appears to have been the even if they are rational. must of course be to ensure the se- ests first, while demonstrating its TWITTER proximate trigger for a swift US re- This situation has, however, seem- curity of the UK. utility to its partners. sponse allied to intelligence that ingly placed British diplomacy into But the French and German pre- In the choice before us of our age- It is curious how much the Labour further attacks on US personnel a bind. The UK is being sniped at ferred position of suggesting that old ally, defending itself against re- Party reminisce about Thatcherism, were being planned. For Soleimani from all sides for attempting to both sides must de-escalate has less peated provocations, or an Iranian when the only age groups old enough — who knew full well given the line push for European-favoured de- to do with worries about their own regime that has long been the prin- to remember her leadership are the of terrorism he engaged in that escalation of the crisis while at the security, and more with the tradi- cipal source of destabilisation in one which predominantly vote every trip out of Iran might be his same time — if somewhat slowly — tional EU-led approach of appease- the Middle East, there is no ques- Conservative. last — crossing this red line under a defending the US action. ment towards Iran. tion where our loyalties must lie. @Mr_John_Oxley President determined to restore the Nobody wants another war in the It is the same policy that has seen idea of US deterrence proved to be a Middle East. There is a very real risk the European duo stick doggedly to £ Alan Mendoza is executive director of On govt review of infrastructure fatal misjudgement. that if Iran retaliates, it will choose the Iranian nuclear deal, dragging the Henry Jackson Society. projects: I assume that Heathrow’s third runway is a goner as: what was the point of appointing Zac Goldsmith to his bespoke role, making him a peer for him to keep his bespoke role, if you’re just gonna cause him to quit in a few months time? Creepy micromanagement won’t drive @stephenkb Listening to the statement on Iran. productivity — try trusting staff instead Soleimani was indeed no friend to our country. But the question surely must be: was the US intervention legal? The ALLING all employers: what means that real wages can increase tions, the workers acquired senti- UK must ensure international law is was in your Christmas faster. Bigger pay packets mean Paul ment both for each other and for upheld. If it was, what was the stocking? Did you find the more tax receipts for the govern- Ormerod the firm. As a result, a situation de- justification? Not sure we’re much the Clatest gadget designed to ment, so spending on public serv- veloped which depended on the wiser enhance productivity? ices can also rise. “norms” of gift exchange. @LaylaMoran The innovative device, featured in Clearly, productivity growth On the workers’ side, the “gift” the media during the festive sea- needs to be boosted. But contrary to given was work in excess of the Nerdy parliamentary observation but son, is a toilet with a downward the claims, devices such as the slop- minimum work standard. On the it is so weird for departmental sloping seat. The company which ing toilet may be one of the prob- company’s side, the “gift” was questions to finish on time (under makes it, StandardToilet, has con- lems rather than the solution. wages in excess of what these new speaker Hoyle) — for years under ducted extensive tests. A slope of 13 Recent years have seen a surge in walk into an equally crap job just women could receive if they left Bercow it ran over by at least 5 mins, I degrees is exactly the right tilt to technical innovations designed to down the road the very next day. their current jobs. was used to statements starting late. make workers feel miserable with- control in ever more detail the Nobel laureate George Akerlof ad- The new tools of time and task Will no doubt catch some ministers out causing any lasting pain. tasks which workers perform. This dressed these issues in a famous micromanagement do the oppo- out This way, it is alleged, staff will is particularly the case at the lower paper 40 years ago entitled “Labor site. They are counter-productive, @elashton spend less time on the lavatory and end of the pay scale — think of Contracts as Partial Gift Exchange”. ensuring that virtually no em- more on their work. Output per warehouse jobs, delivery services It was stimulated by a study which ployee will do more than the ab- In 2016 Crossrail was on time and on worker will rise. and the like. found that a group of women in a solute minimum required by the budget. This new delay will cost us all The very slow growth in produc- This ultra-micromanagement of low-level, routine job exceeded the contract. Why not try fur-lined, £430 — through higher council tax or tivity, the shorthand word for “out- time is intended to increase produc- minimum work standards of the heated lavatory seats instead? higher tube fares, we will all suffer the put per worker”, was a defining tivity. Its side effects include high firm by an average of 15 per cent. consequences. Is there anything the feature of the past decade. Typi- employee turnover, resentment, This could not be explained by the £ Paul Ormerod is an economist at Mayor can actually get right? cally, productivity in the UK grows and sheer bloody mindedness. standard economic theory of ra- Volterra Partners LLP, a visiting professor @ShaunBaileyUK by around two per cent a year. Dur- Why bother to make even the tional behaviour. in the Department of Computer Science ing the latest decade, annual slightest bit more effort than your A key point for Akerlof was that at UCL, and author of Against the Grain: I’ve already had my first email about growth was barely above zero, at 0.3 contract specifies under such con- the women did not work in isolation Insights of an Economic Contrarian, Christmas 2020 per cent a year. ditions? Especially when, with the from each other. They interacted. He published by the IEA in conjunction with @holly Higher productivity growth UK at full employment, you can argued that, through these interac- City A.M. CITYAM.COM WEDNESDAY 8 JANUARY 2020 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam The world needs business to step DEBATE up and reclaim its higher purpose Should the government pursue a US trade deal and negotiate with HOULD a company’s responsi- as the largest barrier to becoming bility begin and end with Natalie more sustainable — an additional an- the EU at the same time? shareholders, or extend to cus- Blyth nual investment of $2.5 trillion is re- Stomers, communities, and the quired to meet the UN goals. environment? Here, banks can act as a catalyst for As we reach the brink of the UK’s long- While hardly an original question, action. HSBC launched the first SDG debated departure from the EU, the last year saw a renewed focus on de- bond in 2017, with proceeds ring- finer details of a trade deal are still very bate around the purpose of business fenced for projects aligned to seven se- much up for debate. Businesses cannot YES — and with sustainability already in lected goals, followed in 2018 by the afford to wait any longer for clarity on the January headlines, from fires in world’s first SDG sukuk, a sharia-com- our future trade situation with other MICHAEL HASTON Australia to new figures on climate are responsible for 90 per cent of com- pliant bond. This reflects a significant countries, and negotiations for new change, expect it to be a major topic panies’ environmental impact. turn towards sustainable investment. deals should be an equally high priority. fintech investment and development. for business leaders in 2020. The ambition to do more on sustain- If business value increasingly reflects As it stands, there is quite simply no Regardless of recent political We now have just 10 years to achieve ability is a common theme of my con- return to society, it follows that wider better opportunity than to align uncertainties, we remain one of the the Sustainable Development Goals versations with clients, but they are societal factors will inform financing ourselves with one of the world’s most world’s leading industry innovators, (SDGs), the UN-designated blue-print often held back by practicalities. Two decisions. Efforts to improve the disclo- influential nations, the US, while and we should capitalise on our current of a sustainable future. Fortunately, key challenges crop up time and time sure of risk relating to climate change maintaining a strong relationship with position. Pursuing a strong and business is ready to embrace the chal- again that require collaborative action across the financial system indicate a our European friends. mutually beneficial deal with the US lenge. According to HSBC’s Navigator from businesses and policymakers. clear direction of travel. In time, SDG Despite warning from industry while we navigate the complicated research, 75 per cent of UK businesses The first is measurement. A broader performance will be a factor that in- experts, the UK economy has remained situation with the EU is imperative. recognise their role in achieving the definition of value creation demands forms financing decisions. strong: our tech and financial industries SDGs — higher than any other Euro- improved measurement. HSBC’s survey That means that businesses which have soared in recent years, and Britain £ Michael Haston is chief executive of pean country, and significantly above shows that businesses are frustrated by fail to recognise their own role in currently leads the rest of the world in Leonne International. the global average of 63 per cent. inconsistency in environmental, social meeting the SDGs will be left behind. This matters, because the world and governance (ESG) criteria. There is In the short term, society, regulators needs the business community’s help. a gap between indicators that compa- and competitors are increasingly alive Global progress towards the targets is nies state as relevant and those that to these issues, posing risks to compa- Politics is the art of the possible. When nowhere near on track, and the win- they measure. Common frameworks nies which drag their feet. Longer the UK leaves the EU this year, it will be dow for action is now. And that and standards can unleash action by term, they could be missing out on op- the first time in nearly 50 years that we progress depends on rethinking the enabling peer comparison, and chan- portunities too, as achieving the UN will be negotiating independent trade NO way we define businesses’ purpose. neling the resulting competitive pres- goals could unlock $12 trillion in new deals as a nation without treaty ties. Businesses have always existed to sure to drive progress. market value and create 380m jobs. We are desperately short of relevant ELIOT WILSON create value, but what constitutes Greater transparency and measure- Change is often gradual, then sud- expertise. When the Department for value continues to evolve. Whereas ment would also address the second den. As engagement rapidly spreads, International Trade was set up in 2017, and an “Anglo Saxon” economic model, once it was narrowly measured in challenge: finance. This is identified from school-age activists around the we had to go as far as New Zealand to and currently have a sympathetic ear in terms of pure profit, in recent globe to the boardrooms of the UK’s find a chief negotiator, Crawford the White House. decades this has broadened to meas- largest companies, this feels like a tip- Falconer. So the early days of “real” It’s Sophie’s Choice, but if we have to ure total shareholder return. We now have just 10 ping point. With just 10 years to go, Brexit will be an exercise in learning and choose between Washington and Today, there is an emerging recogni- years to achieve the the prize is there to be won by busi- — crucially — prioritising. Brussels, we simply have to go to DC tion that “value” increasingly reflects ness leaders who adjust their pur- The EU is of course important, but the first. Trying to do both at once could a more holistic view, incorporating UN’s Sustainable pose, rethink their ideas of value, and US is an obvious target for our first result in achieving neither. the full financial, social and environ- Development Goals help build a sustainable future. major trade deal. America is the largest mental impacts of a business, from economy in the world, our largest £ Eliot Wilson is head of research at sourcing to production to disposal, £ Natalie Blyth is HSBC’s global head of export market, and the biggest source Right Angles and a former House of and recognising that supply chains trade and receivables finance. of FDI in the UK. We share a language Commons official.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1786 à 0.0020 €/$ 1.1138 Ä 0.0050 7573.85 21832.68 4209.34 28583.68 9068.58 3237.18 /$ 1.3127 ÄÄ0.0036 €/£ 0.8485 0.0014 1.49 72.15 2.41 119.70 2.88 9.10 £ /¥ 142.47 0.2000 €/¥ 120.89 0.3700 Ä ÃÃÄÄÄ ÄÄ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise ...... 470.5 -1.5 509.0 421.5 Just Eat...... 868.8 13.6 868.8 587.4 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Alliance Pharma ...... 80.6 -3.2 84.5 60.0 Tsy 4.750 20 ...... 100.67 -0.01 104.6 100.7 Contour Global...... 196.8 -2.2 222.5 159.1 VinaCapital Vietna ...... 329.0 0.0 357.5 323.0 Kingfisher...... 228.0 8.4 266.2 185.9 Games Workshp ...... 6270.0 45.0 6270.0 2800.0 BP ...... 498.8 -5.3 582.5 462.4 Aggreko ...... 847.2 2.2 856.6 693.2 ASOS...... 3418.0 46.0 4066.0 2107.0 Witan Invest ...... 232.0 1.0 234.5 197.4 Marks & Spencer ...... 218.4 5.3 303.2 163.9 Tsy 8.000 21...... 110.38 -0.03 117.4 110.4 Drax Gp ...... 302.2 -4.8 413.8 251.0 LIFE INSURANCE Cairn Energy...... 206.8 -0.8 213.8 143.1 Ashtead Gp ...... 2398.0 -6.0 2450.0 1805.5 Blue Prism ...... 1192.0 68.0 1472.0 788.0 Tsy 2.500 24 ...... 361.31 -0.37 377.9 358.8 SSE ...... 1423.5 -18.5 1467.5 1008.0 Wwide Healthcare .....3140.0 30.0 3255.0 2495.0 Next ...... 6902.0 -42.0 7340.0 4644.0 Energean Oil & Gas .....928.0 -5.0 1082.0 613.3 Babcock Intl Grp...... 646.6 18.2 646.6 416.7 Aviva ...... 417.4 3.4 438.8 352.3 Camellia ...... 8775.0 50.0 11750.0 8600.0 Tsy 5.000 25 ...... 122.25 -0.15 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 280.2 1.0 287.8 117.5 Premier Oil ...... 117.8 16.3 117.8 65.1 Bunzl ...... 2052.0 -16.0 2551.0 1943.0 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 771.5 4.5 780.5 561.5 Tsy 4.250 27 ...... 127.69 -0.26 132.8 125.2 Vivo Energy ...... 116.4 -2.0 139.5 111.4 Royal Dutch Shell A...2290.5 -18.5 2612.0 2144.5 Capita ...... 166.1 1.7 183.0 99.9 Caretech Holdings ...... 444.0 4.0 445.0 325.0 Halma ...... 2093.0 2.0 2164.0 1385.0 BT Gp ...... 192.1 -1.2 238.9 158.9 Legal & General ...... 307.2 2.2 317.7 216.7 Watches of Switz ...... 383.8 8.4 390.0 270.0 Royal Dutch Shell B ...2299.0 -14.5 2622.0 2126.5 DCC ...... 6430.0 26.0 7496.0 6225.0 Central Asia Metals .....215.5 -0.5 266.5 180.0 Tsy 6.000 28 ...... 145.65 -0.28 152.1 143.1 Morgan Advanced ...... 310.0 -3.4 324.8 232.4 Talktalk Telecom ...... 118.5 -0.6 126.5 96.5 Phoenix Gp ...... 749.6 3.5 758.7 600.5 WH Smith...... 2608.0 20.0 2654.0 1850.0 Tullow Oil ...... 57.3 -2.2 250.0 39.9 Diploma ...... 2006.0 -2.0 2084.0 1256.0 Tsy 4.125 30 ...... 377.86 -0.91 404.2 364.2 Oxford Instruments .. 1562.0 16.0 1626.0 866.0 Telecom Plus ...... 1514.0 -2.0 1534.0 1130.0 Prudential ...... 1442.0 12.5 1790.0 1279.5 Clinigen Group ...... 919.5 -4.5 1069.0 737.5 Tsy 4.250 32...... 138.87 -0.28 146.4 132.4 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Electrocomp ...... 678.2 10.2 729.8 523.8 Renishaw ...... 3800.0 -66.0 4670.0 3232.0 FOOD & DRUG RETAILERS St James Place ...... 1151.0 4.0 1199.5 913.6 CVS Group ...... 1151.0 1.0 1160.0 395.0 Equiniti ...... 210.8 4.8 236.2 186.2 Tsy 4.250 36 ...... 146.95 -0.16 155.7 137.5 Spectris ...... 2906.0 -6.0 2962.0 2234.0 Greggs ...... 2402.0 26.0 2476.0 1459.0 Convatec ...... 202.5 4.0 202.8 118.5 Std Life Aberdeen ...... 314.4 -10.9 336.9 231.1 Hunting ...... 423.0 6.2 657.0 363.8 Essentra ...... 441.6 5.6 449.0 357.4 Dart Group ...... 1670.0 -4.0 1750.0 709.5 Tsy 4.750 38...... 161.45 -0.20 171.8 150.0 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 195.5 3.0 245.8 176.9 Mediclinic Intl ...... 401.7 -2.1 415.3 293.4 MEDIA Petrofac ...... 392.9 6.2 559.0 374.4 Experian ...... 2530.0 -6.0 2631.0 1874.5 Diversified Gas & Oil ....106.0 0.0 116.5 97.0 Tsy 4.250 46 ...... 168.51 -0.19 181.0 1.0 Ocado Gp ...... 1325.5 54.0 1435.0 861.2 NMC Health ...... 1494.5 -177.0 3000.0 1300.5 Wood Gp(J) ...... 403.7 -4.2 598.6 319.6 3i Infrastructure ...... 292.5 1.0 306.5 261.0 4imprint ...... 3340.0 -10.0 3500.0 1800.0 Ferguson ...... 6948.0 42.0 7070.0 4800.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 231.0 4.4 293.9 177.1 Smith & Neph...... 1832.5 20.5 1990.0 1405.5 PERSONAL GOODS Draper Esprit ...... 485.0 -8.0 548.0 410.0 Aberforth Smlr Cos ..1500.0 16.0 1546.0 1114.0 Ascential ...... 390.0 3.2 407.8 319.0 G4S ...... 207.2 -3.0 234.3 168.3 BAE Systems ...... 590.2 1.6 590.2 443.9 SSP Group ...... 657.0 0.0 721.0 608.0 UDG Hlthcare ...... 798.0 4.0 832.5 551.0 EMIS Group ...... 1120.0 0.0 1242.0 890.0 Alliance Trust ...... 848.0 4.0 853.0 708.0 Auto Trader Gp ...... 570.0 -7.0 607.6 441.8 Burberry Gp...... 2164.0 -24.0 2345.0 1695.0 Hays ...... 177.2 0.2 183.5 138.0 Cobham ...... 164.4 0.0 168.3 99.8 Tesco ...... 254.5 0.5 258.9 211.8 HOUSEHOLD GOODS AVI Global Trust...... 781.0 6.0 789.0 691.0 Euromny Inst Inv...... 1300.0 0.0 1498.0 1152.0 PZ Cussons ...... 206.5 0.0 227.0 178.6 Homeserve ...... 1286.0 16.0 1291.0 874.0 Fevertree Drinks ...... 1955.0 -108.0 2475.0 1732.5 Meggitt ...... 659.4 -2.4 669.8 488.0 FOOD PRODUCERS Baillie Gifford Japan ....837.0 15.0 848.0 711.0 Barratt Devel ...... 762.2 14.4 774.2 489.2 Future ...... 1420.0 -28.0 1572.0 491.0 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5708.0 -102.0 5962.0 4643.0 First Derivatives ...... 2610.0 -70.0 3555.0 2050.0 QinetiQ ...... 357.4 -7.2 367.4 267.0 Bankers InvTst ...... 1002.0 9.0 1012.0 803.0 Assoc British Foods...2672.0 57.0 2672.0 2106.0 Bellway ...... 3887.0 62.0 3888.0 2698.0 Informa ...... 853.4 1.6 892.0 644.4 AstraZeneca ...... 7645.0 22.0 7808.0 5325.0 IWG...... 441.5 8.0 441.5 218.7 Rolls-Royce ...... 668.2 -8.8 988.4 668.2 Frontier Devs ...... 