YOUR BUSINESS WITH PERSONALITY GETTING HIS LEG OVER NEW ATHLETICS STAR BIT OF MUSCLE TUESDAY 3 MA HEADS FOR LONDON REGULAR RCH 2020 A BRITISH ICON ISSUE 3,568 GETS BACK ON P24 THE ROAD CITYAM.COM P21 PAPER KHAN EYES FREE → POWER TO INSIDE FIX RENTS BUSINESS WITH PERSONALITY STEFAN BOSCIA @Stefan_Boscia ministers have blocked us from intro- SADIQ Khan will launch his re-elec- ducing our plans for rent controls in tion campaign today by pledging to London — and have simply said no.” supply is the only way to deal with win powers to implement rent con- “They have refused to give us the unaffordable rents. trols in London if he is returned to powers we need to make rent controls the capital’s top job. Rico Wojtulewicz, head of housing happen,” the mayor will add. at the National Federation of Launching his campaign Rents have risen 27 per cent for Builders’s House Building Associa- at a Hackney housing tion, said a cap on rents would in fact estate, Khan will say the capital’s 2.54m renters hit supply by squeezing builders. that his victory would since 2010. JACK WELCH represent an “undeni- To combat the problem “[House builders] with projects in the pipeline could suffer, as rent caps able and irresistible” of housing affordability, Legendary General may push down land prices, leaving Electric boss passes away aged 84 mandate to enforce many who have already purchased rent controls — a move EDWARD THICKNESSE Khan says he has been land with unviable projects,” he said. that would set him on barred from introducing @edthicknesse a collision course with Dr Kristian Niemietz, head of politi- controls in his first term cal economy at the Institute of Eco- Dubbed Neutron Jack in the 1980s builders and landlords. JACK Welch, the architect of General for his appetite for job cuts — a nomic Affairs, likened Khan’s stance the mayor advocated Electric’s (GE) rise to becoming at one nickname he later said he found He will describe the 7 May poll to “Trump-style knee-jerk populism”. as a “referendum on rent controls”. creating a private rental time the most valuable company in “unappealing” — Welch bought and commission to implement “Rent controls have never worked the US, has died aged 84. sold scores of businesses during his Powers to implement a cap on rents and oversee rent controls and to anywhere,” he said. “If Sadiq Khan are not within City Hall’s remit and tenure. In his memoir, Welch said that establish a register of landlords to had any interest in solving London’s Over the course of his two decades would need to be devolved from as chief executive of the industrial GE had 411,000 employees in 1980, “name and shame rogue landlords”. housing crisis, he would focus on the central government. giant, Welch grew the firm’s market but only 299,000 in 1985. However, free-market think tanks supply side,” he added. Khan is expected to say: “Tory and London’s house builders have value from $12bn (£9.4bn) to $410bn, US President Donald Trump A spokesman for the National Land- expanding GE’s reach into financial yesterday hailed the industrial titan, rubbished the idea, with many lords Association said rent caps would services and consulting as he did so. tweeting: “There was no corporate arguing that increasing housing leave prospective property investors Before he took over in 1981, GE’s leader like ‘Neutron’ Jack. with “no choice but to take their revenue was $26.8m; by the time investment elsewhere”. “He will never be forgotten. My he finished in 2001, it had swollen warmest sympathies to his wonderful to $130bn. wife and family,” he added.

 THE CITY VIEW: P2

BUSINESS WITH PERSONALITY

BIT OF MUSCLE GETTING HIS LEG OVER A BRITISH ICON NEW ATHLETICS STAR GETS BACK ON HEADS FOR LONDON P24 THE ROAD P21 TUESDAY 3 MARCH 2020 ISSUE 3,568 CITYAM.COM FREE KHAN EYES POWER TO

FIXSTEFAN BOSCIA RENTSministers have blocked us from intro- supply is the only way to deal with @Stefan_Boscia ducing our plans for rent controls in unaffordable rents. London — and have simply said no.” Rico Wojtulewicz, head of housing SADIQ Khan will launch his re-elec- “They have refused to give us the at the National Federation of tion campaign today by pledging to powers we need to make rent controls Builders’s House Building Associa- JACK WELCH Legendary General win powers to implement rent con- happen,” the mayor will add. tion, said a cap on rents would in fact trols in London if he is returned to Rents have risen 27 per cent for hit supply by squeezing builders. Electric boss passes away aged 84 the capital’s top job. the capital’s 2.54m renters “[House builders] with projects in Launching his campaign since 2010. the pipeline could suffer, as rent caps EDWARD THICKNESSE Dubbed Neutron Jack in the 1980s for his appetite for job cuts — a at a Hackney housing To combat the problem may push down land prices, leaving @edthicknesse estate, Khan will say of housing affordability, many who have already purchased nickname he later said he found that his victory would land with unviable projects,” he said. JACK Welch, the architect of General “unappealing” — Welch bought and represent an “undeni- Khan says he has been Dr Kristian Niemietz, head of politi- Electric’s (GE) rise to becoming at one sold scores of businesses during his able and irresistible” barred from introducing cal economy at the Institute of Eco- time the most valuable company in tenure. In his memoir, Welch said that mandate to enforce controls in his first term nomic Affairs, likened Khan’s stance the US, has died aged 84. GE had 411,000 employees in 1980, rent controls — a move to “Trump-style knee-jerk populism”. Over the course of his two decades but only 299,000 in 1985. that would set him on the mayor advocated “Rent controls have never worked as chief executive of the industrial US President Donald Trump a collision course with creating a private rental anywhere,” he said. “If Sadiq Khan giant, Welch grew the firm’s market yesterday hailed the industrial titan, builders and landlords. commission to implement had any interest in solving London’s value from $12bn (£9.4bn) to $410bn, tweeting: “There was no corporate He will describe the 7 May poll and oversee rent controls and to housing crisis, he would focus on the expanding GE’s reach into financial leader like ‘Neutron’ Jack. as a “referendum on rent controls”. establish a register of landlords to supply side,” he added. services and consulting as he did so. “He will never be forgotten. My Powers to implement a cap on rents “name and shame rogue landlords”. A spokesman for the National Land- Before he took over in 1981, GE’s warmest sympathies to his wonderful are not within City Hall’s remit and However, free-market think tanks lords Association said rent caps would revenue was $26.8m; by the time wife and family,” he added. would need to be devolved from and London’s house builders have leave prospective property investors he finished in 2001, it had swollen central government. rubbished the idea, with many with “no choice but to take their to $130bn. £ THE CITY VIEW: P2 Khan is expected to say: “Tory arguing that increasing housing investment elsewhere”.

FTSE 100▲ 6,654.89 +74.28 FTSE 250▼ 19,301.70 -29.22 DOW▲ 26,703.32 +1,293.96 NASDAQ▲ 8,952.16 +384.80 £/$ 1.278 unc. £/€▼ 1.146 -0.036 €/$▲ 1.115 +0.015 02 NEWS TUESDAY 3 MARCH 2020 CITYAM.COM

POLITICIANS MAKE ME SICK Benjamin Netanyahu claims a narrow victory on exit polls as Israel heads to ballot box (again) THE CITY VIEW Jack Welch: A business giant by any definition

HERE are corporate titans — and then there is Jack Welch, who led General Electric through an extraordinary Texpansion as its totemic chief executive in the go-go days of the 1980s and ‘90s. Fortune magazine named him Manager of the Century, and considering that the market capitalisation of the firm went from $13bn (£10.2bn) to north of $400bn in the time he was in the top job, that seems a fair enough title to bestow. He was the poster boy for the heady days of Reaganomics and corporate America’s extraordinary growth, yet despite occasional controversy, never crossed the line into Gordon Gekko territory. Welch grew up in humble if not hardscrabble circumstances, the first of his family to go to university. Finding academia humdrum, he went into the ISRAELI leader Benjamin Netanyahu claimed victory late last night after exit polls suggested he was just two votes away from business world as an engineer for GE in 1960 — and never securing a narrow majority in parliament. Voters — including those forced to use a special quarantine polling booth due to looked back. He took the top coronavirus concerns — headed to the polls again in an effort to break a political stalemate that has lasted more than a year. job in 1981 at the age of just 45. His business style delivered value for shareholders beyond their wildest dreams, though he said that was never an end He got far more Factory output in itself; that was merely the right than he got result of bright business wrong Virus may halve rises but black strategy. He was renowned for his combative management style, even going so far as to use what became nicknamed the “rank and yank” style of clouds remain management — in which the worst-performing members of his management teams were simply fired. It’s safe to say that not global growth HARRY ROBERTSON all of his methods are popular with management gurus and HARRY ROBERTSON per cent this year, down from a previ- @harrygrobertson authors in today’s more compassionate world, but his books ous prediction of 5.7 per cent, while THE UK manufacturing sector grew still sell like hot cakes. But for all the caricatures of Neutron @harrygrobertson Japan’s economy is expected to grow at its fastest rate in 10 months in Jack, he got far more right than he ever got wrong. He saw the CORONAVIRUS is “the gravest threat” 0.2 per cent, down from 0.6 per cent. February, survey data showed to the global economy since the finan- The worst-case scenario “could push yesterday, but signs emerged that threat from Japanese companies whilst the rest of corporate cial crisis, the OECD warned yesterday several economies into recession, in- coronavirus has started to disrupt America was asleep at the wheel. He saw the possibilities for as it made swingeing cuts to a num- cluding Japan and the euro area,” the the industry. large outfits like GE to get into the financial game. He ber of countries’ growth forecasts. OECD said. However, it added the The IHS Markit/Cips recognised too the value of cutting one’s losses when a But after a week of selloffs, global world economy could recover and ex- manufacturing purchasing markets yesterday tipped into wel- pand 3.3 per cent in 2021 if the virus managers index hit 51.7 in particular initiative wasn’t working out. And rather than come green territory as governments peaks in the first quarter of this year. February, up from 50 in January, indecision, he lived by the mantra that “if we wait for the seemed to grasp the scale of the crisis The FTSE closed up 1.13 yesterday, with a score above the 50 mark perfect answer, the world will pass us by”. There have been and traders sought to buy the dip. while all of the major US indexes fin- indicating expansion. The world economy is expected to ished up following a late bounce. However, the coronavirus innumerable opinions on Welch and the company he left grow just 2.4 per cent this year, the The Bank of England yesterday outbreak led to “sizeable raw behind at the turn of the millennium, not least when its lowest since 2009, the OECD said in joined the Fed and the Bank of Japan material delivery delays, rising market dalliances resulted in an extraordinary bail-out at the an interim growth report. This is well in promising to take action if the input costs and increased pressure height of the financial crisis. Those opinions will no doubt be below a prior forecast of 2.9 per cent. virus provoked a slowdown, which on stocks of purchases” last month. Yet the organisation said growth went some way to calm markets. The A separate survey showed that re-hashed in the days to come. One thing is for sure, though. could plunge to as low as 1.5 per cent IMF, the World Bank and the Euro- the US manufacturing sector They don’t make ‘em like they used to. this year in a worst-case scenario in pean Central Bank also said they slowed in February, as new orders which the virus spreads rapidly across stood ready with a host of options. fell and the spectre of the Wuhan Asia, Europe and North America. virus’ spread across the globe hung Follow us on Twitter @cityam China is now expected to grow 4.9 £ CORONAVIRUS: P6 over factories.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL UBS CHIEF SERGIO ERMOTTI WHAT THE GRENFELL ARCHITECTS HAD SUNAK FORCED TO REWRITE THAI BILLIONAIRE SECURES TO BECOME SWISS RE CHAIR OTHER NO HIGH-RISE EXPERIENCE BUDGET TO STAVE OFF VIRUS $10BN TO BUY TESCO ASSETS UBS chief executive Sergio Ermotti is set The head of Studio E Architects, the Rishi Sunak has re-written part of his One of Thailand’s richest men, Charoen to become chairman of insurance PAPERS SAY architecture firm responsible for Budget to combat the coronavirus crisis Sirivadhanabhakdi, has secured group Swiss Re after he steps down refurbishing the Grenfell Tower, amid a wave of worldwide action, as nearly $10bn (£7.8bn) in financing from the bank later this year, according THIS admitted yesterday that it would not top economists warned that it could commitments from various to people familiar with the decision. have won the contract in an open halve global growth. The chancellor has international and domestic banks for a Switzerland’s largest lender said last MORNING tender as it had no experience in told officials to develop measures which bid for Tesco’s supermarket businesses month that Ermotti was leaving in working on high-rise buildings. can support the public health response, in Asia, people familiar with the matter November after nine years in charge. businesses and the economy to prevent said yesterday. He will be replaced by Ralph Hamers, GREEK MIGRANT CRISIS meltdown if an epidemic hits the UK. chief executive of Dutch bank ING. ESCALATES AS CHILD DIES PHILIP MORRIS APPOINTS Greek authorities recovered the body of BRITISH STEEL SALE TO CHIEF TO OVERSEE THE US GILEAD BUYS DRUG MAKER a child who died yesterday when a boat JINGYE TO CLOSE ‘IN DAYS’ Philip Morris yesterday said it was FORTY SEVEN FOR $4.9BN of cancer treatments. The deal will hand laden with refugees capsized off Lesbos. British Steel’s sale to Jingye is expected promoting its chief financial officer Gilead Sciences has agreed to buy Gilead the reins to magrolimab, a It marked the first fatality since the to complete next Monday, insiders say Martin King to a newly created role biotech Forty Seven for $4.9bn (£3.8bn) treatment developed by Forty Seven Greek coast guard began pushing back — finally ending uncertainty about the overseeing the US market, a signal the in cash, joining the list of major US drug that is designed to help the immune migrant boats in an effort to stop a new plant after it collapsed into insolvency tobacco company plans an expanded makers trying to strengthen their range system combat a range of cancers. influx after Turkey eased restrictions. in May last year. role on Altria Group’s home turf. CITYAM.COM TUESDAY 3 MARCH 2020 NEWS 03

WAY-MO TO GO Alphabet’s Waymo raises $2.25bn in first external investment round Micro Focus to Busy day for UK shelve $1.4bn debt sale plans as EU and US deal JACK RICHARDSON @JackRich93 ONE OF the UK’s largest listed technology companies has delayed a $1.4bn debt sale due to market uncertainty caused by coronavirus. outlines now set Micro Focus had been working on plans for the $1.4bn loan — HARRY ROBERTSON Sunak wrote to EU economy chief which had initially supported the AND CATHERINE NEILAN Valdis Dombrovskis yesterday, saying: acquisition of Hewlett-Packard’s “The UK and the EU should be able to ALPHABET’s self-driving unit Waymo said late last night it had raised $2.25bn (£1.8bn) enterprise software division — for @harrygrobertson @CatNeilan conclude equivalence assessments in its first external investment round. Investors included the Canada Pension Plan two weeks. UK CHANCELLOR Rishi Sunak has de- swiftly and I see no reason why we Investment Board, Silver Lake, Andreessen Horowitz and sovereign fund Mubadala. The decision follows in the wake manded the European Union to stick cannot deliver comprehensive posi- of similar moves by several other to a June timeline to work out which tive findings to the June timeline.” companies, which have had to parts of Britain’s financial system will He said the process should be made postpone deals as debt prices and be deemed equivalent after Brexit, it easier by the fact that, “at the end of borrowing costs have risen. was revealed yesterday — on the same the transition period, the UK and EU Goldman Sachs builds up 8.5 per Micro Focus said in a statement day the UK set out a 184-page docu- will start from a position of regula- that it had postponed the proposed ment outlining plans for a US deal. tory alignment”. refinancing “due to adverse market British banks, trading platforms and Meanwhile the UK’s outline for conditions”. The plans related to its insurers are hoping to be granted ac- a US trade deal said a “reallocation of cent voting rights in Metro Bank existing secured term loan and cess to EU markets using a so-called resources” as a result of the deal revolving credit facility, the former equivalence system, under which the could lead to employment in finan- ANNA MENIN The challenger bank plunged to a of which was due in November next bloc would deem the UK’s standards cial services falling in the long run. £131m loss last year following the year. It intends to relaunch the to be as rigorous as its own. But the document insisted that does @annafmenin scandal, which also claimed the refinancing “once market In the political declaration section not mean the sector would shrink, GOLDMAN Sachs has built up 8.48 scalps of its chief and chairman. conditions improve”. of the agreement reached in the au- and would become more productive. per cent in voting rights in troubled Goldman has built up 6.18 per cent Micro Focus is also facing the tumn, the two sides said they would A spokesman for the Department British lender Metro Bank, according in Metro Bank voting rights attached continued fallout of the departure “endeavour” to finalise equivalence for International Trade said: “The to regulatory filings. to shares, and a further 2.3 per cent of its long-term chairman Kevin by June 2020. UK and US have a unique opportunity Metro Bank’s share price has through financial instruments, Loosemore last month, who was However, tensions rose when the to set a new gold standard for collapsed almost 90 per cent since leaving it with a total of 8.48 per considered the mastermind EU’s negotiating objectives last week what can be agreed in [free trade early 2019, when it disclosed an cent, according to Metro’s latest behind its transformation into a did not mention the timeline. agreements] on financial services.” almost £1bn accounting error. regulatory filings. FTSE 100 giant.

LOST DEPOSIT Short-term rentals firm Global health woes jeopardise Airbnb’s Hostmaker is heading for administration highly anticipated stock market listing ANGHARAD CARRICK cancel travel plans in the wake of the investment platform Etoro, said: “It’s Covid-19 outbreak. worth noting that Airbnb has been @angharadarrick Airbnb announced last year that it relatively relaxed about the timing of AIRBNB’s long-awaited float could be would be ready to make its market its debut on the stock market as it is in danger following the outbreak of debut in 2020, which is expected to already a profitable company.” the rapidly spreading coronavirus. be a direct listing. “Therefore, it wouldn’t be at all Airbnb has been working towards It had been tipped to be one of the surprising to see Airbnb delay its floating on the stock market this year few profitable tech firms to launch a hotly-anticipated IPO,” he added. and was intending to start the stock market listing, following the Last month the company reported process in March or April, according disappointing initial public offering a $322m (£248m) loss, down from a to Bloomberg sources. (IPO) of Uber and Wework’s decision $200m profit the year before. HOSTMAKER, a London-based lettings firm, has entered administration. Its staff are However, it could now be pushed to abandon its float. An Airbnb spokesperson said it still now facing potential redundancy, while Houst — formerly known as Airsorted — is back as consumers and businesses Adam Vettese, an analyst at asset intends to list this year. believed to have bought Hostmaker’s client base, according to Shorttermrentalz. 04 NEWS TUESDAY 3 MARCH 2020 CITYAM.COM

