BUSINESS WITH PERSONALITY

BEST IN SHOW IT’S BRUSSELS VS BIG TECH MULLINS GIVES EU PUFFS UP TO GIANTS WITH TOP PICKS AT FRESH DATA RULES P2 & P26 CHELTENHAM P29 THURSDAY 20 FEBRUARY 2020 ISSUE 3,560 CITYAM.COM FREE BARCLAYS INSTALLS ‘BIG BROTHER’ Rescue deal SOFTWARE ON EMPLOYEES’ sewn up for COMPUTERS Laura Ashley CHEEKY JESS CLARK @jclarkjourno A LAURA Ashley shareholder yesterday warned that the retailer could soon be forced to seek more funding, on the same day that the high street store secured a £20m lifeline to allow it to keep trading. Laura Ashley yesterday said its Malaysian owner MUI Asia BANKERSEXCLUSIVE at the firm’s Canary Wharf headquarters. had come to an agreement ANDY SILVESTER Sapience describes the system as offering with lender Wells Fargo to @SilvesterLDN “automated work pattern reporting and real-time allow it to “meet its analytics” and “unprecedented visibility into how immediate funding BARCLAYS has been criticised by HR experts and people work, with actionable insights to better requirements”. Shares in the privacy campaigners after the bank installed “Big manage cost and performance across teams.” company jumped 45 per cent Brother” employee monitoring software in its The software compiles a report into an on the announcement, before London headquarters. employees’ activity during the working day. A closing up 15.2 per cent. Introduced as a pilot last week, the technology “work yoga” assessment sent to an employee However, Cavendish Asset monitors workers’ activity on their computers, earlier this week, seen by City A.M., warned the Management, which owns a and in some instances admonishes staff in daily staffer of “not enough time in the Zone yesterday!” stake of around two per cent updates to them if they are not deemed to have It added: “Tips: mute the phone, disable in the retailer through its TM been active enough — which is described as email/chat pop-ups, avoid breaks for 20+ Cavendish Opportunities being in “the zone”. The system tells staff to minutes, 2–3 times a day.” fund, yesterday warned that “avoid breaks” as it monitors their productivity in The whistleblower described the rollout as the funding “might not hold real-time, and records activities such as toilet turning the office into a “Big Brother state”. up for long”. visits as “unaccounted activity”. The controversial new software comes as the Fund manager Nick A whistleblower at the banking giant told City investment bank arm, of which the product Burchett said: “There are A.M. that “the stress this is causing is beyond control department is a part, reported increased balance sheet constraints and belief” and that it “shows an utter disregard for profit at the end of 2019. the inescapable problem on employee wellbeing”. The use of such software is becoming more the high street of high “Employees are worried to step away from widespread in the industry, but Ed Houghton, business rates which mean the their desks, have full lunch breaks, take head of research at the Chartered Institute for company may end up looking bathroom breaks or even get up for water as we Personnel and Development, warned the to secure more short term are not aware of the repercussions this might technology could never be a “substitute for good funding in the near future.” have on our statistics,” they added. line management”. The future of Laura Ashley Big Brother Watch, a privacy campaign group, “Employees shouldn’t feel they’re not trusted was thrown into doubt this described the technology as “creepy.” to use their time effectively or that they’re not week over access to a £20m The software, provided by Sapience, has been trusted to be productive,” he added. asset-backed loan, agreed with rolled out throughout the product control Wells Fargo in October, which department within the investment bank division £ CONTINUES ON P5 reduced in line with the retailer’s stock and customer deposit levels.

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10-13 MARCH 2020 CHELTENHAM 02 NEWS THURSDAY 20 FEBRUARY 2020 CITYAM.COM

HOME IN TIME FOR TEA IDEC Sport crew arrive at Tower Bridge after setting new clipper route record from Hong Kong to London THE CITY VIEW Government gambles with migration reform

HE BREXIT pennies just keep on dropping. First there was a mixture of genuine and feigned shock when the Tgovernment announced it would not align itself with EU regulations. Now, the publication of a new immigration strategy has some people up in arms at the prospect of reform. But with the UK leaving the EU it is a matter of legal necessity that we devise a new immigration system — since freedom of movement will come to an end. Labour MPs, currently indulging in arguments about abolishing the monarchy or whether gender exists, took a break from their leadership contest to denounce the new policy as racist. Given the explicit aim is to treat everyone equally no matter their country of origin, this seemed a daft line of attack — not least since the government’s proposals do raise some serious concerns. But first, the good SKIPPER Francis Joyon and crew members Bertrand Delesne, Antoine Blouet, Corentin Joyon and Christophe Houdet arrived at news: this isn’t Theresa May’s immigration Tower Bridge yesterday after breaking the sailing record between Hong Kong and London — also known as the Tea Route. The policy. May clung to the ludicrous target crew completed the journey in 31 days, 23 hours, 36 minutes and 46 seconds with an IDEC Sport Maxi trimaran. of reducing net migration to the tens of thousands. Home secretary Priti Patel The good yesterday stressed that the government news is that had no interest whatsoever in a target, this isn’t though she did say a consequence of the Theresa EU proposes new rules to reforms would be a fall in the numbers. To put it crudely, she wants to focus on May’s policy quality, not quantity. And so to the policy itself. Under the new system a migrant worker will need 70 points to qualify, with points awarded for speaking English, curb tech giants’ powers having a job offer, fitting the salary bracket, working in a designated occupation, etc. The rules will apply to everyone whether EU national, Indian or Australian. There is a renewed ANGHARAD CARRICK non-discriminatory conditions”. while the EU’s focus on the societal focus on attracting high-skilled migrants, with a new global AND EMILY NICOLLE The move is in reaction to previous impact of AI was “laudable”, the pro- talent visa having no cap on numbers. That means competition bad practices of US firms such as posals did little to look at the potential @angharadcarrick @emilyjnicolle Google, which has been fined a positive impact on business. for roles in science, technology and engineering is about to heat THE EU has proposed a raft of new arti- number of times by the commission The effect of the proposals on the UK up. Broadly speaking, there is much to welcome here, but it’s ficial intelligence (AI) rules to curb the for anti-competitive behaviour. will depend on whether the govern- the change to so-called low-skill migration that will have the power of tech giants, forcing them to On AI, the commission said it sought ment decides to align with the bloc. most immediate impact — particularly in the capital. Hospitality share their data with smaller rivals. to make the technology more ethical Buyers said that the UK is now faced The white paper, which was part of a through the exploration of new regula- with a unique opportunity to straddle and construction employers’ groups have already sounded the wider digital programme released yes- tions. This could include requirements the divide between a cautious EU alarm, but much will hinge on the government’s designation of terday by the European Commission, to train AI on data that is approach, compared to “in the wild sectors facing a shortage or workers. Agriculture and Indian set out ways to limit the perceived dan- representative of the population, and west US, [where] anything goes”. restaurants have already been granted special status, so in gers of technology by imposing requiring businesses to keep records of He added: “There’s an argument that tougher rules on AI and data sharing. how their AI systems were developed. the UK could make more of the situa- theory there’s no reason why restaurants and retail couldn’t be The commission has proposed creat- Citizens would also need to be made tion if it wasn’t tied to the same level of added to the list. It is possible that, over time, a shortage of ing a “single European data space” in aware whenever they are dealing with regulation.” labour sees wages rise to a point where roles become more which digital information can flow an automated system, rather than with Gita Shivarattan, data protection freely, similar to that used in other sec- human beings. counsel at Ashurst, said: “If they do attractive to domestic workers, but this won’t happen overnight tors such as financial services. A leaked draft of the white paper sug- look to do this, the challenge for the and so the government must continue to listen to industry and Particularly in areas where the mar- gested the EU had previously consid- regulators will be to ensure they don’t the pressing needs of key sectors. ket has failed, the white paper said it ered a blanket ban on facial inadvertently create barriers to innova- would consider making access to data recognition technology in public areas. tion — a major consideration given the “compulsory... under fair, transparent, John Buyers, head of international AI global competition between nations to Follow us on Twitter @cityam reasonable, proportionate and/or at law firm Osborne Clarke, said that encourage investment in innovation.”

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL BOEING ASKS TO GIVE UP TAX WHAT THE HOME OFFICE AT WAR AFTER WARNING OVER £1BN HIT BLOOMBERG BANKROLLS A BREAK TO AVERT EU TARIFFS OTHER STAFF ACCUSE ‘BULLY’ PATEL FROM TAX RAID ON PENSION SOCIAL MEDIA ARMY Boeing has asked for a $100m (£77.4m) Priti Patel has attempted to oust her A tax raid on pensions would punch a Michael Bloomberg’s presidential per year tax break from Washington PAPERS SAY most senior civil servant after a toxic £1bn hole in company retirement campaign is hiring hundreds of workers state to be suspended in a bid to stop clash at the top of the Home Office. schemes and could spell disaster for in California to post regularly on their the EU from imposing billions of dollars THIS Multiple sources inside the department dozens of firms, experts have warned. social media accounts in support of the in retaliatory tariffs this summer, when have accused the home secretary of Businesses that still offer final-salary candidate and send text messages to it is hoping to bring its troubled 737 Max MORNING bullying, belittling officials in meetings, schemes would come under huge their friends about him. The effort, back into service. Washington state making unreasonable demands and pressure if pension tax relief is slashed which could cost millions of dollars, is lawmakers yesterday introduced bills in creating an “atmosphere of fear”. in next month’s Budget — putting more launching ahead of the 3 March primary. the state’s senate and house proposing than a million workers at risk. the end of a business rate tax break for RETAILERS FEAR EMPTY CHINA EXPELS THREE WALL aerospace companies that has saved SHELVES ON CORONAVIRUS BARCLAYS INVESTORS RALLY STREET JOURNAL STAFFERS Boeing more than $1bn since 2004. High street retailers and fashion brands BEHIND BOSS JES STALEY China revoked the press credentials of misuse of funds at Renault related to are bracing themselves for stock The Barclays chairman has been urged three Wall Street Journal reporters FRANCE STEPS UP PROBE the carmaker’s former boss and fugitive shortages because of the coronavirus by shareholders to back under-fire chief based in Beijing, the first time in the INTO RENAULT FUND MISUSE from Japanese authorities, Carlos outbreak. Halfords, Primark, B&M, Asos executive Jes Staley while regulators post-Mao era that the government has French prosecutors have ratcheted up Ghosn, the Nanterre prosecutor’s office and DFS may be affected in the coming investigate his relationship with sex expelled multiple journalists from one their investigation into the alleged said in a statement yesterday. weeks as factory closures persist. offender Jeffrey Epstein. international news organisation. CITYAM.COM THURSDAY 20 FEBRUARY 2020 NEWS 03

GOING DUTCH UBS set to poach ING boss Points system Ralph Hamer as chief Ermotti’s successor Inflation jumps UBS IS set to name ING boss Ralph Hamer to six-month (pictured) as its next chief executive, the Financial Times high in January ‘disastrous’ for reported late last night. Hamer is said EDWARD THICKNESSE to have notified ING’s @edthicknesse board of his decision yesterday, which then UK INFLATION rose to a six-month forced the Dutch bank high of 1.8 per cent in January, a UK hospitality to pull a bond deal shock increase from December’s and caused shares to rate of 1.3 per cent, according to fall four per cent. official data released yesterday. STEFAN BOSCIA the UK’s hospitality sector workforce Hamer, who has been The rate remains below the Bank @Stefan_Boscia were EU nationals. at the ING helm since of England’s (BoE) target of two per Chief executive of trade association 2013, will replace cent, but the bump came as a PARTS of Britain’s hospitality industry UK Hospitality Kate Nicholls said the current UBS head surprise to analysts, who had have lashed out at the government’s new rules would be “disastrous”. Sergio Ermotti. forecast the rate to rise half as new EU immigration proposals, with “These proposals will cut off future much to 1.6 per cent. the sector’s leading trade body calling growth and expansion and deter The rise was seen as a vindication them “disastrous”. investment in Britain’s high streets,” of the BoE’s decision not to cut Home secretary Priti Patel launched she said. “It will lead to reduced levels rates at its January meeting of the the new immigration plan yesterday, of service for customers and business Monetary Policy Committee (MPC), saying the government wanted “eco- closures.” despite fears of a potential nomically inactive” Britons to take the Food and drink companies have Vegan staff should be excused recession. place of low-skilled foreigners. As a been warning since the 2016 EU refer- Craig Erlam, senior market part of the new points-based system, endum that companies would be hit analyst at Oanda, said: “The MPC EU immigration applicants will be by new immigration restrictions. from barbecues, say lobbyists can now reflect positively on their required to speak English, have a job Pret a Manger said in 2017 that only decision to not jump the gun in offer in the UK and to have never been one in 50 of its job applicants was a JOE CURTIS It added that vegan menus should January, on the back of some poor given a prison sentence of 12 months British citizen. Steakhouse chain @joe_r_curtis be made available at work events, end of 2019 readings. or more. The minimum salary for job Hawksmoor yesterday said the propos- employers should provide vegan- “There were too many one-off offers needs to be £25,600. als showed the government was not VEGAN staff should be able to excuse friendly versions of required factors to explain the weakness and Concerns have been aired in the hos- “interested in our industry”. themselves from corporate events clothing and should offer separate the level-headed approach appears pitality industry that the new system Bronte Aurell, owner of Fitzrovia deli like horse racing and barbecues, the colour-coded kitchen utensils. to have paid off.” will create large labour shortages. Scandikitchen, said the sector was Vegan Society said yesterday. “If ‘jokes’ made about an Sterling initially rose 0.2 per cent A 2017 KPMG report, commissioned “already suffering severe staff short- Vegans also deserve their own employee’s veganism become against the dollar on the back of by the British Hospitality Association, ages” and the new rules would only shelf in the office fridge, according burdensome, steps should be made the news, breaking through $1.30, found between 12 and 24 per cent of make it worse. to guidelines issued to businesses. to improve this,” the guide said. before paring its gains.

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ROYAL REBRAND Harry and Meghan face London house losing Sussex brand after Royal family split Housebuilder shares jump on prices rebound broker upgrade JESS CLARK @jclarkjourno SHARES in housebuilding firms jumped yesterday after HSBC in Boris bounce upgraded its view on the stocks, saying the decisive general election result “unleashed pent-up demand” JESS CLARK However, the City of Westminster in activity. AND JOE CURTIS bucked the trend to report a 2.1 per Berkeley’s share price closed up @jclarkjourno @joe_r_curtis cent increase. 2.09 per cent after rising to all-time Other areas to report strong growth HARRY and Meghan could lose the Sussex Royal brand after giving up royal duties to high yesterday morning as HSBC LONDON house prices grew at their included outer boroughs such as live in Canada. The use of the word ‘royal’ in the couple’s Sussex Royal brand is being upgraded the stock from “hold” to fastest rate in 15 months in December Brent, with a jump of 5.9 per cent, reviewed amid their plans to seek financial independence, Reuters reported. “buy”. The bank now has “buy” following Boris Johnson’s election Enfield, where houses prices climbed ratings on all nine of the listed win, official figures showed yesterday, 3.6 per cent, and Hounslow, which housebuilders it covers, and it as prices also jumped across the UK. saw a 4.4 per cent jump in prices. pointed to Barratt, Redrow, Bellway Homes in the capital enjoyed a 2.3 David Westgate, group chief execu- and Crest Nicholson as its per cent rise to £484,000 after a 2019 tive at Andrews Property Group, said “preferred picks”. full of falls, according to the Office for the London housing market has Square Mile office leasing hits a Bellway’s shares closed up 2.01 National Statistics (ONS). “rediscovered its mojo”. per cent yesterday, Redrow was up In general, more expensive boroughs He added: “There’s a definite sense 2.17 per cent and shares in Crest have suffered a drop in house prices that the property market has turned a new high as occupants diversify Nicholson jumped 1.27 per cent. between December 2018 and last year. corner and is shaking off its post-EU Barratt Developments’ stock was Homeowners in Kensington and referendum anxieties.” JESS CLARK Total office leasing in London up 0.87 per cent. Chelsea saw house prices drop 3.8 @jclarkjourno reached 14.9m sq ft in 2019, In the note to investors, analysts per cent on average, from £1.35m TOP FIVE BOROUGHS WITH according to research by property said the election result could to £1.29m. THE BIGGEST HOUSE PRICE RISE OFFICE space leasing in the City hit consultancy firm Devono Cresa. reverse “the southern England House value in the City of London BOROUGH DEC’19 DEC’18 % CHANGE an all-time high in 2019, rising to 43 The number of businesses in the house price erosion that some plunged 9.1 per cent while Camden Brent £505,388 £477,140 5.9% per cent of all take-up across London, Square Mile also increased, jumping housebuilders reported in autumn house prices fell 9.8 per cent. Tower Hamlets £457,449 £438,768 4.3% according to the latest research. 25 per cent compared to 2018, as a 2019”. The value of homes in Hounslow £419,024 £401,536 4.4% Leasing in the City reached 6.4m growing number of tech firms and It added: “This election has Hammersmith and Fulham tumbled Enfield £411,794 £397,405 3.6% square feet (sq ft) last year, a jump of educational institutions took up sparked a rally in activity in the UK 4.6 per cent. Greenwich £400,164 £386,095 3.6% three per cent on the previous year. new space. housing market”. CITYAM.COM THURSDAY 20 FEBRUARY 2020 NEWS 05

HIDDEN FIGURES Google users in UK to lose EU data protection in stateside shift Barclays’ ‘creepy’ staff spying tech should be reviewed, experts urge CONTINUED FROM FRONT PAGE Silkie Carlo, director of Big Brother A spokesperson for Barclays said: Watch, said: “Managers would never “This type of technology is widely This is not the first time Barclays has get away with breathing down used across the industry to help been accused of invading the privacy employees’ necks, personally identify what is working well and of employees. In 2017 the firm was monitoring their screens or logging opportunities to improve processes. criticised for the use of Occupeye toilet and water breaks. The Colleague wellbeing is of paramount sensors which monitored how long availability of technology to surveil importance and colleagues are free to employees were spending at their staff surreptitiously does not make it take breaks whenever they choose.” desks. A similar system was used at any more acceptable.” They added the bank will listen the Telegraph newspaper, but was “The use of this technology is carefully to any feedback resulting removed after just a day following a creepy and should be urgently from the pilot. Sapience did not backlash from employees. reviewed,” she added. respond to requests for comment.

