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OILFUELONTHEFIRE WAR DOUBLES THE TROUBLE FOR VIRUS-WARY GLOBAL MARKETS

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HARRY ROBERTSON total of £125bn off the In Europe, the continent-wide storm that gathered over markets markets,” said Deutsche Bank analyst value of the UK’s biggest Stoxx 600 plummeted 7.4 per yesterday, in which traders already Jim Reid. Yet, he added the combination @harrygrobertson companies. cent. In trading terms, that put it nervous about the economic hit from of coronavirus and oil prices “has done MARKETS around the world endured an Meanwhile Wall Street in bear territory — a fall of 20 per coronavirus were shocked by Saudi that and deserves its own place in the equity sell-off not seen since the last staggered so heavily after trading cent since recent highs. France’s Arabia’s decision to ramp up oil history books”. global recession yesterday after a crash opened that it triggered an automatic Cac 40 index tumbled 8.4 per cent while production and launch a price war Fear of a global recession caused by a in oil prices exacerbated fears of the cutout system — put in place to avoid Germany’s Dax slid 7.9 per cent. with Russia. simultaneous shock to both supply and economic impact of coronavirus and stock market collapses — which paused In an unprecedented move last night, The move came after Opec failed to demand also drove the sell-off. Analysts caused panic to set in on trading floors. selling for 15 minutes. Italy’s Prime Minister Giuseppe Conte agree on a supply cut to stabilise the oil at the UN predicted the fall could depress Both the US and the UK were hit by The ceasefire did little to calm traders announced the country’s existing market. Brent crude plunged as much as growth to below 2.5 per cent this year. their biggest one-day falls since the 2008 with the S&P 500 ending 7.6 per cent quarantine zone would be extended to 30 per cent yesterday in the biggest price financial crisis, as the UK’s FTSE 100 lower last night, while the Dow Jones the whole country, affecting 60m people. drop since 1991’s Gulf War. £ CONTINUES ON P5 slumped 7.7 per cent. The rout wiped a finished down 7.7 per cent. The carnage was the result of a perfect “It takes a lot to stun you in financial £ VIRUS LATEST: P4 & P10

FTSE 100▼5,965.77 -496.78 FTSE 250▼17,547.15 -1,199.36 DOW▼23,851.02 -2,013.76 NASDAQ▼7,950.68 -624.94 £/$▲1.313 +0.012 £/€▼1.145 -0.005 €/$▲1.147 +0.015

04 NEWS TUESDAY 10 MARCH 2020 CITYAM.COM GLOBAL MARKET TURMOIL SHALL WE JUST TURN THE MARKETS OFF AND ON AGAIN? Wall Street traders try to navigate a sea of red on their terminals THE CITY VIEW Government bides its time as markets panic

HEN sorrows come, they come not single spies but in battalions. Global markets were already nervous about Wthe looming consequences of the coronavirus pandemic, so Saudi Arabia’s declaration of an oil price war obliterated what little confidence remained on trading floors around the globe. Oil prices had already fallen as the virus took a bite out of demand. It was in that context, and for that reason, that members of the Opec Plus group of oil producing nations met in Vienna at the end of last week. Instead of inking a deal to cut oil output, relations between Russia and Saudi Arabia descended into acrimony, with the former refusing to countenance a reduction in supply and the latter’s reaction (flooding the market) triggering the biggest global crash since YESTERDAY marked a historic day on Wall Street as a plunge in US markets triggered a 15-minute trading halt in stocks. The S&P 2008. To coronavirus fears, markets can now add bitter 500 fell more than seven per cent shortly after the morning bell, sparking an automatic “circuit breaker” to prevent further geopolitical wrangling and prolonged uncertainty to the list of damage to US’ top 30 publicly listed companies. Indices yesterday suffered their biggest one-day drop since the 2008 crisis. issues dragging down sentiment as well as valuations. In the US, Donald Trump is seeing his beloved bull run starting to splutter. His reaction yesterday was to lay the blame firmly on the Russia-Saudi spat UK health chiefs promise while maintaining his baffling At a time of position that fears of the coronavirus crisis and are being ramped up by the “fake uncertainty, news media” and his political leadership opponents. At a time of crisis and more action on the way matters uncertainty, leadership matters. Reports last night suggested that officials in Whitehall are ANGHARAD CARRICK increasingly concerned by Trump’s public statements on the government will have to advise every- time as other seasonal illnesses. body who has a minor respiratory Vallance said there are currently no virus, and it should be noted that his erratic and potentially @angharadcarrick tract infection or fever to self-isolate plans in place to ban large gatherings, highly damaging outbursts are in stark contrast to the response THE UK’s chief medical officer Chris for seven days, in order to delay the as other European countries have we’ve seen from leaders in the UK. The health secretary Matt Whitty last night warned that the epidemic. done as their coronavirus cases rise. government would soon ask people The NHS is currently screening He said: “One person in a 70,000 Hancock has appeared in command of the detail and on top of to change the way they usually live everyone in intensive care for coron- seater stadium isn’t going to infect the his brief while the Prime Minister has chosen his interventions their lives in response to coronavirus. avirus if they have symptoms, but stadium.” carefully, often flanked by the reassuring presence of the But the government for now insists Whitty said the government will Johnson added that it is “absolutely government’s chief medical officer and chief scientific adviser. that the best advice for the public is to extend this from tomorrow to include critical in managing the spread of the wash their hands. everyone who has significant pneu- virus that we make the right decisions The sense one gets from the latest appearance of this newly- The UK recorded its fifth death from monia or respiratory tract infection. at the right time”. formed trio is that we are in a waiting game. Rolling out the Covid-19 outbreak late last night, Johnson said the UK remains in Behavioural scientists have been far-reaching measures to limit the spread of the virus must be with an elderly patient at St. Helier the containment phase of the engaged by Downing Street to plot deployed at the right moment. Going too early risks missing the hospital in south London succumbing government’s plan but is making how the public might respond. to the disease. “extensive preparations” to move to On Sunday France said it was ban- target while leaving it too late would render the actions useless. Whitty said the government is plan- the delay phase. ning all gatherings of more than 1,000 As the number of confirmed cases creeps higher each day, the ning to advise anyone with showing He said that while the UK would stay people, while Italy last night extended government bides its time — like a hunter waiting for a clear symptoms that correlate with the in “the contain phase of the its quarantine to the entire country. virus to self-isolate for seven days to outbreak... watching what is happen- Following reports that consumers shot. Meanwhile it’s the markets that panic, buffeted by events delay the spread of coronavirus. ing around the world our scientists were stockpiling everything from toi- and forces beyond the control of any expert committee. Between In a press conference with the Prime believe that containment is unlikely let paper to dried pasta as the number them, government and markets will shape the future of our Minister and chief scientific adviser to work on its own.” of confirmed coronavirus cases rose economy. One appears calm, the other looks decidedly panicked. Sir Patrick Vallance, the UK’s coron- A delay would be expected to release above 300, Johnson said the govern- avirus tsar, said the advice will come pressure on the NHS, which could ment would do everything it could “to into force in the “near future”. have resource issues if a sharp spike in keep supermarkets stocked and Follow us on Twitter @cityam He said in the next 10 to 14 days the coronavirus patients hit at the same support the economy”.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL TWO WOMEN APPOINTED TO WHAT THE SALMOND ‘POUNCED’ ON CHANNEL 4 NEWS BOSS TO ETHIOPIA BLAMES DESIGN THE BOARD OF FACEBOOK OTHER WOMAN, COURT HEARS STEP DOWN IN ‘LIAR’ ROW AND TRAINING IN 737 CRASH Facebook has appointed Tracey Travis, Alex Salmond stripped naked and lay The Channel 4 News chief who sparked Faulty aircraft design and inadequate the chief financial officer of Estee PAPERS SAY on top of a Scottish government official an impartiality row with Number 10 by pilot-training recommendations from Lauder, and longstanding McKinsey after a dinner at the first minister’s calling Boris Johnson a “known liar” is the manufacturer led to the fatal crash executive Nancy Killefer to its board of THIS residence, a court was told. Salmond, to step down. Dorothy Byrne leaves of a Boeing 737 Max jet after takeoff directors. The additions mean that who was the leader of the SNP at the after 17 years in the role and will take from Addis Ababa in Ethiopia a year women will make up 40 per cent of MORNING time, is accused of trying to rape the up a specially-created position of ago, according to an accident report Facebook’s board, which has in the past woman, who said she felt “hunted”. editor-at-large. issued by Ethiopian investigators been criticised for a lack of diversity. yesterday. The company now meets a new BETFRED BROTHERS TAKE BANK EXPECTED TO CUT requirement under California law that STAKE IN WILLIAM HILL RATES TO 0.25 PER CENT SPLIT VERDICT FOR CIA companies have at least three women The billionaire brothers behind Betfred The Bank of England is under pressure STAFF CHARGED OVER LEAK on their board by 2021. set the hares running yesterday after to ward off recession by cutting interest A federal jury couldn’t reach a verdict on tax focused on large US technology declaring a 3.03 per cent stake in rival rates to almost zero in what would be whether a former software engineer for CHANCELLOR TO ROLL OUT companies, despite complaints by UK- bookmaker William Hill. Some analysts one of Mark Carney’s final acts as the CIA was responsible for leaking a TAX ON US TECH GIANTS based groups that they risk being suggested the stake purchase could be governor. Investors are betting on a 0.5 trove of classified documents to Chancellor Rishi Sunak is pressing caught by the measure. The levy is a precursor to an approach by Betfred percentage point reduction within Wikileaks, convicting him instead on ahead with a new digital services expected to take effect in April. to acquire William Hill’s retail estate. weeks as worries rise. lesser charges yesterday. CITYAM.COM TUESDAY 10 MARCH 2020 NEWS 05

WHAT IS BEHIND THE OIL to a lower petrol prices, in the PRICE CRASH? meantime it will hammer global share Bonds history is Two major producers, de facto Opec markets, including the FTSE which has a leader Saudi Arabia and rival Russia, at large share of oil majors such as BP and the weekend both said they would Q&A Shell, and oil services and explorer increase production. This was a shock, firms. Those two oil giants alone lost given that these nations and other oil the opposite has happened, with these nearly £40bn in value yesterday. producers were trying to extend a pact two major producers bringing about a made amid falls to control global supply (and keep supply glut as they fight for market HOW WILL OIL MAJORS prices stable) by extending supply cuts. share. This — combined with a COPE? weakening global economy — sent oil The last oil price rout of 2014/2015 led CONTINUED FROM FRONT PAGE in December — has now infected more WHAT SEPARATES THIS FROM down 25 per cent. to job losses and asset sales worth than 111,000 people and killed close to THE USUAL OPEC ROWS? billions, as major oil companies tried to Such warnings helped drive a 4,000. The bulk of deaths have been in Opec member nations wanted to make WHY IS THIS RATHER DULL improve their balance sheets. This stampede towards the safety of gov- China, while Italy is Europe’s worst- deeper cuts to supply, needed in order OPEC MEETING RUINING MY could now be repeated, as City analysts ernment bonds, pushing the yield on affected country. to prop up oil prices faced with PENSION POT? have indicated that much-hyped the two and five-year UK gilts Traders are increasingly betting — weakening demand due to coronavirus Oil is the most traded commodity and dividend growth may be curtailed and into minus territory for the and hoping — that central banks fears. Moscow disagreed. The planned the backbone of global trade. Although share buyback plans could splutter. first time ever. Yields fall as BP and governments will help agreement fell apart on Friday and now cheaper Brent crude will trickle through JOSH MARTIN prices rise. boost market and consumer Saudi Arabia’s move hit oil confidence. and mining-heavy indices 19.48% Analysts at Barclays said they such as the FTSE 100 hard. were now expecting 50 basis Oil giants BP and Royal Dutch point (0.5 percentage point) rate Shell suffered their worst day cuts from the US Fed at both the ever as listed companies, while March and April meetings, miners BHP, Centrica, SHELL following its emergency cut Glencore and Anglo last week. American also tumbled. They said a return to As a result of the oil shock, 18.23% the zero lower bound — “what started as a virus- unthinkable just three months driven de-risking has now ago — “is now our base case”. mutated into a broad-based, Pressure also rose on the Bank of multi-asset capitulation,” said Paul England and European Central Bank O’Connor, head of multi-asset at Janus to cut interest rates in the coming Henderson. months, despite them having much Covid-19 — which emerged in China less room than the Fed.

BRENT CRUDE OIL SINKS $ 65

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55 $45.27

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STARVE A COLD, FED A FEVER Federal Reserve ups short-term funding on virus

US FEDERAL Reserve chair Jay Powell yesterday ramped up the amount of money the central bank provides in very short-term loans to the financial system in a bid to keep Wall Street steady amid a coronavirus- driven global market rout.

US Treasury yields hit record low as investors turn to safe havens

ANGHARAD CARRICK threshold for the first time in history. @angharadcarrick As global markets descended into INVESTORS flocked to US turmoil, investors fled to bonds to government bonds yesterday in mitigate the economic fallout from response to the growing threat of coronavirus. This demand drove up coronavirus and signs of an oil price the price of the bonds, dragging Long-term investment partners war between Russia and Saudi Arabia. down their yields. Benchmark 10-year US Treasury Other key factors that have stoked yields briefly sank to 0.318 per cent, the move higher in government a record low, before climbing back to bonds include unprecedented asset 0.512 per cent. purchases by the Federal Reserve, The 30-year Treasury yield also hit low inflation, changing a record low of 0.702 per cent, demographics and a slowdown breaching the one per cent in growth. 06 NEWS TUESDAY 10 MARCH 2020 CITYAM.COM

CASHING IN Santander lays foundations Aon and Willis for successor to chief exec Nathan Bostock Boeing shares SANTANDER has dive as wiring paved the way for a change of leadership by hiring a top Towers Watson Nationwide manager plans rejected as its UK deputy chief executive. Tony EDWARD THICKNESSE Prestedge, who has been at Nationwide @edthicknesse for more than a BOEING’s share price dived 11.6 in $30bn merger decade, is set to join per cent yesterday after the the ranks at aerospace giant suffered another Santander and will blow in its attempt to get its 737 now become a clear Max model flying again, as US JAMES BOOTH The company will be called Aon and frontrunner to regulators said its wiring bundles will retain its operating headquarters replace current chief did not meet safety standards. @Jamesdbooth1 in London. Nathan Bostock The US Federal Aviation AON SAID yesterday it had agreed to “The combination of Willis Towers (pictured) in 2021. Authority (FAA) told Boeing last acquire Willis Towers Watson for Watson and Aon is a natural next step week that it would not be able to nearly $30bn (£22.9bn) in an all-stock in our journey to better serve our leave its wiring bundles in place, deal that will create one of the world’s clients in the areas of people, risk and which means it must now decide largest insurance brokers. capital,” Willis Towers Watson chief how to edit the plane’s design. The deal between the two would cre- executive John Haley said. In February the plane maker had ate a company with a combined value “This combination will create a said it did not think it would have of approximately $80bn. more innovative platform capable of Twitter boss keeps job after firm to separate or move the bundles, Aon confirmed last year it was in delivering better outcomes for all which regulators said could lead to early stage talks with Willis Towers stakeholders, including clients, col- the 737 Max short circuiting. before quickly scrapping the plans, leagues, partners and investors,” said strikes deal with activist Elliott Boeing had pointed the FAA to without giving a reason. Aon chief executive Greg Case. the fact that its 737 NG model, Analysts said at the time that an Simon Fitzsimmons, an acquisitions JAMES WARRINGTON However, Twitter yesterday said it which has been in service since Aon-Willis deal might have trouble adviser at Mazars, said the merger be- had signed a deal with Elliott that 1997, has the same configuration as clearing antitrust hurdles. tween the second and third largest @j_a_warrington will see US hedge fund Silver Lake the 737 Max for its wiring bundles. The deal terms said Aon will be global insurance brokers was likely to TWITTER boss Jack Dorsey will hold invest $1bn (£760m). The social media A source told Reuters back in obliged to pay $1bn to Willis if the attract regulatory attention. onto his job after the company struck firm said it will use the investment to January that the firm was working merger falls through. “The CMA [Competition and Markets a deal with an activist investor that help fund a $2bn share buyback. on an alternative design for the Upon completion, Aon shareholders Authority] will no doubt deliberate on mounted a coup attempt. Elliott partner Jesse Cohn and bundles if necessary. will own approximately 63 per cent of the transaction... however, specula- Hedge fund Elliott Management Silver Lake boss Egon Durban will However, the ruling is another the combined company and Willis tion already abounds that some of the has built a stake of roughly four per also join the board of Twitter, which blow for the beleaguered jet, which Towers Watson shareholders will own combined divisions will need to be cent in Twitter, and had pushed to was briefly one of the only risers on was first grounded a year ago after approximately 37 per cent. spun-off to appease the CMA.” name a new chief executive. Wall Street yesterday. two fatal crashes.

REBEL RINGLEADER MPs led by Sir Iain Bad weather and coronavirus concerns Duncan Smith set to vote on Huawei today REBEL Tory MPs yesterday held meetings with dampen high street sales in February GCHQ over fears that attempts to JESS CLARK More than 28 per cent of shoppers entertainment and subscriptions block Johnson’s avoided the high street and other jumped 12.4 per cent, with takeaway decision to allow @jclarkjourno busy places over fears of catching and fast food sales up 8.7 per cent, Huawei into the BAD WEATHER and coronavirus fears coronavirus. More than half delayed a the Barclaycard research showed. UK’s 5G network kept UK shoppers away from the high shopping trip because of the bad Restaurant spending fell 6.4 per cent will be defeated, street last month, while streaming weather, according to Barclaycard in the month. the Telegraph services and food delivery firms data published today. Barclaycard director Esme reported. MPs benefited from Brits staying at home. Separate research by the British Harwood said the increased spending will today vote Consumer spending was up 2.2 per Retail Consortium (BRC) and KPMG on at-home treats helped to support to amend the cent year on year last month, driven also found that UK retail sales broader consumer spending. But telecoms bill by digital subscriptions and declined 0.4 per cent on a like-for-like British Retail Consortium chief Helen that would veto takeaways as people stayed home to basis in February. Dickinson said a rise in consumer Huawei tech by avoid storms and coronavirus risks. Last month, spending on digital confidence had “failed to translate”. the end of 2022.

08 NEWS TUESDAY 10 MARCH 2020 CITYAM.COM Aviation industry hits out at plans Number 10 set to to leave EU’s safety agency by 2021 EDWARD THICKNESSE Shapps had confirmed that the UK that does not put jobs at risk in an publish draft free @edthicknesse would leave EASA, with the industry that employs 111,000 agency’s powers reverting to the people in highly skilled roles across THE UK aviation industry has hit Civil Aviation Authority (CAA). the UK”, he said. back at plans to leave the European Industry body ADS chief British Airways owner IAG also Union Aviation Safety Agency (EASA) executive Paul Everitt said that said that it was “disappointed” by trade agreement by the end of the year, saying that “continued participation” in EASA Shapps’ decision, saying that the the move posed a risk to highly was “the best option” to maintain CAA “does not have the expertise skilled jobs in the UK. the competitiveness of the UK’s required to operate as a world class The calls come after US £36bn aviation industry: safety and technical regulator”. CATHERINE NEILAN sels round of talks took place “within 11 magazine Aviation Week reported “It is essential the government The CAA said it had planned for @CatNeilan separate negotiating groups”. that transport secretary Grant works with us to deliver a regime this role since 2016’s referendum. Frost’s team emphasised that regard- DOWNING Street is planning to publish less of the outcome of the trade talks, draft legal texts including a free trade “on 1 January 2021 the UK would regain agreement ahead of the second round of its economic and political independence trade talks with the EU, the government in full, and that the future relationship revealed yesterday. would need to reflect that reality”, Boris Johnson’s sherpa David Frost Gove’s statement said. met his counterpart Michel It followed a speech given by SIPPs | ISAs | Funds | Shares Barnier last week for the first European Commission boss round of talks, with both sides Ursula von der Leyen yesterday agreeing there were significant who called on the UK govern- differences. However they added ment to “make up its mind” they were confident a deal could on what it wanted in the be struck in time. trade talks. According to a written ministerial statement published by Cabinet Office Von der Leyen said the UK minister Michael Gove, the “substan- must “play by the rules Whether you’re tive discussions” during the Brus- of the single market” an old pro or WORLD SLEEP DAY an investing Friday March 13th 2020 newbie…

