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BLONDE ON BLOND GLOBAL TREMORS HOW LIZ TRUSS ON WHY THE US SHALE REVOLUTION SHE BELIEVES IN HAS SHAKEN POLITICS P14 BORIS FOR PM P15 MONDAY 8 JULY 2019 ISSUE 3,408 CITYAM.COM FREE

McDonnell denies rift at Labour helm HARRY ROBERTSON @henrygrobertson SHADOW chancellor John McDonnell has denied reports of a civil war at the top of his party as Labour found itself dogged by fresh antisemitism claims and reports of a bitter rift among the leadership. According to reports McDonnell and shadow home secretary Diane Abbott confronted Labour leader Jeremy Corbyn and demanded he stop listening to his two top aides, Seumas Milne and Karie Murphy. Abbott told friends Milne and Murphy “were holding Corbyn captive”, the Sunday THE AXE FALLS Times reported. McDonnell and Abbott are among those pushing Corbyn to back a second Brexit referendum. McDonnell told the BBC yesterday the report was “rubbish” and said he had confidence in Corbyn’s aides. The denial came as Labour HARRY ROBERTSONATwhich isDEUTSCHE home to the bank’s largest to hive off €74bn of unwanted assets such William Wright, founder of the capital was once again engulfed by an investment finance operations – making as long-dated derivatives. Deutsche will markets think tank New Financial, said argument about antisemitism @henrygrobertson major cutbacks likely. also create a corporate bank which will “The restructuring at Deutsche Bank is the and bullying. THOUSANDS of jobs are at risk in the City of Deutsche said it will feel the cost focus on transaction finance. result of 10 years of tinkering at the edges Up to six ex-staffers breached London after Deutsche Bank announced it immediately, predicting a loss of €2.8bn in Sewing will take responsibility for both of a business that had grown too big and non-disclosure agreements will slash 18,000 roles globally in an the second quarter of 2019 as it shells out the new corporate bank as well as the too quickly in the decade before the (NDAs) and spoke to the BBC attempt to stem its 10-year decline. for severance and restructuring costs. investment bank. Garth Ritchie, who financial crisis.” for an upcoming documentary. Germany’s biggest lender will shut Chief executive Christian Sewing said previously headed the investment unit, left Wright added that Deutsche had hoped Some received letters from down its global share-trading business and Deutsche was “refocusing the bank around Deutsche on Friday. it would be able to turn a corner but “the Labour’s lawyers, Carter Ruck, significantly reduce its investment banking our clients”. It will also cut back its fixed income structural challenges haven’t blown over, saying they may face legal operations in a drastic overhaul. Deutsche “We are returning to our roots and to operations, which deal in instruments such its main rivals haven't dropped out and action for breaking NDAs. said the move will cost it €7.4bn (£6.6bn). what once made us one of the leading as government and corporate bonds. Deutsche’s cost base, culture, structure and McDonnell told Sky News The bank did not reveal where the job banks in the world,” he said. Sewing called the plans a “restart” but share price have finally caught up with it”. that the programme would be losses would be felt but around 7,000 As part of the plans Germany’s flagship they will be interpreted as an admission by driven by “a few members of people work for Deutsche in London – bank will also create a so-called bad bank Deutsche that it cannot compete with rivals. £ CONTINUES ON P3 staff who have a political axe to grind”.

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YOUR KEY TO ALL THE BEST DOORS IN THE CITY 02 NEWS MONDAY 8 JULY 2019 CITYAM.COM

HANGING AROUND More than £100,000 raised as City A.M. joins lord mayor for 500ft charity abseil at Barclays HQ in Canary Wharf THE CITY VIEW Bears are gathering to welcome bullish Boris

ID THE economy shrink in the second quarter of the year? While it is impossible to be sure, we will get Danother clue this week when the Office for National Statistics (ONS) publishes its GDP estimate for May – and so far, the signs are not good. One month ago the ONS estimated a 0.4 per cent contraction in April, notably worse than economists had been expecting. Such monthly figures can be erratic and prone to significant revisions, yet bearish signs are increasingly commonplace. The latest private sector business surveys point to a decline in quarter two, with economists in both Westminster and the City forecasting a negative reading. This morning accountancy giant EY predicts a

1.6 per cent drop in business investment in 2019 as a whole, MIKE WILLIAMS PHOTOGRAPHY while fellow beancounters at Deloitte report that chief STAFF at Barclays had to put up with a steady stream of thrill-seekers descending past their office windows on Friday as the annual Lord Mayor’s Appeal abseil challenge kicked off with City A.M. founder Lawson Muncaster (left), lord mayor Peter Estlin financial officers are at their most risk-averse since the collapse (centre) and editor Christian May (right) – pictured with their instructors – the first to go over the edge. Over 90 people took part. of Lehman Brothers. The lingering uncertainty It requires a large around Brexit is not helping, degree of insular of course, and EY’s thinking to blame economists say growth will be even lower if the UK is Brexit entirely City rat race intensifies as forced to extend Brexit once more at the end of October. However it requires a large degree of insular thinking to blame Brexit entirely. Growth levels are abysmal across Europe and the Trump-led trade war is exacerbating an already-portentous job opportunities decline slowdown throughout much of the world. All of a sudden the prospect of monetary easing is back on the table and markets AUGUST GRAHAM have returned to their seemingly-perverse post-crisis habit of is especially vulnerable to regulatory Separate data published by Deloitte uncertainty and remains slow,” he revealed more than eight in 10 jumping at the sound of bad economic news. @AugustGraham said today. finance chiefs believe the long-term Here in London, the FTSE is up nearly 400 points in little more CITY workers had to fight harder for The number of new financial servic- business environment will suffer than a month. This is the mood music greeting the Tory new jobs last quarter as the number of es jobs on the market has declined because of Brexit. available opportunities halved. fairly consistently from a high of The proportion of chief financial favourite to enter Downing Street a fortnight tomorrow. Boris Research showed that the number of 24,105 in the beginning of 2017. Last officers (CFOs) who believe it is a good Johnson’s fans adore his ability to inject optimism into the available jobs in financial services quarter the number of roles available time to take more risk on their most miserable of party conferences and the former mayor of decreased 50 per cent year-on-year, lay at 7,363. balance sheets has fallen to just four London has already talked up his determination to lift the and 33 per cent quarter-on-quarter. Meanwhile, the number of profes- per cent, marking the lowest level Meanwhile, the number of jobseek- sionals looking for new roles was since Lehman Brothers collapsed 11 mood around Brexit. But rhetoric is one thing, and raw ers in the sector fell 22 per cent. This 11,848 in the quarter. years ago. economic realities are another. The political circumstances contrasts with the technology sector, Enver said that banks have been cut- “Brexit has not happened, but it is paving the way for Johnson’s long-touted journey to Number 10 which has 60 per cent more jobs in ting jobs and putting projects on hold acting as a drag on corporate senti- London today than it did in 2010. due to the uncertainty. ment and spending,” said Deloitte’s have been fortunate, but he may find that it is not an It comes as the City is worried over “If we have a no-deal Brexit, those chief economist Ian Stewart. altogether lucky time to be the man at the top. the future of Britain’s relationship projects and all the jobs they would “Ironically, risk appetite in the cor- with the European Union, said Hakan have generated go from being on hold porate sector has slumped just as it Enver, the managing director at to being cancelled,” he said. has taken off in the equity market. Morgan McKinley, which carried out “If those jobs keep being treated like Measures of financial market the research. collateral damage, eventually volatility have declined, even though a “While most sectors in Britain have someone else is going to have to pick majority of CFOs rate uncertainty as seen an increase in hiring despite the up the tab for the government’s being at high or very high levels,” he Follow us on Twitter @cityam deadlock, the financial services sector expenses.” added.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL JEFFREY EPSTEIN HELD ON WHAT THE POLICE BATTLE ACTIVISTS IN BORIS JOHNSON TO BOOST WEWORK TO RAISE BILLIONS SEX TRAFFICKING CHARGES OTHER LATEST HONG KONG CLASH FUNDING FOR APPRENTICES SELLING DEBT AHEAD OF IPO Jeffrey Epstein, the billionaire US hedge Hong Kong riot police used batons and Apprentices can have as bright a future Wework has a plan to shore up fund manager and one-time friend of PAPERS SAY tear gas against democracy activists last as university graduates without confidence in its business before it goes Bill Clinton and Donald Trump, has night after the campaign of protest incurring “huge debts”, Boris Johnson public: offer billions of dollars in debt been taken into custody and, according THIS spread to new areas of the territory. has said. The Tory leadership contender that would fund its growth until it can to media reports, been charged with Officers brandishing batons scuffled has argued the case for people going turn a profit. The office-space manager sex trafficking. Epstein was detained by MORNING with demonstrators armed with folding straight into work after school, vowing is seeking to raise as much as $3bn federal agents at Teterboro airport in umbrellas, making several arrests in the to boost funding for further education (£2.4bn) to $4bn through a debt facility New Jersey on Saturday after his Mong Kok area of Kowloon. colleges and apprenticeships. that could grow as big as $10bn. private jet arrived from Paris, according to the Miami Herald. He is to appear HALF OF PARENTS AFRAID OF ONE MILLION MORE OVER- CONGRESS FACES FUNDING before a judge today. KIDS’ ADDICTION TO GAMING 50s WORK PART-TIME JOBS DEADLINES Half of parents with school-age children A million more over-50s are now Lawmakers return to the Capitol this IMF LEADER MUST BE FROM reiterating the decades-old convention worry that their offspring are becoming working part-time compared to a week, with lingering acrimony among EUROPE, SAYS LE MAIRE for one of the most sought-after jobs in addicted to computer games. Many decade ago, as older workers shun a Democrats and Republicans expected France’s finance minister Bruno Le international finance. All of the 11 heads parents say it is a struggle to get their ‘cold turkey’ retirement. Government to hover over debates on legislation and Maire has said that the top job at the in the IMF’s 73-year history have children, particularly boys, to stop data revealed the UK’s part-time passage of spending bills needed to IMF should go to a European candidate, stemmed from Europe. gaming for meal times or to go to bed. workforce is driven by the over-50s. avoid a government shutdown. CITYAM.COM MONDAY 8 JULY 2019 NEWS 03 London remains Deutsche exits to foreshadow equity markets’ investor woes CONTINUED FROM FRONT PAGE

The announcement came after the bank’s board met yesterday to give the overhaul the green light. standout capital In the wake of the failed merger with Commerzbank two months ago, Sewing had flagged an JESS CLARK London to continue to attract both extensive restructuring in May domestic and international compa- when he promised shareholders @jclarkjourno nies seeking to raise capital. “tough cutbacks” to the bank. LONDON remained a bright spot for “It is heartening to see continued in- The radical overhaul follows a equity capital markets as investors vestor appetite for growth companies, series of reforms by Deutsche shrugged off economic and political as exemplified by the successful com- aimed at halting its decline and uncertainties in the first six months pletion of several high-profile and tumbling share price. of this year. large IPOs over the past six months.” Sir Kim Darroch described Trump’s administration as “uniquely dysfunctional” Over the last five years shares Total funds raised in the UK in the Meanwhile European private equity have fallen more than 70 per cent. first half of 2019 reached £19.2bn, up markets began to cool in the second Worth more than €110 before the from 22 per cent in the second half of quarter of this year following a strong financial crisis, they are valued at last year. performance in 2018. Foreign Office launches inquiry around €7 today. The number of initial public offer- The volume of private equity-backed The exact locations of the job ings (IPOs) slumped in the first six deals fell 13.6 per cent to 504, the cuts are not expected to be known months of the year, with only 21 list- weakest quarter since the beginning into ‘inept’ Trump memo leak for some time. Deutsche said it ings across both the main market and of 2018, according to figures pub- aims to reduce its number of Aim compared to 41 between January lished today by Unquote Data. JAMES WARRINGTON ambassador to Washington Sir Kim employees to 74,000 by 2022. and June last year. Total funds raised Unquote Data’s head of data and re- Darroch criticised Trump and Deutsche cancelled its dividend via IPOs increased four per cent de- search Julian Longhurst said: “Pin- @j_a_warrington warned of rifts in the White House. for both this year and next. It also spite the downturn in deal numbers, pointing exactly what is behind this THE GOVERNMENT has launched an Trump late last night hit back at said it will not issue shares to pay according to research by KPMG. is difficult, though it is very likely inquiry into leaked memos that the ambassador, who he said “has for the turnaround plans. Marco Schwartz, head of KPMG’s that political uncertainty in general... described US President Donald not served the UK well”. Sylvia Matherat, chief regulatory equity capital markets advisory team, is having a negative impact on the Trump’s administration as “inept” Foreign secretary Jeremy Hunt officer since 2015, and Frank said: “The UK remained the centre of private equity space, with some and “uniquely dysfunctional”. said Darroch’s comments were a Strauss, management board European equity issuance in the first prospective vendors holding off until In a series of confidential memos “personal view” that did not reflect members since 2017, will follow half of the year, and we expect the situation is resolved.” seen by the Mail on Sunday, British the government’s position. Ritchie in leaving the bank.

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price and a contribution towards the deposit. Excludes NI. Figures shown are for comparability purposes; only compare fuel consumption and CO2 figures with other vehicles tested to the same technical procedures. These figures may not reflect real life driving results, which will depend upon a number of factors including the accessories fitted (post-registration), variations in weather, driving styles and vehicle 4.9% APR load. There is a new test used for fuel consumption and CO figures (known as WLTP). The CO figures shown, however, are based on a calculation designed to be equivalent to the outgoing (NEDC) test cycle 2 2 and will be used to calculate vehicle tax on first registration. For more information, please see www.volkswagen.co.uk/owners/wltp or consult your retailer. Data correct at 06/2019. Figures quoted are for a range of configurations and are subject to change due to ongoing approvals/changes. Please consult your retailer for further information. Official fuel consumption figures for the SUV range in mpg (litres/100km): combined 24.6 (11.5) – 53.3 (5.3); combined CO2 emissions 110 – 203g/km. A text if you run low. Good to know.

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Mobile alerts are 7 days a week including Bank Holidays. This is a free service for all eligible current account customers. We won’t charge you for this service, but if you receive texts whilst abroad your network service provider may charge you. This information is correct as of June 2019 and is relevant to Halifax products and services only. Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. CITYAM.COM MONDAY 8 JULY 2019 NEWS 05 Minister: MPs Labour will break up Treasury and move unit to north, says McDonnell can find way to HARRY ROBERTSON made”, leading to higher investment Show yesterday morning. in the region. “We need to pour money in to the @henrygrobertson His comments came after he north: investment long term on JOHN McDonnell would break up the yesterday laid out a plan for a infrastructure, training, rebuilding Treasury and move a large chunk of it £250bn northern Treasury unit in an the economy,” he said. prevent no-deal to the north of England if Labour interview with the Manchester The plans are part of what came to power, the shadow Evening News. One of its goals would McDonnell called a proposed chancellor confirmed yesterday. be improving the region’s ‘national transformation fund’. He said on the BBC’s Andrew Marr infrastructure. He told the Manchester Evening RYAN GOULD Several Conservative MPs have said Show that locating decision-makers “We’ve got to address the regional News that more civil servants should they would consider voting to try to and administrators in the north imbalances in terms of investment work outside of London “to know @rngould bring down a government which was would mean “better decisions will be in our economy,” he said on the Marr what lives people are living”. JUSTICE secretary David Gauke said pursuing a no-deal Brexit. yesterday that he would resign from Sam Gyimah, who withdrew from his post if the next prime minister the Tory leadership race before voting chooses to pursue a no-deal Brexit. began, told Sky News that voting His comments come as Labour against the government was the announced it will call a vote of no con- “nuclear option”. fidence in the government when it Gyimah said that 30 or more Tories believes enough Conservative MPs will would seek to prevent the new prime support it. minister from proroguing parliament Gauke also told the BBC that he in order to deliver a no-deal Brexit believed parliament would find a way against the will of the Commons. to prevent a no-deal exit. “There are a number of legislative “Given where the parliamentary mechanisms being looked at at the majority is and the strength of feeling moment," he said, adding that those on a no-deal Brexit, I think there mechanisms would be “sensible and probably will be a parliamentary way in pragmatic.” which this can be stopped,” Gauke said. Rory Stewart, who came fifth in the “There is an element of uncertainty leadership race, said last night that he about it but I think the likelihood is would be willing to help organise an that parliament will find a mechanism “alternative parliament” if the new somehow.” prime minister tried to prorogue Barry Gardiner, Labour’s shadow parliament to bypass MPs’ wishes. international trade secretary, told Sky Former Tory attorney general News that the party would call a no Dominic Grieve will today seek to confidence vote when Tory MPs that amend legislation that would force the previously expressed support for the government to update parliament on vote were likely to back it. its efforts to restore Northern Ireland’s Boris Johnson, the frontrunner to government. become Britain’s next prime minister “[The bill] is a perfectly legitimate later this month, has said the UK must place to start looking at how... a Brexit leave the European Union on 31 deal is fully debated before it takes October with or without a deal. place,” Grieve told the BBC.