CRUNCH TIME Blue-chip stocks braced NMC Health appoints heavyweight for demotion ahead of FTSE 100 reshuffle advisers to start talks with lenders JAMES BOOTH adviser. Last week the Financial operational measures”. Conduct Authority announced it was It emerged last night that NMC has @Jamesdbooth1 launching an investigation into NMC since entered last-ditch talks to SCANDAL-RIDDEN healthcare just hours after trading in its shares prevent banks demanding a $2bn company NMC Health said yesterday was suspended. (£1.6bn) loan repayment at the end of it had appointed a string of The company’s shares have lost this week, after staff in its hospitals heavyweight advisers for talks with more than half of their value since are said to have been left unpaid its lenders. the end of last year when shortseller following a delayed deadline. NMC said it had hired investment Muddy Waters questioned its Lenders could call in debts as soon bank Moelis & Co to act as an financial statements. as Friday, the Telegraph reported, as independent financial adviser, Big NMC said Moelis & Co would three of NMC’s major shareholders Four firm PwC to advise on support its discussions with its hold less than 30 per cent of the SUPERMARKET chain Morrisons, Homebase owner Kingfisher and travel agent Tui operational issues and Magic Circle lenders, while PwC will assist with firm’s stocks, meaning a “change of are among the firms at risk as the FTSE gears up for a reshuffle tomorrow. Analysts law firm Allen & Overy as its legal “liquidity management and control” clause could be triggered. also said troubled NMC Health is all but certain to drop out of the London index. Provenance of Jupiter backing China HS2 letter now a mystery over Sirius deal EXCLUSIVE EDWARD THICKNESSE @edthicknesse THE PROVENANCE of a letter claiming to be from China’s state- could save mine run railway offering to build HS2 in five years has been plunged into JACK RICHARDSON around 1.3 per cent of Sirius com- mystery after the Chinese pared to 7.8 per cent by Jupiter. ambassador to the UK said that no @JackRich93 It was hoped Sirius’ North Yorkshire such letter had ever been written. EMBATTLED Sirius Minerals could be potash mine could generate jobs — Speaking at Chatham House, saved as a key investor yesterday both directly through the operation, ambassador Liu Xiaoming said “the pledged to back the controversial res- and indirectly by exporting the prod- Chinese railway authority did not cue deal proposed by Anglo American uct via the nearby port of Teeside. write a letter to promise it can the day before a shareholder vote. The mine is thought to be the deliver the HS2 project within five Jupiter Fund Management, which largest potash deposit of in the world The merged firm has accused its rival of violating a standstill agreement years”, adding that the way it was has a 7.8 per cent stake in the project, but the project ran into difficulty in reported was “fake news”. will tomorrow back the £405m deal, September last year when it failed to The letter that the ambassador according to Sky News. win key funding. seems to be referring to was first Last month, Sirius boss Chris Fraser Other investors include people local Just Eat Takeaway launches suit seen by Building Magazine, before urged investors to back the deal. to the North Yorkshire site, some of being reported by other outlets. However, critics have argued the 5.5p whom are thought to have put their Perhaps the biggest clue should per share offered by the mining giant life savings into it. In addition to against Germany’s Delivery Hero have been spelling errors in the undervalues Sirius. Fraser, local MP Robert Goodwill first line, as the letter is addressed One of these is veteran city tycoon urged investors to accept the offer last JAMES BOOTH had agreed to buy 8.4m shares in the to Mark Thurston, “chief executuve Crispin Odey, whose wife Nichola month noting that there is no merger business for €798m (£695m). officer” of HS2 Ltd, at the firm’s Pease runs Jupiter — which backs the obvious viable alternative, making @Jamesdbooth1 In a statement yesterday, Just Eat “Birmijgham” address. It also lists a takeover bid. the way ahead for the JUST Eat Takeaway.com has launched Takeaway said it had initiated return email address which has no According to mine even more un- arbitration proceedings against proceedings in the International connection to the China Railway Odey, Anglo’s certain if the rescue Delivery Hero after the latter upped Chamber of Commerce to enforce the 16th Bureau Group, a division of offer is too bid fails. its stake in the newly merged standstill agreement. the China Railway Construction cheap, and Investors will business, which Takeaway said “Takeaway believes that Delivery Corporation, as well as an office in because it is meet today to violated a standstill agreement Hero has failed to comply with its Malaysia. Bloomberg lists its head not “best and decide whether between the pair. standstill undertaking under the office as being in Beijing. final”, Anglo to accept the Just Eat Takeaway was formed last relationship agreement by entering The company in question also American has Anglo offer. month after UK food delivery service into the forward share purchase and denied any knowledge of the letter. left the door open Just Eat merged with Dutch business equity collar transaction it It said in a statement: “It has been to paying more. Crispin Odey and Takeaway.com. announced on 12 February,” the verified that our company has Odey owns Nichola Pease Delivery Hero said last month it company said. never written to HS2.” UK movie moguls buy Twickenham Studios in new £500m film venture

JAMES WARRINGTON Merman, have bought the west added they will open 1m square feet London studio hub for £50m. of production space by 2024. @j_a_warrington The pair plan to improve the iconic It is the latest major investment in TWO BRITISH tycoons yesterday studio space, which won an Oscar for UK studio space as the industry races snapped up Twickenham Studios as sound and a Bafta for mixing on to keep up with booming demand part of a £500m project to develop films Bohemian Rhapsody and 1917 created by new streaming firms such studio space to meet surging demand respectively, and develop new studios as Netflix, Amazon and Apple. for new films and TV shows. in Kent and Liverpool. Last month US-based Blackhall Piers Read, producer of The Their company, The Creative Studios said it will create the UK’s Inbetweeners and Peep Show, and District Improvement Company, said largest purpose-built studio complex, Jeremy Rainbird, who launched it will invest £500m into film studios while Sky has unveiled plans for a Twickenham Studios was credited with an Oscar for sound for Bohemian Rhapsody Bafta-winning production company and create 5,000 jobs. The moguls new 32-acre production hub.

06 NEWS TUESDAY 3 MARCH 2020 CITYAM.COM CORONAVIRUS GOLDMAN, CITIGROUP AND TWITTER BAN TRAVEL Goldman Sachs, Citigroup and Twitter all announced plans to ban non-essential business travel PM to spell out yesterday as global firms ramp up health precautions amid the coronavirus outbreak. In a blog post, Twitter’s chief HR officer Jennifer Christie said the company his coronavirus had informed staff of measures to ban all “non-critical” travel at the end of last week. US banking giants Goldman Sachs and Citigroup expanded their restrictions cover all international business trips “until prevention plan further notice”. CATHERINE NEILAN necessary,” he said yesterday morning. SAGA HALTS TITAN TRAVEL SALE ON VIRUS CONCERNS @CatNeilan The national response will relate to “all four parts of the UK,” his Over-50s insurer Saga is said to have THE UK government will this morn- spokesman said. halted the sale of one of its travel ing spell out its plan for dealing with “We will be working closely together businesses as the coronavirus the coronavirus, as the number of to ensure we have best possible re- British Airways-owner IAG shares closed down more than eight per cent yesterday outbreak sparks chaos across the cases in the UK is expected to rise sponse to dealing with outbreak,” the tourism industry. Advisers to Saga throughout the next few weeks. spokesman added. have postponed the auction of The UK has so far confirmed 40 Legislation is also expected to be Titan, which operates escorted novel coronavirus cases, a number brought forward to deal with both British Airways and Ryanair cut tours, cruises and rail journeys to Prime Minister Boris Johnson yester- the delay and mitigation phases. various destinations around the day said will likely rise. Johnson said “the single most useful world. Johnson will host a press conference thing” people could do was wash flights as Tui plots budget slash in Downing Street to launch the plan, their hands “two times to Happy VISA FLAGS DAMAGE TO alongside the chief medical officer Birthday with hot water”. JOSH MARTIN BA’s affected flights are between 16 ITS QUARTERLY REVENUE professor Chris Whitty and chief sci- The Budget will go ahead as planned @JoshMartinNZ and 28 March, mainly from Heathrow Visa yesterday warned that its entific adviser Sir Patrick Vallance. on 11 March, despite the impact to cities in Europe. Around 26 BA second-quarter revenue growth The PM yesterday urged people to of the outbreak on the UK and TWO OF the UK’s leading airlines will Cityflyer flights between London City would be slower than its previous “go about business as usual” and that global economy, a Downing Street cut flights from their London hubs and Germany and Italy in the same forecast, becoming the latest the country was “very, very well-pre- spokesman said. after coronavirus fears have led to a period are also canned. payments services provider to be pared” following a Cobra meeting on “The government stands ready to demand slump, while European Tui said it will make cuts to its affected by the coronavirus the outbreak. use all the levers at its disposal to holiday firm Tui will slash its budget. administrative budget, freeze hiring outbreak. The firm said it expects “We’ve agreed a plan so that if and ensure we are prepared as we can be,” British Airways will cancel more and postpone non-critical projects, current-quarter revenue growth to when it starts to spread, as I’m afraid he added, stressing the chancellor than 400 flights, while budget carrier following weaker bookings last week. be between 2.5 and 3.5 percentage it looks likely it will, we are in a Rishi Sunak was on top of the Ryanair is cutting 25 per cent of its points lower than its previous position to take the steps that will be “evolving situation”. capacity to and from Italy. £ AIRLINES HIT STORMY SKIES: P20 forecast of low double digit growth.

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NOT A PRITI SIGHT Cabinet Office sets up probe into home secretary bullying claims Investec’s asset management arm Ninety One to push ahead with float JAMES WARRINGTON initial public offering, despite a Investec manages £121bn in assets coronavirus-inspired equity selloff and announced plans to split off its @j_a_warrington last week that sent global markets asset management business last year, INVESTEC’s asset management down more than 10 per cent. copying similar demerger moves by arm Ninety One yesterday said it “In spite of the current backdrop of Prudential, Old Mutual, and would push ahead with a planned market volatility and uncertainty, we Deutsche Bank as fees fall and costs float despite a recent selloff in remain committed to the execution rise in the fund management sector. global markets. of this transaction, because of its The South African bank will jointly The banking firm said yesterday it long-term benefits,” said chief float Ninety One in London and had set a price range of 190p to 235p executive Hendrik du Toit. Johannesburg. Following admission giving it a value of £1.75bn to £2.1bn. The listing is expected to raise it would have a float representing 60 It said it would persist with its between £181.9m and £226.1m. to 65 per cent of its shares.

PRITI Patel faced increasing pressure to resign yesterday after a further bullying allegation emerged hours after the Cabinet Office launched a formal probe. A former aide received a £25,000 payout following their dismissal by Patel, the BBC reported. Activist investor Bramson calls on Jes Staley to exit ANNA MENIN over his connections to Epstein, who took his own life last year while await- @annafmenin ing trial for sex trafficking charges. BARCLAYS has come under pressure In yesterday’s letter, Sherborne said it from shareholders on two fronts, with was now Barclays’ largest shareholder, an activist investor demanding the having built up a 5.8 per cent stake. As removal of its chief executive and a well as questions over Staley’s relation- major shareholder backing calls for ship with Epstein, Barclays is also fac- the bank to stop financing some fossil ing pressure from shareholders over its fuel producers. financing of fossil fuel companies. Activist investor Edward Bramson Jupiter Investment Management, a yesterday called on Barclays’ board to top-25 Barclays shareholder, yesterday remove boss Jes Staley over his links announced its support for a share- with convicted paedophile Jeffrey holder resolution calling on Epstein. In a letter to sharehold- the bank to stop financing fossil ers, Bramson’s investment vehi- fuel producers not aligned with cle Sherborne said the board’s the Paris Agreement climate decision to nominate Staley for goals. reelection amid an ongoing Jupiter, which says it holds 1.15 regulatory investigation was “ill per cent ofBarclays shares, joins advised”. 11 other institutional in- Barclays said last vestors in backing the month that Staley motion, which will was under investi- be voted on the gation by UK finan- bank’s annual gen- cial regulators eral meet- Staley faces calls ing in to resign May. Greenpeace singles out Barclays branches over fossil fuel finance

ANNA MENIN fuel financer in Europe — stops “propping up” oil, gas and coal @annafmenin firms, and instead channels funding GREENPEACE activists targeted into renewable energy. almost 100 Barclays bank branches Pop-up exhibitions displaying yesterday in protest over the bank’s photographs of recent climate financing of fossil fuel companies. disasters are also blocking access to Around 30 branches in London some Barclays branches, including have been affected, according to Fenchurch Street, Atlas House, Greenpeace, with activists disabling Wormwood Street and Moorgate. many of the branches’ lock “Banks are just as responsible for mechanisms so they are unable to the climate emergency as the fossil open as usual. fuel companies they fund,” said Campaigners are demanding the Greenpeace climate finance banking giant — the largest fossil campaigner Morten Thaysen. 08 NEWS TUESDAY 3 MARCH 2020 CITYAM.COM

BIDEN HIS TIME Former rivals announce plans to back Biden as Democrat candidate EU set to tackle Onshore wind to advantages for Chinese firms receive new raft FOO YUN CHEE EUROPEAN Union regulators will in June set out proposals to tackle Chinese state-backed companies enjoying an unfair advantage of taxpayer cash compared to their European counterparts, EU antitrust chief JACK RICHARDSON unjustified due to the unreliability of Margrethe Vestager said yesterday, @JackRich93 wind conditions. following calls from Germany The latest round will also be open to DEMOCRATIC presidential candidate Joe Biden (pictured) gained two new fans and France. ONSHORE wind farms will be eligible solar power, floating offshore wind yesterday after ex-rival Pete Buttigieg yesterday voiced his support for the former Germany and France have led for subsidies for the first time since farms and facilitate the development vice president, having dropped out of the 2020 race on Sunday. Senator Amy calls to EU antitrust regulators to 2016 from next year, it emerged yester- of energy storage. Klobuchar also said she would back Biden after withdrawing her bid last night. do more to secure a level playing day. The announcement came as the Jim Smith, managing director of SSE field for European companies government detailed the next stage of Renewables, welcomed the change: competing with Chinese firms. the Contracts for Difference (CfD) “The UK’s new ambition to reach net Last month, the two countries scheme, which launches next year. zero carbon emissions by 2050 will together with Italy and Poland However, the government has require a huge amount of additional urged Vestager to come up with stressed new projects in England will renewable energy generation.” Business urged to fight climate proposals to revamp EU antitrust only go ahead with the consent of “It makes absolute sense that the rules by the end of June. local communities. next round of CfD auctions should be “We’re working on new powers “Backing cheap renewables is a clear opened up to additional sources of change and cut costs in tandem to protect fair competition — example of practical action to tackle scalable renewable generation, in par- powers that would allow us to deal, climate change that the public is ticular onshore wind,” he added. JACK RICHARDSON financial year started on or before 1 for example, with the harm that demanding, and this will speed up the Subsidies for onshore wind farms @JackRich93 April 2019 — a move the government foreign subsidies and state transition to a net zero economy,” said were removed in 2015 after then- argues could save £6bn. ownership can do to competition boss of Renewables UK Hugh McNeal. Prime Minister David Cameron faced a BUSINESSES will for the first time be Since 2015, businesses have been in Europe,” Vestager said at a Advocates of onshore wind claim it backlash from his backbenchers for required to submit data on their required to explain steps they are College of Europe conference. offers a clean source of energy which supporting them under the coalition carbon emissions in their accounts, it taking to make their firms more “By the end of June, we plan avoids importing fossil fuels. Onshore government with the Lib Dems. was announced yesterday. environmentally friendly. As part of to publish a white paper, to get wind is currently the cheapest form of The decision was controversial in The Streamlined Energy & Carbon its efforts to reach net zero by 2050, input on our ideas for how new power in the UK. Scotland where a large number of Reporting requirements will take the government has launched these new powers could work,” However, critics argue costs are onshore projects were planned. effect for 12,000 companies whose various to help decarbonise industry. Vestager added. Reuters

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 CITYAM.COM TUESDAY 3 MARCH 2020 NEWS 09 Storms blow away profit for Hiscox JAMES BOOTH The group’s combined ratio climbed Masojada said Hiscox had received @Jamesdbooth1 to 105.7 per cent, from 94.9 per cent. some coronavirus claims, but said it 4.08% A combined ratio of over 100 per was too early to assess the impact. INSURER Hiscox yesterday cent indicates that an insurer is not “Only 10 per cent of our events cus- said its 2019 profit was hit by catastro- making an underwriting profit. tomers buy pandemic exposure and phes such as hurricanes and typhoons However gross written premiums in- that is only triggered when the gov- around the globe. creased to $4.03bn, from $3.77bn in ernment or World Health Authorities Profit before tax fell 60 per cent to 2018, boosting shares four per cent. declares it a pandemic,” he said. $53.1m (£41.3m) for 2019. Chief Bronek Masojada said: “Grow- Jefferies analysts said: “Though 2019 The company said it set aside $165m ing retail profits and strong investment earnings were undoubtedly disap- for Hurricane Dorian and Typhoons return has enabled us to weather a pointing, Hiscox remains focused on Faxai and Hagibis. third consecutive year of storms.” protecting the balance sheet.” Hiscox suffered another year of storms as it reported a 60 per cent fall in profit Cordant secures Twitter shares key investment rise as investor after cash woes to oust Dorsey JACK RICHARDSON JAMES WARRINGTON @JackRich93 @j_a_warrington RECRUITMENT firm Cordant Group SHARES in Twitter closed up 7.9 per yesterday received an outside cent in New York last night after it investment necessary to safeguard emerged an activist investor has 45,000 job after coming close to launched a bid to oust founder and collapse following a clash with chief executive Jack Dorsey. its lenders. Elliott Management has built up a Twenty 20 Capital announced stake in the social media firm and today that it will become the majority has nominated four directors to sit shareholder in Cordant, which it on Twitter’s board. hopes will enable to company to The New York-based hedge fund, expand at a later date. The size of the which was founded by billionaire investment was not disclosed. Paul Singer, is also plotting to A new investment board and chair replace Dorsey as chief executive. will be appointed. The share price rise, which took The deal is set to realise Twenty Twitter’s valuation to almost $27.8bn 20’s combined forecasted revenues of (£21.8bn), came amid a volatile open £1.3bn and position it as majority for US stocks as coronavirus fears shareholders of Cordant, as well as continue to roil global markets. one of the largest privately-owned Elliott’s shake-up at Twitter, first recruitment businesses in the UK. reported by Bloomberg, is focused on “We are pleased to welcome Dorsey’s dual role as chief executive investment from the team at Twenty of Square, the payments company he 20 Capital and look forward to co-founded in 2010. strengthening our valuable ongoing Dorsey, who holds a two per cent relationships with our employees, stake in the social media firm, is one clients, and suppliers, and to the of the only people to run two public communities we operate in,” said companies at the same time. Cordant boss Chris Kenneally. He has also raised eyebrows over He added that the fresh investment plans to spend at least six months in “means the business can move Africa in 2020. forward at an ambitions rate and Launching This SPRING It came as Twitter rolled out a ban thrive in the current landscape.” on all “non-critical” business travel Cordant finds jobs for more than and events as the social media firm 125,000 people a year across 5,000 A unique collection of Shared Ownership apartments overlooking ramps up its health precautions clients, including Amazon and Tesco. Langthorne Park and minutes from Leyton Underground Station amid the coronavirus outbreak. The family-run business was The move means that Twitter left on the brink of collapse after one founder Jack Dorsey will no longer be of its lenders refused to finance a Starting from £93,000* appearing at South by Southwest debt facility last month, the (SXSW), the annual media festival set Times reported. to take place in Austin, Texas from 13 Tristan Ramu, a founding partner to 22 March. of Twenty 20, said: “This is a LIVING IN HARMONY A petition calling for SXSW to be significant milestone for Twenty 20 cancelled has gained almost 10,000 Capital and Cordant Group as we STONELEAGARDENS.CO.UK signatures, but organisers have embark on a new revised business insisted the event will go ahead. process allowing the group to Mobile World Congress — one of continue its service delivery to its UK *1 bedroom prices starting from £93,000 (a 30% share of the full market value, £310,000). Additional affordability and eligibility the world’s largest telecoms events — and European customers... This criteria may apply. Image is a computer generated artist impression. Prices correct at time of print. was set to take place last week in investment will allow Cordant to re- Barcelona but was scrapped after a ignite its future growth.” string of companies pulled out. Grammy organiser fires its first female boss JILL SERJEANT bring more diversity to the body, the board of trustees of the Recording whose members vote on the highest Academy voted to terminate Ms. THE ORGANISERS of the Grammy prizes in the music industry. Dugan from her role,” interim boss Awards said yesterday they fired the The board cited an unspecified Harvey Mason Jr said in a statement. chief executive they had placed on allegation of misconduct against Dugan’s lawyers said in a statement administrative leave in January. Dugan by a female member of the yesterday that the decision showed Recording Academy chief executive Recording Academy, as well as the Recording Academy “will stop at Dugan described a and president Deborah Dugan was “consistent management deficiencies nothing to protect and maintain a “boy’s club mentality” placed on leave just five months after and failures”. culture of misogyny, discrimination, at the organisation taking the helm as the organisation’s “After weighing all of the evidence sexual harassment, corruption and first female president and pledging to from two independent investigations, conflicts of interest”. 10 NEWS TUESDAY 3 MARCH 2020 CITYAM.COM Vodafone bets Senior warns of $25m on space mobile project turbulent 2020 JAMES WARRINGTON @j_a_warrington VODAFONE today said it has invested $25m (£19.5m) in a new space-based broadband network in 737 Max woes designed to provide mobile signal to devices anywhere on the planet. EDWARD THICKNESSE since March 2019 after two fatal The Space Mobile project, led by crashes killed 346 people, with Boeing Texas-based AST & Science, is @edthicknesse suspending production of the model developing the first satellite system BOEING supplier Senior could be in in January. Boeing has said its best es- that will broadcast mobile for a rough ride in 2020 after the firm timate is that the aircraft will not be broadband from space. warned that continued issues over ungrounded until mid-2020, after en- This will provide mobile users the production of the 737 Max jet and dorsing simulator training for pilots Coronavirus has made it tougher for car makers to do business with signal when they are unable potential disruption from the coron- before flights resume, and that regu- to connect to traditional networks, avirus outbreak could hit sales. lators will determine the timing. such as in remote locations on land Despite the warning, shares in the Senior also said that it was closely or at sea or during natural FTSE 250 firm rose 4.2 per cent to monitoring the development of the Hyundai global car revenue hits disasters. 147.1p yesterday. coronavirus, including the potential AST & Science has been testing Although the firm, which supplies impact to supply chains. the technology since the launch of parts for the 737 Max, beat analyst ex- decade low as virus chokes sales its first test satellite — Blue Walker pectations for profit, adjusted profit SENIOR 1 — in April last year. before tax still fell nine per cent from JOYCE LEE fifth largest car maker, is the first The Space Mobile project plans to last year, down to £78.5m. 160 P major car maker to announce sales serve all mobile subscribers who Reported profit fell more than 50 155 GLOBAL automotive sales for South for the month. Chinese and US lose service when they travel, as per cent to £28.7m. But revenue in- 147.10 Korea’s Hyundai fell to their lowest in players will turn in their numbers in well as customers in underserved creased three per cent, rising from 150 2 Mar a decade in February as coronavirus the coming weeks. areas around the world. £1.08bn to £1.1bn in 2019. 145 worries kept buyers away — the first Hyundai reported preliminary It is expected to be initially Senior also managed to reduce its major indicator of damage to sales of 275,044 vehicles for February, deployed for Vodafone customers 140 net debt by nearly £20m over the business in the broader auto sector down 13 per cent from a year ago, in African markets. course of the year, with its total debt 135 due to the epidemic. with domestic sales plunging 26 per The investment was made by pile now standing at £229.6m. Hyundai, which together with cent. It last reported monthly sales Vodafone Ventures, the mobile The 737 Max has been grounded 25 Feb26 Feb 27 Feb 28 Feb 2 Mar affiliate Kia Motors is the world’s lower than this in 2010. Reuters network’s venture capital arm. Hungarian airline Wizz Air to launch a spin-off out of Abu Dhabi this autumn EDWARD THICKNESSE destinations across Europe, Africa, process for the new operator over the Asia and the Middle East. next few months. @edthicknesse Plans for the new carrier are in line Wizz Air chief Jozsef Varadi said WIZZ Air yesterday announced that it with Abu Dhabi’s Ghadan 21 that yesterday’s agreement marked has signed an agreement to launch a investment programme, a 50bn “an important milestone” in spin-off airline out of Abu Dhabi, dirham (£10.6bn) accelerator scheme establishing a new airline in the with flights set to begin in the designed to turn the United Arab Emirates. “The joint venture... autumn. Emirates into a business hub. underpins our long-term dedication The Hungarian airline has entered The process of obtaining the new to bringing an economically and a partnership with Abu Dhabi carrier’s Air Operator Certificate and operationally highly efficient as well Developmental Holding Company Operating License is already as environmentally most sustainable (ADDH) to set up Wizz Air Abu Dhabi, underway. The airline also said that it airline business model to boost Abu a new low-cost airline servicing was planning to begin a recruitment Dhabi’s aviation,” he added. Plans for the new carrier are part of Abu Dhabi’s business investment programme