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10 NEWS TUESDAY 10 MARCH 2020 CITYAM.COM CORONAVIRUS UPDATE NATWEST UNVEILS £5BN BLINDSIDED Ireland’s clash with France DEAL FOR SMALL FIRMS postponed as a result of Covid-19 outbreak Natwest yesterday said it will pledge All of Italy now £5bn of funding to support small and medium-sized enterprises across the UK amid disruption caused by coronavirus. The bank said the cash injection will mark an extension of its growth funding on lockdown as package, which is designed to help firms that have been impacted by the virus either directly or through supply chain issues. The funding will be used to provide loan repayment holidays of up to six months, as well death toll soars as temporary emergency loans. QANTAS TO CUT CAPACITY ANGHARAD CARRICK The Prime Minister added that all AS CHIEF FOREGOES PAY sporting events will be cancelled. Qantas will slash its international @angharadcarrick Italy is the worst affected country in capacity by 25 per cent over the next ITALIAN Prime Minister Giuseppe Europe with more than 9,000 con- six months, as it grapples with the placed the entire country on firmed cases. IRELAND’s upcoming Six Nations game against France this weekend has been impact of coronavirus. The airline lockdown last night, as the number of The UK Foreign and Commonwealth postponed indefinitely, the French sports minister said yesterday. However as it announced its chief executive Alan coronavirus-related deaths jumped by Office updated its travel advice yester- stands, Wales’ match against Scotland this weekend will still go ahead. Joyce will not take a salary for the 97 to reach 463. day, following Conte’s announcement. rest of the financial year. All staff are The move extends the emergency It now recommends against all but being paid to take paid or unpaid measures put in place by the govern- essential travel to Italy. leave. Shares have fallen 42 per cent ment over the weekend for Lombardy Other countries are also stepping up since January. and 14 other provinces in the north of measures to combat the coronavirus Rory Stewart calls for Tube-wide the country, the epicentre of the outbreak, as confirmed cases globally GROCERS WANT TO WAIVE outbreak. passed 111,000 and the death toll rose COMPETITION LAWS Public gatherings will be banned above 3,890. shutdown over coronavirus fear The chief executives of the top four across the country, while schools and Yesterday, Israel announced that it grocers are expected to call on the universities across the country will be will require anyone arriving from STEFAN BOSCIA economic damage” of shutting down government to waive competition closed until 3 April. Public transport overseas to self-isolate for 14 days as a Transport for London (TfL), for law amid the coronavirus outbreak will continue to work, Conte said, but precaution against coronavirus, @Stefan_Boscia instance, would be worth it to “stave to allow them to collaborate. During people would have to explain why regardless of origin. Prime Minister THE UK’s public transport systems off a bigger spread”. a phone call with environment they are travelling. Benjamin Netanyahu said the order and schools should be shut down Yesterday a TfL employee, who secretary George Eustice at least “The right decision today is to stay at would be in effect for two weeks. early to combat the spread of works at the body’s control centre at one of the big four supermarkets home. Our future and the future of “This is a difficult decision. But it is coronavirus, according to Palestra House in Blackfriars rather will reportedly call for the Italy is in our hands. These hands have essential for safeguarding public independent London mayoral than on a part of the underground suspension of the rule that prevents to be more responsible today than health, and public health comes first,” candidate Rory Stewart. network, tested positive for them from working together, Sky ever before,” he said. he added. Stewart said the “short-term coronavirus. News reported. CITYAM.COM TUESDAY 10 MARCH 2020 NEWS 11 Tesco sells Thai British Steel survival saga wraps up at last as Jingye completes purchase and Malaysian EDWARD THICKNESSE Jingye will put £1.2bn into the extra 100 moving to another firm. firm to make it more competitive, Prime Minister Boris Johnson said: @edthicknesse saying it plans to return the “The sounds of these steelworks have THE SAGA of British Steel’s survival company to “industry comparable long echoed throughout Yorkshire came to an end yesterday as Chinese margins” within five years. and Humber and the north-east. conglomerate Jingye completed the The Chinese firm’s plans include a “Today, as British Steel takes its units for £8.2bn acquisition of the firm’s UK and new electric arc furnace in Teesside next steps under Jingye’s leadership, Dutch assets from the government. and a new 250MW power plant at we can be sure these will ring out for The deal, which is reportedly Scunthorpe, which will be more decades to come.” JESS CLARK announcing today the proposed sale of worth £50m, brings to an end 10 efficient than the one it replaces. British Steel chief executive Ron Tesco Thailand and Tesco Malaysia.” months of uncertainty since the As a result of the deal, around Deelen hailed the agreement as “a @jclarkjourno “This sale releases material value and firm collapsed last May. 3,200 jobs will be secured, with an momentous day” for the business. TESCO has sold its Thai and Malaysian allows us to further simplify and focus businesses to CP Group for £8.2bn, the business, as well as to return sig- the supermarket giant announced nificant value to shareholders.” yesterday. Lewis thanked the supermarket’s Following the deal Tesco will return Tesco Thailand and Tesco Malaysia col- £5bn to shareholders and make a leagues for their “dedication, profes- £2.5bn pension contribution. sionalism and service”. The disposal of the two Asian units, The sale is expected to complete in which were operated under the Lotus the second half of this year following brand, will simplify the group’s struc- shareholder and regulatory approval. ture and allow it to focus on its retail Shares were flat at 240.5p yesterday. operations in the UK, Ireland and central Europe. TESCO The grocer also exited the Chinese market last month with the sale of its 245 P 20 per cent share in a joint venture for £275m. 240 Following the sale, the company will 235 operate stores in the UK and Ireland, 9 Mar Czech Republic, Hungary, Poland 230 240.50 and Slovakia. Chief executive Dave Lewis said: “Fol- 225 lowing inbound interest and a detailed strategic review of all options, we are 3 Mar4 Mar 5 Mar 6 Mar 9 Mar

STAYING IN FASHION Reiss posts record results after improving quality of products

BRITISH fashion brand Reiss bucked the retail trend to report record-breaking results yesterday, as earnings soared 51.6 per cent to £29.3m in 2019. The retailer said improved product quality has translated into more full-price sales. Bonhams owner among suitors for nine of Capita’s subsidiaries

JAMES BOOTH Capita has appointed bankers at Citi to handle the sale. @Jamesdbooth1 The process follows a tough time THE PRIVATE equity backer of auction for the outsourcer which has house Bonhams is among a group of suffered a share price drop of two- funds examining bids for a basket of thirds from 168p at the start of the outsourcer Capita’s subsidiaries. year to just 55p yesterday, after Sky News reported that Epiris was shares fell 19.4 per cent. one of several private equity firms Last week Capita announced a getting ready to bid for nine of £62m loss before tax for 2019, with Capita’s business units. chief executive Jon Lewis admitting The subsidiaries include Capita’s the transformation “is requiring travel and events arm, its debt more investment than we had collection and enforcement expected in 2018”. businesses and Tascor, which A spokesperson for Capita said: provides facilities management to “We continue to review and assess fire and police services. our portfolio as part of our growth The report said Capita would only strategy outlined in 2018.” accept offers for all nine businesses. Epiris declined to comment.

CITYAM.COM TUESDAY 10 MARCH 2020 NEWS 13

UPERT Harrison has spent the last few weeks monitoring obscure economic indicators — everything from pollution in Chinese cities to traffic in A LITTLE RMilan — in an effort to guide his clients at investment giant Blackrock through the worst market crisis since 2008. He’s no stranger to financial turbu- lence, however, having been chained FRIENDLY at the hip to then-chancellor George Osborne as he navigated the Euro- zone meltdown and the recovery from the financial crisis as the top policy adviser at Number 11. It was a role he held for five years, during ADVICE... which some took to calling him the “real chancellor”. Harrison is well-placed, then, to talk Rupert Harrison, about the colossal pressure on who spent Britain’s 39-year-old chancellor Rishi Sunak, who will tomorrow deliver the five years building Budgets in the first Budget since the Conservatives’ Harry Robertson landslide election win in December. Treasury, tells Once billed as a “levelling up” on spending kind of Budget, it is now set what to expect tomorrow to be an exercise in coronavirus dam- age limitation. “The economic impact is most like a natural disaster,” says Sunak faces in the upcoming Budget, the banking system.” growth, infrastructure, and the pro- wrong. Eight years ago his boss’ job Harrison, who has been a port- Harrison says, “is how do you The Bank of England has already ductivity agenda”. came under threat after the “om- folio manager at Blackrock reach millions of small busi- said some kind of “supply-chain “That’s welcome, as a citizen or... an nishambles” Budget that was best re- since leaving Downing Street nesses struggling with cash finance” is likely. investor,” he adds. membered for the swiftly-ditched in 2015. flow” as the virus disrupts One thing is for certain, Harrison It’s a surprising statement from one “pasty tax” on hot takeaway food. To add to Sunak’s difficul- supply and dents demand. says. In a world of ultra-cheap borrow- of the key architects of austerity. Has “It was quite a dramatic time,” Har- ties, he has only been in the “Trying to get up and ing, investors are looking for a “per- he changed his mind? “The circum- rison wryly says. “The political world job a month. He was pro- running systems to reach manently looser fiscal stance from stances have changed,” he says. “In- was obsessed with pasty taxes but re- moted to chancellor — his first those businesses and try and governments, conditional on wanting stead of a Budget deficit of 10 per cent ally the important judgement was full cabinet role — in February help them survive the period is to see that extra spending invested at we’ve got a Budget deficit of one [or] sticking to the macroeconomic plan.” after his predecessor Sajid going to be a challenge,” a high return rate, whether that’s two per cent [and] we’re in a lower-for- For Sunak, however, the long game Javid clashed with Prime Min- Harrison says. infrastructure growth, enhancing longer interest rate environment.” may have to wait until the autumn. ister Boris Johnson and “I think in prac- investments, paying for the cost of net With coronavirus scaring the pub- As Harrison says, there will only really his adviser Dominic tice, you proba- zero [carbon] transition”. lic, the government has to get the pol- be “one story in town” tomorrow: can Cummings. bly have to do In the UK, he says, “everybody has itics of the Budget just right. Harrison the British government get ahead of The real problem that through taken on board the focus on regional knows what it means for things to go the virus?

“I’ve“I’ve been in hospithohospitality for 30 yyearsears and wantedwan to pay 10% intinteresterest dirdirectly,ectly and invite ininvestorsnvvestors along for a margarita!”

Phillip Oppenheim, Cubana

WithWith the CrCrowd2Fundowd2Fund IFISIFISAA yyou control where your money goes. YouYYoou choose the entrentrepreneursep you back, like Phillip fromfrom Cubana, and potentiallypotentially earn between 6% and 15% tax- freefree whilswhilstt also rreceivingeceiving greatgreat investor rewards. 14 NEWS TUESDAY 10 MARCH 2020 CITYAM.COM Training partner Oaknorth Bank doubles income Mind Gym warns as growth falls ANGHARAD CARRICK @angharadcarrick OAKNORTH Bank nearly doubled virus to hit profit its profit last year, but reported a slowdown in growth. The five-year-old challenger bank posted a 95 per cent jump in pre- JESS CLARK The firm added that it will track the tax profit to £65.9m, up from movement of staff and coaches, and £33.9m in 2018. @jclarkjourno implement a policy of a minimum Oaknorth said it had kickstarted WORKPLACE training provider Mind two-week self-isolation period. efforts to broaden its customer Gym yesterday warned that revenue Mind Gym chief executive Octavius The Devonshire Club in the City charges members £2,300 per year base outside of its core market of and profit will miss expectations fol- Black said: “Our primary concern now London and the south-east but lowing the coronavirus outbreak. is the health and welfare of our growth slowed. Loans and advances Revenue growth is expected to be 10 clients, colleagues and coaches.” to customers grew 58 per cent to to 15 per cent in the year to 31 March, By the close of trade yesterday, Devonshire Club risks closure as £2bn, compared with a more than below previous expectations, due to a shares had fallen 21.9 per cent. 100 per cent increase in 2018. spike in cancellations and a reduction Chief executive and co-founder in new bookings. MIND GYM coronavirus stalls takeover deal Rishi Khosla said the company had Profit before tax is expected to taken a “measured” approach to 180 P JAMES WARRINGTON be between £5.8m and £7.3m, the 9 Mar the deal set to complete this week. expansion and pointed to firm announced in a trading update But the firm said the buyer had uncertainty last year. yesterday. 160 125 @j_a_warrington withdrawn at the latest minute, The bank, which provides loans Mind Gym said it is working to AN EXCLUSIVE private members’ club saying the coronavirus outbreak between £500,000 and £25m, said it switch face-to-face sessions to virtual 140 co-owned by Tory peer Lord Ashcroft made it “too challenging to complete would be monitoring the effect of appointments and promoting its dig- 120 is fighting for survival after a the investment. coronavirus closely. Oaknorth said: ital proposition as an alternative to planned takeover deal collapsed due In an email to members, seen by “We are mindful of this risk on our live sessions. It will minimise travel 100 to the coronavirus outbreak. City A.M., general manager John new loans and are incorporating requirements and accelerate the The Devonshire Club had agreed Hanna confirmed the company had this in the stress testing scenarios adoption of remote working. 3 Mar4 Mar 5 Mar 6 Mar 9 Mar terms with an unnamed buyer, with hired administrators Duff & Phelps. on the existing loan book.”

ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES Amazon to sell checkout-free store tech to other retailers CITY OF LONDON CORPORATION TOWN AND COUNTRY PLANNING ACT 1990 JESS CLARK The City of London Corporation hereby gives notice that it proposes involve shoppers inserting a credit to make an order under section 247 of the Town and Country card into a turnstile in order to enter Planning Act 1990 to stop up part of Bishopsgate, part of Crosby @jclarkjourno the store, rather than downloading Square and part of Great Saint Helen’s; to provide new highway AMAZON has launched a new an app to scan products. in Crosby Square, in Great Saint Helen’s and in Undershaft; to business to sell its checkout-free Items will be added to the direct that the new highway in Crosby Square, in Great Saint Helen’s and in Undershaft be maintainable at the public expense; store technology to other retailers. consumer’s virtual shopping basket to improve parts of Bishopsgate; to direct that the improved parts The tech giant launched a website as they pick them up, and the of Bishopsgate be maintainable at the public expense; and to direct yesterday inviting customers to retailer will charge the customer that Transport for London shall, with its consent, be the highway inquire about the service. automatically when they leave authority for the improved parts of Bishopsgate; all in order to Amazon, which uses similar the store. enable the redevelopment of 22–24 Bishopsgate, 38 Bishopsgate and 4 Crosby Square, London, EC2N. technology in its own chain of The gates will feature Amazon If the order is made the stopping up will enable the development convenience stores, said it has branding, but all other aspects will described in the Schedule to this notice to be carried out in already signed several deals. be controlled by the retailer using accordance with the planning permission granted by the City The Just Walk Out technology will the service. The e-commerce giant launched Amazon Go in 2018 of London Corporation on 11 September 2017 under reference number 16/00849/FULEIA. &RSLHVRIWKHGUDIWRUGHUDQGSODQPD\EHLQVSHFWHGDWWKHRIÀFHVRI the City of London Corporation, Guildhall North Wing, Basinghall ANNOUNCEMENTS 6WUHHW/RQGRQ(&9++GXULQJQRUPDORIÀFHKRXUVDQGPD\ CITY OF LONDON be obtained without charge by e-mailing Transport.Planning@ THE PLANNING ACTS AND THE ORDERS AND REGULATIONS MADE THEREUNDER CityOfLondon.Gov.UK or by writing to Transport Planning, City This notice gives details of applications registered by the Department of The Built Environment LEGAL AND PUBLIC NOTICES of London, PO box 270, Guildhall, LONDON, EC2P 2EJ. Code: FULL/FULMAJ/FULEIA/FULLR3 – Planning Permission; LBC – Listed Building Consent; Any person may object to the making of the proposed order. Objections must be made in writing and must be received by TPO – Tree Preservation Order; OUTL – Outline Planning Permission 7 April 2020, being 28 days from the date of the publication of &KHDSVLGH7UDIÀF,VODQG&KHDSVLGH/RQGRQ 5R\DO([FKDQJH/RQGRQ(&9/3 this notice. Objections may be e-mailed to Transport.Planning@ EC2V 6AA 20/00193/FULL CITY OF LONDON CityOfLondon.Gov.UK or posted to Transport Planning, City of 20/00144/FULL Formation of three new louvres within existing Aldersgate Street – Revocation of ‘no U-turn’ restriction London, PO box 270, Guildhall, LONDON, EC2P 2EJ. Objectors Retention of the existing structure on the should note that their objection will be copied to the applicant for KLJKOHYHOZLQGRZRSHQLQJV The City of London (Prohibited and Compulsory Movements) &KHDSVLGH WUDIÀF LVODQG IRU D IXUWKHU WHPSRUDU\ (Amendment No. 3) Order 2020 the stopping up order, who is likely to want to communicate with period of 12 months to house a new art installation. them to seek to resolve their objection. 5R\DO([FKDQJH/RQGRQ(&9/3 1. NOTICE IS HEREBY GIVEN that the Common Council of 6W /DZUHQFH -HZU\ 1H[W *XLOGKDOO &KXUFK 20/00194/LBC Dated 10 March 2020. the City of London on 6 March 2020 made the above Order under *XLOGKDOO

ORE than 110,000 coron- virus and highlight outbreaks ahead avirus cases have been of time. recorded worldwide and at Another benefit of digital triage Mleast 3,800 patients have systems is that the guidelines and in- died. formation can be instantly updated Only time will tell how devastating whenever new information is the effect of coronavirus will ulti- learned about the virus or new mately be on the human population advice issued. and the global economy. Although healthtech has been Whatever happens, the Covid-19 growing quickly, the adoption of it — virus could well go down in history as amongst professionals and patients a moment of profound change in the — has not always been a smooth way we use technology to replace the process. real with the virtual. In recent months, there has been Coronavirus has already prompted resistance to technology from people an increase in homeworking and who fear that it will displace real even sceptics are being forced to doctors. acknowledge the benefits of cloud However, the best health technol- services and video conferencing. ogy doesn’t replace clinicians, it Similar transformations are taking supports them — and takes a lot of place in the medical technology sec- tor. Coronavirus may prove to be the tipping point when healthtech goes CT SCAN RESULTS mainstream. The reason? New technology is bringing medics to the front-room of Yitu Healthcare, a Shanghai potential sufferers, rapidly reducing artificial intelligence startup, the risk of contamination. has been using its technology When the Spanish Flu infected 27 to evaluate chest scans for percent of the world’s population in signs of Covid-19. Its system 1918 all we could do was intervene looks at CT scans to examine the severity of lung lesions. Analysis can be done in two to three seconds, rather than AI-BUILT DRUGS the minutes it would take a doctor. British company Benevolent AI HAS THE TIME — which builds artificial intelligence systems to help find the strain away so they can focus on drugs to treat chronic diseases the patients in most urgent need. — has suggested potentially With coronavirus spreading around useful medicines to help treat the globe, we have reached the COME FOR tipping point when the benefits of coronavirus. Their systems showed that an existing drug health technology cannot be denied called baricitinib had the fewest any longer. side effects. Last year the Matt Hancock, secretary of state for company was valued at £1.6bn health, is a champion for new tech- and it is one of the biggest HEALTHTECH? nology who recognises the efficien- players in the UK’s thriving cies and benefits it can bring. He set healthtech sector. up the new unit NHSX to lead tech- nology, data and digital change. Coronavirus has focused minds on virtual healthcare — According to the Association of British Healthtech Industries, the UK physically — to isolate people and and Doctorlink chief Rupert Spiegelberg explains why sector already employs 127,400 peo- diagnose them. Not much had ple in 3,860 companies, with a com- changed by 2009, when the N1H1 bined turnover of £24bn. virus took root. A recent report by PwC said that This time, however, healthtech is and clinics to expand their use of dig- individuals based on their symptoms health technology interventions will playing a crucial role in the fight SANITARY ROBOTS ital triage systems. and contact and travel history. help to deliver net benefits to the UK back against the potential pandemic. These digital front doors — like the If there is a possibility they might economy of between £8bn and £13bn In China they have used robots to service Doctorlink provides to the have coronavirus they can be advised over the next financial year. consult patients and deliver drugs. Xenex robots, which are NHS — are an effective way of acting to self-isolate and directed immedi- But change has been too slow. It is Artificial intelligence is being used to manufactured in San Antonio as a first line of defence to help diag- ately to a relevant healthcare profes- to everyone’s advantage for such look at scans for signs of the disease. in the US, are able to enter a nose potential sufferers without sional without ever needing to leave changes to happen more quickly. Public health officials around the hospital room and disinfect it spreading the disease. their home. world are urging doctors to embrace in five minutes. The robots use Instead of visiting a GP or hospital, This information is collected and Doctorlink is the leading provider of smartphones for information dissem- pulsed xenon ultraviolet-C light people can answer a series of analysed in helpful ways — and very online symptom assessment to the NHS ination while the World Health to wipe out the pathogens. questions on their smartphone which quickly. Healthcare professionals are and is available to more than 10m Organisation has advised hospitals can identify potential high-risk then able to track the spread of the patients. 16 NEWS TUESDAY 10 MARCH 2020 CITYAM.COM

SNAP JUDGEMENT NBC Universal quietly Insurance and pension offloads $500m stake in Snapchat parent Wells Fargo’s NBC Universal has quietly directors resign offloaded its $500m (£381m) book acquirer Phoenix stake in Snap as before Congress the US media giant ramps up preparations for IMANI MOISE its new boosted profit last year streaming WELLS Fargo said yesterday two service. Snap is directors, including chairwoman JAMES BOOTH for consolidation are inevitably in- helmed by Elizabeth Duke, have resigned, just creasing and will tip the balance to- days before they were set to appear @Jamesdbooth1 founder Evan ward more institutions seeking to Spiegel, pictured before US Congress as part of a probe INSURANCE and pensions consolida- divest their capital-heavy legacy busi- with wife into the bank’s sales practices. tor Phoenix yesterday said profit nesses to leaders in the heritage space Miranda Kerr. In a statement, the bank named jumped 14 per cent in 2019 and cash such as Phoenix,” he added. James Quigley as the other board generation exceeded targets. Full-year dividend rose to 46.8p per member who stepped down. Phoenix buys life and pensions share from 46p per share last year. The two were set to testify at a books from companies seeking to Late last year, Phoenix said it was on House Financial Services Committee move them off their balance sheets. track to close its purchase of Swiss NMC Health suitor walks away hearing tomorrow, where the Operating profit rose to £810m in Re’s UK Reassure business for £3.2bn committee chair Maxine Waters said 2019 from £708m in 2018. in mid-2020. she would call for their resignation. Cash generation rose to £707m, up Phoenix has 10m policy holders and JAMES BOOTH NMC shares have plunged since The committee has been from £664m the previous year and £245bn in assets under administra- December when short-seller Muddy investigating the bank and its exceeding the cash generation target tion with operations in UK, Ireland @Jamesdbooth1 Waters questioned its financial data. relationship with regulators after a of £600m to £700m for the year. and Germany. GKSD INVESTMENT said yesterday it The company also said in February sales practices scandal that began in Phoenix has set a cash generation New chief executive Andy Briggs is does not intend to make an offer for it had received an approach from 2016, when it was revealed the bank target of £800m to £900m for 2020. set to take over from Clive Bannister NMC Health, days after the UAE- private equity firm KKR, but the opened millions of potentially “We see significant potential for fur- this month after joining from Aviva. based hospital operator was relegated latter denied NMC’s claims. unauthorised accounts. ther value creation in the bulk pur- Phoenix said yesterday that deputy from the FTSE 100. NMC’s shares were suspended late The inquiry unearthed emails that chase annuities market,” chairman finance director Rakesh Thakrar GKSD confirmed last month that last month after it fired its chief and showed a complacent attitude on the Nicholas Lyons said. would succeed Jim McConville as it was in the preliminary stages of revealed $335m (£259m) of secret part of some directors towards the “I remain convinced that the drivers finance director on 15 May. considering an offer for NMC. guarantees to two shareholders. company’s regulatory issues. Reuters Facebook sued by Australian DON’T DELAY, MOVE TODAY! watchdog over data breaches

JAMES WARRINGTON to be sold and used for purposes users were unable to exercise including political profiling. reasonable choice and control @j_a_warrington If all individual cases are about how their personal THE AUSTRALIAN Information awarded the maximum penalty, information was disclosed,” said Commissioner’s Office is suing Facebook could receive a fine of up Australian information and privacy Facebook over alleged privacy to AU$529bn (£266.6bn). commissioner Angelene Falk. breaches related to the Cambridge The claims relate to the This is The lawsuit relates to alleged Analytica scandal. Your Digital Life app made by data exposures between March In a case filed with the Federal Cambridge Analytica, which gained 2014 and May 2015. Most of the Court yesterday, the watchdog access to personal data such as affected users did not install the alleged that the personal data of email addresses and dates of birth. app themselves, but had their more than 300,000 Australian “We consider the design of the personal information disclosed via Facebook users had been exposed Facebook platform meant that their friends’ use of the app. ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES

CITY OF LONDON CORPORATION CITY OF LONDON CORPORATION BREXIT TOWN AND COUNTRY PLANNING ACT 1990 TOWN AND COUNTRY PLANNING ACT 1990 The City of London Corporation (“the City”) hereby gives notice The City of London Corporation (“the City”) hereby gives notice UPDATES that it has made an order entitled the Stopping Up of Highways that it has made an order entitled the Stopping Up of Highways (City of London) (No. 2) Order 2019 under section 247 of the (City of London) (Number 3) Order 2019 under section 247 of the Town and Country Planning Act 1990 (“the Act”) to authorise Town and Country Planning Act 1990 (“the Act”) to authorise the LONDON SHOW & SEMINARS • the stopping up of (1.) an area of highway on the eastern side of stopping up of part of the Cannon Street public highway, part of the Saint Mary Axe and (2.) an area of highway on the western side Salters’ Hall Court public highway and part of the Saint Swithin’s TUESDAY 17th MARCH 2020, 11am to 9pm of Goring Street; and Lane public highway to enable the redevelopment of 111 Cannon • the dedication of (A.) an area of highway on the southern side of Street, London, EC4N 5AR (“the Land”). The order is made to Pestana Chelsea Bridge Hotel, 354 Queenstown Road, London SW11 8AE Houndsditch and the eastern side of Saint Mary Axe and (B.) an enable the development of the Land to be carried out in accordance area of highway on the northern side of Bevis Marks with the planning permission granted under Part III of the Act by (Nearest Tube: Sloane Square, Bus route: 452, 137, 44) to enable the redevelopment of 60–70 Saint Mary Axe, London, the City on 24 November 2016 under reference number 15/01368/ EC3A 8JQ to be carried out in accordance with the planning FULL. permission granted under Part III of the Act by the City on 10 June Copies of the order and accompanying plan may be inspected Our expert speakers will give you the latest post-Brexit facts on: 2010 under reference number 08/00739/FULEIA. IUHH RI FKDUJH DW WKH RIÀFHV RI WKH &LW\ RI /RQGRQ &RUSRUDWLRQ tax and retirement, healthcare and daily life and where to buy your new Copies of the order and accompanying plan may be inspected Guildhall North Wing, Basinghall Street, London, EC2V 7HH from IUHHRIFKDUJHDWWKHRIÀFHVRIWKH&LW\RI/RQGRQ&RUSRUDWLRQ Monday to Friday (excluding public holidays and bank holidays) home. If you’re thinking of moving to Portugal, 2020 is the year to do it! Guildhall North Wing, Basinghall Street, London, EC2V 7HH from Monday to Friday (excluding public holidays and bank GXULQJQRUPDORIÀFHKRXUVXQWLO$SULOEHLQJDSHULRGRI KROLGD\V GXULQJQRUPDORIÀFHKRXUVXQWLO$SULOEHLQJ 28 days from the date of this notice; and may be obtained free of Seminars start at 11.30am, 3pm and 6.30pm. a period of 28 days from the date of this notice; and may be charge by e-mailing [email protected] obtained free of charge by e-mailing Transport.Planning@ or by writing to Transport Planning, City of London, PO box 270, CityOfLondon.Gov.UK or by writing to Transport Planning, City Guildhall, LONDON, EC2P 2EJ. ‡ Live in the sunshine ‡Healthy lifestyle ‡Lower cost of living ‡ of London, PO box 270, Guildhall, LONDON, EC2P 2EJ. Any person aggrieved by the order and desiring to question the Any person aggrieved by the order and desiring to question the validity thereof, or of any provision contained therein, on the validity thereof, or of any provision contained therein, on the ground that it is not within the powers of the Town and Country Meet Portugal’s leading property agents and developers! ground that it is not within the powers of the Town and Country Planning Act 1990 or that any requirement of that Act or of any Portuguese wine! Free Entry! Planning Act 1990 or that any requirement of that Act or of any regulation made thereunder has not been complied with in relation regulation made thereunder has not been complied with in relation to the order may, within six weeks of the date of this notice (which to the order may, within six weeks of the date of this notice (which is 10 March 2020), apply to the High Court for the suspension or To register your place go to: www.movingtoportugal.org.uk is 10 March 2020), apply to the High Court for the suspension or quashing of the order or of any provision contained therein. quashing of the order or of any provision contained therein. Dated 10 March 2020. Dated 10 March 2020. Organised by Carolyn Dwyer Carolyn Dwyer Tel +44 (0) 20 7201 6638 Director of the Director of the Built Environment www.portuguese-chamber.org.uk Built Environment CITYAM.COM TUESDAY 10 MARCH 2020 NEWS 17 Coast renews First Group pressure

EDWARD THICKNESSE to separate the North American oper- the businesses on both a North Amer- @edthicknesse ations into independent businesses, ican bourse and in London. and launched a “strategic review” of “This will allow UK investors to re- COAST Capital yesterday renewed its these assets in December. alise value from their investment in attempts to engineer a breakup of However, Coast said that since then, the company, and enable new North transport operator First Group, saying “shareholders have heard nothing American investors, public or private, it will try to force an emergency gen- from the company, and the share price to buy into the American operations”. eral meeting of shareholders unless has declined by 20 per cent”. Coast said that the American opera- the group announces a separation of The activist investor, which has a 10 tions, First Student and First Transit, the firm’s US and UK operations. per cent stake in First Group, said in a are worth “notably more” than their First Group has long been under filing that in the absence of a total di- book value of 100p per share, estimat- pressure from several of its investors vestment, the bus operator should list ing a price of 165p for each. First Group has long been under pressure from investors to spin off the businesses Goldman hires Diversified Gas Daffey as global & Oil rides out markets chair sector volatility PAMELA BARBAGLIA JACK RICHARDSON @JackRich93 GOLDMAN Sachs yesterday named 9.92% top trader Michael Daffey as global DIVERSIFIED Gas & Oil markets chairman, with a remit to posted strong results strengthen key client relationships yesterday to defy difficulties on the as the Wall Street giant tries to world commodity market. However, remodel its trading business in shares in the company fell almost 10 Europe after Brexit. per cent to 65.40p yesterday, as the oil In the newly-created role Daffey, price collapse encouraged a who is global co-chief operating worldwide sell-off. officer of Goldman’s equities The Alabama-based company franchise, will establish his presence reported an adjusted earnings before as a “trusted adviser” for some of interest, tax, depreciation and Goldman’s biggest clients, amortisation of $273.3m (£209.8m) particularly in Europe. for 2019. Its final recommended “We’re taking one of our most dividend was $0.35 cents per share, senior executives and giving him a an increase of 24 per cent over the license to advise our key clients,” same period in 2018. Goldman’s president and chief Total revenue almost doubled to operating officer John Waldron $511.7m, up 87 per cent from $274.1m told Reuters. in 2018. “It will allow us to operate at a “The past year has been one of higher level as we want to deepen significance for the company and has our client relationships in places seen us achieve a number of key like Germany, Italy, Spain and all milestones as we build upon the across Europe.” strong growth platform that we have Daffey, a 26-year veteran of created,” said chief Rusty Hutson. Goldman, will also be tasked with Brent crude opened at $31 a barrel helping safeguard the markets in London yesterday, before business from disruption expected recovering to around $36. when the Brexit transition period This was the lowest price for four ends on 31 December. years and the biggest fall on a single The 53-year-old Australian will day since the 1991 Gulf War. oversee the implementation of The turbulence was caused by Goldman’s new post-Brexit structure Saudi Arabia wanting to guard its out of London. market share and entering an oil The appointment — announced in a price war with Russia. memo sent by Goldman chief Last week, oil giant Exxon Mobil executive David Solomon, chief announced it would keep to its financial officer Stephen Scherr and strategy of increasing output, despite Waldron — comes as markets recoil in the uncertainty. the face of the coronavirus outbreak, The spread of coronavirus has also which has left 2020 economic growth caused disruption in the world forecasts in tatters. economy and cast doubt on demand Under Solomon, Goldman has for oil, depressing prices. shifted its focus from its money- Diversified, which focuses on spinning trading business to building onshore natural gas production in a bigger consumer bank to shield its the US, said it will continue with its revenue from swings in financial current strategy to “acquire and markets. Trading makes up roughly produce at a very efficient rate.” The 40 per cent of Goldman’s revenues firm said it would hedge 85 per cent but margins are shrinking. Reuters of production through 2020. Shipping firm Clarksons records £10.5m loss JACK RICHARDSON results will come as a disappointment Dividend per share also had a lim- @JackRich93 following a profit of £32.7m in 2018. ited rise over this period from 75 to 3.98% “2019 delivered robust underlying fi- 78p. Group revenue rose almost seven SHIPBROKER Clarksons nancial results and strong free cash per cent from £337.6m to £363m. swung to a £10.5m loss for flow generation, which has enabled us “An excellent performance in our 2019 after a one-off impairment to increase the dividend for the 17th broking, support and research busi- charge relating to buying Norwegian consecutive year,” said boss Andi Case. ness offset weaknesses in our financial rival RS Platou ASA. Shares closed down 3.98 per cent at services business,” Case said. Clarksons wrote down the goodwill 2,290p yesterday after the firm re- However, he added that the company from the deal by £47.5m which ported a loss per share of 42.4p, com- could be hit in this half by uncertainty The shipping services firm took a knock to its earnings from an impairment charge pushed it into the red for the year. The pared to 2018’s 98.8p earning. from coronavirus. 18 NEWS TUESDAY 10 MARCH 2020 CITYAM.COM

BRIDGING THE GAP TfL releases mock-up designs for temporary Hammersmith Bridge Next mayor should reform rates, says business lobby

STEFAN BOSCIA commercial space. party’s Sian Berry. FSB’s London policy chair Rowena “The business rates system is @Stefan_Boscia Howie said: “It’s time to address the broken and we need close working THE NEXT mayor of London should issue of big landlords squeezing between the mayor of London and focus their energies on improving smaller tenants. the Treasury to create a system that renting conditions for businesses “Without affordable commercial works for London and the rest of and lobbying the Treasury for rates property our valuable small busi- the UK,” Howie said. reform, according to a leading busi- nesses will be forced to close or relo- A review of the business rates sys- ness advocacy group. cate elsewhere.” tem was promised by the Conserva- The Federation of Small Business’ The FSB also called for the winner tives’ election manifesto, however (FSB) mayoral manifesto, released of the 7 May election to lobby little detail of future plans has been today, called on the next mayor to chancellor Rishi Sunak for business made public. pressure “major landowners” to sign rates reform and create “enterprise Business lobby groups complain on to a “supportive small business zones” that provide tax breaks for that the 2017 re-evaluation of busi- statement” to provide protections up and coming businesses. ness rate calculation led to onerous over future renting conditions. The mayoral election will be tax increases. The policy follows a survey fought between incumbent Sadiq Re-evaluation of property values, conducted by the FSB that found 46 Khan, Tory candidate Shaun Bailey, which business rates are based off, per cent of small businesses are independent Rory Stewart, Liberal led to higher tax bills for many calling for an increase in available Democrat Siobhan Benita and Green small businesses.

A TEMPORARY bridge will allow the Hammersmith Bridge, which is currently closed to traffic, to shut completely in order to prepare for restoration works. Transport for London Biden is backed (TfL) will fund the project out of a £25m pot it has put aside for the repairs. South African Airways set to by former election ANNOUNCEMENTS begin talks on cutting jobs rival Cory Booker LEGAL AND PUBLIC NOTICES OLIVIA KUMWENDA-MTAMBO while still focusing on having a TREVOR HUNNICUTT sustainable airline,” the CITY OF LONDON SPECIALISTS appointed to try to practitioners Les Matuson and US DEMOCRATIC presidential con- 1RWLFH LV KHUHE\ JLYHQ WKDW WKH &RPPRQ &RXQFLO RI WKH &LW\ RI /RQGRQ DV WUDIÀF DXWKRULW\ IRU WKH save struggling South African Siviwe Dongwana said in a joint tender Joe Biden, who is seeking to undermentioned streets made several Orders on 5 March 2020XQGHU6HFWLRQ  RIWKH5RDG7UDIÀF Airways (SAA) said yesterday they statement, adding that they had deliver a heavy blow to rival Bernie 5HJXODWLRQ$FW  DV DPHQGHG E\ WKH 5RDG 7UDIÀF 7HPSRUDU\ 5HVWULFWLRQV $FW  ZLWK WKH plan to begin employee notified at least seven Sanders today as six states vote, H[FHSWLRQRISouth PlaceZKLFKKDVEHHQDPHQGHGPoultry 2UGHUZULWWHQRQ'HFHPEHU  ZKLFKKDVEHHQH[WHQGHGLondon Wall 2UGHUZULWWHQRQ)HEUXDU\ ZKLFKKDVEHHQDPHQGHG consultations on job cuts, a different unions. received another boost yesterday DQGLombard StreetPDGHRQ0DUFKXQGHU6HFWLRQ  RIWKHDERYHDFW7KHHIIHFWRIWKHVH stage of the rescue plan likely to They added they “contemplate when former presidential rival Cory 2UGHUVZLOOEHWRSURKLELWYHKLFOHV RUSHGHVWULDQVZKHUHVWDWHG IURPHQWHULQJWKHVDLGURDGV meet fierce resistance from that all 4,708 employees will be Booker endorsed his campaign. South Place 0RRUJDWHWR'RPLQLRQ6WUHHW Mobile Crane trade unions. affected and the number of jobs Booker followed endorsements DPHDFK6DWXUGD\WRSPHDFK6XQGD\IURP$SULOWR$SULO$OWHUQDWLYHURXWH:%YLD “Our intention has always been that will exist in the restructured for Biden from former rivals 6RXWK3OF(OGRQ6W%ORPÀHOG6W/RQGRQ:DOO 0RRUJDWH(%YLD0RRUJDWH)LQVEXU\3DYHPHQW to preserve as many jobs as organization will be the subject Kamala Harris, Amy Klobuchar and )LQVEXU\6T0RRUJDWH3ULQFH·V6WUHHW7KUHDGQHHGOH6W2OG%URDG6W:RUPZRRG6W%LVKRSVJDWH possible through this process of the consultation”. Reuters Pete Buttigieg. Reuters 3ULPURVH6W$SSROG6W6XQ6WDQG:LOVRQ6W Lombard Street *HRUJH

&DURO\Q'Z\HU%(QJ +RQV  'DWHG 10 March 2020 &DURO\Q'Z\HU%(QJ +RQV  'DWHG 10 March 2020 '06&0,/7)&,+7 '06&0,/7)&,+7 'LUHFWRURIWKH%XLOW(QYLURQPHQW 'LUHFWRURIWKH%XLOW(QYLURQPHQW CITYAM.COM TUESDAY 10 MARCH 2020 MARKETS 19

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London’s shares 4IMPRINT GROUP 3,400 P US clobbered 9 Mar 3,200 2,780 as crude dives join a sea of red 3,000 2,800 amid outbreak

2,600 ALL Street suffered its biggest Wone-day loss since the 2008 3 Mar 4 Mar 5 Mar 6 Mar 9 Mar financial crisis yesterday and recession worries loomed large as in recession fear Promotional products company 4imprint posted strong results for 2019 with organic tumbling oil prices and ongoing revenue growth up 17 per cent. However, despite the good figures, the analysts at coronavirus fears prompted investor Liberum held their projected earnings figures steady on coronavirus concerns. FTSE panic on the anniversary of the US 250 company 4imprint is based in the UK but does most of its business in North stock market’s longest-ever bull run. ONDON’s FTSE 100 plunged to Markets analyst David Madden. America. Liberum said 4imprint is the market leader in North America and is winning All three major US stock averages an almost four-year low yester- “Dealers are terrified that more market share. But it added that coronavirus poses a short-term risk to supply and plunged sharply at the opening bell, day as a crash in oil prices swathes of Europe will go into demand. Liberum gave the company a “hold” rating and a target price of 2,700p. triggering trading halts put in place in Ldriven by a price war between quarantine, and that has been a the wake of 1987’s Black Monday Saudi Arabia and Russia stoked factor in the brutal sell-off in stocks,” crash. The Dow plummeted a record global recession fears, with investors he added. CINEWORLD 2,000 points out of the starting gate on alarmed about the economic fallout Fears of a global recession have been the day marking the current bull of the coronavirus outbreak. amplified by a reduction in global 140 P market’s 11th year. Oil majors BP and Royal Dutch Shell growth forecasts as the unchecked During the session, the Dow came recorded their worst day ever, as spread of the virus prompted harsher about a 10th of a percent from 120 Saudi Arabia slashed its official containment measures and crip- confirming a bear market, or 20 per crude selling price following pled supply chains. 9 Mar cent below its record peak. The S&P 104 Russia’s refusal to cut out- Britain is making exten- 100 500 closed about 19 per cent below its put to match lower de- sive preparations for all-time high set on 19 February. mand on the back of the additional measures “It’s certainly one for the history health crisis. The wider 80 books,” said Matthew Keator, oil and gas sector Royal Dutch Shell managing partner at the Keator plunged more than 18 marked its worst day 3 Mar 4 Mar 5 Mar 6 Mar 9 Mar Group, a wealth management firm in per cent and led the ever yesterday Massachusetts. “The markets are now blue-chip decline. Yesterday, Global City Theatres (GCT), a major shareholder in Cineworld, said it had pricing in a high probability of The commodity-heavy to tackle the coronavirus sold eight per cent of the chain (retaining 20 per cent) using the proceeds to recession.” FTSE 100 slumped 7.7 per outbreak, Prime Minister restructure a loan made to it which was connected to Cineworld’s share price. GCT The CBOE Volatility index , a gauge cent — its worst day since the Boris Johnson said in a state- said it remained committed to Cineworld which announces full-year results on of investor anxiety, touched its highest global financial crisis in 2008, ment yesterday. Thursday. Broker Peel Hunt said it is concerned more studios could delay major level since December 2008. while the domestically focused mid- Central banks around the world releases (a la Bond) due to coronavirus, but said it thought Cineworld could trade The sell-off began over the weekend cap index shed 6.4 per cent. have taken measures to inject more through any slump. It rated the stock as a “hold” with a target price of 140p. when an oil supply pact between All but one stock listed on the FTSE cash into financial markets, with Saudi Arabia and Russia collapsed 100 fell, with car parts, banks and traders now expecting the US Federal and both countries vowed to hike mining stocks among the biggest Reserve to cut rates again on 18 GVC production amid weakening global decliners. March after an emergency reduction demand due to the coronavirus and “Stock markets have plummeted last week. All eyes are now on the 850 P signs of an economic slowdown. today as continued fears about the European Central Bank meeting on Oil prices registered their biggest one-day fall since the 1991 Gulf war. coronavirus combined with the fresh Thursday, but analysts have ques- 800 worries of a price war in the oil mar- tioned the efficacy of monetary pol- Global markets were already on ket has battered sentiment,” said CMC icy easing to revive supply chains. 9 Mar edge as worldwide confirmed cases of 750 Covid-19 surged past 110,000, causing 720.19 widespread supply disruption and TOP RISERS FTSE large-scale quarantine measures. Boeing was the biggest drag on 7,000 P 700 1. Polymetal Int Up 0.58 per cent the Dow, tumbling 13.4 per cent 3 Mar 4 Mar 5 Mar 6 Mar 9 Mar following the Federal Aviation TOP FALLERS 6,500 Administration’s (FAA) rejection of the 9 Mar Peel Hunt analysts said they had been impressed by GVC Holdings’ management at plane maker’s proposal regarding 1. BP Down 19.48 per cent this week’s results presentation. The analysts said GVC’s geographic spread should wiring systems in place on its 6,000 5,965.77 2. RDS B Down 18.23 per cent leave it well-placed to handle regulatory pressures on the gambling sector. They grounded 737 Max aircraft. 3. RDS A Down 17.60 per cent were also impressed by GVC’s technology offering and the opportunity offered by Apple shares fell 7.9 per cent after 4. Centrica Down 17.52 per cent 5,500 the liberalising US gambling market. “As a market leader we expect it to continue to data showed the company sold fewer 5. Aveva Down 17.21 per cent take market share from weaker competitors and the US opportunity is just the icing than 500,000 smartphones in China in 3 Mar4 Mar 5 Mar 6 Mar 9 Mar on the cake.” They gave the stock a “buy” rating and a target price of 1,030p. February amid the coronavirus crisis. CITY MOVES WHO’S SWITCHING JOBS