GOOGLE is planning to move its UK users’ accounts out of the control of European Union privacy regulators, placing them under US jurisdiction instead, sources told Reuters. The move would make it easier for UK police to access data after Brexit. Qatar Airways increases stake in BA owner IAG

EDWARD THICKNESSE Pacific and China Southern, the for- @edthicknesse mer of which recently warned on the threat of coronavirus to its business, QATAR Airways has upped its holding as well as a stake in Latam Airlines. in British Airways owner IAG to 25.1 The airline first invested in IAG in per cent after buying an $604m 2015 when it initially bought a 9.99 (£465m) stake in the airline group. per cent stake, and it has been increas- The Middle Eastern carrier ing its holding since then. previously owned a 21.4 per cent stake Group chief executive Akbar Al in IAG, which has seen its share price Baker said: “Our investment to date rise 52 per cent in the last six months. has been highly successful and the The move, which is in line with increase in our shareholding is evi- Qatar Airways’ policy of building a dence of our continued support of IAG global group of carriers, is a vote of and its strategy.” confidence in IAG, whose chief execu- IAG shares rose 1.6 per cent tive Willie Walsh is due to step down. yesterday to 642p. Walsh was responsible for the cre- ation of IAG in 2011, overseeing the IAG merger of British Airways and Iberia. P On stepping down, Walsh will be 645 replaced by current Iberia chief Luis Gallego. The airline group also owns 640 Aer Lingus, Iberia, Vueling and Level. 635 Qatar Airways has been increasing its investments in other carriers due 630 to a regional dispute which has seen 642 19 Feb the UAE and Saudi Arabia freeze the 625 Gulf state out of their airspace. It has minority holdings in Cathay 13 Feb14 Feb 17 Feb 18 Feb 19 Feb Royal carpet-maker Axminster goes bust after no rescue found

JAMES BOOTH business has not found a buyer. @Jamesdbooth1 Most of its 90 staff have been made redundant, with a handful ROYAL carpet-maker Axminster staying on to fulfil existing orders. collapsed into administration this The company supplied hand- week after failing to find a buyer. woven carpets to some of the UK’s The 256-year-old Devon-based most prominent buildings, company appointed Duff & Phelps as including Buckingham Palace. administrator yesterday, Sky News In a statement, Benjamin Wiles, first reported. joint administrator, said: “No Axminster’s underlay-making arm acceptable offer for the core carpet has been sold to Ulster Carpets and business has been received, leaving its carpet shop has been bought by no option but to appoint Wilton Flooring. administrators while the remaining However, its main carpet-making options are explored.” 06 NEWS THURSDAY 20 FEBRUARY 2020 CITYAM.COM Metro Bank to Softbank set to invest $100m in award top job behaviour firm ANNA MENIN @annafmenin SOFTBANK is said to be close to investing $100m (£77m) in a UK to interim boss startup which uses artificial intelligence (AI) to help financial firms monitor employee behaviour. ANGHARAD CARRICK Softbank’s second Vision Fund is AND ANNA MENIN WHO IS METRO could finalise a deal with Behavox as soon as next week, Sky News @angharadcarrick @annafmenin BANK’S NEW CHIEF? reported, METRO Bank yesterday announced Behavox, which was founded in interim chief executive Dan Frumkin Dan Frumkin began his career the UK in 2014 but is now based in will take the top job at the bank. at US lender Citizens Bank in New York, uses AI to help financial Frumkin, who will be a paid a 1987. Between 2004 and 2009, Lloyds is also said to be preparing a succession plan for chief Antonio Horta-Osorio services companies spot signs of £740,000 salary, joined Metro Bank Frumkin held roles including wrongdoing among employees, last September as chief chief risk officer at RBS, before including rogue trading, bribery, transformation officer from Bermuda- being appointed head of and misuse of expenses. based Bank of NT Butterfield & Son. transition risk at Northern Rock Lloyds capital levels under the One source told Sky News that He took the interim role when for- in the aftermath of the financial Softbank would invest in Behavox mer boss Craig Donaldson stepped crisis. He then helped to through its second Vision Fund, down in the wake of a major account- restructure Parex Bank, before spotlight ahead of 2019 results after the investment period for its ing scandal at the lender. joining NT Butterfield & Son. He initial $100bn Vision Fund Frumkin will have a hard task joined Metro Bank as chief ANNA MENIN provision of £1.8bn for PPI concluded in September. reversing the struggling lender’s for- transformation officer in 2019. compensation, forcing the lender to The Japanese conglomerate’s tunes. Donaldson’s final year at the @annafmenin suspend share buybacks. first Vision Fund was the largest helm was overshadowed by a steep BANKING giant Lloyds will today post Credit Suisse analysts expect the ever pool of technology investment sell-off in the firm’s shares which was corporate governance. its annual results, with investors bank to lift its CET1 capital target capital ever raised. sparked by the discovery of the Meanwhile, earlier this month the hoping the lender will finally draw a after its relatively poor performance Softbank is in the process of accounting error. bank announced it was undergoing a line under the payment protection in last year’s Bank of England stress fundraising for Vision Fund II, but Following the scandal, Metro Bank’s review of its compliance controls after insurance (PPI) saga. test, which would further reduce its founder Masayoshi Son has founder Vernon Hill stepped down last handling money from Iran and Cuba, Lloyds’ third-quarter profit was ability to issue cash returns above its struggled to drum up external year amid concerns about the lender’s breaching strict US and EU sanctions. essentially wiped out by yet another ordinary dividend. support for the vehicle. CITYAM.COM THURSDAY 20 FEBRUARY 2020 NEWS 07 Price-checking Quarter of FTSE site starts hunt for a new boss faced investor JAMES BOOTH @Jamesdbooth1 PRICE comparison website Moneysupermarket confirmed dissent in 2019 yesterday it was looking for a new chief executive. Mark Lewis is stepping down from the role after three years in ANNA MENIN act on issues such as high executive charge, the group told the stock @annafmenin pay and pensions, climate change, and market yesterday. the repeated re-election of the same Sky News first reported the INVESTORS cranked up the pressure directors. move, revealing that on British companies last year, with a Barclays is facing what is thought to Moneysupermarket had hired quarter of firms on the FTSE All-Share be the first ever climate-related share- headhunters Russell Reynolds to index hit by shareholder dissent, holder resolution at a European bank Five lines are set to be closed this weekend on the Underground search for his successor. according to new figures. at its AGM in May, with a group of Lewis joined the FTSE 250 Some 158 of the 641 firms on the shareholders demanding that the company in 2017 from department index experienced significant investor lender slashes its financing of fossil store John Lewis, where he was rebellions in 2019, with executive pay fuel firms. Bakerloo line strike confirmed retail director. and the re-election of directors among Last month, it emerged that FTSE The company said Lewis wanted shareholders’ biggest concerns, 250 publisher Future was facing an to “pursue his career in a new according to data released yesterday investor backlash over the pay packets as arbitration talks break down direction”. by the Investment Association (IA). of its chief executive and finance No date has been set for his The IA, a trade body representing the director after an influential proxy STEFAN BOSCIA timetabling dispute with TfL. RMT departure. UK’s asset management industry, adviser urged shareholders to vote @Stefan_Boscia has instructed its members to walk Lewis will present the company’s tracks dissenting votes over 20 per down its pay policy. off the job from midday on Friday preliminary results today alongside cent at companies’ annual general Executive pay topped investors’ con- THE BAKERLOO line will grind to a for 24 hours and then again at finance chief Scilla Grimble. meetings (AGM) on its public register. cerns in 2019, with 62 companies halt on Friday as talks between the midday on Sunday for 24 hours. Moneysupermarket said it will The figure for 2019 represents an appearing on the IA’s register for pay- rail union and Transport for London The strike will contribute to travel announce that it met market increase of more than five per cent on related resolutions. (TfL) broke down. chaos as the Circle, District, expectations for 2019. the previous year, when 150 compa- Thirty-one FTSE 250 firms were The National Union of Rail, Hammersmith & City and Moneysupermarket also owns nies were hit by shareholder dissent. listed on the register for this reason, Maritime and Transport Workers Metropolitan lines will also be consumer finance site Money Companies have come under an increase of over 29 per cent on the (RMT) confirmed yesterday that its closed on the weekend. TfL is testing Saving Expert, which was set up by sustained pressure from investors to previous year. drivers will strike from Friday over a its signalling systems on these lines. consumer champion Martin Lewis.

FLYING LOW Airbus defence and space to Number of UK tech jobs listed plunged slash 2,300 roles after postponed contracts 50 per cent in the second half of 2019 JAMES BOOTH per cent reduction in the number of number to bounce back throughout @Jamesdbooth1 advertised jobs for data analysts. this year as companies look to Zahra Bahrololoumi, head of innovate and grow through new THE NUMBER of tech jobs advertised Accenture Technology in the UK & technology initiatives.” in the UK fell 52 per cent from mid- Ireland, said: “The drop in available Employment surveys showed a 2019 to the end of the year, according roles listed could mean that positive uptick in hiring across the to analysis published today. businesses are dialling back on large- economy in January following the The research by Accenture found scale innovation projects. Conservative victory in December’s there were 78,000 jobs listed on “The second half of 2019 was one General Election. Linkedin that required skills in of uncertainty for the UK and The report said there were some AIRBUS yesterday said it would cut 2,300 jobs in its defence business, including emerging technologies at the end of businesses practices seem to have bright spots, with demand for 357 roles in the UK. The UK cuts amount to a near 10 per cent reduction in its 2019, down from 162,000 in June. reflected that. blockchain skills jumping 83 per 4,000-strong workforce. It blamed a flat market and postponed contracts. The decrease was driven by a 64 “However we would expect that cent across the country.

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CITYAM.COM THURSDAY 20 FEBRUARY 2020 NEWS 09

OLD OAK COMMON HS2 unveils design for Sirius and Odey fund split west London commuter station ‘super-hub’ over Anglo takeover plan

JACK RICHARDSON that the board and shareholders Odey Asset Management, which AND ANGHARAD CARRICK had previously hoped for,” a board holds a 1.29 per cent stake in Sirius statement seen by Reuters said. said yesterday it could only advise @JackRich93 @angharadcarrick It comes after Sirius boss Chris a vote in favour if a bid was priced THE BOARD of troubled mining Fraser advised shareholders to at 7p or above. firm Sirius has joined the chorus of accept Anglo American’s offer. Sirius has run into difficulties in voices recommending shareholders However, Crispin Odey’s hedge the construction of a huge potash accept a controversial takeover bid fund yesterday advised mine on the North York Moors, from Anglo American. shareholders to reject the deal, which the company has said will Sirius has been looking for a saying it does not believe Anglo’s create 1,000 jobs. The mine is rescue since it failed to raise key current offer represents fair value believed to be one of the largest cash in September last year. for Sirius shareholders. polyhalite deposits in the world. However concerns remain that “Odey believes Anglo American Businesses in the Tees Valley the offer of 5.5p per share is have chosen not to declare their area, and those in the supply significantly less than the previous offer as ‘final’ because there is a chain, are also hoping to benefit valuation of 22.4p from last year. risk of both the deal failing at its through exporting the material. “We recognise that the current current level, and of an interloper Shareholders will vote on the offer does not represent the value at a later stage,” the advice stated. deal at a meeting on 3 March.

Railway bodies urge government to launch HS2 HAS unveiled plans for its so-called west London super-hub at Old Oak Common, which will serve 250,000 passengers per day. The plans, which have been submitted for rolling electrification project to hit net zero approval, will see six platforms built in an 850m-long underground box.

EDWARD THICKNESSE once the Midlands mainline has Engineering Contractors been electrified, there will be no Association and the Rail Freight @edthicknesse other such schemes taking place Group, added that “the stop-start THE RAILWAY industry has in the UK. nature of electrification is one of written to transport secretary The result of this, it said, will the key factors in cost increases”. Grant Shapps calling for the be a “significant hiatus before In order to continue working, government to begin a constant new projects are ready for the group asked that a ringfenced process of electrifying the UK’s construction”, which could lead fund be provided to allow rail networks or risk missing its to a loss of capability and skills. electrification work to go ahead. 2040 decarbonisation goal. The letter, which is signed by “Delivery of electrification The open letter noted that groups including the Railway cannot wait until the next rail although electrification is the Industry Association, Northern funding cycle ‘control period only means to meet the target, Rail Industry Leaders, the Civil seven’”, it concluded.

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12 NEWS THURSDAY 20 FEBRUARY 2020 CITYAM.COM

PLUSH PROPERTY Polish billionaire snaps US services fuel Boeing 737 Max up Knightsbridge mansion in £57.5m deal sharp uplift in producer prices faces fresh crisis LUCIA MUTIKANI

US PRODUCER prices increased by the most in more than a year in January, boosted by rises in the as debris found costs of services such as healthcare and hotel accommodation. The US Labor Department said yesterday its producer price index EDWARD THICKNESSE our top priority. While conducting for final demand jumped 0.5 per @edthicknesse maintenance we discovered foreign cent last month, the largest gain object debris (FOD) in undelivered 737 since October 2018, after climbing BOEING has found potentially danger- Max planes currently in storage. 0.2 per cent in December. ous debris in the fuel tanks of its 737 “That finding led to a robust In the 12 months through Max aircraft, which has been ground- internal investigation and immediate January, the PPI advanced 2.1 per ed since last March after two fatal corrective actions in our production cent, the biggest increase since crashes. system. We are also inspecting all May, after rising 1.3 per cent in An internal memo said that the com- stored 737 Max airplanes at Boeing to December. pany had found foreign object debris ensure there is no FOD.” Economists polled by Reuters (FOD) — rags, tools, metal shavings and Although there has been a world- had forecast the PPI gaining 0.1 per other materials left by workers — in a wide ban on the model since 346 peo- cent in January and rising 1.6 per number of planes that were awaiting ple were killed in two separate crashes cent on a year-on-year basis. delivery to customers. last year, Boeing has continued to Excluding the volatile food, Mark Jenks, the general manager of manufacture the 737 Max in anticipa- energy and trade services the embattled 737 Max programme, tion of its return to service. components, producer prices said that the debris was “absolutely The company has said its best esti- increased 0.4 per cent, the most unacceptable” in the memo, which mate is that the aircraft will not be since April, after rising 0.2 per cent was seen by Reuters. ungrounded until mid-2020, after in December. As a result, Boeing has ordered endorsing simulator training for The government last week inspections of its 737 Max fleet, a mat- pilots before flights resume, and that reported a pickup in core ter of weeks after it was announced regulators will determine the timing. consumer prices in January, which that the model could return to service Last year the giant carrier was pushed led economists to expect firmer sooner than expected. to a monumental $1.98bn (£1.5bn) loss POLISH billionaire Dominika Kulczyk is said to have splashed out £57.5m for a readings in the inflation measure In a statement the firm said: “Safely by the grounding, saying that the crisis mansion in Knightsbridge. Kulczyk, one of the richest people in Poland, bought the tracked by the Federal Reserve for returning the 737 Max to service is would cost it $18.6bn overall. property near Harrods from residential developer Mike Spink, Bloomberg reported. its two per cent target. Reuters Ryanair vows to double carbon offset scheme for passengers in green push EDWARD THICKNESSE the voluntary scheme, the funds UK’s advertising watchdog over @edthicknesse from which are used for projects emissions claims in one of its ads. including reforestation in the The Advertising Standards RYANAIR yesterday said passengers Monchique region of Southern Authority (ASA) ruled that Ryanair will be able to double their voluntary Portugal, which was devastated by wrongly claimed it was Europe’s low carbon offset contribution from €1 forest fires in 2018. emission airline. The airline justified (84p) to €2 from April onwards. The carrier is also investing over its figures by stating the young age The increase, which the airline $20bn (£15.5bn) in new aircraft and efficiency of its fleet in addition admitted was “modest”, is part of technology that will carry four per to offering a large number of direct the low-budget carrier’s ongoing cent more passengers, but with 16 flights. sustainability campaign. per cent lower fuel consumption and The ASA also ruled that Ryanair’s Three per cent of Ryanair’s 40 per cent lower noise emissions. comparison with its rivals could not passengers currently participate in Ryanair recently fell foul of the be considered an accurate measure. Ryanair chief Michael O’Leary has denied emissions are driving climate change

14 NEWS THURSDAY 20 FEBRUARY 2020 CITYAM.COM Unilever listed as eligible for loan to Coronavirus hits ease impact of China virus outbreak JESS CLARK masks and protective suits. The Bank of Shanghai said it will sportswear firms @jclarkjourno As well as Unilever’s Chinese lend 5.5bn yuan (£608m) to 57 unit, Reuters reported that 3M firms on its list. The aim of the UNILEVER’s Chinese division could Medical Devices and Materials loans is to ensure financial support receive a subsidised loan to ease the Manufacturing, Shanghai Kindly to key companies helping to financial impact of the coronavirus Enterprise Development Group and prevent and fight the epidemic. Puma and Adidas outbreak in the country. Tellgen Corp are among the firms “Every bank in Shanghai is Shanghai has compiled a list of on a list received by banks. rushing to lend to the companies firms eligible to receive millions of There is no indication that loans on its list, to earn political dollars in loans, as it attempts to offered will necessarily be sought, goodwill,” one banker, who had JESS CLARK where Puma makes almost a third of its deal with a nationwide shortage of or that the eligible firms are in seen a list with 194 firms, told @jclarkjourno sales. However, the company said it still medical supplies, such as face financial need. Reuters yesterday. hopes to hit its 2020 targets. GERMAN sportswear giants Puma Rival German firm Adidas and Adidas yesterday warned also said business in the that the outbreak of coron- greater China area had avirus in China has hurt trad- dropped around 85 per ing due to the temporary closure of stores and a drop Puma and Adidas both in footfall. warned they expected Puma said the outbreak coronavirus to hurt sales will impact sales and profits in the first quarter of the cent year on year due to year, after it was forced to shut- coronavirus, while traffic ter more than half its stores in fell in Japan and South Korea. the country. Puma said fourth-quarter sales The German firm said the decline of were up 18 per cent to €1.48 (£1.23bn), Chinese tourism in other markets would while earnings before interest and tax also hurt sales, particularly in Asia jumped 47 per cent to €55m. CITYAM.COM THURSDAY 20 FEBRUARY 2020 NEWS 15 Rough ride continues Barr takes aim at big tech firm for Renault as business’ publishing laws