1224.0 -12.0 1260.0 844.0 BlackRock Smaller .....1716.0 6.0 1726.0 1280.0 Bakkavor ...... 138.2 -2.0 170.0 93.3 Berkeley Grp Hldgs .. 4844.0 -15.0 5214.0 3437.0 ITV ...... 150.0 1.4 156.5 103.6 Dechra Pharma ...... 3002.0 84.0 3036.0 2216.0 Network Int...... 591.0 -11.0 645.0 513.0 Senior ...... 185.3 -0.9 239.2 165.7 Gamma Comms ...... 1300.0 -50.0 1390.0 762.0 BMO Global Smaller .....144.8 -1.3 150.0 127.0 Cranswick ...... 3290.0 -92.0 3464.0 2472.0 Countryside Prop ...... 462.2 1.0 474.4 277.6 Moneysupermkt.com ....337.4 2.8 417.7 281.4 Genus ...... 3154.0 -62.0 3246.0 2158.0 Pagegroup ...... 490.6 -7.2 539.0 367.8 Ultra Electronics ...... 2166.0 4.0 2252.0 1232.0 Caledonia Inv ...... 3130.0 -20.0 3180.0 2910.0 Greencore Gp ...... 258.0 -3.0 281.8 185.1 Crest Nicholson ...... 435.0 4.0 445.0 332.0 Pearson ...... 642.8 8.0 1027.5 615.0 GlaxoSmithKline ...... 1762.4 -8.0 1818.8 1436.0 Paypoint...... 1012.0 -2.0 1118.0 819.0 GB Group ...... 779.0 -21.0 800.0 420.0 AUTOMOBILES & PARTS City of London IT ...... 444.0 2.5 448.5 381.5 Hilton Food Gp ...... 1072.0 -20.0 1118.0 894.0 McCarthy & Stone...... 146.0 -1.8 158.8 123.5 RELX ...... 1893.0 -5.5 2011.0 1606.0 Hikma Pharma ...... 1882.5 -29.5 2200.0 1510.5 Rentokil Initial ...... 442.4 -10.1 467.8 329.0 Gooch & Housego ...... 1432.5 -7.5 1527.5 954.0 Edin Inv Trust ...... 626.0 0.0 652.0 535.0 Tate & Lyle ...... 763.6 -10.0 800.4 663.8 Persimmon ...... 2727.0 38.0 2826.0 1836.0 Rightmove Group ...... 634.8 -5.4 649.6 463.5 Aston Martin...... 435.0 -85.8 1374.4 399.3 REAL ESTATE Sanne Group ...... 680.0 -5.0 752.0 450.0 Hurricane Energy ...... 29.7 -0.8 53.6 29.5 TI Fluid Systems ...... 267.5 3.5 273.0 155.2 European Opp ...... 813.0 2.0 875.0 675.0 Unilever ...... 4287.5 -37.0 5324.0 3941.0 Serco ...... 159.8 0.1 165.0 110.1 Assura ...... 75.8 -0.3 79.3 53.5 Impax Asset Mgmt ...... 387.0 -4.0 394.0 184.0 BANKS F&C Investment ...... 764.0 6.0 778.0 655.0 FORESTRY & PAPER MAIN CHANGES UK 350 SIG ...... 121.5 -0.7 153.0 99.3 Fidelity China SPE ...... 238.5 2.5 250.0 192.4 Big Yellow Gp ...... 1176.0 5.0 1200.0 881.0 Mondi ...... 1737.0 10.0 1898.0 1510.5 Travis Perkins...... 1638.5 28.0 1692.5 1114.5 Iomart Group ...... 372.5 -27.5 400.0 316.5 Barclays ...... 183.1 2.2 192.5 136.2 % % BMO Comm Prop ...... 116.8 1.4 132.0 106.0 Fidelity Euro Values .....261.0 2.0 263.5 214.0 GENERAL FINANCIAL Risers à Fallers Ä TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 48.4 -1.2 98.0 41.8 BGEO Group ...... 1568.0 -18.0 1755.0 1252.0 Fidelity Spec Val ...... 277.0 1.0 280.5 240.5 Premier Oil ...... 117.75 16.1 Aston Martin ...... 435.00 -16.5 British Land ...... 618.6 3.6 638.8 468.3 James Halstead ...... 546.0 8.0 560.0 436.0 HSBC Hldgs...... 583.4 -1.8 680.6 552.3 Finsbury G&I Tst ...... 881.0 1.0 958.0 757.0 3i Group ...... 1086.5 -2.0 1184.5 810.8 Sirius Minerals ...... 4.10 12.0 Galliford Try ...... 136.42 -16.3 Captl & Count Prop ...... 267.0 4.9 270.5 184.8 Spirent Comms ...... 226.5 -3.0 251.5 121.2 Lloyds Banking ...... 63.1 -0.1 67.2 48.6 GCP Infra Inv ...... 132.0 0.8 132.4 122.6 Ashmore Gp ...... 512.0 -5.0 542.5 367.8 Vistry Group ...... 1291.00 6.8 NMC Health ...... 1494.50 -10.6 CLS Hldgs ...... 294.0 4.0 312.5 212.0 TOBACCO Johnson Service Gp ....208.0 -2.0 210.0 122.0 Helios Towers ...... 152.80 5.6 Finablr ...... 154.50 -5.8 Royal Bank of Scot ...... 240.6 0.6 270.4 177.7 Genesis Emerging ...... 794.0 6.0 805.0 650.0 Brewin Dolphin ...... 372.8 2.8 375.2 287.6 Daejan Hldgs ...... 5460.0 40.0 6160.0 4715.0 Br Am Tob ...... 3406.0 56.0 3406.0 2375.0 Keywords Studios ...... 1471.0 -46.0 1838.0 900.0 Plus500 ...... 898.80 4.5 Tullow Oil ...... 57.30 -3.7 Standard Chartered .....701.6 -5.4 738.6 575.7 Greencoat UK ...... 150.8 -1.2 152.8 127.6 Close Brothers ...... 1625.0 12.0 1663.0 1227.0 Derwent London ...... 3972.0 -2.0 4010.0 2884.0 Imperial Brands ...... 1947.2 36.2 2713.5 1668.2 Ocado Gp ...... 1325.50 4.2 IP Group ...... 70.70 -3.4 Learning Tech Gp ...... 132.8 -3.0 143.0 62.2 TBC Bank Group...... 1256.0 4.0 1706.0 1150.0 Harbourvest Glb ...... 1832.0 28.0 1832.0 1384.0 Coats Group ...... 73.2 -0.3 91.3 68.1 Grainger ...... 311.8 -1.4 315.6 214.8 Kingfisher...... 228.00 3.8 Std Life Aberdeen ...... 314.40 -3.4 TRAVEL & LEISURE Virgin Money UK ...... 180.8 -3.5 220.1 104.4 Finablr ...... 154.5 -9.5 215.0 140.2 Grt Portland Est ...... 859.6 5.2 871.0 649.4 M&C Saatchi ...... 105.0 -11.0 394.0 79.0 Herald Inv Trust ...... 1470.0 2.0 1514.0 1150.0 Hammerson ...... 301.00 3.2 Dominos Pizza ...... 312.20 -3.2 Hargreaves Lans...... 1872.0 0.0 2433.0 1633.0 Hammerson ...... 301.0 9.4 388.4 203.9 Carnival ...... 3466.0 -15.0 4430.0 3056.0 BEVERAGES HICL Infr ...... 172.4 1.6 174.0 156.6 Babcock Intl Grp ...... 646.60 2.9 Man Group ...... 154.15 -2.9 M.P. Evans ...... 720.0 10.0 750.0 612.0 Land Securities...... 993.2 10.2 1001.5 735.4 Cineworld Group ...... 221.4 1.3 321.0 191.0 JPM American ...... 485.0 4.0 494.5 409.0 IG Gp...... 690.6 3.4 708.0 474.8 Dechra Pharma ...... 3002.00 2.9 Cranswick ...... 3290.00 -2.7 Majestic Wine ...... 221.5 -0.5 318.0 213.0 Barr (AG) ...... 580.0 9.0 975.0 540.0 Compass Gp ...... 1861.0 2.0 2138.0 1583.0 JPM Emerg Mkt ...... 1052.0 2.0 1072.0 861.0 Integrafin Holdings ...... 437.0 -8.5 462.0 315.0 LondonMetric Prop ...... 231.4 0.4 241.2 175.1 Britvic ...... 887.5 -15.0 1068.0 839.5 Dominos Pizza ...... 312.2 -10.4 326.4 221.2 Midwich Group ...... 542.0 10.0 633.0 474.5 JPM Indian IT ...... 732.0 8.0 790.0 633.0 Intermediate Capital 1609.0 6.0 1642.0 971.5 Reckitt Benckiser ...... 6138.0 -18.0 6688.0 5593.0 WPP ...... 1071.0 7.0 1077.5 800.4 NewRiver Retail ...... 201.0 3.8 246.0 147.6 Coca-Cola HBC AG .....2620.0 -8.0 3074.0 2299.0 easyJet ...... 1370.0 17.0 1501.0 854.8 Mortgage Advice B ...... 775.0 0.0 795.0 546.0 JPM Japan IT ...... 465.0 6.0 477.5 368.0 Intl Public Prtnshps .....171.0 0.2 171.0 146.8 Redrow...... 769.0 10.0 769.0 531.5 MINING Primary Hlth Prop ...... 159.0 1.2 160.0 112.0 Diageo ...... 3184.5 1.0 3625.5 2701.0 Investec ...... 439.3 1.0 518.6 395.3 Safestore Hldgs ...... 789.0 -10.0 817.5 527.5 EI Group ...... 284.0 -0.2 285.0 194.0 Jupiter Fund Mngt ...... 406.5 3.5 432.0 304.5 Taylor Wimpey ...... 194.4 1.0 201.2 142.9 Anglo American ...... 2160.0 15.0 2266.0 1666.6 Next Fifteen Comm .....540.0 -2.0 658.0 465.0 CHEMICALS IP Group ...... 70.7 -2.5 112.4 55.7 Savills ...... 1139.0 5.0 1175.0 728.0 FirstGroup ...... 122.2 -0.8 137.5 89.0 Law Debenture ...... 644.0 6.0 654.0 552.0 Vistry Group ...... 1291.0 82.0 1399.0 909.0 Antofagasta ...... 922.0 13.2 1022.5 779.6 Nichols...... 1440.0 0.0 1880.0 1410.0 John Laing Gp ...... 380.4 -1.6 402.0 339.0 SEGRO ...... 883.4 -7.6 900.0 614.0 Flutter Ent...... 9454.0 88.0 9456.0 5525.0 Croda International .5090.0 -5.0 5375.0 4564.0 Mercantile IT ...... 257.5 -0.5 267.5 184.6 INDUSTRIAL ENGINEERING BHP Group ...... 1784.8 9.6 2049.0 1563.0 London Stock Exch ....7440.0 -60.0 7760.0 4198.0 Shaftesbury ...... 940.0 -5.0 979.5 739.5 Go-Ahead Gp ...... 2140.0 4.0 2278.0 1617.0 Numis Corporation ...... 300.0 -2.5 306.0 212.0 Elementis...... 178.6 0.3 197.9 129.8 Monks Inv Tst ...... 965.0 11.0 971.0 768.0 Centamin ...... 122.8 0.0 152.3 79.8 Man Group ...... 154.2 -4.6 175.2 130.5 Bodycote ...... 928.0 -12.0 971.0 652.0 St Modwen Props ...... 497.5 -6.5 510.0 373.0 GVC Hldgs ...... 920.0 14.0 920.0 507.5 Polar Capital Hdgs ...... 570.0 8.0 604.0 450.0 Johnson Matt...... 2935.0 -1.0 3454.0 2770.0 Murray Intl Tst ...... 1244.0 6.0 1286.0 1114.0 Fresnillo ...... 656.0 -5.0 1027.5 539.6 Onesavings ...... 423.0 -4.4 452.0 313.6 Hill & Smith ...... 1484.0 24.0 1510.0 1049.0 TR Property IT ...... 483.5 1.5 491.5 377.0 Intercontl Htls ...... 5074.0 -14.0 5738.0 4257.5 Synthomer ...... 345.0 -1.4 420.8 279.0 Next Energy Solar ...... 126.5 0.0 126.5 112.0 Glencore ...... 237.0 0.7 340.3 216.9 Purplebricks Gp ...... 122.6 -3.4 132.0 96.0 Paragon...... 524.5 7.0 553.5 388.0 IMI ...... 1167.0 -13.0 1206.0 906.0 Tritax Big Box ...... 145.8 0.2 159.7 135.2 Intl Cons Airl...... 617.0 7.0 667.6 413.5 Victrex ...... 2520.0 18.0 2540.0 1845.0 Pantheon Intl Partn ..2545.0 -20.0 2620.0 1985.0 Hochschild Mining ...... 168.1 -4.5 227.0 152.0 Redde...... 106.8 -0.6 127.6 100.6 Plus500 ...... 898.8 39.0 1647.0 495.0 Melrose Ind ...... 238.6 0.2 242.3 156.8 UK Commercial Prop .....88.7 0.9 92.7 79.9 Marstons ...... 125.0 -0.7 131.4 93.3 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...335.0 2.5 342.0 284.5 Kaz Minerals ...... 532.6 6.2 738.4 380.3 Provident Fin ...... 440.0 -3.9 658.6 356.0 RHI Magnesita ...... 3732.0 20.0 5000.0 3420.0 Unite Group ...... 1241.0 0.0 1261.0 842.5 Mitchells & Butlers ...... 439.5 -3.5 470.5 238.0 Renew Holdings...... 520.0 -10.0 568.0 358.0 Pershing Square ...... 1480.0 16.0 1570.0 1102.0 Polymet Int...... 1207.0 -14.5 1272.0 772.6 Balfour Beatty ...... 255.6 -3.4 295.0 194.2 Quilter ...... 166.3 3.1 166.3 119.9 Rotork ...... 335.0 0.9 341.2 260.7 Workspace Gp ...... 1176.0 1.0 1198.0 806.0 National Express ...... 465.0 3.2 476.0 379.0 RWS Holdings ...... 612.0 -9.0 670.0 450.0 Personal Assets Tst 42750.0 50.0 43150 39000 Rio Tinto ...... 4440.0 10.0 4976.5 3761.5 CRH ...... 3031.0 8.0 3100.0 2169.0 Rathbone Brothers .....2145.0 30.0 2540.0 2045.0 Spirax-Sarco...... 8950.0 -10.0 9400.0 6240.0 SOFTWARE & COMPUTER SERVICES PPHE Hotel Gp ...... 1900.0 -10.0 1990.0 1630.0 Polar Cap Tech Tst ...... 1610.0 14.0 1622.0 1136.0 Sirius Minerals...... 4.1 0.4 24.3 2.9 Scapa Group ...... 253.5 7.5 403.0 157.0 Galliford Try...... 136.4 -26.6 177.2 102.4 Schroders ...... 3266.0 7.0 3419.0 2541.0 Weir Gp ...... 1506.0 1.0 1814.0 1261.5 Rank Gp ...... 275.0 0.0 280.0 144.0 Renewables Infra Gp ...136.6 -1.0 139.2 115.4 MOBILE TELECOMMUNICATIONS Avast...... 472.4 -1.6 474.6 276.0 Secure Income REIT .. 452.0 5.0 454.0 384.0 Grafton Group...... 895.0 13.5 937.0 645.5 TP ICAP ...... 410.0 0.5 417.5 270.0 Restaurant Grp ...... 162.6 -0.3 166.4 111.9 RIT Cap Partners ...... 2100.0 0.0 2180.0 1944.0 INDUSTRIAL METALS Aveva Gp...... 4724.0 48.0 4724.0 2558.0 Ibstock ...... 317.8 -0.2 322.0 208.6 Vodafone Gp ...... 146.7 -0.4 165.2 123.3 Stagecoach Gp...... 161.0 1.2 167.0 115.5 Serica Energy...... 129.0 -1.8 143.4 103.6 Schroder Asia ...... 459.0 6.5 476.5 408.0 GENERAL RETAILERS Computacenter...... 1781.0 -2.0 1829.0 1008.0 Marshalls ...... 848.0 -2.5 876.0 492.6 Evraz ...... 393.1 6.1 709.4 341.4 Wetherspoon (JD) ..... 1626.0 -18.0 1734.0 1177.0 Scottish Inv Tst ...... 833.0 2.0 843.0 769.0 B&M ...... 405.0 1.6 420.9 308.9 NONLIFE INSURANCE FDM Group...... 1048.0 -2.0 1100.0 647.0 Smart Metering Sys.... 555.0 9.0 665.0 310.0 Polypipe Group ...... 534.0 -1.0 546.5 361.6 Ferrexpo ...... 158.6 0.4 301.3 123.0 Whitbread ...... 4795.0 -7.0 5152.0 3988.0 Scottish Mortgage ...... 587.0 6.0 588.0 465.7 Dixons Carphone ...... 139.8 2.0 150.0 104.9 Admiral Gp ...... 2289.0 8.0 2317.0 2014.0 Kainos Gp ...... 750.0 -2.0 786.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION William Hill ...... 187.3 2.2 205.2 132.3 Sequoia Econ Infra ...... 118.0 1.0 118.0 110.0 Dunelm Gp...... 1134.0 -5.0 1173.0 675.0 Beazley ...... 546.0 -0.5 628.0 492.6 Micro Focus Intl ...... 1102.8 11.2 2160.0 1004.0 Wizz Air Holdings ...... 3836.0 52.0 4013.0 2880.0 Thorpe (F.W.) ...... 352.0 6.0 359.0 248.5 Smith (DS) ...... 383.1 1.4 394.8 307.9 Smithson Inv ...... 1310.0 6.0 1334.0 1013.0 Frasers Group ...... 480.2 10.4 480.2 214.0 Clarkson ...... 2955.0 20.0 3030.0 2200.0 Direct Line Ins ...... 314.0 -0.8 366.5 270.5 Playtech ...... 404.1 7.5 457.7 360.5 Watkin Jones ...... 244.0 0.0 247.5 199.6 Smiths Gp...... 1720.0 21.0 1726.0 1378.0 Syncona ...... 219.0 -2.0 294.0 203.0 Howden Joinery Gp.....666.0 6.0 685.8 465.5 Fisher (James) ...... 2000.0 28.0 2260.0 1790.0 Hastings Gp Hldgs ...... 183.4 1.4 231.6 167.9 Sage Group ...... 735.2 -1.0 820.4 592.0 AIM 50 Smurfit Kappa Gp...... 2894.0 24.0 2966.0 2096.0 Temple Bar IT ...... 1452.0 -2.0 1486.0 1162.0 Inchcape...... 720.0 10.0 720.0 545.5 Royal Mail ...... 224.5 2.4 304.3 188.4 Hiscox ...... 1384.0 0.0 1777.0 1213.0 Softcat ...... 1173.0 19.0 1198.0 662.0 Abcam ...... 1341.0 4.0 1500.0 1066.0 Young’s Brew NV ...... 1275.0 -15.0 1310.0 1030.0 Vesuvius...... 495.2 -1.8 642.0 341.0 Templeton Em Mkts ....842.0 4.0 856.0 710.0 JD Sports Fashion ...... 816.8 0.4 844.2 387.2 Signature Avi ...... 324.9 0.0 406.0 283.2 RSA Ins Gp ...... 564.8 3.8 597.0 501.6 Sophos ...... 562.8 4.8 577.0 298.2 Advanced Medical ...... 302.0 -5.5 354.5 225.0 Young’s Brew-A...... 1637.5 -22.5 1885.0 1475.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 294.75 5.10 296.35 193.85 3M ...... 177.90 -0.72 219.50 150.74 AIR LIQUIDE ...... 124.90 -0.55 130.80 102.40 ABBOTT LABORATORIES ...... 85.86 -0.48 88.74 68.27 ALLIANZ AG ...... 218.20 0.50 223.80 177.14 ADOBE INC ...... 333.39 -0.32 334.43 234.56 AMADEUS IT GROUP ...... 73.28 0.68 73.70 42.30 ALPHABET NON VTG-C ...... 1393.34 -0.87 1394.21 1036.23 ALPHABET-A ...... 1395.11 -2.70 1397.81 1116.79 ANHEUSER BUSCH INBEV ...... 74.06 -0.21 92.71 60.78 AMAZON.COM ...... 1906.86 3.98 2020.99 1588.22 ASML HOLDING NV ...... 268.40 5.30 269.40 137.50 AMERICAN EXPRESS ...... 123.41 -0.65 128.57 97.99 AXA ...... 25.29 0.15 25.47 19.35 APPLE INC ...... 298.39 -1.41 300.35 150.00 BANCO SANTANDER ...... 319.15 -9.35 402.00 295.05 AT&T ...... 39.25 0.15 39.63 29.37 BASF...... 66.30 0.03 74.49 56.20 BANK OF AMERICA ...... 34.62 -0.23 35.64 25.73 BAYER AG...... 72.13 0.39 73.60 52.53 BERKSHIRE HATHAWAY...... 225.92 -1.07 228.39 195.78 BMW ...... 74.22 1.17 77.75 58.70 BOEING CO ...... 337.28 3.54 432.69 320.42 BNP PARIBAS ...... 52.66 -0.02 53.58 39.32 CATERPILLAR INC ...... 146.38 -1.96 150.53 113.38 CRH ...... 3031.00 8.00 3100.00 2169.00 CHEVRON ...... 119.06 -1.54 126.54 111.39 CISCO SYSTEMS ...... 47.49 -0.31 58.05 43.21 DAIMLER ...... 49.20 0.39 59.31 40.53 CITIGROUP ...... 78.76 -0.69 81.23 56.38 DANONE ...... 74.06 -0.70 82.00 61.47 COCA-COLA CO ...... 54.25 -0.42 55.77 44.69 DEUTSCHE POST AG ...... 33.92 0.29 34.91 24.91 COMCAST ...... 44.93 0.26 46.97 34.97 DEUTSCHE TELEKOM ...... 14.61 0.03 16.25 14.10 DOW ...... 52.19 -0.02 66.65 40.71 ENEL ...... 7.23 0.00 7.23 5.10 EBAY INC ...... 35.62 -0.16 41.57 30.21 ENGIE...... 14.89 0.18 15.12 12.45 EXXON MOBIL ...... 70.29 -0.58 83.38 66.70 ENI ...... 14.32 0.00 15.94 13.04 FACEBOOK ...... 213.06 0.46 212.60 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 235.49 1.54 234.32 176.00 FRESENIUS MEDICAL CARE ...... 65.10 0.08 76.32 57.92 HOME DEPOT INC ...... 218.52 -1.44 238.85 174.87 HONEYWELL INTERNATIONAL ...... 177.61 0.10 182.01 135.72 IBERDROLA ...... 8.95 -0.18 9.54 6.02 IBM ...... 134.19 0.09 151.36 120.39 INDITEX ...... 31.93 0.40 32.37 2.55 INTEL ...... 58.93 -1.00 60.84 43.46 ING GROEP NV...... 10.92 0.06 12.05 8.34 JOHNSON & JOHNSON ...... 144.98 0.88 146.44 126.95 INTESA SANPAOLO...... 2.34 0.01 2.41 1.83 JPMORGAN CHASE & CO ...... 135.88 -2.35 141.09 98.93 KERING ...... 596.30 5.50 600.90 394.30 MASTERCARD INC ...... 300.21 -1.02 303.39 195.43 KON KPN NV ...... 2.64 0.00 2.96 2.47 MCDONALD’S ...... 202.63 0.30 221.15 173.97 L’OREAL ...... 259.60 -3.40 266.10 195.25 MEDTRONIC ...... 114.49 -0.40 114.89 84.15 LVMH MOET HENNESSY ...... 416.00 0.85 419.15 246.55 MERCK & CO ...... 89.20 -2.44 92.04 72.92 MUENCHENER RUECKVE ...... 264.50 1.80 267.30 187.65 COMMODITIES TOURIST RATES MICROSOFT ...... 157.58 -1.45 160.62 102.05 NETFLIX ...... 330.75 -5.08 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1570.46 -1.94 Copper Cash Official...... 6097.25 +21.25 Canada ...... 1.63 New Zealand ...... 1.85 NIKE INC ...... 101.78 -0.05 102.20 76.04 ORANGE ...... 13.20 0.01 15.01 13.12 Silver (Pence) ...... 1844.00 +23.00 Aluminium Cash Official ...... 1790.50 +33.00 Croatia ...... 7.94 Norway...... 10.85 ORACLE ...... 54.16 0.12 60.15 47.78 ROYAL PHILIPS ...... 43.77 0.24 44.34 30.20 Silver (Cents) ...... 1402.00 +7.00 Nickel Cash Official ...... 13790.00 +52.50 Czech Republic ...... 26.93 Poland ...... 4.52 PAYPAL HOLDINGS ...... 109.67 -0.50 121.30 96.64 SAFRAN ...... 137.70 1.25 149.90 105.55 Krugerrand ...... 1585.85 -5.33 Aluminium Alloy Cash Official ...... 1335.00 +10.00 Denmark ...... 8.25 Singapore ...... 1.67 PEPSICO ...... 134.01 -2.14 140.28 118.61 SANOFI ...... 91.03 -0.32 91.35 72.24 Brent Crude ...... 68.91 +0.31 Natural Gas ...... 31.18 -1.89 Hong Kong ...... 9.67 Sweden ...... 11.63 PFIZER INC ...... 38.75 -0.13 44.40 34.24 SAP SE ...... 120.10 0.54 124.72 88.07 Platinum ...... 983.00 u/c Tin Cash Official ...... 16867.50 +130.00 Iceland ...... 146.27 Switzerland ...... 1.21 PROCTER & GAMBLE ...... 121.99 -0.76 126.09 90.44 SCHNEIDER ELECTRIC ...... 92.32 -0.38 93.74 58.20 British Sovereign ...... 370.10 -1.22 Zinc Cash Official ...... 2334.00 +51.00 India ...... 82.38 Turkey ...... 7.50 TRAVELERS COMPANIES ...... 135.16 -2.01 154.83 118.68 SIEMENS AG ...... 116.56 0.74 119.90 85.00 Lead Cash Official ...... 1899.00 +9.75 White Sugar ...... 364.70 +7.50 Israel ...... 4.26 United States ...... 1.26 TWITTER ...... 32.54 0.90 45.42 28.89 SOCIETE GENERALE...... 31.46 0.38 31.66 21.13 UNITED HEALTH GROUP ...... 289.79 -1.76 295.97 215.26 UNITED TECHNOLOGIES ...... 153.19 -0.49 153.68 109.32 TELEFONICA SA ...... 6.25 -0.10 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.60 -0.67 62.07 53.28 TOTAL ...... 50.11 -0.33 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 188.69 -0.50 191.12 168.86 UNILEVER NV ...... 50.51 -0.45 57.56 46.03 FTSE 100...... 7573.85 -1.49 -0.02 S&P 500...... 3237.18 -9.10 -0.28 CAC 40 ...... 6012.35 -1.24 -0.02 Hang Seng ...... 28322.06 +95.87 +0.34 WALGREENS BOOTS ALLIANCE...... 59.29 -0.30 76.05 49.29 VINCI ...... 98.04 -0.68 102.40 72.90 FTSE 250 ...... 21832.68 +72.15 +0.33 Dow Jones I.A ...... 28583.68 -119.70 -0.42 Swiss Market Index ...... 10686.80 +21.39 +0.20 Nikkei ...... 23575.72 +370.86 +1.60 WALMART ...... 116.56 -1.09 121.28 93.86 VIVENDI ...... 25.85 -0.03 26.42 21.49 FTSE All-Share ...... 4209.34 +2.41 +0.06 Nasdaq Composite ...... 9068.58 -2.88 -0.03 ISEQ Overall Index ...... 7246.53 +35.89 +0.50 STI Index ...... 3247.86 +29.00 +0.90 WALT DISNEY CO ...... 145.70 0.05 151.64 107.79 VOLKSWAGEN AG ...... 176.06 -0.56 183.46 138.16 FTSE AIM All-Share...... 957.93 -2.75 -0.29 Xetra DAX...... 13226.83 +99.84 +0.76 FTSEurofirst 300...... 1632.69 +3.15 +0.19 ASX All Ordinaries...... 6943.60 +86.20 +1.26 WELLS FARGO & CO ...... 52.66 -0.44 54.46 43.38 CITYAM.COM WEDNESDAY 8 JANUARY 2020 FEATURE 23 OFFICE POLITICS Fancy a pay rise? Here’s how to get one