VECTURA thrilled to have Mark join Vectura, where he will play a an extensive background in UK retail credit, data group’s capital allocation, optimising and driving Drug delivery service Vectura pivotal role in driving the future growth of the analytics, enterprise risk management and mortgages. performance of the property portfolio, and exploring has announced the organisation.” Mark commented on his new role: “I am Commenting on Iain’s appointment, Heylo chief and developing new initiatives at a property level. appointment of Mark delighted to be joining Vectura at such an exciting executive Andrew Geczy said: “We are delighted to David joined Segro 10 years ago and has held several Bridgewater as chief time, as the company pivots to become a leader in the welcome Iain as we implement our strategy to make investment strategy roles covering London, the commercial officer. Mark has market. I look forward to working with my new home ownership a reality for more aspiring home Thames Valley, UK Logistics and more recently more than 20 years of colleagues to drive value for customers, employees owners. Iain is an experienced risk manager and a Continental Europe. He joined the company as part of experience in medical device and shareholders.” strong business leader whose credit, data, enterprise Segro’s takeover of property firm Brixton in 2009 where and pharmaceutical services. risk and leadership skills will strengthen and enhance he was investment director. David Sleath, chief Prior to joining Vectura, he was HEYLO our business.” executive of Segro, said: “This is an exciting period for vice president of business TSB Bank’s chief risk officer, Iain Laing, has been Segro as we continue to grow, evolve and adapt our development and account appointed as chief risk officer, of Heylo Housing, the SEGRO business at a time of unprecedented levels of change. management for Europe and Asia at Flex, a global UK’s largest provider of shared ownership homes. Iain Segro has announced the appointment of David James and David have excellent experience which will design, engineering and manufacturing organisation. joins Heylo as it plans to continue its expansion and Proctor as its new group director of investment. David help us drive forward on this journey, which is great Will Downie, chief executive of Vectura, said: “I am brings over 20 years’ experience as a risk officer with will be responsible for reviewing and challenging the news for us and for our customers.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 20 OPINION TUESDAY 10 MARCH 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS How Rishi Sunak can protect TO THE EDITOR the economy from coronavirus Self-sacrifice [Re: Downing Street defends coronavirus strategy after Italy lockdown] OU HAVE to feel sympathy those being discussed now. Indeed, without the reserves — whether in You may not expect a trade union to agree for Rishi Sunak. Suddenly Robert the government has been open terms of products or cash — to make with George Osborne, but on Monday, the appointed as chancellor Colvile about its no-deal planning being re- it through a prolonged shutdown. former chancellor made some very strong after the unexpected resig- purposed to tackle this latest crisis. Small businesses are particularly points about the risks some people face Y economically as Covid-19 takes hold. nation of Sajid Javid, he But the problem now is far more vulnerable. That is why we urged found himself with just weeks to real than the no-deal panic ever the chancellor yesterday to make One group in particular is at risk: the put together the first Budget of the was. People are already changing sure that credit is available to tide self-employed. Boris Johnson era. their behaviour, in ways large and such companies over, along with For many workers, the choice between Any chance he could simply copy small. Working from home. Peti- other measures. following the government’s advice to self- Javid’s homework was then dashed tioning for schools to close. Hoard- It was striking — and alarming — isolate and going into work will be an when the former chancellor gave ing loo roll. to see Rupert Harrison, George Os- agonising one. My union Prospect, and in the Times chapter and verse on his availability leads people and busi- If you’re running a restaurant or a borne’s key lieutenant at the Treas- particular the Bectu sector of the union, original plans. nesses to take fright, hoard cash, theatre, your takings will be drop- ury, warn that the measures taken represents thousands of freelancers And then, even as Sunak was put- and stop spending, causing ping vertiginously. Air travel has in the wake of the 2008 crisis, such working in entertainment, science, ting pen to paper, the coronavirus Britain’s economic engine to sput- been particularly hard hit: if air- as the Funding for Lending scheme, archaeology, and other professions. outbreak suddenly became the only ter to a halt. lines didn’t have to put flights in might not be enough this time. For them, taking two weeks off to self- show in town. That is why many of the remedies the air to keep their landing slots, If things get worse, more will isolate will leave a huge hole in their family Sunak’s job, as chancellor, is not that we proposed for a no-deal we’d be seeing an awful lot more need to be done. Giving companies finances, especially as the indicators are just to find the money to help the Brexit, in the form of a limited cancellations. relief on business rates or em- that freelance work, especially in film and health service cope with the out- stimulus package to support busi- And then, of course, there are the ployee national insurance contri- TV, could dry up as companies take break, or to fund emergency work ness and consumers, are similar to countless businesses which are find- butions could be one way to ease preventative action. on a vaccine. It is to minimise the ing out how surprisingly dependent the pressure. Many of those freelancers may not even damage to the economy. they are on the Chinese supply It is true that the British state is al- realise that they will be out of pocket. The problem is that no one chain. One irate bride-to-be tells me ready too interventionist, in all That’s because they have insurance which knows how bad things will get. A that wedding dress deliveries are sorts of ways. But in a situation like is supposed to cover them when they have short, sharp shock, from which we backlogged for weeks. this, the priority is to get the coun- days off sick. Unfortunately, some of our swiftly recover? A downturn on a The government, therefore, has try — and the economy — through members have been told by their insurance par with — or even exceeding — two intertwined priorities. The first the worst of it. companies that self-isolation is a personal that of 2008? You can find both is to ensure that consumers and With luck, things will blow over choice, and so they are not covered. views being expounded, with We need the businesses retain the confidence to sooner than we currently fear. But The Prime Minister has said that nobody greater or lesser confidence. keep spending and working. luck isn’t something we can count will lose out, but unless the chancellor acts So how best to prepare? Dis- Treasury to This, of course, will be affected by on. Instead, we need the govern- decisively in the Budget, his words will ring cussing this at the Centre for Policy display a how severe the coronavirus epi- ment — and especially the Treasury hollow with thousands of workers across Studies think tank, we kept coming demic becomes: if the streets of Lon- — to display a combination of flexi- the UK. The Conservatives have made a lot back to our previous work on combination don start resembling a zombie bility, sensitivity, and a willingness of hay trumpeting the fall in jobless preparing for a no-deal Brexit. movie, no amount of upbeat Bank to respond quickly to events. numbers, in large part due to increases in Both involve what economists call of flexibility, of England announcements about This Budget will tell us how the self-employment. They must not let those a “supply shock”, in which certain sensitivity, and monetary easing are going to be of government intends to protect the people and their families suffer for doing goods become either more expen- much use. economy from the coronavirus. But the right thing. sive or outright unavailable. a willingness The second is to ensure that busi- it will be far from the last word on Mike Clancy, general secretary, But the real economic damage nesses do not go to the wall, leading the topic. Prospect comes if the supply shock turns to respond people to lose their jobs through no into a demand shock: if that disrup- quickly to events fault of their own. In our just-in-time £ Robert Colvile is director of the Centre tion to trading flows and product world, many firms are operating for Policy Studies think tank. BEST OF TWITTER “Bears all over the world are coming out of hibernation more than a month ahead of schedule after one of the hottest winters in human history.” It’s not the global slowdown, Lebanon has @WeatherProf You can say that again. Dax down 20% in the last month. only itself to blame for its debt problem @Hariboconomics Samuel Pepys would be having a blast in 2020. He’d be on Instagram: N A SOLEMN press conference electricity with costly private gener- cent discount to the official rate. Lo- 10th day of March: Great distresse to over the weekend, the relatively CNBC ators. This has left little room for cals rushed to withdraw their dol- my lady wife, ASDA having runne out new Lebanese Prime Minister COMMENT productive investment. lars from the banks, perpetuating of toilet paper. Knuckles giving me IHassan Diab delivered a speech Furthermore, Lebanon’s central the dollar shortage in the country. great gyppe after applying an excess that will go down in history. bank has been leaning heavily on All which led to Saturday’s deci- of the gel alcoholic. Conceding that the country was Joumanna the local banking system. Cus- sion. In his speech, Diab pledged to @wallaceme paying for mistakes made in the Bercetche tomers’ dollar deposits have been tackle tax evasion, corruption, past, Diab announced to the world primarily placed at the central bring down the costs of the electric- See, this is why you don’t complete that Lebanon would not be render- bank, reimbursed with above mar- ity sector, work toward a balanced your New Year’s Resolutions until ing whole the bond payment due ket interest rates in return. The in- budget, and restructure the bloated mid-way through the year, I bet all of on Monday, and that the country cally is one that has been almost terest alone has made many banking system. This is a long list of you who didn’t have “avoid dying would kickstart a process of debt re- entirely homegrown, due to unsus- wealthy depositors a lot of money. reforms that urgently need to be from a global pandemic” on your list structuring with its creditors to re- tainable imbalances and twin After the Syrian War commenced undertaken, especially now the are feeling pretty silly right about profile the roughly $32bn in deficits. The country has been run- in 2011, foreign deposits started to country has had preliminary talks now, eh? outstanding eurobonds. It was the ning a negative balance of payment dry up and the economy’s growth with the International Monetary @Daniel_Sugarman first ever default for the tiny Middle for the better part of the last 10 dipped, followed by a long period of Fund and is faced with ever dwin- Eastern country. years, while simultaneously run- political paralysis. Things came to a dling foreign reserves. Boomers: The coronavirus is People not following the story ning ballooning budget deficits head last fall when demonstrations It will be a long road ahead. Many important, because it kills people over might assume that Lebanon, with (2018’s budget topped 10 per cent). gripped the country as protesters countries have defaulted and recov- 60, let’s close the borders. one of the highest debt-to-GDP ratios Debt servicing alone accounts for took to the streets, raging at years ered (Argentina has defaulted eight Millennials/Gen Z: It is called COVID-19 in the world, had become the first about half of the spending, while of inept leadership and rampant times), but what is more important and its spread shows how connected country to fall victim to a slowdown an inefficient and costly electricity corruption, eventually bringing is learning the lessons from the the world is, how health is a social in global growth, one that only sector consumes another third. down the government. past so as to protect the less fortu- justice issue. looks likely to be exacerbated with After the Civil War ended in 1990, The currency, the Lebanese lira, nate and not repeat them again. Gen X: Too ra loo ra too ra loo rye aye. the onset of the new coronavirus. Lebanon has not had 24-hour elec- which had been pegged to the dol- COVID-EILEEN That is not the case. The situation tricity, and most people supple- lar since the 1990s, started trading £ Joumanna Bercetche is anchor of the @ParkinLance Lebanon found itself in economi- ment government provided in parallel markets at a near 30 per European edition of CNBC’s Street Signs. CITYAM.COM TUESDAY 10 MARCH 2020 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam A history lesson on the Black DEBATE Death teaches us not to panic Should the chancellor bend the fiscal rules to increase spending HEN Pope Francis an- By contrast, the plague of 1346–51 in his first Budget? nounced the cancella- Dominic changed Europe’s economy forever. tion of major public Selwood It decimated the workforce, leading Wengagements, his tired to a critical imbalance of supply and It is the prerogative of a twenty-first face half-obscured by a demand. The traditional manorial sys- century chancellor to set the rules of handkerchief filled front pages across tem collapsed, as free markets for the your own tenure. Gordon Brown, the world — before he headed into labour of survivors developed, pulling George Osborne, Philip Hammond and YES Sajid Javid (who never delivered a self-imposed isolation. workers across the country to wher- WILL TANNER Nearly 700 years ago, Pope Clement ever they could demand the highest Budget) all established the tramlines VI was trying very hard not to catch a wages. King Edward III passed puni- by which markets could judge their different infectious disease that was us to associate Covid-19 with death. tive laws to control the rampant wage management of the public finances. The chancellor could use that then sweeping Europe. Known to con- With our risk-fear circuitry only re- inflation, but they were unenforce- Rishi Sunak will be unusual if he does flexibility to fund not just hard temporaries as the pestilence, mod- ally able to classify dangers into able and failed. The economic power not do the same this week. infrastructure, as currently permitted, ern science has identified it as the “high”, “low”, or “none”, we assume this put into the hands of the poorest The case for loosening is twofold. but human capital, digital, and other yersinia pestis bacterium: the plague. the worst because we have no per- was unprecedented — and soon led to First, coronavirus may necessitate some growth-enhancing spending. Clement locked himself in a large sonal experience of surviving Covid- demands for political recognition in kind of economic stimulus to mitigate a In either case, there is no reason to stone room with fires roaring either 19. In comparison, millions survive the Peasants’ Revolt of 1381. downturn or prop up the NHS. believe markets would not react with end night and day, and did not come the flu many times in their lifetimes, There were many opportunities for Second, while the UK’s debt stock is approval. Far better to establish rules out until it was all over. When he so conclude that it is entirely safe, de- the taking, and newly wealthy fami- double what it was in the mid-1980s, it you plan to stick to than adhere blindly emerged, he found a world in which spite it killing up to 500,000 annually. lies and dynasties emerged from the has stabilised, and the costs of servicing to rules you are bound to break. the graveyards were overflowing. One Our Covid-19 panic is not cost-free. Fi- chaos. There were also significant con- that debt have halved, to two per cent chronicler said that people were piled nancial markets have been spooked sequences for women. Widows often of GDP. £ Will Tanner is director of Onward. up in pits, layered like lasagne. into costly volatility, wiping real value had to take on their late husbands’ The plague crossed the channel in off pensions and investments. Airlines roles. Among the gentry and mer- 1348 and never left. Once it had fin- and other travel businesses are losing chants, this included running landed ished ravaging Britain, 53 per cent of critical customers, and a number will estates and businesses, forcing legal It would, of course, be right to target the population was dead. It would inevitably go to the wall as the panic changes allowing women to be estate some additional spending and tax take until Tudor times for the num- worsens. There will be economic hard- managers and entrepreneurs, and breaks on dealing with coronavirus and bers to recover. ships as more people self-isolate and permitting daughters to inherit. its economic impact. But a NO Yersinia pestis is the deadliest infec- business productivity slows. The plague killed around 90 per proportionate response to a temporary JULIAN JESSOP tious disease ever to have hit Europe. But — on a national level — the dam- cent of those it infected. Spanish flu shock should not be used as an excuse It had surfaced many times through- age is unlikely to be lasting. — which claimed between 50–100m to abandon fiscal discipline altogether. out history, but never on this scale. people after World War One — killed Lest we forget, the Conservative backfire. The reduction in annual The last major outbreak came in 1665, around two to three per cent of those manifesto promised to borrow only to deficits has been too slow to prevent when it killed 20 per cent of the pop- who caught it. Normal flu is fatal for invest, and to limit public investment to the stock of debt from rising to ulation. People still catch it today — es- some 0.15 per cent of cases. On cur- three per cent of GDP. There is already uncomfortably high levels, even when pecially hikers in rural America — but rent estimates, Covid-19 claims some- plenty of wriggle room here to respond borrowing costs are exceptionally low. it is now treatable with antibiotics. where between normal flu and 3.4 to coronavirus without bending these A pound spent by the government is Covid-19 is not in the same league as Unlike Covid-19, per cent. This is not even close to the rules: Sajid Javid’s deadline for also still a pound that cannot be spent plague. Public anxiety is fuelled be- the 1346 plague plague, and nor will its consequences balancing the current budget was 2023, by someone else — probably more cause everything we see about it fo- be, however much we panic. not 2020, and the three per cent is an wisely. cuses on the fatalities, provoking a changed Europe’s “average” that could apply over a crude correlation in our brains’ prim- £ Dominic Selwood is a barrister and number of years. £ Julian Jessop is an economics fellow itive risk processing centres, leading economy forever historian. Loosening the rules any further could at the Institute of Economic Affairs.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1448 Ä 0.0054 €/$ 1.1468 à 0.0154 5965.77 17547.15 3334.86 23851.02 7950.68 2746.56 /$ 1.3129 ÃÃ0.0115 €/£ 0.8735 0.0041 496.78 1199.36 266.09 2013.76 624.94 225.81 £ /¥ 134.13 2.8410 €/¥ 117.16 1.9340 ÄÄÄÄÄÄ ÄÄ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Templeton Em Mkts ....695.0 -50.0 876.0 695.0 JD Sports Fashion ...... 653.0 -25.6 881.4 464.5 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 Vietnam Enterprise ...... 383.5 -24.5 509.0 383.5 Kingfisher...... 162.6 -6.4 266.2 162.6 Tsy 4.750 20 ...... 99.98 0.00 104.0 100.0 Contour Global...... 165.2 -3.6 222.5 163.0 Games Workshp ...... 5965.0 -220.0 7350.0 2800.0 BP ...... 318.2 -77.0 582.5 318.2 Aggreko ...... 554.4 -117.2 869.2 554.4 Abcam ...... 1157.0 -103.0 1500.0 1066.0 VinaCapital Vietna ...... 272.0 -15.0 357.5 270.5 Tsy 8.000 21...... 109.74 -0.06 116.2 109.5 Drax Gp ...... 243.4 -16.2 386.8 243.4 Marks & Spencer ...... 136.6 -17.6 290.1 136.6 LIFE INSURANCE Cairn Energy...... 85.3 -35.2 207.8 85.3 Ashtead Gp ...... 1939.5 -260.5 2774.0 1805.5 Witan Invest ...... 182.0 -12.0 235.0 182.0 Advanced Medical ...... 244.0 -12.0 354.5 225.0 Tsy 2.500 24 ...... 361.64 -2.77 377.9 358.8 SSE ...... 1475.0 -100.0 1686.5 1008.0 Next ...... 5300.0 -326.0 7340.0 5106.0 Energean Oil & Gas .....440.5 -159.5 1082.0 440.5 Babcock Intl Grp...... 394.3 -23.4 646.6 394.3 Aviva ...... 308.0 -35.0 438.4 308.0 Alliance Pharma ...... 74.0 -2.0 87.5 63.0 Tsy 5.000 25 ...... 124.53 0.03 126.0 122.1 Wwide Healthcare .... 2915.0 -170.0 3330.0 2495.0 Pets at Home Gp ...... 239.2 -2.6 314.6 140.0 Premier Oil ...... 26.2 -35.4 118.7 26.2 ELECTRONIC & ELECTRICAL EQUIPMENT Legal & General ...... 218.0 -23.4 318.4 216.7 Bunzl ...... 1840.0 -78.0 2551.0 1840.0 Tsy 4.250 27 ...... 132.15 0.15 132.8 125.8 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 99.0 -1.0 139.0 99.0 Royal Dutch Shell A.....1317.8 -281.4 2612.0 1317.8 ASOS...... 2501.0 -231.0 4066.0 2107.0 Halma ...... 1976.0 -68.0 2244.0 1632.0 Phoenix Gp ...... 660.7 -23.2 803.0 634.2 Capita ...... 55.7 -13.3 183.0 55.7 Tsy 6.000 28 ...... 151.33 0.25 152.1 143.6 Watches of Switz ...... 329.2 -17.2 392.8 270.0 Royal Dutch Shell B ...1304.8 -290.8 2622.0 1304.8 Blue Prism ...... 1266.0 -111.0 1841.0 788.0 Morgan Advanced ...... 252.0 -17.0 324.8 232.4 BT Gp ...... 120.1 -10.8 230.7 120.1 Prudential ...... 1090.0 -103.5 1790.0 1090.0 DCC ...... 5072.0 -388.0 7496.0 5072.0 Tsy 4.125 30 ...... 385.98 -3.12 404.2 367.4 WH Smith...... 1659.0 -121.0 2654.0 1659.0 Tullow Oil ...... 16.0 -7.5 250.0 16.0 Oxford Instruments ...1276.0 -64.0 1654.0 963.0 Talktalk Telecom ...... 99.0 -8.6 126.5 99.0 St James Place ...... 883.6 -83.4 1199.5 883.6 Diploma ...... 1755.0 -94.0 2134.0 1342.0 Camellia ...... 7700.0 -200.0 11125.0 7700.0 Tsy 4.250 32...... 148.13 0.96 148.1 133.6 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Renishaw ...... 3054.0 -148.0 4638.0 3054.0 Telecom Plus ...... 1250.0 -92.0 1552.0 1130.0 Std Life Aberdeen ...... 239.4 -24.8 336.9 238.1 Electrocomp ...... 545.0 -50.0 729.8 540.8 Caretech Holdings ...... 435.0 -10.0 502.0 325.0 Tsy 4.250 36 ...... 160.44 2.20 160.4 139.2 Spectris ...... 2464.0 -150.0 3005.0 2234.0 FOOD & DRUG RETAILERS Convatec ...... 173.8 -11.7 220.4 132.6 MEDIA Hunting ...... 212.8 -57.8 657.0 212.8 Equiniti ...... 183.9 -8.1 236.2 183.9 Tsy 4.750 38...... 178.35 3.02 178.4 152.0 Central Asia Metals .....154.4 -17.2 266.5 154.4 EQUITY INVESTMENT INSTRUMENTS Greggs ...... 2108.0 -72.0 2476.0 1749.0 Mediclinic Intl ...... 330.3 -27.6 415.3 293.4 Petrofac ...... 220.0 -49.5 527.2 220.0 Essentra ...... 328.8 -3.2 449.0 328.8 Tsy 4.250 46 ...... 193.14 5.18 193.1 1.0 4imprint ...... 2780.0 -130.0 3500.0 2190.0 Clinigen Group ...... 650.0 -14.0 1069.0 650.0 Morrison (WM) ...... 180.8 -4.5 230.0 170.1 NMC Health ...... 1000.0 0.0 2942.0 700.0 Wood Gp(J) ...... 271.8 -49.8 598.6 271.8 Experian ...... 2460.0 -158.0 2898.0 2003.0 AEROSPACE & DEFENCE 3i Infrastructure ...... 281.5 -5.0 317.5 271.4 Ascential ...... 275.0 -22.4 421.2 275.0 CVS Group ...... 1014.0 -54.0 1250.0 503.0 Ocado Gp ...... 1077.5 -44.5 1435.0 1064.0 Smith & Neph...... 1583.5 -94.5 1990.0 1444.5 PERSONAL GOODS Aberforth Smlr Cos ... 1118.0 -78.0 1546.0 1114.0 Auto Trader Gp ...... 475.2 -20.2 607.6 471.7 Ferguson ...... 6268.0 -426.0 7602.0 4800.0 Avon Rubber...... 2415.0 15.0 2780.0 1230.0 Sainsbury(J) ...... 205.8 -5.3 240.6 177.1 UDG Hlthcare ...... 647.5 -43.0 832.5 551.0 Dart Group ...... 1048.0 -41.0 1943.0 709.5 Alliance Trust ...... 687.0 -53.0 876.0 687.0 Euromny Inst Inv...... 986.0 -52.0 1498.0 986.0 Burberry Gp...... 1510.5 -87.5 2345.0 1510.5 G4S ...... 137.1 -10.7 234.3 137.1 BAE Systems ...... 554.8 -42.4 669.0 443.9 SSP Group ...... 421.0 -39.0 721.0 421.0 HOUSEHOLD GOODS Diversified Gas & Oil ...... 65.4 -7.2 116.5 65.4 AVI Global Trust...... 638.0 -45.0 802.0 638.0 Future ...... 980.0 -36.0 1572.0 736.0 PZ Cussons ...... 169.0 -13.4 227.0 169.0 Hays ...... 118.6 -7.7 183.5 118.6 Meggitt ...... 483.8 -27.8 697.4 483.8 Tesco ...... 240.5 -0.1 258.9 212.6 Baillie Gifford Japan ...620.0 -41.0 848.0 620.0 Barratt Devel ...... 672.6 -59.4 878.4 552.8 Informa ...... 564.0 -32.0 892.0 564.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1113.0 -73.0 1340.0 988.5 Draper Esprit ...... 496.0 -22.0 602.0 410.0 QinetiQ ...... 317.2 -15.6 387.8 267.0 FOOD PRODUCERS Bankers InvTst ...... 864.0 -47.0 1032.0 856.0 Bellway ...... 3357.0 -228.0 4310.0 2698.0 ITV ...... 93.2 -9.1 156.5 93.2 Intertek Gp ...... 4852.0 -330.0 6170.0 4643.0 EMIS Group ...... 1054.0 -68.0 1242.0 949.0 Rolls-Royce ...... 568.2 -20.0 941.2 568.2 AstraZeneca ...... 7003.0 -239.0 7878.0 5644.0 BlackRock Smaller .....1416.0 -98.0 1794.0 1298.0 Assoc British Foods....2057.0 -95.0 2708.0 2057.0 Berkeley Grp Hldgs ...4368.0 -262.0 5474.0 3437.0 Moneysupermkt.com .. 292.2 -16.1 417.7 292.2 IWG...... 300.0 -28.1 469.0 244.9 Fevertree Drinks ...... 1129.5 -108.0 2475.0 1129.5 Senior ...... 128.7 -11.1 235.0 128.7 Dechra Pharma ...... 2550.0 -122.0 3068.0 2370.0 BMO Global Smaller ...... 114.2 -9.5 150.0 114.2 Bakkavor ...... 91.5 -6.1 149.6 91.5 Countryside Prop ...... 432.6 -30.8 540.5 277.6 Pearson ...... 537.2 -18.2 927.0 537.2 Network Int...... 473.0 -61.0 650.0 473.0 Ultra Electronics ...... 1906.0 -35.0 2292.0 1513.0 Genus ...... 3504.0 -52.0 3644.0 2178.0 First Derivatives ...... 2450.0 -250.0 3555.0 2100.0 Caledonia Inv ...... 2810.0 -110.0 3180.0 2810.0 Cranswick ...... 3316.0 -182.0 3852.0 2488.0 Crest Nicholson ...... 396.2 -30.2 519.0 332.0 RELX ...... 1731.0 -116.0 2099.0 1606.0 Pagegroup ...... 355.4 -24.4 539.0 355.4 AUTOMOBILES & PARTS GlaxoSmithKline ...... 1548.0 -45.6 1846.0 1501.6 Frontier Devs ...... 1130.0 -8.0 1444.0 866.0 City of London IT ...... 356.5 -21.5 448.5 356.5 Greencore Gp ...... 182.8 -13.9 281.8 182.8 McCarthy & Stone...... 117.0 -8.0 158.8 117.0 Rightmove Group ...... 570.6 -29.8 701.2 496.2 Hikma Pharma ...... 1817.0 -41.5 2200.0 1556.5 Paypoint...... 789.0 -34.0 1118.0 789.0 Gamma Comms ...... 1230.0 25.0 1460.0 910.0 Aston Martin...... 209.1 -56.8 1181.0 209.1 Edin Inv Trust ...... 488.5 -29.5 652.0 488.5 Hilton Food Gp ...... 954.0 -31.0 1118.0 905.0 Persimmon ...... 2483.0 -209.0 3298.0 1836.0 WPP ...... 672.2 -52.2 1077.5 672.2 REAL ESTATE Rentokil Initial ...... 469.7 -30.3 525.4 345.2 TI Fluid Systems ...... 170.2 -16.4 273.0 155.2 European Opp ...... 755.0 -32.0 926.0 708.0 Tate & Lyle ...... 678.0 -27.8 801.4 663.8 Sanne Group ...... 545.0 -41.0 752.0 498.0 GB Group ...... 634.0 -35.0 800.0 469.5 Assura ...... 73.5 -3.2 83.5 56.7 BANKS F&C Investment ...... 614.0 -42.0 786.0 614.0 Unilever ...... 4167.5 -184.5 5324.0 4138.5 MAIN CHANGES UK 350 Serco ...... 137.8 -8.0 167.7 120.3 Gooch & Housego ...... 1125.0 -35.0 1527.5 954.0 Fidelity China SPE ...... 213.5 -13.0 253.0 205.5 Big Yellow Gp ...... 1049.0 -47.0 1240.0 955.5 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 FORESTRY & PAPER SIG ...... 48.8 -5.2 153.0 48.8 Hurricane Energy ...... 10.4 -4.0 53.6 10.4 Fidelity Euro Values .....226.5 -15.5 272.0 218.0 % % BMO Comm Prop ...... 91.6 -3.4 124.2 91.6 Barclays ...... 118.1 -12.8 192.5 118.1 Mondi ...... 1488.5 -102.5 1846.0 1488.5 Risers à Fallers Ä Travis Perkins...... 1264.0 -81.0 1720.0 1166.0 Avon Rubber ...... 2415.00 0.6 Premier Oil ...... 26.21 -57.5 British Land ...... 441.1 -30.3 638.8 441.1 Impax Asset Mgmt ...... 335.0 -41.0 405.0 216.0 BGEO Group ...... 1400.0 -166.0 1818.0 1252.0 Fidelity Spec Val ...... 214.5 -10.5 280.5 214.5 TECHNOLOGY HARDWARE & EQUIPMENT GENERAL FINANCIAL Tullow Oil ...... 16.00 -31.8 Captl & Count Prop ...... 189.1 -8.3 270.5 184.8 Iomart Group ...... 335.5 -9.0 405.0 316.5 HSBC Hldgs...... 470.0 -23.8 680.6 470.0 Finsbury G&I Tst ...... 765.0 -33.0 958.0 765.0 3i Group ...... 858.6 -71.8 1184.5 858.6 Cairn Energy ...... 85.35 -29.2 CLS Hldgs ...... 240.5 -14.5 312.5 212.0 Spirent Comms ...... 202.5 -12.5 256.0 140.4 IQE...... 37.8 -8.3 94.2 37.8 Lloyds Banking ...... 41.2 -4.4 67.2 41.2 GCP Infra Inv ...... 118.2 -3.4 134.0 117.0 Ashmore Gp ...... 395.8 -42.6 570.0 395.8 Coats Group ...... 56.90 0.6 Energean Oil & Gas ...... 440.50 -26.6 Daejan Hldgs ...... 7980.0 -10.0 8040.0 4715.0 Genesis Emerging ...... 660.0 -48.0 818.0 660.0 TOBACCO James Halstead ...... 490.0 -2.0 570.0 440.0 Royal Bank of Scot ...... 140.9 -16.4 270.4 140.9 Aston Martin ...... 209.10 -21.4 Greencoat UK ...... 138.4 -3.8 152.8 133.8 Brewin Dolphin ...... 266.8 -19.6 375.2 266.8 Derwent London ...... 3920.0 -140.0 4282.0 2884.0 Standard Chartered .... 456.3 -63.3 738.6 456.3 Hunting ...... 212.80 -21.4 Br Am Tob ...... 2978.5 -127.5 3507.0 2648.0 Johnson Service Gp .....185.0 -19.0 223.0 131.6 Harbourvest Glb ...... 1610.0 -76.0 1868.0 1406.0 Close Brothers ...... 1138.0 -89.0 1663.0 1138.0 Grainger ...... 277.8 -14.8 338.0 217.4 TBC Bank Group...... 1138.0 -100.0 1706.0 1138.0 Polymet Int ...... 1305.50 0.6 BP ...... 318.20 -19.5 Coats Group ...... 56.9 0.3 86.8 56.5 Grt Portland Est ...... 831.2 -26.8 966.0 649.4 Imperial Brands ...... 1556.4 -85.4 2648.5 1554.8 Keywords Studios ...... 1437.0 -63.0 1838.0 1068.0 Virgin Money UK ...... 111.0 -18.1 220.1 104.4 Herald Inv Trust ...... 1206.0 -76.0 1530.0 1205.0 Capita ...... 55.70 -19.2 Finablr ...... 40.4 -0.1 215.0 40.4 Hammerson ...... 169.8 -12.8 383.0 169.8 TRAVEL & LEISURE Learning Tech Gp ...... 129.0 -9.6 172.2 63.7 HICL Infr ...... 167.8 -2.8 183.0 156.6 Petrofac ...... 220.00 -18.4 BEVERAGES Land Securities...... 756.2 -40.6 1001.5 735.4 JPM American ...... 417.5 -25.5 524.0 417.5 Hargreaves Lans...... 1276.0 -161.5 2433.0 1276.0 Dominos Pizza ...... 284.70 0.2 Royal Dutch Shell B ...... 1304.80 -18.2 Carnival ...... 1673.5 -308.0 4237.0 1673.5 M&C Saatchi ...... 75.0 3.4 394.0 68.6 Barr (AG) ...... 515.0 -24.0 975.0 515.0 IG Gp...... 656.2 -65.2 725.2 474.8 LondonMetric Prop ...... 207.6 -7.4 241.2 192.1 JPM Emerg Mkt ...... 877.0 -67.0 1088.0 877.0 Cineworld Group ...... 104.0 -7.1 321.0 104.0 M.P. Evans ...... 628.0 -36.0 750.0 612.0 Britvic ...... 822.0 -36.0 1068.0 822.0 JPM Indian IT ...... 576.0 -28.0 790.0 576.0 Integrafin Holdings ...... 431.0 -31.0 529.0 337.0 Reckitt Benckiser ...... 5736.0 -269.0 6688.0 5721.0 MINING NewRiver Retail ...... 141.4 -5.2 246.0 141.4 Compass Gp ...... 1477.0 -105.5 2138.0 1477.0 Primary Hlth Prop ...... 148.6 -6.4 162.8 124.6 Majestic Wine ...... 220.5 -3.5 318.0 208.0 Coca-Cola HBC AG ...... 2227.0 -245.0 3074.0 2227.0 JPM Japan IT ...... 369.0 -17.0 477.5 369.0 Intermediate Capital 1354.0 -199.0 1877.0 1033.0 Redrow...... 662.0 -49.0 848.0 533.0 Anglo American ...... 1502.2 -179.0 2266.0 1502.2 Dominos Pizza ...... 284.7 0.7 326.4 221.2 Diageo ...... 2616.0 -124.0 3625.5 2616.0 Intl Public Prtnshps .....158.0 -5.2 171.2 146.8 Safestore Hldgs ...... 798.0 -13.5 867.0 586.0 Midwich Group ...... 460.0 -38.0 633.0 460.0 Jupiter Fund Mngt ...... 253.9 -27.3 432.0 253.9 Taylor Wimpey ...... 186.2 -13.4 236.2 142.9 Antofagasta ...... 688.8 -53.0 1022.5 688.8 easyJet ...... 977.8 -22.2 1552.0 854.8 Investec ...... 327.4 -33.7 518.6 327.4 Savills ...... 985.0 -61.0 1258.0 822.0 Mortgage Advice B .....650.0 -70.0 800.0 546.0 CHEMICALS Law Debenture ...... 570.0 0.0 654.0 552.0 Vistry Group ...... 1154.0 -80.0 1478.0 975.0 BHP Group ...... 1111.4 -220.8 2049.0 1111.4 FirstGroup ...... 94.5 -5.7 137.5 90.0 IP Group ...... 58.2 -4.8 100.4 55.7 SEGRO ...... 810.2 -39.4 935.0 660.0 Croda International ..4362.0 -108.0 5375.0 4362.0 Mercantile IT ...... 219.0 -10.0 278.5 188.0 INDUSTRIAL ENGINEERING Centamin ...... 132.5 -6.0 153.2 79.8 Flutter Ent...... 8132.0 -316.0 9456.0 5592.0 Next Fifteen Comm ...... 443.0 -19.0 658.0 443.0 John Laing Gp ...... 321.8 -17.8 402.0 321.8 Shaftesbury ...... 764.0 -32.0 979.5 739.5 Elementis...... 83.1 -9.6 184.5 83.1 Monks Inv Tst ...... 827.0 -63.0 1026.0 817.0 Fresnillo ...... 657.8 -5.4 921.2 539.6 Go-Ahead Gp ...... 1712.0 -48.0 2278.0 1712.0 Nichols...... 1350.0 120.0 1880.0 1230.0 London Stock Exch ....7246.0 -346.0 8542.0 4538.0 Bodycote ...... 650.0 -55.0 971.0 650.0 St Modwen Props ...... 445.0 -10.0 530.0 373.0 Johnson Matt...... 2225.0 -178.0 3454.0 2225.0 Murray Intl Tst ...... 1000.0 -46.0 1286.0 1000.0 GVC Hldgs ...... 716.2 -51.8 939.0 507.5 Man Group ...... 115.7 -14.9 175.2 115.7 Hill & Smith ...... 1256.0 -47.0 1510.0 1049.0 Glencore ...... 152.6 -21.5 340.3 152.6 TR Property IT ...... 427.0 -17.5 497.5 385.5 Numis Corporation ...... 227.0 -3.0 306.0 212.0 Synthomer ...... 248.6 -21.4 420.8 248.6 Next Energy Solar ...... 115.0 -1.0 126.5 114.0 Onesavings ...... 329.0 -36.8 452.0 313.6 IMI ...... 859.6 -99.2 1206.0 859.6 Hochschild Mining ...... 159.9 -10.0 227.0 152.0 Tritax Big Box ...... 126.3 -5.5 159.7 126.3 Intercontl Htls ...... 3850.0 -181.5 5738.0 3850.0 Polar Capital Hdgs ...... 434.0 -26.0 604.0 434.0 Victrex ...... 1913.0 -97.0 2540.0 1845.0 Pantheon Intl Partn ...2165.0 -35.0 2620.0 2020.0 Melrose Ind ...... 166.4 -16.4 248.5 160.7 Kaz Minerals ...... 329.3 -53.7 738.4 329.3 Intl Cons Airl...... 419.0 -12.6 671.0 413.5 Perpetual Inc & Grth ...253.0 -18.5 342.0 253.0 Paragon...... 394.2 -36.8 553.5 388.0 UK Commercial Prop ..... 76.5 -3.0 92.7 76.5 Purplebricks Gp ...... 61.0 -12.0 132.0 61.0 CONSTRUCTION & MATERIALS RHI Magnesita ...... 2348.0 -326.0 5000.0 2348.0 Polymet Int...... 1305.5 7.5 1345.0 772.6 Unite Group ...... 1079.0 -34.0 1339.0 896.5 Just Eat Takeaway ....6285.0 -430.0 8255.0 6285.0 Pershing Square ...... 1218.0 -90.0 1578.0 1218.0 Plus500 ...... 913.8 -40.0 957.0 495.0 Renew Holdings...... 470.0 -25.0 568.0 360.0 Balfour Beatty ...... 216.0 -11.8 293.4 194.2 Provident Fin ...... 353.5 -39.5 583.8 353.5 Rotork ...... 243.0 -41.6 341.2 243.0 Rio Tinto ...... 3249.0 -256.0 4976.5 3249.0 Workspace Gp ...... 1018.0 -68.0 1307.0 806.0 Marstons ...... 78.5 -5.5 131.4 78.5 Personal Assets Tst ....41450 -1250 44050 40150 RWS Holdings ...... 500.0 -41.0 670.0 475.5 CRH ...... 2424.0 -225.0 3100.0 2279.0 Mitchells & Butlers .....288.0 -25.0 470.5 238.0 Polar Cap Tech Tst .....1420.0 -84.0 1746.0 1228.0 Quilter ...... 130.0 -9.8 174.7 124.2 Spirax-Sarco...... 8300.0 -330.0 9415.0 6990.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES Galliford Try...... 136.0 -8.0 190.4 102.4 Rathbone Brothers ....1502.0 -106.0 2540.0 1502.0 National Express ...... 351.4 -33.4 476.0 351.4 Scapa Group ...... 141.4 -14.6 403.0 141.4 Pollen Street ...... 790.0 -42.0 884.0 790.0 Weir Gp ...... 1102.0 -194.5 1814.0 1102.0 Vodafone Gp ...... 124.2 -12.4 165.2 123.3 Avast...... 377.0 -25.0 551.0 282.0 Grafton Group...... 739.0 -32.5 990.0 645.5 Schroders ...... 2311.0 -346.0 3443.0 2311.0 PPHE Hotel Gp ...... 1500.0 -100.0 2140.0 1500.0 Secure Income REIT ...419.0 -22.0 473.0 394.0 Renewables Infra Gp ...130.6 -3.6 139.2 115.4 INDUSTRIAL METALS NONLIFE INSURANCE Aveva Gp...... 3532.0 -734.0 5315.0 2972.0 Ibstock ...... 209.0 -16.6 322.2 208.6 TP ICAP ...... 354.6 -26.1 417.5 270.0 Rank Gp ...... 228.0 -12.5 326.0 144.0 Serica Energy...... 82.0 -6.2 143.4 82.0 RIT Cap Partners ...... 1866.0 -88.0 2180.0 1866.0 Evraz ...... 232.3 -36.8 709.4 232.3 Computacenter...... 1516.0 -95.0 1920.0 1049.0 Marshalls ...... 667.0 -40.5 876.0 545.5 GENERAL RETAILERS Admiral Gp ...... 2050.0 -130.0 2330.0 2014.0 Restaurant Grp ...... 83.8 -2.7 166.4 83.0 Schroder Asia ...... 396.0 -26.5 485.5 396.0 Ferrexpo ...... 112.0 -12.9 301.3 112.0 FDM Group...... 816.0 -54.0 1100.0 647.0 Smart Metering Sys....454.0 -14.0 627.0 310.0 Polypipe Group ...... 503.0 -27.5 619.0 372.8 Beazley ...... 478.4 -20.6 628.0 478.4 Stagecoach Gp...... 106.3 -7.9 165.2 106.3 Scottish Inv Tst ...... 680.0 -42.0 843.0 680.0 B&M ...... 302.1 -14.7 420.9 302.1 INDUSTRIAL TRANSPORTATION Kainos Gp ...... 692.0 -48.0 880.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS Scottish Mortgage ...... 546.0 -23.0 659.0 472.0 Direct Line Ins ...... 285.4 -27.4 366.5 270.5 TUI AG ...... 484.1 -48.9 1081.5 48.0 Dixons Carphone ...... 99.0 -9.1 152.4 99.0 Micro Focus Intl ...... 592.4 -92.5 2160.0 592.4 Thorpe (F.W.) ...... 285.0 -10.0 359.0 267.0 Smith (DS) ...... 302.8 -19.3 394.8 302.8 Sequoia Econ Infra ...... 109.8 -2.4 118.6 109.8 Dunelm Gp...... 991.0 -46.0 1404.0 730.5 Clarkson ...... 2290.0 -95.0 3110.0 2200.0 Hastings Gp Hldgs ...... 152.0 -8.7 231.6 152.0 Playtech ...... 211.3 -21.2 457.7 211.3 Wetherspoon (JD) ...... 1219.0 -87.0 1734.0 1219.0 Watkin Jones ...... 240.0 -13.5 286.0 199.6 Smiths Gp...... 1252.5 -157.5 1769.5 1252.5 Smithson Inv ...... 1180.0 -30.0 1388.0 1115.0 Frasers Group ...... 303.0 -26.4 518.0 214.0 Fisher (James) ...... 1680.0 -140.0 2260.0 1680.0 Hiscox ...... 1122.0 -74.0 1777.0 1122.0 Sage Group ...... 627.4 -40.6 820.4 627.4 Whitbread ...... 3265.0 -236.0 5152.0 3265.0 Smurfit Kappa Gp...... 2410.0 -136.0 3010.0 2096.0 Syncona ...... 224.5 -19.5 267.0 203.0 Howden Joinery Gp.....588.2 -29.8 732.6 478.8 Royal Mail ...... 154.6 -11.4 268.5 154.6 Lancashire Hldgs ...... 679.5 -37.0 807.0 640.5 Softcat ...... 965.0 -70.0 1260.0 777.0 William Hill ...... 128.0 -5.5 205.2 128.0 Young’s Brew NV ...... 1140.0 -40.0 1310.0 1030.0 Vesuvius...... 381.4 -19.4 642.0 341.0 Temple Bar IT ...... 1064.0 -74.0 1486.0 1064.0 Inchcape...... 555.5 -28.0 720.0 545.5 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 471.0 -28.5 597.0 471.0 Sophos ...... 580.4 0.0 580.4 298.2 Wizz Air Holdings ...... 3356.0 -95.0 4496.0 2880.0 Young’s Brew-A...... 1300.0 -200.0 1885.0 1300.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 225.70 -15.35 316.05 204.80 3M ...... 144.06 -9.59 219.50 145.24 AIR LIQUIDE ...... 113.95 -9.35 140.30 110.65 ABBOTT LABORATORIES ...... 77.02 -4.72 91.86 72.88 ALLIANZ AG ...... 171.76 -17.36 232.20 189.12 ADOBE INC ...... 305.79 -30.98 383.28 257.09 AMADEUS IT GROUP ...... 54.38 -1.56 78.60 42.30 ALPHABET NON VTG-C ...... 1215.56 -82.85 1526.69 1036.23 ANHEUSER BUSCH INBEV ...... 42.70 -5.16 92.71 47.87 ALPHABET-A ...... 1215.79 -79.95 1524.87 1116.79 AMAZON.COM ...... 1800.61 -100.48 2170.22 1673.10 ASML HOLDING NV ...... 236.20 -15.10 292.95 161.92 AMERICAN EXPRESS ...... 98.29 -9.95 136.93 108.01 AXA ...... 18.00 -2.00 25.50 20.00 APPLE INC ...... 266.17 -22.86 327.20 173.30 BANCO SANTANDER ...... 2.68 -0.36 4.10 3.04 AT&T ...... 34.69 -2.34 39.63 30.28 BASF...... 47.15 -5.85 74.49 53.00 BANK OF AMERICA ...... 21.93 -3.78 35.64 25.71 BAYER AG...... 58.29 -5.71 78.06 52.53 BERKSHIRE HATHAWAY...... 193.13 -12.85 230.20 195.81 BBVA ...... 3.50 -0.53 5.69 4.03 BOEING CO ...... 227.17 -35.16 395.86 260.37 BMW ...... 50.94 -6.28 77.75 57.22 CATERPILLAR INC ...... 104.07 -17.34 150.53 113.38 BNP PARIBAS ...... 33.78 -4.73 54.18 38.52 CHEVRON ...... 80.67 -14.65 126.54 93.34 CRH ...... 28.01 -2.45 36.50 26.70 CISCO SYSTEMS ...... 37.96 -1.72 58.05 39.57 DAIMLER ...... 30.30 -4.64 59.31 34.94 CITIGROUP ...... 51.37 -9.91 81.91 60.33 DANONE ...... 58.12 -2.84 82.00 60.96 COCA-COLA CO ...... 51.86 -3.40 60.13 45.30 DEUTSCHE POST AG ...... 22.59 -2.33 34.91 24.93 COMCAST ...... 37.88 -2.49 47.50 39.18 DOW ...... 30.53 -8.44 66.65 38.97 DEUTSCHE TELEKOM ...... 13.65 -0.99 16.61 14.45 EBAY INC ...... 35.52 -0.87 41.57 33.56 ENEL ...... 7.11 -0.79 8.57 5.47 EXXON MOBIL ...... 41.86 -5.83 83.38 47.69 ENGIE...... 13.68 -1.27 16.64 12.45 FACEBOOK ...... 169.50 -11.59 223.23 174.60 ENI ...... 8.10 -2.13 15.94 10.23 GOLDMAN SACHS GROUP ...... 172.81 -20.04 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 210.46 -18.05 247.02 181.14 FRESENIUS MEDICAL CARE ...... 65.62 -3.36 77.66 57.92 HONEYWELL INTERNATIONAL ...... 152.86 -11.17 183.23 153.50 IBERDROLA ...... 9.89 -0.70 11.22 6.02 IBM ...... 117.81 -9.92 156.76 126.99 INDITEX ...... 25.51 -1.33 32.37 2.55 INTEL ...... 50.85 -4.92 68.47 43.46 ING GROEP NV...... 6.47 -1.07 12.05 7.54 JOHNSON & JOHNSON ...... 136.44 -5.59 153.99 126.95 INTESA SANPAOLO...... 1.75 -0.23 2.60 1.83 JPMORGAN CHASE & CO ...... 93.44 -14.64 141.09 98.93 KERING ...... 457.05 -26.45 610.20 425.05 MASTERCARD INC ...... 262.01 -25.00 344.56 226.94 MCDONALD’S ...... 186.86 -12.00 221.15 181.83 KON KPN NV ...... 2.08 -0.13 2.96 2.20 MEDTRONIC ...... 92.40 -6.66 121.30 84.15 L’OREAL ...... 236.80 -16.90 275.30 228.30 MERCK & CO ...... 78.96 -3.24 92.04 73.19 LVMH MOET HENNESSY ...... 338.00 -22.35 439.05 308.60 COMMODITIES TOURIST RATES MICROSOFT ...... 150.62 -10.95 188.70 113.62 MUENCHENER RUECKVE ...... 216.00 -19.30 282.50 207.50 NETFLIX ...... 346.49 -22.48 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1673.16 -11.43 Copper Cash Official...... 5623.50 -43.75 Canada ...... 1.713 New Zealand ...... 1.9551 NIKE INC ...... 84.11 -4.25 104.58 77.14 ORANGE ...... 11.30 -0.80 15.01 12.10 Silver (Pence) ...... 1748.00 +28.00 Aluminium Cash Official ...... 1686.75 -27.75 Croatia ...... 7.8227 Norway...... 12.04 ORACLE ...... 46.01 -1.36 60.15 47.37 ROYAL PHILIPS ...... 34.59 -2.42 45.61 35.02 Silver (Cents) ...... 1344.00 +13.00 Nickel Cash Official ...... 12705.00 -85.00 Czech Republic ...... 27.01 Poland ...... 4.3678 PAYPAL HOLDINGS ...... 101.63 -9.26 123.91 96.64 SAFRAN ...... 107.50 -7.65 150.25 115.15 Krugerrand ...... 1687.86 -13.67 Aluminium Alloy Cash Official ...... 1370.00 -15.00 Denmark ...... 8.1733 Singapore ...... 1.7015 PEPSICO ...... 130.16 -7.10 146.99 118.61 SANOFI ...... 79.93 -5.13 94.00 72.24 Brent Crude ...... 45.27 -4.72 Natural Gas ...... 21.85 -0.50 Hong Kong ...... 9.7149 Sweden ...... 11.83 PFIZER INC ...... 33.76 -1.26 44.40 33.42 SAP SE ...... 98.51 -8.43 129.36 95.60 Platinum ...... 895.00 +29.00 Tin Cash Official ...... 16907.50 -80.00 Iceland ...... 148.05 Switzerland ...... 1.1578 PROCTER & GAMBLE ...... 116.06 -5.60 127.14 100.05 SCHNEIDER ELECTRIC ...... 82.14 -8.14 102.90 67.74 British Sovereign ...... 393.45 -3.12 Zinc Cash Official ...... 1977.75 -23.75 India ...... 86.06 Turkey ...... 7.6832 TRAVELERS COMPANIES ...... 116.20 -8.64 154.83 119.81 SIEMENS AG ...... 79.90 -7.50 119.90 85.00 Lead Cash Official ...... 1879.00 +21.50 White Sugar ...... 370.30 -15.20 Israel ...... 4.1616 United States ...... 1.2583 TWITTER ...... 32.46 -1.00 45.42 28.89 UNITED HEALTH GROUP ...... 273.44 -10.43 305.31 215.26 SOCIETE GENERALE...... 17.62 -3.78 31.93 21.13 UNITED TECHNOLOGIES ...... 115.36 -11.12 156.83 122.94 TELEFONICA SA ...... 4.59 -0.50 9.18 5.09 WORLD INDICIES VERIZON COMMUNICATIONS ...... 55.83 -1.04 62.07 54.16 TOTAL ...... 30.98 -6.17 52.27 37.15 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 171.13 -13.23 213.31 168.86 UNILEVER NV ...... 47.05 -2.00 57.56 47.62 FTSE 100...... 5965.77 -496.78 -7.69 S&P 500...... 2746.56 -225.81 -7.60 CAC 40 ...... 4707.91 -431.20 -8.39 Hang Seng ...... 25040.46 -1106.21 -4.23 WALGREENS BOOTS ALLIANCE...... 48.44 -2.07 76.05 45.76 VINCI ...... 80.72 -6.80 106.75 84.00 FTSE 250 ...... 17547.15 -1199.36 -6.40 Dow Jones I.A ...... 23851.02 -2013.76 -7.79 Swiss Market Index ...... 9196.60 -540.22 -5.55 Nikkei ...... 19698.76 -1050.99 -5.07 WALMART ...... 117.16 -0.07 121.28 96.94 VIVENDI ...... 21.20 -1.65 26.42 22.85 FTSE All-Share ...... 3334.86 -266.09 -7.39 Nasdaq Composite ...... 7950.68 -624.94 -7.29 ISEQ Overall Index ...... 5888.18 -378.35 -6.04 STI Index ...... 2782.37 -178.61 -6.03 WALT DISNEY CO ...... 104.35 -10.92 151.64 107.79 VOLKSWAGEN AG ...... 130.60 -16.26 185.52 138.16 FTSE AIM All-Share ...... 800.90 -50.04 -5.88 Xetra DAX...... 10625.02 -916.85 -7.94 FTSEurofirst 300 ...... 1323.72 -108.73 -7.59 ASX All Ordinaries...... 5822.40 -465.10 -7.40 WELLS FARGO & CO ...... 32.48 -4.61 54.46 37.09 CITYAM.COM TUESDAY 10 MARCH 2020 FEATURE 23 ISA FEATURE