GREEK ELECTIONS PM Tsipras defeated by centre-right rival in snap election landslide

GREEK Prime Minister Alexis Tsipras and his leftist Syriza party suffered a landslide defeat to Kyriakos Mitsotakis’ New Democracy party last night as the country went to the polls for the sixth time in a decade. Tsipras said he respected the will of the Greek people. Ambassador makes promise to UK over Huawei spying claims JAMES WARRINGTON spy on the UK. Asked if he could promise that @j_a_warrington Huawei would not pass information CHINA’s ambassador to London has back to China, Lui said: “I can said he can promise that telecoms promise that, 100 per cent.” giant Huawei would not pass The ambassador also emphasised confidential information back to Huawei’s status as a leader in 5G. authorities in Beijing. “I think if you reject Huawei you Liu Xiaoming dismissed concerns will miss enormous opportunities,” that China could install so-called he told the BBC. “I think they are here backdoors in the tech firm’s for win-win cooperation; they are not equipment, allowing the country to here to spy [on] people.” 06 NEWS MONDAY 8 JULY 2019 CITYAM.COM Woodford takes Asos prepares to cut 100 jobs fresh hit as tech as sales slump JESS CLARK @jclarkjourno AROUND 100 jobs are at risk at titan value slips Asos’ London headquarters as the online retailer battles with slumping sales. The fast-fashion brand is JAMES WARRINGTON The stockpicker has announced job consulting on a round of cuts at Woodford Investment Manage- redundancies, which will mainly @j_a_warrington ment’s Oxford headquarters, and has affect the marketing department, BELEAGUERED fund manager Neil said he will use the suspension to re- the Sunday Times reported. Woodford could be facing fresh trou- duce the fund’s exposure to illiquid Asos issued a warning in ble as one of his biggest bets is report- and unquoted stocks. December, saying it had suffered a edly braced to suffer a drop in its Benevolent AI uses artificial intelli- Topshop, whose parent group is Sir Philip Green’s Arcadia, is closing its US stores “significant deterioration” in pre- valuation. gence to discover and develop new Christmas trading, which sent London-based tech firm Benevolent medicines, and recently unveiled a shares plummeting by around 40 AI is said to be raising money at a level partnership with British pharmaceu- per cent. well below its $2bn (£1.6bn) valuation, tical giant Astrazeneca. Green wins legal battle against In March the retailer reported an the Sunday Times reported. The tech firm raised $115m in a 87 per cent drop in interim pre-tax Benevolent AI, which is led by for- funding round in April and boasts profits. mer Facebook executive and govern- membership of an exclusive club of US landlords over Arcadia plans The retailer blamed some of its ment minister Baroness Joanna so-called unicorn startups with a val- struggles on issues at a new Shields, has held talks with a number uation of more than $1bn. JESS CLARK Green’s restructuring of retail warehouse in the US earlier this of large Asian investors, including Sin- Benevolent AI posted a hefty pre-tax empire Arcadia had compromised year. The Atlanta site was unable to gapore’s sovereign wealth fund loss of £33m last year on revenue of @jclarkjourno their rights as foreign creditors, the cope with a surge in demand, Temasek, according to the report. £6.8m, and the firm is reportedly at RETAIL tycoon Sir Philip Green has Sunday Times reported. which hurt profitability in The drop in value would mark a risk of losing its unicorn status after won a legal battle with a group of US Arcadia is now able to move funds America. fresh blow for Woodford, who has its next funding round. landlords after a court dismissed generated by liquidating stock from Another issue for Asos is its free been trying to restore order to his A spokesperson for Benevolent AI their claim following the collapse the 11 shuttered US stores back to returns policy. The brand has flagship Equity Income fund since said the company was “well placed” to into bankruptcy of Topshop USA. the UK. The cash will be used to pay announced that it will adapt its trading was suspended last month carry out further fundraising. Five US landlords including debts owed to creditors affected by rule book in order to crack down after investors withdrew billions of Woodford Investment Management Vornado were attempting to recoup Arcadia’s company voluntary on “serial returners” in a bid to pounds. declined to comment. more than £100m, saying that arrangement (CVA). reduce costs. New rules could give fraudsters a back Boeing loses $6bn Saudi door to clone mobile phone numbers order for 737 Max aircraft AUGUST GRAHAM use that it has become vulnerable to simply use the phone. In the past, JAMES WARRINGTON Boeing yesterday said the budget attack, said Richard De Vere, a scammers could get this information airline had decided not to go @AugustGraham cybersecurity consultant. over the phone. @j_a_warrington through with its order due to NEW RULES to make it easier to swap Using voice-aid Siri on an iPhone, Cybersecurity professor Eerke LOW-COST Saudi Arabian airline “schedule requirements”. mobile contracts could give criminals fraudsters could send a text to the Boiten from De Montfort University Flyadeal has cancelled a $6bn The provisional commitment, access to important personal number. They would then, without told the Sunday Telegraph that the (£4.8bn) order for 30 Boeing 737 which included an option to pur- information, experts have warned. having to log into the phone, get a system may also be abused by some Max jets in a major blow for the chase an additional 20 737 Max jets, The text-to-switch service, code from the customer’s provider. apps. Software which has access to troubled aerospace giant. was worth $5.9bn at list prices. launched last week, allows billpayers This could ultimately help give them people’s messages might secretly Flyadeal began to reconsider its Instead, Flyadeal will buy 30 Air- to easily get a code to move provider. access to bank details. request the code, he said. provisional order for the grounded bus A320 Neo aircraft, which were It aims to encourage switching However, fraudsters would need Ofcom said that “any claims that 737 Max jets following crashes in ordered by parent company Saudi and save customers on their bills. physical access to your phone to get these changes will increase this type Indonesia and Ethiopia that killed Arabian Airlines during the Paris However, the system is so easy to the code, at which point they could of fraud are completely unfounded”. a total of 346 people. Air Show in June. CITYAM.COM MONDAY 8 JULY 2019 NEWS 07 Brexit curtails investment as UK-EU relationship uncertainty continues RYAN GOULD investment will contract 1.6 per cent investment could be short-lived. – a decline of 1.2 percentage points “The unknown nature of the UK’s @rngould on the previous year. long-term relationship with the EU INVESTMENT in British business is Mark Gregory, EY’s chief has the potential to limit this set to suffer in 2019 as prolonged economist, said that the prospect of upturn though and the real worry is uncertainty surrounding Brexit a further delay to Brexit or no-deal that we wake up in 2025 out of the tightens its grip on the willingness departure “paints a confusing and EU and with a very uncompetitive to commit to major projects, a conflicting picture for businesses.” economy,” Gregory said. leading forecaster has said. If the UK manages to leave the EU “Businesses will need to avoid EY’s Item Club, which uses the with a deal on 31 October, any making knee-jerk reactions while Treasury’s model of the UK “semblance of stability” that might also being able to shift course economy, says that business result in an increase in business quickly if required.” Hertfordshire-headquarteredPremier Premier Foods Foods owns brands including Mr Kipling to face investor revolt over pay Tailor-made

JESS CLARK “The company did not formally serve notice at the time of the announce- @jclarkjourno ment, however, and has paid a full 12 MR KIPLING owner Premier Foods months [of] payment in lieu of notice trading could face a shareholder revolt at its from the point of his departure,” ISS upcoming annual general meeting said in its report. (AGM) over pay handed to its former “This constitutes an unnecessary chief executive. overpayment of approximately 2.5 Our industry-leading Shareholder advisory firm ISS has months’ fixed pay to a departing CEO, urged investors to oppose the compa- with an equivalent time-in-service charting package has ny’s remuneration report at its AGM credit for outstanding Long Term next week. In a note to shareholders Incentive Plans. over 115 technical ISS said Premier Foods, which owns “This is not considered an appropri- the Ambrosia custard and Angel ate use of shareholders’ funds, and as indicators and drawing Delight brands, unnecessarily paid a result support for the remuneration departing chief executive officer (CEO) report is not considered warranted.” tools, plus more than 70 Gavin Darby a full salary. A spokesperson for Premier Foods Premier Foods did not “formally said: “The remuneration committee chart patterns and 12 serve notice” when Darby’s exit was treated Gavin as a good leaver and announced, ISS said. determined his departure package in chart types, for expert Darby left the role on 31 January, accordance with his service after his departure was announced on agreement and the remuneration technical analysis. 13 November last year. He was paid policy.” £864,000 in lieu of his 12-month In May Premier Foods reported that notice period. it had swung to a loss in the year end- The former chief executive faced a ing in March. Also available as a mobile huge shareholder revolt last year that The Hertfordshire-based company saw 41 per cent of investors vote said a £20.9m profit before tax was and tablet version, our against his re-election. wiped out, showing losses of £42.7m. award-winning platform* can help you fulfil your Mitie boss doubles pay in tough trading potential. sector as turnaround ‘bears fruit’ CMC Markets AUGUST GRAHAM Speculation has raged that Mitie might buy Interserve’s support @AugustGraham services business for £100m. MITIE boss Phil Bentley doubled his “We’d be foolish to not look at remuneration last year after two what is going on and not keep in Spread betting & CFDs: years of turning down bonuses. touch with people, but we’re not FX | Indices | Cryptos | Commodities | Shares The outsourcer’s chief executive about to launch anything,” Bentley was paid £2.2m over the year. told Reuters in March. He was given a £900,000 base The chief executive, who was hired salary and a pension of £180,000. in 2016, has helped oversee a Spread bets and CFDs are complex instruments and come with a high risk These were both unchanged from turnaround in Mitie’s fortunes in the 2018 financial year. recent years. of losing money rapidly due to leverage. 77% of retail investor accounts lose Meanwhile finance chief Paul He turned a £15m loss in 2018 into money when spread betting and/or trading CFDs with this provider. You Woolf, who joined in November a £36m profit in the 2019 financial should consider whether you understand how spread bets and CFDs work and 2017, took home £879,000 in pay year. including a £405,000 bonus. “Phil has declined his bonus for whether you can afford to take the high risk of losing your money. It comes amid tough times in the the past two years,” a spokesperson *Awarded Best Platform Features, Best Mobile Phone/Tablet App, ranked highest for Charting, based on highest user outsourcing sector, with rival told the Sunday Telegraph, which satisfaction among spread betters, CFD and FX traders, Investment Trends 2018 UK Leverage Trading Report. Carillion going out of business early first reported the story. last year. “This bonus payment is a sign that Just months ago Interserve also Mite’s transformation programme is went into pre-pack administration. bearing fruit.” 08 NEWS MONDAY 8 JULY 2019 CITYAM.COM Turkey’s bank Backlash after boss ousted ECE TOKSABAY Iran’s breach of TURKISH President Tayyip Erdogan sacked the central bank governor for refusing the government’s repeated demands for rate cuts, Hurriyet newspaper yesterday quoted Erdogan as saying in a nuclear treaty meeting. Murat Cetinkaya, whose term was due to run until 2020, was JAMES WARRINGTON Iran has committed to restrict its ura- replaced by his deputy Murat Uysal, nium enrichment to the level needed a presidential decree published in @j_a_warrington for nuclear power plants, rather than the official gazette showed. Reuters IRAN has broken the terms of its 2015 the higher levels that can be used in nuclear deal and must reverse any nuclear weapons. moves to increase its uranium enrich- However top Iranian officials have ment, the UK has warned. threatened further violations, saying Iran yesterday announced it would the country would keep reducing its Lagarde “knows how to talk to financial markets”, says Benoit Coeure boost its uranium enrichment above a commitments every 60 days unless Nigeria signs for cap set by the nuclear deal, in a move European signatories to the deal pro- that ramped up tensions between tect it from US sanctions. Tehran and the west. “We are fully prepared to enrich ura- Lagarde ‘uniquely qualified’ to Africa free trade A Foreign Office spokesperson nium at any level and with any warned Iran had broken the terms of amount,” said Behrouz Kamalvandi, FELIX ONUAH the deal, also known as the Joint spokesperson for Iran’s Atomic Energy head ECB, says board member Comprehensive Plan of Action (JCPOA). Organisation. NIGERIAN President Muhammadu “While the UK remains fully com- “In a few hours the technical process LEIGH THOMAS experience in central banking. Buhari has signed up to the $3 mitted to the deal, Iran must immedi- will come to an end and the enrich- Lagarde, who has been the IMF’s trillion (£2.35 trillion) Africa free ately stop and reverse all activities ment beyond 3.67 per cent will begin,” OUTGOING International Monetary director since 2011 and is a lawyer by trade agreement. inconsistent with its obligations,” the he added, referring to the limit set in Fund (IMF) head Christine Lagarde is training, was tapped last week to Agreement to form a 55-nation spokesperson said. the 2015 agreement. “uniquely qualified” to lead the replace Mario Draghi. trade bloc via the African “We are coordinating with other The move also sparked warnings European Central Bank, an executive “She knows how the global Continental Free Trade Agreement JCPOA participants regarding the next from France and Germany, while board member has said. economy works. She knows how was reached in March after four steps under the terms of the deal, Israeli Prime Minister Benjamin Benoit Coeure defended the Europe works. And she knows how to years of talks. Nigeria was one of including a joint commission.” Netanyahu said Tehran’s actions were nomination of Lagarde yesterday as talk to financial markets,” Coeure the last countries to commit to the Under the terms of the agreement, extremely dangerous. critics pinpointed her lack of told reporters. Reuters trade deal. Reuters