NANDITA BOSE rating is slashed to junk US ATTORNEY general William Barr yesterday questioned whether EDWARD THICKNESSE in a decade as the firm took a hit from Facebook, Google and other major its alliance with Nissan, which online platforms still need the @edthicknesse remains mired in a scandal concern- immunity from legal liability that RENAULT’s tough start to 2020 contin- ing former boss Carlos Ghosn. The new electric vans will be aimed at delivery companies has prevented them from being sued ued yesterday after credit agency The company lowered its guidance over material their users post. Moody’s cut its rating for the embat- on the back of the results, setting a “No longer are tech companies the tled carmaker’s debt to junk after last group operating margin of between London electric cab company underdog upstarts. They have become week’s poor full-year results. three and four per cent, down from titans,” Barr said at a public meeting Moody’s said that the rating cut, 4.8 per cent in 2019. held by the US Justice Department. which saw the French firm downgrad- Nissan, in which Renault holds a 43 plans move into van market “Given this changing technological ed from Baa3 to Ba1, was triggered per cent stake, contributed €242m landscape, valid questions have been by Renault’s substantially weakened (£202.2m), down from €1.5bn the year raised about whether Section 230’s operating performance reported for before, as the Japanese firm reported JACK RICHARDSON model that is sustainable”. broad immunity is necessary at least last year. its worst year for a decade. The company, owned by China’s in its current form,” he said. The financial services group warned The company is currently undergo- @JackRich93 Geely group, doubled its 2018 sales Under Section 230 of the US it did “not expect that Renault will be ing a leadership reshuffle, with chief THE COMPANY behind the new in 2019 and is increasing sales across Communications Decency Act, online able to restore healthy operating mar- executive Luca de Meo due to join generation of black cabs is planning a Europe, the Middle East and Asia companies such as Facebook, gin levels in the medium term”. from Volkswagen in the summer after move beyond its core product. Pacific regions. Alphabet’s Google and Twitter cannot Shares in the embattled car maker Thierry Bollore was ousted last year. London Electric Vehicle Company LEVC will this year launch an be treated as the publisher or speaker originally dropped about 2.3 per cent, Fellow rating agency Standard & (LEVC) will launch a new electric van electric van with a pure electric of information they provide. before swinging back to post a rise of Poor’s also said it was considering later this year to diversify its product range of 80 miles, mainly for use by This largely exempts them from almost 2.5 per cent. revise its investment grade BBB-rating base. LEVC boss Joerg Hofmann said delivery firms. A so-called shuffle liability involving content posted Last week Renault fell to its first loss downwards. was “very difficult to have a business taxi will also be on sale. by users. Reuters

Coinbase wins approval City of London update Business events, seminars to issue Visa debit cards and more at the CBL ITY Business Library has partnered with NLCCE and DKR ANGHARAD CARRICK EU countries. recorded within an app. C Trade Training and Support Ltd “Visa membership will enable us The company added that the tie- @angharadcarrick to further improve the customer up with Visa was a “significant to host an event about trade with India CRYPTOCURRENCY platform experience, making it easier to milestone in the mainstream on 5 March, 5.30-8.30pm. Coinbase yesterday became the first send cryptocurrency in everyday adoption of crypto as a genuine crypto company to become a situations,” the company said in a utility”. principal member of Visa. statement. Coinbase’s UK chief executive The event is ideal for start-ups, SMEs or The new status will allow Coinbase launched its Coinbase Zeeshan Feroz said: “We’re very firms simply interested in finding out Coinbase to issue Visa payment Card in the UK in partnership with proud to be the first company in more about international trade. Tickets cards, as well as provide direct Visa last year, allowing customers the crypto space to receive Visa settlements. The platform brokers to spend their digital currency in principal membership. It cost £15. The event is just one of several in March exchanges of digital currencies stores and online. underlines our position as the most at the CBL ranging from Marketing for such as bitcoin, ethereum and When customers use the card, trusted provider in the ecosystem - The evening will offer presentations, small and micro businesses to Your litecoin. It is licensed to provide fiat Coinbase converts cryptocurrency one of the foundations on which currency-related services across 23 into pounds, and receipts are we’ve built our business.” followed by a Q&A, networking, guide to intellectual property. refreshments and an opportunity to meet relevant business support Book at Turkey’s central bank organisations. citybusinesslibrary.eventbrite.com Enchanted exhibition at the Gallery TABLETS or LIQUID lowers key interest rate GUILDHALL Art Gallery is exploring the Does your calcium recurring theme of female subjects supplement also provide important in ‘more measured’ cut depicted in enclosed, ornate interiors in TABLETS magnesium? EZGI ERKOYUN a new exhibition starting in March. Osteocare® combines calcium TURKEY’s central bank lowered its key interest rate The Enchanted Interior will feature the magnesium by 50 basis points to 10.75 per cent as expected calcium yesterday, its sixth consecutive rate cut and the work of a variety of artists across vitamin D magnesium smallest so far in an aggressive easing cycle which zinc paintings, furniture, photography, film, analysts said was nearing its end. decorative objects, sculpture and vit.D & zinc The bank cut its benchmark one-week repo rate which all contribute to from 11.25 per cent, pushing real rates deeper into installations. the maintenance of negative territory with lira deposits after year-on- normal bones. year inflation rose to 12.15 per cent in January. Women in highly decorative spaces are “Considering all factors affecting the inflation Britain’s No.1 Formula for Bones* outlook, the committee decided to make a more common in Victorian painting, which isolation. The Enchanted Interior runs measured cut in the policy rate,” the bank said in a from 13 March to 14 June. Source: Nielsen GB ScanTrack Total Coverage Unit Retail Sales 52 w/e 30 Nov 2019. showed a fascination with the so-called *To verify contact Vitabiotics Ltd, 1 Apsley Way, London NW2 7HF. statement after its monetary policy meeting. ‘guilded cage’ and, while alluring, can It said the course of inflation was considered to Available from be broadly in line with year-end projections. In its appear sinister, implying enforced cityoflondon.gov.uk/enchanted , Holland & Barrett, latest inflation report, it forecast inflation to drop Superdrug, supermarkets to 8.2 per cent by the end of the year. www.osteocare.com In a Reuters poll, the median forecast was for a 50-basis-point cut. Reuters News, info and offers at www.cityoflondon.gov.uk/eshot QUOTE ENTERTAIN YOUR CLIENTS ‘CITYAM’ at the INVESTEC DERBY FESTIVAL 5 - 6 JUNE 2020

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BOOK BEFORE 29 FEBRUARY & QUOTE CITYAM TO RECEIVE YOUR EXCLUSIVE GIFT FROM MOËT & CHANDON CALL 01372 477 747 CITYAM.COM THURSDAY 20 FEBRUARY 2020 NEWS 17 UK must ensure Greece says its demands for return of Elgin Marbles not linked to Brexit fair competition RENEE MALTEZOU “Greece’s request for the return of Greece has repeatedly called for the the Parthenon marbles remains return of the sculptures — known in GREECE distanced itself yesterday strong and it is not linked to a Brexit the UK as the Elgin Marbles — that from suggestions that it planned to deal,” Petsas said, asked if the issue British diplomat Lord Elgin removed drag a centuries-old dispute over the could be a stumbling point in talks from the Parthenon temple in Athens in EU trade deal return of the Parthenon marbles into with Britain on its future relationship in the early 19th century, when Brexit negotiations. with the European Union. Greece was under Ottoman rule. Government spokesman Stelios “We’ll continue to call for their The British Museum has refused to Petsas said Athens would keep up its return and if this is a tool we can use, return the sculptures, arguing that HUW JONES audience at the London School of campaign for the return of the 2,500- we’ll consider it in due course,” they were acquired by Elgin under a Economics. old treasures and will consider which he said. legal contract with the Ottoman THE EUROPEAN Union flagged to The political declaration signed by tools could support its cause. Since independence in 1832, Empire. Reuters Britain long before it left the bloc that Britain and the bloc in October 2019 any future free trade deal would have alongside their divorce deal stated to come with a commitment from that a free trade agreement would be London to uphold fair competition, a “underpinned by provisions ensuring senior EU adviser said yesterday. a level playing field for open and fair Britain left the EU in January with competition”. an 11-month, business-as-usual transi- “Surely it cannot be rocket science to tion period, and will need new trading agree on common standards. Indeed terms from January 2021 to avoid the idea at the heart of the political June 1-2, 2020 potential disruption to trade. declaration is having common stan- Stefaan de Rynck, an adviser to the dards on a level playing field,” de ExCeL London EU’s chief trade negotiator Michel Rynck said. Barnier, said the trade talks would be Prime Minister Boris Johnson’s “rather difficult” — tougher than the Europe adviser David Frost said earlier wobi.com/wbf-london negotiations that secured Britain’s this week that accepting EU supervi- divorce settlement — because of their sion of level playing field issues goes broader scope and time limit. So- against the point of Brexit. called level playing field clauses on Britain has said it wants a Canada- fair competition were also necessary. style trade deal with the EU, but de DR. JANETJANET.T.. L YELLEN “It can be no surprise... as early as Rynck said EU trade agreements con- ECONOMY March 2018, the 27 heads of state and cluded with Japan and Canada have governments on the EU side said we commitments to ensure fair and open are ready to negotiate an ambitious competition. These arrangements are, STEVE WOZNIAK trade relationship with the UK in so however, much softer than what the INNOVATIONINNOVVAAATTION far there are robust guarantees on a European Union is seeking to secure level playing field,” de Rynck told an with Britain. Reuters DDANIELANIEL GOLEMAN EMOTIONALTIONALEMO INTELLIGENCE DDANIELANIEL LAMARRE CREATIVITYCREAATTIVITY MARK WEBBER PERFORMANCE LYNDALLYYNDA GRAGRATTONATTTON LEADERSHIP JUAN ENRÍQUEZ FUTURE IAN WILLIAMSON STRATEGYSTRAATTEGY ANN HANDLEY MARKETING

Indian Prime Minister Narendra Modi will host Trump in Gujarat An unique experienceexperience of learning, inspiration and networking Trump reveals US is working on 020 3890 6720 [email protected] ‘very big’ trade deal with India Communication Partner Media Partners

SANJEEV MIGLANI No breakthrough has yet been announced and a planned trip by US PRESIDENT Donald Trump said United States Trade Representative the United States and India were Robert Lighthizer was cancelled, working on a major trade deal but he underlining the difficulties the two was not sure if it would be completed sides face in narrowing differences before the US presidential election in ahead of Trump’s visit. November. “We can have a trade deal with As Trump prepares for his first India, but I’m really saving the big official trip to India, negotiators deal for later on,” Trump told have been trying for weeks to put reporters on Tuesday. “We’re doing a together a limited accord giving the very big trade deal with India. We’ll US greater access to India’s dairy and have it. I don’t know if it’ll be done poultry markets and lowering tariffs before the election, but we’ll have a on other products. very big deal with India.” Reuters 18 FEATURE THURSDAY 20 FEBRUARY 2020 CITYAM.COM

IN PARTNERSHIP WITH

This year we launch our very first Crypto A.M Awards to identify and applaud those companies and individuals championing London and the UK as the epicentre of the Crypto industry. 2020 has been a fantastic year for all our nominees, from the hundreds of submissions received, we have now shortlisted the final few, and they will be announced in City A.M. today and tomorrow. The winners will be announced at our inaugural Awards Lunch on Wednesday 11th March where we will welcome guest speakers, the Rt Hon The Lord Mayor of London, Alderman Peter Russell and Christian May, Editor, City A.M. PAYMENT DIGITAL ASSET INCUBATOR/ SERVICE CUSTODIAN VC AWARD ROVIDER AWARD AWARD

This award will recognise the most This award will recognise best the This award will recognise the best VC secure, flexible and innovative crypto smart contracts and crypto-asset and accelerator program that invests payments solution. The winning entry technologies that transform the way capital and resources into the most will give evidence of an offering that is enterprises across industries do promising blockchain and crypto providing tangible business benefits by business. projects. providing users with a fast and convenient experience. THE NOMINEES THE NOMINEES THE NOMINEES BITSTAMP GEMINI TRUST OUTLIER VENTURES

Nejc Kodrič,Chief Executive Officer Julian Sawyer, Managing Director Jamie Burke, CEO & Founder www.bitstamp.net www.gemini.com www.outlierventures.io

TAP GLOBAL KOINE KR1 PLC

Arsen Torosian, CEO Hugh Hughes,Chairman & CEO George McDonaugh, CEO www.tap.global www.koine.com www.kryptonite1.co

XAPO ANCHORAGE COINSILIUM

Wences Casares, CEO Nathan McCauley, Co-founder & CEO Eddy Travia, CEO & Co-founder www.xapo.com/en/ www.anchorage.com www.coinsilium.com CITYAM.COM THURSDAY 20 FEBRUARY 2020 FEATURE 19 CRYPTO EXCHANGE DEPLOYMENT OUTSTANDING PLATFORM IN FINTECH INDUSTRY AWARD AWARD CONTRIBUTION AWARD This award will recognise the outstanding performers in the crypto This award will recognise a new, up- This award will recognise a nominated exchange space. The judges will pay and-coming FinTech company that organisation or an individual who has particular attention to customer has shown the most entrepreneurial been the most influential and or has service, functionality, usability and of success in the past year in FinTech. significantly contributed to the course security. development of the blockchain industry. THE NOMINEES THE NOMINEES THE NOMINEES

COINPASS AIX

Jeff Hancock, Co-founder & CEO Jos Evans, Founder & CEO CHARLES HAYTER, www.coinpass.com www.aixtrade.com CRYPTO COMPARE

www.cryptocompare.com

MARTA PIEKARSKA-GEATER, HYPERLEDGER

www.hyperledger.org

COINFLOOR MODE JOEY GARCIA, Obi Nwosu, CEO & Founder Jonathan Rowland, Chairman & CEO ISOLAS LLP www.coinfloor.co.uk www.modebanking.com www.gibraltarlawyers.com

CHARLES HOSKINSON, IOHK

www.iohk.io

ARCHAX CONSENSUS CODEFI FLORIEN BOLLEN & Graham Rodford, Co-founder & CEO Joseph Lubin, Founder FLORIAN KRUEGER, www.archax.com www.codefi.consensys.net CRAFTCOIN

www.iovlabs.org

DIEGO GUTIERREZ ZALDIVAR, IOV LABS

www.iovlabs.org

MEET THE JUDGES

ERIC VAN DER KLEJJ DANIEL MAYA ZEHAVI ROB GASKELL CHAIRMAN OF DOLL-STEINBERG BLOCKCHAIN CONSULTANT CO-FOUNDER, 2030 ACTIVELEDGER.IO & CO-FOUNDER, EDEN GROUP COFOUNDER OF BUSINESS AND ATARI Maya is a crypto veteran, having EDENBASE.IO TOKEN PROJECTS spent the last few years working on Rob is an investor and advisor in the enterprise blockchain, privacy with emerging technology sector with over 28 years Eric is CEO of leading Blockchain, AI and Daniel is co-founder of the Atari Token project Zero-Knowledge proofs, & security token of experience in running and expanding Fintech hub - FrontierNetwork.com. Chairman and is launching the eden.business project models. She was part of the founding team at international financial organisations. He is the of DLT Activeledger.io and co-founder of the with creator of Level 39, to invest in blockchain Coin Sciences & Qed-it, and founded Ontici, a President of the Pillar Project Foundation and new Eden.business project, investing in & AI, with global shared spaces for innovators security token platform. She’s a founding currently works for 2030. Rob is a board company transformation using Blockchain & to collaborate with experts and technology board member of the Israeli Blockchain Forum, member of the Blockchain Centre in Vilnius, AI. Eric has created some of the most influential providers. Since 2016 Daniel focused on and an advisor at several crypto companies. Lithuania and a Board Advisor to SupraFin. ecosystems and hubs in the industry such as Blockchain & AI, bringing real world companies Level39, Innovate Finance and TechNation.io. to these transformative technologies.

EMILY NICOLE NAEEM ASLAM ON YAVIN STEVE GOOD TECHNOLOGY EDITOR CHIEF MARKET FOUNDER & CEO, DIGITAL AND BUSINESS ANALYST, AVA TRADE COINTELLIGENCE STRATEGIST, AUTHOR Emily Nicolle is City A.M.'s OF BE LEFT BEHIND Technology Editor, covering all Naeem is a former hedge fund On Yavin is the founder and CEO of things fintech, venture capital and startups. trader with over 10 years of experience in Cointelligence. He has extensive experience as Steve consults with companies to help drive She joined the paper in 2018 as a reporter investment banking and regular guest a serial entrepreneur and angel investor, as growth. He also focuses on raising awareness before becoming editor last year. Prior to City contributor to tier one media. He has spoken at well as more than 20 years of experience in the and adoption in blockchain and A.M., she covered fintech and cryptocurrencies the headquarters of the European Parliament tech industry. On uses his deep knowledge of cryptocurrency. He spent more than 20 years in for AltFi. She is a regular guest on the 11:FS on the subject of blockchain and its adoption. online marketing to create winning strategies Financial Services at Deloitte and Infosys Fintech Insider podcast, and is the host of Currently, he is working as Chief Market Analyst for crypto and blockchain companies. before dedicating his time to blockchain and Finastra's Open Finance podcast series. with AvaTrade and Columnist with Forbes US. cryptocurrency. 20 NEWS THURSDAY 20 FEBRUARY 2020 CITYAM.COM JP Morgan and Unicredit tipped to handle SIA’s mammoth €4bn listing ABHINAV RAMNARAYAN in organising the deal and is looking initial public offerings (IPO) dropped to fill them in the coming weeks, the to a seven-year low last year. ITALIAN payments firm SIA is moving sources said. Yet European stock markets are ahead with preparations for a share It plans to issue shares worth €1bn near record highs boosting investors listing on the Milan bourse and is (£834m) to €1.5bn in a deal that could confidence and offering a window of expected to pick JP Morgan and value the business at more than €4bn opportunity for IPO candidates after a Unicredit in what would be one of excluding debt, another source said. flurry of secondary share sales were southern Europe’s largest floats this JP Morgan and Unicredit are well received this year. year, sources told Reuters. expected to be frontrunners for the Milan-based SIA is controlled by SIA, which is being advised by global coordinators spots. All parties state lender Cassa Depositi e Prestiti Rothschild, has sent out requests for declined to comment. through investment vehicle FSIA proposals to banks for potential roles SIA’s listing comes after European Investimenti. Reuters

i Deutsche Telekom said its US merger was ‘within reach’ OF CANARYCANARY WHARF PREPRESENTSSENTS TheT Definitive T-Mobile owner growth to slow MON 1313 JUL-THUJUL-THUHU 13 AUGAUG amid Sprint deal