HERE are just 27 days to go before the tax year ends on 5 April. For savers and in- Tvestors, that means there are only a few weeks left to make use of their Individual Savings Ac- count (Isa) allowance. HOW TO Introduced in 1999, Isas allow people to invest up to £20,000 into savings each tax year, and prevents tax from eating into their profits. The allowance resets each year, so it is good practice to make the most of it every time. BUILD In the past, Isa investments were lim- ited to cash savings or the stock mar- ket, and were intended for general savings. But the Isa market has ex- panded to include new categories (such as peer-to-peer lending) and serve YOUR ISA different purposes (such as Lifetime Isas, which can be used exclusively for retirement savings or to buy a house). You can divide your allowance between these different options as you see fit. Given all of these options, the Isa uni- NEST EGG verse can be a little confusing, espe- cially for first-time savers. Hopefully, this article will guide you through your choices and help you make the most of your allowance. COLD, HARD CASH Cash Isas offer interest payments free from income tax, which is 20 per cent for basic rate taxpayers, 40 per cent for higher rate taxpayers, and 45 per cent Luke Graham for additional rate taxpayers (those explains the earning more than £150,000 per year). They are probably the most straight- full range of tax-free savings forward Isa product. However, this tax incentive has become less useful since accounts on the market the introduction of the personal sav- ings allowance in April 2016, which ahead of the tax year deadline permits basic rate taxpayers to earn up to £1,000 in savings income tax- free. Higher rate taxpayers can earn up to £500, but additional rate taxpay- whereas stock market investments can per cent and 1.51 per cent if you’re to save for the long term may be better ers do not get a personal savings al- go up or down in value. willing to lock your money away for off investing their money into a stocks lowance, so a cash Isa may be useful Also, cash Isas are simple to set up, as one or two years. and shares Isa. for them. many high-street banks offer them. Some banks offer additional incen- These investments usually involve The other problem with cash Isas are Fixed-rate Isa accounts, where money tives to encourage savers to open cash buying company shares that may pay the relatively poor returns. Currently, is locked away for a year or more, usu- Isas. For instance, Nationwide recently dividends, or bonds (a loan to a busi- the average interest rate for an instant- ally offer higher rates of interest than launched a cash prize draw: anyone ness or government) that pay interest. access cash Isa is 0.83 per cent. With instant-access accounts, which allow Investing in who saves £100 in one of its Isas before Investments in a stocks and shares UK inflation last measured at 1.8 per any number of withdrawals. 30 April will have a chance to win one Isa are free from capital gains tax, cent, this means cash Isa savings are Currently, the top easy-access cash markets can pose of 60 prizes worth between £5,000 and which is otherwise charged at 10 per technically losing purchasing power. Isa is from Virgin Money. It pays 1.31 £20,000. Nationwide offers a one-year cent for basic rate taxpayers and 20 Still, there are good reasons to keep per cent a year, but only allows a max- a greater level of cash Isa paying 1.21 per cent which al- per cent for higher rate taxpayers for some cash assets, such as an emer- imum of two withdrawals every 12 lows up to three withdrawals. any gains above the yearly allowance gency fund or when saving for the months. Cynergy Bank is close behind, risk, however they of £12,000. Interest from bonds are short term. Cash savings are also pre- with an Isa paying 1.29 per cent with can also offer RIDE THE STOCK MARKET also tax-free. dictable; your savings will increase by unlimited withdrawals. OakNorth While cash Isas are predictable, the re- the advertised interest at a set time, Bank offers fixed cash Isas paying 1.41 greater returns turns are very low. People who are able CONTINUES ON P24 ADVERTISEMENT FEATURE 24 FEATURE TUESDAY 10 MARCH 2020 CITYAM.COM SPECIAL FEATURE IFISAS: INVEST IN BRITISH CONTINUED FROM P23 Changes to how dividends are ENTREPRENEURS AND taxed, introduced by the former chancellor George Osborne, made Isas more appealing for investors. MAXIMISE YOUR TAX-FREE ISA Prior to April 2016, all dividends were taxed 10 per cent at source, even on investments held within Isas. Now, all dividend income from an Isa is tax-free. Outside of an Isa, div- idends above £2,000 per year are taxed 7.5 per cent for basic rate tax- payers, 32.5 per cent for higher rate taxpayers and 38.1 per cent for addi- tional rate taxpayers. Of course, stocks and shares Isas involve some element of risk. Mar- kets can go down as well as up, and companies can go bust, meaning that investors will likely lose all their money. Anyone who has paid attention to the news recently will know that stock markets around the world have fallen sharply in the last few weeks because of fears about the spread of coronavirus. As such, first-time investors must be aware that their capital is at risk and their investments may end up being worth less than they put away to begin with, whereas cash deposits are secure — although data shows Chris Hancock that stocks and shares have histori- Founder and CEO of Crowd2Fund cally beaten cash over the long term. For example, according to figures provided by Fidelity, a £10,000 in- vestment held in cash for 10 years nnovative Finance ISAs offer an exciting would be worth £10,194 now, while Ialternative investment channel, helping the same investment into the FTSE you diversify your portfolio and 100 would be worth £18,027. maximising your £20,000 tax-free ISA “While there is less risk associated allowance — all while supporting high Its community of with holding money in cash, the performing British entrepreneurs. current low interest rate environ- Finding the right businesses for your over 12,000 ment means that any gains will be portfolio without skimping on the details investors has minimal — particularly with specu- you need to make an informed lation that the Bank of England may investment decision has always been a backed more than reduce the base rate further within challenge. Crowd2Fund has the solution. 500 businesses to the next month or so,” says Tom The ability to assess an entrepreneur’s Stevenson, investment director at Fi- capability to deliver, understand the date — with almost delity Personal Investing. “Investing vision of the business, and gauge the £40m now invested. in markets can pose a greater level associated risks of investment has of risk, however they can also offer always been important when investing additional rewards in return. This might greater returns.” directly in private businesses. Historically, be by investing in Cubana Restaurants, One other element to be aware of this wasn’t always simple. Until now, ISAs founded by one of Crowd2Funds Hero is that, unlike cash Isas, stocks and generally aggregate portfolios into a Entrepreneurs, Phillip Oppenheim, to shares Isas are not free. Investment pooled fund, leaving you without complete the final phase of their roof platforms usually charge a percent- transparencies traditional ISAs create a terrace development. Or in Planks age fee for their service each year, disconnect between you and your Clothing, an eco-friendly skiwear brand – which is taken by selling part of the investments, erasing what makes investors were offered 14.5% APR tax-free customer’s investments. investing interesting and enjoyable — and 30% discount on their ski gear for this These fees are usually very small: discovering, selecting, and watching a season. Fidelity charges just 0.35 per cent, business you believe in achieve success. The Crowd2Fund platform is built with which equates to £35 per £10,000 This disconnect between the business state-of-the-art technology to mobilise saved with the platform. For smaller PENSIONS VS ISAS allowance of £1,055,000 — any and the investor is part of the puzzle that risk capital for entrepreneurs and deliver portfolios, percentage fees won’t pension savings above this will incur Crowd2Fund CEO, Chris Hancock, has better returns for investors without the cost a lot, but they can add up as a Readers may wonder whether they tax charges of up to 55 per cent. endeavored to solve. By offering a self- need for a middle man. It’s easy to get set- portfolio grows. If you put your should invest into an Isa or a Isas offer flexibility and simplicity. select Innovative Finance ISA investing up as an IFISA investor via the mobile money into funds, investment pension. After all, pension The returns are tax-free, there’s no platform, investors now have complete application, and you can even sell your trusts, or exchange traded funds, contributions benefit from tax relief, cap on how large Isa savings can control of where their money goes. investment to another investor within the there’s usually an additional man- which is worth from 20 per cent to grow, and the money can be “At Crowd2Fund, it’s crucial that we community, via The Exchange, if you agement charge. 45 per cent, depending on what rate withdrawn at any time (with some deliver as much transparent information need access to your capital. There are also dealing costs to con- of income tax you pay. exceptions), which is useful if you about the businesses and investment “It’s for people who want to engage sider. For instance, buying shares, However, pensions cannot be have an emergency. opportunities as possible, empowering with investing and have more control,” investment trusts, or exchange accessed until you are at least 55, Of course, it is not a case of either investors to make their own balanced asserts Hancock. “Rather than simply traded funds with Cavendish Online and income from a pension will be or. Both serve a purpose, depending investment decisions,” he says. investing based on the rate of return, costs £10 per deal. However, there taxed when you come to collect it. on your financial priorities: for “We achieve this by giving you a direct they’re choosing to support real are new providers offering cheaper The rules for pensions are also instance, an Isa will help you with connection to the entrepreneurs and entrepreneurs and growing British trading fees, such as the challenger particularly complex: the annual saving up for a house deposit, while businesses; via online messaging, access businesses; the lifeblood of the fintech Freetrade, which charges allowance is tapered for higher a pension is crucial for your to their LinkedIn profiles, and economy.” zero dealing commission fees on its earners, and there is a lifetime retirement planning. transparent financial accounts that allow app-based platform (although its Isa you to better understand the business. At Earnings from investments can vary account costs £3 per month). the same time, all listed businesses are between 6% - 15% annual return before Traditional investment platforms to invest. The platform will then al- As such, investors need to shop subject to a highly robust credit fees and bad debt. Past performance and like Fidelity, Cavendish Online, and locate their money into different as- around and do their homework be- assessment and due diligence process forecasts are not reliable indicators of Hargreaves Lansdown are popular sets accordingly. This extra fore deciding. before they are presented to investors.” future results. Tax treatment of any of the with DIY investors who want to pick management does come with a Through their revolutionary technology investment offers will depend on the and choose where their money is in- slightly higher cost: Nutmeg charges TAKING AIM and dedicated team, Crowd2Fund has individual circumstances of each investor vested, but this can be daunting for 0.75 per cent on a fully managed While discussing stocks and shares opened up this new market. They also and may be subject to change in the some savers. portfolio worth up to £100,000 (the Isas, it is worth mentioning the UK’s demonstrate a solid track record of future. When investing directly into private Thankfully, there are alternatives. fee decreases on larger portfolios), Alternative Investment Market (Aim). success; its community of over 12,000 businesses, your capital invested is not Robo-investment platforms have but you are paying to not have to This is an index of the country’s investors has backed more than 500 covered for compensation in the event of a emerged in the last decade that pick stocks yourself. smallest listed companies, which businesses to date — with almost £40m loss by the Financial Services make investing less complex and So what stocks and shares Isa have the potential for rapid growth. now invested via the platform. The Compensation Scheme. manage your money for you. These should you go with? That depends. You’ve likely heard of some Aim average lending rate before fees and bad providers include Moneyfarm, Nut- Do you want to manage your invest- stocks, such as the online fashion re- debt is 10.63% APR, tax-free. meg and Wealthify, which all offer ments yourself, or go with a robo-ad- tailers ASOS and Boohoo, or the tonic Choosing the businesses you invest in READ MORE ONLINE Isa accounts. viser that does it for you? One water maker Fevertree. gives you an avenue to grow your wealth Usually, new customers will com- platform that charges a lower per- In addition to the benefits listed tax-free, and an opportunity to make an For more information and to plete a questionnaire to identify centage fee may have higher dealing above, Aim stocks held within an Isa impact. It allows you to create change in download our IFISA Guide 2020: what level of risk they are comfort- costs than another. A cheaper plat- are also free from inheritance tax. markets you are passionate about and www.crowd2fund.com/ifisa able with, what their investment form might have a smaller choice of These will be useful to some investors feel connected with, and even get goals are, and how long they intend available investments than another. who want to pass on more of their CITYAM.COM TUESDAY 10 MARCH 2020 FEATURE 25