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Find out more today, call 020 3856 4452 or visit us online at otalearn.co.uk 10 NEWS MONDAY 8 JULY 2019 CITYAM.COM Conde Nast dumps Farfetch stake JESS CLARK Nast has raised concerns about how New York-listed Farfetch was much Farfetch has been spending on founded in London in 2009, with @jclarkjourno marketing. Conde Nast as an early investor. CONDE Nast, the publisher of Vogue Conde Nast chairman Jonathan New- In 2017 the magazine giant, which magazine, has dumped its £234m house stepped down from the plat- also publishes titles including GQ and stake in London-headquartered luxury form’s board in March. Vanity Fair, launched a commercial retail platform Farfetch. In the first quarter of this year partnership that saw Conde Nast read- The company has concerns over how Farfetch reported a loss after tax of ers directed to the Farfetch platform. the marketplace is managed under $109,275 (£81,115), from a loss of Farfetch told the Sunday Times that founder and chief executive Jose $50,727 in the first three months of its investment in customer engage- Neves, according to the Sunday Times. 2018. Revenue increased from ment and technology development Conde Nast was an early investor in Farfetch, which is New York-listed The newspaper reported that Conde $125.6m to $174.1m. would drive growth. London fintech Firms spend Soldo scoops up £4.4bn as skills $61m in funding shortage bites EMILY NICOLLE Withith stunningsW tunning vieviews ow overvs er Canary WWharf,harf the lalatestest, t phase of AUGUST GRAHAM contemporaryemporontc ary apartments offofferer s stylishtylish LLondonondon living.living. @emilyjnicolle @AugustGraham LONDON-BASED business banking MOST employers in the UK have fintech firm Soldo has today closed a struggled to find skilled staff in the $61m (£48.7m) series B funding past year, a study revealed today. round, led by Battery Ventures. The shortage has forced British Battery joined the round as a new firms to spend £4.4bn on temporary investor alongside Dawn Capital, and staff, higher salaries, recruitment existing investors Accel and Connect fees and training. Ventures. The venture capital firms Data from the Open University have previously backed the likes of showed that 68 per cent of employers iZettle, Facebook and Slack. have struggled to find the right kind Soldo, which provides businesses of staff in the past 12 months. with a dedicated spending account Around half of the businesses that to streamline expense management, were surveyed hired temporary staff, has now raised a total of $82m. while 44 per cent spent more than The fintech firm said its series B they intended on recruiters. Around round is the largest to date for a one third hired staff at a lower level fintech firm in spend management. than they needed, while 38 per cent Soldo has approximately 60,000 increased salaries. customers across its three markets of However, the amount spent on the UK, Ireland and Italy, with closing the skills shortage actually around 500 per cent growth in 2018. fell from last year, the figures It holds e-money licences in showed, when employers spent a Ireland and the UK, allowing it to total of £6.3bn. They have cut back carry out banking operations while the most on increasing salaries to accounts are ringfenced by another attract better staff. fully-licenced bank. A spokesperson Britain’s skills shortage comes as for Soldo told City A.M. the startup MONDAYMONDAY - SATURDAYSATURDAY 10AM - 5PM employment is at its highest point has no intention to pursue a full SUNDAYSSUND YA S & BANK HOLIDAYSHOLID YA S 10AM- 4PM since 1971. Businesses are therefore banking licence in the UK, in part having to search for staff from a due to the costs involved in NewNew Union Wharf,Wharf, 8 RiverRiver BargeBarge Close,Close, smaller pool. undertaking such a process. Isle of Dogs, E14 3PJ3PPJJ The development means that 61 The funding will be used to scale per cent of businesses are now trying into new European markets, and to develop internal talent. double its workforce in the next year. 4 15 22 27 “It’s encouraging that employers mins mins mins mins Josh Bell, general partner at Dawn are looking to invest in the talent of Opens Capital, said: “Soldo’s blend of world- AAutumnutumn their existing workforce, with class people and pioneering tech to 20191920 businesses increasingly turning to solve an everyday business problem Canary WharfWharf Bank LiverpoolLiverpool StreetS eettr OxfordO CirorxfO Circuscusd strategies that will serve their skills points to huge growth potential. As a * TTravelvar el times frfromom CrCrossharbourossharbour SStation.tation. Obtained frfromom TFL requirements for the years to come,” global player enabling commerce said David Willett, corporate director among [small businesses], it’s on a Book youryour appointment: | at the Open University. journey we know well from our Also, three in five senior business iZettle investment.” leaders worry that the shortage will Bell, alongside Battery Ventures PricesPrices correctcorrect atat time of printing July 202019.19. LLondonondon Help ttoo Buy: EEquityquity LLoanoan – TT&C’s&C’s applyapply.. get worse after Britain leaves the EU. PleaselP esae contactc tcatno usus forfor furtherf ehtru r details.d .sliate MoreMor infinfe ormationormainf tion can be foundfbe ound on www.helptobuy.gov.uk.helptwwwon obuy .ukvgo.obuy general partner Itzik Parnafes, will “Training, such as apprenticeships, join Soldo’s board. provides a long-term solution to UK “[With] more expense-management organisations looking to adapt to processes moving to the cloud, challenges on the horizon such as today’s corporate-expense programs Brexit, digitisation and new must adapt to keep up,” said Parnafes. technologies,” said Willett. Ex-Goldman boss signs on for Revolut role MICHAEL SEARLES according to Sky News. customers across Europe – half of Sherwood left Goldman in 2017 whom are based in the UK. @MichaelSearles_ after three decades and will join the The digital bank was recently THE FORMER boss of Goldman Sachs challenger bank, run by former named as the number one UK startup European operations, Michael investment banker Nikolay Storonsky. of the year, and Storonsky has Sherwood, is set to join the board of Storonsky is also looking to name a previously said he wants Revolut to be UK fintech firm Revolut. prominent chairman in a bid to worth more than $20bn (£15.9bn) Sherwood, one of the most strengthen its relationship with before considering a stock market prominent bank executives in the regulators, Sky News reported. listing. Revolut is nearing 6m City, will be announced in a non- It is the latest sign of Revolut’s Revolut and Sherwood both customers across Europe executive directorship this week, intent, with the bank now close to 6m declined to comment. CITYAM.COM MONDAY 8 JULY 2019 NEWS 11 ADVERTISEMENT FEATURE Nottingham’s In for a pact, in for a pound half-cost tech heaven COMMENT Mark Sanders CEO, Accelerate Places

here should my business actually be based? Beyond proximity to the Wfounder’s front door, it’s not a ques- tion that’s often asked. But surely this is worth giving a bit more thought to? If you can’t access the talent you need and the markets you’re aiming for at a reasonable cost, your business is going to be burning through a lot of time and money looking for them. So imagine a place where the price you pay for an office is around 50% of what you Brexit donors, and two weeks ago briefed financial firepower to seriously mount a contested the seat, while Change UK stump-up in London, one with technology- Owen Bennett on Lib Dem MPs on the resources available to challenge in every seat. opted to not put forward a candidate. driven blue chips, fascinating start-ups, a them if they backed the plan. The attempt to form a political peace Labour won the by-election, with the dynamic tech sector, two universities and a the Remain party A key part of the proposal involves the treaty comes as City donors are increas- Brexit Party just 683 votes behind. The cool social scene – all connected by a Lib Dems, the Green Party and Plaid ingly reluctant to put money into anti- Lib Dems finished fourth. brilliant integrated transport system. seeing its coffers Cymru agreeing to be led by new polling Brexit groups, according to outspoken “It was abysmal what happened there. Where is this half-the-cost tech heaven? that would drill down into which pro- pro-Remain figurehead Gina Miller. It was a disgrace,” Miller said. It’s Nottingham. swell with new cash Remain candidates have the best chance The businesswoman set up a website in The decision whether to pursue an I’m biased because Nottingham’s been of winning each constituency in a advance of the European elections giving electoral alliance will have to be taken by kind to me. I’ve been building businesses in FLOOD of cash is set to be general election. advice on how people should vote to max- the next Lib Dem leader, with the winner the city since 1999 – firstly, helping establish released to the Liberal The Brecon by-election, in which the imise the number of anti-Brexit MEPs. of the contest to succeed Sir Vince Cable Capital One’s European HQ here and then Democrats from wealthy Greens, Change UK and Plaid Cymru She told City A.M. that some donors are being announced on July 23. taking TDX Group from a small start-up donors if the party signs up to have agreed not to field a candidate holding back from injecting more cash Leadership contender Jo Swinson told through to an international business. a Remain-focused electoral to give the Lib Dems the best into various anti-Brexit cam- City A.M.: “I won’t rule anything out that If Nottingham’s been missing one thing it pact,A City A.M. can reveal. chance of victory, is being paigns as they are not seeing might help us stop Brexit. is a centre of gravity for tech-enabled The cash-strapped party received just used as a test case for the enough results. “I was heavily involved in the attempt businesses looking to grow. That’s my new £4.8m in funding in the 12 months to new alliance. Miller said: “It’s very diffi- to run a joint Remain candidate in project. March 2019 – £12.4m less than Labour – The by-election will take Peterborough, and where Liberal At TDX, we were backed by Blenheim following an announcement last year place on 1 August, just Heidi Allen has briefed Democrat local parties are in favour, it is Chalcot, the UK’s leading venture builder. that it was cutting staff at its London days after a new Tory pre- Lib Dems on what they something I don’t think we should rule With their support, we’ve opened headquarters and scaling down its mier arrives in Number could get from the plan out elsewhere.” Accelerate Places Nottingham – and we’re autumn conference in a bid to save 10. Her rival, Sir Ed Davey, was more cir- boldly aiming to be the best co-working money. One source close to the cult to say ‘release’... There cumspect when it came to any kind of for- environment in the city. City A.M. has been told that the party Lib Dems told City A.M. the is funding exhaustion, they mal alliance, but accepted the need for “a The prospect of helping the next has been offered a financial lifeline by a party had seen donations pick don’t want another march or new version of old-style tactical voting”. generation of Nottingham success stories slew of anti-Brexit donors who were orig- up since the European elections in campaign or petition.” He told City A.M.: “While I’m cautious is exciting stuff for me. They’ll be joining a inally prepared to pump cash into May, in which it finished second with 16 Miller said the debacle over the about a blanket national pact, we must hall of fame which already includes Change UK, the pro-Remain party MEPs and 20 per cent of the vote. Peterborough by-election in June did not work with other parties and in some cases Experian, Capital One, Boots, Ikano and created by 11 former Labour and Tory “We saw a very significant uptick in play well with many potential donors. individual candidates to stop Brexit.” TDX Group. And Accelerate Places is MPs in February. financial support since the local elections, The Lib Dems, Change UK and the Change UK MP Chris Leslie told City already home to some superstar scale-ups However, the splitting of Change UK – and then much more since the European Greens were close to endorsing one unity A.M. the only “alliance” he was interested such as Cronofy, Oakbrook Finance, with six of its MPs walking away from the elections,” they said, adding: “The smaller Remain candidate, Femi Oluwole, from in forging was one among anti-Brexit OpenWrks and more. group after a disastrous European elec- donations of around £2,500, we’re seeing the anti-Brexit group Our Future Our MPs already in Westminster. It isn’t just good transport and lower tions campaign – means the money is up dozens of new people giving that, which is Choice. “That’s my focus – not seats or an elec- costs that make Nottingham a great place for grabs by resurgent Lib Dems, but only good in Lib Dem terms.” However, the pact fell apart when tion,” he said. “Certainly not deals about to live and work. Tech-enabled businesses if the party agrees to a non-aggression Despite the new flow of cash, the Oluwole decided not to run, as he party funding either. Rolling-up sleeves can reach markets from any location, that pact with other Remain parties. source admitted the Lib Dems “have claimed he did not want to split the and getting on with preventing the location must have one particular raw Former Change UK MP Heidi Allen is act- always been desperately underfunded” Labour vote and let in the Brexit Party. imminent Brexit disaster in this parlia- material more than any other: good talent ing as a conduit for the wealthy anti- and admitted the party does not have the The Lib Dems and Greens ultimately ment here and now.” with a great mindset. 12 MARKETS MONDAY 8 JULY 2019 CITYAM.COM

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT Housebuilders’ BT GROUP 202 P US stocks dip 200 after strong 198 5 Jul 198.29 gloomy outlook 196 payrolls report 194 S STOCKS dipped on Friday, as Uthe S&P 500 snapped a three- 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul day streak of record closes, following an unexpectedly strong US weighs on FTSE The bookmakers’ favourite to become Britain’s next Prime Minister, Boris Johnson, payrolls report that led investors to would have a major impact on the telecoms sector if he wins. The leading contender reassess how dovish a stance the for the Conservative party leadership has said he wants fibre broadband to reach Federal Reserve may take at its next homes across the country by 2025, ahead of the government’s 2033 target. If BT has meeting. HE FTSE 100 fell on Friday as flagged a “marked deterioration” in to fund the rollout it would put pressure on dividends, said analysts at UBS. But the US Labor Department data showed stronger-than-expected US UK construction activity this year. state still might pick up the bill. They maintained a “neutral” rating on the stock, non-farm payrolls rose by 224,000 employment data tempered The dour outlook weighed on the with a 240p target price. jobs in June, the most in five months, Thopes of an aggressive shares of homebuilders. Persimmon, and solidly beating economists' interest rate cut by the US which had in the previous session expectation of 160,000 additions. Federal Reserve and as heavyweight forecast a drop in revenue as it JOHN MENZIES Traders sharply scaled back their miners fell due to weakness in China’s slowed new home releases, fell more expectations of a rate cut of half a iron-ore futures. than two per cent. Taylor Wimpey and 500 P percentage point by the central bank The FTSE 100 shed 0.7 per cent on Barratt also skidded. at its next policy meeting on 30-31 what was its worst day in more than Housebuilders – considered among 450 July, although confidence remained a month, as a drop in homebuilder stocks that most closely track the high the Fed would cut rates by 25 shares following a weak trad- state of the UK economy – basis points. ing update from building were also pressured after a 400 5 Jul Stocks slumped in May as trade supplier SIG also weighed survey showed British 413 talks between the US and China were heavily. businesses had turned at a standstill and economic data 350 The FTSE 250 also gave began to point to a slowing. However, up 0.7 per cent – with Weak UK construction equities have rallied since June as the sterling sinking to a six- activity weighed on 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul Fed and other global central banks month low – as the US housebuilders signaled they were becoming more payrolls compounded Warning on profit ahead of next month’s interim results was not enough to earn dovish. pressure from weak do- gloomier about the econ- John Menzies a downgrade from analysts at Peel Hunt, who are still fairly keen on The Dow Jones Industrial Average mestic economic data and omy amid persisting the shares. Earnings for the year are now not expected to exceed the £44.1m profit fell 43.88 points, or 0.16 per cent, to recent dovish signals from Brexit worries. before tax showed in the 2018 financial year. It is starting cost rationalisations to save 26,922.12; the S&P 500 lost 5.41 the Bank of England. Small-cap aviation servicing at least £10m, will revitalise its commercial offering and will focus more on returns. points, or 0.18 per cent, to 2,990.41; An index of miners suffered its company John Menzies plummeted by Peel Hunt maintained their “buy” rating on the shares. It has a target price of 748p. and the Nasdaq Composite dropped biggest one-day fall in almost seven almost 10 per cent to a more than Shares closed at 413p on Friday. 8.44 points, or 0.1 per cent, to months, after China’s leading steel three-year low after it warned of 8,161.79. companies formed a group to probe lower annual profit, mainly due to The jobs report also pointed to whether “non-market factors” were weak cargo volumes and flight sched- THE GYM GROUP slowing wage growth and mounting causing a record surge in iron-ore ule reductions. evidence that the economy was losing prices. Speciality chemicals maker Victrex 250 P momentum, which could still give the SIG tumbled by more than five per lost seven per cent and electrical en- Fed enough of a cushion to cut rates Spectris cent as the Yorkshire-headquartered gineering firm retreated 5.8 245 at the end of the month. company posted lower like-for-like per cent, after the stocks were slapped Shares of banks, which have been sales for the first half of the year and with rating downgrades. under pressure from falling 240 5 Jul benchmark debt yields in recent 242 weeks, rose 0.73 per cent and helped TOP RISERS FTSE drive a 0.38 per cent gain in financials, 235 one of the few bright spots among 1. Just Eat Up 2.78 per cent 7,650 S&P sectors. 2. J Sainsbury Up 2.39 per cent 7,600 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul Defensive names such as real estate, 3. Tui Up 1.37 per cent 7,550 utilities and consumer staples each 5 Jul The Gym Group is set to flex its muscles this week and Liberum has adjusted its lost ground as a rise in US Treasury TOP FALLERS 7,500 7,553.14 forecast in advance to back the company’s innovation drive. The company’s core yields served to make the dividend- 7,450 strength has been boosted by a new membership option and the rollout of personal paying companies less attractive. 1. Rio Tinto Down 3.83 per cent trainers. Liberum analysts seem to think this will work out. They maintained a “buy” Trading volumes were light at the 2. Evraz Down 3.68 per cent 7,400 rating on the stock, with a target price of 330p. Now it just remains to be seen end of what was a holiday-shortened 3. Aveva Down 3.25 per cent 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul whether the firm can stay firm for the marathon, as it tries to continue its strong week as markets were shut on growth in membership and gym openings. Thursday for Independence Day. CITY MOVES WHO’S SWITCHING JOBS

ADDLESHAW GODDARD specialist team of international arbitration promotion to its UK executive committee, following a wealth of experience to the team having worked more Addleshaw Goddard has practitioners. The growth of the practice has continued successful two years as head of investment. Since than 21 years in property consultancy and building appointed Jon Tweedale as in recent years, with the hire into the London office of joining Mediacom two years ago, Mackenzie has surveying with particular expertise in technical due co-head of international investment treaty specialist Sarah Vasani from King & played a pivotal role in the growth of the media diligence, feasibility, development appraisals and fund arbitration to lead the practice Spalding and construction specialist Gerlando Butera agency’s UK business. He arrived at the agency in 2017 monitoring. Throughout his career, he has covered a alongside current practice from the Singapore office of Nabarro. Earlier this year, following a three-year stint at the agency PHD. Prior to wide range of sectors, including hotels and leisure, head, Simon Kamstra. Based the firm recruited Ronald Sum (former east Asia head this he held roles at Vizeum UK and Zenith. industrial and mixed-use and he has advised on in the law firm’s London office, of arbitration at Locke Lord) into the Hong Kong office. numerous investment acquisitions and developments Tweedale has a broad Paul Hughes and Jamie Kellick, who are based in the BNP PARIBAS REAL ESTATE both in the UK and across mainland Europe. practice, which includes firm's Dubai and Oman offices respectively, were also BNP Paribas Real Estate has expanded its building Previously, Andrew was head of the London building energy and life sciences. His promoted to the partnership. consultancy team – which comprises more than 50 consultancy team of GVA, which is today known diverse client base includes members of staff across six offices – with the addition as Avison Young. In the past, he has worked with the oil company BP and the Islamic Republic of MEDIACOM UK of Andrew Dobson as a senior director. He will play an high-profile clients including British Airways Pakistan. Tweedale was recruited from Allen & Overy Mediacom UK has announced that appointment of instrumental role in managing a growing client Pension Trustees, Invesco Real Estate and Principal in 2007 as part of Addleshaw's drive to develop a James Mackenzie as chief investment officer and his portfolio both in the UK and Europe. Andrew brings a Real Estate Europe.

