BUSINESS WITH PERSONALITY

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IN THE CHAIR Head of Ofcom to WOODFORD take over role as John Lewis boss REFUSES TO

WAIVEJAMES BOOTH FEES been locked out of accessing their Carney said: “Over half of invest- cash. Yet it has been reported that Mr ment funds have a structural mis- @Jamesdbooth1 Woodford is taking in nearly £100,000 match between the frequency with THE STORM engulfing former star in management fees a day. which they offer redemptions and the trader Neil Woodford intensified “The suspension of trading has pro- time it would take them to liquidate yesterday as one of Westminster’s top vided Mr Woodford with some breath- their assets. Under stress they may financial watchdogs weighed in on ing room to fix his fund; he should need to fire-sell assets, magnifying the suspension of his flagship fund. afford his investors the same space market adjustments and triggering Nicky Morgan, chair of the influ- and waive the fund’s fees while the further redemptions – a vicious feed- ential Treasury Select Com- fund is suspended. back loop that can ultimately disrupt mittee, insisted Woodford “The FCA [Financial market functioning.” should waive manage- Conduct Authority] has Meanwhile yesterday, one of Wood- ment fees for his fund, rightly said that it is ford’s last remaining large clients while investors remain Omnis Investments replaced him as blocked from pulling Neil Woodford has come manager of its £330m Omnis Income their cash. under fire after & Growth Fund. The move followed SEBASTIAN MCCARTHY revealed his plans to depart late last Retail stockbroker suspending his fund wealth manager St James’s Place year. The John Lewis Partnership also Hargreaves Lansdown removing Woodford as manager of @SebMcCarthy includes Waitrose. suspended its platform closely watching the £3.5bn of its funds on Wednesday. OFCOM boss Sharon White is set to The former World Bank economist fees for the Woodford fund. The Treasury Com- Woodford Investment Management replace Sir Charlie Mayfield as the and civil servant was tipped earlier Equity Income Fund on mittee will no doubt raise yesterday sold down its stakes in com- next chair of John Lewis Partnership, this year to be in the running to be the Wednesday, but last night said this troubling episode, and panies including Purplebricks, Card the embattled department store next Bank of England governor. Woodford had refused to do so. what lessons can be learned, when we Factory, Newriver Reit, Provident chain revealed yesterday. Mayfield said: “I readily recognise “We urged them to do the same and take evidence from the FCA and Bank Financial and Kier Group as it battled White, the chief executive of the that Sharon is not the conventional they have taken the decision not to of England,” she added. to restore liquidity. UK’s communications regulator, is set retail choice. But these are not follow suit,” Emma Wall, head of In Tokyo yesterday, Bank of England Shares in stockbroker Hargreaves to take the £990,000-a-year post in conventional retail times, nor is the investment analysis, told City A.M. boss Mark Carney warned that funds Lansdown, which has heavily pro- early 2020, concluding the retail partnership a conventional Former City lawyer Morgan said: such as Woodford’s could pose a “sys- moted Woodford in the past, fell 4.1 group’s hunt to replace Mayfield, who company.” “Investors in the Woodford Fund have temic risk to the global economy”. per cent to 1,895p yesterday.

FTSE 100▲ 7,259.85 +39.63 FTSE 250▼ 19,065.52 -6.65 DOW▲ 25,720.66 +181.09 NASDAQ▲ 7,615.55 +40.08 £/$▲ 1.268 +0.001 £/€ ▼ 1.125 -0.005 €/$ ▲ 1.127 +0.005 02 NEWS FRIDAY 7 JUNE 2019 CITYAM.COM

LIKE A G6 Trump remains unclear on whether he will attend August G7 meeting after hailing war dead with President Macron THE CITY VIEW An all-out trade war is becoming more likely

ONALD Trump jets back home today after a predictably tumultuous week during which the US President Dbetrayed his ignorance of the NHS, the Irish border and, more amusingly, the existence of Michael Gove. Thankfully the circus witnessed earlier in the week subsided in time for D-Day commemorations, allowing people on both sides of the Channel to pay their respects to the many men and women, including those from the US, who helped defeat Nazism 75 years ago. As Trump departs, British officials may wonder whether they will be put through another such visit again, should the property magnate win next year’s presidential election. Meanwhile, economists are also left pondering Trump’s political future as they attempt to map the likely level of global growth US PRESIDENT Donald Trump declined to confirm whether he plans to attend the meeting of the G7 group of nations in August, as he met French leader Emmanuel Macron yesterday. “You’d have to ask [Trump] the question,” a French official said when in years ahead. asked if Trump would show up at the Biarritz summit. “It’s important for us that he is in Biarritz and we are hopeful he’ll be there.” The International Monetary Fund caught headlines this week by warning that nearly half-a-trillion dollars will be lost from world output in 2020, thanks to protectionism triggered by Trump’s trade wars. “Larger than the size of South Africa’s economy,” IMF boss Christine Lagarde explained, emphasising the size of the hit. Beneath the headlines exists a plethora of similar warnings and Worst May on record as downbeat forecasts. Also this week, analysts at ING said that world trade is heading for its worst year since the aftermath of the financial crisis in 2009, predicting a measly 0.3 per cent growth. While the level of trade would normally bounce back in 2020, “that improvement could vanish if the trade war drags on”. retailers suffer sales fall And it is likely to drag on. Societe Generale now believes there is a mere 45 per cent chance of a benign solution to the US-China ELLIOT KIME of retail at BDO. said that troubles in the sector had AND SEBASTIAN MCCARTHY standoff. Even more worryingly, the French bank says there is a She added: “With a government led to “anxiety about how high streets @SebMcCarthy mired in Brexit chaos and now fur- will develop in the future”. one in four chance of a devastating all-out trade war between ther distracted by a leadership con- Underlining the “period of change” the world’s two biggest economies. BRITAIN’s troubled high street retail- test, our British high street is not facing the sector, the report added As Trump nears election mode, his (albeit limited) focus will fall ers were dealt a fresh blow last month getting the attention it desperately that “the closure of branches of retail- as the sector suffered its worst May on needs.” ers across many high streets has led to increasingly on pledges made in 2016 to restrict immigration record. The results came on the same day as worries about the decline of retail on and extract supposedly better deals from foreign countries In-store sales declined 3.3 per cent a new study revealed just under a the high street”. through belligerent negotiating tactics. An impulsive escalation year-on-year in May from a negative third of high street addresses are The report is based on almost 7,000 of tariffs is the President’s go-to tactic, as recently demonstrated base of minus 2.2 per cent in the same being used for retail, as jobs in the sec- unique high streets, covering a period month last year, according to account- tor declined in every region but Lon- of time that has seen major brands by rates imposed on Mexican goods just six months after the two ancy firm BDO. It said the drop sig- don between 2012 and 2017. such as House of Fraser, Debenhams countries agreed a trade pact alongside Canada. nalled the worst May performance Across the UK, more than half of and Maplin call in the administrators. The 2020 election is a chance to remove Trump from office – but since it began its tracker in 2006. high street addresses are now residen- The research comes just a week after Lifestyle and fashion sales both tum- tial as the number of commercial the British Retail Consortium also it is also Trump’s chance to double-down on what has rapidly bled as last month marked the fourth properties dropped to two percentage said the industry suffered a record become his most notorious policy. month of negative results since the points to 31 per cent. sales drop in May. start of 2019. The number of high street retail jobs Following a four-year high of sales in “Our high streets are creaking at the was also slashed in every region out- May 2018, spurred on by bumper hot seams. It’s time the government took side London, where headcount grew weather, the World Cup and a royal action and showed some much- by six per cent. wedding, this year’s start to the needed support for retailers and to The Office for National Statistics, crucial summer selling season has not the millions of people the sector which conducted the research in part- been so successful, as political uncer- Follow us on Twitter @cityam employs,” said Sophie Michael, head nership with the Ordnance Survey, tainty weighed on spending.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL ZOOM SHARES RACE HIGHER WHAT THE BERCOW: BYPASSING MPS TO HANCOCK VOWS TO ‘SAVE’ TRUMP AND MEXICO MAKE ON STRONG OUTLOOK OTHER FORCE NO-DEAL IS A NO-GO HIGH STREET WITH TAX CUT PROGRESS ON MIGRATION Zoom beat expectations for its first John Bercow has warned Brexiteer Tory Matt Hancock has vowed to “level the The Trump administration has made quarterly report since going public and PAPERS SAY leadership candidates not to try to playing field” for high streets by significant progress in its border- delivered a stronger than expected suspend parliament to force through a scrapping business rates for small security negotiations with Mexico, a outlook, as the video conferencing THIS no-deal departure this autumn. retailers while hitting tech giants with senior White House official said, but the group saw robust customer growth. Dominic Raab last night refused to rule the new Amazon tax. The health US remained on track to impose tariffs Shares in the company surged 12.2 per MORNING out proroguing parliament to prevent secretary has announced the on the country’s imports next week. cent in after-hours trading yesterday MPs blocking the UK’s withdrawal. £1.5bn-a-year pledge as part of his after Zoom said it booked $122m leadership campaign. ELLIOTT NEARS DEAL TO (£96m) in revenue, up 103 per cent £735M FOREIGN AID SPENT ACQUIRE BARNES & NOBLE year-over-year, and an adjusted profit of ON JAZZ, STATUE RESEARCH BREXIT PARTY RACKS UP Barnes & Noble is nearing a deal to be three cents a share in the quarter that Britain is wrongly claiming that £735m 3,000 APPLICANTS FOR MPs bought by hedge fund Elliott ended April 30. spent to fund research on topics such as The Brexit Party has almost 3,000 Management, according to people stage and came within feet of the South African jazz and Roman statues is prospective MPs willing to stand in a familiar with the matter, as the nation’s JEFF BEZOS CONFRONTED BY Amazon chief executive at a conference foreign aid, a damning report by the general election. Nigel Farage’s party largest bookstore chain seeks a new ANIMAL-RIGHTS PROTESTER yesterday. The incident was an unusual official watchdog, the Independent will hold an event at Birmingham’s NEC owner after years of decline. Elliott is Jeff Bezos was confronted by an lapse for Amazon, which provides Commission for Aid Impact, has this month to brainstorm a new the lead bidder in an auction that could animal-rights protester who rushed the extensive security for Bezos. revealed. manifesto in a bid to take on the Tories. come to a head soon, the people said. CITYAM.COM FRIDAY 7 JUNE 2019 NEWS 03 ‘Hammer blow’: Vegan bounce gives Beyond Ford prepares for Meat big boost AUGUST GRAHAM @AugustGraham SHARES soared 16 per cent in Bridgend closure Beyond Meat after-hours yesterday, as the vegan craze could help the company double sales this year. The firm showed revenues above ALEX DANIEL GMB Union regional organiser Jeff Europe’s top banker Mario Draghi said the bank extended guidance amid trade wars analysts expectations last night in Beck said the news was “a real ham- its first results since going public @alexmdaniel mer blow for the Welsh economy and in May. FORD is preparing to close its factory the community in Bridgend”. The firm expects net revenue of in south Wales next year, in another Rowley said he had spoken to busi- Draghi cites trade uncertainty as $210m (£165m), more than 140 per blow for Britain’s troubled car manu- ness secretary Greg Clark about the cent up on 2018. facturing industry. plans. It also managed to cut its loss per The move comes as a disaster for the A government spokesperson said he keeps ECB interest rates low share down to $0.95 from $0.98. 1,700 workers at the Bridgend plant, the news would be “very worrying” The company’s burgers, made to which makes petrol engines. for workers. HARRY ROBERTSON end of 2019, but weak Eurozone taste and feel like meat, are sold at Ford confirmed yesterday it was con- Ford also confirmed reports that it growth and limp inflation has Tesco and restaurant chain Honest sulting with unions on closing the is separately planning 550 white col- @henrygrobertson recently put pressure on the bank. Burgers in the UK. plant in September 2020. The firm’s lar job cuts in the UK, part of a wider THE EUROPEAN Central Bank will Its main lending rate will stay at British companies are facing up Europe president Stuart Rowley said it scale-back worldwide. keep interest rates at record-lows zero per cent while the deposit to increased demand from a public will be “economically unsustainable Last month, City A.M. revealed the until at least the second half of 2020, facility will remain at minus 0.4 per wanting to eat less meat. in the years ahead”. firm will make the reductions among it said yesterday, as it tries to breathe cent, meaning banks are charged to Earlier this year, baker Greggs He attributed the change to “chang- office workers at its Essex base, who life into Eurozone economies. leave money with the central bank. saw a huge rise in footfall after ing customer demand and cost disad- work on issues such as vehicle devel- Its guidance had formerly stated The decision cooled stock markets launching a vegan version of its vantages” in the industry. opment. rates would stay on hold until the across Europe. famous sausage rolls. Car mega-merger collapse a headache for France’s Macron

AUGUST GRAHAM French nation,” finance minister Bruno Le It collapsed on Wednesday night just 10 Maire said yesterday as the administration days after the first announcement. @AugustGraham tried to save face. FCA said: “The political conditions in THE MACRON administration in France was The government had sought France do not currently exist for such a forced to firefight yesterday as it was reassurances that the new combination to proceed accused of scuppering a multi-billion-euro company would not lay off successfully.” deal between Fiat Chrysler and Renault. French workers. It also asked Le Maire said that France A source close to Fiat Chrysler (FCA) for dividends for Renault could not endorse the deal blamed the French government for shareholders, sources told succumbing to domestic pressures. Reuters. Making a Scenic: Fiat Chrysler- It posed a headache for Emmanuel It took a hard line on Renault talks collapsed after Macron, who won a presidential run in redundancies after only 10 days 2017 on a largely pro-business platform. General Electric cut more His government, whose 15 per cent stake than 1,000 jobs last month, without Renault partner makes it the largest single shareholder in sparking public outcry. Nissan’s backing. Nissan, Renault, broke FCA’s patience by asking for The deal would have meanwhile, had previously said too many concessions. created the world’s third-largest it would not cast its votes at a “We remain open to any industrial car maker. Fiat Chrysler saw the meeting of the Renault board. consolidation opportunity, but without merger as a chance to buy Renault’s According to reports, one French official rushing in order to guarantee the electric car technology and get around called the chair of FCA, John Elkann, industrial interests of Renault and the tougher new emissions targets. imploring him to reconsider. Hey there good Looker: Google seeks Energy challenger Bulb goes overseas in multi- to rival Amazon with £2bn cloud deal pronged expansion plan ROBBIE HARB Cloud will help us offer customers a more complete analytics solution from AUGUST GRAHAM GOOGLE’s Cloud arm will buy analytics ingesting data to visualising results and firm Looker for $2.6bn (£2bn), as it seeks integrating data and insights into their @AugustGraham to gain market share against Amazon. daily workflows,” Kurian said. LONDON-based energy supplier Bulb will The deal is the first big move for the Amazon Web Services holds a 65 per export its concept abroad, it said yesterday as search giant’s new cloud chief, Oracle cent cloud market share, according to Britain’s challengers look to do for foreign veteran Thomas Kurian, who replaced Jefferies analysts, compared with markets what they have in the UK. Diane Greene last year. Microsoft’s 25 and Google’s 10 per cent. The firm will take its first tentative steps The acquisition is Google’s largest since “This is a true built-for-cloud into France, Spain and the US, starting with it bought Nest Labs for $3.2bn in 2014. visualisation tool, and it signals Google an invitation-only service. It is planning a Looker provides a visualisation tool that Cloud is serious about making general launch in the markets early next year. helps customers spot patterns in their acquisitions,” said Ray Wang, an industry Bulb’s expansion comes after years of data. It competes with tools such as analyst at Constellation Research. strong growth in the UK, winning 1.3m Tableau and Microsoft’s Power BI. The deal builds on an existing customers since its launch in 2015. The acquisition will add new tools to partnership between Google and Looker, It follows fellow challenger Ovo, which is Google Cloud, which has struggled to which share more than 350 customers planning a French launch in July and will hit compete with Amazon and Microsoft. including Buzzfeed, Hearst and Yahoo. Spain in October. Ovo is also eyeing Australia “The addition of Looker to Google The acquisition will finalise this year. and Italy for next year. THE INSIDE TRACK IS FASTER CITYAM.COM FRIDAY 7 JUNE 2019 NEWS 05 IN BRIEF EUROZONE CONSTRUCTION BARCLAYS AND RBS FINED IN TSB TO CUT MORE THAN 100 SPARKLING JOULES Fashion firm enjoys GROWTH SLOWS AGAIN FOREX RIGGING SCANDAL HEAD OFFICE JOBS revenue rise as overseas demand booms Growth in the Eurozone construction Five banks including Barclays and Royal A banking union has raised concerns industry slowed to a four month low in Bank of Scotland have been hit with a over TSB’s plans to cut around 125 jobs May as new orders declined for the first SFr 90m (£71.4m) fine for fixing the as part of a major restructuring. In an time since August last year. The IHS foreign exchange market. Traders at email to TSB members, banking union Markit Eurozone Construction PMI fell Barclays, Citigroup, JP Morgan, RBS and Accord said the restructuring would from 52.1 in April to 50.6 last month, UBS took part in a “three way banana result in 124 job losses. A consultation however firms remained optimistic split” cartel between 2007 and 2013 to process began last month shortly after towards the business outlook. Across manipulate the forex market, the Swiss the arrival of new chief executive Debbie the Eurozone’s three largest economies, competition regulator Weko said. Crosbie and the union has since revealed Germany had the quickest rate of Another cartel, dubbed “Essex express”, that more than 100 head office roles are growth followed by France. Italy included traders from Barclays, RBS, set to be axed. The former CYBG chief reported its first decline in construction UBS and Japan’s MUFG Bank. The operating officer replaced Paul Pester, activity since March last year. Housing traders used internet chatrooms to plot who stepped down last year in the was the strongest-performing subsector, the scam, the regulator said. Barclays aftermath of a major IT meltdown. The recording an increase in activity for the was fined SFr 27m, Citigroup SFr 28.5m, union said it had a number of concerns, ninth consecutive month. Civil JP Morgan SFr 9.5m, MUFG Bank SFr including that removing and reducing engineering was the poorest performing 1.5m and RBS SFr 22.5m. UBS was not the number of senior management roles sector, and work fell at its fastest rate fined as it alerted the watchdog to the would hinder career progression since July 2016. cartel’s actions first. opportunities.