usually offer a higher rate of interest. was the first P2P lender to reach the UK £2 is added to the UK economy.” through a particularly severe market For instance, Coventry Building Soci- in 2005. It offers projected returns of While the projected returns from downturn or recession, especially if ety offers an account paying 3.6 per 3.4 per cent to six per cent. Funding P2P lending vary, they can be less several of their borrowers default. cent interest a year. Circle launched in 2010, connecting volatile and more predictable than in- However, to help reduce risk, these Again, a stocks and shares Isa may be lenders to small local businesses. It of- vesting in the stock market, while still providers do ensure that investors’ a better choice. Because the money fers projected returns of 4.5 to 6.5 per offering much better interest rates money is diversified by lending small cannot be accessed until the age of 18, cent after fees and bad debt. than cash Isas. amounts to hundreds of businesses. this offers a much longer time frame “The Funding Circle Ifisa allows in- There are still risks. Because your This helps to avoid volatility. for the child’s investment to grow, and vestors to earn inflation-beating re- money is lent out for a set term and even if markets did fall sharply at turns — without the extreme price then drip-fed back to you each month, HAPPY SAVING some point, their investments will movements that we are currently see- it can be difficult to get it back quickly So there’s your road map to the Isa uni- likely have time to recover before they ing with stocks and shares — while if you need it for an emergency. De- verse. Hopefully, it will help you decide access the money. lending directly to creditworthy small pending on the provider, if you do where you want to invest your money By saving a small amount regularly businesses,” says Lisa Jacobs, UK man- need your money back, you can sell and benefit from the tax savings. into a Junior Isa over 18 years, aging director of Funding Circle. “Over your loans — although this usually in- And while the end of the tax year is you could be able to give a child a po- the last 10 years, more than 80,000 in- curs a cost (Zopa charges a one per imminent, don’t rush. It’s best to tentially life-changing amount of vestors have earned over £300m in net cent loan sale fee), and can take a cou- think about where you want to place money to help them on their journey interest. While investors earn, the ple of weeks. your savings, and how much you can into adulthood. According to AJ Bell, economy grows as the businesses they P2P lending is a relatively new asset afford to save, rather than making a parents who put away £75 a month lend to create thousands of jobs — for class, and there are questions over knee-jerk decision that’s not right for into a stocks and shares Junior Isa every £1 lent through Funding Circle, how the various providers will cope you in the long run. from their child’s birth would have an account worth over £24,000 by the time they turned 18 — that’s enough for a 10 per cent deposit on an aver- age priced UK property. THE PROPERTY LADDER ii.co.uk As mentioned above, there have been Confusion. some new additions to the Isa uni- verse. The Help To Buy (H2B) Isa and Lifetime Isa (Lisa) were introduced in 2015 and 2017 respectively. These were designed so that people Pensions can make tax-free savings that can be used for buying their first property, or ISAs go towards their retirement. The H2B Isa allows people to put up General investment to £200 a month in cash savings, and Junior ISAs then obtain a 25 per cent bonus if the Isa is used to buy a property. The Cash savings bonus is capped at £3,000 on savings of £12,000 or more in total. This type Shares of Isa is now closed to new applicants, but if you do still have one, check what Funds rate your account offers. You could Investment trusts transfer it to HSBC, which offers 2.25 per cent each year. Ethical investments The H2B Isa has effectively been re- placed by the Lisa. This account allows ETFs you to save up to £4,000 a year in a cash or stocks and shares account, and International dealing the government adds a 25 per cent IPOs bonus to your contributions. The bonus is paid each year until you turn VCTs 50, and the maximum bonus is £33,000 (if you open one at 18 and make the maximum contributions). You can only open a Lisa if you’re aged between 18 and 39. However, there are limits on how you can use the Lisa. You can withdraw money from it when you turn 60, or wealth to their family. use it towards a housing deposit if However, investing in individual you’re a first-time buyer. If you with- Aim stocks can be risky. These are draw the money at any other time, small companies, usually in the early you’ll face a penalty of 25 per cent, phase of growth, so their share price and because of how this is calculated, can fall fast if they run into trouble. you actually lose 6.25 per cent of your As such, it may be best to consider in- original contributions, not just the 25 vesting in an Aim-based fund that per cent government bonus. spreads your money around several Moneybox offers a cash Lisa paying companies — this diversification re- 1.4 per cent. AJ Bell and Hargreaves duces your risk. Lansdown offer stocks and shares Lisas A fund will also employ a profes- where you pick the investments, or Fusion . sional manager who will be able to there’s the robo-advisor Nutmeg, pick and choose investments. Several which will manage your Lisa money asset managers, such as Octopus, based on your attitude to risk. offer Aim Isa funds. INNOVATIVE IDEAS All your NEST EGG Finally, there’s the Innovative Fi- Speaking of families, if you are a par- nance Isa (Ifisa), another new type of investments ent and want to put money away for account introduced in 2016. It was your child, a Junior Isa is a good launched to provide a tax-free wrap- in one place. place to start. per for savings income from peer-to- Junior Isas are tax-free savings ac- peer (P2P) lending. For a fl at counts for children. Parents can save P2P services connect lenders di- or invest up to £4,368 a year, and rectly to borrowers, cutting out the monthly fee. choose to divide this allowance be- banking middleman. By directly lend- tween a cash Isa or a stocks and ing money to individuals or busi- shares Isa. nesses, lenders can earn much higher While a Junior Isa is opened and interest rates than if they put their managed by a parent, the account is money into a bank. in the child’s name meaning that Your money is lent to borrowers the money belongs to them — con- over periods ranging from six months trol of the account switches to the to five years. The loan is then repaid child when they turn 18. It can’t be monthly, plus interest. These interest accessed until the child reaches that payments are free from income tax if age — so no, you won’t be able to tap held within an Ifisa. Capital at risk. into the Isa to buy your kid an early A range of P2P lenders have FSCS protected. birthday present. launched in the UK over the last 16 Junior cash Isas are very similar to years which now offer investments their adult equivalent, although they within the Isa tax-free wrapper. Zopa 26 FEATURE TUESDAY 10 MARCH 2020 CITYAM.COM