beyond your job role, and you can Asking for a raise can be daunting, but make your case effectively, then take the leap at the start of the year and these four tips will maximise your chances proactively approach your manager. ANUARY is one of the busiest Andrew BE PREPARED FOR A ‘NO’ hiring months of the year, as Of course, you should always prepare many people re-evaluate their Hunter yourself for a “no”. There are lots of career options over the holiday TIME FOR A reasons why businesses cannot give period. Perhaps you enjoy your BUDGET? pay rises; sometimes they don’t have Jcurrent job and don’t want to leave it, the funds, or it may be unfair to other but would quite like a pay rise. If you Yolt employees. believe that you’re working above Free If this is the case, try to avoid feeling your pay grade and are consistently disheartened. Instead, take the oppor- producing good results, then the new After the winter tunity to gather valuable feedback on year is a good time to ask for one. you’re deserving of a pay rise. excess and with your performance from your em- Of course, asking for a raise can be Also, try using online tools like Value the long January ployer, and don’t be afraid to ask daunting — there’s the risk of rejec- My CV to get an instant salary estimate weeks ahead, when a pay rise may be feasible. tion and disappointment, or the fear based on your skills and the market av- your wallet While you have the time with your of appearing greedy and ungrateful. erage, which can give you leverage might be feeling manager, it may also be worth look- If you’re unsure of how to approach when approaching salary negotiations. a little light. If ing into other benefits that your com- the situation, here are four tips to you don’t secure pany may offer beyond monetary maximise your chances of securing a MAKE YOURSELF STAND OUT that new year rewards if a pay rise isn’t possible better pay packet. There are always ways that you can in- If a pay rise that 24 per cent of job specifications pay rise, you right now. Review perks such as crease your “value” in any organisa- isn’t possible, it ask for communication skills, but might need to health schemes that you could bene- EVALUATE YOURSELF tion. Seize the opportunity to take up may be worth only 17 per cent of Brits list this skill set a budget. Yolt fit from, or negotiate flexible working A good starting point is to evaluate any onsite training that may be avail- looking into on their CV. So it’s a good idea to em- uses open hours. Being able to approach your your performance against your main able, or take on new projects to build other benefits phasise your proficiency in these banking to track boss with an open mind demonstrates roles and responsibilities. Are there your experience. that your areas when asking your employer to your bank that you are willing to work with the any areas in which you have excelled Doing so will look positive in the company offers increase your wage. accounts and company, to find a happy medium that you can really shout about? eyes of your employer and help ex- credit cards, so where both parties are happy. You should be prepared to share spe- pand your skillset to stand out from TIMING IS EVERYTHING that you monitor Hopefully these tips will help you cific examples of your work and how the crowd. Many organisations will have perform- your bills and pluck up the courage to ask for that they have positively benefited the Also, employers are increasingly ance reviews for employees, but while stay in control of raise. And remember, if you don’t get business. Demonstrate where you looking for their staff to have good this may seem like the perfect window your spending. what you want, you can always apply have had success and gone above and “soft skills”, such as communication, of opportunity to ask for a pay rise, for a job elsewhere. beyond your job role in order to show problem-solving, and negotiation. In don’t limit yourself to this time frame. your boss all of the reasons that fact, recent data from Adzuna shows If you believe that you go above and £ Andrew Hunter is co-founder of Adzuna.