ANNA MENIN poorer service for customers. @annafmenin The deal, which was first announced in 2018, had been in regulatory limbo DEUTSCHE Telekom has forecast that for two years, and Sprint has struggled growth in its core earnings will slow during the period of uncertainty. to three per cent in 2020 after a strong T-Mobile chief executive John Legere end to last year, as the T-Mobile owner has indicated he would seek to renego- looks to complete a merger to create tiate some of its terms to reflect the third largest wireless carrier in changing market dynamics. the US. Uncertainty over its outcome of the The telecoms firm yesterday said it deal has weighed on Deutsche expected adjusted earnings before Telekom’s balance sheet, as have the interest, taxation, depreciation and costs of building 5G networks. In amortisation (Ebitda Al) after leases to November, the costs forced the mobile reach €25.5bn (£21.2bn) this year. operator to say it would cut its 2019 The figure is below analysts’ consen- dividend. sus forecast for Europe’s largest Deutsche Telekom reduced its net mobile operator, and represents a debt by €2.8bn in the fourth quarter to halving of its growth rate in 2019, €76bn, bringing its leverage ratio back when Deutsche Telekom’s European down to 2.65 times adjusted Ebitda — and US divisions all performed strong- within management’s comfort zone. ly, boosted by favourable foreign The company’s fourth-quarter rev- exchange and consolidation effects. enues climbed 5.4 per cent to €21.4bn, The $26bn (£20bn) deal for Deutsche ahead of analyst expectations. Telekom’s US unit T-Mobile to take Adjusted Ebitda rose 8.2 per cent to STEPHEN TRIFFITT GEORGE DANIEL LONG MARK ADAMS over Sprint last week cleared its last €6.03bn, just ahead of consensus major legal hurdle when a New York expectations. Shares in Deutsche IS FRANK SINATRA IS SAMMY DAVIS JUNIOR IS DEAN MARTIN judge threw out a challenge brought Telekom, which have spiked sharply by over a dozen US states arguing that in recent weeks on the Sprint deal, THE ORIGINAL STARSSTTAARRSS OF THEE FAFFASTESTASTEESST SELLING it would lead to higher prices and closed up more than four per cent. WESTWEESST END SHOWSHOW OF ALL TIME FLYFLLYYMET ME TOO THE MOON, NEW YYORKORK NEW YYORK,ORK, CHICCHICAGOAGO Trump would pardon Assange if THAT’STHAATT’S AMORE, VOLARE,VOLARE, LADYLADY IS A TRAMP,TRAMP, ONE FORFOR MY BABYBABY he co-operated over email leaks ELIZABETH HOWCROFT Assange’s barrister, Edward Fitzgerald, referred to a witness US PRESIDENT Donald Trump offered statement by former US Republican TThThehhe Independent to pardon Wikileaks founder Julian congressman Dana Rohrabacher who Singingng was irresistibleirrreesistible Assange if he said that Russia had had visited Assange in 2017, saying nothing to do with Wikileaks’ that he had been sent by the publication of Democratic Party president to offer a pardon. Seen by mormoreree thathan 10 million people worldwide Harpers Bazaar emails in 2016, a London court heard The pardon would come on the yesterday. condition that Assange complied Assange appeared by videolink with the US by saying that the DINNER & SHOWSHOW FRFROMOM £6£69.509.50 SHOSHOWW ONLONLYY FROMFROM £44.50 from prison as lawyers discussed the Russians were not involved in the management of his hearing next email leak which hurt Hillary week to decide whether he should be Clinton’s presidential campaign BOISDALE,BOISDALE, CCABOTABOT PLAPLACE,CE, E14 4Q4QTT I7,&.(76Ɵ%2,6'$/(&28.7,&.(76Ɵ %2,6'$/(&28. I 002020 7715 5818 extradited to the United States. against Trump in 2016, Rohrabacher’s At Westminster Magistrates’ Court, statement said. Reuters CONGRATULATIONS TO ALL CRYPTO A.M. AWARDS FINALISTS 2020 FOR MORE INFORMATION EMAIL [email protected]

WWW.CITYAM.COM/CRYPTO/CRYPTO-AM-AWARDS 22 MARKETS THURSDAY 20 FEBRUARY 2020 CITYAM.COM

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT

FTSE rebounds HSBC 600 P S&P 500 and 590

580 559 Nasdaq close 19 Feb as new cases of 570 at record highs 560

550 HE S&P 500 and Nasdaq rose to Trecord closing highs yesterday as 13 Feb 14 Feb 17 Feb 18 Feb 19 Feb optimism that China would take more measures to prop up its China virus falls HSBC’s annual results, announced on Tuesday, were accompanied by news of a economy eased concerns about the bloodbath: the bank plans to make 35,000 job cuts over the next three years as part economic impact of the coronavirus of a radical turnaround plan. While its fourth-quarter results were better than epidemic. expected, analysts are more focused on the strategy overhaul, which includes Stocks held gains following the ONDON’s FTSE 100 rebounded Miners and oil stocks also boosted trimming its underperforming investment bank and cutting US branches by almost release of minutes from the US in tandem with global markets the FTSE 100. HSBC rebounded from a a third. Analysts at UBS keep their “neutral” rating and target price of 530p Federal Reserve’s last policy meeting, yesterday as housebuilders more than six per cent slide in the unchanged following the results. which showed policymakers were Ladvanced after HSBC upgraded previous session when it reported cautiously optimistic about their its view on the stocks ahead of lower profit and laid out plans for a ability to hold interest rates steady a first batch of results next week, strategic overhaul. ROYAL MAIL this year while acknowledging new while the number of new coronavirus Among midcaps, hedge fund manag- risks caused by the virus outbreak. 190 cases in China fell. er Man Group jumped 9.1 per cent, P The number of new coronavirus The blue-chip index added one per which according to traders was due to cases dropped for a second straight cent, with a sub-index of house- a rating upgrade from Exane. In con- 185 day in China. China is widely expected builders hitting a record high. The trast, price comparison website to cut its benchmark lending interest FTSE 250 gained 0.8 per cent, Moneysupermarket dipped 2.2 180 19 Feb rate today, which would add to helped by a 13 per cent percent after saying its top 174.20 measures aimed at limiting the surge in Hochschild Mining boss would step down. 175 impact from business shutdowns and after it reported 2019 Both British bench- travel curbs on the world’s second- results and targets for 170 largest economy. this year. Hochschild Mining lifted “It sounds as though investors are Berkeley was the most the FTSE 250 with strong 13 Feb 14 Feb 17 Feb 18 Feb 19 Feb breathing a sigh of relief that they notable gainer on the full-year trading believe the worst of the coronavirus is blue-chip index as it Liberum analysts’ verdict on Royal Mail’s strategy — “undeliverable” — is brutal, but behind us,” said Paul Nolte, portfolio rose 2.2 per cent to an all- marks were coming off unsurprising. They point to management openly questioning the achievability of its manager at Kingsview Investment time high. Fellow house- losses in the previous ses- 2024 targets just months after they were launched, and the continued squeezing of Management in Chicago. builders Barratt, Taylor sion due to a revenue warn- margins and slump in letter revenue as evidence the postal service’s stock should “Investors are feeling emboldened Wimpey and Persimmon also rose ing from Apple that stoked fears not be given their stamp of approval. Royal Mail is also facing the possibility of because central banks have got their between one and 1.9 per cent. over the economic fallout of the coro- renewed industrial action, which could also weigh on shares. Analysts maintain their back,” he added. The sector is particularly sensitive to navirus outbreak. “sell” rating, with a lowered target price of 120p. Apple rose 1.4 per cent, recouping the domestic economy and updates on The indexes touched their lowest most of the losses in the previous Britain’s departure from the point in months in January, but have session after a surprise sales warning European Union, both of which have recovered along with global markets WILLIAM HILL that highlighted concerns about the influenced consumer demand. as world governments and central coronavirus’ impact on global supply 200 “The decisive general election result banks took measures to stem the eco- P chains. has brought the prospect of a final set- nomic impact of a health crisis in 195 The S&P 500 technology sector also tlement of Brexit closer and China. Investors are also looking 187.50 rose, ending up 1.1 per cent. Among unleashed pent-up demand in ahead to the release of Britain’s infla- 190 19 Feb sectors, it was the second-biggest housing activity,” HSBC analysts said. tion data. percentage gainer after energy, which 185 rose 1.3 per cent. Oil prices overall 180 gained two per cent on the back of TOP RISERS FTSE slowing coronavirus cases. P 175 “There seemed to be a number of 1. Flutter Ent Up 4.06 per cent 7,550 high-profile companies that were 2. Evraz Up 3.50 per cent 7,457.02 13 Feb 14 Feb 17 Feb 18 Feb 19 Feb talking about coronavirus and the 7,500 3. Melrose Ind Up 3.42 per cent 19 Feb potential for it to impact earnings. 7,450 Analysts are betting on a strong performance from William Hill in its annual results Today, investors are perhaps looking TOP FALLERS next week. The company released its trading statement early because its 2019 at markets with more thoughtfulness, 7,400 performance came in ahead of expectaions, underpinned by strong US recognising [there’s] policy support 1. NMC Health Down 7.25 per cent 7,350 performance, while the UK continued to weigh. Peel Hunt analysts think the and some good news coming from 2. Rolls-Royce HLG Down 1.90 per cent bookmaker’s US opportunity remains undervalued, and believe it has more the infection rates,” said Kristina 3. Auto Trader Down 1.14 per cent potential in the growing market. They rate William Hill as “buy”, with an unchanged Hooper, chief global market strategist 19 Feb 13 Feb14 Feb 17 Feb 18 Feb target price of 260p. at Invesco in New York. CITY MOVES WHO’S SWITCHING JOBS PORTFOLIO REBALANCING ? LPEC head of corporate relations for Europe, Middle East, Middle East, India and Africa region. Chestertons said Listed Private Capital (LPEC) Africa at Visa International. Deborah was part of the the appointments emphasised the firm’s commitment LONDON’S PRECIOUS METAL BROKER has named Deborah startup team at civil society group UK-EU Open Policy to its franchise offering. Botwood Smith as its new (Best for Britain), which developed over two years into REASONS TO BUY GOLD chief executive. Deborah was a significant campaigning force in the debate on the APRIROSE 1. A liquid asset with no counterparty risk director of external relations UK’s role in Europe. Aprirose has appointed hotels expert Richard Moore as 2. A safe haven asset in uncertain times and director of marketing at group chief executive of its hotel management 3. Preservation of wealth the Association for Financial CHESTERTONS platform, which will be renamed Almarose. Richard Markets in Europe, the trade International estate agent Chestertons today joins Almarose with a wealth of experience, with dual body for banks operating in announced the appointment of Jamie McMullan as expertise in finance and an in-depth knowledge of the Europe’s wholesale financial chief operating officer for UK & Europe franchising and hotels sector. He most recently served as area senior markets. Before that she was David Russell as chief marketing officer for global vice president UK, Ireland and western Europe for a managing director at alternative investment firm franchising and new homes. Jamie has 30 years’ Radisson Hotel Group. Richard’s previous roles include Investcorp, and has previously served as director of experience in the real estate sector, having previously managing director of QMH Germany and QMH UK, SHARPSPIXLEY.COM group corporate communications at Coutts Group and headed up Sotheby’s International Realty’s Europe, director of hotel consultancy services for CBRE Hotels. T: +44 (0) 207 871 0532 VISIT THE SHOWROOM AT 54 ST JAMES'S STREET, SW1A 1JT To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM THURSDAY 20 FEBRUARY 2020 MARKETS 23