BRITISH lifestyle brand Joules enjoyed a double-digit rise in revenue over the past 12 months, as booming international demand helped the firm shrug off wider troubles in the retail sector. The fashion firm’s revenue jumped 17.2 per cent to £218m. New regulations spark profit fall at CMC Markets

JESS CLARK said it had “weathered the ESMA tran- sition,” and had a “renewed confi- @jclarkjourno dence in the future”. CMC MARKETS’ profit plunged 89 per Chief executive Peter Cruddas said: cent last year as the spreadbetter bat- “Our business is much more bal- tled ramped up regulations. anced today than it has ever been, Profit before tax fell from £60.1m to with a larger stockbroking business £6.3m in the year to the end of March. and important growth in our institu- Operating income dropped 30 per tional business, alongside our cent from £187.1m to £130.8m, in line stabilised CFD and spread bet busi- with market expectations following a ness, all underpinned by our technol- trading update in April. ogy platform.” Earnings per share plummeted 88 Cruddas added: “As regulatory per cent to 2p. The ordinary dividend change continues to be a key positive per share was slashed by 77 per cent driver in our markets, we believe that from 8.9p to 2p. our strong product offering, client CMC Markets warned in April that service, technology platform and bal- revenue and profit would be affected ance sheet will ensure our ongoing by the introduction of new European success.” Securities and Markets Authority Analysts at Shore Capital Markets (Esma) regulations targeting contracts said the “new year has started better for difference (CFD) platforms, which than the old one finished”. came into force in August last year. Chief operating and financial offi- Esma retail client numbers using cer Grant Foley is due to step down CMC Markets were around 35 per cent today as was announced in the com- of pre-August levels, the company said pany’s April trading update. in its full-year results yesterday. Euan Marshall, current group head However, professional client num- of finance, will take over as interim bers remained stable. CMC Markets finance chief. Grayling kicks off high-speed review to boost links with north

ALEXANDRA ROGERS known as HS3 or Crossrail for the north – near Manchester. @city_amrogers Damian Waters of the TRANSPORT secretary Chris Grayling Confederation of British Industry yesterday kickstarted a review into said: “Linking up HS2 and the how the second phase of HS2 could Northern Powerhouse will unlock a be more efficient and cost effective, series of connections knitting as the project’s fate hangs in the together Manchester, Liverpool and balance with the ongoing Tory London to a high quality transport leadership election. network fit for the 21st century.” The government is seeking views HS2 is a £56bn rail link that will on proposed changes to the route connect London to Birmingham in north of Birmingham, including two the first phase, and in the second new junctions to connect the railway link the West Midlands to to Northern Powerhouse rail – also Manchester and Leeds. 06 NEWS FRIDAY 7 JUNE 2019 CITYAM.COM National spy boss Aviva to cut 1,800 jobs to blasts Huawei’s save £1.5bn JOE CURTIS @joe_r_curtis AVIVA is set to cut 1,800 jobs over ‘shoddy’ security the next three years in a bid to help save £300m per year. The bombshell announcement yesterday means the UK insurance JAMES WARRINGTON Huawei is shoddy, the others are less giant stands to lose six per cent of shoddy.” its 30,000 workforce under new @j_a_warrington The NCSC has warned it can provide chief executive Maurice Tulloch. CHINESE tech firm Huawei is only limited assurances that the risks Tulloch kickstarted his reign in “shoddy” and has a lot of work to do to national security posed by the Chi- March by saying the UK insurer to improve its cybersecurity, a top UK nese telecoms giant can be mitigated. has “much further to go” to up spook has said. While the US has added Huawei to a returns to shareholders. Dr Ian Levy, technical director of the trade blacklist, the UK is yet to issue a The deal is the most expensive bulk annuity buyout ever Tulloch’s cost saving initiative National Cyber Security Centre final verdict on the company. aims to save £300m per year by (NCSC), blasted the firm over its poor Details leaked from a national secu- 2022, as Aviva tries to cut its debt security standards, which he said rity meeting earlier this year revealed pile by £1.5bn. were worse than its western rivals. the government will allow Huawei to Rolls-Royce hands L&G £4.6bn Aviva hopes to hit its workforce “Huawei as a company builds stuff build non-core parts of the country’s reduction target through natural very differently to their Western 5G network. turnover over the next three years counterparts,” he told a conference in It came as a new report warned that of its pensions scheme assets while ensuring “that redundancies London yesterday. the US’s decision to blacklist Huawei are kept to a minimum wherever “Part of that is because of how could slow down the global rollout of ALEX DANIEL pensions of 33,000 of its scheme possible,” the company said. quickly they’ve grown up, part of it 5G internet speeds. members. The scheme has a total of Aviva did not say which markets could be cultural – who knows. Analysts at Barclays said network @alexmdaniel 76,000 members. the job losses would come from. “What we have learned is as a result operators could face heavy costs and ROLLS-Royce has handed over Legal & General takes on around The insurance giant also hopes of that, the security is objectively technical disruption if they are forced responsibility for £4.6bn of its one-third of the pension scheme’s to lower central costs by spending worse, and we need to cope with to swap existing Huawei 4G technol- pension scheme to Legal & General, assets in the deal, known as a less on consultants, reducing that.” ogy with gear made by other vendors. in a record-breaking deal. pension buyout. Rolls-Royce invest ment in new projects, and Asked about how Huawei compares The ban could also damage other The FTSE 100 engine pensions boss Joel Griffin said it other measures. with its competitors, Levy said: “Cer- firms throughout the supply chain, manufacturer has offloaded would offer “greater stability and Tulloch said he has highlighted tainly nothing is perfect, certainly the report warned. responsibility for paying the certainty” for workers. “clear opportunities” to improve.

THE FUTURETURE OF AVAAVIATIONVVIAATTION ThursdayThursday 20 June 2019 6.30pm – 9.30pm

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STRICTLYS TLTRIC Y RSVPRSVP - TTOO REGISREGISTERTER YYOUROUR INTERESINTEREST TOTO ATTENDAT TTEND PLEASE VISIT WWWWWW.CITYAM.COM/EVENT/RAD.CITYAM.COM/EVENT AD/R CITYAM.COM FRIDAY 7 JUNE 2019 NEWS 07

BOSS SCARE BOOST Entertainment One jumps after denying chief executive’s exit ‘We were not trashing a reputation’ ENTERTAINMENT One shares closed up almost 16 per cent yesterday after it says ex-HP head in $5bn fraud trial rebuffed reports boss Mark Gordon was in AUGUST GRAHAM before speaking with his client. Whitman claims HP was forced to talks to leave the “It was about protecting and write down the acquisition by $5bn, company. The firm is @AugustGraham reinforcing your reputation and you after discovering accounting behind Emma FORMER Hewlett-Packard boss Meg were doing so at the expense of Dr improprieties, misrepresentation Thompson’s Late Whitman yesterday denied she was Lynch and [former finance chief] Mr and disclosure failures. Night and Peppa Pig. trying to protect her own reputation Hussain?” Robert Miles asked. Her former employer is suing when accusing founder of Autonomy “That is not correct,” Whitman Lynch and Sushovan Hussain in a bid Mike Lynch of fraud. told the High Court in London. to recover the money. Counsel for Lynch, a Brit who sold “We were not trashing someone’s Lynch has counter-sued and denies his company to HP for $11.1bn reputation,” she said. “We were the charges which have been levelled (£8.7bn) in 2011, asked why Whitman reporting the facts as we knew them against him. had gone public with the allegations and we had been defrauded.” The trial continues.

Join Lawrence Dallaglio at the world-famous Goodwood Motor Circuit for a day of sensational Labour market cycling in aid of Dallaglio RugbyWorks. Sunday 9th June 201920 91 buoyancy fell The Goodwood Estate again last month

JAMES BOOTH than their historical averages. Brexit uncertainty and generally @Jamesdbooth1 tight labour market conditions were THE NUMBER of people placed into cited as key factors weighing on the permanent job roles fell for the availability of candidates in May. Both fourth time in the past five months in temporary and permanent staff sup- May and at a quicker pace than in ply fell at faster rates than in April. April. Starting salaries awarded to perma- Subdued confidence hit both the nent starters continued to grow in demand and supply of labour, with May, but the rate of inflation was the vacancy growth staying close to a least marked for over two years. multi-year low and staff availability In contrast, temp wages increased at declining further, according to a their greatest pace for six month. report from audit firm KPMG and the James Stewart, vice chair at KPMG, Recruitment & Employment Confed- said: “Brexit uncertainty continues to eration (REC). dampen the jobs market as compa- The survey of around 400 recruit- nies kept their recruitment decisions ment consultancies showed that on hold in May. Permanent staff billings received from the employ- appointments fell at a slightly faster ment of short-term workers rose only pace than in April, while subdued marginally, expanding at its slowest confidence ensured that growth in rate for more than six years. temporary billings hit a six-year low.” Recruiters said there was a slightly Neil Carberry, REC chief executive, stronger rise in overall vacancies dur- said: “Recruiters are reporting that ing May, but growth remained close demand for staff is slowing and their • Choose between three stunning sportive routes through to April’s 80-month low. clients are reducing business activity Although both temporary and per- on average. Worryingly, these trends the South Downs National Park, finishing on the historic manent job openings rose solidly, are most pronounced in key sectors rates of increase remained weaker like retail and construction.” Goodwood Motor Circuit • Family Fun Day for all ages and abilities including a children’s Government says it overspent by Scootathlon and touch rugby Pre-event entry starts at £36 per rider 50 per cent on Brexit consultants For your last chance to secure pre-entry to the

OWEN BENNETT before Cabinet Office began offering sportive, visit www.ukcyclingevents.co.uk help to departments requiring @owenjbennett consultancy support. Entry is also available on the day. Come and join us. ALMOST £100m has been spent by the Labour MP Meg Hillier, chair of the government on Brexit consultants – committee of public accounts, said: 50 per cent more than the Cabinet “The lack of transparency around Office previously admitted. Brexit preparations that my An investigation by the National committee has become all too fam- Audit Office (NAO) discovered iliar with applies to the use of these SPONSORED BYBY contracts worth £97m were handed consultants. It is not good enough out in the year to April 2019 – £32m that some departments are failing to more than the government had publish even basic inform ation about earlier claimed. their contracts, and that the Cabinet The NAO said the extra millions Office does not know how much is Dallaglio RugbyWorks is a registered charity: 1130353 (England & Wales) SC046140 (Scotland) related to contracts entered into being spent across government.” 08 NEWS FRIDAY 7 JUNE 2019 CITYAM.COM

GUEST NOTES News and views from the City, Westminster & beyond WILLIAM WRIGHT MANAGING DIRECTOR, NEW FINANCIAL [email protected]

A taxing question for £ THE TORY leadership BUSINESS contest is a reminder of how AND POLITICS difficult it is to choose the the stock exchanges right candidate for the top One of the many mysteries jobs in business and politics. of today, and tomorrow of politics is why so many The Peter Principle dictates people who are successful that “every employee [or AYBE it’s age, but the But a report to be published next in business turn out to be politician] tends to rise to his questions on Mastermind week by think tank New Financial less successful politicians. level of incompetence” and Mseem to be getting easier. So warns that stock exchanges – and Enter Jeremy Hunt, the there is no foolproof way of it was a surprise to hear a bit of a the vital role they play in raising foreign secretary, who identifying that level in curveball this week: “Which trading capital, sharing risk, setting recently argued he was the advance. Italian academics and financial institution has its standards and democratising best candidate to deliver have come up with a possible headquarters at 10 Paternoster wealth creation – are under threat. Brexit because his business answer: appoint people at Square near St Paul’s Cathedral in While stock markets in the UK success meant doing deals random. While this would the City of London?” and US are bigger, deeper and was his ‘bread and butter’. save an awful lot of time and While readers of City A.M. would more efficient than ever before, Having successful people money, it sounds stupid. But obviously know that the answer is something is wrong. The number from the business world in look around your office – and the London Stock Exchange, it was of listed companies has nearly politics is great, but it’s no ask yourself how much worse perhaps surprising that the halved over the past 20 years on guarantee of great things. could it really be? contestant, whose specialist both sides of the Atlantic, the subject was Leicester City Football number of new issues has dropped Club, got it right, too. by three-quarters, and the amount £AS WE LUMBER towards the for large parts of its business? This CAN I QUOTE YOU ON THAT £ FOR LIGHT relief from Brexit, it’s It made me think of the relevance of capital being raised is down by third anniversary of the EU problem may soon, however, solve worth following the Twitter of the stock exchange and of the around two-thirds. At this rate, by referendum, the debate over the itself. For the past three years, the account @StateofLinkedIn, which City more broadly to the average 2065, there won’t be enough listed future relationship between the City has been busy putting its highlights the best (or worst?) contest on Mastermind and its firms in the UK to fill the FTSE 100. City and the EU rumbles on. The contingency plans for a no-deal examples of career boasting, viewers. Setting aside the The rapid growth of alternative government’s policy is to keep rules Brexit into action. The damage has “It is the most motivational quotes, and widespread anger at the City, most sources of capital, the increased sufficiently aligned with the rest of arguably already been done. It management tips. At some point people probably don’t realise that burden of disclosure and the EU to ensure that it grants won’t be long before firms have unspeakable in your career, you’ve probably the stock exchange is a vital source regulation, and structural changes some form of equivalence to firms moved enough stuff to the EU to shambles.” been asked: “Where do you see of finance for the wider economy: have all played a part in this in the UK. This will limit the amount give them all the access they need yourself in five years’ time?” Xavier more than 1,700 UK companies are decline. If things don’t change, the of business that needs to relocate to EU markets, leaving the UK with Jon Moulton, former Tory Rolet, the former chief of the listed in London, they’re worth a economic, political and social from London on the other side of a lot more room for manoeuvre on party donor and investment London Stock Exchange Group, combined £2.4 trillion, and in the ramifications will be severe. It’s Brexit. But couldn’t equivalence regulation. In a rare outbreak of supremo, on the Conservative has perhaps the best answer: “Not past five years they’ve raised more time for us to come together to leave the biggest financial centre in Brexit alignment, this could do just leadership contest working for a company with such a than £125bn on the exchange. work out a solution. Europe as a rule-taker from the EU fine for both parties. short-term outlook.”