CITYAM.COM WEDNESDAY 8 JANUARY 2020 FEATURE 25 PERSONAL FINANCE

CALL TO

ACTION Charlotte Ransom sets three goals for the wealth management industry in 2020

HE YEAR ahead has the charges, but interpreted the rules in a that they are being charged and the more effective regulatory and consider the potential inadequacies of potential to be a defining one variety of ways”. Now two years on from impact of these on their wealth. supervisory regime that eradicates their services for a different audience. for the wealth management the introduction of Mifid II, clients conflicts of interest and avoids the Having predominantly catered to a industry, following a difficult continually show us third-party reports TIGHTENING UP REGULATORY creation of another Woodford or GAM- historically male audience, wealth T OVERSIGHT 12 months that have seen which have complied with the letter of style scenario, that have once again left managers and their services have client confidence rocked by a number of the law, but not the spirit. Confronting the issues which led to the investors exposed and out of pocket. evolved over the years in a way which is high-profile issues. Obscure fees mean that many most recent scandals involving the asset Part of this falls to the FCA. Fund often unappealing to women. Whether it’s the suitability of investors are in the dark when it comes management firm GAM and fund labelling must improve, with managers With women set to make up a growing investment products, exorbitant and to understanding exactly what they’re manager Neil Woodford will be key to being held to the original premise of share of the industry’s client base, opaque fees, or the need to build a paying for and how much they’re being setting the right tone for 2020. their funds, ensuring too that the lines wealth managers will need to evolve better and more inclusive dialogue with charged. Even more worrying is the An industry which hides behind its between liquid and illiquid securities and develop their propositions to appeal clients, some of the sector’s more lack of understanding around the own failings is unlikely to breed trust cannot be manipulated or blurred. to female investors. To do this outdated practices have been put firmly corrosive effect that these costs have among investors who are already The marketing of funds, both direct successfully will require a cultural under the spotlight. on their investments. struggling with the uncertainties of and via platforms or third parties, must overhaul and an approach that So looking ahead to the next 12 Fees are one of the biggest factors in more challenging market conditions. also be more closely monitored, with understands women as individual months, what can be done differently to determining the long-term net returns of But on their own, greater transparency clear consequences for when behaviours investors, while recognising how their help drive positive and necessary an investment portfolio, yet it’s close to and lower charges are not enough; this are influenced by commercial incentives financial journeys and needs can differ industry change? impossible for investors to calculate shift must also be accompanied by a that can so easily result in consumers to those of their male counterparts. their impact without a clear breakdown. being misdirected. Last year was a testing time for wealth LOWER AND MORE Why is this still the case? Consumers management clients, and future TRANSPARENT CHARGES have become accustomed to comparing CATER TO THE WHOLE investment returns are likely to be It is no secret that the traditional wealth the cost of their insurance or energy POTENTIAL CLIENT BASE muted. So 2020 presents an opportunity management industry has high costs, bills, which has increased competition, While there is much to do from a cost for the industry to deliver on what it is often accompanied by a lack of helped empower users to make more The sector’s more and regulatory perspective, there is a meant to do: provide value to clients by transparency. informed decisions, and encouraged third imperative for the wealth managing their wealth in a way which is Despite the introduction of the sensible switching behaviours. outdated practices management industry: correct the inclusive, transparent, and most likely to Markets in Financial Instruments While the wealth management service to cater better for women. provide net returns that are consistent Directive (Mifid) II in January 2018, the industry cannot be directly compared to have been put Female millionaires are set to overtake with their individual financial goals. Financial Conduct Authority (FCA) has a utility, there is nothing to stop wealth their male counterparts this year. Yet found that “firms knew about their managers from making it simpler for firmly under despite a clear and steady demographic £ Charlotte Ransom is chief executive obligations for disclosing costs and clients to understand the all-in costs the spotlight shift, the industry has been slow to of Netwealth. 26 LIFE&STYLE WEDNESDAY 8 JANUARY 2020 CITYAM.COM