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1986 ÄÄ0.0052 €/$ 1.0795 0.0020 7457.02 21850.86 4158.30 29348.03 9817.18 3386.15 /$ 1.2937 Ä 0.0081 €/£ 0.8344 à 0.0036 75.01 172.40 39.46 115.84 84.44 15.86 £ /¥ 143.85 0.9030 €/¥ 120.02 1.2660 ÃÃÃÃÃà Ãà Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise ..... 452.0 -1.0 509.0 421.5 Kingfisher...... 221.5 0.5 266.2 185.9 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Advanced Medical ...... 280.0 3.0 354.5 225.0 Tsy 4.750 20 ...... 100.18 -0.01 104.1 100.2 Contour Global...... 183.0 1.0 222.5 163.0 VinaCapital Vietna ...... 313.0 0.0 357.5 310.5 Marks & Spencer ...... 181.3 0.4 303.2 163.9 Games Workshp ...... 7080.0 115.0 7350.0 2800.0 BP ...... 462.8 5.3 582.5 452.7 Aggreko ...... 765.2 6.2 869.2 707.2 Alliance Pharma ...... 86.0 1.5 87.5 63.0 Witan Invest ...... 229.5 2.0 235.0 201.6 Next ...... 7142.0 76.0 7340.0 4985.0 Tsy 8.000 21...... 109.59 -0.02 116.5 109.6 Drax Gp ...... 285.2 -8.6 386.8 251.0 LIFE INSURANCE Cairn Energy...... 171.6 -4.2 213.8 143.1 Ashtead Gp ...... 2765.0 64.0 2765.0 1805.5 ASOS...... 3355.0 44.0 4066.0 2107.0 Tsy 2.500 24 ...... 361.12 -0.24 377.9 358.8 SSE ...... 1686.5 2.0 1686.5 1008.0 Wwide Healthcare ....3330.0 45.0 3330.0 2495.0 Pets at Home Gp ...... 310.0 1.0 314.6 140.0 Energean Oil & Gas ...... 767.0 2.0 1082.0 648.9 Babcock Intl Grp...... 495.3 2.3 646.6 416.7 Aviva ...... 409.7 0.5 438.8 352.3 Blue Prism ...... 1580.0 -22.0 1841.0 788.0 Tsy 5.000 25 ...... 122.56 0.01 126.0 122.1 ELECTRONIC & ELECTRICAL EQUIPMENT FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 110.0 -0.8 139.0 105.0 Premier Oil ...... 107.8 3.1 118.7 65.1 Bunzl ...... 1920.0 8.5 2551.0 1911.5 Legal & General ...... 318.3 2.8 318.4 216.7 Camellia ...... 8650.0 0.0 11350.0 8350.0 Tsy 4.250 27 ...... 128.74 0.03 132.8 125.5 Watches of Switz ...... 378.0 -1.0 392.8 270.0 Royal Dutch Shell A....1928.2 14.0 2612.0 1914.2 Capita ...... 150.2 1.6 183.0 99.9 Halma ...... 2221.0 21.0 2244.0 1496.0 BT Gp ...... 155.4 -0.4 230.9 153.0 Phoenix Gp ...... 803.0 13.0 803.0 634.2 WH Smith...... 2372.0 -12.0 2654.0 1896.0 Royal Dutch Shell B ....1933.0 11.4 2622.0 1921.6 DCC ...... 6354.0 126.0 7496.0 6132.0 Caretech Holdings ...... 498.0 -2.0 500.0 325.0 Tsy 6.000 28 ...... 147.00 0.05 152.1 143.3 Morgan Advanced ...... 303.6 4.8 324.8 232.4 Talktalk Telecom ...... 117.0 1.8 126.5 98.0 Prudential ...... 1496.0 17.5 1790.0 1279.5 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 42.4 -0.1 250.0 39.9 Diploma ...... 2134.0 94.0 2134.0 1342.0 Tsy 4.125 30 ...... 380.29 -0.37 404.2 364.5 Oxford Instruments ..1648.0 8.0 1654.0 963.0 Telecom Plus ...... 1550.0 8.0 1552.0 1130.0 St James Place ...... 1170.5 16.0 1199.5 913.6 Central Asia Metals .....213.5 3.5 266.5 180.0 OIL EQUIPMENT & SERVICES Electrocomp ...... 698.0 0.6 729.8 540.8 Tsy 4.250 32...... 141.36 0.10 146.4 132.7 Renishaw ...... 4074.0 8.0 4638.0 3232.0 FOOD & DRUG RETAILERS Convatec ...... 219.6 4.3 220.4 128.9 Std Life Aberdeen ...... 330.2 7.7 336.9 234.0 Clinigen Group ...... 885.5 2.0 1069.0 787.5 Tsy 4.250 36 ...... 149.84 0.18 155.7 137.9 Equiniti ...... 217.0 4.2 236.2 186.2 Spectris ...... 2736.0 45.0 2962.0 2234.0 Greggs ...... 2408.0 38.0 2476.0 1730.0 Mediclinic Intl ...... 397.3 1.8 415.3 293.4 MEDIA Hunting ...... 305.0 4.6 657.0 297.0 CVS Group ...... 1194.0 9.0 1250.0 448.2 Essentra ...... 408.0 2.4 449.0 376.8 Tsy 4.750 38...... 165.06 0.19 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 183.4 2.0 235.0 176.9 NMC Health ...... 783.0 -61.2 3000.0 700.0 Petrofac ...... 368.1 -0.9 527.2 344.4 4imprint ...... 3420.0 70.0 3500.0 1965.0 Experian ...... 2898.0 72.0 2898.0 1960.0 Dart Group ...... 1943.0 17.0 1943.0 709.5 Tsy 4.250 46 ...... 173.34 0.25 181.0 1.0 Ocado Gp ...... 1167.0 36.5 1435.0 886.2 Smith & Neph...... 1845.0 18.0 1990.0 1424.5 Wood Gp(J) ...... 406.8 7.5 598.6 319.6 3i Infrastructure ...... 311.5 -1.5 317.5 269.9 Ascential ...... 367.4 6.0 421.2 319.0 Ferguson ...... 7602.0 88.0 7602.0 4800.0 Diversified Gas & Oil ...... 87.0 0.2 116.5 84.2 AEROSPACE & DEFENCE Sainsbury(J) ...... 206.4 -0.4 240.6 177.1 UDG Hlthcare ...... 788.5 19.0 832.5 551.0 PERSONAL GOODS Aberforth Smlr Cos ...1430.0 8.0 1546.0 1114.0 Auto Trader Gp ...... 570.4 -6.6 607.6 463.7 G4S ...... 203.2 1.9 234.3 168.3 BAE Systems ...... 640.0 3.0 661.8 443.9 SSP Group ...... 685.0 17.0 721.0 608.0 HOUSEHOLD GOODS Draper Esprit ...... 602.0 20.0 602.0 410.0 Alliance Trust ...... 876.0 12.0 876.0 730.0 Euromny Inst Inv...... 1158.0 0.0 1498.0 1152.0 Burberry Gp...... 2013.0 34.5 2345.0 1695.0 Hays ...... 162.3 0.6 183.5 138.0 Meggitt ...... 637.2 4.0 697.4 489.9 Tesco ...... 256.6 0.1 258.9 212.6 EMIS Group ...... 1224.0 14.0 1242.0 938.0 AVI Global Trust...... 778.0 8.0 802.0 713.0 Barratt Devel ...... 878.4 7.6 878.4 552.8 Future ...... 1390.0 44.0 1572.0 678.0 PZ Cussons ...... 193.8 2.8 227.0 178.8 Homeserve ...... 1320.0 5.0 1340.0 953.0 QinetiQ ...... 379.2 2.2 383.8 267.0 FOOD PRODUCERS Baillie Gifford Japan ....781.0 -2.0 848.0 735.0 Bellway ...... 4310.0 85.0 4310.0 2698.0 Informa ...... 778.0 5.2 892.0 700.0 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5934.0 52.0 6170.0 4643.0 Fevertree Drinks ...... 1485.0 55.0 2475.0 1365.0 Rolls-Royce ...... 662.2 -12.8 982.8 636.6 Bankers InvTst ...... 1030.0 10.0 1032.0 843.0 Assoc British Foods...2644.0 33.0 2708.0 2106.0 Berkeley Grp Hldgs ...5474.0 112.0 5474.0 3437.0 ITV ...... 132.1 -0.1 156.5 103.6 AstraZeneca ...... 7615.0 94.0 7878.0 5644.0 IWG...... 451.8 -0.4 469.0 227.0 First Derivatives ...... 3080.0 130.0 3555.0 2050.0 Senior ...... 157.0 -4.3 236.4 157.0 BlackRock Smaller .... 1786.0 12.0 1786.0 1298.0 Bakkavor ...... 139.0 0.2 170.0 93.3 Countryside Prop ...... 534.5 16.5 534.5 277.6 Moneysupermkt.com .. 309.8 -7.1 417.7 309.5 Dechra Pharma ...... 2830.0 4.0 3068.0 2348.0 Network Int...... 633.0 1.0 645.0 513.0 Frontier Devs ...... 1350.0 56.0 1444.0 844.0 Ultra Electronics ...... 2150.0 24.0 2292.0 1232.0 BMO Global Smaller .....144.2 0.5 150.0 127.5 Cranswick ...... 3838.0 -14.0 3852.0 2472.0 Crest Nicholson ...... 519.0 8.0 519.0 332.0 Pearson ...... 577.2 3.6 927.0 556.4 Pagegroup ...... 464.4 6.2 539.0 367.8 Genus ...... 3192.0 6.0 3260.0 2178.0 Gamma Comms ...... 1325.0 5.0 1460.0 830.0 AUTOMOBILES & PARTS Caledonia Inv ...... 3140.0 15.0 3180.0 2910.0 Greencore Gp ...... 251.9 3.2 281.8 193.4 McCarthy & Stone...... 158.0 1.8 158.8 123.5 RELX ...... 2099.0 18.0 2099.0 1606.0 GlaxoSmithKline ...... 1678.0 11.0 1846.0 1497.4 Paypoint...... 953.0 2.0 1118.0 844.0 GB Group ...... 692.0 5.0 800.0 464.0 Aston Martin...... 420.8 -9.8 1374.4 399.3 City of London IT ...... 435.5 4.5 448.5 396.5 Hilton Food Gp ...... 1064.0 -6.0 1118.0 905.0 Persimmon ...... 3298.0 55.0 3298.0 1836.0 Rightmove Group ...... 691.4 5.8 701.2 471.9 Hikma Pharma ...... 1950.0 30.0 2200.0 1556.5 Rentokil Initial ...... 504.0 5.6 506.4 329.0 TI Fluid Systems ...... 233.5 3.0 273.0 155.2 Edin Inv Trust ...... 605.0 3.0 652.0 535.0 Tate & Lyle ...... 794.2 -1.8 801.4 663.8 Reckitt Benckiser ...... 6495.0 95.0 6688.0 5767.0 WPP ...... 980.4 6.4 1077.5 801.0 REAL ESTATE Sanne Group ...... 660.0 17.0 752.0 498.0 Gooch & Housego ...... 1365.0 85.0 1527.5 954.0 BANKS European Opp ...... 919.0 12.0 926.0 705.0 Unilever ...... 4625.0 -8.0 5324.0 3983.0 Serco ...... 157.8 1.5 167.7 120.3 Hurricane Energy ...... 15.4 0.0 53.6 15.4 F&C Investment ...... 786.0 9.0 786.0 675.0 FORESTRY & PAPER Assura ...... 82.2 0.4 83.5 56.7 MAIN CHANGES UK 350 SIG ...... 89.1 0.8 153.0 88.3 Impax Asset Mgmt ...... 393.0 2.5 405.0 201.0 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Fidelity China SPE ...... 245.0 4.0 253.0 205.5 Big Yellow Gp ...... 1215.0 1.0 1215.0 955.0 Mondi ...... 1670.5 27.0 1898.0 1510.5 Travis Perkins...... 1698.0 11.5 1720.0 1166.0 Barclays ...... 176.7 1.7 192.5 136.2 % % BMO Comm Prop ...... 107.8 0.8 124.2 106.0 Iomart Group ...... 384.5 -9.5 405.0 316.5 Fidelity Euro Values .....271.5 3.5 271.5 218.0 GENERAL FINANCIAL Risers à Fallers Ä TECHNOLOGY HARDWARE & EQUIPMENT BGEO Group ...... 1706.0 5.0 1818.0 1252.0 Fidelity Spec Val ...... 270.0 2.0 280.5 240.5 Hochschild Mining ...... 181.20 12.9 NMC Health ...... 783.00 -7.2 British Land ...... 567.0 -0.2 638.8 468.3 IQE...... 57.4 0.2 98.0 41.8 3i Group ...... 1167.5 4.5 1184.5 935.4 Captl & Count Prop ...... 243.5 4.6 270.5 184.8 Spirent Comms ...... 256.0 6.0 256.0 140.4 HSBC Hldgs...... 559.0 7.1 680.6 551.8 Finsbury G&I Tst ...... 925.0 14.0 958.0 795.0 Man Group ...... 162.40 9.1 Plus500 ...... 839.80 -3.3 James Halstead ...... 544.0 -16.0 570.0 440.0 Lloyds Banking ...... 55.8 -0.1 67.2 48.6 GCP Infra Inv ...... 125.6 -0.2 134.0 122.6 Ashmore Gp ...... 569.5 7.5 570.0 397.8 Diploma ...... 2134.00 4.6 Galliford Try ...... 170.00 -3.1 CLS Hldgs ...... 273.0 -4.0 312.5 212.0 TOBACCO Flutter Ent ...... 8968.00 4.1 Drax Gp ...... 285.20 -2.9 Johnson Service Gp .....223.0 9.0 223.0 128.0 Royal Bank of Scot ...... 206.0 -0.9 270.4 177.7 Genesis Emerging ...... 794.0 8.0 818.0 686.0 Brewin Dolphin ...... 364.8 5.0 375.2 287.6 Daejan Hldgs ...... 5210.0 90.0 6160.0 4715.0 Br Am Tob ...... 3352.0 44.0 3507.0 2648.0 Centamin ...... 142.25 4.0 Royal Mail...... 174.20 -2.9 Keywords Studios ..... 1622.0 70.0 1838.0 1052.0 Standard Chartered .....626.2 -4.4 738.6 575.7 Greencoat UK ...... 145.8 0.0 152.8 133.8 Close Brothers ...... 1443.0 7.0 1663.0 1227.0 Derwent London ...... 4274.0 34.0 4280.0 2884.0 Imperial Brands ...... 1844.0 40.8 2648.5 1668.2 AJ Bell ...... 401.00 3.9 Senior ...... 157.00 -2.7 TBC Bank Group...... 1310.0 -10.0 1706.0 1150.0 Harbourvest Glb ...... 1868.0 2.0 1868.0 1406.0 Coats Group ...... 73.3 -0.1 91.2 68.1 Grainger ...... 334.6 -1.2 337.2 217.4 Learning Tech Gp ...... 155.2 1.0 172.2 63.7 William Hill ...... 187.50 3.8 Cairn Energy ...... 171.60 -2.4 TRAVEL & LEISURE Virgin Money UK ...... 179.8 0.0 220.1 104.4 Finablr ...... 75.0 -0.1 215.0 71.5 Grt Portland Est ...... 966.0 6.0 966.0 649.4 Herald Inv Trust ...... 1504.0 12.0 1530.0 1205.0 Evraz ...... 390.40 3.5 Bodycote ...... 852.00 -2.3 M&C Saatchi ...... 91.2 1.4 394.0 79.0 Hargreaves Lans...... 1697.0 17.0 2433.0 1604.5 Hammerson ...... 226.8 -0.1 388.4 203.9 Carnival ...... 3116.0 33.0 4371.0 3044.0 BEVERAGES HICL Infr ...... 182.6 -0.4 183.0 156.6 Melrose Ind ...... 244.90 3.4 Aston Martin ...... 420.80 -2.3 Land Securities...... 970.0 0.0 1001.5 735.4 Cineworld Group ...... 176.7 0.3 321.0 176.0 M.P. Evans ...... 686.0 -2.0 750.0 612.0 JPM American ...... 523.0 9.0 523.0 421.0 IG Gp...... 688.4 -2.6 708.0 474.8 Future ...... 1390.00 3.3 Moneysupermkt.com ...... 309.80 -2.2 Barr (AG) ...... 583.0 0.0 975.0 526.0 Compass Gp ...... 1949.5 4.5 2138.0 1665.0 Majestic Wine ...... 217.5 -0.5 318.0 210.0 JPM Emerg Mkt ...... 1058.0 14.0 1088.0 878.0 Integrafin Holdings ...... 529.0 9.0 529.0 337.0 LondonMetric Prop ...... 234.2 -0.8 241.2 190.2 Britvic ...... 931.0 13.0 1068.0 850.0 Dominos Pizza ...... 323.4 2.4 326.4 221.2 JPM Indian IT ...... 732.0 4.0 790.0 633.0 Intermediate Capital 1865.0 25.0 1865.0 999.0 Redrow...... 848.0 18.0 848.0 533.0 MINING NewRiver Retail ...... 189.6 -0.4 246.0 147.6 Midwich Group ...... 582.0 12.0 633.0 474.5 Coca-Cola HBC AG .....2861.0 27.0 3074.0 2299.0 Primary Hlth Prop ...... 162.8 0.8 162.8 119.8 easyJet ...... 1505.5 13.5 1552.0 854.8 JPM Japan IT ...... 441.0 2.5 477.5 383.0 Intl Public Prtnshps .....170.8 -0.2 171.2 146.8 Taylor Wimpey ...... 236.2 4.5 236.2 142.9 Anglo American ...... 2088.0 33.5 2266.0 1666.6 Mortgage Advice B ...... 775.0 -5.0 795.0 546.0 Diageo ...... 3141.0 33.5 3625.5 2913.5 Investec ...... 442.3 0.9 518.6 395.3 Safestore Hldgs ...... 864.0 4.5 864.0 586.0 EI Group ...... 284.6 0.0 285.0 194.0 Jupiter Fund Mngt ...... 393.0 2.9 432.0 314.0 Vistry Group ...... 1478.0 20.0 1478.0 975.0 Antofagasta ...... 854.8 6.2 1022.5 779.6 CHEMICALS FirstGroup ...... 133.1 -0.6 137.5 89.3 Next Fifteen Comm .....498.5 -1.5 658.0 465.0 Law Debenture ...... 626.0 8.0 654.0 552.0 IP Group ...... 76.2 0.6 104.8 55.7 Savills ...... 1247.0 25.0 1258.0 822.0 INDUSTRIAL ENGINEERING BHP Group ...... 1691.6 24.0 2049.0 1600.0 Flutter Ent...... 8968.0 350.0 9456.0 5525.0 Nichols...... 1405.0 20.0 1880.0 1322.5 Croda International ..5185.0 105.0 5375.0 4564.0 Mercantile IT ...... 275.5 2.5 276.0 188.0 John Laing Gp ...... 358.8 -6.8 402.0 345.6 SEGRO ...... 923.2 -0.8 935.0 642.0 Bodycote ...... 852.0 -20.0 971.0 652.0 Centamin ...... 142.2 5.5 152.3 79.8 Go-Ahead Gp ...... 2190.0 -24.0 2278.0 1783.0 Elementis...... 122.3 0.6 195.4 121.7 Monks Inv Tst ...... 1026.0 16.0 1026.0 808.0 London Stock Exch ....8542.0 192.0 8542.0 4489.0 Shaftesbury ...... 906.5 -3.0 979.5 739.5 Numis Corporation ...... 288.5 3.5 306.0 212.0 Fresnillo ...... 701.4 13.4 993.4 539.6 GVC Hldgs ...... 837.6 13.4 939.0 507.5 Johnson Matt...... 2712.0 53.0 3454.0 2605.0 Murray Intl Tst ...... 1214.0 8.0 1286.0 1114.0 Man Group ...... 162.4 13.6 175.2 130.5 Hill & Smith ...... 1478.0 12.0 1510.0 1049.0 St Modwen Props ...... 515.0 -2.0 530.0 373.0 Polar Capital Hdgs ...... 526.0 -14.0 604.0 482.0 Glencore ...... 232.0 5.9 340.3 216.9 Intercontl Htls ...... 5080.0 151.0 5738.0 4499.5 Synthomer ...... 329.0 -3.2 420.8 279.0 Next Energy Solar ...... 119.5 -0.5 126.5 114.0 Onesavings ...... 440.8 9.4 452.0 313.6 IMI ...... 1076.0 15.5 1206.0 906.0 TR Property IT ...... 496.0 2.0 496.0 377.0 Hochschild Mining ...... 181.2 20.7 227.0 152.0 Intl Cons Airl...... 642.0 10.0 671.0 413.5 Purplebricks Gp ...... 106.2 1.2 132.0 96.0 Victrex ...... 2274.0 -10.0 2540.0 1845.0 Pantheon Intl Partn .2500.0 0.0 2620.0 2020.0 Paragon...... 521.0 -5.5 553.5 388.0 Melrose Ind ...... 244.9 8.1 248.5 160.7 Tritax Big Box ...... 146.8 0.3 159.7 137.9 Kaz Minerals ...... 509.0 3.0 738.4 380.3 UK Commercial Prop .....86.6 0.3 92.7 79.9 Just Eat Takeaway.com 7620.0 70.0 8255.0 7350.0 Redde...... 105.0 0.6 127.6 98.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...325.5 1.0 342.0 284.5 Plus500 ...... 839.8 -29.0 949.6 495.0 RHI Magnesita ...... 3126.0 24.0 5000.0 3102.0 Provident Fin ...... 467.0 3.8 610.0 356.0 Polymet Int...... 1310.5 20.5 1310.5 772.6 Unite Group ...... 1335.0 5.0 1338.0 896.5 Marstons ...... 106.0 0.2 131.4 97.3 Renew Holdings...... 548.0 6.0 568.0 360.0 Pershing Square ...... 1570.0 10.0 1578.0 1224.0 Rotork ...... 308.4 5.8 341.2 269.8 Balfour Beatty ...... 286.0 -1.6 295.0 194.2 Quilter ...... 171.6 3.0 174.7 124.2 Rio Tinto ...... 4201.5 29.5 4976.5 3924.5 Workspace Gp ...... 1307.0 22.0 1307.0 806.0 Mitchells & Butlers ...... 417.0 0.5 470.5 238.0 Personal Assets Tst .439000 00 439000 398000 Spirax-Sarco...... 9400.0 200.0 9400.0 6655.0 RWS Holdings ...... 605.0 7.0 670.0 461.5 CRH ...... 2930.0 15.0 3100.0 2279.0 Rathbone Brothers .... 1958.0 -4.0 2540.0 1958.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES National Express ...... 438.4 -0.8 476.0 387.4 Polar Cap Tech Tst ...... 1746.0 26.0 1746.0 1218.0 Scapa Group ...... 197.0 1.4 403.0 157.0 Galliford Try...... 170.0 -5.5 190.4 102.4 Schroders ...... 3395.0 36.0 3443.0 2541.0 Weir Gp ...... 1355.0 11.0 1814.0 1261.5 PPHE Hotel Gp ...... 2100.0 -20.0 2120.0 1630.0 Renewables Infra Gp ....137.4 -0.4 139.2 115.4 Vodafone Gp ...... 155.8 0.5 165.2 123.3 Avast...... 454.8 11.8 551.0 282.0 Grafton Group...... 988.5 3.0 990.0 645.5 TP ICAP ...... 400.0 2.8 417.5 270.0 INDUSTRIAL METALS Rank Gp ...... 322.0 2.0 324.0 144.0 Secure Income REIT ..464.0 0.0 473.0 394.0 RIT Cap Partners ...... 2100.0 20.0 2180.0 2005.0 Aveva Gp...... 5290.0 45.0 5315.0 2962.0 Ibstock ...... 319.4 8.0 322.0 208.6 NONLIFE INSURANCE Restaurant Grp ...... 133.2 2.9 166.4 111.9 Serica Energy...... 109.2 4.0 143.4 103.6 Schroder Asia ...... 473.5 3.0 485.5 424.5 GENERAL RETAILERS Evraz ...... 390.4 13.2 709.4 341.4 Computacenter...... 1881.0 21.0 1920.0 1049.0 Marshalls ...... 854.5 9.5 876.0 526.5 Admiral Gp ...... 2319.0 9.0 2330.0 2014.0 Stagecoach Gp...... 140.0 1.3 167.0 115.5 Scottish Inv Tst ...... 792.0 7.0 843.0 769.0 B&M ...... 381.8 1.8 420.9 315.0 Ferrexpo ...... 152.7 2.5 301.3 123.0 FDM Group...... 1008.0 -6.0 1100.0 647.0 Smart Metering Sys..... 527.5 0.5 635.0 310.0 Polypipe Group ...... 619.0 8.0 619.0 372.8 Wetherspoon (JD) ..... 1538.0 16.0 1734.0 1269.0 Scottish Mortgage ...... 659.0 20.5 659.0 472.0 Dixons Carphone ...... 136.3 1.4 152.4 104.9 Beazley ...... 591.5 10.0 628.0 504.5 Kainos Gp ...... 846.0 -2.0 880.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Whitbread ...... 4786.0 7.0 5152.0 3988.0 Sequoia Econ Infra ...... 114.8 0.0 118.6 110.0 Dunelm Gp...... 1336.0 -6.0 1404.0 730.5 Direct Line Ins ...... 344.2 -0.2 366.5 270.5 Micro Focus Intl ...... 801.2 14.9 2160.0 766.8 William Hill ...... 187.5 6.8 205.2 132.3 Thorpe (F.W.) ...... 319.0 0.0 359.0 267.0 Smith (DS) ...... 350.9 1.7 394.8 307.9 Smithson Inv ...... 1388.0 22.0 1388.0 1105.0 Frasers Group ...... 498.2 11.0 518.0 214.0 Clarkson ...... 2875.0 -25.0 3110.0 2200.0 Hastings Gp Hldgs ...... 185.1 0.1 231.6 167.9 Playtech ...... 339.3 5.1 457.7 334.2 Wizz Air Holdings ...... 4438.0 26.0 4496.0 2880.0 Watkin Jones ...... 281.5 3.5 281.5 199.6 Smiths Gp...... 1760.0 26.0 1769.5 1378.0 Syncona ...... 247.5 2.0 294.0 203.0 Howden Joinery Gp...... 728.6 1.2 732.6 478.8 Fisher (James) ...... 1880.0 0.0 2260.0 1810.0 Hiscox ...... 1340.0 18.0 1777.0 1213.0 Sage Group ...... 794.6 12.8 820.4 655.0 Smurfit Kappa Gp...... 2844.0 60.0 3010.0 2096.0 Temple Bar IT ...... 1374.0 18.0 1486.0 1162.0 Inchcape...... 641.0 0.5 720.0 545.5 Royal Mail ...... 174.2 -5.2 286.7 174.2 Lancashire Hldgs ...... 798.0 4.5 798.0 640.5 Softcat ...... 1217.0 10.0 1260.0 743.0 AIM 50 Young’s Brew NV ...... 1245.0 0.0 1310.0 1030.0 Vesuvius...... 440.0 2.0 642.0 341.0 Templeton Em Mkts ....852.0 11.0 876.0 731.0 JD Sports Fashion ...... 862.8 12.8 881.4 464.5 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 575.0 6.8 597.0 501.6 Sophos ...... 571.2 4.0 577.0 298.2 Abcam ...... 1295.0 -5.0 1500.0 1066.0 Young’s Brew-A...... 1635.0 10.0 1885.0 1520.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 293.05 7.25 316.05 202.80 3M ...... 159.34 0.46 219.50 150.74 AIR LIQUIDE ...... 140.30 0.55 140.00 108.85 ABBOTT LABORATORIES ...... 89.36 0.48 91.86 72.88 ALLIANZ AG ...... 231.65 -0.05 232.20 193.20 ADOBE INC ...... 383.28 4.43 379.67 254.74 AMADEUS IT GROUP ...... 73.32 0.42 78.60 42.30 ALPHABET NON VTG-C ...... 1526.69 7.02 1520.74 1036.23 ANHEUSER BUSCH INBEV ...... 68.20 0.35 92.71 65.77 ALPHABET-A ...... 1524.87 5.43 1519.44 1116.79 AMAZON.COM ...... 2170.22 14.55 2160.00 1619.44 ASML HOLDING NV ...... 292.90 6.75 292.95 158.30 AMERICAN EXPRESS ...... 136.93 1.33 135.87 106.61 AXA ...... 25.36 -0.07 25.50 20.78 APPLE INC ...... 323.62 4.62 327.20 171.06 BANCO SANTANDER ...... 3.92 0.02 4.19 3.40 AT&T ...... 38.44 0.18 39.63 29.81 BASF...... 61.31 0.30 74.49 56.20 BANK OF AMERICA ...... 34.72 0.45 35.64 26.25 BAYER AG...... 75.43 0.37 78.06 52.53 BERKSHIRE HATHAWAY...... 229.24 2.47 230.20 195.81 BBVA ...... 5.17 0.01 5.69 4.21 BOEING CO ...... 338.30 -0.58 432.69 309.00 BMW ...... 65.36 0.16 77.75 58.70 CATERPILLAR INC ...... 136.86 0.28 150.53 113.38 BNP PARIBAS ...... 53.75 0.08 54.18 39.32 CHEVRON ...... 110.74 0.50 126.54 106.28 CRH ...... 35.18 0.10 36.50 26.70 CISCO SYSTEMS ...... 46.29 -0.30 58.05 43.52 DAIMLER ...... 42.70 0.20 59.31 40.53 CITIGROUP ...... 78.05 0.47 81.91 60.33 DANONE ...... 71.60 -0.36 82.00 65.88 COCA-COLA CO ...... 59.77 0.24 59.95 44.69 DEUTSCHE POST AG ...... 32.51 0.31 34.91 26.38 COMCAST ...... 45.97 -0.18 47.50 38.19 DOW ...... 47.56 -0.18 66.65 40.71 DEUTSCHE TELEKOM ...... 16.50 0.72 16.25 14.45 EBAY INC ...... 37.53 -0.34 41.57 33.56 ENEL ...... 8.57 0.10 8.47 5.25 EXXON MOBIL ...... 60.34 0.46 83.38 59.88 ENGIE...... 16.64 0.10 16.55 12.45 FACEBOOK ...... 217.49 -0.31 223.23 174.60 ENI ...... 12.94 0.03 15.94 12.61 GOLDMAN SACHS GROUP ...... 237.33 4.12 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 243.64 -0.30 245.03 181.14 FRESENIUS MEDICAL CARE ...... 74.86 0.92 76.32 57.92 HONEYWELL INTERNATIONAL ...... 180.86 1.44 183.23 151.59 IBERDROLA ...... 11.22 0.10 11.12 6.02 IBM ...... 150.86 -0.24 156.76 126.99 INDITEX ...... 32.08 0.38 32.37 2.55 INTEL ...... 67.11 0.97 68.47 43.46 ING GROEP NV...... 10.03 -0.40 12.05 8.34 JOHNSON & JOHNSON ...... 148.94 -0.20 153.99 126.95 INTESA SANPAOLO...... 2.60 0.00 2.60 1.83 JPMORGAN CHASE & CO ...... 137.49 1.85 141.09 98.93 KERING ...... 587.00 17.30 610.20 425.05 MASTERCARD INC ...... 344.56 3.32 341.24 219.31 MCDONALD’S ...... 215.63 -0.52 221.15 179.50 KON KPN NV ...... 2.52 -0.01 2.96 2.46 MEDTRONIC ...... 113.77 1.11 121.30 84.15 L’OREAL ...... 272.30 4.00 275.30 220.30 MERCK & CO ...... 82.00 -0.46 92.04 73.19 LVMH MOET HENNESSY ...... 419.05 10.20 439.05 296.95 COMMODITIES TOURIST RATES MICROSOFT ...... 187.28 0.05 188.70 109.41 MUENCHENER RUECKVE ...... 281.00 -0.40 282.50 205.90 NETFLIX ...... 386.19 -1.59 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1604.30 +14.53 Copper Cash Official...... 5727.75 -73.25 Canada ...... 1.6373 New Zealand ...... 1.8908 NIKE INC ...... 102.46 0.46 104.58 77.14 ORANGE ...... 13.46 0.03 15.01 12.61 Silver (Pence) ...... 1788.50 +8.50 Aluminium Cash Official ...... 1680.75 +2.50 Croatia ...... 8.091 Norway...... 11.52 ORACLE ...... 55.44 -0.01 60.15 50.24 ROYAL PHILIPS ...... 45.09 0.30 45.61 34.66 Silver (Cents) ...... 1372.00 +4.00 Nickel Cash Official ...... 12877.50 -190.00 Czech Republic ...... 27.57 Poland ...... 4.5144 PAYPAL HOLDINGS ...... 123.91 1.64 122.99 96.64 SAFRAN ...... 145.95 2.60 150.25 116.90 Krugerrand ...... 1621.23 +16.49 Aluminium Alloy Cash Official ...... 1375.00 +5.00 Denmark ...... 8.5496 Singapore ...... 1.6849 PEPSICO ...... 145.53 -0.07 146.99 118.61 SANOFI ...... 94.00 0.29 93.93 72.24 Brent Crude ...... 57.75 +0.08 Natural Gas ...... 22.33 +0.17 Hong Kong ...... 9.5802 Sweden ...... 12.12 PFIZER INC ...... 36.23 -0.09 44.40 34.24 SAP SE ...... 129.36 2.24 127.34 93.81 Platinum ...... 980.00 +13.00 Tin Cash Official ...... 16517.50 -110.00 Iceland ...... 146.46 Switzerland ...... 1.217 PROCTER & GAMBLE ...... 125.44 0.57 127.14 98.41 SCHNEIDER ELECTRIC ...... 97.40 0.40 98.18 67.60 British Sovereign ...... 378.20 +3.78 Zinc Cash Official ...... 2127.00 -26.25 India ...... 81.95 Turkey ...... 7.4978 TRAVELERS COMPANIES ...... 134.51 -1.37 154.83 128.93 SIEMENS AG ...... 106.98 0.26 119.90 85.00 Lead Cash Official ...... 1900.50 -10.00 White Sugar ...... 416.80 +7.30 Israel ...... 4.0039 United States ...... 1.2441 TWITTER ...... 38.77 0.71 45.42 28.89 UNITED HEALTH GROUP ...... 305.31 3.17 303.48 215.26 SOCIETE GENERALE...... 31.80 0.01 31.93 21.13 UNITED TECHNOLOGIES ...... 150.68 -0.60 156.83 122.94 TELEFONICA SA ...... 6.54 0.01 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 58.22 0.31 62.07 54.35 TOTAL ...... 45.05 0.35 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 213.31 2.11 211.20 168.86 UNILEVER NV ...... 54.86 -0.19 57.56 47.05 FTSE 100...... 7457.02 +75.01 +1.02 S&P 500...... 3386.15 +15.86 +0.47 CAC 40 ...... 6111.24 +54.42 +0.90 Hang Seng ...... 27655.81 +125.61 +0.46 WALGREENS BOOTS ALLIANCE...... 52.07 0.21 76.05 49.29 VINCI ...... 106.75 0.60 106.15 82.06 FTSE 250 ...... 21850.86 +172.40 +0.80 Dow Jones I.A ...... 29348.03 +115.84 +0.40 Swiss Market Index ...... 11263.01 +116.73 +1.05 Nikkei ...... 23400.70 +206.90 +0.89 WALMART ...... 117.68 -1.95 121.28 96.94 VIVENDI ...... 25.07 -0.18 26.42 23.40 FTSE All-Share ...... 4158.30 +39.46 +0.96 Nasdaq Composite ...... 9817.18 +84.44 +0.87 ISEQ Overall Index ...... 7255.14 +99.26 +1.39 STI Index ...... 3213.71 +17.08 +0.53 WALT DISNEY CO ...... 141.30 2.16 151.64 107.79 VOLKSWAGEN AG ...... 170.06 0.30 185.52 138.16 FTSE AIM All-Share ...... 973.26 +8.72 +0.90 Xetra DAX...... 13789.00 +107.81 +0.79 FTSEurofirst 300 ...... 1690.83 +13.37 +0.80 ASX All Ordinaries...... 7237.40 +29.10 +0.40 WELLS FARGO & CO ...... 47.09 0.10 54.46 43.38 24 OPINION THURSDAY 20 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Cummings is just getting going TO THE EDITOR with his war on conventions Go with the flow [Re: Water industry hits back at Ofwat over price determinations] UCH is being made of his supine cabinet, who were happy were slight: an angry letter, a few A core focus for the UK water industry right Dominic Cummings’ sup- Catherine to engage in a juvenile game of poli- aggrieved comments, but funda- now is cutting back flooding and pollution. posed overreach this Neilan cy call and response at the most mentally, as worried parliamentary Regulators should therefore be looking to Mweek. His attack on the recent meeting. sources tell me, nothing more could promote investment in technologies and BBC proved so brutal that Sources suggest Number 10 may be done. infrastructure to enable this. even Auntie-sceptic John have had a hand in Damian Collins’ With Johnson’s positively obese Water companies are currently working Whittingdale blanched, while it defenestration from the Digital, majority and Brexit supposedly with like-minded partners to roll out turned out one of Number 10’s Culture, Media and Sport Committee done, there is now no reason for resourceful pollution-reducing projects. newly-hired “wierdos and misfits” last month, encouraging MPs to vote him to reject the call when it finally One such initiative is running fibre had voiced his support for marital for Julian Knight instead. Of course, comes, or so the (wishful) thinking connectivity through the sewers in dense rape and sympathy for eugenics in Either way Cummings does not Downing Street would have been goes. But that’s not how it is seen metrocity areas while providing online forums. Andrew Sabinsky’s give the impression of someone in pushing on an open door — Collins within Downing Street. wastewater monitoring technology. Very Downing Street career lasted just a it for the long-haul. He is in a hurry was not popular among the new, pro- “Dom’s attitude will be ‘f**k ’em’,” soon water companies will be able to few days. to tear down all conventions that to Leave intake, as well as many of the says one former Number 10 source. identify potential threats in real-time, But Boris Johnson’s chief adviser, his mind stop the executive from existing MPs who’d had enough of “The way Dom sees it, you have to reducing the potential for flooding and who is also under fire for creating a exercising full power. The base test his grandstanding. grip and totally control the pollution. However, these initiatives toxic environment for staffers, is for everything is “what is the worst Downing Street declined to com- message... [Committee chairs are] require investment and time. used to riding out the odd media that can happen?” — and so far the ment. But it would be something of showboaters. In that context, I would Water companies have stated that plans storm and has no time for subtlety. answer is “very little”. an understatement to say that be pretty surprised if Dom let the PM to cut customer bills do not provide for His slash-and-burn approach is not One failed gamble was Number Collins is also not popular with sit down in front of the committee... sustainable investment in infrastructure one of dark arts but of maximum 10’s prorogation, but even here Cummings, who last year was found I know people are starting to see this long-term. While savings will be appealing disruption — test a policy idea by there was little in the way of pun- in contempt of parliament for not but having worked with him I don’t to customers, ensuring water companies floating the most extreme version ishment. It just so happens the gov- agreeing to give evidence. think people quite understand the have the necessary wherewithal to deliver possible, and cut it back according ernment is now considering the At the time Collins warned that level to which Dom doesn’t give a s**t the quality service expected of them as to what people will put up with. role of judges and judicial reviews, this refusal to submit to the authori- about convention.” well as future-proofing their infrastructure As former Vote Leave colleagues which suggests a vindictive streak ty of parliament revealed a funda- Much will depend on who is of paramount importance to the note, Cummings builds an us-and- to some of his testing of the limits. mental weakness in the process. replaces Wollaston. There are a industry. them mentality in which his team is Another area of convention likely “The current powers have been test- handful of names who could pres- Paul Clark, sector director for energy pitted against everyone — Remainers, to enter the spotlight is parliamen- ed to their limits and found want- ent a headache for Number 10 — for- and utilities, SSE Enterprise Telecoms backbenchers, peers, bankers, tary committees, where Johnson ing,” he said last March. eign affairs chair Tom Tugendhat judges, journalists — in the pursuit of can expect rather less loyalty than Cummings’ derision for parlia- and former business secretary Greg getting whatever it is done. mentary institutions is now expect- Clark among them, although Ultimately, insiders believe an HR ed to extend to the Liaison Jeremy Hunt, who now chairs the BEST OF misstep, rather than a policy one, Committee, a kind of super-commit- health committee, could also be TWITTER may prove Cummings’ downfall. tee formed from the heads of all the problematic if he choses. But until he crosses that line, he others, and the only one with the Ultimately, whoever is at the Today is a historic moment for the stays on as the bad cop, while the power to call the Prime Minister to head will only be as powerful as whole UK. We’re introducing a points- Prime Minister retains plausible The base test for explain himself. convention allows — and so far based immigration system from Jan deniability: Johnson didn’t know everything is ‘what Johnson already has form here — Cummings has proved just how 2021 and taking back control. about Sabisky, he didn’t know about just like his chief adviser, he failed to weak that can be. @patel4witham the BBC plans, he didn’t know that is the worst that appear last year, having cancelled on journalists were being blocked from former chair Sarah Wollaston not £ Catherine Neilan is political editor at A bumper day for glassmakers and briefings, and so on. can happen?’ once but twice. The repercussions City A.M. stonemasons as a government comprising Boris Johnson, Priti Patel, Dominic Raab, Liz Truss, Gavin Williamson, Grant Shapps, Suella Braverman and Jacob Rees-Mogg vows to clamp down on the unskilled. On the money: The end of cash cannot @BarristerSecret Care work is NOT low skilled, caring for frail, vulnerable & those with complex needs is a high empathy, come at the expense of the unbanked highly intimate, high skilled profession that is misunderstood, undervalued & poorly paid. Media ODAY marks the launch of Other parts of the world are also It is broadly accepted that offering reporting of points based immigration the new £20 note. With so Karim confronting this challenge. In New basic current accounts is a largely system is very depressing. much of the financial serv- Haji York, restaurants were recently unprofitable enterprise for banks, so @PaulBurstow Tices sector switching to dig- banned from refusing to accept cash, there is little commercial incentive ital, could this be the last on the basis that it is often the most for attracting unbanked customers. My name is Tanja and I came to the UK new £20 we get? vulnerable people in society who There are lots of good initiatives 11 years ago, PhD in hand. I’ve taught In the future, financial services continue to rely on physical money. led by big banks and some promis- 100s of British students and have will be entirely digital — and we are Yet, prolonging the life of hard cur- ing solutions being explored by fin- volunteered 100s of hours in our already well on the way towards rency by forcing businesses to accept tech startups, both to tackle communities to support elderly and that reality. A quarter of us in the it isn’t an option in the UK. A quirk financial inclusion and access to disabled British people. Under the UK already use a digital-only bank, economy could continue to function of our system is that our notes are cash. But I question whether these planned #immigration system, I and only a third of under-35s still if, for some reason, electronic pay- promissory notes, rather than legal advances are matching the speed of would not have been able to come. carry cash. But at the same time, ments became temporarily unavail- tender, so there is no legal basis to the cashless technology revolution. @cliodiaspora the debate over the unintended con- able. Would there be enough cash in make accepting them compulsory. The fintech sector has become the sequences of a cashless society circulation to keep the economy Of course, there has been a huge jewel in the City’s crown but we New respect for Greece for sidling into needs careful consideration. functioning, and for how long? amount of interest in ensuring that cannot carry the failings of the old the Brexit discussion at the last minute As I see it, concerns centre around As the UK migrates away from consumers can access cash freely world into the new. If progress on and slapping the ELGIN MARBLES card two main issues: economic physical money, we also have to be and easily, most notably from the inclusion isn’t keeping pace with right on the table, truly a messy bitch resilience and social inclusion. confident that we have the tech Access to Cash Review panel, which advances in digital finance, you who lives for righteous drama To just touch on the enormous infrastructure and cyber security to just this week urged the have to ask whether big firms @TheSSKate challenge of economic resilience, we support an entirely digital government to take action. should be mandated to provide a can look to Sweden. A hugely suc- economy. We’re not there yet. But that is one part of the puzzle. basic set of services to ensure social We stole the Elgin Marbles from the cessful Swedish payment fintech Then onto the more human issue We also need to make sure that the financial inclusion? Parthenon, Benin Bronzes from Nigeria scene has caused cash transactions of social inclusion. Does a cashless 1.5m people outside the financial The availability of cash cannot and Moai statues from Easter Island. to fall rapidly — they now stand at society risk leaving people behind? system are able to come inside. become a barrier to social mobility. We pinched so much from around the less than 10 per cent of all The simple answer is yes, at least The challenges of getting the So while we can enjoy our new £20 world, walking into a museum in payments, the lowest rate in the as things currently stand. The UK unbanked banked are many. A lack note, we shouldn’t expect it to be London is basically like walking into an world. currently has 1.5m unbanked citi- of credit history can pose challenges the last we see. evidence locker with a cafe. The Swedish government is now zens who by definition are com- for know-your-customer regulations, @JimMFelton having to consider whether the pletely dependent on cash. and servicing accounts is expensive. £ Karim Haji is head of financial CITYAM.COM THURSDAY 20 FEBRUARY 2020 OPINION 25