Our series on AI, Blockchain, Cryptoassets, DLT and Tokenisation PARTNER CONTENT SPECIAL CRYPTO AM AWARDS 2020 EDITION

elcome to this Crypto AM Awards 2020 special edi- CRYPTO tion. London Blockchain INSIDER WWeek is in full flow and today the CryptoCompare James Digital Asset Summit is taking place at Bowater the new North Greenwich venue Magazine with magnificent views of London’s Canary Wharf where the Crypto AM Awards will be taking place. For readers wishing to attend today’s CCDAS 2020 free of charge please visit Blockchain which achieved a #3 rank- https://summit.cryptocompare.com ing, being rated as a Hot New Release, in click the tickets link and apply discount one category over the weekend. Not bad code CH100. given it was released two weeks ago. If Tomorrow night the London you bump into them at the LBW Finale, Blockchain Forum will be holding, to they may even sign a copy. mark the official end of London As is commonplace now for this col- Blockchain week, the LBF Keynote umn, I cannot avoid Coronavirus which Finalé Party at London’s Smith & continues to negatively impact global Wollensky. It also serves as the after markets and news feeds alike. Whilst party to the Crypto AM Awards happen- other countries are now imposing strict ing earlier in the day. Hopefully if you gathering restrictions, the U.K. is still get a ticket you will be able to meet restriction free although it seems some of the winners and nominees. If inevitable now that will change soon. Ethereum (ETH) is at US$191.81 / So it’s time to revisit all the categories This award will recognise those organ- you want to buy tickets (£45) for tomor- Yesterday the Crypto Market caught GB£146.72; Ripple (XRP) is at US$0.2004 and nominees for tomorrow’s awards isations that have achieved a meaning- row night please use the following: its own cold dropping another US$30bn / GB£0.1536; Binance (BNB) is at ceremony. City AM, the Crypto AM ful and sustainable social impact www.cpglondon.org/events/lbf-meetup. with many commentators linking it to US$15.85 / GB£12.13 and Cardano (ADA) Team and I wish you all the very best of through partnership, investment, pro- A certain blockchain book has been the oil price situation as being the straw is at US$0.03944 / GB£0.030z22. Overall luck!. bono work, or through employee-led rocketing up the Amazon charts. Well that broke the camel’s back. At the Market Cap is at US$220.57bn / initiatives. done to Maria Grazia Vigliotti and time of writing, Bitcoin BTC is trading GB£175.17bn (data source: SOCIAL IMPACT & £World Mobile Haydn Jones for The Executive Guide to down at US$7,714.02 / GB£5,890.59; www.CryptoCompare.com). SUSTAINABILITY AWARD £Cudo Ventures

Dmitry Tokarev, time, freeing up asset managers to spend Copper.co more time focusing on generating alpha, and Crypto A.M. shines less time on the admin associated with digital assets and private key management. Understanding the intricacies of cryptography is daunting, but the nuances its Spotlight on can make the difference between an LP willing to write tickets of $100-500k, and an LP ready to inject $10m+. Copper.co As regulators play catch up (some better than others), and as custodians work more s a relatively nascent asset class access assets, has promoted greater closely with exchanges, OTC trading desks, A notoriously associated with volatility, confidence for asset managers, and and traditional banking infrastructure, the the institutional presence in crypto specifically their investors, to allocate more emergence of prime brokerage will shortly has historically been scarce. Counterparty capital. allow off-exchange settlement and the risk and security concerns such as hacking, In fact, this requirement is what gave elimination (or near-elimination) of unsolicited withdrawals, and private key Copper it’s raison d’etre in the first place. counterparty risk. The flood of institutional mismanagement are widely regarded as the Back in the hysteria of 2017, there were no money that everyone predicted in 2018’s biggest blocking factors in drawing shortage of investors looking to allocate 1- crypto-winter never materialised. In 2019 institutional investment to this asset. 3% of their portfolios into digital assets. But when prices stabilised and regulatory But a recent surge in the development of there were no qualified custodians willing to frameworks started to pop up, people said, sophisticated new infrastructures, take on the challenge of private key “the winter is over, here come the technologies and processes that rule out or management (which generously assumes institutions.” But even then the flood was greatly reduce these risks has been steadily they knew what that was in the first place). the private keys, we were able to create an Previously, while secure and trusted, the merely a trickle. Until we solve for drawing digital assets into the institutional Our first secure offline custody application entire trading system with greater access polynomial sharding method was process- counterparty risk the floodgates will remain realm. took a new approach. Rather than entrust a controls, lower risk, and much more trust. heavy and cumbersome to set up, firmly shut. One such solution is our Walled Garden custodian with sole access/control of private But like anything in this industry, times and particularly when integrating accounts As an industry we’re nearly there. As a firm, infrastructure. Its ability to mitigate keys, we distributed the risk among the asset technologies move rapidly. We’re now rolling across 16 exchanges and 80+ digital assets. we’re ready when you are. counterparty risk on exchanges while manager, ourselves, and a trusted third out multi-party computation (MPC) and zero MPC will enable our clients to achieve a ensuring that no single person or entity can party. Using polynomial sharding to encrypt knowledge proofs for key management. higher degree of security in a fraction of the For more information, visit: https://copper.co/ CITYAM.COM TUESDAY 10 MARCH 2020 FEATURE 27

E: [email protected] @CityAm_Crypto In association with

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VERIFIABLE CRYPTOCOMPARE MARKET VIEW CREDENTIALS Bitcoin Plunges Amid Market Meltdown his week the price of Bitcoin rewards will be cut in half. Previous Bitcoin Troy Norcross appeared to be recovering, moving “halvings” have generally been , Co-Founder Blockchain Rookies Tfrom $8,600 to $9,100, before Russia accompanied by significant surges in price. refused a request from Saudi Arabia to cut In what has been deemed a victory for veryone has heard the story of takes time and effort. doctors will be able to refocus that its output in response to the coronavirus the cryptocurrency space last week, the someone who lied about their Today, credentials have moved to time on patient care, saving £millions outbreak. The refusal sparked a price war Supreme Court of India has sided with Edegree on their CV. The paper digital. Even so, there are ways to for the NHS whilst also giving doctors that saw crude oil futures plummet over petitions from industry players diploma as a credential is nice to put game the system and to fake much more control over their data." 30% at the open – the biggest one-day challenging a banking ban imposed by on the wall, but it really doesn’t credentials. So what better solutions Just as we have 3 primary networks drop since the Gulf War - and saw the central bank, the Reserve Bank of survive the test of a verifiable exist? for credit card transactions today investors retreat to safe havens. India, in April 2018. The ban barred credential. With today’s technology, The international standards body (Visa, MasterCard, AmericanExpress) Bitcoin subsequently dropped by more commercial banks from servicing these papers are easily forgeable. The W3C currently has a working group for there will be a number of globally than 10% in only 24 hours to trade at cryptocurrency-related businesses in only way to verify a diploma is to get verifiable digital credentials. The accepted credential networks $7,900, with other cryptocurrencies faring India, and was lifted after being deemed in touch with the university and solution involves applying existing allowing for consumers, businesses - even worse. Leading altcoin Ethereum unconstitutional. confirm that the candidate did standards for cryptography to secure and even IoT devices to present (ETH) plunged nearly 19% from a weekly Last week news emerged suggesting graduate with the claimed degree. the communication and the use of credentials and have them instantly high of $247, to trade at the time of writing Facebook’s Libra will be moving in a new It isn’t only individuals who have blockchain/DLT to ensure authenticity. verified. A crucial element of the at $201, with most top cryptoassets also direction. Sources close to Facebook and credentials. Businesses and Dr Manreet Nijjar, CEO and founder solution is data stored on a seeing double-digit losses. the Libra Association hinted that the Libra organisations also have credentials of Truu.ID tells us, "UK junior doctors blockchain. Despite the sell-off, BTC miners are still network could add support for tokens which are subject to verification. today waste over 50,000 days each betting on the cryptocurrency, as this pegged to government-issued currencies These include claims of being Fair year sorting their identity paperwork Get in touch with us week the amount of computational power like the euro and the pound launched by Trade, organic, ethical labour which equates to over half a million [email protected] / Twitter used to mint new bitcoin hit a new all-time their respective central banks. The Libra practices and more. Each of these is patient encounters a year. By using @igetblockchain high. The rise has been attributed to an cryptocurrency, sources said, will still be verifiable by an issuing authority but it new digital verifiable credentials upcoming event in May, in which mining launched. 28 FEATURE TUESDAY 10 MARCH 2020 CITYAM.COM OFFICE POLITICS

compulsory, so that we can pick the best programmes and better under- stand why they work. It will also allow Small Budget us to identify the schemes best at en- gaging with disadvantaged or under- represented groups. We are also calling on the govern- ment to simplify the system by which tweaks could TRACK YOUR firms can get tax credits for research CASH and development — something that encourages innovation — as well as ex- Mint pand the scope of activities which give startups Free qualify for them. The move would in turn reduce the risk of startups turn- Budgeting can ing to specialist tax credit advisers, be tricky at the which can take up to 25 per cent. access to cash best of times — Furthermore, to support Britain’s but when you most innovative companies, the gov- have a handful of ernment should experiment with lot- A new report sets out what the chancellor different bank tery-style funding for applications accounts it can above a minimum quality threshold. can do to help businesses find funding start getting too New Zealand’s Health Research Coun- hot to handle. cil and others are experimenting with Mint is here too this approach. So far it appears to RITAIN’S small business fund- For startups, it vide new companies with financing — cool that down. working well, because of the reduced ing picture is mixed. The Richard is clear that to give extra advice when businesses By combining admin and costs. good news is that, while ac- Harpin finance is out finish paying the money back, as data from across All evidence suggests that busi- cess to traditional bank loans there — it just many become discouraged borrowers. your accounts, nesses which take on board invest- has been limited since the fi- doesn’t always And for those looking to raise fund- the app helps ment at key moments in their growth Bnancial crisis, founders have undoubt- get to where it ing through tax breaks, the report you build a more trajectory do dramatically better than edly benefited from the rise of needs to be calls for a more streamlined process complete picture those which don’t. alternative finance. Over £2bn is now for companies to get assurance that of your finances. These founders go on to create jobs, lent through peer-to-peer lenders and they will qualify for the Enterprise In- It will also check generate taxes, and contribute to UK close to 400 equity crowdfunding vestment Scheme — which gives in- up on your credit economic growth. deals take place in the UK each year. charity the Enterprise Trust — Unlock- vestors financial incentives to back score for you, It is clear that finance is out there, Meanwhile, there has been a dramatic ing Growth: How to Expand Access to startups which are eligible. This is cur- and remind you but it does not always get to where it increase in equity investment, up Capital — outlines some thoughtful rently frustratingly complicated. Sim- to pay your bills, needs to be. We need to change that. from £1.6bn in 2011 to £12bn in 2019. policy tweaks that could be intro- plifying it will help unlock more taking the This will not take drastic action. In- However, at the same time, almost duced in tomorrow’s Budget, along investment in high-growth startups pressure out of stead, it is the small tweaks that could one in 10 UK small and medium-sized with measures to help firms during so firms using pre-approved docu- tracking your have a big impact. enterprises (SMEs) are discouraged the coronavirus outbreak, to increase ments could be fast-tracked. money. from seeking external finance. access to finance for SMEs. Many incubators and accelerators re- £ Richard Harpin is chief executive of A report released today by the Entre- To help growing firms we have ceive public funding. For those that home repairs firm HomeServe and founder preneurs Network and my personal called for Startup Loans — which pro- do, we think data sharing should be of thinktank the Enterprise Trust. CITYAM.COM TUESDAY 10 MARCH 2020 LIFE&STYLE 29 MOTORING BY911 MOTORINGRESEARCH.COM FOR CITYHEAVEN A.M. Perceived wisdom says the entry-level Carrera is the best Porsche 911 you can buy. Tim Pitt tests the theory.

he new Carrera coupe is the driving the rear wheels via a PDK PORSCHE 911 CARRERA Even this ‘basic’ 911 is blisteringly London, I’d choose the speed and con- meat and potatoes of the semi-automatic transmission. A seven- quick. Standstill to 62mph takes 4.2 venience of PDK every time. Porsche 911 range. Or per- speed manual arrives this summer, al- PRICE: £82,793 seconds, or four seconds flat with the A new Wet mode is also standard, Thaps a bratwurst and fries, though most 911 buyers now prefer 0-62MPH: 4.2 SECS Sport Chrono pack and launch con- which uses acoustic sensors behind washed down with a re- paddles. TOP SPEED: 182MPH trol. That’s on par with the 2001 ‘996’ the front wheelarches to sense water freshing pilsner, for those with Teu- Despite its same-again styling, the CO2 G/KM: 206G/KM GT2. The Carrera’s twin turbos use spray and ramp up the car’s stability tonic taste. 911’s 70 percent aluminium body is smaller compressor wheels than more systems. In the depths of Storm Den- Stepping up to the 911 Turbo – just all-new. Look closely and you’ll spot MPG COMBINED: 31.7MPG powerful 911s, so they spool up faster, nis last month, it made the 911 feel launched at last week’s Geneva Motor pop-out door handles and different giving instant right-foot response. planted and predictable, without Show – swaps your sausage for a spicy alloy wheel sizes (19in front, 20in Also, the use of forced induction, muting its nuanced steering or ath- currywurst and beer for a full-bodied rear), plus a high-level brake light THE VERDICT while anathema to Porsche purists, letic cornering balance. This still feels bock. Then there’s the forthcoming, that illuminates like an ‘11’ along- means impressive economy. Keep it like a car developed by drivers, for track-focused GT3: a lightweight salad side nine grille slats. See what they DESIGN hhhhh smooth and you should see 30mpg. drivers, combining explosive perform- with a crisp Riesling to vivify your did there? One feature you won’t PERFORMANCE hhhhh In Normal mode, the 911 does a con- ance with finely wrought feedback. senses. And finally, the fearsome GT2: find, though, is the ‘narrow body’ PRACTICALITY hhhii vincing impression of a luxury GT. Its Just the 911’s size – those hips are al- a liquid lunch of Jägerbombs to ut- that used to characterise the Carrera. VALUE hhhii suspension is taut, although not at most wider than a Mercedes S-Class terly blow your mind. All 911s now share the same wide the expense of ride comfort, while the limo – holds you back on rural roads. Sadly, the Carrera isn’t as cheap as track and muscular haunches. More gearbox shifts up early – and almost Faster and more focused models are chips. Have one-too-many Jägerbombs on that shortly. super-sharp and connects seamlessly imperceptibly – to save fuel. Twist the coming, but only the much pricier before tackling Porsche’s online con- Inside, the minimalist cabin looks with your phone, while knurled steering wheel controller to Sport or 911 Turbo (which you’ll read about figurator and its £82,793 price can futuristic and is brimful of cutting- metal toggle switches add some retro Sport Plus, though, and its inner here soon) will likely match the band- swell to six figures. Still, the basics are edge tech. A traditional analogue rev charm. And, lest we forget, the 911 sports car is emancipated. The engine width of the Carrera. Fifty-seven years what matter most: chiefly a 3.0-litre counter stays front-and-centre, but is has rear seats. They meant I could barks, yelps and howls, racing to its after launch, this is still the only flat-six located, as ever, behind the flanked by digital dials, including an ferry my eight- and five-year-old kids 7,500rpm redline with gleeful aban- sports car you need. back axle. It serves up 385hp and (optional) infra-red night vision dis- around all weekend, when most rival don, and shifts are now rifle-bolt 332lb ft of torque from 1,950rpm, play. The 10.9in touchscreen looks cars would have stayed at home. rapid. Whisper it, but for driving in Tim Pitt works for motoringresearch.com NOT CONVINCED? CHECK OUT THESE ALTERNATIVES...

JAGUAR F-TYPE P450 RWD LOTUS EVORA GT410 PORSCHE 718 CAYMAN GT4 PRICE: £69,990 THE VERDICT: PRICE: £82,900 THE VERDICT: PRICE: £75,348 THE VERDICT: 0-62MPH: 4.4 SECS DESIGN hhhhi 0-62MPH: 4.1SECS DESIGN hhhhi 0-62MPH: 4.4 SECS DESIGN hhhhi TOP SPEED: 177MPH PERFORMANCE hhhhh TOP SPEED: 186MPH PERFORMANCE hhhhh TOP SPEED: 188MPH PERFORMANCE hhhhh CO2 G/KM: 239G/KM PRACTICALITY hhiii CO2 G/KM: 239G/KM PRACTICALITY hhiii CO2 G/KM: 249G/KM PRACTICALITY hhiii MPG COMBINED: 26.8MPG VALUE hhhhi MPG COMBINED: 26.7MPG VALUE hhhii MPG COMBINED: 25.7MPG VALUE hhhii 30 PUNTER TUESDAY 10 MARCH 2020 CITYAM.COM Bill Esdaile previews the Supreme THE PUNTER Novices’ Hurdle and Ultima Handicap Chase RACING TRADER

ELIEF is what most of us will be feeling when the famous roar greets the start of the Sky Bet RSupreme Novices’ Hurdle at 1.30pm this afternoon. Obviously the devastating effects of the coronavirus around the world are far more important than sport, but I’m sure every racing fan is absolutely de- lighted that the Cheltenham Festival has been given the green light. The weather has also been a major issue of late, with relentless rain around the country causing a number of aban- donments. Cheltenham drains incredibly well, though, and with the forecast improv- ing throughout the week, it looks un- likely that conditions will be heavy. It is somewhat surprising that Nicky Henderson has only won the curtain raiser three times in his career, espe- cially as he has seven Champion Hurdles to his name. His last success in the Supreme was Al- tior in 2016, but I have a feeling he is going to unleash another future star in SHISHKIN today. YOU’RE NOT BEING A CHICKEN The son of Sholokhov made an inaus- picious start to his hurdling career when falling at the second flight at Newbury in December. However, he went back to the Berk- shire course the following month and BACKING SHISH IN THE OPENER produced an electrifying turn of foot over the last to win by 11 lengths on heavy ground. One success at the Dublin Racing Festi- handicap at Ascot in early November. It is difficult to know how strong that val last month. However, I’m concerned that he has form is because the second was joint- Paul Townend is likely to adopt similar only ever raced once left-handed, while favourite for last weekend’s abandoned front-running tactics to those success- it is not easy to win a handicap off a Paddy Power Imperial Cup. fully pulled off by Ruby Walsh on Klassi- mark of 159. Not many horses show that kind of cal Dream in this race 12 months ago; Kildisart and Discorama are both re- speed on heavy ground, though, so it it’s just whether the horse can live with spected, but the one who could be very was a very impressive performance. Shishkin’s speed. well-handicapped is THE CONDITIONAL He then went to Huntingdon and was The more rain that falls the better for for David Bridgwater and Brendan Pow- just as dominant when winning the Sid- Fiddlerontheroof who was so impressive ell. ney Banks. in the Tolworth Hurdle at Sandown on He stayed on well to win a handicap Henderson is a brilliant trainer who heavy ground. over course and distance in October, be- knows when he has a good one, and this Davy Russell rides Gordon Elliott’s Aba- fore finishing second to De Rasher horse is worth backing at 4/1 with Paddy cadabras, whose only defeat over hur- Counter in the Ladbrokes Trophy. Power who are offering £10 back as a dles came at the hands of Envoi Allen in His stamina gave way late on in the free bet if your horse finishes second, the Royal Bond at Fairyhouse in Decem- Classic Chase at Warwick last time and third or fourth in every race on day one. ber. with just 10st 6lbs on his back, he is a de- Shishkin is owned by last year’s Gold Then there’s Shishkin’s stablemate cent each-way bet at 15/2 with Paddy Cup-winning owner Joe Donnelly and Chantry House, who is two from two Power who are offering six places in this the Irish businessman holds an enviable over hurdles, so on paper it does look a race. hand in this with second favourite Aste- strong renewal. rion Forlonge also sporting his yellow The Ultima Handicap Chase (2.50pm) and black chequered silks. is always one of the most difficult puz- POINTERS Trained by Willie Mullins, who has zles to solve all week. won this race a record seven times, the Kim Bailey’s Vinndication looks cer- Shishkin 1.30pm Cheltenham dashing grey is three from three over tain to go off favourite and it’s easy to The Conditional e/w 2.50pm Cheltenham hurdles, including a comfortable Grade see why after he sluiced up in a valuable CITYAM.COM TUESDAY 10 MARCH 2020 PUNTER 31