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WHY A BUDDY HELPS YOU KEEP YOUR RESOLUTIONS

YOU CAN LIFT MORE team mates for a Grid Training class, different Virgin Active clubs – not for your goals and plan your journey to- Your new year In purely practical terms, a partner you can’t let them down. Remember, the faint hearted but loads of fun. gether. When you hit a milestone, can help “spot” you when you’re at- consistency is the key to hitting your there’s nothing better than celebrat- promises don’t tempting a heavy lift. Incorporating a goals. THEY KNOW YOUR PAIN ing with the people who helped you heavy-ish lifting day into your routine The people you work out with can cel- on the way. have to end in is good for building strength, but exe- YOU WILL WORK HARDER ebrate your success with a real under- £ Grid Training launches across Virgin cuting these lifts requires confidence, Having a workout buddy to motivate standing of where you came from and Active studios from January 2020. For disappointment, which a team can provide. If you’re you when you are at that point of fa- the struggle involved to get there. Sur- more information go to virginactive.co.uk; just starting out, having a partner to tigue can boost your performance sig- rounding yourself with like-minded City A.M. Club members enjoy 10 per cent says Virgin Active keep an eye out when you’re lifting nificantly. During the Grid Training people is great for your physical and off monthly fees and a joining fee waiver heavy weights is also sensible from a classes, you have a dedicated team mental wellbeing – you can talk about at Virgin Active. master trainer safety point of view. And even better: member spurring you on and count- Paolo Gimenez knowing someone is watching will ing down every move to help take the help you get that extra rep or last inch pain away. Even if you aren’t naturally of a squat. Sometimes we all need a competitive, working out with some- bit of emotional and physical support. one else puts you in a mindset of not his is the time of year people wanting to quit before the other per- make their resolutions. Un- YOU’RE HELD ACCOUNTABLE son. Whatever the situation or compe- fortunately, the time they Some days, you just don’t want to ex- tition, no one likes to be the first abandon them tends to be a ercise. Most of the time, this is your person out of the task. Hitting a group couple of weeks from now. body saying ‘I’m too lazy to workout’, exercise class together will help you ButT there’s a great way to help you which is when having a buddy to power through. RESTAURANTS stick to your new year regime, and push you can be priceless. Likewise, that’s by making your gym sessions you can be that friend for them when IT’S AN EASY DINNER DATE more enjoyable – by taking a friend. they hit a rough spot. You’re less likely Your new fitness regime should also LIFESTYLE Let me explain why... to bail on your workouts when you come with a clean eating plan. Your know you’re leaving someone in the training buddy is the easiest way to IT’S MORE FUN lurch. When you arrange to meet your get a dinner date that won’t tempt EVENTS Studies have shown that people work you into eating anything unhealthy out for double the amount of time if and undo all the good work you’ve The City A.M. Club is a new and exclusive membership programme designed they’re training with a friend or in a done in the gym. Train together in the specifically for you— London’s professionals. We have curated a program that team, compared to working out alone. gym and then celebrate with a matches your shared lifestyles with London’s favourite restaurants & brands Working out together and having a healthy meal out. each providing a totally unique experience for City A.M. Club members. From shared purpose helps ease the work- load and alleviate the occasional mo- It’s January. It’s IT’S GOOD FOR YOUR SOCIAL LIFE discounts, to added value, experiences and events—the City A.M. Club is here ments of boredom we all get from dark and wet and It’s January. It’s dark and wet and no to take you through your day, morning till night. Are you in? time to time when working out. In one wants to go to the pub. But people short: a bit of banter makes the no one wants to go do want to get back in shape, and that weights lighter. With Virgin Active’s can be a social activity. We run the Vir- new Grid Training class you work in to the pub. But gin Active Club Crawl, where teams per year teams so the squad mentality fuels people do want to take three classes together including you through the 45 minutes with Grid, Revolution (cycle) and Boxing. JOIN THE CLUB TODAY VISIT CITYAMCLUB.COM your teammates cheering you on. get back in shape. There’s also a cross club sprint to three CITYAM.COM WEDNESDAY 8 JANUARY 2020 LIFE&STYLE 27 FOOD&DRINK

used to make it every morning without fail, and she never weighed the ingredients, just threw everything together. It came out WINES OF perfect every time. TELL US ABOUT THE BEST THE WEEK MEAL YOU EVER HAD Noma was a life-changing meal for me. The Gezellig wine buyer way they break down barriers and break all the rules is amazing – the first six courses of Wieteke Teppema our meal were all eaten without cutlery. Everything they served was just so clever. picks two more I’ve also had many special meals at The River Café, and Bestia in LA really opened bottles to add to my eyes in terms of how a big restaurant your collection can operate. WHAT’S YOUR FAVOURITE DISH? 1. 2. Spaghetti pomodoro would be my death- row meal, without a doubt. If it’s made with great quality tomatoes and amazing olive oil it can be the best dish ever. It’s so simple but so delicious. I’ve had some really good versions of this in Naples – there was one with local lobster in it too. WHAT’S THE WORST THING YOU’VE EVER PUT IN YOUR MOUTH? The only food I really dislike is desiccated coconut. WHAT DO MOST PEOPLE GET WRONG WHEN COOKING? When you cook pasta, you always have to undercook it in the water and then finish it off in the sauce. The essential ingredient is WEEKLYGRILL pasta water, it brings everything together - I’m not sure that everyone knows how Chris Leach, chef founder of Manteca, on rediscovering important it is. WHAT SHOULD EVERYONE bananas and being interrupted by Ross from Friends HAVE IN THEIR KITCHEN CUPBOARD? WHO ARE YOU AND pilacca, grilled lamb neck with charred Tower burger, because they’re delicious. If I Salt, anchovies, good quality olive oil. WHAT DO YOU DO? cauliflower, Sicilian pomegranate and cooked at home I would make cacio e 1. 2018 TERRES DES DAMES, DIVA My name is Chris Leach, and I’m chef flatbread, and garganelli pasta with pig tail pepe, because it’s so easy and there’s WHAT’S THE BEST BLANC LANGUEDOC, FRANCE founder of Manteca, a new restaurant on ragu – we buy whole animals from always pasta, pepper and cheese in the THING ABOUT THE White wine from the Languedoc tends Great Marlborough Street, which I’m independent producers in the UK and look kitchen. LONDON FOOD SCENE? to be overshadowed by its bigger more opening alongside David Carter of to use every part of them. For me, it’s price point. People have this illustrious red siblings. Grenache Blanc Smokestak. We’ve just finished a residency WHAT’S THE STRANGEST idea that London is really expensive but if in particular rarely gets a chance to at 10 Heddon Street, so Manteca will be an WHAT FOOD MAKES YOU ENCOUNTER YOU’VE HAD you know where to go, there are some shine on its own, but here is a wine that evolvement of that. HAPPY AND WHY? IN YOUR RESTAURANT? great value restaurants. Some of my showcases all of its glory. A touch of My son is nearly one, and it’s so much Years ago, when I was working in the fish favourites are Silk Road in Camberwell and peach with a dash of thyme and TELL US ABOUT YOUR fun giving him new things to try, section at a restaurant, David Schwimmer Xian Impression, which both serve amazing rosemary goes hand in hand with any NEW RESTAURANT because he gets so excited. At the wandered into the kitchen and said to me Asian food at reasonable prices. Also, wintery chicken or pork stew. Manteca is all about nose-to-tail moment, my favourite food tends “I’m not really a scallop man but those there’s really good bread in London at £20, corneyandbarrow.com cooking, with hand rolled pastas to be whatever makes him the scallops are the best I’ve ever had”. It was places like Dusty Knuckle and Pavilion. and fire-cooked cuts of meat to happiest – we’re currently going so surreal seeing Ross from Friends just 2. 2015 ENRICO SANTINI, POGGIO share. I’ve travelled a lot around through a banana phase. saunter in and talk to me about scallops. YOU’RE MAYOR FOR A DAY – AL MORO BOLGHERI, TUSCANY Rome and Napoli and fell in love He was on a table with Stephen Merchant WHAT FOOD LAW WOULD A red for real red wine drinkers, this with the simplicity and conviviality YOU COME HOME DRUNK and loads of other comedians. They all YOU INTRODUCE? bottle is bold, full and spicy. It’s a rare of Italian dining culture, so AND HUNGRY – ended up coming into the kitchen and I’d put a ban on food waste. Throwing food combination of bombastic and we’re looking to capture WHAT DO YOU looking around, picking up knives and in the bin is a modern luxury, but we need elegant, like Snoop Dogg circa 1996. this at Manteca while COOK? checking out the food. to start being a lot more frugal and thrifty – Lush blackberry with a firm grip on the also keeping it really I don’t tend to come this is the year we really need to change tannins and a whisper of liquorice on up-tempo like some home drunk because WHAT’S YOUR EARLIEST people’s mindsets. the finish. The kind of wine that warms of my favourite spots of my young son, FOOD MEMORY? your cockles on a cold evening. in LA and New York. but in the past my My mum is from Tipperary in Ireland, so we £ Manteca is on 58-59 Great Marlborough £20, woodwinters.com Some highlights on go-to drunk food used to go there about six times a year, in Street, W1F 7JY; To book email the menu are pig was a kebab, or every school holiday. My earliest memory is [email protected] or go to £ For more information on head fritti with spicy a KFC Zinger my Gran making soda bread there. She mantecarestaurant.co.uk Gezellig go to gezellig.co.uk

THIS WEEK’S RECIPE: MARK HIX cold. Don’t worry – I wasn’t trying frozen blueberries or black or red £ 1 ripe pear, peeled, cored and thinly sliced to kill off the family with the currants will do the trick. FOR THE DRESSING A foolproof way to deadly variety. Chef and And don’t worry if DUCK, SHAVED £ 1/2tbls cider vinegar make sure you restaurateur you’ve already used JERUSALEM £ 2tbls rapeseed oil never waste fowl up all the festive ARTICHOKE AND leftovers (I’d be PEAR SALAD METHOD leftovers again concerned if you (SERVES 4) £ If using raw duck breasts, season, heat still have Christ- INGREDIENTS a heavy frying pan and cook for 3-4 his Christmas I eschewed the key here – with a bit of fore- mas turkey lurk- minutes with the skin side down on a the traditional turkey in thought and a little clever cooking ing at the back £ 2 medium duck medium heat then turn them and cook favour of some local Bar- you can make a bird go an awfully of the fridge to breasts or the leftovers for another 2-3 minutes and transfer to a bary ducks. I used the long way. be perfectly hon- from a roast duck plate to rest. whole bird, of course, mak- For the week’s recipe, I also est) – you can £ Salt and freshly £ Whisk the vinegar and oil together Ting a broth from the carcass, confit made use of the Jerusalem arti- make this any time ground black pepper with any juices that come out of the legs, pate with the livers, and I even chokes I grew this year, shaving you like. £ A handful or two of small duck, then season. managed to rescue enough meat them raw into the salad with If you want to add a salad leaves, washed and £ To serve, thinly slice the duck and from the carcass once it was made some sliced pears and black night- fruity element to the dried arrange on serving plates with the leaves, into stock to jelly it. shade berries, which had just salad and haven’t got any £ 2 Jerusalem artichokes, peeled and artichokes and pear and spoon over the Good old fashioned preparation is ripened when the weather turned nightshade handy (heaven forbid), very thinly sliced dressing. 28 PUNTER WEDNESDAY 8 JANUARY 2020 CITYAM.COM

What A Legend will be looking to THE PUNTER back up his HONG KONG RACING TRADER November win Wally Pyrah previews today’s card from Happy Valley What A Legend can be the Star for Valley punters