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Issued and approved by Ediston Investment Services Ltd, authorised and regulated by the Financial Conduct Authority (FRN:706655) *As at 31/12/19 CITYAM.COM TUESDAY 3 MARCH 2020 NEWS 11 Consumer group warns travellers over online travel agent bookings JESS CLARK consumers could be paying up to commission and “rate-parity 12 per cent more for their rooms clauses”, which prevent hotels from @jclarkjourno when booking through an online offering cheaper prices on their TRAVELLERS can get a better deal by travel agent such as Booking.com own websites. booking directly with hotels rather or Expedia. “Properties choose whatever prices than through online travel agents, a Which travel editor Rory Boland they want to list on Booking.com, consumer rights watchdog has found. said: “Customers shouldn’t be duped which they can do at will and free of The investigation found that eight into thinking they’re getting the charge,” Booking.com said. out of 10 hotels were able to offer a best price from a hotel booking site Expedia added: “We provide a better price or other incentives such when more often than not, they can global marketplace for chains and as free breakfasts or upgrades when get a better deal by avoiding its independent hotels alike to compete customers booked directly over commission and booking directly with their peer hotels, by making the telephone. with the hotel.” The research found them visible and bookable to Research by Which found that customers were charged more due to consumers worldwide.” The study found that customers could be paying 12 per cent more through an agent Lendinvest set Bankers snap up to offer ‘green’ property funds property in top SIMON JESSOP BRITISH non-bank property lender Lendinvest, one of Europe’s biggest, has launched a green finance initiative that will see borrowers central London rewarded for making their properties more energy efficient. JESS CLARK the impact of Brexit fades, it is unsur- The move follows similar prising to see this translate into initiatives by British banks @jclarkjourno higher activity levels among finance including Barclays and Nationwide. THE NUMBER of City workers snap- workers in London’s prime housing Under the new plan, borrowers ping up property in prime central market,” he added. can save up to £600 on their London areas surged last year as the Meanwhile, the Knight Frank prime loan if their improvements uncertainty surrounding Brexit London sales index showed that the result in a better Energy began to clear, according to the General Election boosted the monthly Performance Certificate (EPC) latest research. number of exchanges in the market Current optimism could fade if EU trade negotiations do not fare well rating for the property. The percentage of buyers from the to the highest level since March 2016. The firm’s so-called bridge-to-let financial services sector buying prop- However, this was followed by a borrowers — those who buy a erties worth more than £2m jumped dip in January, indicating that property to rent out but need to to 34.6 per cent of total sales in 2019, “uncertainty surrounding future UK mortgage approvals jump as upgrade it first — will be eligible the highest figure since 2013. property tax changes” and the for a payout which will be taken off The most popular areas for London’s specifics of Brexit negotiations “con- the loan redemption amount at the financial sector employees were tinue to curb volumes”. market shows signs of recovery end of the term if the energy saving Notting Hill, Knightsbridge and The so-called Boris bounce following improvements result in a higher Kensington, according to research by the Conservative election win created HARRY ROBERTSON of Brexit lethargy in the closing EPC rating. Knight Frank. a jump in prospective buyers, rising stages of 2019 and Boris Johnson’s Properties in Britain need a The uptick in sales indicated that 37 per cent in January. @harrygrobertson landslide General Election win saw a certificate, which contains “uncertainty since the EU referen- However, the number of new UK BANKS approved the highest major bounce back for mortgage information about their energy use dum surrounding London’s role as a sales listings fell by a quarter, which number of mortgages for four years approvals in January.” and typical costs, whenever one is global financial centre is receding,” Knight Frank said will “continue to in January, statistics showed Last week lender Nationwide said built, sold or rented. The rating the research said. put upwards pressure on prices”. yesterday, in a sign the market is house prices had risen 2.3 per cent grades range from A, for the most Tom Bill, head of London residential Separate data released last month recovering after a tough 2019. year on year in February, the biggest efficient, to G, the least efficient research at Knight Frank, said: “Lon- by the Office for National Statistics Mortgage approvals for house annual rise in 18 months. and are valid for 10 years. Industry don plays a key global role in the showed that UK house prices jumped purchases rose to 70,900 in January “The big question is how long the standards require landlords to financial services sector, whether it’s 2.2 per cent on an annual basis in from December’s 67,930 figure, the Boris bounce lasts,” Montlake said, achieve a minimum EPC rating of E clearing derivatives trades, trading December, with London house prices Bank of England said. “as while there is a sense of on all rental stock. Chinese currency or as the location climbing 2.3 per cent. Andrew Montlake, managing optimism at present that could fade Lendinvest borrowers can save up for major stock market flotations. The average house price in the capi- director of the UK-wide mortgage very quickly if [EU] trade to £600 if they increase a rating “As initial uncertainty surrounding tal rose to £484,000. broker Coreco, said: “A combination negotiations turn sour.” from C or below to an A. Reuters Teddy Sagi’s Labtech sells Holborn Links Estate to investors for £245m

JESS CLARK retail portfolio to capitalise on the investment at Cording Real Estate, opening of Crossrail stations at said: “The Crossrail railway network @jclarkjourno Tottenham Court Road and is expected to bring an additional LABTECH, the property investment Farringdon. 1.5m people within a 45-minute firm owned by billionaire The estate includes a number of commuting distance of the capital businessman Teddy Sagi, has Grade II listed buildings and houses once it opens in the final quarter of completed the sale of Holborn Links 50 tenants across a range of sectors. this year, creating a ‘halo effect’ Estate, which includes the historic Sagi founded gaming software around the new stations that will Sicilian Avenue, for £245m. firm Playtech before shifting his strongly benefit the Holborn area.” Investors Tristan Capital Partners focus to London’s commercial Labtech will retain and redevelop and Cording Real Estate Group have property market. the Selkirk House property that sits The historic Sicilian Avenue is part of the Holborn Links Estate bought the West End office and Mark Millar, head of UK within the estate. 12 NEWS TUESDAY 3 MARCH 2020 CITYAM.COM Luxury electric chauffeur service Havn rolls out across the capital ANGHARAD CARRICK Unlike other ride-hailing services allows us to offer our customers a such as Uber, all Havn drivers are full- sustainable premium alternative — @angharadcarrick time employees of the company. urban mobility with zero emissions.” AN ALL-ELECTRIC premium chauffeur Since the trial phase in September, “In just four months we have service that gives passengers the the fleet of Jaguar cars has grown proved there is a significant appetite options to adjust functions such as due to demand, with luxury from customers who want playlists, temperature and chauffeur hotels in London using the service, sustainable transport without interaction is set to roll out across allowing guests to request a vehicle compromising on luxury,” he added. London today. from the concierge and be picked up Havn’s offering mirrors taxi service Havn launches with a fleet of all- at the door. Green Tomatoes, which claims to electric Jaguar I-Paces which can be Joseph Seal-Driver, managing offset its carbon emissions. booked via an app or an online portal. director of Havn, said: “The decision Earlier this year Uber and Nissan The service is backed by Jaguar Land to use the all-electric Jaguar I-Pace, agreed a deal to help drivers in Rover’s investment vehicle Inmotion. the 2019 World Car of the Year, London switch to electric vehicles. Unlike its rivals, Havn’s drivers are full-time employees of the company Opec oil output Divestments fail to sinks to lowest add to value for six in over decade EDMUND BLAIR

OPEC oil output dropped in February to the lowest in over a consecutive years decade as Libyan supply collapsed due to a blockade of ports and ANGHARAD CARRICK This was an improvement on the oilfields and Gulf members first six months of the year which was overdelivered on a new production- @angharadcarrick down 7.1 per cent. limiting accord, a Reuters survey THE MAJORITY of companies that sold The Divestment Performance has found. portions of their business last year lost Monitor showed that acquirers of On average, the 13-member shareholder value, meaning that divested assets found the second half petroleum group pumped 27.84m divestments have failed to add value of the year much more challenging The new limit will apply to major central London streets including Blackfriars Road barrels per day (bpd) last month, for six consecutive years. and underperformed by 12.7 percent- according to the survey, down Six out of 10 companies that age points. 510,000 bpd from January’s figure. divested part of their business contin- “During the past 10 years, in the Despite the drop in supply, crude ued to struggle to add value, accord- wake of the financial crisis, we have TfL launches 20mph speed limit prices have slipped to below $50 a ing to Willis Towers Watson’s seen that divesting assets has been barrel on concern that the Divestment Performance Monitor. challenging for many companies in STEFAN BOSCIA City. Some of the roads affected will coronavirus outbreak will cut oil Based on share price performance, terms of their share price perform- include Albert Embankment, demand. companies which actively engaged in ance,” said Jana Mercereau, mergers @Stefan_Boscia Millbank and Blackfriars Road. It came amid announcements divestment deals in 2019 underper- and acquisitions practice leader for A SPEED limit of 20 miles per hour Licensed Taxi Drivers’ Association that Opec and its allies will formed the global index by an average Great Britain at Willis Towers Watson. (mph) came into place yesterday on general secretary Steve McNamara meet as scheduled in Vienna on of minus 6.3 percentage points. “However, even in the most all central London roads managed by said central London was too 5-6 March to decide whether to The performance of divestitures in difficult years, over 40 per cent of Transport for London (TfL). congested for the change to make a extend oil output cuts beyond their the second half of last year was nega- companies have still managed to add The new limit will apply to 5.5 difference. “Most people would love March expiry and whether to tive, performing minus 6.1 per cent shareholder value following a divest- miles of road within the congestion to go as fast as 20mph in the middle deepen the reduction, two sources lower than the index. ment,” she added. charge zone, including some in the of London,” he said. said yesterday. Reuters

ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES CITY OF LONDON Apple to pay up to $500m THE PLANNING ACTS AND THE ORDERS AND REGULATIONS MADE THEREUNDER This notice gives details of applications registered by the Department of The Built Environment Code: FULL/FULMAJ/FULEIA/FULLR3 – Planning Permission; LBC – Listed Building Consent; TPO – Tree Preservation Order; OUTL – Outline Planning Permission 51 Thomas More House, Barbican, London, 150 Aldersgate Street, London, EC1A 4AB in suit over slow iPhones EC2Y 8BT 20/00160/FULL JONATHAN STEMPEL company did not immediately high usage and other issues, and 19/01188/LBC Demolition of the chimney at 150 Aldersgate respond to requests for comment said its engineers worked quickly 5HPRYDORIVOLGLQJGRRULQÁDWDQGPDNHJRRG Street (to the rear of 8-10 Half Moon Court). APPLE has agreed to pay up to yesterday. and successfully to address them. 10 Godliman Street, London, EC4V 5AJ 110-114 Middlesex Street, London, E1 7HY $500m (£391.4m) to settle litigation Friday’s settlement covers US However, users claimed that if 20/00068/FULL 20/00173/FULL accusing it of quietly slowing down owners of the iPhone 6, 6 Plus, 6s, 6s they had known this, they would ([WHQVLRQ WR H[LVWLQJ KRWHO EDU DW VHYHQWK ÁRRU External alterations and part change of use at older iPhones as it launched new Plus, 7, 7Plus or SE that ran the iOS not have spent money on new level and installation of two green roofs (13sq.m). EDVHPHQWOHYHODQGJURXQGÁRRUOHYHOWRLQFOXGH models, to induce owners to buy 10.2.1 or later operating system. It batteries to solve the issue. creation of Class A1 and B1 / D1 uses (in lieu of replacement phones or batteries. also covers US owners of the iPhone Lawyers for the consumers 66 - 67 Cornhill, London, EC3V 3NB DSSURYHG%'XVHV RQFHVVDWLRQRIWKHÁH[LEOH The preliminary proposed class- 7 and 7 Plus that ran iOS 11.2 or described the settlement as “fair, 20/00099/LBC XVHUHYHUVLRQWRRIÀFHXVH &ODVV%  action settlement was disclosed last later before 21 December, 2017. reasonable, and adequate”. 5HPRYDORIDVHFWLRQRIWKHJURXQGÁRRUFRQFUHWH Friday and requires approval by US Consumers contended that their They called payments of $25 per slab to allow for the installation of an accessible district judge Edward Davila in San phones’ performance suffered after iPhone “considerable by any degree,” lift to the basement; removal of a section of wall Jose, California. they installed Apple software at basement level. saying their damages expert It calls for Apple to pay consumers updates. They said this misled them considered $46 per iPhone the $SSOLFDWLRQV FDQ EH YLHZHG DW ZZZSODQQLQJFLW\RÁRQGRQJRYXN RU DW WKH $25 per iPhone, which may be into believing their phones were maximum possible. Department of the Built Environment, North Wing, Guildhall, Basinghall adjusted up or down depending on near the end of their lifecycles, The lawyers plan to seek up to Street, London EC2, between 09.30 and 16.30. Representations must be made within 21 days of the date of this newspaper online or in writing to how many iPhones are eligible, with requiring replacements or new $93m, equal to 30 per cent of 3/1&RPPHQWV#FLW\RÁRQGRQJRYXNRUWKH&KLHI3ODQQLQJ2IÀFHU32%R[ a minimum total payout of $310m. batteries, in a scandal that became $310m, in legal fees, plus up to Guildhall, London, EC2P 2EJ. In the event that an appeal against a decision of the Apple denied wrongdoing and known as Batterygate. $1.5m for expenses. Council proceeds by way of the expedited procedure, any representations made settled the nationwide case to avoid Analysts sometimes refer to the Following an initial outcry over about the application will be passed to the Secretary of State and there will be no the burdens and costs of litigation, slowing of iPhones as “throttling.” slow iPhones, Apple apologised and RSSRUWXQLW\WRPDNHIXUWKHUUHSUHVHQWDWLRQV court papers showed. Apple attributed the problems lowered the price for replacement The Cupertino, California-based mainly to temperature changes, batteries to $29 from $79. Reuters CITYAM.COM TUESDAY 3 MARCH 2020 NEWS 13 Nokia to replace Wework recruits ex-Baker Hughes finance officer to lead wealth arm C NIVEDITA Softbank took majority control of appointment under new chief chief executive the startup, following its botched Mathrani. OFFICE-SHARING startup Wework public debut. Wework began its search for a new yesterday named former Baker Wework’s initial public offering head in November following the Hughes finance chief Kimberly Ross was shelved last year and the departure of co-founder Adam as its new chief financial officer, company recorded a steep plunge in Neumann, who drew criticism for his weeks after it appointed Sandeep valuation to less than $8bn (£6.1bn) erratic management style. Mathrani as 5G plan sinks Mathrani as its chief executive officer. from $47bn. succeeds co-chiefs Sebastian Ross’s appointment is part of a Last month, Wework appointed Gunningham and Artie Minson. The JAMES WARRINGTON position had improved. broader top management overhaul former EY executive Shyam Gidumal appointment of Ross, currently a Nokia said Suri had previously told being undertaken by chairman as its new chief operating officer in board member at Nestle, will be @j_a_warrington the board he was planning to step Marcelo Claure, months after the first major executive effective on 16 March. Reuters NOKIA yesterday announced plans to down once a solid succession plan replace its chief executive as the had been put in place. Finnish telecoms firm battles escalat- Risto Siilasmaa, Nokia board chair, ing 5G costs and fierce competition said Lundmark had a “record of lead- from rivals. ership and shareholder value creation Rajeev Suri will step down as presi- at large business-to-business compa- dent and chief executive after more nies”, as well as deep experience in than a decade in the role, and will be the telecoms sector. replaced by Pekka Lundmark. The appointment marks a return to WORLD Lundmark, who currently leads Nokia for Lundmark, who spent a SLEEP DAY Finnish energy company Fortum, will decade at the telecoms giant in vari- Friday March 13th 2020 start in his new role on 1 September. ous executive positions. Suri had acknowledged a “challeng- “Together we can create shareholder ing” year for Nokia, which saw its value by delivering on Nokia’s mis- share price drop by a fifth in October sion to create the technology to con- when it downgraded its outlook and nect the world,” he said. cancelled its dividend. “I am confident that the company is The company admitted it needed to well-positioned for the 5G era and it invest more heavily in rolling out 5G is my goal to ensure that we meet as it was unable to get ahead of our commitments to our customers, Swedish rival Ericsson and embattled employees, shareholders and other Chinese competitor Huawei. stakeholders.” Last month the company posted a Suri will remain as boss until the surprise rise in profit for the full year, end of August and continue to serve but said it would not resume dividend as an adviser to the Nokia board until payments to investors until its cash 1 January 2021. BREAKFAST IN BED As part of the Hästens Bed Talk Series, and in observance of World Sleep Day, Hästens invites you to Breakfast In Bed, a conversation around the importance and benefi ts of good sleep. Date: Friday 13th March Time: 8.00am Arrival and Breakfast, 8.30–9.30am Panel and Q&A Location: M Restaurants Threadneedle Street, Unit 2-3, 60 Threadneedle St, London EC2R 8HP At Breakfast In Bed, a panel of sleep and health experts will unravel sleep myths and help set you up for a new life of good sleep, better work performance and improved mental health.