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM MONDAY 8 JULY 2019 MARKETS 13

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1159 0.0016 €/$ 1.1225 0.0060 7553.14 19655.27 4120.51 26922.12 8161.79 2990.41 /$ 1.2527 0.0049 €/£ 0.8960 0.0012 50.44 142.34 27.46 43.88 8.44 5.41 /¥ 135.97 0.4013 €/¥ 121.84 0.1706

                                Millennium & Copt . . . .685.0 5.0 685.0 436.0 GILTS Marshalls ...... 664.5 -5.0 690.0 401.0 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6389.0 -11.0 7155.0 5593.0 Future ...... 920.0 -20.0 1248.0 375.0 Derwent London . . . . .3100.0 -50.0 3328.0 2761.0 Goco Group ...... 84.6 -2.2 135.0 64.6 Mitchells & Butle ...... 293.0 4.5 293.0 238.0 Polypipe Group ...... 436.8 -15.0 453.8 307.8 Redrow ...... 547.0 -5.0 674.6 460.8 Great Portland Es . . . . .696.6 -6.2 773.6 652.3 press . . . . .408.8 -4.0 433.2 361.4 Tsy 3.750 19 ...... 100.50 -0.01 103.6 100.5 3i Group ...... 1148.0 -16.5 1166.0 756.2 Centrica ...... 88.1 0.5 163.7 86.3 Haynes Publishing . . . .224.0 0.0 238.0 160.0 National Ex ELECTRICITY Taylor Wimpey ...... 158.7 -2.5 192.3 129.3 Hammerson ...... 289.7 -0.1 547.6 266.9 . .1860.0 -10.0 1990.0 1480.0 Tsy 2.000 20 ...... 101.41 0.00 102.6 101.4 3i Infrastructure ...... 302.0 -1.0 303.5 227.0 National Grid ...... 854.1 -10.9 889.2 748.7 Huntsworth ...... 98.0 0.2 139.0 81.0 PPHE Hotel Group . Intu Properties ...... 78.0 1.7 201.5 74.7 Rank Group ...... 161.0 1.0 189.0 135.0 Tsy 4.750 20 ...... 102.73 -0.02 106.8 102.7 Contour Global ...... 177.6 -7.6 250.0 150.1 AJ Bell ...... 392.0 -6.0 477.0 220.0 Pennon Group ...... 762.0 -8.6 812.4 684.2 INDUSTRIAL ENGINEERING Informa ...... 835.0 0.0 859.0 605.8 Land Securities G . . . . .854.2 -4.0 955.1 791.8 Tsy 3.750 20 ...... 103.61 -0.02 106.6 103.6 Allied Minds ...... 70.8 -2.0 103.8 37.3 ITE Group ...... 73.4 0.5 90.0 56.3 Restaurant Group . . . . .140.1 -3.0 221.9 111.9 Drax Group ...... 276.6 7.6 427.2 260.2 Severn Trent ...... 2103.0 -17.0 2153.0 1770.0 Bodycote ...... 832.5 -8.0 1055.0 676.0 LondonMetric Prop . . . .213.6 -1.6 216.4 172.7 Stagecoach Group . . . . .125.7 0.0 177.0 115.5 Tsy 2.500 20 ...... 355.98 -0.01 361.4 355.8 SSE ...... 1150.5 -12.5 1400.0 1008.0 Amigo Holdings ...... 177.6 -4.2 308.0 154.5 United Utilities ...... 797.8 -4.4 873.6 682.4 Hill & Smith Hold . . . . .1166.0 -12.0 1523.0 902.5 ITV ...... 111.1 0.4 180.4 104.7 Primary Health Pr . . . . .137.0 -1.0 139.0 106.4 Moneysupermarket. . . .417.7 1.6 417.9 264.0 TUI AG Reg Shs (D . . . .802.0 10.8 1695.5 698.0 Tsy 8.000 21 ...... 114.26 -0.02 121.0 114.0 Arrow Global Grou . . . .240.6 -4.4 267.0 167.2 GENERAL INDUSTRIALS IMI ...... 1048.0 -7.0 1242.0 870.0 SEGRO ...... 750.0 -8.6 763.4 585.2 Tsy 4.000 22 ...... 109.27 -0.01 111.6 109.0 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .349.0 -1.0 510.0 336.0 Pearson ...... 844.8 -2.8 1027.5 769.2 09.0 -9.0 935.0 803.0 Wetherspoon (J.D. . . .1439.0 -2.0 1464.0 1066.0 Melrose Industrie . . . . .189.7 0.1 233.9 146.3 Shaftesbury ...... 8 Whitbread ...... 4771.0 3.0 5114.0 3883.0 Tsy 0.500 22 ...... 99.99 0.00 100.2 97.7 Halma ...... 2012.0 -43.0 2094.0 1237.0 Ashmore Group ...... 523.5 -1.5 528.0 337.0 Smith (DS) ...... 364.4 -3.0 513.4 292.2 Reach ...... 75.4 -2.0 83.2 54.6 Tritax Big Box Re ...... 157.7 -0.7 159.3 129.0 RHI Magnesita N.V . . .4912.0 -16.0 5085.0 3318.0 William Hill ...... 164.0 -0.5 303.2 132.3 Tsy 1.875 22 ...... 116.48 -0.03 118.4 115.5 Morgan Advanced M . . .267.4 -4.2 363.0 237.0 Brewin Dolphin Ho . . . .315.4 1.4 366.0 295.4 Smiths Group ...... 1601.5 -19.0 1749.5 1279.5 Relx plc ...... 1945.0 -17.0 1973.5 1491.5 -8.0 1021.0 797.5 Rotork ...... 310.1 -7.2 361.4 235.7 Unite Group ...... 1007.0 Wizz Air Holdings . . . .3622.0 -21.0 3797.0 2329.0 Tsy 2.250 23 ...... 107.10 0.03 107.4 104.7 Oxford Instrument . . .1394.0 -24.0 1424.0 842.0 Charter Court Fin . . . . .298.5 -2.0 375.0 228.8 Smurfit Kappa Gro . . .2480.0 -44.0 3292.0 1934.0 Spirax-Sarco Engi . . .9040.0-205.0 9400.0 5900.0 Rightmove ...... 544.2 0.0 585.1 420.9 Workspace Group . . . . .878.0 -1.5 1127.0 789.5 Tsy 2.500 24 ...... 370.50 0.06 372.0 358.7 Renishaw ...... 4026.0-254.0 5650.0 3670.0 City of London In . . . . .420.0 10.0 430.0 360.0 Vesuvius ...... 545.0 -13.0 662.0 473.2 Weir Group ...... 1526.5 -26.0 2020.0 1240.0 STV Group ...... 358.0 0.0 458.0 318.0 AIM 50 Tsy 0.125 24 ...... 113.76 0.02 114.8 110.9 CMC Markets ...... 96.0 -0.1 204.0 77.4 Tarsus Group ...... 428.0 1.0 438.0 243.0 SOFTWARE & COMPUTER SERV. Spectris ...... 2717.0-170.0 2898.0 1966.5 Abcam ...... 1472.0 -28.0 1539.0 1017.0 Tsy 5.000 25 ...... 124.78 0.05 125.5 122.1 Coats Group ...... 79.8 -0.6 91.3 69.8 GENERAL RETAILERS INDUSTRIAL METALS & MINING WPP ...... 992.6 0.6 1301.0 800.4 Avast ...... 316.0 - EQUITY INVESTMENT INSTRUM. 0.8 319.4 209.5 Advanced Medical . . . .301.5 1.5 370.0 260.0 Tsy 4.250 27 ...... 129.59 0.11 130.3 122.6 Georgia Capital ...... 1058.0 -14.0 1260.0 941.0 Auto Trader Group . . . .552.8 0.6 606.0 388.5 Evraz ...... 629.0 -24.0 709.4 442.1 MINING Aveva Group ...... 3930.0-132.0 4170.0 2284.0 Tsy 1.250 27 ...... 136.06 0.10 137.4 128.4 Aberforth Smaller . . . .1188.0 -14.0 1406.0 1120.0 Hargreaves Lansdo . .2023.0 -11.0 2433.0 1633.0 B&M European Valu . . .343.0 4.2 426.3 278.6 620.0 952.0 Alliance Pharma ...... 68.7 -0.8 99.8 60.0 Ferrexpo ...... 258.8 -12.5 301.3 143.5 Computacenter ...... 1340.0 -15.0 1 ASOS ...... 2607.0 91.0 6558.0 2128.0 Tsy 6.000 28 ...... 148.14 0.14 149.1 140.5 Alliance Trust ...... 819.0 -3.0 822.0 672.0 IG Group Holdings . . . .594.4 -1.4 954.5 474.8 Card Factory ...... 178.0 1.9 212.4 162.6 Acacia Mining ...... 170.8 -2.9 256.6 96.1 FDM Group (Holdin . . .920.0 0.0 1000.0 734.0 Tsy 0.125 29 ...... 128.38 0.14 129.7 118.8 Apax Global Alpha . . . . .151.0 0.5 153.0 127.0 IntegraFin Holdin . . . . .383.7 3.4 406.1 269.0 Dixons Carphone ...... 117.0 1.0 190.1 107.6 INDUSTRIAL TRANSPORTATION Anglo American ...... 2137.5 -54.0 2266.0 1464.6 Funding Circle Ho . . . . .136.8 7.0 440.0 115.6 Blue Prism Group . . . .1384.0 -23.0 2575.0 1040.0 Tsy 4.750 30 ...... 142.44 0.12 143.4 132.1 Intermediate Capi . . . .1375.0 -28.0 1405.0 899.0 Antofagasta ...... 882.8 -26.6 1022.5 727.2 Camellia ...... 10900.0 150.0 11850.0 9100.0 AVI Global Trust ...... 771.0 0.0 776.0 660.0 Dunelm Group ...... 905.0 2.0 981.0 482.8 BBA Aviation ...... 291.4 -1.4 350.0 207.0 Kainos Group ...... 648.0 -2.0 676.0 340.0 CareTech Holding . . . . .375.0 -5.0 406.0 325.0 Tsy 4.125 30 ...... 384.42 0.09 386.6 355.2 ...... 828.0 4.0 869.0 663.0 International Per ...... 125.0 3.2 248.8 109.0 Inchcape ...... 629.5 -1.0 799.0 486.6 BHP Group ...... 1955.6 -55.4 2049.0 1490.6 Baillie Gifford J . Clarkson ...... 2580.0 0.0 2900.0 1878.0 Micro Focus Inter . . . .2099.5 -60.5 2491.6 1427.2 Central Asia Meta . . . . .207.5 -1.0 266.5 203.0 Tsy 4.250 32 ...... 139.76 0.13 140.7 128.5 Bankers Inv Trust . . . . .958.0 -5.0 963.0 766.0 Investec ...... 516.2 0.6 568.0 423.4 JD Sports Fashion . . . . .621.6 -1.6 635.6 318.5 Centamin (DI) ...... 109.9 -2.0 136.2 79.8 ...... 444.0 -0.8 560.4 361.8 Fisher (James) & . . . . .1918.0 -2.0 2260.0 1600.0 Playtech . Clinigen Group ...... 980.0 -15.5 1069.0 721.0 Tsy 1.250 32 ...... 157.85 0.17 159.1 144.1 BBGI SICAV S.A. ( ...... 151.0 -0.5 168.0 135.5 IP Group ...... 75.0 1.6 138.0 72.5 Just Eat ...... 642.2 17.4 883.4 533.8 Royal Mail ...... 211.2 -2.5 498.0 194.5 Fresnillo ...... 880.4 9.8 1149.5 724.8 Sage Group ...... 810.2 -2.8 820.4 525.6 Tsy 0.125 36 ...... 150.65 0.02 151.8 133.4 John Laing Group . . . . .388.0 -2.8 402.0 273.0 Glencore ...... 269.6 -3.2 341.5 254.7 CVS Group ...... 800.5 10.5 1160.0 395.0 BlackRock Smaller . . .1444.0 -16.0 1600.0 1160.0 Kingfisher ...... 221.7 1.7 318.1 202.2 Softcat ...... 971.0 -7.0 993.5 565.0 Dart Group ...... 850.0 -6.5 1017.0 740.0 Tsy 4.250 36 ...... 146.76 0.15 148.0 133.1 BMO Global Smalle . . .1370.0 4.0 1495.0 1220.0 JTC ...... 370.0 1.0 440.0 287.0 Marks & Spencer G . . . . .213.1 0.7 300.8 204.2 Hochschild Mining . . . . .192.8 -0.1 208.4 149.1 Sophos Group ...... 415.0 -5.2 539.5 298.2 Kaz Minerals ...... 556.6 -20.0 850.6 436.7 Diversified Gas & ...... 111.0 -0.5 134.0 100.0 Tsy 4.750 38 ...... 160.70 0.13 162.2 144.9 Caledonia Investm . . .3110.0 20.0 3129.1 2650.0 Jupiter Fund Mana . . . .399.8 -6.5 452.2 287.6 SUPPORT SERVICES Tsy 0.625 40 ...... 171.77 -0.09 173.5 152.8 6.0 Liontrust Asset M . . . . .744.0 -22.0 770.0 532.0 Polymetal Interna . . .1020.0 0.5 1040.0 597.2 Draper Esprit ...... 542.0 2.0 645.0 458.0 City of London In . . . . .428.0 -3.5 436.0 37 Eland Oil & Gas ...... 124.0 0.4 137.5 97.0 Tsy 4.500 42 ...... 163.76 0.13 165.5 145.9 Edinburgh Inv Tru . . . .585.0 -4.0 699.0 571.0 LMS Capital ...... 51.1 -0.5 53.5 44.0 Rio Tinto ...... 4723.5-188.0 4976.5 3486.0 Aggreko ...... 793.6 -6.0 882.0 647.0 Tsy 3.500 45 ...... 145.87 0.08 147.8 128.0 London Finance & . . . . .37.5 0.0 45.5 37.5 EMIS Group ...... 1196.0 -30.0 1242.0 860.0 F&C Investment Tr . . . . .714.0 3.0 741.0 616.0 MOBILE TELECOMS Ashtead Group ...... 2290.0 -30.0 2438.0 1586.5 Fevertree Drinks . . . . .2151.0 -39.0 3956.0 2108.0 Tsy 4.250 46 ...... 165.77 0.16 167.7 145.7 Fidelity China Sp ...... 222.5 -1.0 250.0 182.4 London Stock Exch . . .5656.0-128.0 5804.0 3867.0 BCA Marketplace . . . . .245.6 0.4 247.0 178.5 Tsy 4.025 49 ...... 171.99 0.06 174.4 150.0 Man Group ...... 164.4 -0.6 184.9 126.8 MAIN CHANGES UK 350 Inmarsat ...... 554.4 2.0 581.4 362.8 First Derivatives . . . . .2850.0-100.0 4490.0 2050.0 Fidelity European . . . . .255.0 -2.0 258.0 202.0 Bunzl ...... 2121.0 -10.0 2551.0 2059.0 Frontier Developm . . . .961.0 -31.0 1390.0 740.0 Tsy 0.500 50 ...... 200.73 -0.35 207.7 173.7 ...... 262.0 -2.0 278.0 220.0 OneSavings Bank . . . . .361.4 -6.4 449.6 330.0 Vodafone Group ...... 134.6 1.7 191.0 123.3 ...... 109.0 -1.3 169.1 99.9 Fidelity Special Capita . . . . . Gamma Communicati 1080.0 -20.0 1195.0 688.0 Tsy 0.250 52 ...... 196.39 -0.55 204.9 168.8 Finsbury Growth & . . . .932.0 -8.0 941.8 740.0 Paragon Banking G . . .449.2 0.2 524.0 379.2      OIL & GAS PRODUCERS DCC ...... 6988.0-162.0 7390.0 5555.0 .127.6 0.4 130.8 119.0 Plus500 Ltd (DI) ...... 611.2 -16.2 2040.0 495.0  ...... 1430.0 -10.0 1634.0 1150.0 GB Group ...... 553.0 -5.0 631.0 410.5 GCP Infrastructur . . . . . Diploma . Gooch & Housego . . . . .1112.5 2.5 1880.0 954.0 AEROSPACE & DEFENCE Genesis Emerging . . . .772.0 1.0 775.0 615.0 Provident Financi . . . . .407.7 0.7 692.6 401.5 Funding Circle Hol ...... 136.8 5.4 Victrex plc ...... 1995.0 -7.9 BP ...... 542.5 -3.4 598.3 485.9 Electrocomponents . . .607.2 -11.0 761.6 480.0 Hurricane Energy ...... 43.2 -0.2 60.8 39.0 Greencoat UK Wind . . .140.8 -0.2 143.2 122.8 Quilter ...... 146.7 0.3 156.6 110.6 Bank of Georgia Gr ...... 1535.0 4.1 Renishaw ...... 4026.0 -5.9 Cairn Energy ...... 174.2 -0.2 250.0 140.0 Equiniti Group ...... 226.0 1.6 266.0 186.2 BAE Systems ...... 494.6 -3.4 676.4 443.9 1628.0 1288.0 Rathbone Brothers . . .2175.0 -5.0 2652.0 2085.0 Energean Oil & Gas ...... 993.0 4.0 Spectris ...... 2717.0 -5.9 Energean Oil & Ga . . . .993.0 38.0 996.0 507.0 Impax Asset Manag . . .280.0 25.0 295.0 184.0 Cobham ...... 114.4 0.4 131.7 96.8 HarbourVest Globa . . .1626.0 12.0 Essentra ...... 421.0 -3.6 507.0 325.4 Herald Investment . . . .1312.0 -18.0 1364.0 1055.0 Real Estate Credi ...... 168.5 -1.5 175.5 163.0 Premier Oil ...... 73.7 -0.1 143.6 55.6 ...... 2365.0 -71.0 2463.0 1728.5 Iomart Group ...... 350.0 8.0 475.0 308.0 Meggitt ...... 533.8 -6.6 572.0 458.0 Vivo Energy ...... 127.4 3.6 SIG ...... 125.4 -5.3 Experian . . . . IQE ...... 59.6 -0.6 112.5 53.9 HGCapital Trust ...... 218.5 0.0 222.0 175.0 Record ...... 31.5 -0.3 43.6 27.3 Wood Group (John) ...... 487.4 2.9 Ferrexpo ...... 258.8 -4.6 Royal Dutch Shell . . . .2586.0 -1.0 2694.5 2213.0 Ferguson ...... 5800.0 -82.0 6556.0 4749.0 QinetiQ Group ...... 278.6 -1.2 312.4 264.3 HICL Infrastructu ...... 164.4 -0.4 170.1 143.6 River and Mercant . . . .280.0 5.0 330.0 212.0 Royal Dutch Shell . . . .2586.5 -7.0 2780.5 2227.0 James Halstead ...... 506.0 -4.0 532.0 367.0 -Royce Holdi . . . . .863.8 -8.8 1094.0 759.2 Drax Group ...... 276.6 2.8 Contour Global ...... 177.6 -4.1 G4S ...... 202.2 -4.2 282.0 175.9 3.6 Rolls International Pub . . . . .150.6 -0.4 163.4 142.4 S&U ...... 2380.0 0.0 2605.0 1767.5 Tullow Oil ...... 212.2 3.3 266.3 165.2 Grafton Group Uni . . . .795.5 -12.0 937.0 630.0 Johnson Service G . . . . .165.6 1.6 168.4 11 Senior ...... 225.2 -0.4 334.4 185.4 Just Eat ...... 642.2 2.8 Rio Tinto ...... 4723.5 -3.8 Keywords Studios . . . .1715.0 23.0 2065.0 900.0 JPMorgan American . . .474.0 4.0 474.5 386.5 Sanne Group ...... 706.0 2.0 726.0 450.0 OIL EQUIPMENT & SERVICES Hays ...... 158.0 -3.8 212.0 135.7 Ultra Electronics . . . . .1695.0 -14.0 1743.0 1232.0 Schroders ...... 3102.0 -37.0 3268.0 2334.0 Pantheon Internati ...... 2245.0 2.5 Evraz ...... 629.0 -3.7 Learning Technolo . . . . .98.3 0.5 166.5 62.2 JPMorgan Emerging . .1024.0 0.0 1031.5 759.0 Homeserve ...... 1159.0 -28.0 1263.0 849.0 i ...... 347.0 -1.0 394.0 270.0 BANKS JPMorgan Indian I . . . .790.0 3.0 795.0 566.0 Standard Life Abe . . . .306.3 1.5 378.9 224.9 Sainsbury (J) ...... 205.3 2.4 Kaz Minerals ...... 556.6 -3.5 Hunting ...... 513.5 -1.5 849.0 453.6 Howden Joinery Gr . . .499.7 -9.7 539.0 416.4 M&C Saatch JPMorgan Japanese . . .450.5 -1.5 470.0 367.0 TP ICAP ...... 309.7 -0.3 420.2 259.7 Intu Properties ...... 78.0 2.2 Polypipe Group ...... 436.8 -3.3 Petrofac Ltd...... 415.2 -0.4 663.4 381.5 Intertek Group ...... 5646.0 -78.0 6014.0 4387.0 M. P. Evans Group . . . . .675.0 10.0 800.0 637.0 Bank of Georgia G . . . .1535.0 61.0 1898.0 1310.0 Majestic Wine ...... 270.0 -3.0 485.0 219.0 Jupiter European . . . . .857.0 -15.0 895.0 666.0 Walker Crips Grou ...... 27.0 0.0 39.0 24.0 Wood Group (John) . . .487.4 13.6 796.4 389.9 Network Internati . . . . .578.0 -8.0 602.0 500.0 Barclays ...... 157.2 1.3 194.0 146.1 Law Debenture Cor . . .596.0 -10.0 636.0 534.0 XPS Pensions Grou . . . .108.0 -0.5 185.0 95.0 Midwich Group ...... 530.0 -2.0 685.0 491.5         PERSONAL GOODS Pagegroup ...... 514.0 -10.0 623.5 432.2 610.0 0.0 720.0 490.0 Close Brothers Gr . . . .1455.0 -14.0 1660.0 1374.0 Mercantile Invest . . . . .203.6 -1.1 220.9 168.0 PayPoint ...... 