ITH Christmas festivities from the off. and new year celebrations The last time racing took place on the then delivering his challenge early in mostly uncomplimentary, having been rent handicap marks. out of the way, it’s back to ‘C’ course, eight of the nine winners the home straight. near the forefront of the betting in seven Also keep an eye out for front-running Wthe serious business of were drawn five or lower and eight of With a 9lb penalty, this looks a stiffer of his first eight races, but failing to POLYMER LUCK in the same race, who finding winners at Happy the nine winners raced up with the early test on paper, especially with the once- salute the judge. hasn’t been getting home in recent Valley in Hong Kong today. speed from the start. raced and promising Noble Man repre- The penny finally dropped back in No- races. Having had to endure a two-week Bearing those facts in mind, it’s hard senting the John Size and Joao Moreira vember following a change of tactics, He looked to be nearing his peak again break from any action at the inner-city to oppose last month’s easy track and combination, and offering stiff opposi- which saw the five-year-old ridden closer last month when just out of the money track over the holiday period, you can trip winner WHAT A LEGEND who lines- tion. to the pace from the off and then deliv- in a competitive handicap. guarantee racegoers will be flocking up in the Kingston Handicap (12.15pm) What A Legend, however, showed his ering an impressive finishing kick in the Judged on subsequent trackwork, his through the turnstiles with plenty of en- over six furlongs. well-being with an impressive trial closing stages. body condition has improved since then thusiasm and hoping for a lucky start to This progressive Australian five-year- against Group One performers over six From a similar inside draw, jockey Vin- and he could run well at attractive odds. the new year. old confirmed earlier promise when rac- furlongs on Christmas Eve, suggesting cent Ho is certain to replicate his Novem- Racing takes place on the ‘C’ track and ing at the Valley for the first time. He he has improved further. ber game plan and hopefully make an offers punters a possible shortcut to suc- bounced out of the stalls and sat just be- Another course and distance winner, uninterrupted bid for glory late on. POINTERS cess if they follow past results on the hind the leader before sprinting clear in NABOO STAR, looks capable of defying a This looks a competitive handicap on narrow course. the closing stages. penalty when he contests the Paterson paper, with the back to form Naboo Star 11.45am Happy Valley Statistics show punters should be look- With another low draw in his favour, Handicap (11.45am). Ruletheroost near his best again and Polymer Luck e/w 11.45am Happy Valley ing for horses that have a low draw and he looks set for a similar journey sitting The Caspar Fownes-trained gelding has consistent campaigner Nitro Express What A Legend 12.15pm Happy Valley race prominently or up with the pace just behind some speedy starters and been called some names in his time, both having strong chances off their cur- Nothing will get Bai Purton in Great George Handicap ORM students will be scratch- and distance form back in turning the form book upside Chefano over track and trip in signs are encouraging. F ing their heads at the Great November, when top-weight down. October. The runner-up advertised The Joao Moreira-ridden Monster George Handicap (1.45pm) over Stimulation held on by the skin of This son of Azamour got too far that form by winning a competitive Kaka looks a probable threat, nine furlongs. his teeth to beat Super Elegance, back in the early stages of that race Class 2 handicap at Sha Tin on especially if allowed to dictate the All of the 12 contestants have a with Red Elysees, Party Together and then saw no daylight down the Sunday. pace, while World Famous is better chance on their best form and and Xiang Bai Qi all in behind. home stretch behind a wall of David Ferraris has a good record than his current handicap mark. unfortunately luck is going to play With the race run at a crawl horses and finished with a tank full at the Valley this season with eight an important part in determining which then suddenly turned into a of petrol. winners and Zac Purton is an eye- POINTERS the result. sprint, the form of that race can be This six-year-old has a good record catching booking. He’s recorded two Five of these contenders renew taken with a degree of suspicion, at the Valley, having previously wins and two places from just half- Xiang Bai Qi 1.45pm Happy Valley old rivalries following their course and XIANG BAI QI is capable of beaten the John Moore-trained a-dozen rides for the stable, so the CITYAM.COM WEDNESDAY 8 JANUARY 2020 PUNTER 29

8 69852- MURRAY’S PARTNERS (35) (B) 3 43344- ORIENTAL ELITE (21) (C) (GF,G) CAUSEWAY HANDICAP (DIV I) (CLASS 3) (3) C Yip 5-8-9 ...... J Moreira 80 2.15 (3YO+) (COURSE C) (TURF) 6f 3yo plus 12 dec. HAPPY VALLEY (9) P O’Sullivan 7-9-4 ...... N Callan 75 Runs: 8 Wins: 0 Places: 2 Runs: 15 Wins: 2 Places: 3 (35) (CD,BF) (GF) 9 06610- KANBEKI MOLLY (21) (CD) (GF) 1 14423- JOYFUL UNION Going: Turf: GOOD 4 44559- BRIGHT KID (10) (B) (4) P Yiu 5-8-7 ...... M Poon(2) 77 (9) T Yung 6-9-7 ...... Z Purton: 99 (2) D Whyte 6-9-0 ...... L Hewitson 78 Runs: 7 Wins: 1 Places: 2 Runs: 8 Wins: 1 Places: 0 Runs: 18 Wins: 0 Places: 0 2 13133- SHINING ACE (13) (B) (CD) (GY,GF,G) KINGSTON HANDICAP (DIV I) (CLASS 4) 10 55030- GALA NIGHT (10) 10.45(3YO+) (COURSE C) (TURF) 6f 3yo plus 12 dec. 5 0- VITALITY FORTUNE (13) (HT) (7) J Size 5-9-5 ...... J Moreira 94 (8) John Moore 4-8-8 ...... N Callan 72 (10) L Ho 5-8-13 ...... T So(2) 50 Runs: 15 Wins: 4 Places: 6 1 80656- BREEDERS’ SKY (35) (H) Runs: 5 Wins: 0 Places: 1 Runs: 1 Wins: 0 Places: 0 3 13406- FEARLESS FIRE (21) (B) (CD) (G,GF) (3) C Chang 6-9-6 ...... K Teetan 78 11 17790- GOOD RUNNERS WAY (21) (TB) (D) (G,SW) 6 06999- HAPPY ROCKY (18) (TB) (C) (G) (10) C Fownes 6-9-3 ...... C Y Ho 91 Runs: 16 Wins: 2 Places: 0 (5) C Shum 6-8-4...... H T Mo(3) 75 (11) C Chang 9-8-12 ...... K H A Chan(10) 76 Runs: 30 Wins: 3 Places: 6 2 00700- KING PRINT (214) (B) (HY) Runs: 18 Wins: 2 Places: 3 Runs: 52 Wins: 3 Places: 8 4 34134- BALLISTIC KING (21) (CD,BF) (G) (7) C Yip 5-9-4 ...... T So(2) 78 12 /5322- EVERYONE’S ELITE (28) (B) (BF) 7 80- MERIDIAN TALENT (18) (HB) (5) J Ting 6-9-2 ...... C Schofield 91 Runs: 7 Wins: 1 Places: 0 €9,856 (12) K Man 6-8-4 ...... S De Sousa 78 1 (7) Richard Gibson 4-8-11 ...... C Schofield 71 Runs: 11 Wins: 1 Places: 3 3 SO HAPPY (B ) Runs: 2 Wins: 0 Places: 0 Runs: 8 Wins: 0 Places: 3 5 18457- SMART LEADER (18) (TB) (CD) (G) (10) K Man 5-8-13 ...... A Badel - 13 59701- LIGHTNING STEED (21) (T) (CD) (G,GF) 8 92335- CITY LEGEND (28) (B) (8) A Cruz 6-8-13 ...... K Teetan 94 Runs: 0 Wins: 0 Places: 0 (13) C Fownes 6-8-7 ...... RESERVE 77 (8) T Yung 7-8-10 ...... K Leung 79 Runs: 23 Wins: 2 Places: 5 4 0- THIS IS CHARISMA (13) (H) Runs: 20 Wins: 2 Places: 3 Runs: 22 Wins: 0 Places: 11 6 71172- VICTORIAM (28) (D) (GF,G) (1) K Lui 5-8-13 ...... C Y Ho 68 9 88053- NITRO EXPRESS (28) (TB) (CD) 14 00306- ELECTRIC LIGHTNING (13) (TB) (CD) (G,GF) (11) K Lui 5-8-13 ...... B Shinn 96 Runs: 1 Wins: 0 Places: 0 (6) D Ferraris 9-8-7 ...... K Teetan 80 (14) D Ferraris 7-8-9 ...... RESERVE 79 Runs: 5 Wins: 2 Places: 1 5 02780- VIVA COUNCIL (10) (V) (D) (G,Y,A) Runs: 34 Wins: 2 Places: 7 Runs: 34 Wins: 3 Places: 5 (12) L Ho 7-8-12 ...... M Chadwick 79 7 30007- HOME MADE (21) (TB) 10 46381- HAPPY HOUR (21) (T) (CD) (GF) :BETTING: 5/2 Murray’s Partners, 7/2 Winning Endeavour, 8 Acclaimed Light, Runs: 42 Wins: 4 Places: 8 (2) Y Tsui 5-8-12 ...... N Callan 99 (12) C Yip 6-8-5 ...... S De Sousa 80 Everyone’s Elite, 9 Flame Lily, 12 Curling Luxury, Dor Dor, 16 Faithful Trinity, Runs: 10 Wins: 0 Places: 1 6 02491- FOCUS (21) (B) (CD) (GF) Runs: 19 Wins: 1 Places: 2 Kanbeki Molly, 20 Others (5) P Yiu 5-8-11 ...... C Schofield 74 8 2- SUPERB DADDY (178) 11 66704- POLYMER LUCK (35) (B) (CD) (G) Runs: 8 Wins: 1 Places: 1 THE JANUARY CUP (GROUP 3 HANDICAP) (6) L Ho 4-8-9 ...... M Yeung - (3) J Ting 8-8-3 ...... G Van Niekerk 79 1.15 Runs: 1 Wins: 0 Places: 1 7 55956- GOOD FOR YOU (18) (B) (CD) (G,GF) (3YO+) (COURSE C) (TURF) 1m1f 3yo plus 9 dec. Runs: 35 Wins: 2 Places: 12 9 75277- NORDIC WARRIOR (28) (B) (CD) (G) (2) Y Tsui 8-8-11 ...... G Van Niekerk: 79 12 00009- MASTER ROMAN (35) 1 45138- SOUTHERN LEGEND (31) (V) (C,D) (G,GF) (3) Richard Gibson 5-8-8 ...... A Badel 93 Runs: 42 Wins: 4 Places: 10 (4) W So 5-8-2 ...... M Poon(2) 78 (1) C Fownes 8-9-7 ...... Z Purton: 126 Runs: 15 Wins: 2 Places: 3 8 09000- BRAVERY AND POWER (24) (HT) Runs: 8 Wins: 0 Places: 0 Runs: 33 Wins: 9 Places: 8 1 10 30570- THE RUNNER (13) (B ) (9) W So 5-8-10 ...... K Leung 74 13 9840- CIRCUIT NUMBER ONE (63) (HT) 2 74278- TIME WARP (31) (T) (CD) (G) (1) D Whyte 5-8-5 ...... K Leung 94 Runs: 8 Wins: 0 Places: 0 (13) A Cruz 5-8-11 ...... RESERVE 77 (5) A Cruz 7-8-13 ...... K Teetan 134 Runs: 6 Wins: 0 Places: 1 9 580- CALIFORNIA RAD (10) (T) Runs: 4 Wins: 0 Places: 0 Runs: 40 Wins: 11 Places: 8 (4) A Cruz 4-8-9 ...... T Piccone 79 11 00951- WINNING FEELING (35) (B) (CD) (G) 14 59701- LIGHTNING STEED (21) (T) (CD) (G,GF) 3 96660- EAGLE WAY (31) (TB) (CD) (G) Runs: 3 Wins: 0 Places: 0 (4) D Ferraris 5-8-4 ...... S De Sousa 93 (14) C Fownes 6-8-7 ...... RESERVE 77 (2) John Moore 8-8-8 ...... S De Sousa 134 Runs: 9 Wins: 2 Places: 0 10 897- LUCKY MISSILE (13) Runs: 20 Wins: 2 Places: 3 Runs: 37 Wins: 5 Places: 7 (6) D Hall 4-8-9 ...... Z Purton 72 12 80387- STAR MAJESTIC (24) (B) (C) (G) 4 99040- SIMPLY BRILLIANT (31) (CD) (G,GF,GY) Runs: 3 Wins: 0 Places: 0 :BETTING: 5/2 Ruletheroost, 6 Happy Hour, Naboo Star, Polymer Luck, (12) P O’Sullivan 10-8-2 ...... T So(2) 99 8 City Legend, Nitro Express, Oriental Elite, 12 Bright Kid, (6) F Lor 6-8-8 ...... A Badel 131 Runs: 43 Wins: 3 Places: 3 11 3602- SUPER ALLIANCES (28) 20 Others Runs: 25 Wins: 7 Places: 5 1 (11) J Size 4-8-9 ...... J Moreira 79 13 76326- STARLIGHT (13) (B ) (CD) (G,GY) 5 466/4- SACRED CAPITAL (66) Runs: 4 Wins: 0 Places: 2 KINGSTON HANDICAP (DIV III) (CLASS 4) (13) C Yip 8-8-9 ...... RESERVE 95