The London-based streaming firm has been hailed as the “Netflix of sports”

Owain Evans DC Dr Kat Lederle, Laura Bond, Sara Di Carlo, Mchiro, Clinical sleep expert and Nutritional Therapist European Retail Sports streaming firm Dazn set Director, Backspace published author (DipION), Director, Journalist & Speaker Hästens Beds Moderator: to shake market with UK launch Steve Dinneen, Editor, City AM Magazine. JAMES WARRINGTON Canelo Alvarez’s Cinco de Mayo Strictly RSVP at: Weekend fight on 2 May. www.cityam.com/events/ @j_a_warrington Dazn has already signed $1bn hastens-bed-talk-series STREAMING platform Dazn is set to (£782m) deals with Matchroom expand to more than 200 countries, Boxing USA and Golden Boy including the UK, as it seeks to break Promotions — promotion firms the stranglehold of traditional founded by Eddie Hearn and Oscar De broadcasters over sports rights. La Hoya respectively. Waking up in a Hästens bed is an eye-opener about London-based Dazn, dubbed the The streaming firm has also closed the value of perfect sleep. It’s built with the ultimate “Netflix of sports”, currently operates in on lucrative football rights, combination of nature’s materials – together with in nine countries but has yet to break securing a three-year deal for tireless craftsmanship. into the UK market, which is Champions League rights in Germany dominated by Sky and BT. from 2021 after outbidding The global rollout will be focused incumbent Sky. It also holds Premier on boxing, with the platform airing League rights in Canada and Japan. 14 MARKETS TUESDAY 3 MARCH 2020 CITYAM.COM

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AIR PARTNER Shares rebound 76 P Wall St climbs 74 up as analysts 72 74.32 70 as investors bet 2 Mar back stimulus 68 ALL Street surged yesterday Was investors hunted for 25 Feb 26 Feb 27 Feb 28 Feb 2 Mar bargains following reassurances by central banks that Air Partner’s successful evacuation of people onboard a quarantined cruise ship was they stood ready to counter the on central bank nothing short of plain sailing, and has made Canaccord’s analysts very happy. The economic impact from the broker said it showed how well the charter and safety and security divisions are coronavirus following last week’s working together to try and mitigate the effect of the coronavirus outbreak which steep selloff. ONDON’s main index was “Equity markets have become has continued to wreak havoc across the globe. Canaccord thinks Air Partner is well- The S&P 500 and Nasdaq pared pushed higher by supermarket overly dependent on central banks positioned to benefit from the long-term growth trends in aviation and retains its gains but remained up more than one firms Ocado, Sainsbury’s coming in anytime things look a bit “buy” rating and 140p target price. per cent with the Dow Jones Land Morrisons after Ocado ad- shaky and essentially throwing Industrial Average up over two per vised customers to place orders money at the problem — cutting in- cent after health officials revised the further in advance because of “excep- terest rates, government bond buying ANGLO PACIFIC total number of coronavirus cases in tionally high demand,” indicating a schemes,” CMC Markets analyst David 160 the state of Washington to 18, possible reaction from shoppers to Madden said. P including six deaths. the spreading coronavirus outbreak. Airlines fell 1.9 per cent, while car Apple bounced back from a two- 150 Prime Minister Boris Johnson said and auto parts firms ended the day 135 year low to jump 5.5 per cent and lift the country needed to be prepared 8.31 per cent lower as dealers took 2 Mar the S&P 500 more than any other for the coronavirus to spread the view that travel would be 140 company. further and would an- greatly diminished on ac- The S&P 500 was on track for its best nounce its main action count of the coronavirus 130 one-day gain since August. That plan for responding to taking hold in Europe. followed the US stock market’s worst the outbreak today. 120 week since the 2008 financial crisis, The bluechip index Hikma Pharmaceuticals sinking into correction territory last was also boosted by oil shares climbed 6.2 25 Feb 26 Feb 27 Feb 28 Feb 2 Mar Thursday due to fears of a recession majors BP and Shell as per cent yesterday resulting from the epidemic. It surged hopes of a supply cut Anglo Pacific yesterday announced a $20m (£15.6m) deferred investment in 2.9 per cent before paring back. boosted oil prices. British Airways-owner Incoa’s project in the Dominican Republic. Analysts at Peel Hunt are impressed with Bank of Japan governor Haruhiko Miners and luxury goods IAG fell 8.2 per cent. the investment which it says looks derisked and immediately accretive to the top Kuroda said yesterday that Japan’s makers rose between three Mid-cap firm Senior, a sup- line. As the first investment in the industrial minerals area for Anglo Pacific, Peel central bank would take necessary per cent and 2.4 per cent, after plier to Boeing jumped 4.9 per Hunt thinks it could open up a new investment horizon in its drive to improve its steps to stabilise financial markets. being hit last week in a worldwide cent after saying it was taking firm environmental footprint and rates the stock as a “buy”. Peel Hunt retains its target That followed a similar move by Fed selloff that erased more than $5 tril- action to restructure its business and price of 240p. chair Jerome Powell last Friday. lion from equity markets. ensure a return to growth in 2021. Traders see a 100 per cent chance of But interest-rate sensitive banks Insurer Hiscox rose four per cent a 50 basis point rate cut at the Fed’s lagged the wider rally yeterday, as in- after it said it had received small HOWDEN March meeting, according to CME vestors expected central banks to claims related to the outbreak as a Group’s Fed Watch tool. P slash rates after data showed China’s pandemic is only covered in a very “The Fed can cut rates all it wants, 700 factory activity being battered by the small part of its portfolio. 2 Mar that is not going to put a person in a health crisis, which has infected more Drug maker Hikma Pharmaceuticals 658.20 factory producing a product if that 680 than 87,000 people and killed more rose 6.2 per cent after Barclays person is quarantined,” said Randy Frederick, vice president of trading than 3,000. raised its price target. 660 and derivatives for Charles Schwab. 640 The Institute for Supply TOP RISERS FTSE Management said domestic P 620 manufacturing activity barely 1. Hikma Up 6.21 per cent 7,200 expanded last month due to supply 2. Rentokil Up 6.03 per cent 7,000 25 Feb 26 Feb 27 Feb 28 Feb 2 Mar issues stemming from the virus. 3. Ocado 6,654.89 Forty Seven Up 5.22 per cent 2 Mar Cancer drug developer 6,800 Howden delivered a strong set of results broadly in line with expectations and jumped 61 per cent after larger peer TOP FALLERS beating estimates on its profit. Canaccord analysts think Howdens continues to Gilead Sciences made a $4.9bn 6,600 have a competitive advantage, supported by its manufacturing and logistics (£3.8bn) offer for the firm. Gilead rose 1. IAG Down 8.24 per cent network in the UK. The broker said that while issues related to the coronavirus have 5.8 per cent. 2. Carnival Down 4.19 per cent 6,400 clouded the macro outlook, optimism in the UK following the election should feed Surgical mask maker Alpha Pro 3. Barclays Down 3.65 per cent through at some point. Canaccord retains its “hold” retaining and nudges up its Tech tumbled 17 per cent but remains 2 Mar 25 Feb26 Feb 27 Feb 28 Feb price target from 655p to 660p. up over 350 per cent year-to-date. CITY MOVES WHO’S SWITCHING JOBS BUY THE DIP? LONDON’S PRECIOUS METAL BROKER RATHBONES Nikko Asset Management, NEST and UBS. Niraj is also president of the SPP said: “I’m delighted to have Fred Investment management a trustee of the Stroke Association and chairs the joining us at such a critical juncture for both the SPP SPOT GOLD PRICE services firm Rathbones has charity’s investment committee. and the pensions industry.” announced the appointment £1,250.17 / OZ of Niraj Shah to its research SPP GODWIN (2 MAR, 3:25PM) team. Niraj joins from a The Society of Pension Professionals (SPP), the Godwin developments has expanded its London private investment office, representative body for the wide range of providers of team with the appointment of Tom Smallbone as a where he was a strategic advice and services to work-based pension schemes new land manager. Tom has joined has joined the adviser on asset allocation, and to their sponsors, has announced Fred Emden as developer after injury meant he had to retire from a portfolio construction and its new chief executive officer, a new role that has career as a professional rugby player. Commenting on risk management to a high- been created this year. Prior to joining, Fred spent his new role, Tom said: “I’ve always had a keen net-worth family. Previous over eight years as deputy chief executive of the Royal interest in property... While playing professionally, I roles have included designing and refining fund College of Obstetricians and Gynaecologists (RCOG). managed many property development side projects SHARPSPIXLEY.COM selection processes, and managing fund and Before joining the RCOG, he was deputy chief and gained work experience from some of the top manager relationships at organisations including executive of the Scottish Ballet. Paul McGlone, development firms.” T: +44 (0) 207 871 0532