PARTNER CONTENT A Royal audience with a heart for Opportunity

Opportunity International discusses their inspiring projects helping people worldwide to work their way out of poverty

N Wednesday, City Philan- thropists gathered at the his- toric Tower of London to launch Opportunity Interna- tional’s Uganda Innovation OFund. Guests were joined by HRH the HRH The Princess Princess Royal, Patron of the charity, Royal and Cliff who spoke passionately about the Hampton, Chair charity’s inspiring projects that en- of Opportunity able millions of people worldwide to International, work their way out of poverty. speaking with Guests from across the City, in the guests world of banking, law and business, gathered to find out more about the charity’s innovative projects in Uganda knowledgeably about our work and heart. It believes that reliable employ- - one of Africa’s youngest countries, her endorsement is very special for us. ment is the fastest and most sustain- with an average age of just 15 years. She highlighted how Opportunity In- able way to provide stable incomes Opportunity International’s Uganda ternational continues to make a differ- and improve food security, which in Innovation Fund aims to support over ence to the lives of many people in turn supports health and education 165,000 Ugandans with access to life- countries such as Uganda by providing while stimulating the local economy. changing financial services such as innovative financial solutions that loans, savings and financial training. empower people to build vibrant com- £ Photography by Simon Jessop These services will provide farmers, munities. Opportunity International If you would like to find out more about refugees, people living with disabili- works with partners on the ground to Opportunity International, or to donate, ties and school children with the op- generate opportunities in those com- please visit www.opportunity.org.uk portunity to lift themselves, their munities whereby more jobs can be families and their communities out of Edward Fox, created, families are fed and children poverty. Chief Executive can go to school - the impact is far- Cliff Hampton, Chair of Opportunity of Opportunity reaching.” International, said: “It was wonderful International Opportunity International is an or- to see the Princess Royal speak so ganisation very close to City A.M.’s CITYAM.COM FRIDAY 7 JUNE 2019 NEWS 09 Mitie shares rise Go-Ahead stock thrives on forecast of hike in sales for bus and rail giant HARRY ROBERTSON as firm swings Go-Ahead’s share price soaring 10.46 GO-AHEAD per cent yesterday to 2,080p. @henrygrobertson It came after Go-Ahead this week 2,100 P GO-AHEAD expects revenue to be appointed former Southeastern higher than originally thought in its finance director Elodie Brian as its 2,000 2,080 London and international bus chief financial officer. 6 June back into profit division, it said yesterday. David Brown, Go-Ahead chief 1,900 The transport company said it has executive, said: “In bus service seen growth in passenger volumes performance levels in our London 1,800 ALEX DANIEL its net debt via a turnaround plan and revenues in all regional bus operations remain high, resulting in named Project Helix. businesses. continued growth in… contract @alexmdaniel The plan has seen Mitie focus more The trading statement sent income.” 31 May 3 Jun 4 Jun 5 Jun 6 Jun MITIE shares rose five per cent yester- on its strengths, while it has worked day as the outsourcer announced it to offload non-core businesses. had swung back to profit in its full- Bently told City A.M. the first stage of year results. its turnaround plan was now com- The FTSE 250 firm enjoyed strong plete, and the firm would now push performance in its core facilities man- on with simplifying its engineering agement and engineering businesses. business. CELEBRATING THE FIRST ANNIVERSARY OF But it was hit by “disappointingly” “We are making good progress in high exceptional costs of £38m, which strengthening our balance sheet,” he hampered its final earnings. said. Profit before tax was £36.4m after one-off costs for the year ending 31 MITIE March. It was a marked improvement on last year’s £15.4m loss. Revenue 155 P rose 9.4 per cent to £2.2bn. 150 CITY A.M. PRESENTS THE SECOND EDITION OF The outsourcer cut its net debt to 147.40 £140.7m, down from last year’s 145 6 June THE CRYPTO A.M. KEYNOTE, PANEL & NETWORKING EVENT £193.5m. AT Chief executive Phil Bentley has 140 turned the firm’s fortunes around 135 since last year when it reported spi- ralling debt. The firm has swung back to profit and made a £52.8m dent in 31 May 3 Jun 4 Jun 5 Jun 6 Jun

ON THE FLY Amazon poised to deliver packages by UK drones ‘within months’

BLOCKCHAIN & DIGITAL ASSETS IN ACTION

Keynote Speaker Naeem Aslam Hosted by James Bowater Keynote Speaker Chief Market Analyst, City A.M.’s Crypto Insider Daniel Doll-Steinberg ThinkMarkets Co-Founder, Atari Token

Tuesday 25th June, Smith & Wollensky AMAZON will begin delivering packages by drone within months, fulfilling a goal that The Adelphi, 1-11 John Adam St, Covent Garden, has eluded the world’s biggest online retailer for years. The new fully-electric drones, developed in Cambridge, take off and land vertically like a helicopter. London WC2N 6HT Panelists from Gyimah vows to slash tax in bid to gain Tory leadership support

OWEN BENNETT He would link the 40p tax threshold to inflation; make a tax- SPONSORS OF THE RECEPTION @owenjbennett break for investment in business TORY leadership hopeful Sam infrastructure unlimited; replace 5.45 6.15 Gyimah has vowed to slash taxes for business rates with a commercial Welcome Drinks • Panel discussion moderated by Charles Kerrigan of CMS Law middle and high earners and reform land tax; scrap stamp duty on homes 8.00 Canapes, drinks & networking • 9.30 - Event ends / cash bar business rates in a bid to outflank his worth less than a million; and allow rivals, as the true Thatcherite in the those earning £100,000 or more a race to succeed Theresa May. year to keep the tax allowance on the This is a FREE event to attend but with limited availability. The former universities minister first £12,500 they are paid. If you would like to register your interest to attend please email: told City A.M. he wanted to reform He told City A.M.: “For the [email protected] five taxes in particular to kick start Conservatives to win over the voters economic growth. lost to other parties, it is essential Gyimah is one of the outsiders in that we rediscover our core values of STRICTLY RSVP | LIMITED AVAILABILITY the contest, with his support for work, enterprise and aspiration. Tax another referendum on Brexit cuts are needed, but they have to be thought to be unpopular with the about growth, growth, growth, to get *By signing up to our event you agree to receive marketing materials for future City A.M. events party membership – the body which the country moving and to make and Crypto AM event sponsors all of which can be opted out of. has the final say on who will be PM. Britain boom again.” 10 NEWS FRIDAY 7 JUNE 2019 CITYAM.COM Auto Trader rolls Credit Agricole hikes income out rise in profit target to €5bn CALLUM KEOWN

HARRY ROBERTSON The firm also said it does not “fore- @CallumKeown1 see any issues with Brexit affecting FRENCH bank Credit Agricole has @henrygrobertson our ability to provide our services, or increased its profit target to €5bn ONLINE car marketplace Auto Trader to materially change our cost base”. (£4.3bn) by 2022, after reaching this raced to a 15 per cent rise in profit in The firm’s cash generated from year’s goal ahead of schedule. the 2018-19 financial year, its results operations rose 13 per cent to The bank reached its 2019 targets showed yesterday, as the company £258.5m, compared with the previous a year early and unveiled higher said it is not worried about Brexit. year’s figure of £228.4m. targets for the next three years. Auto Trader’s profit before tax rose Its basic earnings per share rose 18 Its new plans also aimed to to £242.2m for the year ended 31 per cent to 21p from 17.7p previously. increase revenue synergies by March, compared to £210.7m in the Meanwhile, its dividend per share €1.3bn up to €10bn in 2022, driven previous year. climbed 14 per cent to 6.7p, from 5.9p Outflows from UK equity funds slowed to £3m in April by growth in insurance and Its revenue grew eight per cent to previously. specialised financial services. £335.1m from £330.1m previously. Trevor Mather, chief executive of The bank, which has Europe’s The firm’s shares edged down 0.41 Auto Trader, said his firm’s perform- Retail fund sales bounce back largest retail customer base, also per cent yesterday to 585p. ance was boosted “by a line-up of said it aimed to boost digital Auto Trader’s full-year results came products that are proven to improve customers at its retail banks in at a tough time for the automobile the business performance of our JESS CLARK embraced ISA season, with sales that France and Italy. market. Figures from the Society of retailer and manufacturer cus- can be directly traced back to an ISA In a bid to make the bank more Motor Manufacturers and Traders tomers”. jclarkjourno wrapper hitting £826m. efficient, it said €15bn would be (SMMT) showed that new car sales fell “The new financial year has started THE FUND market achieved positive Net retail outflows from UK equity ploughed into IT improvements 4.6 per cent year-on-year in May. well, and despite the continued wider net retail sales for the first time in six funds dropped to £3m – the lowest over the next four years. However Auto Trader said it expects market uncertainty, the board is con- months in April, as investor in more than two years – compared However it said the new targets another strong year of revenue growth fident of meeting its growth expecta- confidence bounced back. with £445m in March, according to were based on interest rates as more people more cars online. tions,” he said. Sales reached £2.2bn as savers Investment Association figures. remaining low. Green Deal doesn’t look like a tycoon’s Arcadia

HE GREEN Deal: an expen- City’s trust. I suspect that anyone sive scheme reliant on mul- Mark capable of doing that will conclude tiple stakeholders and Kleinman that one of their first acts will need Tultimately discarded as an to be to replace Alexander. ill-conceived flop. Arcadia Group’s 18,000-strong ALL CHANGE AT HSBC workforce will hope that Sir Philip Ewen Stevenson has wasted no time Green’s blueprint for rescuing his stamping his no-nonsense brand of retail empire with a company volun- number-crunching on the sleepy mi- tary arrangement (CVA) does not lieu of HSBC. Hundreds more jobs in become characterised in the same ish the prospect of a busy weekend. its global banking and markets busi- way five days from now. ness, a fresh clampdown on expenses, The decision to adjourn Wednes- IT’S GAME ON AT GVC and now a shake-up of key City ties. day’s vote to approve a restructuring They’re odds that would make any What better way for the bank’s new underlines the perilous state of the bookie’s eyes water – a yearly wager finance chief to make his mark by negotiations with landlords. Green guaranteed to pay out for punters on dumping Goldman Sachs as its joint will have to sweeten his offer to Arca- the likelihood that GVC Holdings, corporate broker? For one thing, it dia property-owners – perhaps by the owner of Ladbrokes, will antago- shows that Stevenson has little room increasing the stake handed to them nise shareholders and receive a for sentiment, and underlines the from 20 per cent – if he is to have any bloody nose over executive pay. determination of both him and chief hope of securing the 75 per cent sup- So it proved on Wednesday for the executive John Flint to depart from port he needs in seven separate votes. second year running, as GVC saw 42 some of the principal ties held by Even that may not be enough. per cent of investors oppose its remu- their predecessors. Sources close to a number of land- neration report. HSBC’s results last month were lords who have indicated they will In another year of massive revolts at ahead of market expectations, but vote against the CVAs say their oppo- blue-chip corporate names, there was there remain questions about the sition is as much ideological as it is nothing especially notable about the pace of the ‘pivot to Asia’ unveiled by based on the terms of Green’s deal. scale of the vote. Yet in other Flint’s predecessor, Stuart Gulliver. How, they ask, could they continue respects, GVC’s governance has been Some investors would like the bank to justify to full rent-paying tenants exposed as the most egregious of any to drive harder, even as the head- their occupancy should persist on an FTSE 100 board. winds caused by global trade unchanged basis if they agree conces- This, remember, was a company tensions buffet its business in China. sions with Arcadia – a company whose chairman and chief executive There is also the question of whose ultimate owner is blessed sold £20m of stock within days of the whether Flint and chairman Mark with very deep pockets? latter telling the City that its shares Tucker should be exploring a bolder I suspect their opposition might be were undervalued. I struggle to recall strategic move, such as a takeover of malleable, however. Landlords already a more apparently blatant disregard another big multinational bank. His- have the benefit of a six-month break for outside shareholders’ interests. tory has not smiled upon previous clause in the deal with Green. The paradox at GVC is that Kenny such moves by HSBC bosses. It would be interesting to hear pen- Alexander has done a handy job as These will be intriguing quandaries sion funds such as Aviva Investors GVC’s chief executive, buying Lad- for the bank’s next joint corporate and Aberdeen Standard Investments brokes and securing a prized position broker (alongside Credit Suisse, the explain publicly why they are pre- in the critical US market. new CFO’s former employer). I under- pared to see 9,500 Arcadia pension What this week’s row demon- stand Morgan Stanley is the likely scheme members receiving lower strates, though, is that the company’s new arrival. Needless to say given benefits by virtue of the company board is not to be trusted. A search their rivalry, that will only add salt to being tipped into administration. for chairman Lee Feldman’s succes- Goldman’s wounds. It looks like there is a deal to be sor is underway, but already overdue. done. Green, who considers himself The company needs to appoint a £ Mark Kleinman is the City Editor to be an arch-dealmaker, should rel- replacement who can rebuild the of Sky News. @MarkKleinmanSky CITYAM.COM FRIDAY 7 JUNE 2019 NEWS 11 Contactless and mobile payments surge among all ages of Britons HARRY ROBERTSON banking trade association UK 34-year-olds used contactless Finance yesterday revealed. technology in 2018, while 61 per cent @henrygrobertson Contactless payments took off in of over-65s also used the method. THE NUMBER of contactless 2015, with Transport for London The number of people paying payments made in the UK surged in pioneering the technology by using their mobile phones also rose 2018, new figures have shown, as all allowing Londoners to tap their significantly. Britons from grandparents to debit cards at Tube entrances. Stephen Jones, chief executive of teenagers increased their use of the There was a 31 per cent expansion UK Finance, said: “The same pick ‘n’ technology. in contactless payment volumes in mix approach people now take when Meanwhile, the use of cash 2018 compared to the year before, it comes to music, television or the continued to decline, with only four the UK Finance figures showed. In news is expanding into payments, as per cent of British people using London, 70 per cent of people used consumers take advantage of new mainly physical money for their contactless cards. technologies to pay in a way that payments, annual data from More than 83 per cent of 25- to suits them.” The number of people using their mobile phones to pay in stores rose significantly IN BRIEF CALLS FOR NEW LAWS TO TACKLE RURAL NOT-SPOTS Campaign groups have called on EU regulator to mobile operators to give guarantees over plans to tackle so-called rural not-spots. Consumer group Which and four rural organisations have penned a letter to the government calling for legal obligations to probe UK’s post- improve 4G coverage in rural areas. It comes after the four major mobile companies outlined proposals for a so-called single rural network, allowing them to share masts on a reciprocal basis to improve Brexit fintechs coverage in the countryside. IAG KICKSTARTS SEARCH FOR AVIATION STARTUPS EMILY NICOLLE ing having board members present in British Airways-owner IAG has the country and staff working at their launched its latest global @emilyjnicolle registered address. Firms must also accelerator programme for budding THE FINANCIAL regulator in Luxem- prove they are hitting targets to estab- aviation startups. The Hangar 51 bourg has turned up the heat on UK lish “a full presence” in the country, programme, launched in fintech and payment services firms, including on metrics such as revenue. collaboration with IAG brands Iberia launching on-site inspections of com- If a business is found to have contra- and Vueling, will be based in Spain panies that have chosen the European vened those requirements or deliber- this year. It will seek out startups country as a post-Brexit base. ately misled the watchdog, the CSSF Approximately 90 per cent of Depop’s users are under the age of 26 from around the world that will The Commission de Surveillance du could levy significant fines. work with mentors and experts Secteur Financier (CSSF) has begun “The CSSF is in no way a ‘soft touch’ from IAG to help them develop their conducting site visits to British fin- regulator,” James Borley, director at ideas. tech startups in Luxembourg, a Fscom, told City A.M.. Fashion app Depop grabs $62m process that previously only applied “It is open to having conversations UK FINTECH VITESSE GETS to asset management firms. with prospective applicants and will DUTCH AUTHORISATION Luxembourg has become a popular be pragmatic and work with firms to from Airbnb and Uber investor UK fintech payments firm Vitesse choice for companies that provide give them the best opportunity to has been granted a licence by the payment or e-money services else- comply and be successful, but it will EMILY NICOLLE to expand internationally, invest in Dutch banking regulator. The firm, where in the EU, as they seek to retain come down hard on any business that product development and grow its which holds approximately 70 per so-called passporting rights after thinks it can get away with having a @emilyjnicolle London-based engineering team. cent of the Lloyds of London Brexit. Several prominent firms have ‘brass plate’ presence.” BRITISH fashion marketplace app The app, which has more than insurance market as clients, told City already set up shop in the affluent Revolut has come under scrutiny Depop has today closed a series C 13m users globally, allows customers A.M. it had applied for a licence in country, such as embattled digital from several regulators, including the funding round at $62m (£48.8m), led to buy and re-sell clothes and the Netherlands soon after the EU bank Revolut. Financial Conduct Authority. by US venture capital stalwart accessories. Businesses can also referendum in order to retain Financial services consultancy It caused concerns by temporarily General Atlantic. distribute through the marketplace, so-called passporting rights across Fscom warned that many UK fintechs shutting down its sanctions screening Existing investors HZ Holtzbrinck reaching Depop customers who are Europe after Brexit. Chief executive will be unused to dealing with fre- system last year, and drew further Ventures, Balderton Capital, almost all under the age of 26. Philip McGriskin said the firm had quent visits from a regulator, and risk negative publicity in March when a Creandum, Octopus Ventures and Depop recently opened two “invested heavily” in the process, as being unprepared. customer complained of a bungled Tempocap also participated in the physical stores in Los Angeles and without a licence, it would have had The CSSF will test firms to see if they £70,000 payment. round, alongside Klarna founder New York to capitalise on its growth, to stop operating across the EU meet the requirements for holding A Revolut spokesperson said it had Sebastian Siemiatkowski. as sales in the US rose 300 per cent in upon the UK’s exit from the bloc and authorisation in Luxembourg, includ- “nothing to hide” from the regulator. Depop said it will use the funding the past two years. lost a significant amount of business. Dentsu Aegis launches marketing agency after three-brand merger