12.15 (4) J Lau (MAC) 6-8-6 ...... J Moreira 124 Runs: 47 Wins: 7 Places: 10 12 809- VIGOR CHAMP (28) (3YO+) (COURSE C) (TURF) 6f 3yo plus 12 dec. Runs: 4 Wins: 0 Places: 0 (8) T Yung 5-8-9 ...... M Yeung 71 14 41008- MAGIC SUPREME (18) (G) 1 23527- CONFUCIUS DAY (28) (TB) Runs: 3 Wins: 0 Places: 0 6 31452- HARMONY VICTORY (46) (T) (D,BF) (G,GF) (14) John Moore 5-8-11 ...... RESERVE 78 (9) C Chang 6-9-5 ...... K H A Chan(10) 77 (9) C Shum 6-8-3...... G Van Niekerk 128 Runs: 5 Wins: 1 Places: 0 13 01350- SHAMPORT (31) (T) (CD) (GF) Runs: 17 Wins: 0 Places: 4 (13) C Fownes 6-9-0 ...... RESERVE 77 Runs: 16 Wins: 4 Places: 4 (24) (CD) (GY,GF,G) :BETTING: 7/2 Joyful Union, Shining Ace, 5 Ballistic King, 7 Victoriam, 10 Others 2 40809- FANTASTIC FABIO 7 37990- INSAYSHABLE (18) (CD) (G) Runs: 21 Wins: 1 Places: 3 (4) C Yip 7-9-5 ...... K Teetan 78 CAUSEWAY HANDICAP (DIV II) (CLASS 3) 14 03/70- COURAGEOUS DRAGON (312) (TP) (7) Y Tsui 6-8-1 ...... M Chadwick 136 Runs: 41 Wins: 5 Places: 6 2.50(3YO+) (COURSE C) (TURF) 6f 3yo plus 12 dec. (14) W So 6-8-9 ...... RESERVE 74 Runs: 23 Wins: 4 Places: 9 €21,688 3 00938- JOLLY CONVERGENCE (42) (P) (CD) (G) Runs: 4 Wins: 0 Places: 1 8 45870- DOCTOR GEOFF (46) (CD) (GF,G) 1 72818- SPECIAL STARS (28) (C) (G) (1) Richard Gibson 7-9-5 ...... N Callan 76 (3) K Lui 6-8-3 ...... C Y Ho 132 (7) J Size 5-9-6 ...... J Moreira 89 :BETTING: 5/2 Super Alliances, 7/2 Focus, 5 Breeders’ Sky, 6 Lucky Missile, Runs: 46 Wins: 5 Places: 5 €51,115 : Runs: 22 Wins: 4 Places: 4 €45,000 Runs: 14 Wins: 3 Places: 2 7 Good For You, 14 King Print, So Happy, 20 Others 4 56257- CASA DE FORCA (28) (P) (GF,A) 9 13669- NOT USUAL TALENT (18) (C) (G,GF) 2 42111- AURORA PEGASUS (49) (T) (CD) (G,GF) (10) A Cruz 5-9-4 ...... M Chadwick 79 KINGSTON HANDICAP (DIV II) (CLASS 4) (8) T Yung 6-8-1 ...... M Yeung 131 (1) C Fownes 6-8-12 ...... Z Purton 94 11.15(3YO+) (COURSE C) (TURF) 6f 3yo plus 12 dec. Runs: 21 Wins: 3 Places: 3 Runs: 14 Wins: 3 Places: 4 Runs: 6 Wins: 3 Places: 1 5 64091- WHAT A LEGEND (63) (B) (CD) (G) 1 79014- LORIZ (28) (B) (CD) (G,GF) 3 398- BLOTTING PAPER (31) (HB) (3) J Ting 6-9-3 ...... C Schofield 78 2019: Simply Brilliant 5 8 2, A Badel 42/10 (F Lor), 10 ran. (6) P Yiu 5-9-7 ...... C Y Ho 75 (5) Richard Gibson 5-8-11 ...... C Schofield 83 Runs: 9 Wins: 1 Places: 2 :BETTING: 13/8 Southern Legend, 100/30 Sacred Capital, 11/2 Time Warp, Runs: 12 Wins: 2 Places: 0 15/2 Simply Brilliant, 9 Eagle Way, 14 Harmony Victory, 16 Doctor Geoff, Runs: 3 Wins: 0 Places: 1 6 80090- CEREFINO (21) (T) (C) (GF) 2 54824- HAPPY ALUMNI (21) (HT) (BF) 20 Others 4 9049- BEAUTY SPARK (35) (TB) (12) W So 7-9-0 ...... Z Purton: 79 (7) K Lui 5-9-5 ...... T Piccone 75 (3) F Lor 5-8-10 ...... K H A Chan(10) 93 Runs: 17 Wins: 1 Places: 0 GREAT GEORGE HANDICAP (CLASS 3) Runs: 7 Wins: 0 Places: 2 Runs: 4 Wins: 0 Places: 0 7 2- NOBLE MAN (13) 1.45(3YO+) (COURSE C) (TURF) 1m1f 3yo plus 12 dec. 3 68509- SHIMMER AND SHINE (38) (D) (G,A) 5 96144- BABY (13) (B) (CD) (G) (2) J Size 5-9-1 ...... J Moreira 76 1 (4) C Fownes 6-9-3 ...... C Schofield 77 1 64712- STIMULATION (13) (TB ) (CD) (G) (11) J Ting 5-8-9 ...... S De Sousa 90 : Runs: 1 Wins: 0 Places: 1 Runs: 12 Wins: 2 Places: 2 (11) A Cruz 6-9-6 ...... T Piccone: 100 Runs: 11 Wins: 1 Places: 1 8 0- CHUNGHWA JINGSHEN (21) 4 84480- HERO TIME (28) (CD) (G,GF) Runs: 23 Wins: 4 Places: 3 (5) L Ho 4-8-13 ...... T So(2) 64 6 02174- VERY RICH MAN (21) (HT) (CD) (G,GF) (3) Richard Gibson 7-9-2 ...... M Chadwick 76 2 24719- XIANG BAI QI (42) (CD) (G) (6) L Ho 8-8-9 ...... H T Mo(3) 90 Runs: 1 Wins: 0 Places: 0 Runs: 19 Wins: 2 Places: 2 (5) D Ferraris 6-9-5 ...... Z Purton 89 Runs: 31 Wins: 4 Places: 7 9 00- DRAGON BOLT (18) (B) 5 LET’S GO PARTY (T) Runs: 29 Wins: 3 Places: 5 (7) F Lor 5-8-11 ...... L Hewitson 54 7 09806- FLYING BONUS (46) (2) C Yip 5-9-0 ...... M Yeung - 3 10800- WIN WIN (24) (B) (C) (GF,G) Runs: 2 Wins: 0 Places: 0 (12) C Yip 6-8-7 ...... C Y Ho 92 Runs: 0 Wins: 0 Places: 0 (4) T Yung 5-9-1 ...... M Yeung 90 Runs: 10 Wins: 0 Places: 2 10 08806- E GENERATION (28) (D) (G) 6 2545-6 SHOUSON (7) (B) Runs: 12 Wins: 2 Places: 3 (11) K Man 5-8-10 ...... M Poon(2) 74 8 51679- MR PICASSO (13) (B) (CD) (G) (12) John Moore 5-9-0 ...... Z Purton 77 Runs: 10 Wins: 1 Places: 0 4 26762- WORLD FAMOUS (31) (B) (GF,G) (2) D Hall 8-8-7 ...... M Poon(2) 91 Runs: 15 Wins: 0 Places: 1 (6) P Yiu 4-9-1 ...... C Y Ho 100 Runs: 29 Wins: 4 Places: 4 11 32783- SHINING ON (13) (CD) (G) 7 50- PLIKCLONE (24) (H) Runs: 14 Wins: 2 Places: 2 (28) (CD) (G) (8) K Lui 7-8-9 ...... H N J Wong(3) 76 9 40000- SHANGHAI MASTER (1) D Hall 5-8-12 ...... M Poon(2) 71 Runs: 21 Wins: 1 Places: 6 5 02043- RED ELYSEES (42) (B) (D) (G) (10) K Lui 7-8-6 ...... H N J Wong(3) 92 Runs: 2 Wins: 0 Places: 0 Runs: 27 Wins: 2 Places: 3 12 70735- THE ONE (28) (B) (3) K Man 7-9-0 ...... K Teetan 90 8 80- SUCCESS ALLSTARS (28) Runs: 36 Wins: 3 Places: 10 10 22431- VICTORY POWER (13) (B) (CD) (G) (6) Y Tsui 7-8-6 ...... C Y Ho 79 (8) D Ferraris 5-8-12 ...... N Callan 51 Runs: 12 Wins: 0 Places: 1 6 25822- SUPER ELEGANCE (24) (TB) (4) D Whyte 6-8-6 ...... A Badel 89 Runs: 2 Wins: 0 Places: 0 (10) J Ting 6-9-0 ...... C Schofield 91 Runs: 22 Wins: 1 Places: 10 13 0- JOY N FUN LEGEND (21) (T) 9 00166- PLAY TO WIN (21) (HT) (CD) (G) Runs: 10 Wins: 0 Places: 3 11 08140- HAPPY WARRIOR (21) (P) (CD) (G) (13) T Yung 5-8-13 ...... RESERVE 52 (5) T Yung 6-8-11 ...... K Leung 75 Runs: 1 Wins: 0 Places: 0 7 04372- PARTY TOGETHER (21) (D) (G) (8) John Moore 7-8-4 ...... G Van Niekerk 90 Runs: 11 Wins: 1 Places: 0 (2) L Ho 5-8-13 ...... S De Sousa 94 Runs: 21 Wins: 2 Places: 6 :BETTING: 11/10 Noble Man, 6 What A Legend, 8 Confucius Day, Shining On, 10 07557- GOLDEN GLORY (35) (TB) (CD) (GF) Runs: 16 Wins: 3 Places: 3 12 80800- FAIRY TWINS (42) (T) (CD) (9) J Ting 10-8-10 ...... S De Sousa 76 10 Jolly Convergence, 12 Cerefino, The One, 16 Fantastic Fabio, 20 Others 8 08384- HAR HAR HEART (21) (C) (G,GY) (9) W So 8-8-3 ...... M Yeung 94 Runs: 33 Wins: 3 Places: 7 PATERSON HANDICAP (DIV II) (3YO+) Runs: 26 Wins: 2 Places: 6 (1) J Size 7-8-12 ...... B Shinn 97 11 44225- MASTER ALBERT (13) (TB) (D) (GF) 12.45(COURSE C) (TURF) 1m 3yo plus 12 dec. Runs: 32 Wins: 4 Places: 9 13 12267- CALIFORNIA GUNGHO (38) (TB) (D) (G) (11) W So 7-8-9 ...... K Teetan 72 1 39503- ACCLAIMED LIGHT (21) (B) (CD) (G,GF) 9 15795- OWNERS’ STAR (13) (TB) (CD) (A,G) (13) A Cruz 5-8-10 ...... RESERVE 90 Runs: 31 Wins: 1 Places: 8 Runs: 22 Wins: 2 Places: 6 (11) P O’Sullivan 8-9-7 ...... M Chadwick: 79 (8) C Shum 5-8-12 ...... A Badel 90 12 38619- I’M THE CONQUIST (13) (B) (CD) (G) Runs: 38 Wins: 3 Places: 11 Runs: 19 Wins: 3 Places: 3 14 11- MARVEL DRAGON (228) (D) (G) (10) D Whyte 6-8-4 ...... L Hewitson 75 2 31341- FLAME LILY (28) (T) (CD) (G) 10 00907- HOME WIN (31) (14) T Yung 5-8-11 ...... RESERVE - Runs: 38 Wins: 5 Places: 3 €47,326 Runs: 2 Wins: 2 Places: 0 (2) F Lor 6-9-6 ...... G Van Niekerk 76 (9) C Chang 5-8-10 ...... L Hewitson 100 13 08063- THE SHOW (18) (B) (CD) (G,GF) Runs: 21 Wins: 2 Places: 8 Runs: 6 Wins: 0 Places: 0 :BETTING: 11/8 Aurora Pegasus, 5 Baby, 6 Special Stars, 8 Others (13) C Chang 10-8-6 ...... RESERVE 76 3 55042- WINNING ENDEAVOUR (13) (D,BF) 11 69963- MONSTER KAKA (28) Runs: 50 Wins: 4 Places: 9 Happy Valley Racecourse Turf Track Starts (6) D Whyte 6-9-5 ...... K Teetan 79 (12) D Hall 6-8-7 ...... J Moreira 100 14 0907- WILLFUL (10) Runs: 24 Wins: 2 Places: 2 €41,745 Runs: 10 Wins: 0 Places: 1 1000M 2400M 2200M (14) Y Tsui 4-8-12 ...... RESERVE 59 4 0- BEAUTY ANGEL (21) (T) Runs: 4 Wins: 0 Places: 0 12 25573- GREAT TREASURE (18) (G,GY,GF) (1) A Cruz 4-9-4 ...... T Piccone 55 (7) Y Tsui 9-8-6 ...... H T Mo(3) 94 :BETTING: 4 Loriz, Shouson, 5 Happy Alumni, 7 Master Albert, 8 Hero Time, Runs: 1 Wins: 0 Places: 0 Runs: 47 Wins: 6 Places: 8 10 Golden Glory, Let’s Go Party, Play To Win, 16 I’m The Conquist, 20 Others 5 64681- DOR DOR (13) (H) (CD) (G) 13 03488- DEFINING MOMENT (10) (D) (GF) PATERSON HANDICAP (DIV I) (CLASS 4) (7) J Size 5-8-12 ...... A Badel 72 11.45 (13) C Fownes 6-8-6 ...... RESERVE 92 (3YO+) (COURSE C) (TURF) 1m 3yo plus 12 dec. Runs: 17 Wins: 1 Places: 5 Runs: 20 Wins: 1 Places: 2