930.0 0.0 1118.0 748.0 Mortgage Advice B . . . . CYBG ...... 204.7 -0.6 364.2 173.9 FIXED LINE TELECOMS Burberry Group ...... 1962.5 13.0 2325.0 1623.5 Next Fifteen Comm . . .636.0 -4.0 658.0 469.0 HSBC Holdings ...... 672.5 0.9 731.4 600.8 Monks Inv Trust ...... 935.0 -4.0 944.0 710.0 Next ...... 5400.0 6.0 6136.0 3991.0 NON LIFE INSURANCE Rentokil Initial ...... 408.0 -2.0 411.8 284.8 Nichols ...... 1670.0 20.0 1840.0 1240.0 Murray Internatio . . . .1162.0 -10.0 1208.0 1056.0 BT Group ...... 198.4 -1.8 264.7 193.8 Pets at Home Grou . . . .190.8 -2.5 194.5 110.0 PZ Cussons ...... 219.5 4.0 244.0 178.6 Robert Walters ...... 628.0 -6.0 475.0 814.0 Lloyds Banking Gr ...... 57.8 -0.4 66.6 50.0 TalkTalk Telecom ...... 110.2 -0.7 137.0 96.6 Numis Corporation . . . .267.5 1.5 438.5 221.5 Metro Bank ...... 544.5 -1.5 3422.0 475.0 NB Global Floatin ...... 89.4 0.0 93.9 87.6 Sports Direct Int ...... 263.4 2.2 436.1 233.2 Admiral Group ...... 2276.0 -13.0 2300.0 1870.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 139.6 -2.8 145.8 84.1 . . . .120.0 0.0 124.5 107.5 Telecom Plus ...... 1400.0 -10.0 1528.0 1010.0 .125.4 -7.0 153.0 102.2 Polar Capital Hol . . . . .586.0 4.0 696.0 448.0 Royal Bank of Sco . . . . .226.1 1.6 270.4 203.0 NextEnergy Solar . Ted Baker ...... 831.5 16.0 2378.0 800.0 Beazley ...... 566.5 -11.0 599.0 492.6 SIG ...... Purplebricks Grou . . . . .98.0 -6.0 325.2 90.0 Pantheon Internat . . .2245.0 55.0 2250.0 1955.0 Vivo Energy ...... 127.4 4.4 156.3 96.0 Direct Line Insur ...... 341.8 -2.5 366.5 304.9 AstraZeneca ...... 6527.0 -51.0 6609.0 5183.0 Travis Perkins ...... 1260.0 -31.0 1465.0 970.0 Standard Chartere . . . .734.8 -0.6 738.0 519.8 FOOD & DRUG RETAILERS BTG ...... 836.0 -0.5 853.0 475.0 Redde ...... 115.8 3.2 196.0 90.0 Perpetual Income . . . .312.5 -2.5 365.5 301.5 WH Smith ...... 2048.0 -30.0 2186.0 1697.0 Hastings Group Ho . . . .200.4 1.9 274.2 174.0 TOBACCO TBC Bank Group . . . . .1524.0 -36.0 1774.0 1290.0 Pershing Square H . . .1440.0 -4.0 1458.0 990.0 Greggs ...... 2368.0 -18.0 2389.1 942.0 Dechra Pharmaceut . .2784.0 -48.0 3168.0 2014.0 Renew Holdings ...... 413.0 1.0 436.5 333.0 Hiscox Limited (D . . . .1768.0 -9.0 1795.0 1418.0 RWS Holdings ...... 615.0 -20.0 652.0 415.5 BEVERAGES Personal Assets T . . .42600.0 0.042650.038900.0 Morrison (Wm) Sup . . .209.2 0.6 269.4 195.3 HEALTH CARE EQUIPMETN & S. Lancashire Holdin . . . . .703.5 -22.0 725.5 530.0 Genus ...... 2646.0 -30.0 2992.0 2098.0 British American . . . .2984.0 17.0 4222.5 2375.0 Ocado Group ...... 1225.0 -5.0 1435.0 749.8 GlaxoSmithKline . . . . .1636.6 -2.4 1645.8 1418.0 Scapa Group ...... 180.6 -2.2 473.4 157.0 Barr (A.G.) ...... 890.0 -18.0 975.0 666.0 Polar Capital Tec . . . . .1364.0 -4.0 1386.0 1066.0 Assura ...... 64.8 -0.6 65.5 52.4 RSA Insurance Gro . . . .590.8 -4.6 658.4 496.6 Imperial Brands . . . . .1960.8 3.8 2987.5 1846.8 Secure Income Rei . . . .402.0 4.0 414.0 371.0 RIT Capital Partn . . . . .2110.0 0.0 2130.0 1892.0 Sainsbury (J) ...... 205.3 4.8 341.5 187.9 Convatec Group ...... 147.1 -1.0 239.0 118.6 Sabre Insurance G . . . .282.0 -1.0 294.0 249.0 Hikma Pharmaceuti . . .1771.5 -32.5 2025.0 1436.0 Britvic ...... 894.0 -16.5 956.0 745.0 SSP Group ...... 675.0 -12.0 744.4 615.1 TRAVEL & LEISURE Serica Energy ...... 119.2 -4.8 142.0 59.5 Coca-Cola HBC AG . . .2843.0 -24.0 3074.0 2244.0 Riverstone Energy . . . .853.0 3.0 1282.0 840.0 Mediclinic Intern ...... 320.7 0.5 544.4 293.4 REAL ESTATE INVEST. & SERV. Smart Metering Sy . . . .542.5 5.0 737.0 480.0 Tesco ...... 237.3 2.4 266.2 189.6 LIFE INSURANCE Carnival ...... 3587.0 9.0 5000.0 3412.0 Diageo ...... 3426.5 -40.0 3482.5 2523.5 Schroder Asia Pac . . . .466.5 -3.0 470.9 379.0 NMC Health ...... 2474.0 14.0 4120.0 2192.0 Telford Homes ...... 350.0 -5.5 430.0 267.0 Scottish Inv Trus ...... 831.0 -1.0 902.0 748.0 UDG Healthcare Pu . . . .772.5 -4.0 851.0 551.0 BMO Commercial Pr . . . .114.8 0.8 152.6 110.8 Smith & Nephew . . . . .1718.5 -34.5 1764.5 1258.0 Aviva ...... 431.7 -3.2 502.8 364.6 Cineworld Group . . . . .254.7 0.1 323.6 249.0 Thorpe (F.W.) ...... 322.0 2.0 340.0 248.0 CHEMICALS Scottish Mortgage . . . .549.0 -6.5 568.3 441.4 FOOD PRODUCERS Legal & General G . . . . .275.8 -2.2 291.2 223.7 Capital & Countie . . . . .221.8 -0.4 289.7 209.5 Compass Group ...... 1922.5 -16.5 1953.5 1483.0 conomic . . . .113.8 0.4 114.4 106.0 HHOLD GDS & HOME CONSTR. CLS Holdings ...... 218.0 -0.5 255.0 195.4 Watkin Jones ...... 207.0 -1.0 232.5 192.2 Croda Internation . . .4880.0 -90.0 5447.7 4576.0 Sequoia E Phoenix Group Hol . . . .715.3 -6.5 724.8 544.0 Domino's Pizza Gr . . . .276.0 2.0 357.7 224.4 Young & Co's Brew . . .1740.0 12.5 1885.0 1322.5 Smithson Investme . .1256.0 -18.0 1277.3 1000.2 Associated Britis . . . . .2437.0 -25.0 2638.0 2041.0 Daejan Holdings . . . . .5470.0 -20.0 6400.0 5420.0 4 224.8 148.0 Elementis ...... 137.3 -2.5 247.8 135.3 Barratt Developme . . . .574.4 -9.6 625.8 434.0 Prudential ...... 1769.5 -20.5 1824.0 1340.0 EI Group ...... 200.4 -2. Young & Co's Brew . . .1065.0 -20.0 1325.0 1030.0 Syncona Limited N . . . .224.5 1.5 302.5 220.0 Bakkavor Group ...... 114.4 -1.6 193.0 113.0 Bellway ...... 2760.0 -74.0 3226.0 2419.0 St James's Place ...... 1136.0 -4.0 1216.5 914.0 Grainger ...... 249.2 -2.8 279.8 205.8 FirstGroup ...... 102.2 0.2 116.6 79.3 Johnson Matthey . . . .3355.0 -49.0 3760.0 2620.0 Cranswick ...... 2636.0 -6.0 3454.0 2472.0 NewRiver REIT ...... 177.4 -0.6 281.5 176.2 10.0 5525.0 Sirius Minerals ...... 14.8 -0.1 38.5 13.5 Temple Bar Inv Tr . . . .1282.0 -8.0 1366.0 1116.0 Berkeley Group Ho . . .3723.0 -70.0 3981.0 3226.0 Flutter Entertain . . . . .6762.0-128.0 85 CONSTRUCTION & MATERIALS Greencore Group . . . . .225.5 -0.1 230.0 162.9 MEDIA Safestore Holding . . . .639.0 -3.5 658.5 499.4 Go-Ahead Group . . . . .2102.0 2.0 2132.0 1388.0 Synthomer ...... 378.2 -10.4 575.5 347.4 Templeton Emergin . . .805.0 2.0 806.0 649.0 Bovis Homes Group . . .1018.0 -15.0 1177.0 828.0 he Renewables In . . . .130.4 -0.4 131.2 106.9 Hilton Food Group . . . .968.0 0.0 1088.0 884.0 Savills ...... 909.5 -3.5 949.5 678.5 .8 Victrex plc ...... 1995.0 -171.0 3408.0 1950.0 T Countryside Prope . . . .296.0 -3.4 353.2 270.0 4Imprint Group . . . . .2650.0 0.0 2700.0 1735.0 Greene King ...... 620.2 -7.2 704.4 472 TR Property Inv T ...... 412.5 -1.0 433.5 353.5 Tate & Lyle ...... 752.8 -14.0 800.4 622.6 Crest Nicholson H . . . . .354.4 -6.4 404.8 296.4 Ascential ...... 352.2 4.6 465.0 337.2 St. Modwen Proper . . .430.5 -5.5 443.5 365.0 GVC Holdings ...... 677.0 -6.6 1170.0 507.5 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .448.0 3.0 472.0 390.0 Unilever ...... 5045.0 -17.0 5083.0 3931.0 McCarthy & Stone . . . . .142.6 -0.1 145.6 98.5 Bloomsbury Publis . . . .230.0 -4.0 243.0 190.5 UK Commercial Pro . . . .88.4 -0.4 92.7 81.0 InterContinental . . . . .5321.0 -40.0 5369.2 3958.4 Balfour Beatty ...... 242.2 -6.8 296.5 223.4 VinaCapital Vietn . . . . .342.5 1.5 350.0 306.0 FORESTRY & PAPER Persimmon ...... 1922.5 -41.5 2509.0 1859.5 Centaur Media ...... 47.4 0.0 56.5 34.7 REAL ESTATE INVEST. TRUSTS International Con . . . . .456.5 -1.2 711.4 439.5 Witan Inv Trust ...... 219.0 -1.0 227.6 189.6 . . . . .116.3 -0.6 118.0 89.9      CRH ...... 2684.0 -24.0 2740.0 1971.5 Entertainment One . . .425.8 7.6 483.4 336.4 Marston's ...... Woodford Patient . . . . .57.5 0.2 91.0 53.8 Mondi ...... 1792.5 -29.0 2236.0 1584.0 Euromoney Institu . . .1352.0 4.0 1414.0 1132.0 Big Yellow Group . . . .1024.0 -9.0 1062.0 852.5 Merlin Entertainm . . . .448.6 -0.2 450.0 307.1  Galliford Try ...... 626.5 -9.5 1104.0 512.0 British Land Comp . . . . .557.4 -1.0 664.6 523.0 bstock ...... 239.8 -1.2 286.0 193.1 Worldwide Healthc . .2805.0 20.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV ...... 82.50 -0.22 91.14 56.32 3M ...... 172.00 -2.98 219.75 159.32 ADIDAS N...... 277.90 -0.05 280.15 178.30 ABBOTT LABORATOR...... 85.42 -0.22 85.65 61.26 AIR LIQUIDE ...... 122.50 -0.25 124.35 101.85 ADOBE ...... 303.98 -1.72 305.86 204.95 AIRBUS BR...... 124.58 -0.80 126.50 77.50 ALPHAB NON VTG-C...... 1131.59 10.01 1289.27 970.11 ALLIANZ...... 216.90 -0.15 218.00 170.50 ALPHABET-A...... 1132.67 9.68 1296.98 977.66 AMADEUS IT GRP BR-A...... 70.72 -0.68 82.20 58.06 AMAZON.COM...... 1942.91 3.91 2050.50 1307.00 ASML HLDG...... 185.72 -3.38 191.00 130.12 AMERICAN EXPRESS...... 125.40 -0.46 126.40 89.05 AXA ...... 23.79 0.06 23.91 18.40 APPLE ...... 204.23 -0.18 233.47 142.00 BANCO SANTANDER ...... 4.22 0.00 4.82 3.80 AT&T...... 34.30 0.32 34.37 26.80 BASF N...... 62.45 -0.31 84.80 57.26 BANK OF AMERICA...... 29.26 0.21 31.91 22.66 BERKSHIRE HATH RG-B...... 215.25 0.09 224.07 186.10 BAYER N...... 60.88 -0.32 96.97 52.00 BOEING CO ...... 355.86 1.39 446.01 292.47 BBVA...... 5.08 -0.01 6.44 4.48 CATERPILLAR ...... 135.49 -0.10 159.37 112.06 BMW...... 66.84 -0.37 86.71 61.31 CHEVRON...... 123.54 0.19 128.55 100.22 BNP PARIBAS BR-A...... 43.41 0.36 56.94 38.14 CISCO SYSTEMS...... 56.60 0.12 58.15 40.25 CRH PLC...... 29.89 -0.38 34.87 26.53 CITIGROUP...... 71.40 0.55 75.24 48.42 DAIMLER N...... 49.18 0.06 59.99 44.54 COCA-COLA CO...... 52.11 0.01 52.33 44.25 DANONE ...... 74.94 -0.74 76.00 59.72 COMCAST-A...... 43.28 -0.04 43.96 32.61 DEUTSCHE POST N...... 29.50 -0.10 32.20 23.43 JOIN THE CLUB TODAY DOW...... 49.31 -0.02 0.00 0.00 DEUTSCHE TELEKOM N...... 15.47 -0.01 15.88 13.36 EXXON MOBIL...... 76.13 -0.31 87.36 64.65 ENEL N...... 6.40 -0.05 6.49 4.22 FACEBOOK-A ...... 196.40 -0.80 218.62 123.02 ENGIE ...... 13.77 -0.07 14.28 11.31 AND RECEIVE A £100 VOUCHER GOLDMAN SACHS GR...... 207.90 1.86 245.08 151.70 ENI N...... 14.55 -0.10 16.71 13.39 HOME DEPOT...... 211.46 -0.64 215.43 158.09 ESSILORLUXOTT...... 114.20 -0.20 129.55 95.50 HONEYWELL INTL...... 176.59 -1.81 178.47 123.48 FRESENIUS...... 47.80 -0.27 71.00 38.50 TO SPEND AT GAUCHO IBM...... 141.38 -0.16 154.36 105.94 BERDROLA...... 8.63 -0.10 9.13 5.81 INTEL ...... 48.08 -0.44 59.59 42.36 NDITEX...... 27.20 0.12 30.30 21.85 JOHNSON & JOHNSO...... 140.57 -1.57 148.99 121.00 NG GROUP...... 10.50 0.09 13.28 9.09 VISIT CITYAMCLUB.COM JPMORGAN CHASE ...... 113.49 0.67 119.24 91.11 NTESA SANPAOLO N...... 2.03 0.01 2.66 1.80 MASTERCARD RG-A...... 272.14 -0.94 273.08 171.89 KERING...... 522.20 -4.90 539.80 351.70 MCDONALD'S...... 211.24 -1.57 213.01 153.13 KON AH DEL BR...... 20.27 -0.11 24.01 18.60 MEDTRONIC...... 98.11 -0.70 100.15 81.66 L'OREAL...... 252.70 -2.60 257.80 182.00 COMMODITIES CREDIT & RATES MERCK...... 85.60 -1.30 87.07 61.59 LINDE...... 180.05 1.30 0.00 0.00 MICROSOFT...... 137.06 -0.40 138.40 93.96 NETFLIX...... 380.55 -1.17 419.77 231.23 LVMH...... 380.80 -0.55 382.10 242.30 Gold...... 1414.90 1.40 Copper Cash Official...... 5999.00 4.00 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 NIKE -B- ...... 86.82 0.62 90.00 66.53 MUENCHENER RUECKV N...... 226.90 -0.40 228.40 180.00 Silver ...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 15.28 -0.03 Aluminium Cash Official...... 1754.00 17.00 ORACLE...... 59.28 0.42 59.52 42.40 NOKIA...... 4.46 -0.04 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.39 0.00 Brent Crude...... 63.30 -0.52 Nickel Cash Official...... 12185.00 120.00 PAYPAL HOLDINGS...... 117.16 -0.52 119.95 74.66 ORANGE...... 13.96 -0.03 15.25 13.15 Krugerrand...... 1441.10 -5.85 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.54 0.07 Aluminium Alloy Cash Official...... 1180.00 15.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor ...... -0.404 -0.01 PEPSICO ...... 118.61 0.56 119.74 101.06 ROY.PHILIPS...... 39.49 -0.12 40.01 29.05 Palladium...... 1563.00 4.00 Cocoa Futures ...... 2469.00 -3.00 LIBOR Euro - overnight...... -0.467 0.00 The vix index...... 13.28 0.71 PEPSICO...... 133.02 -0.97 135.24 104.53 SAFRAN...... 130.75 -0.45 133.95 99.98 Platinum...... 836.00 5.00 Coffee 'C' Futures...... 110.43 -3.22 LIBOR Euro - 12 months ...... -0.322 -0.01 The baltic dry index...... 1740.00 40.00 PFIZER...... 43.92 -0.48 46.47 36.88 SANOFI ...... 77.80 -0.17 80.44 70.76 Tin Cash Official...... 18100.00 400.00 LIBOR USD - overnight ...... 2.348 -0.01 Markit iBoxx EUR ...... 244.30 -0.77 PROCTER&GAMBLE...... 113.15 -0.93 114.27 77.54 Feed Wheat Futures...... 148.60 3.10 SAP I...... 122.74 -0.98 125.00 84.02 Lead Cash Official...... 1875.50 2.50 LIBOR USD - 12 months...... 2.192 0.01 Markit iBoxx GBP...... 346.57 -2.27 TRAVELERS COS...... 154.09 -0.21 154.62 111.08 SCHNEIDER EL...... 77.70 -3.30 81.18 57.54 Zinc Cash Official...... 2491.00 -11.00 Soybeans Futures Continuation Contract...872.20 -13.00 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 256.55 0.02 TWITTER...... 36.25 0.23 46.90 26.19 SIEMENS N...... 102.64 -2.74 121.40 90.90 UNITEDHEALTH GRO ...... 246.99 1.78 287.94 208.07 SOCIETE GENERALE ...... 22.81 0.40 35.06 20.81 WORLD INDICES UTD TECHS...... 132.54 -0.46 144.40 100.48 TELEFONICA ...... 7.39 -0.03 8.06 6.59                 VERIZON COMM...... 58.31 0.18 61.58 50.05 TOTAL...... 49.42 -0.04 55.39 44.23 VISA RG-A ...... 176.66 -0.21 177.03 121.60 UNILEVER...... 54.78 -0.16 55.40 45.30 FTSE 100 ...... 7553.14 -50.44 -0.66 S&P 500 ...... 2990.41 -5.41 -0.18 CAC 40 ...... 5593.72 -27.01 -0.48 Hang Seng ...... 28774.83 -20.94 -0.07 WALGREENS BOOTS...... 55.19 0.00 86.31 49.31 VINCI...... 91.24 -0.78 93.26 69.98 FTSE 250 ...... 19655.27 -142.34 -0.72 Dow Jones I.A...... 26922.12 -43.88 -0.16 Swiss Market Index...... 9980.22 -86.26 -0.86 Shanghai Composite ...... 3011.06 5.81 0.19 WALMART...... 111.98 -0.34 112.40 83.82 VIVENDI ...... 24.91 0.02 26.69 20.40 FTSE All-Share...... 4120.51 -27.46 -0.66 Nasdaq Composite ...... 8161.79 -8.44 -0.10 ISEQ Overall Index...... 6338.46 -77.14 -1.20 STI Index...... 3364.61 -6.55 -0.19 WALT DISNEY...... 142.45 -0.53 143.51 100.35 VOLKSWAGEN VZ I ...... 154.24 -0.08 163.70 131.02 FTSE AIM All-Share...... 916.82 -0.47 -0.05 Xetra DAX ...... 12568.53 -61.37 -0.49 FTSEurofirst 300 ...... 1536.01 -10.63 -0.69 ASX All Ordinaries ...... 6831.80 30.90 0.45 WELLS FARGO...... 47.77 0.11 59.53 43.02 14 OPINION MONDAY 8 JULY 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS How the US shale revolution TO THE EDITOR What are they changed the face of geopolitics smoking?