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam They’re not just phones, they DEBATE Should business be concerned hold our entire lives together about the planned immigration curbs on low-skilled workers? HIS month, we are marking In a demonstration of sensible, cus- the eighteenth year of O2. Mark tomer-focused practice, mobile compa- The world of 2002 feels like a Evans nies came together last year to The proposals announced yesterday Tvery long time ago — and commit to a “Shared Rural Network”, are overly restrictive and will halt over the past 18 years, the where we share our masts to provide business growth in huge swathes of the mobile industry has been at the heart coverage in even the remotest parts of economy. They also give very little time YES of some seismic changes in the way we the country. It got the backing of the for business to adjust and adapt, as the live our lives. government in October, and it is criti- government has said it must. KATE NICHOLLS An eighteenth birthday is an impor- cal that we keep the momentum, We are already facing record low tant milestone, sparking the desire to expanding our networks further over levels of unemployment, a squeeze in These changes will lead to a lower both reflect and look forward. Today, This is a theme that the regulator the coming years. young people entering the labour level of service, higher costs, and the mobile phone is the most popular Ofcom is working on at the moment — Third, we must support businesses market, and a massive overhaul of the almost certainly business closures. device in connecting to the internet — and the mobile industry should sup- in the UK to allow them to access the education system. We need the government to think for a quarter of all adults, it remains port this, because there is a sound enormous benefit that technology can Restricting low-skilled immigration again about a temporary route, their only way to do so. commercial case in the long term. My bring. There’s been a lot of talk about will have a detrimental impact on certainly in the short term. Business People use their mobiles to shop, own company, for example, took the 5G, but its true potential will only be people’s day-to-day lives. Who is going needs time to adapt, even if it’s just for bank, email, navigate journeys, or decision seven years ago to reduce a realised when external innovators use to serve your morning coffee? Who will a couple of years. Turning off the taps watch their favourite entertainment customer’s bill automatically once it for further technological advances care and cater for the sick and infirm? in 10 months is a recipe for disaster. series online. they paid off their handset. that we can’t even begin to imagine Who will build the infrastructure that Mobile phones are our alarm clocks, Second, the rural-urban divide for yet. the government has promised to level £ Kate Nicholls is chief executive of our cameras, and an extension of our mobile coverage must end. It has From utilities to health, from trans- up the country? UKHospitality. office — and let’s not forget their orig- become increasingly inexplicable to port to entertainment, 5G will trans- inal purpose, to stay connected with customers that they cannot access a form not just businesses, but entire friends and family. Since 2010, O2 as a reliable mobile service in every part of sectors, making services faster, more network has carried a staggering two the UK. efficient, and creating new uses for Corporate Britain is up in arms over the and a half billion gigabytes of data, network altogether. proposals to restrict the immigration of and there is no sign of any slowing in At O2, we’re inviting businesses big low-skilled workers. They echo the demand. and small to explore 5G with us. We’re warning words of the former managing NO So what does the future look like? already working with the NHS on a 5G director of Lidl UK, Ronny Gottschlich, Recent analysis shows that in today’s smart ambulance to save lives, and who admitted that reducing cheap STEVEN WOOLFE digital world, customers expect com- with Worcester Bosch on the UK’s first foreign labour would drive up wages. panies to not just provide them with a In today’s digital 5G factory. Although the government’s proposals should be raising wages to enable standardised service, but to We’ve seen phenomenal transforma- are flawed, and unlikely to dramatically better social mobility, funding training proactively understand them and be world, customers tion over the past 18 years, and with reduce net migration from unskilled programmes, adding working-class one step ahead of managing their the pace of technological change afoot workers, its desire to see changes that categories into diversity programmes, expectations. Our lives are increasing- expect companies in the mobile industry only set to raise wages, improve homegrown and investing in technology to improve ly busy, so the mobile operators that to proactively increase, there is one fundamental training opportunities, and build a productivity. Seeking cheap foreign can tap into this fundamental insight truth that will stay the same: those more hopeful future for our citizens labour to keep wages low is immoral in will be the ones to prosper. understand who stay truest to the maxim of put- should be welcomed. a more diverse, tolerant world. For the mobile industry in the 2020s ting the customer first will be the As for businesses, where is their desire this will mean three things. them and be one ones who prosper. to improve the financial wellbeing of £ Steven Woolfe is a former MEP and First, we need to recognise, acknowl- some of their poorest fellow workers? director of the Centre for Migration and edge and reward customer loyalty. step ahead £ Mark Evans is chief executive of O2. Instead of complaining, businesses Economic Prosperity.