6 55090- FAITHFUL TRINITY (42) (HET) (CD) (G,GF) 1 47403- RULETHEROOST (21) (P) (CD,BF) (G) 14 03893- RULE THEE (31) (CD) (G) W (9) Richard Gibson 6-8-10 ...... C Schofield 79 (5) F Lor 5-9-7 ...... Z Purton: 75 (14) P O’Sullivan 8-8-7 ...... RESERVE 95 Runs: 32 Wins: 3 Places: 1 Runs: 16 Wins: 2 Places: 3 Runs: 32 Wins: 3 Places: 5 7 91876- CURLING LUXURY (28) (CD) (G,A) 2 30061- NABOO STAR (49) (TV) (CD) (GF) BETTING: 7/2 Monster Kaka, 5 Party Together, 11/2 Xiang Bai Qi, 7 World Famous, (10) Y Tsui 8-8-9 ...... K H A Chan(10) 73 : (1) C Fownes 6-9-6 ...... C Y Ho 72 8 Stimulation, 12 Har Har Heart, Super Elegance, 16 Owners’ Star, Red Elysees, Runs: 47 Wins: 6 Places: 5 Runs: 9 Wins: 1 Places: 3 18 Great Treasure, Win Win, 20 Others Cards provided by 30 SPORT WEDNESDAY 8 JANUARY 2020 CITYAM.COM SPORT STOKES SHINES All-rounder bowls England to crucial win against South Africa to underline his star status, writes Felix Keith N THE final session on day five of an enthralling Test match with South Africa, on a well-worn but dead wicket, against the back- ground of Table Mountain and withI the away fans in full voice, Eng- land needed three wickets to secure a hugely significant victory. There were 17 remaining scheduled overs in which to dismiss the South African tail end; 102 balls in which to make good on Dominic Sibley’s maiden Test match century and all the effort which had been expended. Ben Stokes had not claimed any of the previous 17 Proteas scalps to fall. He had snaffled six catches at second slip and scored 119 valuable runs across two innings, but had toiled for 28 overs with ball in hand without re- ward. And yet Joe Root had no hesita- tion in throwing him the ball yesterday and tasking the all-rounder with wrapping up England’s first away Test win in 11 months and their first at Newlands since 1957. Stokes, after all, is the man for the big moments – any moment, in any match situation and using any of his vast array of skills. He did not quite manage to reach the heights of his two most recent su- perhuman performances – last year’s World Cup final and Headingley Ashes Test – but, with Jimmy Ander- Sam Curran had resorted to running eventful, but still suggested some- to Root at first slip, who took a bril- son struggling with a side injury and their fingers down the side of the ball, thing special might be brewing as he liant low catch. Anrich Nortje then Stuart Broad resting, everyone knew ENGLAND’S MAN hoping for an error from the bats- got up to speed. perished in similar fashion first ball, the stage was set for Stokes. As ever, he FOR ALL OCCASIONS man. Stokes, as he has done so often, It didn’t take long for him to warm with Zak Crawley completing a stun- did not disappoint. chose a different route of attack, put- up, with the second scaring the life ning slip catch at the second attempt. While it was Quinton de Kock’s Stokes’ Test match batting average ting all his effort into a spellbinding, out of Pretorius and reassuring his Kagiso Rabada survived the hat-trick sloppy shot straight to midwicket of 36.16 and 32.92 with the ball match-winning succession of 28 balls. England team-mates that Stokes was ball but Stokes was not to be denied from an innocuous Joe Denly long- don’t do him justice. Since January Tearing in on the ground where he on the brink of yet another defining for long, producing an unplayable de- hop which opened the door and An- 2016, he averages 40.38 with the so memorably struck 258 in 2016 – performance. livery which hit Philander’s glove and derson’s simple catch moments after bat and 29.20 with the ball in Test the first of his now numerous Stokes’ ability to come wide on the landed in the hands of Ollie Pope. moving to leg slip to dismiss Rassie cricket. Stokes also bucks the trend scarcely-believable efforts – he har- crease, create an inward angle, find It was a fitting finale to a wonderful van der Dussen which propped it away from home, where England nessed the noise from what increas- lift and then jag the ball away at contest, which levelled the four-match open, it was Stokes who took the op- have struggled recently, improving ingly felt like a home crowd to crank 90mph makes him a nightmare to series at 1-1 and provided a perfect ri- portunity to charge through it. his batting average to 41.17 and his up the pace and find reverse swing. face and when Vernon Philander inex- poste to the International Cricket With off-spinner Dom Bess holding plicably turned down an easy single Council’s proposal to reduce Tests to MATCH-WINNER record with the ball to 26.44 over the time same period. down the other end, Stokes set about off Bess to take the strike, Pretorius four days. “It’s why five-day cricket In the absence of any pace from the making his mark. A first over at was offered up as a sacrificial lamb. should always be around,” said Stokes. dried-out Cape Town pitch, Broad and Dwaine Pretorius was relatively un- The South African all-rounder edged “Games like these are unforgettable.” Rodgers ready to show he has retained winning habit

was all it took to become a serial more realistically, the Carabao Cup, And should they reach a major For Leicester, winning this Leicester manager winner, claiming seven major in which they host Aston Villa in the final at Wembley for the first time competition would be a success in domestic trophies and sending them first leg of their semi-final tonight. since 2000, it would seem unwise to itself, with their only major trophy picked up a taste well on their way to two more – the The football gods must be smiling write them off regardless of who in the last two decades being that treble treble – before returning to on Rodgers, who has himself they face given their domestic famous 2016 Premier League title. for trophies in England almost a year ago. been accused of having a form and the winning Winning is a habit, one that The transformation of Leicester messiah complex, with mentality that Rodgers has Rodgers has inherited from his time Scotland, writes under his stewardship has been one Leicester avoiding what instilled. with Celtic and so far successfully of the stories of this campaign, albeit felt like an inevitable The only thing transferred to the Midlands. Michael Searles overshadowed by his former club’s tie with Liverpool in The 46-year-old is now far more unstoppable charge toward a maiden the last four by virtue Rodgers’ Leicester meet experienced than the man who had F ONE accusation can be thrown Premier League title. of Jurgen Klopp Aston Villa in a Carabao one Premier League campaign under at Brendan Rodgers during his fielding a youth team Cup semi-final tonight his belt with Swansea before joining first stint in the Premier League DOMESTIC CUP GLORY against Villa in the Liverpool. it is that, while a good manager, The Foxes sit second in the table and, previous round while missing now is another To finish in the top four this he didn’t prove himself a winner. but for Liverpool’s incredible run of the first team were on trophy. season would have been an over- IAfter being sacked by Liverpool, 28 wins in 29 league games, would Club World Cup duty in A number of managers achievement for both him and following a campaign that saw him have been challenging for a second Qatar. They lost 5-0. have used the League Cup to Leicester in their first full campaign come as close as any Reds manager title in four seasons. Leicester are favourites to reach catapult their sides onto bigger together. Claiming a domestic cup since 1990 to winning the league, he While the league now appears out next month’s final, having already achievements, not least Pep would be the icing on the cake. moved north of the border to of reach, they remain in the hunt for beaten Villa 4-1 this season, where Guardiola, whose City side claimed Rodgers returned to England with practise leading a side to glory. the FA Cup following the weekend’s they would face either Manchester the last two on their way to winning pedigree. Tonight he can Two and a half seasons at Celtic 2-0 win against Wigan and, perhaps City or Manchester United. becoming English champions. take one step closer to proving that. CITYAM.COM WEDNESDAY 8 JANUARY 2020 SPORT 31

ANDERSON SUFFERS SIDE SILVA BULLET Bernardo’s rocket helps City to Cup win over United INJURY IN ENGLAND WIN SPORT DIGEST £ Jimmy Anderson is set to have a Premier League leaders Liverpool on scan on a side injury which hampered Saturday. Captain Harry Kane suffered his involvement in England’s 189-run a hamstring injury in the same match, victory over South Africa in the second while goalkeeper Hugo Lloris remains Test yesterday. Anderson bowled just sidelined with an elbow problem and two overs after lunch as Ben Stokes fullbacks Ben Davies and Danny Rose helped the visitors level the series at are also out of action. 1-1. The 37-year-old, who returned for the series after four months out with a CHELSEA’S DRINKWATER calf injury, is now a significant doubt JOINS VILLA ON LOAN for the third Test, which starts on 16 £ Chelsea midfielder Danny January in Port Elizabeth. Drinkwater has joined Aston Villa on loan until the end of the season. BRITAIN TO PLAY AUSTRALIA Drinkwater, who has made just 12 IN ATP CUP LAST EIGHT league appearances for Chelsea since £ Great Britain will play Australia in his £40m move from Leicester in 2017, the quarter-finals of the ATP Cup after spent the first half of the Premier Belgium defeated Bulgaria to send League season with Burnley. them through yesterday. Britain, who Meanwhile, Liverpool striker Rhian thrashed Moldova 3-0 in their final Brewster has joined Championship match, topped Group C thanks to side Swansea on loan for the rest of Belgium’s 2-1 comeback victory on the campaign. The 19-year-old worked Tuesday. The result means Tim with Swansea manager Steve Cooper Henman’s team are the fourth side to while playing for England Under-17s. qualify for the knockout stages and will face Australia, who have world top BLUES ACCOUNTS SHOW 30 players Nick Kyrgios and Alex de CONTE COST £26M TO SACK Minaur in their group, on Thursday for £ Chelsea had to pay out over £26m a place in the semi-finals. to sack former manager Antonio Conte. The club’s accounts revealed SISSOKO INJURY ADDS TO the Blues paid a total of £26.6m in MOURINHO’S PROBLEMS compensation and legal costs to £ Tottenham will be without Moussa Conte and his backroom staff after he Sissoko until April after the midfielder was dismissed in July 2018. The Blues underwent surgery on a knee injury. have paid out £90m in compensation Sissoko damaged the ligaments in his to sacked managers since Roman Holders Manchester City beat rivals Manchester United 3-1 in the first leg of their Carabao Cup semi-final at Old Trafford last night. Bernardo right knee in Spurs’ 1-0 defeat by Abramovich took charge in 2004. The Silva’s stunning strike into the top corner, Riyad Mahrez’s cooly-taken finish after a mistake by Victor Lindelof and an own goal by Andreas Southampton on 1 January. The news club made a loss of £96m in the last Perreira put a dominant City 3-0 up at half-time. United improved after the break and Marcus Rashford slotted into the bottom corner to comes as a blow to manager Jose financial year, despite Abramovich reduce the deficit, but Ole Gunnar Solskjaer’s side have left themselves a huge task in the return leg at the Etihad Stadium on 29 January. Mourinho, whose depleted side play pumping in £247m of funding. ARSENAL CAN KICK ON NOW

FOOTBALL TOP FOUR COMMENT Managerial changes typically herald a period of improvement and that doesn’t always last, as Jose Mourinho’s Trevor spell a couple of miles up the road in Steven north London shows. We are still so early in Arteta’s reign to draw firm conclusions, while he is also having to learn on the job. How- ever, I would be surprised if we didn’t OOKING at Mesut Ozil’s face as now see a period of sustained Arsenal he departed the field towards the end of Arsenal’s 1-0 FA Cup Lwin over Leeds, you could tell he GUNNERS’ NEXT had put in a hard shift. LEAGUE FIXTURES At full-time of the first few games of Mikel Arteta’s tenure as manager, that CRYSTAL PALACE (A) Sat 11 Jan effort has been visible in Ozil’s team- SHEFF UTD (H) mates, too – and it’s not been often re- Sat 18 Jan CHELSEA (A) Tue 21 Jan cently that you could say that. BURNLEY (A) For some time now Arsenal have Sun 2 Feb NEWCASTLE (H) Sun 16 Feb been soft-centred and Emirates Sta- EVERTON (H) dium an easy place for teams to visit. Sun 23 Feb MAN CITY (A) Sun 1 Mar The Gunners either won in style or WEST HAM (H) they lost; there was no in between. Sat 7 Mar BRIGHTON (A) Sat 14 Mar That is exactly the sort of inconsis- SOUTHAMPTON (A) tency that Arteta has set about trying Sat 21 Mar to eradicate and, although it is very early to judge, the initial signs are promising. improvement. Arteta’s key achievement so far has A trip to Chelsea later this month been instilling a work ethic. Four aside, the next six league games offer games in and during the busiest time them a good chance to effectively re- in the football calendar, the former Ar- launch their season. senal and Everton midfielder has not First they face Crystal Palace and had time for sweeping tactical focused way, with players hunting for managers to be aggressive sometimes. Sheffield United, the two teams di- changes, but the harder you work the the ball in groups. I can’t think of any coaches who have rectly above them in the table. If nor- better results tend to get. The Spaniard seems to have let his won the Premier League who weren’t mal service is resumed, Arsenal will Having spent three and a half years squad know that only the highest lev- able to both put an arm around a quickly be back in the top seven. at Manchester City as an assistant to els of application in all aspects of the player’s shoulder and be brutally di- After that, their momentum can Pep Guardiola, who knows exactly game will do. rect when it is required. start to hurt Tottenham and Manches- what it takes to win in the Premier We’re still so early That wasn’t evident in the first 45 Previously I made the case for Patrick ter United and they would not be a League, he will demand the same from in Arteta’s reign minutes against Leeds, when Arsenal Vieira to return to Arsenal as manager million miles away from putting pres- his new charges. didn’t turn up, but when you have the as I felt that he was the type of uncom- sure on Chelsea and their place in the but I’d be surprised chance to correct that you have to be promising character that they needed top four. FEARLESS fearless and it’s to Arteta’s credit that to shake up the club. I didn’t necessar- Word is that he has upped the inten- if we didn’t see he did at half-time. ily see those traits in Arteta before but Trevor Steven is a former England footballer sity of training and we have seen the sustained Arsenal Even in an age of players being now that he is stepping out of Guardi- who played at two World Cups and two effect in matches already. The team’s largely cocooned from sergeant major- ola’s shadow we are seeing that he is European Championships. work rate has increased and in a very improvement type figures, there is still a need for not short of backbone either. @TrevorSteven63