JAMES WARRINGTON Converse and Lidl. devising more creative solutions to The new agency, which will house solve these in an effort to grow their @j_a_warrington 200 staff members, follows the brands and businesses faster.” ADVERTISING firm Dentsu Aegis has merger of digital agencies 360i, Fetch The move is the latest example of launched a new UK marketing and ICUC under the Dentsu X name. consolidation in the advertising agency after merging four of its Dentsu X will be led by former sector, as large holding groups look to existing brands. Fetch chief executive Patrick Affleck. streamline their structures in a bid to Dentsu said its new agency, Dentsu “Dentsu X has been designed by keep up with more agile competitors. X, will bring together skills in media, and for the digital economy,” said Dentsu, which is headquartered in technology, creativity and data to Affleck. “By bringing together such Tokyo, also revealed global president offer a full-service proposition to diverse and dynamic talent we can Mike Nakamura has relocated to the Dentsu X will offer a full-service proposition to clients including Jaguar Land Rover clients, including Jaguar Land Rover, tackle any challenge for our clients, group’s offices in London. 12 NEWS FRIDAY 7 JUNE 2019 CITYAM.COM Stobart shares take off after director triples his stake in the aviation firm ALEXANDRA ROGERS a “Buy” rating for Stobart, saying it factors, including a £4.8m loss in its was “evolving from a hodgepodge of rails and civils division after Stobart @city_amrogers 3.13% businesses into an easier-to-value reassessed the value of contracts, STOBART shares closed and, in our view, highly valuable, and £10.2m spent in aviation and just over three per cent pair of key businesses: aviation and energy marketing costs. higher yesterday after a non- energy”. Stobart is part of the Virgin-led executive director tripled his stake in Last month, Stobart’s pre-tax consortium Connect Airways, which the firm. profit plummeted 144 per cent to a made a bid for ailing regional airline Stock enjoyed a boost throughout loss of £58.2m in the 12 months to Flybe earlier this year. the day following David Blackwood’s the end of February, down from a Shareholders accepted the sale, decision to increase his number of £23.9m loss the previous year. which valued Flybe at 1p per share. shares from 15,534 to 44,534, each It blamed a court battle with The sale is currently in the hands of purchased at 107p. former director Andrew Tinkler for EU regulators who will decide in July Analysts at Jefferies recommended £5.2m of the loss, as well as other whether to approve it. Stobart Group owns London’s Southend airport Ecuador spat Wren factory to bring 1,200 jobs takes shine off to Humberside ROBBIE HARB

WREN Kitchens plans to create up to 1,200 new jobs as it seeks to miner Sol Gold expand its workforce with its biggest-ever investment. The company is seeking approval to build a new £120m factory in the ELLIOTT KIME from £20m in 2015 to about £700m Humber Region. today thanks to the project. The plant is Wren’s fourth in the SHARES in London-listed miner Sol It has completed 189,984 metres of region and will occupy a 180-acre Gold sank yesterday after local plans drilling on Alpala. site behind its Barton to hold a referendum on the com- However, analysts at Fitch Solutions headquarters. pany’s presence in Ecuador were sub- Macro Research said any further min- It will be the largest investment mitted to the country’s highest ing exploration in the area risks in Wren’s history, managing court. heightening tensions between Sol director Mark Pullan said. Sol Gold, an Australian gold and Gold and the local population. Each team was paired with a young player from Greenhouse Sports If granted permission, the new copper mining company, shed 11 per The company said it has the “full factory will create 1,200 additional cent from its share price after it con- and objective support” from the manufacturing jobs. The company firmed submissions for a public hear- Ecuadorian government. also plans to hire for positions in ing had been heard in the Ecuadoran Members of the Cascabel commu- City companies among table IT, engineering, customer service Constitutional Court. nity attended the hearing to demon- and product development. The court is expected to deliver its strate their strong opposition to the Wren has one of the biggest verdict on 24 June. proposal. tennis teams in charity match workforces in the region, The company – which is dual-listed Representatives from Ecuadoran employing more than 2,500 people in Toronto and London – suffered a 28 government bodies joined them, as AUGUST GRAHAM Howard de Walden Estates and across its sites in Barton, per cent drop in its UK share price on well as pro-mining groups. backed by City A.M. Scunthorpe, Howden and Hull. 30 May when reports of the potential @AugustGraham Each team was paired with one of “The new factory demonstrates referendum first surfaced. SOL GOLD TEN TEAMS from major London firms the young players from the club, our commitment to manufacturing In May, Solgold’s chief executive teamed up with kids from deprived giving the children a chance to show in the UK and particularly the Nick Mather told City A.M. the com- 36 P backgrounds yesterday evening for a off the skills they had learnt while Humber Region. We believe that pany’s “future is bright” after a new 6 Jun table tennis championship and playing at Greenhouse. continual re-investment in our 34 study estimated the value of its Alpala 30 fundraiser. Savills, Streathers Solicitors and business is essential to maintaining deposit to be in the region of $4.1bn 32 Workers from BNP Paribas, Wilton & Bain also put up teams. our current growth rate… The (£3.23bn) to $4.5bn. Facebook and Man Group were Greenhouse is already looking for project will be funded internally.” The assessment indicated that 30 among the players who helped to teams for the next table tennis league Councillor Rob Waltham, leader Ecuador could gain $17bn in taxes, raise cash for the Greenhouse Sports in October this year. of North Lincolnshire Council, said: royalties and profit shares from the 28 centre. The club is based in a converted “It’s a fantastic vote of confidence firm’s project in the Cascabel region. Around 80 players attended the Grade Two-listed church close to for the business and for North Sol Gold improved its valuation 31 May 3 Jun 4 Jun 5 Jun 6 Jun event, which was sponsored by Marylebone. Lincolnshire.” Heatherwick Studios unveils £1bn plan for Olympia transformation

ELLIOTT KIME halls and add 51,000 square metres of landmark for the UK industry and office, studios and co-working space local community – and the project NEW DESIGNS for the redevelopment across the site. will create the latest go-to destination of the Olympia Exhibition Centre, in The historic facades of the in the capital with not just an west London, have been released, exhibition centre will be fully exhibition centre but a wealth of showcasing the popular venue’s £1bn restored, with UK consultancy Pell public realm and creative facilities.” transformation. Frischmann providing structural The project will include a four- The project has been designed by engineering services. screen arthouse cinema, a 1,000-seat Heatherwick Studios, which created Pell Frischmann’s director of performing arts space, a 1,500-seat the famed Olympics cauldron in 2012 structural and civil engineering Mike theatre, performance and rehearsal and the cancelled Garden Bridge. It Hitchens said: “The site has a rich space, a new jazz club-style The new centre will include cinemas, restaurants, hotels and a sky garden will revamp the existing exhibition history and is an important restaurant, hotels and a sky garden. CITYAM.COM FRIDAY 7 JUNE 2019 MARKETS 13

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ECB snub fails to BABCOCK 500 P Mexico tariff 480 delay report 460 6 Jun halt FTSE rise on 440 460.60 buoys market 420 ALL Street’s main indices Wclosed higher yesterday after 31 May 3 Jun 4 Jun 5 Jun 6 Jun a choppy session as investors grew more optimistic on trade after stimulus hopes Babcock revealed plans on Wednesday to boost profit growth by four per cent in the reports that the US is considering a next five years and expand its overseas business. Analysts said the defence giant’s delay in imposing tariffs on Mexican presentations outlining its growth plans gave “great comfort on the sustainable imports. market positions” that Babcock has in its core business areas of defence, emergency The market added to gains after a ONDON’S main index rose yes- Washington’s escalating trade ten- services and nuclear, and felt the outsourcer’s targets were “very achievable”. Bloomberg report cited unidentified terday as investors bet central sions with Beijing and Mexico gave Analysts at Shore Capital Markets retained a “buy” recommendation and a target sources saying that US President banks would soon ease policy way to hopes that major central price of 476p. Donald Trump could delay the tariffs Lin response to concerns about banks would provide fresh stimulus he had threatened to put on Mexican global growth. However, the in response. goods as soon as Monday. rally was dampened after the Euro- Defensive blue-chip stocks such as FIRST GROUP The Dow Jones Industrial Average pean Central Bank (ECB) delayed any those of tobacco and healthcare com- rose 181.09 points, or 0.71 per cent, to potential rate hike to next year. panies, considered safer bets in times 120 P 25,720.66, the S&P 500 gained 17.34 The FTSE 100 rose 0.6 per cent, 39.63 of uncertainty, drove later moves, ac- 6 Jun points, or 0.61 per cent, to 2,843.49. points, to 7,259.85. The mid-cap FTSE cording to a trader. Imperial Brands 115 106.90 The Nasdaq Composite added 40.08 250 gave up its earlier gains to end jumped 5.7 per cent on its best day points, or 0.53 per cent, to 7,615.55. marginally lower as financial in more than a year. It was the first time since mid-May stocks slipped as investors However, supermarket 110 that the three major indices gained were left disappointed by chain Sainsbury’s, retailer ground for three sessions in a row. the ECB’s cheap loan Kingfisher and telecoms While investors are hopeful that the 105 lending programme for Federal Reserve could be open to banks. Peppa Pig-maker cutting interest rates if needed, they The ECB pledged to Entertainment One 31 May 3 Jun 4 Jun 5 Jun 6 Jun were cautious before the US jobs keep its interest rates surged 16 per cent report after private data was weaker unchanged at least This week, transport operator First Group announced it would exit its UK Bus and US than expected on Wednesday. through the first half of giant Vodafone shed Greyhound businesses following pressure from activist investors in an attempt to “There's a recognition that easier 2020, instead of the end of between 3.8 per cent and boost the value of the remainder of the group. Liberum analysts said the group is monetary policy is likely to prolong this year as it had said in 4.8 per cent as the stocks now travelling in the right direction, but remains far from its desired destination as it this economic cycle and is likely to March. traded ex-dividend. struggles with its rail franchises. Coast Capital has forced through an emergency support higher-than-normal This was not dovish enough for in- Despite a dip in financial stocks, the meeting where the shareholder plans to oust six directors.The broker issued a “buy” valuation,” said Michael Arone, chief vestors counting on policy easing in mid-cap index was cushioned by recommendation and a target price of 130p. investment strategist at State Street the near-term. Peppa Pig-maker Entertainment One, Global Advisors. “But for the market to “Instead of taking a rate hike off the which surged 16 per cent, recouping move materially higher, there’s a table, it’s instead decided to simply almost all of its losses from the previ- THE GYM GROUP feeling that trade agreements need to push the first hike further out. Head ous session. be reached in order to push economic still in the sand. Markets still pricing The company denied media reports 250 P growth higher.” for a cut before then,” Markets.com that president Mark Gordon would Fed policymakers have hinted they analyst Neil Wilson said. leave the company, as the stock 245 247.50 would be ready to cut rates if the US- Most of the FTSE 100’s gains came posted its biggest one-day gain in 6 Jun China trade spat threatens a earlier in the session as worries over more than three and a half years. 240 decade-long expansion. Since early May, Trump has slapped 235 tariffs on Chinese imports and warned TOP RISERS FTSE 230 of US levies on Mexico. “People are positioning for weaker 7,300 1. Imperial Brands Up 5.71 per cent jobs data. If there’s not a trade deal by 2. British American Tob. Up 3.25 per cent 7,250 7,259.85 31 May 3 Jun 4 Jun 5 Jun 6 Jun the end of June and payrolls weaken, 3. Severn Trent Up 2.50 per cent 7,200 6 June you could see the Fed consider a cut Budget gym operator The Gym Group is set to benefit from an increase in the by the July meeting,” said Wells TOP FALLERS 7,150 numbers of people looking to get fit. In the year to March 2019, gym market Fargo’s Sameer Samana. 7,100 membership numbers rose by 4.8 per cent, exceeding the 2.5 per cent supply The European Central Bank also 1. Taylor Wimpey Down 7.48 per cent growth. In total, 65 per cent of membership growth was in low-cost gyms, and The underscored the threat to global 2. Kingfisher Down 4.81 per cent 7,050 Gym Group is one of the top two players in that market only rivalled by Puregym. economic expansion from the trade 3. Hargreaves Lans Down 4.11 per cent The group has the scale to improve technology, locate the best sites and trial new disputes by trimming the region’s 31 May 3 Jun 4 Jun 5 Jun 6 Jun formats. Peel Hunt issued a “buy” recommendation and a target price of 350p. growth forecasts. CITY MOVES WHO’S SWITCHING JOBS

HAMBRO PERKS director in institutional equities at Goldman Sachs, with private clients, family offices and institutions over executive next month, succeeding Kevin Georgel. Chris London-based venture firm where he helped to list Siemens Healthineers, the the past 20 years, including roles as managing director joins Admiral from Heineken where he currently leads Hambro Perks has appointed largest IPO in Europe for 10 years. Previous to this, he at Cambridge Associates and investment manager at the group’s on-trade business in the UK. He has held a Andrew Noyons as managing worked in institutional equities at Morgan Stanley. In Rothschild & Co. Most recently, her interest in impact variety of strategic and commercial roles at Heineken director. Hambro Perks backs 2008, Andrew worked for the Prince of Wales as his and sustainable investing has seen her providing since he first joined the business in 2003, having and builds leading British Welsh Guards Equerry, running his personal diary. He strategic advice to the Project Snowball partnership. overseen the growth and expansion of Star Pubs & technology companies in started his career in the British Army, serving with the Naomi will play a key role in meeting EQ’s growth Bars, the leased and tenanted pub company of Europe, the Middle East and Welsh Guards, and completing tours of Afghanistan goals. Her responsibilities will include promoting EQ’s Heineken in the UK, with some 2,700 pubs across the Africa with global ambitions. and Bosnia. fast growing DFM service to independent financial country. Chris is also a non-executive director with T&R Andrew has joined the advisory networks and developing new business Theakston’s. Admiral Taverns chairman Tom Ward company to work alongside EQ INVESTORS opportunities for investment mandates within the said: “On behalf of the board and the entire team, I am the investment team, helping EQ Investors (EQ), the boutique wealth manager, has institutional sector. delighted to welcome Chris to Admiral. Chris not only with fundraising alongside Andrew Wyke, partner, and announced the appointment of Naomi Friend as a brings with him over 18 years of wider industry Will Keith, managing director of capital raising. Before client director. Naomi will be based in EQ’s London ADMIRAL TAVERNS expertise but an in-depth knowledge and passion for joining Hambro Perks, Andrew was an executive office. She brings a wealth of knowledge from working Chris Jowsey will join Admiral Taverns group as chief the leased and tenanted pub sector.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 14 MARKETS FRIDAY 7 JUNE 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1255 0.0046 €/$ 1.1274 0.0050 7259.85 19065.52 3970.37 25720.66 7615.55 2843.49 /$ 1.2689 0.0006 €/£ 0.8884 0.0038 39.63 6.65 17.45 181.09 40.08 17.34 /¥ 137.65 0.1931 €/¥ 122.26 0.6083