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7770RQH\FRUS/LPLWHGLVDXWKRULVHGE\WKH)LQDQFLDO&RQGXFW$XWKRULW\XQGHUWKH3D\PHQW6HUYLFH5HJXODWLRQ ŹUPUHIHUHQFHQXPEHU IRUWKHSURYLVLRQRISD\PHQWVHUYLFHV 26 FEATURE THURSDAY 20 FEBRUARY 2020 CITYAM.COM DATA & BUSINESS Tom Record explains why regulating big tech BREAKING UP is more easily said than done IS HARD TO DO VER the last few years, the public perception of tech- nology companies has shifted quite dramatically. Large tech firms such as OGoogle, Facebook and Amazon are no longer the darlings of the world. They are attracting the same kind of ire that financiers attracted a decade ago. At the political level, this translates into a broad bipartisan support for reg- ulating the sector, due to the opinion that the most powerful technology companies are monopolies that stifle competition. There are also concerns that they have too much control over the creation and dissemination of news. On both of these counts, regu- lation will be complicated. Imposing a stricter framework of rules on tech companies is far from straightforward, as the most successful businesses tend to benefit from advan- tages that come from scale. As a social network like Facebook grows in size, it is able to use data to offer better services, which in turn at- tracts even more customers. Given the essential role that scale plays in many tech firms, it is not clear that the kind of antitrust action that we saw in the US more than 100 years ago is relevant to today’s economy. We know how to break up a rail com- pany or an oil business into smaller free to users, such as Facebook. tion in political attitudes, but it also al- twenty-first century. Examples of solu- The complexity of many of these is- components, but tackling the monop- Even if you take into account the lows voters to be influenced by factu- tions include the Common Consoli- sues means that investigations will olistic power of a technology company data that they farm from their users, ally inaccurate reports. dated Corporate Tax Base that would take many years, in which time the would likely require a different ap- it is hard to say that the consumer is It is not clear how breaking up the allocate the taxable profits of a multi- companies may have changed, perhaps proach, since a simple deconstruction not getting a good deal. Advertising companies could help with this — if for national corporation by a formula. in anticipation of the regulator’s would likely take away many of the el- revenues at Facebook are 43 cents a example, Instagram were separated This has the benefit of allowing indi- judgements. Acquisitions will increas- ements that make it a successful com- day per user, which results in a profit from Facebook. But there is an argu- vidual nations to decide what rate to ingly come under scrutiny and are pany in the first place. of nine cents in the US and three cents ment that larger companies have the tax their share of the tax base. The rea- more likely to be blocked. It is also hard to see how the modern in Europe. Does a user get three cents resources to invest in the workforce son that this reform has taken so long Given the difficulty in regulating conception of pernicious monopolies worth of utility from the platform? and the artificial intelligence needed is that it is difficult for countries to these businesses, perhaps the easiest applies to companies like Facebook Research from 2012 also suggested to combat the spread of fake news. agree on a common formula. We think route for governments to follow is to and Google. In the 1970s, antitrust reg- that free digital services increase the Smaller companies would be unable the idea has enough political momen- increase the tax burden on them. Tra- ulation was reformulated in terms consumer surplus in the US alone by to keep up. For shareholders in the tum to happen in the medium term. ditionally, tax has been one of the that focused on consumer welfare: a over $100bn per year, which is equiva- larger tech companies, we can read To summarise, current regulation in most effective ways of mitigating the monopoly was considered pernicious lent to $300 per capita. So it appears this as a situation where there is short- the US is not fit for purpose with market failure caused by monopolies. if it negatively impacts the price avail- that the new interpretation of monop- term pain for long-term gain, in the today’s digital economy. Certain as- But big tech firms tend to provide able to the consumer. olistic also does not fit technology. form of barriers to entry in the future. pects of internet companies make com- customers with a desirable service at a When we apply this metric to Ama- Moving onto the issue of fake news It should be clear by now that no petition in their respective markets negligible cost, which makes them zon for example, we find that its abil- being spread on tech platforms, we matter how governments approach unlikely, and politicians are likely to harder to tax. It seems likely that inter- ity to offer low prices is actively a plus find an equally complicated situation. the regulation of large tech firms, the view increased regulation, rather than national coordination will be needed to the consumer, despite its domi- One of the main complaints here is path ahead will not be a straight one. direct public provision, as the solution. in order to increase the tax burden of nance of the e-commerce market. that social media algorithms ensure It seems likely that countries will co- Regulation is likely to segment these big tech in the next few years. And then there are companies that that people only see news they agree ordinate on a supranational level to re- global businesses, as regional regula- provide services that are nominally with. This not only leads to a polarisa- form tax systems for the globalised tors focus on their preferred measures. £ Tom Record is fund manager at Majedie. UK firms must adapt or risk obsolescence

HILE it may not always feels far more uncertain and Our current crop of UK tech First, companies need to become deal they do. have felt it, the tech volatile now than it did then. leaders need to adapt to this comfortable dealing with the Finally, any business partnerships sector has had a rela- Most notable of all, the growing changing of the tides. If they don’t, diverse set of risks and challenges and M&A decisions will need to tively easy path to strategic rivalry between China and they’ll fail — and fail quickly, to presented by the current business become even more cutthroat. growth over the last the US risks a complete global paraphrase a famous search engine. environment, and adapt Alliances should be devised and threeW decades. decoupling. It is leading both the Ironically, this period of stability accordingly. In practice, this means discarded at an eye-watering rate to The fall of the Berlin Wall in 1989 US and Chinese governments to that we’re coming out of has been regular reorganisations of people seek competitive advantage. ushered in a “peace dividend” increasingly talk about indigenous the anomaly. For much of history, and other assets, keeping their Because, rest assured, if you’re which released swathes of public innovation, inward foreign direct the world had been an uncertain organisations nimble and hungry. not the one taking this approach money that would otherwise have investment restrictions, export place — we’re arguably just Linked to this, there needs to be a then you’ll be the one subject to it. gone into national defence. Much of controls, and supply chain security. returning to baseline. corporate mindset change that If these three lessons are this spare cash was funnelled into What this means for tech With the benefit of experience, empowers management to make followed, then success will come. R&D and innovation. companies caught in the middle is having been around from the last decisions as quickly as possible and Though in the current landscape, it Looking back from the vantage that it is getting harder to do time it felt that the tectonic plates then move forward on them. may only be fleeting before the next point that we have now — dealing business. As a consequence, were shifting under our feet, I’ll This will encourage leaders to set of challenges arise. with the challenges of populism, political risk is back on the share three lessons from the past move away from seeking perfection nationalism, and strategic rivalries boardroom agenda with a that apply just as much now as they and instead focus on the tactical £ Woz Ahmed is chief strategy officer and — it was a halcyon time. The world vengeance. did then. battle of seeking advantage in every chief of staff at Imagination Technologies. CITYAM.COM THURSDAY 20 FEBRUARY 2020 LIFE&STYLE 27 TECHNOLOGY

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Once your house is heaving with hundreds of gadgets, whirring and spinning about the place like some Wallace & Gromit nightmare, the Google Nest Hub Max is designed to make sense of everything. It ties disparate smart home devices together under one control panel, allowing you to switch off lights and turn up heating and peer out at the cold, tech-barren SMART SECURITY CAMERA streets you’ve slowly come to fear. It’s a smart speaker, ARLO PRO 3 with a display that makes SMART DOORBELL £549 (FOR TWO), AMAZON.CO.UK video calls, shows you upcoming calendar NEST HELLO The Arlo Pro 3 is a weatherproof outdoor appointments, meetings £229, STORE.GOOGLE.COM security camera designed for both home and flights, as well as and business use. As well as beaming a live any delays on your The Nest Hello replaces your existing wired feed to your phone anywhere in the world, commute. When not doorbell and sends live video and audio the camera features a wide field of view, in use it becomes a from your doorstep to your phone or tablet, night time colour vision, a light that can be picture frame, using whether you’re in the bathroom or away in triggered on command, and is compatible light sensors to another country. Advanced skulking with Alexa, Apple and Google Assistant. It create a believable detection lets you know if a ne’er-do-well is runs on a charge, so doesn’t need wiring. paper-like effect. mooching about, while a speaker lets you answer and speak to any visitors. Pair it with the smart lock below and you could even let them in, if you like the cut of their jib. THE SMART

SMART ROUTER HOME OF 2020 SMART LOCK GOOGLE WIFI AUGUST SMART LOCK PRO £129, STORE.GOOGLE.COM £229, AUGUST.COM

This router creates a strong and stable The August Smart Lock attaches to the wifi signal around your home, using a The tech-powered home of the future is finally deadbolt inside your door, meaning it’s central mothership hub and two or three more secure than exterior devices and that supplementary points placed strategically going mainstream. If you're ready to get on board, your keys will still work as normal. It detects in rooms. Science makes the whole thing when you’re approaching by sensing your behave like a single wifi network. You can here’s our pick of the best devices in every class to phone’s Bluetooth signal and automatically easily give priority to a device, or restrict unlocks. You can send virtual keys to guests access to the internet after a certain time, upgrade your dumb house to a smart home. and visitors too – useful for Airbnb hosts and if you’ve got kids or an internet addiction. keeping cats fed while you’re travelling.

SMART HOOVER SMART SPEAKER SMART SMOKE DETECTOR NEATO BOTVAC D7 CONNECTED AMAZON ECHO STUDIO NEST PROTECT £799, NEATOROBOTICS.COM £190, AMAZON.CO.UK £109, STORE.GOOGLE.COM

If you’ve got a step-free flat, get a Neato With the Amazon Echo Studio, Making sure your house isn’t presently on Botvac. It scoots around vacuuming up the tech and retail giant proved fire doesn’t sound like the kind of job you’d dirt and pet hairs, intelligently avoiding that smart speakers needn’t entrust to an internet-enabled device, but obstacles and using its laser mapping gear compromise on audio quality. Nest Protect is a powerful and cleverly to ensure it cleans every last inch of floor. This beefy lad comes with all designed upgrade to the standard issue It’s agile enough to clamber up on to rugs, the functionality of an Alexa- detector. It self-tests, gives verbal warnings small enough to slip under beds and powered device, but packs before fully going off – useful for fans of couches, and automatically returns to its enough audio fidelity to take well-done toast – can sniff out carbon base when it needs to charge. centre stage at parties. Fire it up monoxide and connects to your phone for for the first time, and Alexa uses peace of mind when you’re away. echolocation to determine the speaker’s position, and adjusts SMART LIGHTING SMART THERMOSTAT the EQ of your music to suit. PHILIPS HUE NEST THERMOSTAT E FROM £15, MEETHUE.COM £169, STORE.GOOGLE.COM The class-leader in smart lighting, The Thermostat E is less sophisticated Philips Hue bulbs now come in every than the more full-featured Nest conceivable shape and size, from screw Learning Thermostat, but it’s better and bayonet fittings to GU10 spotlights, suited to our British homes, the edison bulbs and candlelight fittings for heating needs of which are rarely more small lamps. New to the range are a complicated than “it’s cold, make it series of outdoor garden lights, which warm”. Over time it learns when you can be controlled either by your phone, come and go, and preheats your house a timer, motion sensors, the weather, in advance of your arrival. the stock market, whether Donald Trump has just tweeted, or almost anything else you can think of. 28 FEATURE THURSDAY 20 FEBRUARY 2020 CITYAM.COM OFFICE POLITICS

year; and Labour MP Rosie Duffield crying as she spoke on domestic abuse in parliament — these are all instances Everybody has where emotion can create a powerful and immensely touching situation. Former US President Barack Obama is the most often cited example of an feelings — why emotional inspiration among my TEACH KIDS executive coaching clients. ABOUT MONEY He is a perfect illustration of having the capacity to use emotion while Money Twist speaking with gravitas — and the should we hide Free more his eyes well up with tears, the more he is perceived as a powerful Fewer than half leader and speaker. of children in the them at work? UK are taught BEING VULNERABLE how to handle There are, of course, some situations money properly where showing your emotions may It’s time to drop the corporate mask and — something not serve you well. Responding to feed- Money Twist back, interviews or critical conversa- show some vulnerability in the boardroom hopes to put tions about the next steps in your right. Using career might not be the best moments games, a habit to break down. RECENTLY listened to an interview Barack Obama is mourning the loss of a colleague, or tracker and even However, if you feel like you need to with Mike Haines, the brother of Diana an often-cited coping with failure. some sneaky cry, it is best to stop, breathe and get an aid worker who was kidnapped Theodores example of an Demonstrating the intensity of your distraction grounded. It is okay to touch a core of Iand murdered by so-called Islamic inspirational emotion, passion or pain shares your tactics, the app vulnerability for a moment, and it State, in which he talked candidly person who is not humanity and can help build trust. It aims to teach does not mean you will lose control. about the charity he created in memo- afraid of showing does not send a message to others that 5 –11 year olds It is time for us to stop obeying role ry of his lost brother. his vulnerabilities you are in a state of total meltdown. what to do with models who believe vulnerability is Throughout the conversation, in public Rather, it just means that you value their pocket off-limits in the boardroom. Instead, Haines spoke eloquently, composed who you are and are capable of giving money, and we should be inspired by people who himself, and was brave enough to the gift of compassion to both yourself bring personal show their humanity. weep openly. It was extraordinarily The kind of emotional honesty and the people around you. finance to the So drop the corporate mask. Allow moving to hear about how he is chan- shown by Haines is something which breakfast table. yourself to express emotion rather nelling his grief into a powerful proj- can — when the time is right — be POLITICAL FEELINGS You never know than damping it down. Share your vul- ect of love and reconciliation, while at transferred to the workplace. Despite In politics especially, it is not unusual — you might nerability rather than blockading it — the same time exposing the visceral the stereotype of the cold, robotically to see emotional vulnerability. even find it and harness your animated, passion- challenge of keeping his composure focused business person, there are Members of the European Parliament helpful for ate, energised self. and crying on air. times when showing how you are feel- saying goodbye to one another and yourself. The most telling moment was when ing can be positively inspiring — such crying over Brexit in Brussels; former £ Dr Diana Theodores is an executive he said: “If I choke back my tears, I as presenting, giving motivational Prime Minister Theresa May breaking performance coach, speaker and director would be speaking a lie.” talks, pitching your vision as a leader, down in her resignation speech last of Theatre4Business. CITYAM.COM THURSDAY 20 FEBRUARY 2020 PUNTER 29 THE PUNTER RACING TRADER Charlie Robertson reports from Willie Mullins’ Closutton yard