Bill Esdaile previews the Racing Post Arkle @BillEsdaile

Barry Mullins magic means you will Geraghty

HELTENHAM is here again get more than your Cash Back and it looks like I’ve got one of the best book of rides I’ve ever had, particularly the first OBODY has trained more Chel- couple of days with tenham Festival winners than Cash Back CEPATANTE and CHANTRY HOUSE Willie Mullins – the 63-year-old (right) wasn’t today, and then Defi Du Seuil and has rewritten the record books beaten far by Champ tomorrow. and he is showing no signs of Notebook at Chantry House is my first ride in the Ntaking his foot off the pedal. Leopardstown opening Supreme Novices’ Hurdle The Racing Post Arkle Novices’ Chase last month (1.30pm) and he looks to be one of the (2.10pm) has been particularly kind to more unexposed runners in the field. his Closutton stable in recent years, with He schooled really well when I was the yard responsible for four of the last down at Seven Barrows last week and five winners. is a classy individual with plenty of Un De Sceaux, Douvan, Footpad and 12 pace. months ago, Duc Des Genievres, have all He was definitely still a bit green at been too good for their rivals and I’m Cheltenham but then put in a sharper hoping it will be the same with CASH performance at Newbury and I’m BACK today. hoping he can take another step Having won his first two starts over forward. fences easily, the eight-year-old went The one we all have to beat is down less than a length to today’s Shishkin. favourite Notebook at Leopardstown last Nicky [Henderson] rates him very month. highly and when I schooled behind Admittedly, he didn’t jump as well as him at the yard the other day he his conqueror that day, but the fact he looked absolutely brilliant. got so close despite making a couple of My other ride today is Epatante in minor errors shows how big an engine the Champion Hurdle (3.30pm) and I he has. think she’s a worthy favourite based Notebook’s jumping couldn’t be He is an excellent jumper who had on her run at Kempton. faulted, so if Mullins can eke out just a some decent form over hurdles at Chel- Straight after winning the Christmas little bit of improvement, then his horse tenham last season, but he’s been receiv- Hurdle, Nicky asked me what we could well turn the form around. ing weight for his age all season and should do and I said, “let’s win the The eight-year-old is in a different doesn’t get that in this race. Champion Hurdle!” mould to Un De Sceaux or Douvan, but Brewin’upastorm was fourth in the He’s a master at preparing horses for there doesn’t look to be a clear standout Ballymore 12 months ago and has the big day, particularly mares, and I this year like either of them or Altior. looked good in his two starts over fences know he’s very happy with her Paul Townend will try to keep things this term. heading into the race. simple by getting him close to the front He’s been off the track since Novem- She got very worked up here last early and into a nice rhythm. ber, though, and I’m not sure he will year but handled the big crowd on Although there does appear to be have enough speed to lay up with these. Boxing Day at Kempton very well and I plenty of pace in the race, Townend is an Esprit Du Large, Global Citizen and think she’s grown up. excellent jockey who can be trusted to Rouge Vif have all won graded races over Fingers crossed everything goes well get the fractions right. fences, while Al Dancer likes Chel- today and then it’s onto another nice Notebook is 3/1 while you can find 7/1 tenham. book of rides tomorrow. about Cash Back and I just don’t think In an open year, I’m hoping Mullins there should be such a big gap between can make it five from the last six years. Barry Geraghty is a brand ambassador them. for Sporting Index. The fly in the ointment could be Joseph O’Brien’s Fakir D’Oudairies who POINTERS is bidding to become the first five-year- old winner since Voy Por Ustedes in Cash Back e/w 2.10pm Cheltenham 2006. 32 PUNTER TUESDAY 10 MARCH 2020 CITYAM.COM

THE PUNTER Bill Esdaile previews the Champion Hurdle RACING TRADER

ITH more rain set to fall at Cheltenham this morn- ing, ground conditions Wwill be soft for the Unibet Champion Hurdle (3.30pm), the feature contest on the BALLYANDY IS opening day. When you also factor in that this will be the largest field assembled for the two-mile hurdling crown since Punjabi won it back in 2009, the stage is set for an upset. SUBLIME BET The obvious starting point has to be trainer Nicky Henderson who has sad- dled four of the last 11 winners and seven in total. He is responsible for four of the 17 run- ners this afternoon, including Epatante IN WIDE-OPEN and Pentland Hills who also head the betting. Epatante brings arguably the season’s strongest piece of form to the table in her epic five-length demolition job in CHAMPION the Grade One Christmas Hurdle at Kempton. That success made it four wins from five starts with Henderson and as the only mare in the race, she is also entitled to a handy 7lb allowance. HURDLE However, the big doubt is her ability to handle the track as the only blot on her copybook came at this meeting 12 months ago when she trailed in ninth when hot favourite in the Mares’ Novices’ Hurdle. each-way at a whopping 18/1 with plenty ily make a huge difference. Her trainer puts that blip down to the of firms offering four places. He has always been held in such high fact she was still feeling the effects of the He was a well-beaten third behind regard and it would be no shock to see enforced flu jab, but it certainly is a big Epatante in the Christmas Hurdle at him getting involved at 16/1. Looking at enough worry to stop me snapping up Kempton but goes well at Cheltenham the rest of them, and you have to respect the 3/1. and loves the mud. Willie Mullins who saddles Cilaos Emery Second favourite Pentland Hills bla- His non-chasing course form reads and Sharjah. The former looked good re- tantly needed the run on his seasonal 113432 and that includes a Champion turning to hurdles after a disappointing reappearance here in December when Bumper success, a fourth in the short-lived chasing career, while Sharjah only fifth to stablemate Call Me Lord. Supreme and a close third in last sea- can go well if it doesn’t get too soft. However, it was worrying how he son’s Coral Cup. Supasundae could also show up if it be- seemingly wrestled defeat from the jaws The more rain the better his chances comes a real slog as he is all about stam- of victory at Haydock on his latest out- and he looks sure to be in the mix at a ina, while last year’s winning trainer ing in January. decent price. Gavin Cromwell saddles Darver Star who Admittedly, he has had a decent break There is no logical reason he should be could be anything. since then and has also had a wind op- four times the price of Pentland Hills In fact, the deeper you delve into the eration, both of which should help his and the same can also be said of Irish contest, the more you can start to make cause. raider COEUR SUBLIME. a case for plenty of them. If he returns to the form he was in 12 Gordon Elliott’s five-year-old was last Not So Sleepy would be hard to catch months ago, he is unquestionably a lead- off the bridle when runner-up behind if given too soft a lead on the front while ing player but I’d like to see him finish a Pentland Hills in last season’s Triumph Silver Streak has excellent form in big race and wouldn’t be tempted by quotes Hurdle. fields. of just 6/1. He was hugely impressive on his sea- The two horses I am most interested in sonal reappearance at Down Royal in No- both have pieces of form closely tied in vember and something appeared to be POINTERS with Pentland Hills, and are huge prices holding him back at Leopardstown over in comparison. Christmas when third to Sharjah. Ballyandy e/w 3.30pm Cheltenham Let’s start with his recent Haydock con- That may well have been his breathing Coeur Sublime e/w 3.30pm Cheltenham queror BALLYANDY who can be backed and subsequent wind surgery could eas- CITYAM.COM TUESDAY 10 MARCH 2020 PUNTER 33 Bill Esdaile previews the Northern Trust Handicap and National Hunt Chase

GET AHEAD FOR YOUR £1M TOTE PLACEPOT IF BETTING small to win big is your thing, then look no further than a Placepot with the Tote. With estimated £1m pools on offer each day, you could land a share of a huge pot for as little as a £1 stake. The task? Pick a horse from the first six races to finish in the frame. You don’t necessarily even need to pick a winner! In the opener (1:30pm), Nicky Henderson’s Shiskin could be a class apart if continuing his upward curve. As for the Arkle (2:05pm), Henry De Bromhead’s Notebook is as solid as they come based on his form this season. This race is quite open, so don’t be afraid to perm up with two or three horses on-side. Kildisart looks tailor-made for the Ultima Handicap (2:50pm), having caught the eye in a good race at Kempton last time out. The feature race of the day is the Champion Hurdle (3:30pm). Nicky Henderson holds a strong hand and his Epatante is the horse they have to beat. A strong run from Darver Star wouldn’t surprise, while Cornerstone Lad and Silver Streak are interesting with the Placepot in BAILEY’S IMPERIAL HAS A mind. Remember, if you’re betting on Tote Win pools, you’ll never be paid less than SP with the new Tote Guarantee. The offer applies both on-course and online all week. CERTAIN AURA ABOUT HIM In the Mares’ Hurdle (4:10pm), Benie Des Dieux rates as banker material, while Kim Bailey’s Imperial Aura boasts strong claims in leg 6 of the Placepot at 4:50pm. HERE are often one or two Betts in a very strong race here on Trials Dieux meets fellow Irish raider Honey- doubt done plenty of schooling since My banker of the week? Well, Shishkin and Imperial Aura are certainly up there that slip into the Northern Day and the third has since gone on suckle. his latest clumsy win at Naas, but it today. Trust Novices’ Handicap and bolted up. The former is a best-priced 8/13 to still worries me especially as he’s such On Friday, the Paul Nicholls-trained Solo T(4.50pm) off an extremely le- Kim Bailey’s stable are in better form make amends for last year’s heart- a short price. looks a special talent and can take the nient mark – the challenge is now and he looks the pick at 5/1 with breaking last flight fall, while Honey- With so much rain around I am going Triumph Hurdle, the opening race on singling out which of the 20 runners Ladbrokes. suckle can be backed at 5/2. to take a chance on SPRINGFIELD FOX Cheltenham Gold Cup day. that could be. Hold The Note looks sure to go well as Any rain that falls will help Benie and at around 15/2 for the Tom and Noel The handicapper must have been does Irish raider Galvin who appears to the safest option is probably to keep George father and son combination. wincing when the Irish-trained A Plus have been laid out for this. your powder dry and watch instead. He was super impressive on bad Tard cantered into the lead rounding The pair have both been well found in There have been plenty of changes ground over three miles at Exeter last the home turn 12 months ago and the market, so I may have a little saver made to the National Hunt Chase time and jumps supremely well. waltzed his way to a facile 16-length on top weight PRECIOUS CARGO in- (5.30pm) since last year’s spectacle In fact, jumping seems to come far success. stead. proved a hard watch. more naturally to him than the He will be hoping today’s renewal will Although once touted as a potential It is now a quarter of a mile shorter favourite and there are no hiding be somewhat more competitive but Arkle contender, he appears to have and there is a much stricter qualifying places at Cheltenham. there is always a danger that a few of been run off his feet over two miles. process. these, like A Plus Tard, will be compet- The half mile step up in trip is a bit of Willie Mullins saddles the classy Care- ing in Grade One events this time next an unknown, but at a general 14/1 I am fully Selected who wouldn’t be out of POINTERS year. prepared to chance my arm each-way to place in a Grade One novice chase here. IMPERIAL AURA is a really progressive find out. On paper he looks a stand-out bet at a Imperial Aura 4.50pm Cheltenham chaser and his mark of 143 may look a We are set for a proper match up in best-priced 2/1, but I am a little con- Precious Cargo e/w 4.50pm Cheltenham tad generous in time. the Close Brothers Mares’ Hurdle cerned about his jumping. Springfield Fox e/w 5.30pm Cheltenham He was a good second to Simply The (4.10pm) when hot favourite Benie Des His genius of a trainer will have no 34 SPORT TUESDAY 10 MARCH 2020 CITYAM.COM SPORT MOODY TATEMENTS from football clubs don’t tend to offer much more than the essen- Stial information they wish to convey, but on 17 December 2015 Chelsea’s technical director Michael Emenalo provided an excep- tion to the rule. JOSE Chelsea, Emenalo said on the club website, were “in trouble” and “it was time to act”. Jose Mourinho, for the second time, was being dismissed as manager. This time, though, there was a killer phrase: “palpable discord between manager and players”. It was his memorable and succinct BETS ON wording which rang in the ears of fans and delivered a parting blow to Mourinho. The Portuguese manager had gone too far and pushed his play- ers too hard. At the time it seemed Mourinho’s reputation had been damaged – that his confrontational, divide-and-rule DISCORD methods of management were out- dated. We weren’t to know that Man- chester United would offer him a way back five months later, or that he would eventually succeed Mauricio Pochettino at Tottenham. But four months into his spell at Spurs, with a 1-0 first-leg deficit to AGAIN overturn in tonight’s vital Champions League last-16 tie at RB Leipzig, it is worth reflecting on Mourinho’s legacy of “palpable discord”. FALL GUY Spurs manager risks repeating Tanguy Ndombele is the latest player past mistakes through his spiky to feel the wrath of an unhappy Mour- inho, but his case is far from unusual. approach, says Felix Keith Tottenham’s record signing was hauled off at half-time in the 1-1 draw with Burnley on Saturday, which made it five games without a win for Paul Pogba, Henrikh Mkhitaryan, League with both Porto and Inter and Ramires told FourFourTwo. “The at- Spurs. Mourinho, who has previously STRUGGLING SPURS Eden Hazard, Pepe, Iker Casillas or Joe won LaLiga at Madrid, despite con- mosphere became really heavy.” been critical of the French mid- UNDER THE PUMP Cole, but his actions are in keeping stant friction behind the scenes. But Spurs are not yet facing a similar sit- fielder’s fitness, explained post-match with his dressing room tactics. the problem is his spiky demeanour uation. But with the squad thin on why he had made the decision. At every previous major club he has does not lend itself to sustainability. the ground due to injuries and with a “In the first half we didn’t have a coached – Porto, Chelsea, Inter Milan, daunting task awaiting them in east RECENT RESULTS HEAVY ATMOSPHERE midfield,” said Mourinho. “He has to 1-1 draw v Burnley, Premier League Real Madrid and Manchester United – Germany, is Mourinho’s style really know he has to do much better and 1-1 draw, 3-2 loss on penalties v there has been at least one fall guy. In his second spell at Chelsea, it was the most effective way of motivating know I cannot keep giving him oppor- Norwich, FA Cup fifth round While some managers avoid conflict, star player Hazard who bore the brunt his players? tunities to play because the team is 3-2 loss v Wolves, Premier League Mourinho is not scared of fostering re- of Mourinho’s ire. “He’s not the kind “Even when we dominate it’s diffi- much more important.” 2-1 loss v Chelsea, Premier League sentment among some, as long as the of player ready to sacrifice himself 100 cult to score lots of goals,” Mourinho While Mourinho offered an apology 1-0 loss v Leipzig, Champions League majority are performing. per cent for the team and for his said on Monday. “Defensively we feel for substituting Eric Dier 29 minutes Goalkeeper Vitor Baia was jettisoned mates,” Mourinho said. that pressure and every time we make into a 4-2 win over Olympiacos in No- INJURIES from Porto’s squad for a month after Chelsea went on to win the 2014-15 a mistake it looks like we’re punished. vember and showed contrition for Harry Kane (hamstring) an argument. Mario Balotelli was left Premier League title, but the poor re- The boys are not silly and they under- hauling off Dele Alli in the defeat by Son Heung-min (fractured arm) out of Inter’s team for a few months lationship between star player and stand all these frailties.” Leipzig, Ndombele fits a precedent in Moussa Sissoko (knee) following a row. Pepe was publicly manager eventually eroded morale. If Spurs are to beat Leipzig tonight the 57-year-old’s managerial career. Steven Bergwijn (ankle) slated after sticking up for the side- “He started to lose control of the and reach the Champions League Mourinho’s treatment of Ndombele Juan Foyth (groin) lined Casillas. squad. It’s one thing to say something quarter-finals they will have to over- has not yet reached the levels Of course Mourinho had success at internally, but it’s totally different to come their manager’s negative out- achieved by the likes of Luke Shaw, those clubs. He won the Champions criticise someone publicly,” Chelsea’s look, as well as the 1-0 first-leg deficit. Time for superb Hatton to give himself a break

YRRELL Hatton first made a big GOLF I’ve always thought of him as a world- ers Championship – one of my European Tour at the 229th attempt. Timpression on me when he won COMMENT beater and now he’s virtually beaten favourite events on the circuit. Like Less than 12 months on and he has the Alfred Dunhill Links the world – or a very good field, at the Masters, it takes place every year now secured successive winning sea- Championship, his maiden European least. He has now proven something to at the same venue, which we have sons with his victory at the Qatar Mas- Tour title, at St Andrews in 2016. Sam himself. I’m not sure he needs confi- come to love, and is a fantastic tourna- ters on Sunday, following a dramatic Over the last six holes, under severe dence but it would be nice to see him ment to watch. play-off against David Drysdale. pressure, the 24-year-old Englishman Torrance go easier on himself. It also means that Augusta Having dropped three shots in his was magnificent. I expected him to I’m proud of him. It’s is just around the corner. last three holes, Campillo produced a quickly to become a regular presence time he gave himself a While it would be no sur- terrific effort to see off the Scot at the in the winner’s circle. soil and on such an iconic course as break – maybe this will do it. prise to see Rory defend fifth re-run of the 18th, although it He has not been as prolific as that, Bay Hill. His family will all be so proud his title, the one he really broke my heart a little bit. with just three more European titles of him and this should open the flood- BRING ON THE wants is still a few weeks Drysdale is a lovely guy, a journey- since then, but on Sunday he made a gates for more success. PLAYERS away. man who has kept his tour card for 11 huge breakthrough by winning for His two biggest wins – this and the Rory McIlroy stuck to his consecutive years. Still waiting for his the first time on the PGA Tour. Turkish Airlines Open – have now script of recent outings DOGGED DRYSDALE first European Tour win after 498 at- To win the Arnold Palmer Invita- come in his last four appearances. He by challenging at Bay Jorge Campillo seem- tempts, it would have been wonderful tional against such a high-class field has reached another level but it’s Hill but having to set- ingly ended a drought to see him do it. and in such style – his perfectly where he belongs and hopefully he tle for a top-five fin- when he won the Tro- judged second into 18 was shot of the will realise it. ish. He now heads to phee Hassan II in Mo- Sam Torrance OBE is a multiple Ryder Cup- day – is fabulous. Hatton will never Hatton does put himself through a Sawgrass this week to rocco last year, the winning golfer and media commentator. forget this one, his first on American lot of self-punishment on the course. defend his crown at the Play- Spaniard’s first on the Follow him @torrancesam CITYAM.COM TUESDAY 10 MARCH 2020 SPORT 35

SPORT DIGEST AX CHILTON’S motor rac- ing career has been filled with highs and lows but, VARDY BREAKS GOALLESS Mhaving found a home in RUN AS FOXES ROUT VILLA North America’s IndyCar £ Jamie Vardy came off the bench to series, there is now a need to start de- score twice and help Leicester City livering results. thrash Aston Villa 4-0 in the Premier The 28-year-old bowed out of For- League last night. Harvey Barnes mula One in 2014 and has since set opened the scoring thanks to a Pepe about establishing himself as the Reina error before Tyrone Mings’ fastest Briton in America. This week- handball allowed Vardy to break his end he will embark on his fifth season nine-game goalless run from the in IndyCar and he is not only target- penalty spot. He added another with a ing stronger results but a win at the powerful snap-shot and Barnes swept prestigious Indy500, which he came in Marc Albrighton’s cross to complete so close to in 2017. the rout and end Leicester’s four-game “We nearly won the biggest race in winless run in the Premier League. the world a couple of years ago,” Chilton tells City A.M. “I was a lap ITALIAN SPORT SHUT DOWN down after 30 laps to [Fernando] AS CORONAVIRUS WORSENS Alonso; 40 odd laps later I was leading £ Serie A has been suspended after the thing. I went on to lead it for 54 Italy introduced strict quarantine laps – more than anyone else.” measures to try and halt the spread of He ultimately finished the 500-mile coronavirus. No sports events will take race in fourth, while Alonso failed to place until at least 3 April after the finish at all. But that is the nature of country’s coronavirus death toll one of the most challenging races on jumped by 97 to 463 yesterday. the planet. Saturday’s Six Nations match between “Everyone has a chance because that France and Ireland has been postponed race comes down to strategy and keep- over virus concerns, while the Indian ing out of trouble,” he says. “It’s going Wells tennis tournament in California was also cancelled yesterday. MARLER FACES 12-WEEK BAN From Formula One to the FOR WYN JONES INCIDENT £ England prop Joe Marler could be banned for 12 weeks after being cited It was a shock to for grabbing Alun Wyn Jones’s genitals everyone and in Saturday’s Six Nations win over fastest Briton in America Wales. Marler will attend a disciplinary hearing on Thursday alongside team- opened my eyes. mate Courtney Lawes, who has been It’s something I cited for a dangerous tackle during the hope never to go Max Chilton is happier in US, he tells Michael Searles 33-30 win at Twickenham. CRAWLEY AND POPE FIND through again FORM IN WARM-UP MATCH the Indy500 because it’s the biggest says. “Russia was really difficult, obvi- which is also due to begin this week- £ Zak Crawley and Ollie Pope both from London to Land’s End and back race in the world and people treat it ously we chose not to run Jules’s car. end, as Britain’s Lewis Hamilton goes scored half-centuries as England drew in two-and-a-half hours.” with respect,” he says. It was the weirdest weekend of my in search of a record-equalling sev- with a Sri Lanka Cricket XI in their first While the Indy500 is the standout “I don’t mind people judging me,” motorsport career. It was a shock to enth world title. warm-up match yesterday. Crawley race, there are another 16 on the cal- he says. “You have keyboard warriors everyone and opened my eyes. It was “What I secretly hope is Hamilton made 91, Pope 77 and Ben Stokes 43 endar and, after a disappointing 2019, on Twitter. But if you say ‘get in that like going back to the killer years in matches [Michael] Schumacher’s from just 42 balls as England reached Chilton and his team, Carlin, are in and do those speeds with people not F1. It’s something I hope never to have seven titles, Mercedes calls it quits 320-7 in their second innings in need of better results. treating others with respect’, they to go through again.” and then Hamilton has to go and win Katunayake ahead of the first Test “Our target as a team is to get a would probably go with my decision.” Chilton has started a couple of busi- with another team [to break the against Sri Lanka in Galle on 19 March. podium,” the Surrey-born racer says. nesses, including a car storage facility record],” he says. “You can’t be in racing if you aren’t BIANCHI and property management company, While a return to what Chilton still BERGWIJN OUT FOR THE getting results.” Although he says it isn’t a factor, his with one eye on his post-racing career. calls “the pinnacle of motorsport” ap- SEASON WITH ANKLE INJURY It will be impossible for Chilton to concerns are more understandable However, he still intends to race for pears unlikely, he has found himself a £ Steven Bergwijn is unlikely to play win the championship, however, as he given that his ex-F1 team-mate Jules the foreseeable future. home in the “more competitive” se- again this season for Tottenham after refuses to compete on the oval circuits Bianchi died as a result of a freak ac- While he is happy in IndyCar, he ries across the Atlantic, even if it does suffering a sprained ankle in Saturday’s – bar the Indy500 – for safety reasons. cident at the 2014 Japanese Grand would “love to do Le Mans again” and mean a lot of flying to and from his 1-1 draw against Burnley. Bergwijn It means he will miss four races – a Prix. Their Marussia team went bust “wouldn’t say no” to Formula E. The Surrey base. joins Harry Kane, Son Heung-min and move that has caused a stir in the US. and Chilton’s final F1 race came at door is also very much open for a re- “F1 gave me the best years of my ca- Moussa Sissoko in the Spurs treatment “It’s a life decision. The road and the following grand prix in Russia. turn to F1 – just not to “a back field reer; for the experiences, the places, room. “I have never known it like this, street courses are what I was brought “Definitely not the way I wanted to car”. However, he believes it is a “re- the people,” he says. “But am I enjoy- especially speaking about traumatic up on and love, but I’m going to do end my career in Formula One,” he ally exciting” time for the series, ing what I’m doing now more? Yes.” injuries,” said manager Jose Mourinho.