                                International Con . . . . .470.3 1.6 726.6 449.1 GILTS Kier Group ...... 145.4 -8.4 1062.3 140.9 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6404.0 75.0 7155.0 5593.0 Euromoney Institu . . .1294.0 -6.0 1450.0 1132.0 British Land Comp . . . . .531.8 -3.4 692.0 523.0 Gocompare.com Gro . . .82.0 -3.2 139.0 64.6 Merlin Entertainm . . . .366.9 -1.9 410.5 307.1 Marshalls ...... 637.0 -7.5 669.0 399.8 Redrow ...... 557.0 -2.0 674.6 460.8 Civitas Social Ho ...... 80.3 -2.5 114.0 79.9 Millennium & Copt . . . .500.0 2.0 553.0 436.0 Tsy 3.750 19 ...... 100.77 0.00 103.9 100.8 Polypipe Group ...... 429.8 -4.8 439.6 307.8 3i Group ...... 1043.0 -12.0 1088.5 756.2 Centrica ...... 95.2 0.7 163.7 92.6 Taylor Wimpey ...... 156.5 -12.7 192.3 129.3 Haynes Publishing . . . .218.0 0.0 246.0 160.0 Derwent London . . . .3284.0 64.0 3328.0 2761.0 Tsy 2.000 20 ...... 101.55 0.02 102.7 101.4 3i Infrastructure ...... 280.5 -1.5 289.0 221.0 National Grid ...... 815.3 14.6 889.2 748.7 Huntsworth ...... 99.1 1.1 139.0 81.0 Mitchells & Butle . . . . .290.5 10.0 296.5 238.0 ELECTRICITY Great Portland Es . . . . .709.0 -1.0 773.6 652.3 . . . .392.8 0.0 433.2 361.4 Tsy 4.750 20 ...... 103.08 0.00 107.1 103.1 AJ Bell ...... 400.0 -18.0 477.0 220.0 Pennon Group ...... 746.8 13.6 812.4 684.2 INDUSTRIAL ENGINEERING Informa ...... 785.6 7.8 859.0 605.8 Hammerson ...... 274.4 -3.7 547.6 266.9 National Express . Tsy 3.750 20 ...... 103.90 0.02 106.8 103.8 Allied Minds ...... 73.0 -4.8 115.0 37.3 ITE Group ...... 76.0 0.5 90.0 56.3 Rank Group ...... 156.6 3.6 194.0 135.0 Contour Global ...... 195.0 -2.4 250.0 150.1 Severn Trent ...... 2046.0 47.0 2091.0 1770.0 Bodycote ...... 772.5 -5.5 1055.0 676.0 Intu Properties ...... 84.9 -3.9 203.6 84.7 Restaurant Group . . . . .127.2 -1.4 227.3 111.9 Tsy 2.500 20 ...... 356.26 0.00 361.4 356.0 roup ...... 291.8 0.0 427.2 289.2 Amigo Holdings ...... 269.5 -1.0 310.0 154.5 United Utilities ...... 829.6 22.4 873.6 682.4 ITV ...... 107.1 -0.5 180.4 105.2 .843.0 -2.8 965.1 791.8 Drax G Hill & Smith Hold . . . . .1203.0 -5.0 1523.0 902.5 Land Securities G . . . . Stagecoach Group . . . . .131.3 3.6 177.0 115.5 Tsy 8.000 21 ...... 114.93 0.03 121.4 114.6 SSE ...... 1108.5 12.0 1400.0 1008.0 Arrow Global Grou . . . .207.8 0.8 288.5 167.2 IMI ...... 939.6 -1.0 1242.0 870.0 Moneysupermarket. . . .377.0 2.7 377.0 264.0 LondonMetric Prop . . .208.0 -0.6 209.2 172.7 Tsy 4.000 22 ...... 109.58 0.06 111.7 109.0 ASA International . . . . .367.5 17.5 510.0 336.0 GENERAL INDUSTRIALS Pearson ...... 778.0 1.8 1027.5 769.2 TUI AG Reg Shs (D . . . . .719.0 2.6 1764.5 698.0 Melrose Industrie ...... 167.8 -1.1 240.5 146.3 Primary Health Pr . . . . .135.8 -1.6 137.6 106.4 Wetherspoon (J.D. . . . .1375.0 18.0 1384.0 1066.0 Tsy 0.500 22 ...... 99.96 0.08 100.0 97.7 ELECTRONIC & ELECTRICAL EQ. Ashmore Group ...... 472.0 -8.0 488.0 337.0 RPC Group ...... 792.0 2.4 834.8 632.2 Reach ...... 77.9 0.8 83.2 54.6 RHI Magnesita N.V . . .4678.0 -24.0 5085.0 3318.0 SEGRO ...... 703.4 0.6 719.0 585.2 Whitbread ...... 4708.0 1.0 5114.0 3883.0 Tsy 1.875 22 ...... 117.50 0.06 118.5 115.5 Halma ...... 1848.0 -2.0 1869.5 1237.0 Brewin Dolphin Ho . . . .304.0 -3.4 376.6 295.4 Smith (DS) ...... 323.1 -3.0 538.9 292.2 Rotork ...... 293.6 -2.3 361.4 235.7 Relx plc ...... 1861.0 15.5 1865.0 1491.5 Shaftesbury ...... 832.5 1.5 968.0 817.0 Tsy 2.250 23 ...... 107.11 0.10 107.1 104.7 Morgan Advanced M . .256.6 2.0 363.0 237.0 Charter Court Fin ...... 327.5 -2.5 375.0 228.8 Smiths Group ...... 1468.5 0.5 1801.0 1279.5 Rightmove ...... 570.8 6.4 583.8 420.9 Tritax Big Box Re ...... 149.6 0.2 155.7 129.0 William Hill ...... 141.7 1.8 322.3 132.3 Spirax-Sarco Engi . . . .8435.0-100.0 8870.0 5900.0 Wizz Air Holdings . . . .3553.0 46.0 3797.0 2329.0 Tsy 2.500 24 ...... 370.12 0.17 370.1 358.7 Renishaw ...... 3876.0 -58.0 5685.0 3670.0 City of London In . . . . .404.0 -4.5 433.0 360.0 Smurfit Kappa Gro . . .2194.0 -15.0 3292.0 1934.0 Weir Group ...... 1467.5 -4.0 2212.0 1240.0 STV Group ...... 357.0 2.5 458.0 318.0 Unite Group ...... 954.0 5.0 973.5 797.5 Tsy 0.125 24 ...... 114.71 0.12 114.7 110.9 Spectris ...... 2556.0 -10.0 2908.0 1966.5 CMC Markets ...... 85.5 -3.9 206.0 77.4 Vesuvius ...... 498.4 -5.1 662.0 473.2 Tarsus Group ...... 430.0 -3.0 433.0 243.0 Workspace Group . . . .884.0 -2.0 1151.0 789.5 AIM 50 INDUSTRIAL METALS & MINING Tsy 5.000 25 ...... 124.77 0.12 125.5 122.1 Coats Group ...... 78.4 0.6 91.3 69.8 WPP ...... 970.8 3.8 1301.0 800.4 SOFTWARE & COMPUTER SERV. Tsy 4.250 27 ...... 129.13 0.21 129.1 122.6 EQUITY INVESTMENT INSTRUM. Georgia Capital ...... 971.0 1.0 1260.0 941.0 GENERAL RETAILERS Abcam ...... 1463.0 0.0 1539.0 1017.0 Evraz ...... 619.6 8.2 669.0 442.1 MINING Advanced Medical . . . .335.0 -4.5 370.0 260.0 Tsy 1.250 27 ...... 137.08 0.30 137.1 128.4 Aberforth Smaller . . . .1252.0 -4.0 1442.0 1120.0 Hargreaves Lansdo . .1900.0 -81.5 2433.0 1633.0 Auto Trader Group . . . .585.0 -2.4 599.4 354.0 Ferrexpo ...... 238.8 0.1 301.3 143.5 Avast ...... 310.8 -1.4 319.4 208.2 Tsy 6.000 28 ...... 147.55 0.23 147.6 140.5 IG Group Holdings . . . .555.6 -1.4 954.5 474.8 B&M European Valu . . .346.7 -4.3 426.3 278.6 Acacia Mining ...... 169.1 2.1 256.6 96.1 Alliance Pharma ...... 78.0 -0.4 102.0 60.0 Alliance Trust ...... 762.0 0.0 789.0 672.0 INDUSTRIAL TRANSPORTATION Aveva Group ...... 3774.0 -20.0 3870.9 2284.0 . .3259.0 -101.0 6834.0 2128.0 Tsy 0.125 29 ...... 129.35 0.37 129.4 118.8 Apax Global Alpha . . . .147.0 1.0 153.0 127.0 IntegraFin Holdin . . . . .388.1 7.5 406.1 269.0 Card Factory ...... 194.9 1.2 212.4 162.6 Anglo American . . . . .1939.8 20.0 2226.0 1464.6 Computacenter ...... 1262.0 0.0 1620.0 952.0 ASOS ...... Tsy 4.750 30 ...... 141.68 0.28 141.7 132.1 Intermediate Capi . . . .1351.0 12.0 1351.0 899.0 Antofagasta ...... 800.2 2.2 1149.0 727.2 oldin . . .948.0 -10.0 1128.0 734.0 Blue Prism Group . . . .1839.0 84.0 2575.0 1040.0 AVI Global Trust ...... 736.0 -2.0 767.0 660.0 Dixons Carphone ...... 120.5 2.0 200.1 113.9 BBA Aviation ...... 261.4 -1.2 350.0 207.0 FDM Group (H Camellia ...... 10600.0 150.0 12425.0 9100.0 Tsy 4.125 30 ...... 384.77 0.37 384.8 355.2 . . .767.0 -2.0 869.0 663.0 International Per . . . . .160.0 1.0 248.8 157.6 Dunelm Group ...... 928.5 17.0 930.0 482.8 BHP Group ...... 1804.4 10.0 1944.2 1490.6 Baillie Gifford J . . . . Clarkson ...... 2450.0 0.0 2900.0 1878.0 Funding Circle Ho . . . . .249.5 -0.5 440.0 221.5 CareTech Holding . . . . .375.0 5.0 406.0 325.0 Tsy 4.250 32 ...... 139.01 0.33 139.0 128.5 Bankers Inv Trust . . . . .895.0 2.0 914.0 766.0 Investec ...... 463.3 -4.5 573.6 423.4 Inchcape ...... 606.5 2.5 799.0 486.6 Centamin (DI) ...... 101.3 2.9 136.2 79.8 . .1918.8 13.4 2491.6 1427.2 Fisher (James) & . . . .2060.0 60.0 2260.0 1600.0 Micro Focus Inter . . . Central Asia Meta . . . . .221.5 0.0 294.0 203.0 Tsy 1.250 32 ...... 158.52 0.37 158.5 144.1 BBGI SICAV S.A. ( ...... 156.5 2.0 168.0 133.0 IP Group ...... 75.1 -3.0 142.8 73.6 JD Sports Fashion . . . . .626.2 -1.0 635.6 318.5 Royal Mail ...... 203.5 -4.5 512.4 194.5 Fresnillo ...... 802.6 13.0 1308.0 724.8 Playtech ...... 416.8 11.3 811.8 361.8 Tsy 0.125 36 ...... 150.86 0.48 150.9 133.4 John Laing Group . . . . .378.2 5.4 402.0 264.2 ...... 587.4 -7.0 883.4 533.8 Glencore ...... 261.3 1.8 400.4 254.7 Sage Group ...... 755.2 -1.8 772.0 525.6 Clinigen Group ...... 1013.0 -10.0 1069.0 721.0 BlackRock Smaller . . .1462.0 18.0 1600.0 1160.0 Just Eat . Stobart Group Ltd . . . . .105.4 3.2 266.5 102.2 CVS Group ...... 629.0 0.5 1163.0 395.0 Tsy 4.250 36 ...... 145.79 0.42 145.8 133.1 BMO Global Smalle . . .1330.0 12.0 1495.0 1220.0 JTC ...... 390.0 0.0 440.0 287.0 Kingfisher ...... 207.6 -10.5 318.1 205.4 Hochschild Mining . . . .168.0 3.0 219.9 149.1 Softcat ...... 920.0 -4.5 967.0 565.0 Tsy 4.750 38 ...... 159.77 0.47 159.8 144.9 Caledonia Investm . . .2970.0 20.0 3060.0 2650.0 Jupiter Fund Mana . . . .374.7 -0.9 472.4 287.6 Kaz Minerals ...... 516.2 2.8 1076.0 436.7 Dart Group ...... 900.0 0.5 1017.0 740.0 Tsy 0.625 40 ...... 172.67 0.56 172.8 152.8 Liontrust Asset M . . . . .676.0 -4.0 710.0 532.0 Polymetal Interna . . . .875.0 8.0 894.0 597.2 SUPPORT SERVICES Diversified Gas & . . . . .105.0 -10.0 134.0 94.0 City of London In ...... 413.5 2.5 439.0 376.0 Draper Esprit ...... 476.0 8.5 645.0 458.0 Tsy 4.500 42 ...... 162.80 0.54 162.8 145.9 Edinburgh Inv Tru . . . . .591.0 -1.0 712.0 588.0 LMS Capital ...... 52.0 0.8 53.5 44.0 Rio Tinto ...... 4538.5 17.5 4776.0 3486.0 Sophos Group ...... 396.6 -3.4 639.0 298.2 Tsy 3.500 45 ...... 144.82 0.63 144.9 128.0 London Finance & . . . . .39.5 0.0 45.5 39.5 Eland Oil & Gas ...... 126.8 1.0 137.5 97.0 F&C Investment Tr . . . .687.0 2.0 741.0 616.0 MOBILE TELECOMS Aggreko ...... 782.0 -2.0 882.0 641.8 IS Group ...... 1170.0 0.0 1206.0 860.0 Tsy 4.250 46 ...... 164.45 0.63 164.5 145.7 Fidelity China Sp ...... 205.5 -0.5 268.0 182.4 London Stock Exch . . .5358.0 24.0 5418.0 3867.0 Ashtead Group ...... 1917.0 9.5 2438.0 1586.5 EM Tsy 4.025 49 ...... 170.85 0.69 171.0 150.0 Man Group ...... 144.8 -0.3 190.5 126.8 MAIN CHANGES UK 350 Inmarsat ...... 541.6 -1.0 632.2 362.8 Fevertree Drinks . . . . .2655.0 13.0 3956.0 2131.0 Fidelity European . . . . .239.0 0.5 239.7 202.0 BCA Marketplace ...... 186.5 2.3 242.0 178.5 First Derivatives . . . . .3390.0 90.0 4680.0 2050.0 Tsy 0.500 50 ...... 204.67 0.80 207.7 173.7 ...... 253.5 -1.0 280.0 220.0 OneSavings Bank . . . . .397.4 -3.6 449.6 330.0 Vodafone Group ...... 128.0 -5.1 196.6 123.3 2.0 15.0 2551.0 2059.0 Fidelity Special . Bunzl ...... 217 Frontier Developm . . .1040.0 -30.0 1780.0 740.0 Tsy 0.250 52 ...... 201.47 0.85 204.9 168.8 Finsbury Growth & . . . .884.0 2.0 899.0 740.0 Paragon Banking G . . .432.0 -1.0 524.0 379.2      OIL & GAS PRODUCERS Capita ...... 107.0 -0.8 169.1 102.3 Plus500 Ltd (DI) ...... 609.0 -18.8 2040.0 495.0  Gamma Communicati 1095.0 -10.0 1195.0 688.0 GCP Infrastructur ...... 128.4 0.0 130.8 119.0 DCC ...... 6800.0 0.0 7390.0 5555.0 GB Group ...... 574.0 -11.0 631.0 410.5 AEROSPACE & DEFENCE Genesis Emerging . . . .716.0 -2.0 739.0 615.0 Provident Financi . . . . .507.8 -10.0 692.6 446.0 Entertainment One ...... 405.4 15.8 Just Group ...... 44.6 -9.0 BP ...... 543.5 5.9 598.3 485.9 Diploma ...... 1505.0 -4.0 1634.0 1150.0 Quilter ...... 137.1 0.0 156.6 110.6 Go-Ahead Group ...... 2080.0 10.5 Taylor Wimpey ...... 156.5 -7.5 Cairn Energy ...... 149.2 -2.2 258.8 140.0 Gooch & Housego . . . .1040.0 86.0 1880.0 898.0 BAE Systems ...... 467.0 2.0 676.4 443.9 Greencoat UK Wind . . . .137.8 1.6 143.2 121.4 Electrocomponents . . .602.8 -3.2 761.6 480.0 HarbourVest Globa . . .1582.0 4.0 1628.0 1234.0 Rathbone Brothers . . .2105.0 15.0 2652.0 2055.0 Imperial Brands ...... 2073.0 5.7 Kier Group ...... 145.4 -5.5 Energean Oil & Ga . . . . .801.0 -10.0 846.0 493.5 Equiniti Group ...... 217.8 -0.6 266.0 186.2 Hurricane Energy ...... 56.2 0.0 60.8 39.0 Cobham ...... 101.5 -0.5 131.7 96.8 475.0 308.0 Herald Investment . . .1326.0 0.0 1370.0 1055.0 Real Estate Credi ...... 172.0 1.0 175.5 163.0 Premier Oil ...... 73.5 0.1 143.6 55.6 99.0 -0.4 507.0 325.4 Iomart Group ...... 350.0 3.5 Meggitt ...... 502.4 -0.4 572.0 458.0 Mitchells & Butler ...... 290.5 3.6 Kingfisher ...... 207.6 -4.8 Essentra ...... 3 IQE ...... 73.0 -1.3 116.4 56.3 75.0 Record ...... 29.0 0.0 47.0 27.3 Royal Dutch Shell . . . .2499.0 38.5 2694.5 2213.0 Experian ...... 2390.0 6.0 2404.0 1728.5 QinetiQ Group ...... 285.4 -0.4 312.4 256.6 HGCapital Trust ...... 216.0 -0.9 219.0 1 Stobart Group Ltd...... 105.4 3.1 Intu Properties ...... 84.9 -4.4 James Halstead ...... 520.0 -12.0 532.0 367.0 HICL Infrastructu ...... 156.6 -1.6 170.1 140.0 River and Mercant . . . . .257.5 5.5 330.0 212.0 British American T ...... 2915.5 3.1 AJ Bell ...... 400.0 -4.3 Royal Dutch Shell . . . .2516.5 35.0 2780.5 2227.0 Ferguson ...... 5258.0 38.0 6556.0 4749.0 Rolls-Royce Holdi . . . . .894.0 11.0 1094.0 759.2 S&U ...... 2370.0 20.0 2685.0 1767.5 Tullow Oil ...... 199.5 0.3 266.3 165.2 G4S ...... 208.7 0.1 282.0 175.9 Johnson Service G . . . . .156.6 1.2 160.4 113.6 Senior ...... 229.0 -0.4 334.4 185.4 International Pub . . . . .148.2 -0.2 163.4 141.4 Vivo Energy ...... 135.0 3.1 Hargreaves Lansdow ...... 1900.0 -4.1 JPMorgan American . .442.0 3.0 472.0 386.5 Sanne Group ...... 691.0 -4.0 724.0 450.0 Grafton Group Uni . . . . .867.5 -3.0 937.0 630.0 Keywords Studios . . . .1595.0 5.0 2065.0 900.0 Ultra Electronics . . . . .1603.0 17.0 1743.0 1232.0 OIL EQUIPMENT & SERVICES Learning Technolo . . . . .83.5 -1.7 166.5 62.2 JPMorgan Emerging . . .935.0 5.0 972.0 759.0 Schroders ...... 2925.0 24.0 3297.0 2334.0 Fisher (James) & S ...... 2060.0 3.0 NewRiver REIT ...... 196.6 -3.9 Hays ...... 150.1 -0.3 212.0 135.7 BANKS JPMorgan Indian I . . . .766.0 -3.0 776.0 566.0 Standard Life Abe . . . . .271.0 -2.5 416.0 224.9 Centamin (DI) ...... 101.3 3.0 Vodafone Group ...... 128.0 -3.9 Hunting ...... 516.0 7.5 849.0 453.6 Homeserve ...... 1222.0 0.0 1240.0 849.0 M&C Saatchi ...... 350.0 1.0 394.0 270.0 TP ICAP ...... 272.2 -1.2 431.9 259.7 TalkTalk Telecom G ...... 118.0 2.9 IP Group ...... 75.1 -3.8 Petrofac Ltd...... 414.9 3.0 663.4 381.5 M. P. Evans Group . . . . .686.0 20.0 800.0 637.0 Bank of Georgia G . . . .1589.0 -26.0 2064.5 1310.0 JPMorgan Japanese . . .422.0 -2.5 472.0 367.0 Howden Joinery Gr . . . .501.2 -8.6 539.0 416.4 Majestic Wine ...... 287.0 7.0 485.0 219.0 Jupiter European . . . . .831.0 8.0 895.0 666.0 VPC Specialty Len ...... 67.0 -1.7 84.4 66.0 Wood Group (John) . . .396.8 -4.2 796.4 389.9 Intertek Group ...... 5378.0 -4.0 6014.0 4387.0 Barclays ...... 151.2 -1.3 201.3 146.1 Walker Crips Grou . . . . .25.0 0.0 39.0 24.0 Midwich Group ...... 580.0 -15.0 685.0 491.5 Law Debenture Cor . . .594.0 6.0 636.0 534.0         PERSONAL GOODS Pagegroup ...... 507.5 -3.5 623.5 432.2 Close Brothers Gr . . . . .1414.0 11.0 1660.0 1374.0 Mercantile Invest . . . . .203.8 -0.2 226.0 168.0 XPS Pensions Grou . . . .156.0 6.0 192.0 132.0 Rentokil Initial ...... 372.0 -3.1 391.1 284.8 Mortgage Advice B . . .608.0 23.0 720.0 490.0 CYBG ...... 