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1459 Ä 0.0159 €/$ 1.1149 à 0.0154 6654.89 19301.70 3706.83 26703.32 8952.16 3090.23 /$ 1.2775   €/£ 0.8727 à 0.0121 74.28 29.22 33.22 1293.96 384.80 136.01 £ /¥ 138.00 0.4220 €/¥ 120.44 1.3110 Ã Ä Ã ÃÃÃ Ä Ã 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 Templeton Em Mkts .....768.0 21.0 876.0 731.0 JD Sports Fashion ...... 721.2 -15.8 881.4 464.5 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Advanced Medical ...... 251.5 -2.5 354.5 225.0 Tsy 4.750 20 ...... 100.10 0.00 104.0 100.1 Contour Global...... 175.2 0.2 222.5 163.0 Vietnam Enterprise ...... 410.0 6.0 509.0 404.0 Kingfisher...... 185.0 -4.3 266.2 185.0 Games Workshp ...... 6270.0 -30.0 7350.0 2800.0 BP ...... 411.2 15.1 582.5 396.1 Aggreko ...... 674.8 -2.4 869.2 674.8 Alliance Pharma ...... 78.9 3.3 87.5 63.0 VinaCapital Vietna ...... 277.0 6.5 357.5 270.5 Marks & Spencer ...... 157.3 -1.1 290.1 157.3 Tsy 8.000 21...... 109.61 0.03 116.3 109.5 Drax Gp ...... 260.6 -9.4 386.8 251.0 LIFE INSURANCE Cairn Energy...... 139.4 0.3 211.6 139.1 Ashtead Gp ...... 2407.0 18.0 2774.0 1805.5 ASOS...... 2945.0 -52.0 4066.0 2107.0 Tsy 2.500 24 ...... 362.74 0.76 377.9 358.8 SSE ...... 1545.5 16.5 1686.5 1008.0 Witan Invest ...... 198.0 2.0 235.0 196.0 Next ...... 6026.0 -56.0 7340.0 5086.0 Energean Oil & Gas .....658.0 4.0 1082.0 654.0 Babcock Intl Grp...... 440.8 -2.7 646.6 416.7 Aviva ...... 343.2 -7.6 438.8 343.2 Blue Prism ...... 1445.0 -1.0 1841.0 788.0 Tsy 5.000 25 ...... 123.48 0.15 126.0 122.1 Wwide Healthcare ....3005.0 100.0 3330.0 2495.0 Pets at Home Gp ...... 255.8 -1.6 314.6 140.0 Premier Oil ...... 76.8 -0.8 118.7 65.1 Bunzl ...... 1910.0 40.0 2551.0 1870.0 ELECTRONIC & ELECTRICAL EQUIPMENT Legal & General ...... 254.5 -5.5 318.4 216.7 Tsy 4.250 27 ...... 130.40 0.21 132.8 125.7 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 99.0 -1.0 139.0 99.0 Royal Dutch Shell A....1716.0 54.6 2612.0 1661.4 Capita ...... 128.7 -0.7 183.0 99.9 Camellia ...... 8325.0 0.0 11275.0 8300.0 Halma ...... 1997.5 68.5 2244.0 1595.0 Phoenix Gp ...... 697.7 6.5 803.0 634.2 Watches of Switz ...... 326.4 -3.2 392.8 270.0 Royal Dutch Shell B ....1712.0 48.4 2622.0 1663.6 DCC ...... 5554.0 22.0 7496.0 5532.0 Caretech Holdings ...... 451.0 4.0 502.0 325.0 Tsy 6.000 28 ...... 149.09 0.28 152.1 143.5 Morgan Advanced ...... 275.6 -2.4 324.8 232.4 BT Gp ...... 139.8 -1.9 230.7 139.5 Prudential ...... 1270.0 3.0 1790.0 1267.0 WH Smith...... 1893.0 -34.0 2654.0 1893.0 Tullow Oil ...... 32.5 -1.2 250.0 32.5 Diploma ...... 1887.0 7.0 2134.0 1342.0 Tsy 4.125 30 ...... 385.21 1.23 404.2 367.0 Oxford Instruments ..1406.0 16.0 1654.0 963.0 Talktalk Telecom ...... 109.0 -0.9 126.5 99.0 St James Place ...... 1001.5 -14.0 1199.5 913.6 Central Asia Metals .....178.8 -6.2 266.5 178.8 Tsy 4.250 32...... 144.16 0.28 146.4 133.2 Telecom Plus ...... 1326.0 -8.0 1552.0 1130.0 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Electrocomp ...... 606.0 -0.2 729.8 540.8 Renishaw ...... 3400.0 -94.0 4638.0 3232.0 Std Life Aberdeen ...... 275.7 -0.7 336.9 238.1 Clinigen Group ...... 703.5 -14.5 1069.0 703.5 Equiniti ...... 198.0 -2.8 236.2 186.2 Tsy 4.250 36 ...... 153.46 0.36 155.7 138.7 Spectris ...... 2695.0 -21.0 3005.0 2234.0 FOOD & DRUG RETAILERS Convatec ...... 194.4 -10.6 220.4 132.6 MEDIA Hunting ...... 325.6 7.6 657.0 290.8 Essentra ...... 343.4 -15.2 449.0 343.4 CVS Group ...... 1050.0 -16.0 1250.0 490.6 Tsy 4.750 38...... 169.17 0.30 171.8 151.6 EQUITY INVESTMENT INSTRUMENTS Greggs ...... 2090.0 0.0 2476.0 1730.0 Mediclinic Intl ...... 344.0 5.0 415.3 293.4 Petrofac ...... 309.5 -8.8 527.2 309.5 4imprint ...... 2720.0 -50.0 3500.0 2100.0 Experian ...... 2707.0 116.0 2898.0 2003.0 Dart Group ...... 1118.0 -111.0 1943.0 709.5 Tsy 4.250 46 ...... 178.91 0.33 181.0 1.0 Morrison (WM) ...... 180.1 8.8 230.0 170.1 NMC Health ...... 1000.0 0.0 3000.0 700.0 Wood Gp(J) ...... 357.4 -8.8 598.6 319.6 3i Infrastructure ...... 300.5 4.0 317.5 270.4 Ascential ...... 327.8 -14.0 421.2 319.0 Ferguson ...... 6780.0 40.0 7602.0 4800.0 AEROSPACE & DEFENCE Ocado Gp ...... 1119.5 55.5 1435.0 1046.0 Smith & Neph...... 1770.0 31.0 1990.0 1444.5 PERSONAL GOODS Diversified Gas & Oil ...... 78.6 -1.0 116.5 78.6 Aberforth Smlr Cos ...1218.0 -8.0 1546.0 1114.0 Auto Trader Gp ...... 519.2 -0.4 607.6 469.1 G4S ...... 160.5 -10.7 234.3 160.5 BAE Systems ...... 610.8 2.4 669.0 443.9 Sainsbury(J) ...... 204.3 8.6 240.6 177.1 UDG Hlthcare ...... 706.0 4.5 832.5 551.0 Draper Esprit ...... 502.0 -24.0 602.0 410.0 Alliance Trust ...... 765.0 16.0 876.0 730.0 Euromny Inst Inv...... 1058.0 -22.0 1498.0 1036.0 Burberry Gp...... 1661.0 12.0 2345.0 1649.0 Hays ...... 135.6 -2.7 183.5 135.6 Meggitt ...... 542.8 0.8 697.4 489.9 SSP Group ...... 473.5 -33.5 721.0 473.5 HOUSEHOLD GOODS AVI Global Trust...... 708.0 13.0 802.0 695.0 Future ...... 1150.0 -6.0 1572.0 736.0 PZ Cussons ...... 185.0 4.0 227.0 178.8 Homeserve ...... 1201.0 18.0 1340.0 966.5 EMIS Group ...... 1154.0 18.0 1242.0 942.0 QinetiQ ...... 343.0 -1.0 387.8 267.0 Tesco ...... 228.2 -0.3 258.9 212.6 Baillie Gifford Japan ...690.0 15.0 848.0 675.0 Barratt Devel ...... 750.4 -6.8 878.4 552.8 Informa ...... 659.6 -22.8 892.0 659.6 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5324.0 54.0 6170.0 4643.0 Fevertree Drinks ...... 1263.5 1.5 2475.0 1262.0 Rolls-Royce ...... 615.8 -4.2 941.2 600.6 FOOD PRODUCERS Bankers InvTst ...... 934.0 31.0 1032.0 851.0 Bellway ...... 3675.0 -48.0 4310.0 2698.0 ITV ...... 114.8 -1.8 156.5 103.6 AstraZeneca ...... 7010.0 216.0 7878.0 5644.0 IWG...... 345.3 -6.4 469.0 231.6 Senior ...... 147.1 5.9 235.0 141.2 First Derivatives ...... 2750.0 -15.0 3555.0 2100.0 BlackRock Smaller .....1476.0 -8.0 1794.0 1298.0 Assoc British Foods...2262.0 7.0 2708.0 2106.0 Berkeley Grp Hldgs ...4738.0 -16.0 5474.0 3437.0 Moneysupermkt.com ... 307.7 -2.8 417.7 307.7 Dechra Pharma ...... 2656.0 10.0 3068.0 2348.0 Network Int...... 547.0 10.0 650.0 513.0 Ultra Electronics ...... 1927.0 -18.0 2292.0 1284.0 Frontier Devs ...... 1184.0 48.0 1444.0 866.0 BMO Global Smaller ...... 127.7 1.7 150.0 126.0 Bakkavor ...... 105.8 -4.4 149.6 93.3 Countryside Prop ...... 466.8 -3.4 540.5 277.6 Pearson ...... 550.0 -7.6 927.0 550.0 Genus ...... 3232.0 74.0 3294.0 2178.0 Pagegroup ...... 383.0 -23.4 539.0 367.8 AUTOMOBILES & PARTS Caledonia Inv ...... 2900.0 25.0 3180.0 2875.0 Cranswick ...... 3374.0 44.0 3852.0 2488.0 Crest Nicholson ...... 443.4 -8.6 519.0 332.0 RELX ...... 1885.5 18.0 2099.0 1606.0 GlaxoSmithKline ...... 1630.0 67.8 1846.0 1501.6 Paypoint...... 835.0 5.0 1118.0 830.0 Gamma Comms ...... 1220.0 10.0 1460.0 830.0 Aston Martin...... 291.0 -47.0 1181.0 291.0 City of London IT ...... 389.0 7.0 448.5 382.0 Greencore Gp ...... 208.6 -0.7 281.8 193.4 McCarthy & Stone...... 131.6 -2.4 158.8 123.5 Rightmove Group ...... 619.2 0.2 701.2 495.0 Hikma Pharma ...... 1899.0 111.0 2200.0 1556.5 Rentokil Initial ...... 513.2 29.2 513.2 345.2 GB Group ...... 665.0 20.0 800.0 464.0 Edin Inv Trust ...... 533.0 5.0 652.0 528.0 Hilton Food Gp ...... 965.0 -67.0 1118.0 905.0 Persimmon ...... 2841.0 2.0 3298.0 1836.0 WPP ...... 740.4 -12.4 1077.5 740.4 TI Fluid Systems ...... 190.0 -11.5 273.0 155.2 REAL ESTATE Sanne Group ...... 577.0 7.0 752.0 498.0 Gooch & Housego ...... 1215.0 25.0 1527.5 954.0 European Opp ...... 806.0 32.0 926.0 708.0 Tate & Lyle ...... 711.0 5.4 801.4 663.8 Serco ...... 150.2 -2.4 167.7 120.3 BANKS Assura ...... 74.9 1.2 83.5 56.7 Hurricane Energy ...... 14.8 0.0 53.6 14.6 F&C Investment ...... 690.0 18.0 786.0 672.0 Unilever ...... 4320.0 150.0 5324.0 4046.0 MAIN CHANGES UK 350 SIG ...... 62.9 -0.2 153.0 61.4 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Big Yellow Gp ...... 1084.0 18.0 1240.0 955.5 Fidelity China SPE ...... 231.0 7.0 253.0 205.5 FORESTRY & PAPER Travis Perkins...... 1444.5 -16.5 1720.0 1166.0 Impax Asset Mgmt ...... 345.5 -1.0 405.0 211.0 Barclays ...... 143.3 -5.4 192.5 136.2 Fidelity Euro Values .....244.5 4.5 272.0 218.0 % % BMO Comm Prop ...... 96.6 -0.8 124.2 96.6 Mondi ...... 1572.0 10.0 1846.0 1510.5 Risers à Fallers Ä TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 375.5 27.5 405.0 316.5 BGEO Group ...... 1680.0 -12.0 1818.0 1252.0 Fidelity Spec Val ...... 235.0 5.0 280.5 230.0 Hikma Pharma ...... 1899.00 6.2 Finablr ...... 52.00 -14.9 British Land ...... 494.0 -7.0 638.8 468.3 GENERAL FINANCIAL IQE...... 45.7 -2.3 95.0 41.8 HSBC Hldgs...... 520.1 -3.8 680.6 520.1 Finsbury G&I Tst ...... 811.0 16.0 958.0 795.0 Smithson Inv ...... 1210.00 6.1 Aston Martin ...... 291.00 -13.9 Captl & Count Prop ...... 199.3 1.4 270.5 184.8 Spirent Comms ...... 212.5 2.5 256.0 140.4 Lloyds Banking ...... 49.5 -0.7 67.2 48.6 GCP Infra Inv ...... 120.0 2.4 134.0 117.0 3i Group ...... 987.8 -20.2 1184.5 942.2 Rentokil Initial ...... 513.20 6.0 Cineworld Group ...... 138.45 -10.8 CLS Hldgs ...... 252.0 6.0 312.5 212.0 TOBACCO James Halstead ...... 480.0 -6.0 570.0 440.0 Ocado Gp ...... 1119.50 5.2 Intl Cons Airl ...... 433.10 -8.2 Royal Bank of Scot ...... 172.5 -6.2 270.4 172.5 Genesis Emerging ...... 732.0 14.0 818.0 686.0 Ashmore Gp ...... 461.8 -0.4 570.0 397.8 Daejan Hldgs ...... 7980.0 0.0 8020.0 4715.0 Br Am Tob ...... 3000.5 -62.0 3507.0 2648.0 Johnson Service Gp ...... 197.0 14.0 223.0 129.8 Morrison (WM) ...... 180.10 5.2 SSP Group ...... 473.50 -6.6 Standard Chartered .... 550.4 -12.2 738.6 550.4 Greencoat UK ...... 142.6 2.4 152.8 133.8 Brewin Dolphin ...... 307.8 3.2 375.2 287.6 Derwent London ...... 3940.0 20.0 4282.0 2884.0 Imperial Brands ...... 1563.0 8.2 2648.5 1554.8 Centamin ...... 134.85 4.6 Hilton Food Gp ...... 965.00 -6.5 Keywords Studios .....1506.0 -27.0 1838.0 1052.0 TBC Bank Group...... 1300.0 6.0 1706.0 1150.0 Harbourvest Glb ...... 1616.0 4.0 1868.0 1406.0 Close Brothers ...... 1266.0 -17.0 1663.0 1227.0 Grainger ...... 299.0 2.6 338.0 217.4 Experian ...... 2707.00 4.5 G4S ...... 160.50 -6.2 TRAVEL & LEISURE Virgin Money UK ...... 146.9 -4.9 220.1 104.4 Coats Group ...... 59.1 -0.2 87.5 59.1 Grt Portland Est ...... 845.0 2.4 966.0 649.4 Learning Tech Gp ...... 134.0 -3.6 172.2 63.7 Herald Inv Trust ...... 1332.0 -22.0 1530.0 1205.0 Sainsbury(J) ...... 204.30 4.4 Hammerson ...... 196.00 -6.0 Finablr ...... 52.0 -9.1 215.0 52.0 Hammerson ...... 196.0 -12.6 385.0 196.0 Carnival ...... 2333.0 -102.0 4246.0 2333.0 BEVERAGES HICL Infr ...... 174.6 2.6 183.0 156.6 GlaxoSmithKline ...... 1630.00 4.3 Helios Towers ...... 115.00 -6.0 M&C Saatchi ...... 78.8 -8.0 394.0 73.4 Land Securities...... 821.0 -13.6 1001.5 735.4 Cineworld Group ...... 138.4 -16.7 321.0 138.4 JPM American ...... 462.0 17.5 524.0 421.0 Hargreaves Lans...... 1555.0 18.5 2433.0 1536.5 Senior ...... 147.10 4.2 Pagegroup ...... 383.00 -5.8 M.P. Evans ...... 662.0 2.0 750.0 612.0 Barr (AG) ...... 534.0 -1.0 975.0 526.0 Compass Gp ...... 1700.5 -10.0 2138.0 1698.0 JPM Emerg Mkt ...... 955.0 19.0 1088.0 878.0 IG Gp...... 681.2 7.6 708.0 474.8 LondonMetric Prop ..... 209.8 2.6 241.2 191.4 Britvic ...... 866.5 14.0 1068.0 850.0 Dominos Pizza ...... 303.9 7.9 326.4 221.2 Majestic Wine ...... 210.0 2.0 318.0 208.0 JPM Indian IT ...... 640.0 12.0 790.0 628.0 Integrafin Holdings ...... 487.0 8.0 529.0 337.0 Reckitt Benckiser ...... 5748.0 27.0 6688.0 5721.0 MINING NewRiver Retail ...... 155.8 0.2 246.0 147.6 Coca-Cola HBC AG .....2515.0 41.0 3074.0 2299.0 Primary Hlth Prop ...... 150.2 5.4 162.8 123.0 easyJet ...... 1062.5 -38.0 1552.0 854.8 Midwich Group ...... 529.0 -24.0 633.0 474.5 JPM Japan IT ...... 390.0 7.0 477.5 383.0 Intermediate Capital 1604.0 12.0 1877.0 999.0 Redrow...... 733.0 -13.0 848.0 533.0 Anglo American ...... 1844.6 52.8 2266.0 1666.6 Diageo ...... 2811.5 46.0 3625.5 2765.5 Intl Public Prtnshps .....162.6 1.4 171.2 146.8 Safestore Hldgs ...... 785.0 -6.5 867.0 586.0 EI Group ...... 284.6 0.0 285.0 194.0 Jupiter Fund Mngt ...... 311.8 11.8 432.0 300.0 Taylor Wimpey ...... 202.9 0.7 236.2 142.9 Antofagasta ...... 775.6 23.6 1022.5 752.0 Mortgage Advice B ...... 703.0 -18.0 800.0 546.0 CHEMICALS Investec ...... 385.6 -6.5 518.6 385.6 Savills ...... 1081.0 -1.0 1258.0 822.0 FirstGroup ...... 115.6 -2.2 137.5 89.6 Law Debenture ...... 578.0 12.0 654.0 552.0 Vistry Group ...... 1271.0 -8.0 1478.0 975.0 Next Fifteen Comm .....480.0 2.0 658.0 465.0 BHP Group ...... 1449.0 30.6 2049.0 1418.4 Flutter Ent...... 8502.0 236.0 9456.0 5525.0 Croda International . 4690.0 136.0 5375.0 4554.0 Mercantile IT ...... 235.0 -2.0 278.5 188.0 IP Group ...... 66.4 -0.2 100.4 55.7 INDUSTRIAL ENGINEERING SEGRO ...... 832.6 11.4 935.0 655.0 Centamin ...... 134.8 5.9 153.2 79.8 Go-Ahead Gp ...... 1898.0 -51.0 2278.0 1783.0 Nichols...... 1290.0 -7.5 1880.0 1290.0 Elementis...... 98.5 -2.9 184.5 98.5 Monks Inv Tst ...... 920.0 24.0 1026.0 809.0 John Laing Gp ...... 342.0 5.6 402.0 328.4 Shaftesbury ...... 802.0 4.5 979.5 739.5 Bodycote ...... 748.5 -15.5 971.0 652.0 Fresnillo ...... 620.0 16.2 921.2 539.6 GVC Hldgs ...... 792.6 3.0 939.0 507.5 Johnson Matt...... 2475.0 -36.0 3454.0 2475.0 Murray Intl Tst ...... 1068.0 12.0 1286.0 1056.0 London Stock Exch ....7888.0 312.0 8542.0 4538.0 St Modwen Props ...... 473.0 -6.5 530.0 373.0 Numis Corporation ...... 250.0 -2.0 306.0 212.0 Hill & Smith ...... 1329.0 -8.0 1510.0 1049.0 Glencore ...... 193.3 0.1 340.3 193.3 Intercontl Htls ...... 4287.0 -15.0 5738.0 4287.0 Synthomer ...... 276.8 -4.8 420.8 276.8 Next Energy Solar ...... 115.0 -2.5 126.5 114.0 Man Group ...... 143.4 -3.1 175.2 130.5 TR Property IT ...... 441.0 8.0 497.5 377.0 Polar Capital Hdgs ...... 474.0 -20.0 604.0 474.0 Onesavings ...... 396.8 -4.8 452.0 313.6 IMI ...... 1002.0 -4.0 1206.0 906.0 Hochschild Mining ...... 164.7 5.0 227.0 152.0 Tritax Big Box ...... 131.8 1.8 159.7 130.0 Intl Cons Airl...... 433.1 -38.9 671.0 413.5 Victrex ...... 2064.0 -32.0 2540.0 1845.0 Pantheon Intl Partn ...2110.0 -50.0 2620.0 2020.0 Purplebricks Gp ...... 85.0 -4.5 132.0 85.0 Melrose Ind ...... 203.4 -6.0 248.5 160.7 Kaz Minerals ...... 421.5 11.6 738.4 380.3 Just Eat Takeaway.com6785.0 -30.0 8255.0 6785.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ..284.0 1.5 342.0 282.5 Paragon...... 462.0 7.0 553.5 388.0 UK Commercial Prop ...... 81.1 1.5 92.7 79.6 RHI Magnesita ...... 2990.0 0.0 5000.0 2984.0 Polymet Int...... 1221.5 27.5 1345.0 772.6 Marstons ...... 87.8 -2.2 131.4 87.8 Renew Holdings...... 510.0 16.0 568.0 360.0 Pershing Square ...... 1372.0 32.0 1578.0 1224.0 Plus500 ...... 938.6 -11.0 949.6 495.0 Unite Group ...... 1108.0 -25.0 1339.0 896.5 Balfour Beatty ...... 242.8 -3.4 295.0 194.2 Rio Tinto ...... 3720.0 112.0 4976.5 3608.0 Workspace Gp ...... 1119.0 -13.0 1307.0 806.0 Mitchells & Butlers ...... 336.5 1.5 470.5 238.0 Personal Assets Tst 42300 1100 44050 39950 Provident Fin ...... 401.8 0.0 599.8 356.0 Rotork ...... 279.9 -1.7 341.2 269.8 RWS Holdings ...... 530.0 5.0 670.0 473.5 CRH ...... 2718.0 79.0 3100.0 2279.0 National Express ...... 414.6 -9.0 476.0 387.4 Polar Cap Tech Tst .....1536.0 58.0 1746.0 1220.0 Quilter ...... 144.3 -1.7 174.7 124.2 Spirax-Sarco...... 8545.0 150.0 9415.0 6850.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES Scapa Group ...... 166.4 -2.2 403.0 157.0 Galliford Try...... 147.8 -6.8 190.4 102.4 Rathbone Brothers ....1684.0 24.0 2540.0 1660.0 Weir Gp ...... 1277.0 -28.5 1814.0 1250.5 PPHE Hotel Gp ...... 1650.0 -90.0 2140.0 1630.0 Pollen Street ...... 848.0 -18.0 884.0 802.0 Vodafone Gp ...... 133.6 -0.8 165.2 123.3 Avast...... 398.4 4.6 551.0 282.0 Secure Income REIT ..430.0 6.0 473.0 394.0 Grafton Group...... 839.0 -23.0 990.0 645.5 Schroders ...... 2836.0 -18.0 3443.0 2541.0 Rank Gp ...... 255.5 -8.5 326.0 144.0 Renewables Infra Gp ...134.6 0.6 139.2 115.4 INDUSTRIAL METALS Aveva Gp...... 4406.0 18.0 5315.0 2962.0 Ibstock ...... 280.6 6.8 322.2 208.6 TP ICAP ...... 367.5 3.3 417.5 270.0 NONLIFE INSURANCE Restaurant Grp ...... 100.4 -5.6 166.4 100.4 Serica Energy...... 95.5 -2.4 143.4 95.5 RIT Cap Partners ...... 1924.0 38.0 2180.0 1886.0 Computacenter...... 1647.0 -6.0 1920.0 1049.0 Marshalls ...... 710.0 -17.0 876.0 543.0 Evraz ...... 317.6 -8.7 709.4 317.6 Stagecoach Gp...... 125.6 -4.5 167.0 115.5 Schroder Asia ...... 436.0 8.5 485.5 424.5 GENERAL RETAILERS Admiral Gp ...... 2140.0 28.0 2330.0 2014.0 FDM Group...... 887.0 26.0 1100.0 647.0 Smart Metering Sys.....475.0 -6.8 627.0 310.0 Polypipe Group ...... 538.5 4.0 619.0 372.8 Ferrexpo ...... 133.5 4.2 301.3 123.0 Wetherspoon (JD) ...... 1307.0 -37.0 1734.0 1269.0 Scottish Inv Tst ...... 724.0 9.0 843.0 715.0 B&M ...... 330.0 -3.1 420.9 315.0 Beazley ...... 528.5 -6.0 628.0 504.5 Kainos Gp ...... 752.0 6.0 880.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Whitbread ...... 3759.0 -135.0 5152.0 3759.0 Scottish Mortgage ...... 583.0 22.0 659.0 472.0 Dixons Carphone ...... 119.0 -2.8 152.4 104.9 Direct Line Ins ...... 312.2 5.2 366.5 270.5 Micro Focus Intl ...... 700.9 -39.8 2160.0 700.9 William Hill ...... 144.3 -4.5 205.2 132.3 Thorpe (F.W.) ...... 294.0 0.0 359.0 267.0 Smith (DS) ...... 316.3 2.1 394.8 307.9 Sequoia Econ Infra ...... 112.8 -0.6 118.6 110.0 Dunelm Gp...... 1078.0 -10.0 1404.0 730.5 Clarkson ...... 2520.0 30.0 3110.0 2200.0 Hastings Gp Hldgs ...... 161.4 -1.6 231.6 161.4 Playtech ...... 253.1 3.1 457.7 250.0 Wizz Air Holdings ...... 3324.0 -91.0 4496.0 2880.0 Watkin Jones ...... 256.5 1.5 286.0 199.6 Smiths Gp...... 1532.5 -0.5 1769.5 1378.0 Smithson Inv ...... 1210.0 70.0 1388.0 1105.0 Frasers Group ...... 370.0 -13.8 518.0 214.0 Fisher (James) ...... 1796.0 -44.0 2260.0 1680.0 Hiscox ...... 1276.0 50.0 1777.0 1213.0 Sage Group ...... 694.2 12.4 820.4 655.0 Smurfit Kappa Gp..... 2606.0 8.0 3010.0 2096.0 Syncona ...... 243.5 -1.5 284.5 203.0 Howden Joinery Gp..... 642.2 6.2 732.6 478.8 Royal Mail ...... 161.2 -1.3 268.5 161.2 Lancashire Hldgs ...... 725.0 0.5 807.0 640.5 Softcat ...... 1049.0 -7.0 1260.0 746.0 AIM 50 Young’s Brew NV ...... 1200.0 10.0 1310.0 1030.0 Vesuvius...... 419.4 -3.2 642.0 341.0 Temple Bar IT ...... 1204.0 12.0 1486.0 1162.0 Inchcape...... 591.0 14.0 720.0 545.5 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 518.0 -0.8 597.0 501.6 Sophos ...... 580.4 0.0 580.4 298.2 Abcam ...... 1197.0 41.0 1500.0 1066.0 Young’s Brew-A...... 1600.0 0.0 1885.0 1530.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 246.45 -4.05 316.05 204.80 3M ...... 153.02 3.78 219.50 146.85 AIR LIQUIDE ...... 125.05 2.15 140.30 110.65 ABBOTT LABORATORIES ...... 81.61 4.58 91.86 72.88 ALLIANZ AG ...... 197.10 1.76 232.20 195.34 ADOBE INC ...... 360.28 15.16 383.28 254.74 AMADEUS IT GROUP ...... 62.50 -1.00 78.60 42.30 ALPHABET NON VTG-C ...... 1389.11 49.78 1526.69 1036.23 ANHEUSER BUSCH INBEV ...... 52.00 1.27 92.71 50.73 ALPHABET-A ...... 1386.32 47.07 1524.87 1116.79 AMAZON.COM ...... 1953.95 70.20 2170.22 1620.80 ASML HOLDING NV ...... 250.25 2.15 292.95 158.30 AMERICAN EXPRESS ...... 113.87 3.94 136.93 107.86 AXA ...... 20.73 -0.23 25.50 20.78 APPLE INC ...... 298.81 25.45 327.20 172.50 BANCO SANTANDER ...... 3.25 -0.07 4.10 3.33 AT&T ...... 37.18 1.96 39.63 29.81 BASF...... 53.75 0.35 74.49 53.40 BANK OF AMERICA ...... 29.37 0.87 35.64 26.25 BAYER AG...... 65.60 0.12 78.06 52.53 BERKSHIRE HATHAWAY...... 217.63 11.29 230.20 195.81 BBVA ...... 4.29 -0.05 5.69 4.21 BOEING CO ...... 289.27 14.16 430.12 275.11 BMW ...... 58.28 -0.57 77.75 58.70 CATERPILLAR INC ...... 127.60 3.36 150.53 113.38 BNP PARIBAS ...... 43.45 -0.33 54.18 39.32 CHEVRON ...... 96.59 3.25 126.54 93.34 CRH ...... 31.11 0.64 36.50 26.70 CISCO SYSTEMS ...... 41.17 1.24 58.05 39.93 DAIMLER ...... 37.41 0.03 59.31 37.38 CITIGROUP ...... 67.59 4.13 81.91 60.33 DANONE ...... 63.10 -0.62 82.00 63.72 COCA-COLA CO ...... 55.92 2.43 60.13 44.84 DEUTSCHE POST AG ...... 26.83 -0.34 34.91 26.38 COMCAST ...... 42.52 2.09 47.50 38.19 DOW ...... 41.42 1.01 66.65 39.55 DEUTSCHE TELEKOM ...... 14.90 0.16 16.61 14.45 EBAY INC ...... 35.96 1.32 41.57 33.56 ENEL ...... 7.64 0.06 8.57 5.33 EXXON MOBIL ...... 53.88 2.44 83.38 49.82 ENGIE...... 15.13 0.10 16.64 12.45 FACEBOOK ...... 196.44 3.97 223.23 174.60 ENI ...... 11.12 -0.04 15.94 11.16 GOLDMAN SACHS GROUP ...... 209.47 8.70 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 229.94 12.10 247.02 181.14 FRESENIUS MEDICAL CARE ...... 70.42 1.16 77.66 57.92 HONEYWELL INTERNATIONAL ...... 164.24 2.07 183.23 151.59 IBERDROLA ...... 10.72 0.41 11.22 6.02 IBM ...... 134.30 4.15 156.76 126.99 INDITEX ...... 27.91 -0.22 32.37 2.55 INTEL ...... 58.18 2.66 68.47 43.46 ING GROEP NV...... 8.43 -0.18 12.05 8.34 JOHNSON & JOHNSON ...... 140.02 5.54 153.99 126.95 INTESA SANPAOLO...... 2.14 -0.06 2.60 1.83 JPMORGAN CHASE & CO ...... 121.52 5.41 141.09 98.93 KERING ...... 504.60 -1.20 610.20 425.05 MASTERCARD INC ...... 306.74 16.49 344.56 221.87 MCDONALD’S ...... 202.55 8.38 221.15 179.50 KON KPN NV ...... 2.26 0.06 2.96 2.20 MEDTRONIC ...... 102.62 1.95 121.30 84.15 L’OREAL ...... 247.50 6.50 275.30 224.00 MERCK & CO ...... 81.37 4.81 92.04 73.19 LVMH MOET HENNESSY ...... 376.10 5.25 439.05 305.80 COMMODITIES TOURIST RATES MICROSOFT ...... 172.79 10.78 188.70 110.39 MUENCHENER RUECKVE ...... 237.20 6.70 282.50 207.50 NETFLIX ...... 381.05 12.02 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1598.83 -16.97 Copper Cash Official...... 5572.00 -45.75 Canada ...... 1.6346 New Zealand ...... 1.9075 NIKE INC ...... 92.68 3.30 104.58 77.14 ORANGE ...... 12.18 -0.01 15.01 12.19 Silver (Pence) ...... 1718.50 -86.50 Aluminium Cash Official ...... 1662.75 -8.00 Croatia ...... 7.8397 Norway...... 11.48 ORACLE ...... 50.90 1.44 60.15 49.46 ROYAL PHILIPS ...... 38.21 -0.51 45.61 34.90 Silver (Cents) ...... 1334.00 -69.00 Nickel Cash Official ...... 12157.50 -120.00 Czech Republic ...... 27.19 Poland ...... 4.4217 PAYPAL HOLDINGS ...... 112.86 4.87 123.91 96.64 SAFRAN ...... 123.30 -0.80 150.25 116.90 Krugerrand ...... 1615.50 -28.14 Aluminium Alloy Cash Official ...... 1351.00 -14.00 Denmark ...... 8.2594 Singapore ...... 1.664 PEPSICO ...... 137.58 5.55 146.99 118.61 SANOFI ...... 85.59 1.66 94.00 72.24 Brent Crude ...... 49.67 -2.51 Natural Gas ...... 21.70 +0.52 Hong Kong ...... 9.4736 Sweden ...... 11.74 PFIZER INC ...... 34.88 1.46 44.40 33.42 SAP SE ...... 111.12 0.62 129.36 95.20 Platinum ...... 871.00 -46.00 Tin Cash Official ...... 16212.50 -135.00 Iceland ...... 143.62 Switzerland ...... 1.1785 PROCTER & GAMBLE ...... 119.56 6.33 127.14 98.41 SCHNEIDER ELECTRIC ...... 92.24 1.74 102.90 67.60 British Sovereign ...... 376.89 -6.44 Zinc Cash Official ...... 2018.25 +19.75 India ...... 81.90 Turkey ...... 7.5648 TRAVELERS COMPANIES ...... 127.68 7.87 154.83 119.81 SIEMENS AG ...... 92.30 -0.90 119.90 85.00 Lead Cash Official ...... 1868.50 -0.50 White Sugar ...... 396.60 -2.10 Israel ...... 4.0002 United States ...... 1.2228 TWITTER ...... 35.82 2.62 45.42 28.89 UNITED HEALTH GROUP ...... 273.11 18.15 305.31 215.26 SOCIETE GENERALE...... 25.02 -0.57 31.93 21.13 UNITED TECHNOLOGIES ...... 134.07 3.48 156.83 122.94 TELEFONICA SA ...... 5.34 -0.02 9.18 5.36 WORLD INDICIES VERIZON COMMUNICATIONS ...... 57.32 3.16 62.07 54.16 TOTAL ...... 39.10 0.72 52.27 38.38 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 192.33 10.57 213.31 168.86 UNILEVER NV ...... 48.52 0.91 57.56 47.59 FTSE 100...... 6654.89 +74.28 +1.13 S&P 500...... 3090.23 +136.01 +4.60 CAC 40 ...... 5333.52 +23.62 +0.44 Hang Seng ...... 26291.68 +161.75 +0.62 WALGREENS BOOTS ALLIANCE...... 48.11 2.35 76.05 45.76 VINCI ...... 90.82 -0.16 106.75 83.68 FTSE 250 ...... 19301.70 -29.22 -0.15 Dow Jones I.A ...... 26703.32 +1293.96 +5.09 Swiss Market Index ...... 9950.83 +119.80 +1.22 Nikkei ...... 21344.08 +201.12 +0.95 WALMART ...... 115.88 8.20 121.28 96.94 VIVENDI ...... 23.36 0.34 26.42 23.02 FTSE All-Share ...... 3706.83 +33.22 +0.90 Nasdaq Composite ...... 8952.16 +384.80 +4.49 ISEQ Overall Index ...... 6521.81 +124.44 +1.95 STI Index ...... 3007.72 -3.36 -0.11 WALT DISNEY CO ...... 119.98 2.33 151.64 107.79 VOLKSWAGEN AG ...... 150.50 1.52 185.52 138.16 FTSE AIM All-Share ...... 861.44 +4.80 +0.56 Xetra DAX...... 11857.87 -32.48 -0.27 FTSEurofirst 300 ...... 1469.19 +4.71 +0.32 ASX All Ordinaries...... 6461.10 -50.40 -0.77 WELLS FARGO & CO ...... 42.26 1.41 54.46 40.85 16 OPINION TUESDAY 3 MARCH 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS We are blind to the soft-left TO THE EDITOR Who regulates bias across British institutions the regulators?