[Re: Legalising weed would be the N THEORY, we all know that in the blink of an historical eye. prices. It is not too much to say that ultimate Conservative policy] major technical revolutions By contrast, hapless Europe has John the shale revolution has left the US, Rachel Cunliffe is quite right to point out change and fundamentally dis- been loath to follow the American Hulsman and not Opec or Russia, with the the obvious benefits to society, public Irupt the face of the world we example, as environmental fears potential to become the global en- health, the public purse, the judiciary and live in. In practice, analysts of all have overcome its desperate need ergy swing producer – a change of law enforcement of a legalised, taxed and stripes are too often glacially slow for new energy sources. It remains gargantuan proportions. regulated cannabis market. Indeed, the to realise this process when it is at the energy beggar that the US was The geopolitical ramifications of only people who would not benefit from it work, let alone what it means. just years ago. the shale revolution are as profound are criminals, who currently make a nice These events (such as the advent US energy production has in- as they are ignored. Shale means living selling it on the black market. of the mass-produced automobile creased an eye-opening 140 per cent that the US must focus far more of But then, she is hardly alone. The list of and the personal computer) tran- since the shale revolution took its attention on its own backyard. people who agree includes leading scend their technical importance, flight in 2008. In 2018, US crude oil For if Mexico, Canada, and the US neuropsychopharmacologists (such as having profound social, economic production rose by a stratospheric work in unison (as the new USMCA Professor David Nutt, former head of the and even geopolitical ramifications 30 per cent, with natural gas pro- trade pact makes possible), the government’s Advisory Council on the – consequences that are far too duction also up fully 12 per cent. dream of North American energy Misuse of Drugs), law enforcement experts often seen decades after they have American oil production reached independence is possible. (Lord Paddick, former deputy assistant actually come to pass. an all-time high of 10.9m barrels It has transformed Gone should be the days of over- commissioner of the Metropolitan Police) The shale revolution is the latest per day last year. worrying about the Middle East (ex- and politicians (David Cameron, former case in point. These startling numbers simply America from a cept as an offshore balancer), a Prime Minister – when in opposition). One of my proudest analytical mo- don’t lie; the shale revolution is major strategic windfall for an Sadly, as we have seen time and again, ments came during my glorious alive and well and here to stay. long-term energy America determined to turn its at- something magical happens when first stint with City A.M., when we, Saudi Arabia, alarmed by the ram- mendicant into the tention to Asia, where much of the politicians leave opposition and arrive in from very early on, not only saw ifications of the shale revolution, political risk and reward will be in office. They reverse-ferret and become that the shale revolution was real, has tried to contain America’s dis- largest producer of the new era. strongly in favour of the status quo. One but that it was bound to overturn ruptive presence on the global en- oil in the world There, great power rival China can only assume that, faced with the both the global energy market, and, ergy market scene. finds itself far more dependent on possibility of having every drug casualty equally importantly, the world of First, the Saudis attempted a vari- energy production outside its bor- laid at their door, they lose their nerve. geopolitics. ation on what I call the “Rocke- ders, a very real handicap in the One might have thought that, presented There is nothing that has come to feller strategy”, following in the emerging superpower competition with a policy which was popular, raised tax pass in the years since this claim footsteps of America’s nineteenth- be turned on and off at a fraction of with the US. revenues, improved health, protected was boldly stated in this newspaper century energy titan in driving the fixed-rig price like a water The shale revolution is a major young people, impeded organised crime that leads me to change our initial prices down by over-producing (at faucet, depending on the global en- reason for America’s basic strategic and encouraged business, politicians of (then unheard-of) assessment. a loss) to try to force new competi- ergy price. Fracking rigs shut down realignment away from the Middle every party would enthusiastically Hydraulic fracturing, commonly tors into bankruptcy and out of when the Saudis over-produced, East and towards Eurasia in our embrace it – and yet they do not. One called “fracking” – the process of the market. only to restart as the price in- new multipolar era. Its importance wonders what they are smoking. injecting liquids at high pressure But the Saudi gambit backfired evitably edged upwards. simply cannot be overstated, and Name withheld into subterranean rocks, widening spectacularly, amounting to a seri- Going in the opposite direction demands understanding. existing fissures, and far more ous self-inflicted wound in a coun- has not worked very well, either. plentifully extracting oil and natu- try that needs oil prices to be Present Opec and Russian produc- £ Dr John C. Hulsman is senior ral gas – has been such a technical around $80 a barrel to balance its tion cuts, while leading to a global columnist at City A.M., a life member of BEST OF game-changer. bloated budget. energy price increase, have be- the Council on Foreign Relations, and TWITTER It has transformed the US, by far Shale production has proved to be queathed to the Americans greater president of John C. Hulsman its leading exponent, from a long- far more price sensitive than old, market share. Enterprises. He can be reached for By taking us out on time, Boris will term energy mendicant into the fixed-rig dominated Saudi and In ramping up production, the US corporate speaking and private briefings jumpstart a trade deal with our friends largest producer of oil in the world, Russian energy production. It can has kept a ceiling on global oil at www.chartwellspeakers.com. in America @SteveBakerHW