178.8 -2.8 364.2 173.9 Burberry Group ...... 1745.5 0.0 2325.0 1623.5 Next Fifteen Comm . . .575.0 5.0 600.0 455.0 HSBC Holdings ...... 644.1 -2.2 734.6 600.8 Monks Inv Trust ...... 867.0 5.0 891.0 710.0 FIXED LINE TELECOMS Marks & Spencer G . . . .223.5 -6.9 300.8 221.1 NON LIFE INSURANCE Robert Walters ...... 664.0 4.0 475.0 814.0 Nichols ...... 1745.0 -5.0 1840.0 1240.0 Murray Internatio . . . .1142.0 8.0 1208.0 1056.0 Next ...... 5776.0 -62.0 6202.0 3991.0 PZ Cussons ...... 200.5 -4.0 244.0 178.6 Serco Group ...... 130.5 1.0 136.5 84.1 Lloyds Banking Gr ...... 57.2 -0.6 66.6 50.0 BT Group ...... 201.2 -0.4 264.7 193.8 Numis Corporation . . . .257.0 -8.5 438.5 221.5 Metro Bank ...... 669.5 -24.5 3422.0 475.0 NB Global Floatin ...... 89.3 -0.2 94.5 87.6 Pets at Home Grou . . . .180.0 -5.0 187.3 110.0 Admiral Group ...... 2086.0 -1.0 2281.0 1870.0 PHARMACEUTICALS & BIOTECH SIG ...... 131.3 -1.6 153.0 102.2 . . . .115.0 1.0 124.5 107.5 TalkTalk Telecom ...... 118.0 3.3 137.0 96.6 5.5 970.0 Polar Capital Hol . . . . .550.0 -8.0 732.0 448.0 Royal Bank of Sco . . . . .213.4 -1.0 270.6 203.0 NextEnergy Solar . Saga ...... 41.6 -0.9 138.7 41.2 Beazley ...... 561.5 0.5 599.0 492.6 Travis Perkins ...... 1267.5 -11.5 147 Purplebricks Grou . . . . .107.4 -2.0 363.0 90.0 Pantheon Internat . . .2190.0 -25.0 2225.0 1955.0 Telecom Plus ...... 1504.0 -8.0 1524.0 1010.0 Sports Direct Int ...... 292.8 -1.0 436.1 233.2 Direct Line Insur ...... 324.5 2.3 366.5 304.9 AstraZeneca ...... 6045.0 86.0 6525.0 5182.0 Spirent Communica . . .153.2 -0.4 166.2 112.8 Standard Chartere . . . .682.6 -2.8 746.6 519.8 BTG ...... 835.0 0.5 853.0 475.0 Redde ...... 99.6 -2.4 196.0 90.0 Perpetual Income . . . .312.5 -5.5 367.0 301.5 Ted Baker ...... 1368.0 31.0 2476.0 1328.0 Hastings Group Ho . . . . .181.4 0.6 274.2 174.0 TOBACCO TBC Bank Group . . . . .1530.0 -30.0 1774.0 1290.0 Pershing Square H . . . .1310.0 22.0 1398.0 990.0 FOOD & DRUG RETAILERS Dechra Pharmaceut . .2760.0 10.0 3168.0 2014.0 Renew Holdings ...... 422.5 -1.5 436.5 333.0 Vivo Energy ...... 135.0 4.0 164.0 96.0 Hiscox Limited (D . . . . .1671.0 7.0 1711.0 1418.0 RWS Holdings ...... 625.0 -1.0 630.0 365.0 BEVERAGES Personal Assets T . . .41550.0 300.0 41550.038900.0 Greggs ...... 2212.0 8.0 2225.1 942.0 WH Smith ...... 1990.0 -10.0 2186.0 1697.0 Lancashire Holdin . . . .709.0 3.0 711.0 530.0 Genus ...... 2680.0 4.0 2992.0 2098.0 British American . . . .2915.5 87.0 4222.5 2375.0 Morrison (Wm) Sup . . .196.0 -0.1 269.4 195.1 GlaxoSmithKline . . . . .1544.8 17.2 1621.6 1418.0 Scapa Group ...... 162.0 -4.0 473.4 156.4 Barr (A.G.) ...... 960.0 12.0 960.0 665.0 Polar Capital Tec . . . . .1280.0 4.0 1386.0 1066.0 RSA Insurance Gro . . . .566.0 4.6 681.8 496.6 Imperial Brands . . . . .2073.0 112.0 2987.5 1871.0 Secure Income Rei . . . .403.0 -2.0 414.0 371.0 RIT Capital Partn . . . . .2035.0 15.0 2130.0 1892.0 Ocado Group ...... 1122.0 -17.5 1435.0 749.8 HEALTH CARE EQUIPMETN & S. Sabre Insurance G . . . . .255.5 0.0 294.0 243.0 Hikma Pharmaceuti . .1593.0 -5.0 2025.0 1376.0 Britvic ...... 917.0 -0.5 956.0 745.0 Sainsbury (J) ...... 194.6 -7.7 341.5 193.6 Indivior ...... 44.6 -1.5 494.5 30.1 TRAVEL & LEISURE Serica Energy ...... 123.2 3.2 142.0 57.4 Coca-Cola HBC AG . . .2882.0 -17.0 2920.0 2244.0 Riverstone Energy . . . .850.0 0.0 1296.0 840.0 Assura ...... 63.9 0.1 64.5 52.4 Smart Metering Sy . . . .492.6 -17.9 786.0 480.0 379.0 SSP Group ...... 670.0 3.0 744.4 615.1 LIFE INSURANCE 888 Holdings ...... 154.3 4.3 300.2 129.3 Diageo ...... 3370.5 34.5 3387.5 2523.5 Schroder Asia Pac . . . . .430.5 0.5 481.0 Convatec Group ...... 140.5 0.4 239.0 118.6 REAL ESTATE INVEST. & SERV. Staffline Group ...... 240.0 -5.0 1340.0 236.0 Scottish Inv Trus ...... 790.0 -1.0 902.0 748.0 Tesco ...... 229.1 1.2 266.2 189.6 Carnival ...... 3831.0 -45.0 5000.0 3659.0 Mediclinic Intern ...... 313.9 -0.3 589.0 301.3 Aviva ...... 413.6 3.0 517.0 364.6 Telford Homes ...... 297.5 -0.5 462.5 267.0 CHEMICALS Scottish Mortgage . . . .501.0 -1.5 568.3 441.4 UDG Healthcare Pu . . . .711.5 -10.5 900.0 551.0 NMC Health ...... 2200.0 -60.0 4120.0 2189.0 Just Group ...... 44.6 -4.4 143.9 42.9 BMO Commercial Pr . . . .119.4 -0.6 155.0 117.0 Cineworld Group . . . . .289.0 -2.0 323.6 245.0 oia Economic . . . . .111.8 -0.2 114.2 106.0 Capital & Countie . . . . .216.6 -0.3 303.2 213.1 Thorpe (F.W.) ...... 317.0 0.0 340.0 248.0 Croda Internation . . . .5105.0 20.0 5447.7 4576.0 Sequ Smith & Nephew . . . . .1675.0 3.0 1682.5 1258.0 Legal & General G . . . . .264.5 4.1 291.2 223.7 Compass Group ...... 1826.0 31.5 1828.0 1483.0 Watkin Jones ...... 209.5 1.5 232.5 192.2 Smithson Investme . . .1188.0 18.0 1222.0 1000.2 FOOD PRODUCERS CLS Holdings ...... 221.5 -3.0 255.0 195.4 8 0.7 386.9 224.4 Elementis ...... 139.0 -0.4 276.0 135.6 Phoenix Group Hol . . . .688.0 1.5 724.8 544.0 Domino's Pizza Gr . . . . .237. Young & Co's Brew . . .1765.0 -27.5 1885.0 1322.5 Syncona Limited N . . . .232.0 -1.0 302.5 223.0 Associated Britis . . . . .2515.0 -60.0 2836.0 2041.0 HHOLD GDS & HOME CONSTR. Prudential ...... 1612.5 5.0 1866.5 1340.0 Daejan Holdings . . . . .5610.0 10.0 6400.0 5500.0 easyJet ...... 910.4 6.8 1796.0 854.8 Johnson Matthey . . . .3109.0 -26.0 3823.0 2620.0 Bakkavor Group ...... 124.0 0.6 204.0 113.0 Grainger ...... 252.4 -0.6 291.0 205.8 .6 -3.6 224.8 143.0 Young & Co's Brew . . .1090.0 -5.0 1325.0 1030.0 Sirius Minerals ...... 15.7 0.2 38.5 15.0 Temple Bar Inv Tr . . . .1238.0 -2.0 1366.0 1116.0 Barratt Developme . . .562.0 -3.8 625.8 434.0 St James's Place . . . . .1037.0 -5.0 1240.5 914.0 EI Group ...... 204 CONSTRUCTION & MATERIALS 49.0 Cranswick ...... 2644.0 -6.0 3460.0 2472.0 NewRiver REIT ...... 196.6 -7.9 290.0 191.5 FirstGroup ...... 106.9 -1.9 116.6 79.3 Synthomer ...... 357.0 -8.0 575.5 347.4 Templeton Emergin . . .751.0 0.0 792.0 6 Bellway ...... 2803.0 -11.0 3409.0 2419.0 Greencore Group . . . . .208.0 -1.7 230.0 162.9 MEDIA Safestore Holding . . . . .632.5 4.0 658.5 499.4 .0 8850.0 5525.0 Victrex plc ...... 2044.0 -2.0 3408.0 1950.0 The Renewables In . . . .126.6 1.4 126.8 106.9 Berkeley Group Ho . . .3575.0 -14.0 4321.0 3226.0 Flutter Entertain . . . . .5892.0 90 TR Property Inv T ...... 411.5 0.0 433.5 353.5 Hilton Food Group . . . .980.0 6.0 1088.0 884.0 Bovis Homes Group . .1000.0 0.0 1275.5 828.0 4Imprint Group . . . . .2620.0 10.0 2700.0 1715.0 Savills ...... 865.5 -3.5 965.5 678.5 Go-Ahead Group . . . .2080.0 197.0 2096.0 1388.0 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .438.5 -2.0 472.0 390.0 Tate & Lyle ...... 732.4 4.6 800.4 622.6 Countryside Prope . . . .290.2 -11.4 374.4 270.0 Ascential ...... 369.8 9.4 465.0 337.2 St. Modwen Proper . . .425.0 0.0 441.5 365.0 Greene King ...... 650.0 4.0 704.4 472.8 Unilever ...... 4880.0 22.0 4891.5 3931.0 UK Commercial Pro . . . .90.4 -0.1 92.7 81.0 Balfour Beatty ...... 239.2 -0.4 311.1 223.4 VinaCapital Vietn . . . . .341.5 -1.5 350.0 306.0 Crest Nicholson H . . . . .357.6 -10.4 446.2 296.4 Bloomsbury Publis . . . .237.0 6.0 254.0 190.5 GVC Holdings ...... 627.8 2.8 1170.0 507.5 Witan Inv Trust ...... 205.0 -1.0 227.6 189.6 . . .5054.0 35.0 5159.0 3958.4      CRH ...... 2524.0 -11.0 2857.0 1971.5 FORESTRY & PAPER McCarthy & Stone . . . . .134.0 1.4 142.4 97.5 Centaur Media ...... 48.5 -0.5 56.5 34.7 REAL ESTATE INVEST. TRUSTS InterContinental . Woodford Patient . . . . .64.5 -1.6 91.0 60.7 Persimmon ...... 2022.0 0.0 2880.0 1859.5 Entertainment One . . .405.4 55.4 483.4 330.0  Galliford Try ...... 652.5 6.0 1104.0 512.0 Mondi ...... 1645.5 -24.5 2236.0 1584.0 Big Yellow Group . . . . .1015.0 -5.0 1062.0 852.5 Ibstock ...... 237.4 0.0 300.0 193.1 Worldwide Healthc . .2575.0 -15.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 74.25 -0.10 91.14 56.32 3M...... 164.72 0.87 219.75 159.32 ADIDAS N...... 260.00 2.85 265.00 178.30 ABBOTT LABORATOR ...... 80.09 1.40 80.74 60.32 AIR LIQUIDE...... 114.20 0.00 119.10 101.85 ADOBE...... 274.80 1.94 291.71 204.95 AIRBUS BR...... 117.96 -0.74 124.00 77.50 ALPHAB NON VTG-C...... 1044.34 2.12 1289.27 970.11 ALLIANZ...... 201.35 -0.90 216.20 170.38 ALPHABET-A ...... 1047.76 3.12 1296.98 977.66 AMADEUS IT GRP BR-A...... 69.40 0.82 82.20 58.06 NEWSLETTERS AMAZON.COM ...... 1754.36 15.86 2050.50 1307.00 ASML HLDG...... 169.90 0.86 189.50 130.12 AMERICAN EXPRESS...... 119.43 1.31 120.88 89.05 AXA...... 22.17 -0.03 23.90 18.40 APPLE ...... 185.22 2.68 233.47 142.00 BANCO SANTANDER...... 3.97 -0.04 4.86 3.80 AT&T...... 32.10 0.42 34.53 26.80 BASF N...... 60.99 -0.17 88.89 57.26 BANK OF AMERICA ...... 27.88 -0.03 31.91 22.66 BERKSHIRE HATH RG-B...... 204.77 1.47 224.07 184.75 BAYER N ...... 53.23 -0.88 101.40 52.00 The biggest stories BOEING CO...... 350.64 1.89 446.01 292.47 BBVA...... 4.94 -0.04 6.44 4.48 CATERPILLAR...... 123.39 0.27 159.37 112.06 BMW ...... 62.43 -0.74 87.72 61.31 CHEVRON...... 120.68 3.03 128.55 100.22 BNP PARIBAS BR-A ...... 41.01 -0.73 56.94 38.14 direct to your inbox CISCO SYSTEMS ...... 55.10 0.35 57.53 40.25 CRH PLC...... 28.46 -0.22 34.87 26.53 CITIGROUP ...... 66.47 0.69 75.24 48.42 DAIMLER N...... 47.33 -0.85 63.53 44.54 COCA-COLA CO...... 51.40 0.62 51.54 42.96 DANONE...... 71.58 -0.12 72.96 59.72 COMCAST-A...... 41.15 -0.15 43.96 30.96 DEUTSCHE POST N...... 27.01 -0.10 33.11 23.43 DOW...... 51.06 0.72 0.00 0.00 DEUTSCHE TELEKOM N...... 15.32 0.02 15.88 13.09 EXXON MOBIL...... 74.31 1.33 87.36 64.65 ENEL N...... 5.81 0.08 5.85 4.22 GET THE MORNING UPDATE, FACEBOOK-A...... 168.33 0.16 218.62 123.02 ENGIE...... 12.99 0.05 14.28 11.31 GOLDMAN SACHS GR...... 189.81 1.37 245.08 151.70 ENI N...... 13.90 0.03 16.71 13.39 HOME DEPOT...... 197.17 0.48 215.43 158.09 ESSILORLUXOTT...... 105.70 -0.20 129.55 95.50 CITY A.M.’S DAILY EMAIL HONEYWELL INTL...... 170.26 0.85 174.34 123.48 FRESENIUS...... 46.01 -0.78 71.10 38.50 IBM...... 132.22 0.73 154.36 105.94 IBERDROLA...... 8.78 0.17 8.78 5.81 INTEL ...... 45.10 0.55 59.59 42.36 INDITEX ...... 24.92 0.03 30.30 21.85 JOHNSON & JOHNSO ...... 136.68 2.30 148.99 120.11 ING GROUP...... 9.80 -0.09 13.28 9.09 JPMORGAN CHASE...... 110.37 0.24 119.24 91.11 INTESA SANPAOLO N...... 1.83 -0.02 2.66 1.80 CITYAM.COM/NEWSLETTER MASTERCARD RG-A...... 257.83 1.57 258.86 171.89 KERING...... 470.95 -0.45 539.80 351.70 MCDONALD'S...... 203.05 2.92 203.38 153.13 KON AH DEL BR...... 20.21 0.19 24.01 18.60 MEDTRONIC ...... 96.50 -0.05 100.15 81.66 L'OREAL...... 242.10 -0.10 245.80 182.00 COMMODITIES CREDIT & RATES MERCK...... 81.44 -0.25 83.85 59.80 LINDE...... 173.70 3.60 0.00 0.00 MICROSOFT...... 127.82 1.99 131.37 93.96 NETFLIX...... 357.13 1.40 423.21 231.23 LVMH...... 350.35 0.85 357.10 242.30 Copper Cash Official...... 5805.00 27.00 Euro Base Rate ...... Gold...... 1335.05 10.80 BoE IR Overnight...... 0.750 0.00 ...... 0.000 0.00 NIKE -B-...... 82.45 -0.27 90.00 66.53 MUENCHENER RUECKV N...... 218.80 1.00 224.00 175.00 Silver...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 14.84 0.12 Aluminium Cash Official...... 1751.00 15.00 ORACLE ...... 52.59 0.49 55.53 42.40 NOKIA...... 4.41 -0.01 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 1.91 0.00 Brent Crude...... 66.87 -2.58 Nickel Cash Official...... 11795.00 -35.00 PAYPAL HOLDINGS...... 111.78 1.01 114.66 74.66 ORANGE ...... 13.63 -0.28 15.25 13.15 Krugerrand...... 1314.20 0.00 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.62 -0.01 Aluminium Alloy Cash Official...... 1240.50 4.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.389 0.00 PEPSICO...... 131.98 0.59 132.27 99.82 ROY.PHILIPS...... 35.25 -0.08 40.01 29.05 Palladium...... 1334.00 7.00 LIBOR Euro - overnight...... -0.470 0.00 The vix index...... 15.93 -0.16 PEPSICO ...... 118.61 0.56 119.74 101.06 SAFRAN...... 119.95 -0.80 130.00 97.08 Cocoa Futures...... 2388.00 29.00 Platinum ...... 823.00 2.00 LIBOR Euro - 12 months ...... -0.233 0.00 The baltic dry index...... 1141.00 19.00 PFIZER ...... 42.71 0.23 46.47 35.73 SANOFI...... 75.02 1.31 80.44 64.87 Coffee 'C' Futures...... 102.30 3.20 Tin Cash Official ...... 19225.00 -120.00 LIBOR USD - overnight ...... 2.345 -0.02 Markit iBoxx EUR ...... 239.61 0.37 PROCTER&GAMBLE...... 107.38 0.65 108.68 73.72 Feed Wheat Futures...... 152.75 2.10 SAP I...... 111.36 -1.04 117.02 84.02 Lead Cash Official...... 1833.50 47.50 LIBOR USD - 12 months...... 2.383 -0.02 Markit iBoxx GBP...... 343.51 1.39 TRAVELERS COS...... 149.00 -0.85 149.86 111.08 SCHNEIDER EL...... 71.94 -0.36 78.66 57.54 Zinc Cash Official...... 2605.00 -30.00 Soybeans Futures Continuation Contract...868.40 -1.20 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 252.24 -0.05 TWITTER...... 36.59 0.26 47.79 26.19 SIEMENS N...... 103.68 -0.24 121.40 90.90 UNITEDHEALTH GRO ...... 241.82 -0.95 287.94 208.07 SOCIETE GENERALE...... 22.31 -0.12 35.06 21.45 WORLD INDICES UTD TECHS...... 131.67 0.31 144.40 100.48 TELEFONICA...... 7.40 0.00 8.06 6.59                 VERIZON COMM ...... 57.54 0.51 61.58 47.13 TOTAL...... 47.24 0.37 55.39 44.23 VISA RG-A ...... 166.92 1.53 167.40 121.60 UNILEVER CERT...... 53.82 -0.09 54.90 45.12 FTSE 100 ...... 7259.85 39.63 0.55 S&P 500...... 2843.49 17.34 0.61 CAC 40 ...... 5278.43 -13.57 -0.26 Hang Seng...... 26965.28 69.84 0.26 WALGREENS BOOTS...... 50.98 0.18 86.31 49.31 VINCI...... 89.14 -0.18 90.48 69.98 FTSE 250...... 19065.52 -6.65 -0.03 Dow Jones I.A...... 25720.66 181.09 0.71 Swiss Market Index...... 9682.29 23.67 0.25 Shanghai Composite...... 2827.80 -33.62 -1.17 WALMART...... 105.11 0.69 106.21 82.37 VIVENDI ...... 24.11 -0.41 26.69 20.40 FTSE All-Share ...... 3970.37 17.45 0.44 Nasdaq Composite...... 7615.55 40.08 0.53 ISEQ Overall Index...... 6127.19 -52.74 -0.85 STI Index...... 3143.26 3.72 0.12 WALT DISNEY...... 137.21 1.27 142.37 99.76 VOLKSWAGEN VZ I...... 141.62 -1.54 165.88 131.02 FTSE AIM All-Share ...... 935.59 -3.82 -0.41 Xetra DAX ...... 11953.14 -27.67 -0.23 FTSEurofirst 300 ...... 1472.14 0.78 0.05 ASX All Ordinaries...... 6466.40 22.80 0.35 WELLS FARGO...... 45.92 0.06 59.53 43.02 CITYAM.COM FRIDAY 7 JUNE 2019 FEATURE 15 OFFICE POLITICS So long, farewell, auf wiedersehen, bye