[Re: Don’t leave it to the EU to decide FEW weeks ago, I went to head of the civil service, unveiled the Reds, over the last couple of how we regulate Artificial Intelligence] an art exhibition at Somer- Robert the findings of the “UK2070 Com- years, have been sitting proudly and Europe’s desire to be the global set House called 24/7. Colvile mission” on regional inequality openly in meetings of their con- technology leader should be welcomed. ABilled as “a wake-up call within the UK. stituency Labour party. Likewise, AI applications should be easy to for our non-stop world”, it Professor Marmot is pretty clearly But beyond the Corbynite surge, understand and ethical. However, there is promised to explore the many ways an expert in his field. But he is also there is a more pernicious problem, a tension between these ambitions and in which technology is speeding up pretty clearly of the left: witness his a kind of soft leftism that has the EU’s regulatory approach. our lives. repeated calls for higher taxes on seeped into so many institutions. Applying a single framework across all of This was, admittedly, something the rich. It manifests itself in many ways, Europe will limit diversity and of a busman’s holiday. Back in 2016, And the life expectancy picture is including a general feeling that experimentation, which are vital to I wrote a book called “The Great Ac- We encountered a similar phe- much more complicated than he left-wing things are good and right- innovation in emerging technology. And celeration” about, er, the many nomenon last week, with two sepa- suggests. Austerity may well be a wing things are bad; that if there is while details remain thin, the prospect of ways in which technology is speed- rate news stories — both of which factor, but there are several other a problem then state intervention tough regulations for a wide range of AI ing up our lives. received significant coverage, espe- potential explanations (especially is generally the way to solve it; that applications deemed as “high risk” could In the course of my research, I cially on the BBC. since other countries have also seen the primary effect of cutting taxes drive talent and investment abroad. read a great many excellent books First, Professor Sir Michael Mar- similar slowdowns). When chal- is to harm public services rather Europe was a laggard in the internet and — and a few pretty awful ones. mot popped up to remind us that lenged by Iain Dale on this on LBC than ease the cost of living burden digital revolution. It punched below its Among the worst was “24/7: Late life expectancy growth is stalling, radio, it is fair to say that Sir on ordinary people. economic and cultural weight. Today, none Capitalism and the Ends of Sleep”, and to blame it on austerity. Sec- Michael got pretty shirty. In all three of the cases above, of the top 10 global tech companies are by Jonathan Crary. ond, Lord Kerslake, the former As for Lord Kerslake, he is not just the fact that partisan positions European. Productivity improvements Its basic argument was that capi- the former head of the civil service. were presented as neutral was due have been relatively slow. talism doesn’t want you to sleep, be- He was an extremely senior and in- (I suspect) less to some sinister Europe ought to clarify its priorities and cause The Man wants to keep fluential adviser to Jeremy Corbyn conspiracy, and more due to a sim- think about how to reverse these trends if exploiting you all the time. Basi- and in particular John McDonnell, ple failure to examine and interro- it genuinely wishes to lead in artificial cally, adolescent Corbynism gar- to the point where he was widely ex- gate biases — in a way that is intelligence. The current timid approach is nished with copious citations of pected to enter government along- hardly imaginable if those in- an unlikely path to the top. left-wing French philosophers. This manifests side them had Labour won in volved had been on the right James Lawson, AI evangelist, It was pretty depressing, then, to December. rather than the left. DataRobot find that the Somerset House exhi- itself in a general His report may have valuable This contributes, understandably, bition was curated by none other things to say about regional in- to something of a siege mentality than Jonathan Crary. That didn’t feeling that equality, but it was reported by among conservatives: hence why BEST OF prevent the exhibition from having most outlets as though it were re- Toby Young and others felt moved TWITTER some interesting pieces. But it did left-wing things vealed celestial truth, with barely a last week to establish a new Free mean that the central message was are good and mention made of the author’s obvi- Speech Union, prompting a pre- Based on CNN’s count, using very clearly that capitalism plus ous biases. dictable online furore. information confirmed by the CDC technology equals bad. right-wing things It is cases such as these which, I It also helps explain why politics and state health agencies, there are Strikingly, the gift shop at the end think, explain quite a bit about cur- is increasingly becoming focused now 85 confirmed cases of Novel featured virtually none of those are bad, that if rent conservative — and Conserva- on culture wars — most promi- Coronavirus in the United States. many excellent books on the accel- there is a problem, tive — thinking, for example on nently Leave versus Remain. @ShimonPro eration of society (the exhibition’s issues such as the BBC, which is now There is, after all, little that makes actual theme), but did have shelf then state mounting a frantic rearguard ac- people angrier than feeling they One of the problems with running after shelf of all-purpose left-wing tion against a series of hostile brief- are not allowed to be heard. reckless trillion dollar deficits with tax doom-mongering, from Aaron Bas- intervention is the ings from the government. cuts during a growing economy with tani, Naomi Klein, Paul Mason and It is no longer the case that there £ Robert Colvile is director of the Centre low unemployment during peacetime the like. way to solve it are “Reds under the bed”. Most of for Policy Studies. is that when the economy sours (because of, say, a pandemic) you have already used up a key tool (fiscal policy) to jumpstart growth. @brianklaas

The British Government now needs to go onto a “war footing” with the It’s not just about faster taxis, the sharing coronavirus: daily NHS press briefings, regular COBRA meetings chaired by the PM, Ministers on all major media shows. The public is fearful, wants economy is building a sustainable future information and needs to know their leaders have got a grip. @George_Osborne OR THOSE unaware of what didn’t even exist a decade ago. ity and the transition to electric ve- the sharing economy is, just Olivia And that’s only the start of how hicles. The Netherlands, for in- Mayor of London was not invited to look to your phone. Whether Knight the sharing economy can help. This stance, runs a scheme where attend emergency COBRA meeting on Fit’s renting someone else’s is a sector built around the idea of employees have a tax-free allowance Coronavirus. Spokesperson for No.10 home for a holiday, borrow- sustainability and maximising effi- for their commute. has responded with: “London is a ing a designer dress, or sharing a cient use of resources. But it needs Finally, it is vital that businesses local area”. London being a city of car with strangers, peer-to-peer plat- government backing if the UK is to have access to the right skills and nearly 9 million people and therefore forms are allowing us to trade our see a huge shift in how customers talent so they can scale up. It’s clear larger than some countries — it seems spaces, skills and stuff, all at the behave and spend their hard- that the apprenticeship levy is chal- No.10 are trolling us. click of a button. earned cash. lenging for many smaller firms and @AvaSantina Right now, 5.3m people in Britain destination, they all have the same The government can use next startups. It’s why the government alone participate in the sharing collective mission: to use existing week’s Budget to signal support for must use the upcoming Budget to We should indeed wash our hands economy. The increasing interest in resources to reduce waste. this sector. First, it should raise the announce a comprehensive review 5–10 times a day but how do we deal making sustainable choices, com- We’ve all seen the headlines that tax-free amount for individuals into the system. with touching our manky, disease- bined with an ever-growing famil- the world is facing a climate emer- participating in the sharing econ- Now is the time to shape an econ- ridden mobile phones immediately iarity with using tech in our gency. Urgent action is needed by omy from £1,000, to £5,000 per omy that generates prosperity but afterwards? day-to-day lives, has led to a boom governments across the globe — year. Simplifying the tax frame- also protects our people and planet. @Selkie in the sector — which is now worth and the sharing economy can be work and ensuring that the UK’s We have the imagination, the tech- £8bn to the UK economy. part of the solution. approach to digital taxation sup- nology, the talent, and the collec- If you think it’s ridic that the Love Is While the products and services To give you just one example, to ports growing businesses will in- tive will to address the challenge, Blind contestants can fall wildly in that these innovative companies reach net-zero by 2050 in the UK, centivise people to work in the and build a genuinely sustainable love with each other simply by having offer are very different, from con- we need to get 36m cars off the sharing economy. economy that enables us to share intense, searching convos and despite necting you to the right person to roads — that’s 20,000 a week. Inno- Second, to help meet our net-zero more — and waste less. being kept apart by a screen, then you help you with some DIY to allowing vative car-sharing companies will targets specifically, the government are forgetting about MSN Messenger you to share a car journey with obviously have a part to play in that should launch a consultation on en- £ Olivia Knight is chair of Sharing @steph_soh someone else heading to the same transition. They’re a solution that couraging the use of shared mobil- Economy UK, and founder of Patchwork. CITYAM.COM TUESDAY 3 MARCH 2020 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam The private sector can be the DEBATE Could Sir Philip Rutnam’s engine of a climate revolution resignation turn into a major HEN AL Gore made An In- market sentiment towards the low- convenient Truth in Gregory carbon economy. Now, they must set headache for the government? 2006, he pointed to the Barker more ambitious long-term targets for Wfact that the Chinese business and industry. characters for “crisis” sig- Back in 2008, when the UK passed The resignation of Sir Philip Rutnam is nify both “danger” and “opportunity”. the world’s first Climate Change Act not just a spat between a Whitehall In the years since, the conversations and set legal targets to reduce emis- mandarin and his minister. Its impact around tackling climate change have sions by 80 per cent by 2050, very few goes much further than that, and YES often been framed by what industries people held real confidence in how touches on the core of the relationship and governments stand to lose in the this would be achieved. But many, like between Boris Johnson’s revitalised ELIOT WILSON immediate future by acting. The other side of the coin is that the me, knew that we had to get there. government and the civil service tasked Advocates have been passionate in interest from asset managers in cli- Since then, we in the UK have made with carrying out its plans. adviser, has all but declared war on pushing the advantages of energy ef- mate and environmental, social and remarkable progress — carbon emis- Let’s be clear: this has never happened Whitehall. He wants “weirdos and ficiency and green technologies, governance (ESG) factors has in- sions have now been reduced by over before. Permanent secretaries have misfits” to shake up the civil service. He while calling on governments to shift creased too. This is encouraging for 46 per cent and the decarbonisation resigned, but none has vowed to sue the distrusts and disdains the current cadre to an economy less dependent on fos- those who advocate a rapid transition of our energy system has led the government for unfair dismissal. A of mandarins. It may be that the Patel- sil fuels. But the long-term risk of to a low-carbon economy. world. Now we must go much further successful lawsuit would be devastating Rutnam saga is his Pandora’s box. This doing nothing has sometimes been It’s going to take a lot more than just and take the decarbonisation agenda for relations between ministers and is a Home Office problem, but it will overshadowed in these debates by the wiping off the value from a few energy to the rest of the economy. officials, and certainly bring down the spread. Battle lines have been drawn. immediate cost of taking action. stocks to shift the world economy, but Nevertheless, the vital first step is to home secretary, Priti Patel. However, something interesting has it’s a start. The ability of business to in- be transparent about the scale of the All of this, however, might be £ Eliot Wilson is head of research at happened over the last year: the bears novate when entrepreneurs put their problem. Too many industries are still contained were it not for the context. Right Angles and a former House of have gained dominance over the minds to it is immense. too coy about revealing the true nature Dominic Cummings, the PM’s special Commons official. bulls. The biggest drivers of stock mar- We can already see how markets have of their carbon footprint, perhaps wor- kets remain the twin emotions of been transformed over the last few ried that either consumers or investors greed and fear, and fear is beginning years by the work of companies such as will shy away if the truth is revealed. to gain the upper hand. Slowly but Tesla and Bank of America, which in The private sector needs to set ambi- There are two governments: the surely, the fossil fuels divestment 2019 committed $300bn by 2030 to tious, long-term targets, and be honest government of ministers, of electoral campaign has snowballed to the point sustainable business. I’m confident about the scale of the challenge. accountability, of political responsibility that climate is now top of the agenda. that we will see many more low-carbon Every government, every business — and another, its operational core, its NO As asset managers analyse the long- leaders emerging in the 2020s. and every individual must do more to permanent civil service. term forecast for oil and gas compa- Governments too should draw confi- achieve this transition, rather than pat- Sir Philip Rutnam’s resignation is LAUREN MCEVATT nies, those worried about being the dence from the escalating shift in ting ourselves on the back for what’s being billed as a headache for the first last person standing in these asset been accomplished so far. Ambition, form of government, an example of the team have made it quite clear that the classes are now selling out. While we collaboration, innovation and partner- old battle between ministers and their age of this mentality is over —and the will continue to depend on fossil fuels ship must drive the climate agenda. officials, of political weight being senior civil service are liable to be the for the foreseeable future, asset man- But the recent shift it attitudes in thrown around too liberally. most perturbed by this. agers are looking ahead, valuing to- banks and boardrooms across the The bigger headache is longer term, Rutnam’s resignation is not a long morrow’s demand in today’s prices. The fossil fuels world shows that the private sector however, and is a matter for the second term problem for ministers, but it does This new concern, not to be left with can be the engine — not the enemy — form of government. For too long, the herald the end of an era for the grey stranded assets, is driving up the cost divestment of the low-carbon economy. upper echelons of the permanent civil men of Whitehall. of capital for traditional energy com- service have seen ministers as an panies and carbon-intensive industries. campaign has £ Lord Barker is former minister of state annoyance, a disruption to their status £ Lauren McEvatt is managing director This has made it more difficult to raise for energy and climate change, and now quo, a hindrance to the proper running of Morpeth Consulting. She is a former money and has depressed share prices. snowballed executive chairman of EN+. of the ship. The Prime Minister and his government adviser.