Fantastic! What specifically do you want to sell more of to the US? Which current US policy impedes such sales? Has the US ever removed that policy It’s time for aspiration and ability – not in an FTA before? Why will they do so for the UK? What will they want in exchange? birth and background – to dictate progress @DmitryOpines Dear Jeff, You owe the British people millions in N THE UK, our sense of fair play than proactive problem-solving. among young generations to work taxes that pay for the public services is a source of national pride. We But there is hope on the horizon. Catherine for firms that are socially responsi- that we all rely on. This year, pay your like to think that if you study Employers across a range of sectors McGuinness ble and embrace difference. fair share of taxes, give your hard- Ihard at school and work hard in are increasingly realising that di- If the UK is to remain globally working staff a pay rise and respect employment, opportunities are versity of thought is good for busi- competitive, businesses across the workers’ rights. there for the taking. ness. Greater diversity in the country will need to ensure that Many Happy Tax Returns, We are, however, increasingly find- workforce can bring benefits to the they champion social mobility and Jeremy ing evidence to the contrary. bottom line. diversity. Breaking the cycle of dis- @jeremycorbyn Throughout the country, we see To achieve this, the most forward- advantage from one generation to those at the top being drawn from a thinking and ambitious employers the next will require all businesses Firstly, it’s nice to see Mr Corbyn narrow background, and this is par- are changing what defines talent 1.1m people. to act on this issue. managed to find a seat on this train. ticularly acute in professional sec- and adjusting their recruitment As part of our own social mobility Organisational change takes time Second, Amazon pay what they owe tors such as finance, government, and progression procedures to se- strategy, we are working hard to to embed and take effect, and under the law. If politicians feel law, the military, medicine, journal- cure a more diverse workforce. build a sector-wide response to di- changing social consciousness Amazon doesn’t pay enough tax, they ism and film. Diversity improves business per- versifying skills and talent in finan- takes even longer. should change that law. This “failure” Indeed, the chance of getting a formance, and companies that inte- cial and professional services. This Initiatives like the Social Mobility is on them, not on Amazon. well-paid job in a top profession is grate good practice around social is crucial at a time when we face Employer Index are a fantastic start, @NeilRetail strongly linked with what your mobility are reaping the rewards in skills shortages and uncertainty but we know even more can be done. parents did and what school you terms of outcomes. around our future access to talent There is no doubt that we, as a The best thing about all these went to. The City of London Corporation is with Brexit on the horizon. nation, want aspiration and abil- Corbynite voices finally coming out Without doubt, this is bad for the founding sponsor of the Social We have a rich talent pool with ity – not birth and background – to explicitly against Brexit is the tone of business. When employees are Mobility Employer Index, which huge potential in this country, but dictate progress in life, and it will humble and introspective apology drawn from a small talent pool, em- recognises over 100 companies people of all backgrounds must be take action by all firms to make they’re all adopting towards other ployers experience a lack of diver- which are taking steps to address able to access the opportunities this a reality. people who have held that position sity, and evidence suggests that this the inequality of opportunity that that businesses offer. for a while longer. results in less innovation, more might exist in their organisations. There is real momentum for £ Catherine McGuinness is policy chair @hugorifkind “groupthink”, and reactive rather Together, these firms employ over change across society, and a hunger at the City of London Corporation. CITYAM.COM MONDAY 8 JULY 2019 OPINION 15

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Want to turbocharge Britain’s DEBATE economy? Boris has some ideas Boots is shutting 200 stores in the next 18 months – will this be O ONE should be in any ports campaign should be put on doubt that this is a serious Liz steroids, with advice teams to help enough to ensure its survival? moment for our nation. The Truss connect more British businesses to ex- Nfailure to deliver Brexit has panding global markets. led to investment being put Fourth, to be a global economic Some 800m people a year walk on hold and confidence in our politi- leader, Britain needs to be more tax- through the doors of Boots, yet we cal process undermined. competitive. Research shows that inter- know that being a heritage brand is not That’s why it’s so important to have a national firms are most sensitive to tax enough for today’s demanding YES Brexit campaigner, committed to leav- when deciding where to invest, but customer. Overlay that with the fact ing on 31 October, as our next Prime low tax also matters to home-grown that the health and beauty market has REBECCA CROOK Minister, and it’s why I’m backing public goods. The nonsense peddled businesses. So we should continue the been squeezed for a number of years Boris Johnson, who would use the op- by Labour that the private sector isn’t policy of targeted, growth-boosting tax from new entrants, and it comes as no technology by replacing traditional portunity of Brexit to fundamentally welcome to invest in our country cuts, looking first at those taxes which surprise that the chain is closing stores. beauty counters with trending zones, transform our economy. That means couldn’t be more damaging. Half of hold back growth. But Boots has recognised the need for discovery areas, and a YouTube studio. capturing the spirit of change and re- the £600bn invested in infrastructure Finally, to attract the best and change, and placed innovation within With this kind of offering and its new newal to make sweeping reforms to over the next decade is due to come brightest, we need an Australian-style stores at the heart of its new strategy. environmental credentials, including how our economy works, turbocharg- from private investment. points-based migration system that Part of that is closing outlets, which will phasing out single-use plastic bags and ing growth, and delivering greater op- Third, Conservatives must send a doesn’t favour a single region of the help it cut costs, but it is also now offering taps for water bottle refilling, portunity and prosperity for all. clear signal that Britain is open for world. Of course, EU migrants should starting to reinvent its retail spaces into combined with a sleeker business The battle of ideas is in full swing, business. We should recommit to have have their status guaranteed immedi- more creative environments for operation, I believe that the future looks and Conservatives must passionately debt falling as a share of GDP, and de- ately, but we should also welcome shoppers, and crucially connecting this bright for Boots. argue for the free economy against velop a vehicle for private enterprise to people from across the globe based on with the online shopping experience. the pious, finger-wagging worldview invest in UK infrastructure that pro- the needs of the economy. The new Covent Garden store is a £ Rebecca Crook is chief growth officer of Jeremy Corbyn which tells us that tects the taxpayer – unlike the failed At the same time, we need a training great example of Boots embracing at digital product agency Somo. enterprise and profit – the biggest en- PFI model developed by Labour. revolution to equip our children to gines of social mobility – are shame- Business readiness will be crucial to compete, and older generations to ful. We must put our principles into the success of Brexit. From day one, reskill. Gone are the days of spending action and show the power of the free we need an expansive new campaign our entire lives in one profession – a It’s a familiar story: a retail brand is in market to transform people’s lives. to help businesses manage the risks, rapidly transforming economy will re- trouble with a number of stores that First, there should be no swallowing but crucially also take the advantages. quire us to constantly learn and re- are struggling, which eventually Labour’s narrative that free markets There should be a small business train. This shouldn’t be seen as a concludes in the doors closing for a NO lead to terrible excesses. Indeed, it is representative working across White- threat, but as an exciting opportunity final time. A mourning of a once-loved more often vested interests’ attempts hall with real teeth to advocate for for people to expand their horizons. institution erupts, and subsequently MALCOLM DEVOY to curtail the market that is the scrapping damaging regulations and Britain is an exceptional country dissipates. source of our problems. cutting through bureaucracy. Our ex- with incredibly strong economic fun- There are two main routes for brands challenge the status quo and to give We need to be positive about enter- damentals on which we can build a in trouble. One: find efficiencies and consumers what they are looking for. prise and the new entrants which dis- successful EU exit. To realise that po- prolong the journey. Two: take on the Boots appears to have lost its appetite rupt industries. Only by tackling the We must put our tential, though, we need radical new fight. Boots has predictably gone for the for the fight. It needs to rekindle its barriers to their success – often created principles into action plan to put the rocket boosters under former. This is unlikely to be enough. challenger spirit and stand against by the government – can we unleash the economy. Only then can we make Boots currently faces the same issue those brands. Be noisy, be opinionated. the competition, innovation, and eco- and show the power the most of Brexit, refute Labour’s de- as many high street stores – people love Boots cannot simply close its way out nomic potential we need to see. of the free market structive socialist worldview, and de- the brand and its products, but their of trouble. Second, we should enhance the role liver a better life for everyone. lives won’t stop if it disappears. As that private investment can play in Boots has stood still, around it we have £ Malcolm Devoy is chief strategy delivering infrastructure and other £ Liz Truss is chief secretary to the Treasury. seen an explosion of brands created to officer at global media network PHD.

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GET YOUR KNOCKOUT LEONARDO ROYAL HOTEL TRADING STRATEGY JULY 23 45 PRESCOT ST, E1 8GP CITYAM.COM/EVENT/THINK-MARKETS THIS IS A FREE EVENT AND IS STRICTLY RSVP LIMITED AVAILABILITY The City based broker, ThinkMarkets, joins forces with world boxing champion Amir Khan for a unique event dedicated to London’s trading community. An exclusive opportunity to hear from Amir Khan, his secrets of success in the ring and how they can be applied when trading the markets. The day also involves discussions on the latest trends in trading from top industry experts. 16 LIFE&STYLE MONDAY 8 JULY 2019 CITYAM.COM TRAVEL Take me to the beach In search of a last-minute summer getaway, Noo Saro-Wiwa checks into the luxurious Jumby Bay HOURS IN... BROOKLYN, NEW YORK

WHERE TO STAY The skyline view from the rooms at The Hoxton Williamsburg is nothing short of spectacular, and looks even better from the rooftop bar with a drink in hand. The chic restaurant Klein’s serves up great wholesome all day dining too. Visit the hoxton.com

WHAT TO DO Take a visit to Brooklyn Botanic Garden, which was founded more than a century ago in Mount Prospect Park to create a public garden and some much needed green space. They offer great, modern urban gardening and horticultural displays. Visit bbg.org

o fully unwind on holiday, design is a paean to understated ele- onel Messi, Paul McCartney and In the afternoon we hired a yacht according to experts in gance and relaxed tropical style, its Usher have stayed here. and explored Antigua’s West coast. these matters, takes eight fresh white walls adorned with con- The biggest headache is choosing From my deck bed I spotted a nudist Tdays. That means you barely temporary paintings by local artists. how to spend your time. Caribbean beach, Giorgio Armani’s house, goats have time to unclench be- The architecture transitions seam- cooking classes or paddle boarding? clinging to cliffs dotted with 18th- fore you’re steeling yourself for a re- lessly from interior to exterior: a Private tennis lessons or gym work- century cannon, and a towering WHERE TO EAT turn to the daily grind. courtyard leads into a gorgeous ve- out with a personal trainer? Yoga or sugar mill once worked by slaves. We Nestled on the riverside under the Thankfully, there are no such prob- randa that stretches towards an infin- rum tasting? snorkelled in the shark-free waters Brooklyn Bridge with sweeping views of lems at Jumby Bay Island Resort. ity pool and the Caribbean Sea I opted for a sensational hot stone before tucking into a Caesar salad the New York skyline and the Statue of With a reputation for discreet relax- beyond, while herons occasionally massage in the world-class spa. back onboard. Liberty, The River Café serves a classic ation, this luxury hideaway off An- stalk the landscaped garden. Cars are banned, so you’ll be driving Our final evening was spent at American menu using only the finest tigua's mainland knows how to Each home comes with staff who a buggy or riding a bicycle through White Night, a weekly beach barbe- and freshest ingredients available. plunge you into a state of restfulness are attentive without being cloying. the island’s manicured fields, where cue where guests are expected to Visit rivercafe.com almost immediately on arrival. The resort’s keyless policy eliminates native sheep graze near the tree dress in white. With a cocktail to my Step out of the international airport those draining anxieties over your groves (“They were here before us so left and red wine to my right, I in the capital St John’s and within 15 valuables, while the no-fly zone we show them a lot of respect,” says scoffed pork belly and mango cheese- mins you are on a boat transferring above the island ensures total privacy. Jumby’s manager). The island’s com- cake before joining the boat bound to Jumby Island. The resort lies just Discretion is everything, and staff are mitment to nature is expressed for the mainland. 4km from the mainland – so close, in infuriatingly tight-lipped about the through careful management of wa- The dejection of having to leave this fact, you could call it the world’s celebrities who frequent Jumby. How- tersports to preserve the coral, plus a paradise raised my heart rate for the most salubrious airport departure ever, newspaper reports suggest Li- programme for protecting endan- first time since arriving at Jumby Bay. lounge. This former sugar plantation gered Hawksbill turtles. There’s even For all its brevity, this three-day jaunt is popular with the rich and famous an organic farm, home to red-footed actually felt more like eight days of and has recently undergone a major tortoises and chickens, whose eggs relaxation. refurbishment by renowned Brazil- are used by the chefs. ian interior designer, Patricia Anas- Among Jumby’s two restaurants is NEED TO KNOW WHERE TO DRINK tassiadis. the beachfront’s renovated Italian- Expect to queue for the elevator to the On arrival, we were greeted with a style eatery, The Veranda. Its extensive £Destinology offers a seven-night 22nd floor of Westlight, a chic and cool generously ratioed fruit rum punch, The no-fly zone menu caters for every diet, from the stay at Jumby Bay Island from £4,629pp, rooftop bar, but the breathtaking views sipped on a veranda overlooking the above the island conscientious to the disgraceful: my based on two sharing a Rondavel room from the top will be worth every white sand beach. A buggy then breakfast comprised baby pain au on an all-inclusive basis and including second. They serve up classic cocktails, transported us to our accommoda- ensures total chocolats, Belgian waffles and fried return Virgin flights from Gatwick and beer on tap and fancy tapas. Visit tion, Dragonfly, one of 51 villas scat- plantain, washed down with a peanut private boat and car transfers. Visit westlightnyc.com tered about the island. The interior privacy butter chocolate yoghurt smoothie. destinology.co.uk or call 01204 474801 75$9(/021(< 2XUEHVWUDWHV ;WtVtVO#; `WK_ß e``OKtqOpzWKO¢ }euUOteupJOqtO|KVBcUOpBtOq¢m`uq "ß1KBpMVe`MOpqUOtBmpOTOpOctWB`pBtOtee§