which have successfully raised finance, Theresa May, take comfort from knowing scaleups were also far more likely to have a concise business plan in place. that leaders change all the time in business Unfortunately for the outgoing Prime Minister, she did have a plan, but it did WO WEEKS ago, as Theresa John not stand up to scrutiny. May stood outside Downing In the business world, securing an Street to announce her resig- Morris agreement – especially one which nation, you would have been ROLL THE DICE could be viewed as risky – requires hard-pressed not to feel a de- preparation. Securing investment greeT of sympathy, regardless of politi- Paddy Power should by no means be a blind leap of cal affiliation. But the truth is that Free faith into the unknown. what can look like a bruising resigna- To be ready for complex negotia- tion is sometimes exactly what’s Think you know tions, firms need to ask themselves needed for an organisation to move who’ll take over difficult questions and demonstrate on and – in most cases – prosper. To understand the importance of from Theresa that a strong management team is in Today is May’s official resignation the leadership team, it’s worth explor- May? Currently place which can successfully handle date as leader of the Conservatives, al- ing businesses which have tried and the bookies’ unexpected events and adapt to the though she’ll remain as Prime Minis- failed to raise finance. favourite is Boris fast-paced nature of business growth. ter until her party selects her Considering all the funding success Johnson, on 4/6 Equally important is the level of am- successor. She might perhaps take stories that we hear about, the fact odds. But for a bition displayed, and a degree of cer- some comfort from the fact that we that seven in 10 businesses fail to raise truly risky bet, tainty on future plans and objectives. see business leaders replaced surpris- finance during their first attempt may Paddy Power has But even so, getting something signed ingly frequently. This is particularly be surprising. Two fifths of firms fail Unfortunately secured that all-important funding odds of 500/1 is never easy. apparent when firms are in the midst to secure funding more than three for the outgoing deal replaced members of their man- that Piers Unfortunately for May, it became of major change – not unlike the times, while nine per cent have made Prime Minister, agement team during the process Morgan or David clear that she’d run out of steam. In Brexit negotiations. five or more unsuccessful attempts. she did have a speaks volumes. Cameron could practice, this was reflected by parlia- Recently, we’ve been looking at scale- What links these failure rates is the Brexit plan, but In short, organisations need new be the next ment repeatedly voting down her ups and small businesses, and how rationale, from nearly half of founders, it did not stand ideas and new ways of thinking to person to sit in Brexit deal, and members of her own they raise external finance as they pre- that the management team wasn’t up to scrutiny thrive, and this is often brought about Number 10. This cabinet briefing against her. pare for a period of significant growth. strong enough. This far exceeds the by new leadership teams. This can be app lets you And unlike in business, where A staggering 40 per cent of founders number of companies that failed be- particularly felt at the scaleup stage, as place bets on lengthy gardening leave is the norm, who’ve successfully raised funds told cause their business model wasn’t businesses transition from “growth to politics, but she now has the unenviable task of us that changing their chief executive good enough, demonstrating that the super-growth”. It is here where a new remember: operating in a caretaker capacity. was part of the process, and 28 per quality of the management team is the leader might help refocus the business when the fun That’s politics for you. cent also said that they had replaced most important factor for investors. on its key objectives, while delivering stops, stop. their chief financial officer during So the fact that such a significant scale as it aims to reach the next level. £John Morris is a partner at Smith & the funding journey. proportion of those businesses which Of the businesses that we spoke to Williamson. 16 OPINION FRIDAY 7 JUNE 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Trump forfeited the respect TO THE EDITOR that the presidency deserves Cyber overhaul [Re: Government must do more to protect UK from cyber attacks, MPs warn] HOW respect for the office, peaceful demonstrations – whether Sun interview, he can be heard refer- As the report from the Public Accounts if not for the man. This was concerning Brexit, climate change, Rachel Cunliffe ring to Meghan Markle as “nasty”. Committee demonstrates, the last 12 the finger-wagging admon- or geopolitics – appear to have an Comment and features Leaving aside the fact that no months have seen a number of high- ishment heard across the increasing tendency to turn nasty. editor at City AM other leader would ever publicly in- profile cyber attacks resulting from a range S of complex and impactful vulnerabilities. A UK this week, as the Presi- From throwing milkshakes over sult a member of the host nation’s dent of the United States graced our people with opposing views to royal family, Trump then went fully large proportion of these breaches can be tiny island with his presence, and screaming threats at politicians Orwellian while in the UK, and flat- attributed to organisations which haven’t was greeted by crowds of protesters. who are accused of betraying the out denied ever making the remark. shored up their defences across all parts of President Trump, these protesters country, none of this is acceptable Such interference We are used to politicians stretch- their ecosystems. were sternly reminded, is the leader or constructive in a civilised society. ing the truth, but outright lies that Organisations must understand the of the free world, while America is Such behaviour should be con- in UK politics would can be categorically disproved are threats targeting their business and focus one of Britain’s greatest allies. demned outright, regardless of the be unthinkable from another step entirely. Yet there is a on uniting IT operations and security The President was visiting to com- motivations of the perpetrators. reluctance among politicians and teams to ensure that basic security memorate the tremendous shared But as for the rest – childish bal- any other leader journalists to call such lying what it hygiene practices are firmly in place. This sacrifices that our countries made loons and crude representations of is, lest they are accused – again – of includes standard secure configurations of 75 years ago on D-Day. The historic Trump, explosive signs mocking disrespecting the President. all devices, applying patches in a timely ties, the gravity of the anniversary, some of his most controversial out- This Catch-22 has been one of manner, and improving the speed at which and the prestige of the office of the bursts, people dressed as characters world leader. The outrage if Angela Trump’s most successful strategies they identify and respond to attacks. presidency should have evoked a from the Handmaid’s Tale to protest Merkel, Emmanuel Macron, or Xi since he first launched his political Visibility is a key concern here. At bigger mood of national awe, even if peo- the attack on women’s rights under Jinping had revealed even the slight- career. However outrageously he organisations containing legacy systems, ple harboured some criticisms his administration – these are the est preference for one candidate acts, from joking about assaulting security and IT operations often find about the individual himself. hallmarks of free speech in the very would have been unimaginable. (It women to mocking people with dis- themselves working from different data The protests, along with the less- kind of robust democracy that the would have been deafening had the abilities, he knows that his support- sets, and across many different solutions, than-deferential reactions of some soldiers on D-Day were fighting for. culprit been Hillary Clinton.) ers will flock to defend him, using which means they often arrive at different politicians, were unbefitting of a These protesters were not belit- They would have been accused – the norms of civil society that he conclusions about the scope of a threat country hosting the head of the tling the contribution of Americans rightly – of breaking all diplomatic himself has broken to browbeat and how to control it. With infected world’s greatest superpower. during the Second World War, nor norms and shaming their country. those who dare to call him out for it. endpoints escalating to security-wide There is just one problem with this the importance of the special rela- Trump, of course, is different. This This President has denigrated his incidents in merely a matter of minutes, version of events: Donald Trump’s tionship today. But if the signifi- faux-pas barely registers on the ever- office, failing at every turn to rise any delays in arriving at a way to mitigate conduct both before and during his cance of the occasion has been growing list of conventions he has above petty politics and treat the that threat can prove to be critical. trip was that of a man visiting somewhat overshadowed, the fault ridden roughshod over at home and job with the consideration that it Security and IT operations teams need Britain as himself, not as a state offi- lies squarely with Trump himself. abroad: appointing family members, deserves. His advocates cannot then complete, up-to-date, accurate visibility cial. And if anyone has disrespected Just days before his visit, the Pres- hiding business ventures that pose feign surprise when citizens on across their whole environment to the office of the presidency, it is the ident demonstrated why he is not conflicts of interest with foreign pol- both sides of the Atlantic voice their effectively detect, scope, and quantify individual who now holds it. worthy of the prestige usually af- icy, attacking opponents in the most discontent with his decidedly un- cyber risk. Having this true, company-wide First, a word about the ugliness forded to a visiting dignitary. crude and personal terms, inventing presidential behaviour. visibility is the only way to stop cyber seen on London’s streets. Videos In an interview with The Sun, he policy via tweet, trying to meddle In showing such contempt towards attackers firmly in their tracks and ensure resilience against business disruption. emerged showing some anti-Trump waded into UK politics, throwing with a federal investigation, and re- the great office he holds, Trump has Chris Hodson, Tanium protesters behaving horrifically, ha- his support behind Boris Johnson in peating known falsehoods before forfeited the right to any reverence rassing fans of the President in a way the leadership contest, and readily lambasting the “fake news media” that his rank might traditionally be- that verges on violence. Other re- acknowledging that in his mind for reporting that they are untrue. stow. Respect must be earned. And ports then surfaced that seemed to this could tip the scales (“I could We got a crystal-clear example of even in his brief visit this week, suggest the altercation was more help anybody if I endorse them”). the latter before this week’s visit, Trump displayed abundantly why BEST OF two-sided than it initially appeared. Such interference would have when the President went after the the British people were fully justi- TWITTER Regardless, it is sadly true that been unthinkable from any other Duchess of Sussex. In the tape of the fied in withdrawing theirs. Unemployment is at a 44-year low, but the proportion of people moving from job to job remains below pre- crisis levels, particularly for young people D-Day offers some perspective for anyone @resfoundation This is a big part of our consumed with the current ‘national crisis’ productivity/social mobility problem. The housing crisis makes it harder to match best workers with best jobs – and for people to climb the ladder N MONDAY, I took part in consider yesterday’s commemora- Kate excluded, and resentful of the met- @rcolvile BBC Radio 4’s Start the tions. Marking the 75th anniver- ropolitan and rural divide. Week, which this week fo- sary of D-Day has made many of us Andrews Brexit is the major political issue Thing to remember about the Ocused on the concept of a stop and pause, to think about of a generation, and the heated de- headline employment figures is that national crisis – and how what life might look like, if our eld- bates over how Britain handles its they’re quality-blind. People who lose countries get out of it. ers hadn’t displayed such bravery, future relationship with Europe are skilled well-paid jobs at Ford or Aviva Academic and author Jared Dia- making the ultimate sacrifice on probably necessary for securing a and wind up on precarious zero hours mond’s new book Upheaval draws the beaches of Normandy. good arrangement for the years to contracts working 1+ hours a week, or parallels between how an individ- The fact of the matter is that come. Similarly, whether the NHS is self-employed in the gig economy, still ual deals with a personal crisis to none of us would have been able to on the table in a free trade negotia- count as “employed”. how nations overcome them. He take part in the plethora of free, In contrast, freedom and fairness tion between the US and the UK is a @uk_domain_names puts emphasis on acknowledging democratic and diplomatic activi- were both on display this week, as genuine and important question, as the problem, understanding one’s ties that occurred this week if it we saw how the police handled the Britain ventures out into the world Tory MPs and aides keep telling me values, and fencing in problems to hadn’t been for those who fought Trump protest, and indeed the Ex- on its own, forging its own way. how clever various leadership tackle them efficiently and directly. for our freedom. tinction Rebellion demonstrations But we must put such “crises” in candidates are being in avoiding It was a fascinating discussion, The fascist ideology that spread weeks before. context. The challenges we hope to situations where they can face difficult which highlighted where the paral- across Europe was in direct opposi- The special relationship itself was overcome are being tackled in coun- questions. Not sure the MPs are being lels really work, and where they tion to the free and fair elections cemented after the US and UK tries with enshrined institutions, so clever in allowing it. They might don’t quite add up. Discussing the that made way for elected Presi- joined forces, fought, and sacrificed democratic processes, and firm com- face an election soon with an book in the context of President dents and Prime Ministers to stand so much to protect liberty and inde- mitments to the rule of law. untested leader. Trump’s win in 2016 and the Brexit on stage together and speak to a pendence, against one of the great- We are working towards a freer, @RobDotHutton vote in the same year, it was clear free press. est evils the world has ever known. more prosperous, more tolerant that agreeing a nation’s values is The Nazis also did not allow for This is not to undermine our polit- world. We do not currently have to This Tory party leadership race is very particularly tricky work – especially protests in the street, for dissenters ical and policy debates today. extend a lifeline to freedom itself. useful for introducing you to MPs when the country is split 50-50 to express their concerns publicly Trump’s election represents an That is what our ancestors did for us. you’ve never heard of who are backing down the middle. (or often privately), nor did they array of tensions in the US, with candidates for demented reasons. But these crises are reflected in a extol compassion or fairness in its swathes of people voicing their frus- £ Kate Andrews is associate director at @twlldun radically different light when you policing services. trations about feeling left behind, the Institute of Economic Affairs. CITYAM.COM FRIDAY 7 JUNE 2019 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Brexit dogma is a one-way ticket DEBATE to extinction for London’s Tories It’s now 65 years since Alan Turing died – but will AI ever become S 11 candidates prepare to Council; creating then capturing the enter the race to succeed Barnaby former Greater London Council in the indistinguishable from humans? Theresa May as Conservative Towns late 1960s and late 1970s), all three of Aparty leader and Prime Minis- the Tories’ aspirant mayoral candi- ter, London Tories have their dates were Brexiteers. Alan Turing predicted that by the year own identity crisis to worry about. Ideological inflexibility is unsurpris- 2000, artificial intelligence (AI) would They just chalked up a new electoral ing in a party in which pollster re- think like a human – and he wasn’t far record: 7.8 per cent of the vote, fifth search finds six in 10 Tory members off. Given the pace of progress, it’s likely YES place citywide, and zero MEPs re- voted for the Brexit Party last month, to take decades and not centuries to turned to the European parliament. but doesn’t help in a city where ex- achieve. Scientists are already mapping IVAN MAZOUR Ex-Tory voters flocked to Remain and three topped the poll in 28 of 33 local Tory strongholds back Remain. out the brains of small organisms, Brexit options, or stayed home. authority areas. Could the future for London Tories recreating each neural pathway to But it goes further than this. Limiting This near-extinction event was a These results reflect how, three years be that of their US Republican coun- replicate a brain, but within a computer. AI to a “human” framework is like trying long time coming. And there have since 2016’s referendum, the capital terparts in New York City, where the They are called Connectomes, and it to fit all of history onto one A4 piece of been warning signs. From a histori- has moved from a 60 per cent Remain quality of candidates reflects their won’t be long until they can do exactly paper; there’s not enough space to cally weak 35 per cent vote share and vote to 71 per cent in the most recent dismal chances? Certainly, the Tory this with the human brain. contain the possibilities. With such 27 seats in the 2015 General Election, poll. And that presents Tories in the candidate lacks the intellectual This, combined with deep machine processing power, memory, and no through a 33 per cent score and loss capital with a serious problem. rigour and governing nous of Steve learning approaches, makes it certain biological limitations, the power of AI of six seats in 2017, to a 29 per cent These forces mean that, in next Norris, or the celebrity stardust of that AI will one day be indistinguishable will far outreach that of our own minds share and 101 council seat net loss in June’s mayoral election, Tory unpopu- Boris Johnson. from humans, enabling computers to – and quickly. 2018, London Conservatives have been larity could see the party fail to make If London Tories really want a shot make connections, learn, grow and on a downward trajectory. the run-off between the top two can- at City Hall, they might look to Ruth understand nuances in much the same £ Ivan Mazour is chief executive and The mayoral elections tell the same didates, for the first time ever. Davidson’s Scottish Conservatives, way as us. founder of Ometria. story – from winning 44 per cent in The Conservatives might even come who narrowly won one of only four 2012, to 35 per cent in 2016, to polling fourth, after Labour’s Sadiq Khan, the Tory MEP seats nationwide in pro-Re- at just 23 per cent for 2020’s race in Lib Dems, and the Brexit Party candi- main territory, or leadership hopefuls the latest survey. date, igniting yet another bout of in- like pro-referendum Sam Gyimah and We are increasingly edging closer to The Tories’ 15-point slump since the fighting and leadership speculation. pro-deal Rory Stewart. artificial intelligence (AI) becoming last European elections broke all elec- In an increasingly pro-Remain Lon- Yet another crushing defeat in next indistinguishable from humans, but it’s toral records. The Liberal Democrats, don, the party isn’t helping itself. June’s mayoral election may force the not quite there. And nor will it be in an NO Labour, the Brexit Party, and the Turning away from a historic pen- Tories to rediscover their preference all-rounded sense. Greens all outpolled the Conservatives. chant for pragmatism (running as for power. A fresh, distinct London There is a big difference between BEN MUSGRAVE Localised strength, enabling them to moderates on a platform of municipal identity, allowing all candidates to narrow AI and general AI. The former is win the popular vote in seven of 33 reform for the old London County pledge support for electorally-friendly where AI is used for a specific task or with the contestants on Love Island. local authorities in 2018, vanished last positions – opposing no-deal and use-case, and is continuing to be Applications like Siri or Google Home month. They came sixth in eight bor- backing a new referendum – might improved across industries today. The are increasingly able to perform more oughs, below even Change UK, which help them recover. challenge is moving to general AI, which and more tasks, but only because more polled at just five per cent citywide. Since 2016, the capital If not, continuing to stubbornly set essentially means becoming narrow AI abilities have been added to If you look at the breakdown of re- has moved from a 60 their face against the capital’s pro-EU indistinguishable from a human in their systems. It is hard to imagine a sults, the trend is clear. The three pro- sentiment is a one-way ticket to Tory every task and personality trait. world where AI will be able to, in one Remain parties – the Lib Dems, per cent Remain vote electoral extinction. For example, a machine might be application, replicate every task, trait or Greens, and Change UK – earned 45 to 71 per cent trained to talk about the upcoming ability that makes us human. per cent of the vote compared to 20 £ Barnaby Towns was a campaign adviser Premier League football games per cent for the no-deal duo of the to Conservative mayoral candidate Steve flawlessly, but that doesn’t mean it can £ Ben Musgrave is head of digital (UK) Brexit Party and Ukip. The pro-EU Norris in 2000 and 2004. provide financial advice, or empathise at Synechron.