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Our series on AI, Blockchain, Cryptoassets, DLT and Tokenisation PARTNER CONTENT

CITY A.M.’S ince the outbreak of the dis- ease, the Coronavirus’ spread CRYPTO INSIDER has been riddled with claims Sof corruption and suppres- THE DECENTRALISED sion of information. Accusa- JAMES BOWATER tions immediately emerged in noteworthy media sources and s we enter March we rather hope for some amongst leading health organiza- COMMUNITY’S Arespite from dreadful news and horrific tions toward China’s allegedly inaccu- weather. Sadly, however, the Coronavirus rate reporting of the severity of the shows no sign of slowing or being brought under situation. According to reports, Chi- control. Whilst there were trillions of dollars nese authorities recorded the first ANSWER TO wiped off global market values around the world case of the disease in early December last week, the crypto market as finally succumbed as 2019. It was not until 31st December well with the market finally having a modest pull back by US$30billion that Chinese authorities notified the since last week. We also saw that a number of long standing events World Health Organization (WHO), CORONAVIRUS have been postponed or cancelled. Mercifully at this point London and in mid-January 2020, were still al- Blockchain Week, the CryptoCompare Digital Asset Summit and the legedly attempting to silence ‘rumors’ Crypto AM Awards will all be going ahead. about a SARS-like disease overtaking At the time of writing,Bitcoin BTC is trading at US$8,843.69 / the country. As of the 25th February CORRUPTION AND GB£6,935.14; Ethereum (ETH) is at US$229.10 / GB£179.34; Ripple 2020, there are more than 80,000 (XRP) is at US$0.2379 / GB£0.1859; Binance (BNB) is at US$19.74 / cases of Coronavirus worldwide. GB£15.47 and Cardano (ADA) is at US$0.04890 / GB£0.03835. Overall Amnesty International has called Market Cap is at US$252.30 / GB£216.57 (data source: out corruption in China, referencing COLLUSION www.CryptoCompare.com) the removal of online posts relating Binance keeps on breaking news at an astonishing rate, with the to the Coronavirus and even the ha- latest development being that they integrated AKBank, a very forward rassment of journalists who share looking Turkish Bank. “As part of our mission to continue working on facts about the disease on social increasing the freedom of money worldwide and notably in a country media. The altering of information in that is fast-adopting digital assets, we are expanding the available the public sphere by controlling au- options to lower the barrier to entry,” said CZ (Changpeng Zhao), thorities creates a toxic information Binance CEO. “As the industry scales with our products and services economy, in which sources cannot be that grow in tandem, the availability and process of investing, relied upon in times of crisis. Under- exchanging and trading crypto will become more and more seamless.” standably, there is a profound lack of It will be interesting to see if Binance does anything closer to home in a trust in centralized authorities to re- post Brexit Britain. port information accurately. Across the North Sea in Sweden the Riksbank has implemented a This mistrust comes from experi- public procurement of a technology supplier to the e-krona pilot ence; years of news headlines and project and intends to sign an agreement with consulting company consumer reports outline the effects Accenture. The primary objective of the e-krona pilot project is to of data breaches, misuse, and corrup- broaden the bank’s understanding of the technological possibilities for tion by the world’s most powerful Designed by past epidemics such as Ebola and ment agencies responsible for con- the e-krona. In doing this the Riksbank has secured the services of centralized companies. Data privacy Phill Snelling, Zika, indicate worrying time dispari- taining the Coronavirus need to work Accenture, as reported in CoinDesk, will build out the e-krona’s regulations have been implemented Bowater Media ties between the first confirmed cases together to find and implement cross- consumer-facing features – such as how a user would pay on various in multiple markets in an attempt to of the outbreaks and when collective border solutions. Leading actors mobile platforms – and run them in a test environment with “simulated lessen data misuse by such organiza- action to contain the viruses was im- might include country leaders, health stores.” Its initial contract lasts for one year, but Riksbank said it is open tions, however little can be done plemented — pointing to data collec- organizations, hospitals, and public to as many as seven years of tests. Riksbank hasn't committed to about the ability to hack into central- tion, collaboration, and information specialists. However, issuing an e-krona at this time. ized databases in order to alter or ex- understanding as a cause for delay. their work is greatly challenged when Next Wednesday, 11th March The London Blockchain Forum will be ploit information — or the ability of In responding to the Coronavirus, it comes to staying ahead of the virus, holding, to mark the official end of London Blockchain week, the LBF controlling authorities to alter infor- devising and executing action plans due to lack of reliable, up to date in- Keynote Finalé Party at London’s Smith & Wollensky. If you want to buy mation of their own accord. that are based on the precise magni- formation, which can be accessed by tickets you need to join the LBF using the following two links: Telegram In every disaster response scenario, tude of the problem and the specific all parties. https://t.me/thelondonblockchainforum and or the Meet-up group from earthquakes to pandemics, reli- geolocations of infected persons are Distributed Ledger Technology (DLT) https://www.meetup.com/LBFmeetup/ It also serves as the after party able and accurate information is cen- essential to mitigating the risk that it provides a reliable foundation for to the Crypto AM Awards happening earlier in the day. Hopefully if you tral to appropriate responses. Case will spread further. As cases of the dis- new, stronger data communication get a ticket you will be able to meet some of the winners and nominees. studies on global responses to other ease rise day by day, the crisis manage- systems. DLT refers to any form of de-

stakeholders is where Vizidox Solutions Crypto A.M. shines prides itself on being a genuine technology enabler to empower business. The savings in human and business costs its Spotlight on to the economy of being able to access immutably verified mandatory compliance in process and skills by deploying simple solutions utilising blockchain are ViziDox incalculable. The enormous savings flow on effect to the ecosystem enables a net he World Bank identifies that continuously learn, innovate and utilise shift of business and learning resources to Teducation accounts for 50% of all frontier technology like blockchain. fund access to education and positively economic growth yet almost 1 billion Blockchain and distributed ledger impact a failing broadcast education people lack literacy and far greater, access technology solutions and have the system. The economy is currently rejecting to any education. It’s unsurprising that the potential to revolutionise the operational learners with qualifications not just United Nations and the World Economic side of the existing education system and because they cannot be securely verified Forum agreed on a strategic partnership in set the starting point for a new learning but because they aren’t industry relevant June 2019 that includes Education & Skills paradigm – and build bridges that intersect and don’t capture experience plus the skills and Digital Cooperation as two of six key them. For the education sector to harness required for the 21C or 4IR. New solutions areas identified to be at the international this potential it requires more than great are only made possible through blockchain critical level requiring acceleration to attain technology. It requires lots of hand holding and technology ecosystems. the SDG’s by 2030. and overcoming resistance by technology With bespoke data and tracking of The challenges to attain the required businesses who have deep industry verified records through the VDX platform acceleration are the exponential and expertise, knowledge of the wider engagement organisations can seamlessly unprecedented rate of change from the business-workforce- ecosystem, and the procure talent to meet business need Fourth Industrial Revolution [4IR] and a ability to build simple, viable, deployable anywhere in the world with a verified current day educational framework that business cases. Freddy Elturk, CEO & Founder of ViziDox digital record of formal, professional and hasn’t evolved since the 1800’s with Founded and led by Freddy Elturk, vocational qualifications. Talent also have supporting institutions and infrastructure Vizidox Solutions side by side with its the ability to own and share their verified still steeped in tradition, resistance to partner entity Morphotech delivers friendly, file type agnostic VDX Platform to learning infrastructure and the way digital records, and eliminate entropy of change and illiterate to the 21st Century. bespoke global technology solutions not securely issue and immutably verify their records, credentials, qualifications, information and skills accumulated over a Governments, educators, business, only for education but importantly for the data, documents and learning output such documents, skills, and assessments are lifetime that enables freedom of passage workforce and society need to understand ecosystem of engaged businesses and as a record, credential or qualification is captured, issued, verified, stored, accessed throughout the world they live and work in. this changing environment, be resilient to stakeholder. The ability for a business or only part of the picture in terms of quality, and utilised with a connected blockchain its changes and relentlessly and learning organisation through the user- cost and efficiency gains. Disrupting and AI engine by all learning ecosystem To find out more visit: https://vizidox.com/ CITYAM.COM TUESDAY 3 MARCH 2020 FEATURE 19

E: [email protected] @CityAm_Crypto In association with

making choices as to which informa- tion to share with the public — a CRYPTOCOMPARE MARKET VIEW clearly inferior option, subject to fraud and malicious action. These powerful use cases for DLT in Bitcoin Fails to Escape Coronavirus Sell-off disaster relief do not have to be left up to the imagination — they are already infiltrating the market, spurred for- ast week the price of Bitcoin fell from he turned down proposals for rewarding ward by ongoing critique of central- Lover $9,700 to $8,700 as investors contributors with cryptocurrency, arguing ized failures. Acoer is one such retreated to established safe haven it benefits from volunteers and enthusiasts, platform, created to counter the cor- assets like gold and U.S. treasuries over as opposed to an incentivized structure ruption hindering appropriate re- fears associated with the coronavirus that could be manipulated. sponses to the Coronavirus. outbreak. Similarly, Ethereum, the largest The U.S. Securities and Exchange Accumulating data on a decentral- altcoin by market capitalization, dropped Commission (SEC) has rejected the last ized ledger from the WHO, Centre for from $270 to $225, to round out a very poor remaining proposal for a Bitcoin exchange- Disease Control (CDC), clinical trials weak for altcoins. traded fund (ETF). Proposed by Wilshire around the world, and Twitter activ- The negative price performance was Phoenix and NYSE Arca, the ETF was ity, the Acoer Coronavirus Hashlog accompanied by a plethora of bad news. looking to list a fund mixing Bitcoin and updates daily to show the newest in- The CEO of Berkshire Hathaway, Warren short-term U.S. Treasuries. Commissioner formation from global sources on the Buffett, made his first public comments on Hester Peirce reacted to the rejection with virus spread. The innovative platform crypto after having dinner with the founder a dissenting statement - arguing the SEC is already being used by researchers, of TRON, Justin Sun. He revealed his stance has “ever-shifting standards” which it scientists, and media as a long-await- on BTC hasn’t changed, and that he applies to Bitcoin-related products. ing decentralized source of informa- donated the 1 BTC and 1.9 million TRON Facebook’s Libra Association has grown tion. (TRX) that Sun gave him. again this week, as crypto prime broker DLT will transform the modern A co-founder of Wikipedia, Jimmy Wales, Tagomi joined the organization. The communication landscape in the last week argued that integrating Association lost some founding members – same way that the internet did, once cryptocurrency into the online including PayPal, Visa, Mastercard, and upon a time. This will impact how we encyclopedia would be “insane” as he eBay – over regulatory and compliance work, socialize, and interact on a claims he hasn’t seen a single practical use concerns, but has since seen Shopify and daily basis, but will also lead to the case for crypto. Moreover, Wales revealed now Tagomi join the project. much-needed advancement of our disaster relief efforts across the globe. DLT will provide the trust layer of the internet, renewing public faith in the transparency and integrity of the data they are shown in times of crisis. CRYPTO A.M. INDUSTRY VOICES Defense institutions around the world are no strangers to the poten- tial for DLT to transform response London Blockchain Week Stocktake 2020 centralized database, in which infor- response units. Consider a public, de- times and effectiveness for disasters mation is stored across networks of centralized ledger, upon which the — now they only need to adopt the espite the ever-increasing number Federal Reserve to push ahead with the computers, rather than being con- world’s many police forces, national necessary technology and join the de- Dof use-cases blockchain continues digital dollar. We may see other sophis- trolled by one centralized source. DLT guards, fire services, government centralized world. to suffer from a poor reputation. ticated countries support Mark Carney’s removes the need to trust any govern- health departments, NGOs, scientific Indeed, a recent Gartner report con- vision of a “synthetic hegemonic cur- ment authority or central organiza- bodies, and designated disaster re- Christian Hasker, CMO of Hedera cluded that by 2023, 90% of blockchain- rency”, which would grow from a basket tion by sharing ownership of assets sponse agencies could all instantly Hashgraph, in conversation with James based supply chain initiatives will suffer of other fiat currencies to dominate and information across multiple par- share immutable data and source re- Bowater. For further information please ‘blockchain fatigue’ due to a lack of ro- money globally. ties. While the most commonly liable information. Beyond this, such visit https://www.hedera.com bust use cases. However, research by the Indeed - last week, the World Eco- known form of DLT is blockchain a decentralized ledger would also Blockchain Research Institute shows nomic Forum (WEF) announced the technology, there are a number of have the benefit of being completely IMPORTANT INFORMATION: THE VIEWS hundreds of production systems under- Global Consortium for Digital Currency next generation decentralized ledgers immutable and resistant to any mali- AND OPINIONS PROVIDED BY CITY A.M.'S way across a dozen industries. Governance. This consortium is focused with the potential to disrupt a myriad cious attempts at altering the CRYPTO INSIDER AND IN THE CRYPTO A.M. Global trade finance is moving to on designing a framework for the gover- of industries. recorded information. By contrast, SECTION SHOULD NOT BE TAKEN AS IN- blockchain. TradeLens—IBM and nance of digital currencies - including The Coronavirus illustrates more current centralized models involve VESTMENT OR FINANCIAL ADVICE. ALWAYS Maersk’s joint blockchain initiative in stablecoins - to increase access to the fi- than ever DLT’s use cases for disaster one authority gathering data and CONSULT WITH YOUR FINANCIAL ADVISOR. shipping—welcomed its first round of nancial system through innovative pol- new shipping giants this year. Everledger icy solutions that are inclusive and has expanded its efforts to eliminate con- interoperable. This is the first initiative flict diamonds into China via a WeChat that brings together companies, finan- app. Token offerings that raised upwards cial institutions, government represen- EUROPE’S LEADING DIGITAL of $10 billion in the last year alone have tatives, technical experts, academics, disrupted venture capital. international organisations, NGOs and Digital currency and economic inclu- members of the Forum’s communities ASSET CONFERENCE TO sion initiatives have long been under- on a global level to focus on solutions for way. India’s Reliance Industries, for a fragmented regulatory system. CONVENE ON 10TH OF MARCH instance, announced that its mobile sub- “Governance is the core pillar of any sidiary Jio will turn its 300 million users form of digital currency,” said Mark Car- into the world’s largest blockchain net- ney, Governor of the Bank of England. “It n 10th of March 2020, Morgan Stanley, Bitfinex, BitMEX, In a recent press release issued by work. The People's Bank of China re- is critical that any framework on digital Oinstitutional, retail, regulatory and Bitstamp, Binance, Ripple, Coinbase, CryptoCompare, Ardoino commented: vealed that it was “almost ready” to currencies ensures security, efficiency tech experts from leading digital CoinDesk, The Block, Deribit, Nomura, "Through continuous innovation, launch a sovereign digital yuan for inter- and legitimacy of payments while ensur- asset companies, traditional financial MakerDAO and many more. Tether is stronger than ever. I am national use. ing fair and open competition. We wel- services experts, investors and The agenda centres on key themes excited to share an overview of our We are witnessing exciting collabora- come the World Economic Forum’s academics will convene in London at including the evolution of the digital story so far and provide a glimpse into tions like the Enterprise Ethereum Al- platform to help develop a robust gover- the CryptoCompare Digital Asset asset marketplace, the our exciting plans for the future." liance has piloted the Token Taxonomy nance framework for inclusion through Summit to discuss key developments institutionalization of digital assets and Delegates will also have the Initiative that is platform neutral. Indus- digital currencies.” impacting the industry. the innovative financial instruments opportunity to hear Ben Delo, tries such as the Blockchain in Transport The WEF also released a framework de- The conference focuses on connecting needed to accommodate this Philanthropist, Entrepreneur and Co- Alliance have begun collaboration. Also, signed to help central banks create state- the digital asset ecosystem with transition. Founder of BitMEX about his journey institutions such as the Chamber of Dig- backed cryptocurrencies, or Central traditional finance, affording In an exclusive presentation dubbed from BitMEX to philanthropist in an ital Commerce are proving crucial allies Bank Digital Currencies (CBDCs). Accord- participants a unique opportunity to "The Story of Tether", Paolo Ardoino, inspiring fireside chat with Natalie for governments to strike the right reg- ing to an official press release, the ‘CBDC hear from, network, and form CTO of Bitfinex and Tether, will provide Cargill, Founder and CEO of Effective ulatory balance. Leaders like SEC Com- Policy-Maker Toolkit’ has been devised in partnerships with industry leaders from insight into how Tether has Giving. missioner Hester Piece, the outgoing conjunction with a number of central around the world. continuously innovated to consolidate Bank of England’s Mark Carney, and banking institutions, economists and in- Speakers include representatives its position as the world's leading Tickets are available at nominee for Democratic presidential ternational organisations. It is also note- from Gemini, Fidelity Digital Assets, stablecoin. summit.cryptocompare.com candidate Andrew Yang have emerged worthy that the Bank of Thailand and as blockchain advocates. the Central Bank of Bahrain are already Consider the global digital currency making use of this toolkit. showdown. First are traditional crypto In the coming year, central bankers, networks like Bitcoin. Second are corpo- policy-makers, and business leaders will rations like Facebook (can other digital all decide what the future of the digital conglomerates be far behind?) Next are economy will look like. However, leaders nation-states, as China implements its will need a level of flexibility and open- digital currency in 2020 as a step to- ness that we have not yet seen. wards replacing the US dollar as the cur- rency of record. This may prompt the US Dr Jane Thomason CEO Fintech Worldwide 20 FEATURE TUESDAY 3 MARCH 2020 CITYAM.COM TRADING & INVESTMENT

NE OF last month’s more out- For IAG, which also owns Iberia, Aer landish news stories was the Lingus and Vueling, a period of huge report that the coronavirus disruption may vindicate its holding Ooutbreak had caused an up- company model, established nine surge in private jet inquiries. years ago when BA started making ac- More wealthy travellers than ever, it quisitions in a bid to future-proof its seems, are willing to pay thousands of finances. For others, it could spell the pounds an hour for a plane unto them- NO-FLY ZONE end of the line. Already, Air Italy has selves, in an attempt to dodge the risk ceased operations, with plummeting of getting infected. The assessment As coronavirus sweeps the globe, airlines must demand driven by the outbreak prov- given by Richard Lewis, the US presi- writes Alex Daniel ing the final nail in the coffin, after a dent of Insignia Group, which organ- brace for the worst, year of struggles caused by the ises travel for rich clients, is stark: grounding of Boeing’s 737 Max jet. “They’re not willing to share the cabin “It is impossible to really say how dif- with other people.” ficult trading could become for the For the rest of the aviation industry, airlines, as IAG’s statement suggested it is a different picture. Conservative last week,” says AJ Bell analyst Russ estimates, such as that of the Interna- Mould. “The more people elect to stay tional Air Transport Association at home, cancel holidays or business (IATA), have global airlines losing trips, the tougher it is going to get. nearly $30bn in revenue this year (and This will pressure those airlines that that was back in mid-February). Some have plenty of debt and weak balance commentators think the figure could sheets, while those with stronger fi- be as high as $100bn. For context, the nances will be better placed to with- 2010 Icelandic volcano eruption, which halted air travel across Europe for several days, cost about $1.7bn. The outbreak of severe acute respiratory syndrome in 2003 — better known by its SARS acronym — cost $7bn. Coronavirus is a multi-faceted prob- The question is lem for airlines. As existing flights are cancelled, operators are forced to how long this will forego cash from future ticket sales, last and how much and pay customers back in refunds. And as fewer people want to fly, carri- damage will ers are being forced to discount tickets to stimulate demand. Low-cost Chi- be done nese firm Spring Airlines, for example, was selling a three hour flight for the stand a lengthy downturn in trading.” equivalent of $4 last week. This has translated into a febrile sit- With the virus arriving on new uation on the stock market. Easyjet shores by the day, it also looks like a shares fell 15 per cent in value last sign of things to come for European week, IAG fell 18 per cent and Ryanair operators. On Friday, German flag car- took a 20 per cent knock. Norwegian rier Lufthansa pared back the number Air — which has been battling tooth of short-haul flights it was running by and nail for survival for more than 18 a quarter. British Airways, meanwhile, months in the face of a mounting debt refused to make its usual prediction pile — tumbled an eye-watering 43 per for the year’s trading as it reported its cent, as investors feared for its future. half-year financial results. Meanwhile, for those trying to by- “It’s a rapidly changing situation,” pass the situation entirely by charter- Willie Walsh, chief executive of parent ing a private jet, there is a twist in the company IAG, told reporters on Friday. uncertainty, a weak pound, and an in- could be disastrous for the industry at plete wipeout to the European sum- tail. There are simply not enough “I wouldn’t call it unprecedented. We crease in terrorism in the Middle East large — particularly if infections con- mer season if the situation deterio- planes to go around. have seen other challenges for the and Europe coalesced to bring about tinue to multiply into the summer rates in Italy and we for instance see a It means that as the geographical industry.” the demise of UK airline Monarch. holiday season, when firms make the similar surge in cases across France. spread of the coronavirus grows, fears Walsh’s downplaying of the virus’ Thomas Cook’s £1.3bn debt pile, lion’s share of their profit. We can already see non-essential busi- intensify, and the aviation industry impact could be down to the fact that, which pushed it into liquidation in “The question is how long this will ness travel being hit as companies take continues haemorrhaging cash over even at the best of times, travel compa- September, was in part the result of a last and how much damage will be action to protect employees — families the coming weeks, one thing is clear: nies are especially vulnerable to eco- similar cocktail. done,” says Neil Wilson, analyst at will start to do the same if we see a when it comes to travelling during an nomic headwinds. In 2017, Brexit Nevertheless, the latest setback Markets.com. “You could see a com- broad spread across Europe.” outbreak, we are all in it together. It may be a while before the fog lifts on Italy