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ÖPLQLPXPRUGHU BcKO``BtWecTOOBcMTu``4ß qBmm`}§ ‘Œ’•• 18 FEATURE MONDAY 8 JULY 2019 CITYAM.COM OFFICE POLITICS The £4.4bn bill from the UK skills gap

will it actually deliver results? It is im- Businesses are shelling out cash to plug portant to consider what you need from a training provider, and choose shortages – we need a sustainable solution one with a proven track record, whose delivery methods and approach to HE UK’s skills shortage is David training fit with your organisation. having a significant impact If you are understandably worried on many employers’ produc- Willett about the disruption that employees tivity and competitiveness. HACK THE travelling to lectures could cause, you In fact, the impact on pro- SYSTEM may find that a provider with a more ductivityT is so severe that the govern- flexible, technology-enabled delivery ment has put addressing the skills SoloLearn method works better for you. shortage front and centre in its indus- Free We find that this allows employees trial strategy. to fit their learning around personal For most businesses, buying skills in One of the key and work commitments, making it seems the easiest way to tackle short- The working environment is chang- digital skills likely less disruptive. ages, but this approach becomes in- ing all the time, particularly when it to remain in Investing in education is the only creasingly expensive when the comes to new technologies – and our demand for the real, long-term solution to the cur- required skill sets are not readily skills need to change and evolve so foreseeable rent skills shortage in the UK. Em- available in the labour market. that we are not left behind. We need future is the ployers certainly cannot continue to According to the Open University to move to a model of lifelong learn- ability to code. pay to bring skills in as they have Business Barometer 2019 report, ing, where employees are constantly This app teaches been doing, especially as it may not which launches today, more than two up-skilling and retraining, and be- you the basics of be as easy to access talent from thirds of UK employers have struggled coming more agile as a result. Investing in breed loyalty; they provide a brilliant coding for free. abroad after Brexit. to find workers with the right skills in More than half of employers have in- education is the tool for retention. Choose from a Three in five organisations agree the past year creased their training budget in the only real, long- There are also plenty of funding op- range of that they will have to focus on build- To counter this issue, employers are past year, by an average of 10 per cent. term solution to tions available – so you may be able to programming ing talent from within if they want to spending more than £4.4bn a year on However, many of the businesses that the current dramatically reduce the amount that languages, such guarantee access to the skills that recruitment fees, increased salaries, we speak to tell us that they are wor- skills shortage you spend on accessing skills, partic- as C++, Java, or they need. and temporary staff. ried about investing in case their em- in the UK ularly if you are currently paying out Python, learn And with the right training But these solutions only yield a ployees move on, leaving them in the to buy them in. concepts, track provider and financial support, or- short-term result. There is still a same position as before. There are a range of educational your progress ganisations can also increase produc- dearth of the skills that are most We often have the conversation training grants in place, either avail- and practise tivity, loyalty and engagement – needed – management, digital, and where they ask: “what if I train them able directly or through your local en- writing code on leaving them more agile and better leadership. and they move on?” We say: “what if terprise partnership – and of course, your mobile. prepared for the future. Ultimately, employers will have to you don’t and they stay?” there is also funding from the appren- keep paying out as their skill needs The opportunities for continuous ticeship levy in England. £ David Willett is corporate director at the change. But this is not sustainable. professional development actually Paying for training is one thing, but Open University. CITYAM.COM MONDAY 8 JULY 2019 SPORT 19 World Cup plans take shape

Over the next five weeks England will England hopefuls be slowly building their fitness, strength and play, with the aim arriving in Japan entering home in optimum condition. straight, writes Jones has also been keen to work on Michael Searles the team’s psychology and has taken to

TARTING today, the players se- lected for England’s Rugby World Cup training squad have five weeks to show head coach It’s the only time Eddie Jones why they deserve a Splace on the plane to Japan. you get five weeks Last Thursday Jones announced a list of 35, plus three injured players receiv- with the players to ing treatment, that he says will be whit- build a team tled down to the final 31 by 12 August. Jones intends to decide his final World Cup squad three weeks before the 2 Sep- some unorthodox measures to encour- tember deadline, allowing him to work age them bonding and get “the right bal- with them exclusively in the preceding Eddie Jones plans to name ance between competition and summer internationals ahead of the his final 31-man squad co-operation”. tournament. “Each match will have a three weeks early Last Wednesday they drove four hours purpose – of which we won’t be di- to Cornwall – at the time unaware vulging – but each match will be about where they were heading – for a day of how we can progress to win the World due to a long-term injury. in England rugby where you get four or can continue on to the World Cup. Some paddleboarding, lifeguarding and sur- Cup,” Jones said. Jones offered hope to those who have five weeks with the players to actually don’t, and the game changes a little bit, vival exercises. England play Wales home and away not made this squad, including another build the team, and he’s got an opportu- which we don’t control. So we’ve had to “We’re building a team to win the on 11 and 17 August respectively before injured player in Dan Robson, by insist- nity to show it just as the other 37 play- make some alterations.” World Cup and at the same time in cer- hosting Ireland at Twickenham on 24 ing he would have an “open-door pol- ers have, so I’m eager to see how we go,” But Jones sees the likes of Bath’s Ruar- tain places they are competing [with August and facing Italy at St James’ Park icy” over the coming weeks, although it Jones said of the 31-year-old. idh McConnochie and Northampton’s each other], and that is one of the rea- in Newcastle on 6 September. They fly is unlikely that this is any more than a The Australian coach also emphasised Lewis Ludlam bursting onto the scene sons why we went to Cornwall to test out to Japan two days later. guard against the unforeseen. the importance of having experience in last season as a positive. that,” he said. “It’s one of the hardest The injured trio remaining in camp He did also claim there were only the side, despite omitting the aforemen- “They’ve picked themselves,” he added. things in life to get that balance right.” are Jack Nowell, Mako Vunipola and “about three” positions in the final 31 tioned senior players in favour of a “The great thing for us is we’ve had a As far as preparation for a World Cup George Kruis, all of whom Jones says he that were still up for grabs. handful of uncapped talents. couple of young guys coming through goes, there is little more that England is “100 per cent” certain of being fit for One of those fighting for a spot will be “You need about 650-700 caps [in the and those X-factor players that come in could be doing, still more than two the World Cup. While Joe Marler was Gloucester’s Danny Cipriani, who re- team]. We’ll be a little bit shy of that, late are the added bonus. They are the months out from their opener against the surprise inclusion in the training tained his place in the training squad but there’s some things you can’t con- extra presents under the Christmas tree Tonga on 22 September. While Jones’s se- squad after ending his self-imposed in- and who Jones has afforded the chance trol in the cycle of a team,” Jones said. “I that you didn’t know about.” lection decisions to favour form over ex- ternational exile, former captain Dylan to prove his worth within the camp for had a four-year plan. First two years, They, along with the uncapped duo of perience may raise some eyebrows, the Hartley joined the experienced heads of an extended period. build the base, which is about experi- Willi Heinz and Jack Singleton, will have former Australia and Japan head coach Mike Brown, Chris Robshaw and Danny “This is the most exciting opportunity enced players. their work cut out to make the final 31, is sure of his convictions as he ap- Care in missing out completely, albeit for the team because it’s the only time “You hope those experienced players though. proaches his third World Cup.

AFC Wimbledon aim to build a 20,000-seater stadium, with an initial capacity of 10,000, on the Plough Lane site

CONTINUED FROM BACK PAGE ments. the shares could develop into things “That inevitably would mean less that have a real market.” underpinned by their ethos off it. money being available for the play- Lord Stern, who has been a season While the hope of course is that ing budget.” ticket holder for five years, says the further promotions could follow Economist and AFC Wimbledon shares that he buys will represent and provide investors with a return trustee Lord Stern believes that more than just bricks and mortar. on their money, ultimately it is fi- most AFC Wimbledon investors will “In an area where so many clubs nancial necessity which has driven be attracted by the club’s unique na- are owned by very rich people the step into crowdfunding, not any ture, rather than the lure of making there’s something to celebrate in a notion of romanticism. money. fan-owned club – it speaks to the “The aim is to raise as much as “It would be nice to think of the soul of football,” he says. physically possible via an equity possibility [of a return on invest- “We hope it would start a trend be- raise,” Palmer explains. “The more ment], but we shouldn’t push that cause that would be the affirmation we can raise via crowdfunding then too hard,” the former senior vice- of the way a good part of football the less we have to borrow in debt president of the World Bank should operate: with the commu- from the bank. told City A.M. nity and with the fans at heart.” “If we fall short, and have to in- “This is the chance to be a part of crease our debt funding amount, something. But it’s just possible To find out more information, please that will increase our annual repay- that if the success story goes on that visit: www.ploughlanestadium.co.uk 20 SPORT MONDAY 8 JULY 2019 CITYAM.COM SELECTION SEASON Places up for grabs as Jones prepares SPORT his side for the World Cup PAGE 19 HISTORY MAKERS United States beat Holland to seal record fourth Women’s World Cup SPORT DIGEST PERRY STARS AS ENGLAND THRASHED IN THE ASHES £ England were bowled out for just 75 in Canterbury yesterday as Australia completed a 194-run thrashing to move within one win of retaining the Women’s Ashes. Set 270 to win, England collapsed to 21-6 before Ellyse Perry wrapped up a third straight one-day international win by claiming figures of 7-22. The visitors lead the series 6-0 and can retain the trophy with a win in the Test match, which starts on 18 July. TEAM INEOS HELP THOMAS GAIN ON HIS TOUR RIVALS £ Defending champion Geraint Thomas gained time on his rivals as Team Ineos finished second on stage two of the Tour de France yesterday. Thomas and his team completed the 27.6km time trial around Brussels in 29 minutes 18 seconds, with Jumbo- Visma finishing 20 seconds ahead to ensure stage one winner Mike Teunissen kept the yellow jersey. ROY IS AN ASHES OPTION BUT ANDERSON A DOUBT £ Jason Roy is an option to face Australia in next month’s Ashes, England coach Trevor Bayliss confirmed yesterday. One-day opener Roy has been in great form in the World Cup, averaging 68.20 with three fifties. “It’s a definite option we’ve been talking about,” Bayliss said. Meanwhile, fast bowler James Anderson is a doubt for the series, which starts on 1 August, after suffering a torn calf muscle. IN-FORM RAHM POWERS TO IRISH OPEN VICTORY £ Jon Rahm produced a stunning final round of eight under-par to win the Irish Open yesterday for the second time in three years. The 24- year-old Spaniard shot an eagle and eight birdies at Lahinch to finish on The United States beat European champions Holland 2-0 yesterday in Lyon to win their second successive Women’s World Cup. After a tight first half went goalless, Megan 16 under-par, two shots ahead of Rapinoe’s penalty and Rose Lavelle’s low drive gave the US a record fourth title. The video assistant referee was once again involved, awarding a penalty after Stefanie van der Andy Sullivan and Bernd Wiesberger. Gragt caught Alex Morgan with a high boot. Rapinoe sent goalkeeper Sari van Veenendaal the wrong way from the spot to open the scoring before Lavelle drove at the defence “My game is in great form and I am and fired into the bottom corner. “This is an amazing group of players – they showed fantastic resilience,” said coach Jill Ellis. “They put their hearts and souls into this journey.” confident,” the world No11 said. IT’S GOING, GOING... DONS

are aiming to raise £7m through per current season ticket holder is solution, without a doubt, has been with every one of them receiving a AFC Wimbledon are crowdfunding to supplement a bank ambitious, they are hoping their crowdfunding. It’s perfect for us be- physical memento at Plough Lane as trying to raise £7m loan. unique story will attract plenty of cause it lets us not only reach out di- a token of their commitment. Having come a long way since 2002, non-fans too. rectly to the people who matter the “For our first season at our new using crowdfunding when supporters founded the club as “Without a wealthy benefactor, the most – our own fans – but it also pro- ground, we are going to ring-fence 20 a protest against the original Wimble- challenge for us has been to find ways vides us with a platform which en- per cent of our home matches for a in a bid to go home, don’s uprooting to Milton Keynes, the for a fan-owned club to raise finance,” ables us to reach thousands of other unique draw,” Palmer explains. hope is that same community spirit chief executive Joe Palmer told City potential investors who admire what “Every fan who invests – even if it’s writes Felix Keith can help the club take the next step A.M. the club has achieved and want to be simply to buy one £10 share – will au- on its journey. “In terms of the stadium build, the part of the story.” tomatically qualify, and the winners FC Wimbledon are a club AFC Wimbledon’s move into crowd- Seedrs has raised some £600m will each get to enjoy the stadium founded by fans and now, 17 funding is part of a growing trend in THE DONS’ DETAILS across 800 deals, including 70 in the naming rights for one home game. years on from their rebirth, football. Premier League newcomers sports and leisure industry, but this is “Every single shareholder will also they are hoping their sup- Norwich City raised £5m for their £ NEW STADIUM AFC Wimbledon the company’s first venture with a get their name on a permanent porters can help lay the academy using the platform Tifosy, have already started work on their new professional football club. Rich plaque at the ground. And if fans in- foundationsA for a move back to the while League Two Stevenage an- 10,000-seater home, which they aim to Mason, Seedrs’ business development vest more and buy more shares, the corner of south-west London they call nounced last month that they are tak- move into for the 2020-21 season. director, hopes AFC Wimbledon can rewards get even more special. For ex- home. ing a similar route in the hope of be the “start of a wave” of crowdfund- ample, they can get their name on The Dons are building a new sta- raising £1.2m for a promotion push. £ FUNDING The ground, on the site of ing in sport. our goalposts, corner flags, turnstiles dium at Plough Lane, which they be- The Dons are using Seedrs – the first the old greyhound stadium, is expected “It’s a way to engage fans and cus- – even the beer taps and urinals.” lieve will be ready for the 2020-21 share-issuing crowdfunding platform to cost £25m, with £13m coming from tomers of the business and build a AFC Wimbledon achieved five pro- season, and to fund the £25m ground to be authorised by the Financial Con- crowdfunding and a bank loan. community of advocates – to get fans motions in nine years to rise from on the site of Wimbledon’s old grey- duct Authority – to sell 25 per cent of of the club who are also incentivised where they began in the ninth tier to hound stadium the club are asking the club, with the remaining 75 per £ CROWDFUNDING The Dons are the by its success,” he said. the third, where Wally Downes’s side their fans to lend a hand. cent remaining with the Dons Trust first professional sports team to work finished 20th last season. All the time To pay for the construction the and current shareholders. with crowdfunding platform Seedrs, NAMING RIGHTS their success on the pitch has been League One club, who currently play While the club recognise that rais- who have raised £600m from 800 deals. AFC Wimbledon are keen to show at Kingsmeadow in the Kingston area, ing the equivalent of around £2,300 their gratitude to potential investors, CONTINUED ON PAGE 19