F YOU were to ask any trainer the races they’d most like to win, the Queen Mother Champion Chase Iwould be very high up on the list. Though Willie Mullins is the win- ning-most Cheltenham Festival trainer of all time, Wednesday’s feature race has eluded the Irish supremo thus far. Speaking at his Closutton stables in MULLINS HOPING County Carlow, Mullins acknowledged he has a big chance of adding the race to his remarkable CV this year with Cha- cun Pour Soi. “It’s probably the most watchable race CHACUN POUR SOI at Cheltenham and Chacun Pour Soi has a very good chance this year. It would be a fantastic achievement to win it.” Another huge achievement would be if Faugheen could win at the Festival for a third time. DELIVERS ELUSIVE He’s perhaps the most popular of all the horses in the Mullins yard and his trainer was blown over by the reception his 12-year-old received after winning at Leopardstown last time. CHAMPION CHASE “I couldn’t get over the reaction in the stand at Leopardstown, I think it was probably the best reaction I’ve ever seen at a racecourse. think he’s good enough. The decision to ALLAHO He’s done everything right in his two a creature of habit, so we’ve decided to “There’s a lot of pressure bringing a run has been made solely because of RSA INSURANCE runs and looks to be going there with a follow the same path this season. He horse of his age back, but he’s captured how open a year it is. NOVICES’ CHASE 6/1 big chance. He has a huge cruising comes into the race fresh and with nor- the racing public and continues to per- The RSA is the probable race for him. speed, which you need in the bumper mal improvement he should have a fan- form.” BENIE DES DIEUX He’s light on experience, but stays, gal- at Cheltenham. I think he’d have to be tastic chance. Once again, Mullins has an extremely CLOSE BROTHERS MARES’ lops and his jumping is a huge asset. My one of our main hopes this year. strong team heading to Cheltenham: HURDLE 5/6 OR PADDY only worry is he was a bit keen the last KEMBOY POWER STAYERS’ HURDLE 8/1 day and if he’s like that in his next bits FAUGHEEN MAGNERS GOLD CUP 9/1 ASTERION FORLONGE She’s a hell of a mare and I couldn’t be- of work, we’d have to consider going MARSH NOVICES’ CHASE 8/1 Kemboy’s two runs this year have been SKY BET SUPREME lieve what she did in France last year. back in trip for the Marsh. OR RSA INSURANCE very good and he was probably a bit un- NOVICES’ HURDLE 6/1 You’re almost guaranteed to get soft in NOVICES’ CHASE 14/1 lucky last year when he unseated David We think the horse should go for the the going on the first day and that’s a CHACUN POUR SOI I was delighted he was able to come [Mullins]. I think he has it all to do Supreme and that’s where we are head- big plus for her. She was very unlucky BETWAY QUEEN MOTHER back and win two Grade One races and around there and I’d be delighted if he ing at the moment. I’d been aiming last year and I’d like to get some unfin- CHAMPION CHASE 11/4 he’s been in great shape since. I was dis- finished amongst the places. him at the Albert Bartlett all season, ished business done. Chacun Pour Soi was much better the appointed I didn’t go chasing with him but he’s bolted up over two miles twice other day at Leopardstown and I think last year as I’ve always wanted to, but Cheltenham Festival goers are in for an now, so this looks the best race for him. CAREFULLY SELECTED he’s improving all the time. We’ve al- I’m very happy he’s come back and alternative experience this year with the NATIONAL HUNT CHASE 7/2 ways thought the world of him but he’ll proven a point. We have to discuss introduction of The Park. Love Island’s CILAOS EMERY He’ll go for the National Hunt Chase need to improve again as it’s such a where we go now. Amy Hart and Frankie Foster, as well UNIBET CHAMPION HURDLE 8/1 and it’s a race he looks born and bred strong race. as ITV Racing’s Chris Hughes, will be After his win the other day, I think he’ll for. He’s looked beaten in his last two AL BOUM PHOTO part of the social enclosure, where be supplemented for the Champion starts, but has battled back. He gallops, APPRECIATE IT MAGNERS GOLD CUP 4/1 spectators can enjoy top entertainment. Hurdle. I loved how he put the race to jumps and Patrick [Mullins] is really WEATHERBYS All roads lead to the Gold Cup. The prep Entry is free for 18-25 members. Prices bed in a few strides at Gowran and I looking forward to riding him. CHAMPION BUMPER 2/1 worked so well last year and I’m a bit of start at £15 for others.

10-13 MARCH 2020 CHELTENHAM 30 SPORT THURSDAY 20 FEBRUARY 2020 CITYAM.COM SPORT PENALTY PAID Werner wins it for Leipzig from the spot as Spurs labour in first leg, writes Felix Keith

OSE Mourinho got his excuses in early ahead of last night’s Champions League game against RB Leipzig. “The situ- ation couldn’t be worse,” he said,J following the news of Son Heung-min’s fractured arm. “There is nothing we can do.” But regardless of the extenuating circumstances Tottenham should still be displeased with their first-leg de- feat to a side who were playing in their maiden last-16 tie. The contest was closer in the second half, yet judged by the weight of chances, the German side could feasi- bly have won by a greater margin. Given his pre-match negativity Mourinho may be content with a one- goal deficit, but his side will have to play much better if they are to turn the tie around in the second leg. STRIKER STRUGGLES When Harry Kane has been injured in the past Spurs have turned to Son to fill the void. Generally the South Ko- rean played the role admirably, mov- ing centrally to deputise for Tottenham’s leading goal-getter. Having saved the day with two goals in a vital 3-2 win over Aston Villa at the weekend, the injured Son was CHAMPIONS LEAGUE down the left channel. Serge Aurier’s Lloris and onto the post after just two among them was Lo Celso, who is be- conspicuous by his absence last night. suspect positioning was frequently ex- minutes. ginning to look the team’s most im- Mourinho’s answer to the striker SPURS RB LEIPZIG ploited, with Werner allowed far too The high press suffocated Spurs portant creative presence after his shortage was to field Steven Bergwijn much room. early on and, with better finishing, move from Real Betis was made per- alongside Lucas Moura and ahead of Werner could – and perhaps should Patrick Schick could have given manent last month. Dele Alli at the tip of the Spurs attack. – have made more of Leipzig’s domi- Leipzig a goal from one of his side’s 12 All Spurs’s best moments came Although the home side improved nance. He saw an early attempt first-half shots. through the Argentinian, who was greatly after the break they still, un- blocked by Davinson Sanchez before Key to Spurs’s troubles was the space full of energy and guile on the ball. derstandably, missed an out-and-out Werner pen 58’ firing another too close to Hugo afforded the visiting side’s wing- On a night when Spurs struggled to centre-forward in the penalty area. 01Lloris. Liverpool are said to be keen on backs, with Manchester City loanee penetrate the penalty area, it was Lo Peter Gulacsi pushed away a curling the fleet-footed forward, who now has Angelino and Nordi Mukiele running Celso’s left foot which provided their effort from Bergwijn in the first half, 26 goals this season, and it’s easy to riot down the flanks. best route to goal. made a solid low stop from Moura’s see why. Far too often it was left to Sanchez Alli looked frustrated to have been flick and twice kept Giovani Lo Celso foul by Ben Davies, and it might have to come across and shut the door substituted 64 minutes into the tie, out, but Spurs were largely disap- been his first in six games, but the PRESSING MACHINE which his team-mates had left danger- but Mourinho’s decision to introduce pointing in front of goal. scouts in attendance at the Totten- Leipzig were billed as a well-coached, ously ajar. Erik Lamela was vindicated by the im- ham Hotspur Stadium still saw plenty youthful side and their characteristics petus he provided. Ultimately it came WANTED MAN to get excited about. were immediately evident. From kick- BRIGHT SPARKS to nothing but, with no strikers to Timo Werner’s goal may have come The 23-year-old’s pace is a real asset, off they flew out of the blocks, with For all their problems there were field, Lamela should be featuring from the penalty spot after a blatant allowing Leipzig a constant out-ball Angelino seeing a shot ricochet off some bright sparks for Spurs. Chief from the start. Firearms, warring owners and puppet clubs Arsenal’s Europa League tie with Olympiacos takes place against a lurid backdrop, writes Felix Keith

HEN Arsenal arrive at Super League, two points clear of the rival businessmen. acted against PAOK would effectively Ceferin and Fifa vice president Greg the Karaiskakis Stadium PAOK, who followed AEK Athens’ lead The influence of the two powerful hand the league title to Olympiacos, Clarke to Athens next week in order in Athens this evening, in breaking their dominance to win men, their connections to politics and who travel to Thessaloniki for what is to help “reshape Greek football”. it will represent the last year’s title. the importance of football in the sure to be a fiery occasion on Sunday. “It’s better not to have a champi- biggest game of the sea- But Olympiacos, who are owned by country means that the issue has Savvidis won’t be in attendance, onship at all than to have such a sonW for their opponents, Olympiacos. shipping magnate and Nottingham gone all the way to the top, with however, having been handed a three- championship,” Mitsotakis said. The knockout stages of the Europa Forest supremo Evangelos Marinakis, prime minister Kyriakos Mitsotakis year stadium ban for storming on to Chaos is nothing new in Greek foot- League are always a huge occasion for have not taken PAOK’s challenge lying forced to step in. the pitch when armed with a gun to ball, and Mitsotakis will no doubt en- the Greek club. But considering what down. protest against a disallowed goal counter resistance to proposed is going on in their domestic compe- Marinakis alleged that the owner of CHAOS against AEK Athens in March 2018. changes but, with the landscape po- tition, the fixture also acts as a pleas- the Thessaloniki-based club, Ivan Sav- Keen to act but weary of enraging Sav- The ownership dispute is just the tentially shifting, Olympiacos will ant distraction. vidis, had acquired a stake in mid- vidis and voters in northern Greece latest of many incidents to grip Greek want to make hay while the sun That is because Olympiacos are cur- table club Xanthi in 2018 via a family who support PAOK, Mitsotakis’ gov- football and, after crowd disorder, ri- shines. If they can avoid a similar fate rently embroiled in a bitter dispute member – a move that is strictly pro- ernment amended the law on multi- oting, allegations of match-fixing – to when they last hosted Arsenal in with rivals PAOK which, even judged hibited for its potential to allow the ple ownership this month, replacing Marinakis was cleared of the latter in Athens – a 3-0 defeat in the 2015-16 by the country’s high bar when it competition to be manipulated. the relegation which would have be- 2018 – and corruption, Mitsotakis is Champions League group stages, comes to footballing controversy, has The explosive claim was denied by fallen PAOK and Xanthi with a points attempting to take a stand. courtesy of an Olivier Giroud hat-trick caused quite a stir. Savvidis and PAOK, who accused their deduction. Having discussed the issue in parlia- – then the ongoing furore might The traditional powerhouse of rivals of a “set-up”. That, however, But, with just two league games re- ment last month, the premier has in- briefly stop being the hottest talking Greek football are currently top of the only inflamed the situation between maining this season, any penalty en- vited Uefa president Aleksander point in town. CITYAM.COM THURSDAY 20 FEBRUARY 2020 SPORT 31

INJURED RASHFORD COULD SPORT DIGEST PEP’S PLEDGE Guardiola commits to stay after Man City victory MISS REST OF THE SEASON £ England striker Marcus Rashford Championships, according to one of could miss this summer’s European football’s top lawmakers. Lukas Brud, Championships, according to the head of the International Football Manchester United manager Ole Association Board, told ESPN that Gunnar Solskjaer. Rashford has been Wenger’s proposal as Fifa’s new chief sidelined for a month with a double of global football development that an stress fracture in his back and attacking player be ruled onside if any Solskjaer says the problem is “more part of their body is in line with the last severe” than first thought. “I would opponent would be “impossible” to hope he’s playing [again] this season implement before next season. but it will be touch and go towards the end,” he said ahead of United’s Europa FARRELL NAMES SAME XV League tie with Club Brugge tonight. FOR ENGLAND MATCH £ Ireland have named an unchanged MAN CITY CEO HITS BACK AT side to face England in this Sunday’s UEFA OVER SANCTIONS Six Nations match at Twickenham. £ Manchester City chief executive Andy Farrell’s side are second in the Ferran Soriano says allegations that table with two wins from two games the club broke Uefa’s financial fair play after beating Wales 24-14. Farrell’s only rules are “simply not true”. City intend alteration sees No8 Caelan Doris come to appeal at the Court of Arbitration into the squad for Max Deegan. for Sport after being handed a two- year Champions League ban for BREAKAWAY LEAGUE NOT allegedly overstating sponsorship APPEALING, SAYS MCILROY revenue. “The owner has not put £ World No1 Rory McIlroy says he is money in this club that has not been not interested in playing in a proposed properly declared,” Soriano said. breakaway league. The Premier Golf League, which could launch in 2022 to PEP Guardiola committed his future to Manchester City after the Premier League champions completed a routine 2-0 win over West Ham IFAB: WENGER’S OFFSIDE rival the PGA Tour, would feature 18 last night. Rodri’s header and Kevin De Bruyne’s low finish saw City brush aside the Hammers in their first game since receiving a two-year IDEA WON’T CHANGE EUROS events and have a £183m prize-fund, ban from European competitions for financial fair play breaches. “I trust 100 per cent completely what my club have done,” Guardiola told £ Arsene Wenger’s proposed changes but McIlroy is sceptical. “The more I’ve Sky Sports. “We are optimistic that at the end the truth will prevail and next season we will be in the Champions League. If they don’t sack to the offside rule will not be thought about it the more I don’t like me I will stay here 100 per cent, more than ever. First because I want to stay. It’s something special, more than the contract I have.” implemented in time for the European it. For me, I’m out,” he said.

T20 WORLD CUP: New era England KEY INFORMATION TOURNAMENT DETAILS When? 21 February – 8 March Where? Six grounds across Australia, in Canberra, Melbourne, can challenge for Perth and Sydney. TEAMS Australia, England, India, New Zealand, Pakistan, South Africa, Sri Lanka, West Indies, Bangladesh T20 World Cup and Thailand. FORMAT There are two groups of five teams. CRICKET Wyatt still form the core of the team, The top two sides from each group COMMENT there are some young players com- will qualify for the semi-finals ing through who will be keen to before the final at the MCG on make a name for themselves. International Women’s Day. Chris Spinners Sarah Glenn and Mady Tremlett Villiers will have grown up watching ODDS some of the legends of the women’s Australia 4/7 game that they are now team-mates England 9/2 with and that is a great platform on India 6/1 which to learn. A World Cup is a New Zealand 9/1 NGLAND begin their hugely exciting time and England Women’s Twenty20 World have the advantage of being in the Cup campaign against South easier of the tournament’s two groups EAfrica on Sunday and it is an alongside South Africa, West Indies, Zealand but suffering a heavy defeat and some superstars like Ellyse Perry Finally, the tournament will be the exciting time for the side. Pakistan and Thailand. against Sri Lanka, and they now have and if they are firing on all cylinders first to include front-foot no-ball tech- Many of the faces remain the same England are ranked No2 in the the chance to find form and try to then they will be hard to stop. nology, with the third umpire moni- but they have a new head coach in world for T20 so should be confident peak when it matters. Australia’s women are paid as much toring the line instead of the on-field charge after Lisa Keightley replaced of winning all of their group games. Although they haven’t won the T20 as the men’s national team and play umpire. This simple move makes Mark Robinson in January. They won’t be complacent because World Cup since 2009, England are in the Big Bash, which attracts impres- sense and I can’t believe it hasn’t Although Keightley is familiar to weaker teams can turn into banana the current 50-over world champions sive crowds, and those factors have a come along sooner. No-balls have been many, having previously been in skins, especially in the higher-pres- and made it to the final of the last T20 direct correlation to their success. a problem for some time and, pro- charge of England women’s academy sure situation of a tournament, but World Cup in 2018, so they have England can’t meet Australia until vided it doesn’t slow the game down, between 2011 and 2015, her arrival their fortunate draw should allow plenty of experience of performing on the semi-finals, but if they do come it will be a welcome addition. still brings a new direction to the them to acclimatise and build up to- the big stage. As the hosts, world No1s up against them it should be a great group. While experienced heads like wards the latter stages. and four-time winners, Australia are match. Although they suffered a loss Chris Tremlett is a former England and captain Heather Knight, Anya Shrub- Knight’s side have already played the heavy favourites to lift the trophy. in the Ashes last summer, they have Surrey fast bowler and a director at Source sole, Katherine Brunt and Danielle two warm-up games, beating New Australia have five or six gun players had some good battles over the years. Property Investments. @ChrisTremlett33

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Comply or Die - Grand National Winner 2008