HE ITALIAN economy was CNBC That is not to mention the tragic He pledged €3.6bn (£3.1bn) worth targets,” posited Berenberg Talready looking rather parlous loss of dozens of lives and the of measures — equivalent to 0.2 per economists Kallum Pickering and at the start of this year, with COMMENT emergency treatment of hundreds cent of GDP — on top of an earlier Holger Schmieding. However, they global bodies like the International of acutely ill patients. promise of €900m worth of aid. cautioned that economists can only Monetary Fund, World Bank and Willem But after weeks of turmoil, the The newly announced measures predict the ability of an economy to European Commission all predicting Marx government in Rome received some will include tax cuts, corporate tax bounce back once the worst of the almost negligible growth rates. good news this week, with the first credits for the businesses that are outbreak is over. What they cannot Even the January forecast from formal accounting of the national hardest hit by the outbreak, and a do is predict the severity and Italy’s official statistics agency budget deficit for 2019 coming in much needed cash injection for duration of a potential medical suggested that GDP would increase below previous targets, at 1.6 per frontline healthcare efforts. emergency. by just 0.2 per cent over the course Monday morning, even as other cent of total national output. The “sick man of Europe” had That job falls to healthcare and of 2020, far below the 0.6 per cent elements of European equity That remains well under the already floated the idea of a fiscal infectious disease experts, many of tentatively predicted by the markets finally began to perk up targeted 2.2 per cent and, response last week, when deputy whom have predicted that the coalition government several again after a disastrous week. significantly, almost half the finance minister Laura Castelli illness could become widespread. months earlier. And now, with the extended European Commission’s permitted suggested that the European Over the weekend, the number of The nation’s banking sector outbreak of coronavirus cases level of three per cent. Commission would need to give her reported cases in Italy rose by 50 per remains in the doldrums, with showing little sign of dissipating in This development will give government some leeway to spend cent, to nearly 1,700. credit availability for businesses some of Italy’s industrial officials more impetus to spend more, in a way that will almost As the spread of the virus shows which are hoping to expand powerhouse regions, the country more on combatting the spread of a certainly expand deficit spending — little sign of letting up, investors remaining tight, and a consumer must contend with the increasingly potential pandemic, and already the a figure that in recent years has may have to wait some time yet to sector which is still looking serious economic implications of a Italian economy minister Roberto proved a massive point of know when exactly this economic markedly anaemic. virus-induced slowdown; Lombardy, Gualtieri has announced that his contention between Rome and patient will finally be able to make Perhaps as a consequence, the the region at the centre of the department would respond Brussels. it out of bed. country’s banking stocks took a outbreak, accounts for 40 per cent of aggressively to prop up the ailing “The EU would likely grant Italy hammering as trading opened on Italian industrial output. economy. even more leeway to miss its fiscal £ Willem Marx is a reporter at CNBC. CITYAM.COM TUESDAY 3 MARCH 2020 LIFE&STYLE 21 MOTORING BYBRAWN MOTORINGRESEARCH.COM FOR CITY A.M. STAR The Jensen Interceptor serves up British charm with a side-order of American muscle. Tim Pitt drives it.

harp-suited Italian styling. A speed automatic gearbox. car has been restored to original spec, I pull over and swap into the SP. brawny all-American V8. A A convertible was sold in limited JENSEN INTERCEPTOR SP giving me a taste of the authentic In- Those initials stand for ‘Six-Pack’ (an- sumptuous wood-and-leather numbers, but the jackpot for collec- PRICE: £90,000 terceptor experience. Cocooned by a other oh-so-cool Jensen name) and its SBritish interior. Oh, and prob- tors is the pioneering FF: the first road 0-62MPH: 7.4SECS high transmission tunnel, its soft additional carburettor means a heady ably the coolest car name car with four-wheel drive and anti- TOP SPEED: 145MPH seats feel like lazyboy recliners, while 385hp. This car is half-way to a CB, ever conceived. The Jensen Intercep- lock brakes. Just 320 were made, out tiny dials and unlabelled switches are with some carefully chosen upgrades tor had it all. of around 6,000 Interceptor variants WEIGHT: 1,768KG blunderbussed across the dashboard. – notably 17-inch alloys, adjustable Sadly, this glamorous GT was also in total. Cropredy Bridge has around MPG COMBINED: 12-15MPG The headlamp switch is on the floor, dampers and beefed-up Fosseway burdened with ‘traditional’ British 15 cars in the showroom, plus several where the clutch pedal would nor- brakes – to modernise its manners. build quality, but that’s nothing Cro- more in its workshop – including a mally be, and there are two horn but- The result is keener turn-in and a predy Bridge can’t fix. Based in a ‘barn-find’ FF originally bought by THE VERDICT tons: one for a cheery toot, the other more planted, confidence-inspiring quaint village near Banbury, the com- Porsche to develop its 4WD system. an angry parp. feel, plus explosive kickdown re- pany is the world authority on Jensens, “Each car is different as they were DESIGN hhhhh The 7.2-litre V8 coughs lazily into life. sponse. The only downside, says Guil- and is busy reinventing the marque hand-made,” explains technical man- PERFORMANCE hhhhi Prod the throttle and the whole car lard-Watts, is “about 9mpg if you for the modern era. I’m here to drive ager Mark Walbyoff. “We take on any- PRACTICALITY hhhii rocks with big-block torque, then press on”. an Interceptor Mk3, followed by a thing from an oil-change to a full VALUE hhhii clunk the shifter into Drive and the In- Cropredy Bridge has helped Jensen modified version of the flagship SP. 3,000-hour restoration. If parts aren’t terceptor slurs away. Its power steering reclaim its reputation, and prices are First, though, a quick history lesson. available, we make them.” is light and aloof, its suspension floaty rising. You’ll pay well into six figures Launched in 1966, the Interceptor CEO Matthew Guillard-Watts then will be entirely built-to-order and be- and unflustered. That engine is the for a tidy Vignale or FF, although proj- was designed by Touring of Milan. pulls the wraps off a work-in-progress spoke. “A CB customer can have any- main event, though. It rumbles like ect cars are still out there for hatch- Early cars were assembled by Vignale project. His demo Interceptor ‘CB’ will thing up to the 852hp Dodge Demon rolling thunder as two twin-barrel We- back money. If a Bentley is too brash before production moved to West boast 500hp, a six-speed gearbox, in- engine,” says Walbyoff. Gulp. bers gargle unleaded at a rate of and an E-Type too obvious, the Inter- Bromwich, where it remained until dependent rear suspension, leather On capillary lanes that border the 12.5mpg (yes, really). And it pulls like ceptor is a captivating alternative. 1976. Chrysler supplied the V8 en- and Alcantara upholstery, and a high- Cotswolds, I’m quietly thankful for an Amtrak train: effortless and knife- gines, the vast majority with a three- end audio system. However, each car ‘just’ the 335hp of the Mk3. This 1974 through-butter smooth. Tim Pitt works for motoringresearch.com NOT CONVINCED? CHECK OUT THESE ALTERNATIVES...

JENSEN INTERCEPTOR MK3 JENSEN INTERCEPTOR MK1 VIGNALE JENSEN INTERCEPTOR MK3 CONVERTIBLE PRICE: £80,000 THE VERDICT: PRICE: £250,000 THE VERDICT: PRICE: £90,000 THE VERDICT: 0-62MPH: 7.6 SECS DESIGN hhhhh 0-62MPH: 6.4 SECS DESIGN hhhhh 0-62MPH: 7.6 SECS DESIGN hhhii TOP SPEED: 126MPH PERFORMANCE hhhhi TOP SPEED: 137MPH PERFORMANCE hhhhi TOP SPEED: 126MPH PERFORMANCE hhhhi WEIGHT: 1,813KG PRACTICALITY hhhii WEIGHT: 1,588KG PRACTICALITY hhhii WEIGHT: 1,813KG PRACTICALITY hhhii MPG COMBINED: 12.5MPG VALUE hhhhi MPG COMBINED: 14MPG VALUE hhiii MPG COMBINED: 12.5MPG VALUE hhhii 22 FEATURE TUESDAY 3 MARCH 2020 CITYAM.COM OFFICE POLITICS How your old laptop could change a life

world’s electronic waste, worth nearly Recycling electronic waste can tackle the £12bn, is illegally traded or dumped in developing countries each year. homelessness crisis — and help the planet This results in significant environ- mental and social impacts, from T A LATE age I found myself open burning to recover rare metals homeless. I was homeless for Bill from the devices, through to chil- 15 years.” This statement Swan dren being exploited to scavenge old may sound shocking, but for POUND THE IT equipment. Ann, this was reality — until PAVEMENTS sheA became a member of Thames SOMEONE ELSE’S CAST-OUT Reach’s Step-Up project. Charity Miles It doesn’t have to be this way. In fact, The Step-Up project is a free support Free if done right, recycling of old devices service helping low-paid Londoners could do a great deal of good. For peo- progress into better paid work. As Do- Going for a run ple like Ann, a laptop is not just a minika Milowka, a digital skills sup- shows how sometimes seemingly never felt so commonplace object sat in a corner at port worker at Step-Up, explains: “Our small things can make all the differ- virtuous. With home — it is a great luxury. Someone goal is to identify problems that ence when someone is trying to turn Charity Miles, else’s cast-out that could have ended might be preventing people from pro- their life around. you can track the up on a rubbish tip across the world gressing. These may range from look- When her laptop stopped working miles covered in has enabled her to make the most of ing presentable for interviews and over a year ago, Ann was left trying to your fitness the opportunities offered by the Step- accessing computers to create their pursue her studies through public regime, while at Up project and take control of her life. CVs, to bigger mental health issues.” computers as she could not afford to the same time It’s an outcome that wouldn’t have Like too many Londoners, Ann buy a new one. “I spend most of my For many, ration with Thames Reach, we have raising money been possible without a small but im- spent over a decade sleeping on sofas, days going from one area to the next a laptop is now donated one of these refurbished for charity. So far, portant change. With London facing unable to get a place of her own, de- using public computers and internet. not just a laptops in the hope that it will help the app’s users both a homelessness crisis and an en- spite working. It takes me so long to get assignments commonplace Ann’s quality of life. have improved vironmental emergency, it’s some- Since contacting Thames Reach, she done,” she explains. object sat in Ann’s story showcases the potential their health thing we should all consider if we now lives independently and is en- a corner at impact if we all recycled our electron- while also want to make a difference — to both rolled in two courses: a Level 2 Certifi- SCAVENGING FOR VALUE home — it is a ics responsibly. This is an environmen- earning over people and the planet. cate in Principles of Business As the first waste and recycling com- great luxury tal issue as well as a social one. $2m for charity “I have an opportunity to change my Administration, and a Level 2 Infor- pany in London to become accredited Electronic waste is one of the fastest by powering life,” says Ann. “This laptop is going to mation, Advice and Guidance. She by the Living Wage Foundation, Paper growing waste streams in the world, through more help me do that.” also works part-time and volunteers Round wanted to help Ann and aid with around 50m tonnes produced than 40m miles with the charity’s information, advice her journey to better paid work. every year that is predicted to double of exercise. £ Bill Swan is managing director of Paper and guidance service. Our company collects electronic by 2050. Round, a leading commercial recycling Her determination and energy are a items and refurbishes them at our According to the UN Environment company and a pioneer of the circular true inspiration. But her story also materials recovery facility. In collabo- Programme, up to 90 per cent of the economy. CITYAM.COM TUESDAY 3 MARCH 2020 SPORT 23 Im and Valimaki show the way to the top NY budding golfers out there GOLF outing for the 46-year-old. wondering what their route It won’t bring him huge money but to the top is – and how to COMMENT the points on offer all count, not least Awin when they get there – now that a record-equalling 11th Eu- could do worse than look at ropean Ryder Cup appearance has be- the weekend’s two main winners. Sam come a real possibility. At the Honda Classic in Florida, 21- Torrance Westwood is such a great talent and year-old Sungjae Im (pictured) contin- currently on course to qualify for the ued his amazing progress with a first team. While September is still a long PGA Tour title, outshining overnight way away, he is certainly going in the leader Tommy Fleetwood in a fantas- who also has a distinctive but very dif- right direction. tic display. ferent action, after a certain point it The South Korean only moved to the is perfection. SAMI STEPS UP IN OMAN United States two years ago to play on The other young man continuing his the second-tier Web.com Tour. He led NOT FLEETWOOD’S DAY ascent at the weekend was 21-year-old the money list from start to finish and It was a disappointing end to the Finn Sami Valimaki, who claimed his progressed to the PGA Tour in 2019, week for Fleetwood, who led by three maiden European Tour title at just where he earned the Rookie of the early in his final round and hit a few the sixth attempt at the Oman Open. Year award. Now he is a winner at that bad shots yet still went up the last Valimaki won four times on the level, too, and has climbed into the knowing that a birdie would ensure a third-tier Pro Golf Tour last year and world’s top 25. play-off. was phenomenal last week. He holed Im’s breakthrough victory came His hopes ended when an attempt to some fantastically brave putts, includ- after a four-way tussle with Fleet- reach the green with his second shot ing in the play-off with Brandon wood, Canadian Mackenzie Hughes at 18 found the water and he bogeyed, Stone. This will definitely serve him and Brendan Steele on Sunday. finishing third. In those circum- well in the future. Over the years, Hughes, who had missed nine of his stances it was almost an impossible golfers retain all sorts of playing previous 11 cuts, practically became pin to get close to. memories – mostly bad – but he will the favourite when playing partner So much can happen on those last be able to draw on this success for Im found a bunker with his third shot four holes at PGA National and Fleet- years to come. at the par-five 18th. wood set himself up with a chance With Salimaki and Im joining the But Im seems to have an old head on but it wasn’t his day. The way he’s likes of Viktor Hovland and Rasmus young shoulders and produced an ex- playing, though, I can’t see that first Hojgaard in making breakthroughs quisite bunker shot. He signed for a 66 US win being far away. this season, there is no shortage of tal- and set a clubhouse target of six ent coming through. under par that would not be beaten. WESTWOOD MAKES A POINT Im’s swing is unusual in that it is The mercurial Lee Westwood was just Sam Torrance OBE is a multiple Ryder Cup- very slow to begin with. But, like fel- one shot behind fellow Englishman winning golfer and media commentator. low PGA Tour youngster Matt Wolff, Fleetwood in what was another good Follow him @torrancesam

THE ULTIMATE WEEKEND A TRULY INTERNATIONAL SPORTING EVENT 27 - 30 AUGUST 2020 CENTURION CLUB, LONDON BOOK TICKETS NOW ULCROWN.COM GOLF’S CROWNING HONOUR 24 SPORT TUESDAY 3 MARCH 2020 CITYAM.COM SAM TORRANCE On a big week for rising stars SPORT Im and Valimaki PAGE 23

BOUNCE BACK Arsenal put Europa League exit behind them with FA Cup win at Pompey SPORT DIGEST ABRAHAM AND PULISIC OUT FOR LIVERPOOL TIE £ Chelsea will be without Tammy Abraham and Christian Pulisic for tonight’s FA Cup fifth-round tie against Liverpool. Abraham is visiting a specialist in Barcelona because of an ankle injury, while Pulisic has been sidelined for two months with an adductor problem. “I’m hoping they might be fit over the next week or two,” manager Frank Lampard said. “I just can’t say that with clarity because they’ve both had their issues.” Meanwhile, Liverpool boss Jurgen Klopp is set to pick a stronger side than in the previous round against Shrewsbury after Saturday’s defeat by Watford. HANDSHAKES BANNED FOR SRI LANKA TEST TOUR £ England will fist bump each other instead of shaking hands in a bid to steer clear of illness on their tour of Sri Lanka. The players left yesterday ahead of the two-Test series, which starts in Galle on 19 March, and with their previous tour of South Africa affected by illness and coronavirus a concern, the team have changed the way they greet each other. “There is no suggestion that the tour will be affected,” captain Joe Root said. ENGLAND’S VUNIPOLA BACK FOR WALES MATCH £ Prop Mako Vunipola has been included in England’s squad to face Wales in the Six Nations on Saturday after missing the Ireland win due to personal reasons. Vunipola’s return to the 34-man squad is a boost for Eddie Jones, who also has winger Anthony Watson and hooker Luke Cowan- ARSENAL beat Portsmouth 2-0 last night to reach the quarter-finals of the FA Cup and bounce back from their Europa League exit at the hands of Olympiacos on Thursday. Mikel Dickie available. Meanwhile, Wales Arteta left Pierre-Emerick Aubameyang and Mesut Ozil in London and Nicolas Pepe and Alexandre Lacazette on the bench as a much-changed Gunners line-up got the job done fly-half Dan Biggar is an injury at Fratton Park. Portsmouth were the lowest-ranked team left in the FA Cup, but the third-placed League One side started well, only for Arsenal to take the lead on the stroke of doubt after suffering a hyper- half-time when Sokratis volleyed in Reiss Nelson’s low cross. Nelson turned provider once again after the break, finding Eddie Nketiah to finish from close range on 51 minutes. extended leg while playing for Portsmouth rarely threatened and Bukayo Saka forced goalkeeper Alex Bass into a save as Arsenal became the first side to qualify for the last eight of the competition. Northampton on Saturday. RISE AND RISE OF MONDO

in the world but the new poster boy for Perfect upbringing or not, Duplan- time coming. most important year of my ath- Armand Duplantis track and field. tis’ rise has still been hugely impres- “The world letic career”. sive. While he has been a serial record has become The main goal in 2020 is to is aiming even BORN TO FLY winner at every age group, setting more and more claim the gold medal for Swe- Duplantis burst onto the scene last records along the way, the speed with achievable for me,” den at the Tokyo Olympic higher after setting month, twice breaking the world which he has taken the world of ath- he explains. “I always Games, but before then the record set by France’s Renaud Laville- letics by storm has turned heads. thought I had a brightest young star of ath- two world records nie — first at a World Athletics Indoor chance. I just kept letics will try to wow the Tour meeting in Poland and then, a NO PRESSURE growing and growing to- London Stadium crowd at in February, he week later, at an Indoor Grand Prix in Coached by his dad, Greg, who him- wards it.” the Muller Anniversary Glasgow. self reached a mark of 5.80m during Although he has already Games in July. tells Felix Keith For now that bar is set at 6.18m. But his athletic career, Duplantis admits been hailed as a saviour for “I know now I’m capable of having hit the front in his first year as to a degree of surprise at how quickly the less conventional disci- breaking world records and OME children grow up kick- a professional, Duplantis is hoping to it has fallen into place for him, but pline, with former Olympic hopefully I can do it more ing a ball around. Some take keep improving, keep pushing his lim- stresses that despite his youth his pole vault champion and se- and more often,” Duplantis to throwing and catching. its and to keep on extending what is achievements have still been a long rial record breaker Sergey says. For as long as he can remem- possible in the sport. Bubka saying he “makes ath- “Trying to jump at a level ber, Armand “Mondo” Du- “Growing up I had everything in letics attractive”, Duplantis is above the world record, you plantisS has had a pole in his hand and place to be successful – I can’t really ex- not feeling any pressure. need really good facilities and a crash mat set up on which to throw plain how fortunate I am with the po- “I don’t think about that you need a really good crowd himself. sitions that I’ve been put in in my life,” much,” he says of the responsi- and I think that the Anniver- Born into an athletic family, with a he tells City A.M. bility to fly the flag for pole sary Games brings both of former pole vaulter for a father, a vol- “I was set up very well from a very I know I’m capable vault. “It is a mainstream sport to those to the table, so I’ll do the leyball-playing heptathlete for a young age for success. I had a good sup- of breaking world me.” best I can do to jump another mother and two sport-mad older port group around me. I had all the world record.” brothers, Duplantis had the ideal envi- equipment I needed accessible to me. records and GOING FOR GOLD ronment in which to thrive. “It’s been crazy how everything has With the world record to his name, To buy tickets for the Muller He has spent 17 years learning the art worked out. But I can’t say it’s so so so hopefully I can Duplantis, who was born in Louisiana Anniversary Games on Saturday 4 and of pole vaulting and now, at the age of surprising, where I came from, be- do it more and but has chosen to represent the coun- Sunday 5 July 2020 and for more just 20, the American-born Swedish cause I came from a really good situa- try of his mother’s birth, is now information go to athlete is not only the best pole vaulter tion.” more often ready to embark further on “the www.britishathletics.org.uk