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Computer generated image of Birch House is indicative only. Photography depicts Showhome and is indicative only. Prices and information correct at time of sending to press. *Timing is approximate only. Source: www.tfl.gov.uk. †London Help to Buy is subject to the Homes and Communities Agency’s (HCA) terms and conditions and is available on new build homes up to £600,000 to customers where the property represents their only residence. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CHECK THAT THIS SCHEME WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT FINANCIAL ADVICE. 20 HOT PROPERTY FRIDAY 7 JUNE 2019 CITYAM.COM PARTNER CONTENT

CORRELATED JOURNEYS BY Why now is a SARAH EMILY PORTER WITH JAMES good time to TRUNDLE, THE ROYAL invest in London’s EXCHANGE Artist Sarah Emily Porter and maker commercial James Trundle took inspiration property from the London Underground Richard Cleminson network for these brightly Professional Services coloured Director benches Kinleigh Folkard & Hayward [email protected] CITY BLOCKS BY ASTRAIN STUDIO, CHEAPSIDE SUNKEN GARDEN These brightly coloured, interlocking geometric benches are inspired by children’s play blocks, bringing some much needed whimsy into your lunch hour

he commercial property market in London is undergoing something of a renaissance and now offers unique opportunities for in- vestors. In a low interest rate environment, this kind of investment can provide consis- Ttent returns through a hybrid of income and capital HOW MUCH DO growth. Professional investors in the UK and abroad are moving back into the sector supporting our view that the capital’s commercial property has really turned a corner and is now offering a window for some excellent value deals. YOU BENCH? WHAT ARE YOU SEEING IN TERMS OF RETURNS? We are currently seeing better returns in the City Benches is back, with five fancy commercial market than in the residential market. Many are turning to commercial property which has seats designed by young architects the added attraction of being an asset you can put into your pension fund as long as the investment is popping up all around the City under £3m. SHOULD WE BE CONCERNED ABOUT THE CHANGING FACE OF THE HIGH STREET? BENCHTIME BY People haven’t stopped shopping but they are doing ANNA JANIAK so in different spaces. For example, the STUDIO transformed London Bridge station doubled its 150 CHEAPSIDE total sales for the first three months of 2019 compared to the same period last year recording Taking over £14m in purchases, while sales for the 2018/19 inspiration from financial year grew by over 75 per cent. the life-sized In other areas we’re finding that where some astronomical retailers have moved out, more service industries like instruments of gyms and medical units are moving in. In good retail Jantar Mantar, spots, there is limited availability because, this bench acts fundamentally, these spaces continue to perform well. as a sundial, We shouldn’t forget either that commercial is not allowing you to just about the high street. More online retail has carefully time improved the industrial and warehouse distribution the length markets. A recent letting of a distribution warehouse of your rest in Battersea realised in excess of £30 a square foot which would have been closer to £15 a square foot a couple of years ago. WHIPPET GOOD BY LOVE WITHOUT BORDERS BY ARMOR GUTIÉRREZ RIVAS WHAT IF THIS IS MY FIRST TIME DELVE ARCHITECTS AND ATELIER LA JUNTANA, BOW CHURCHYARD INVESTING IN COMMERCIAL PROPERTY? WITH There are many types of commercial property and DRAGONSMOKE This conceptual piece aims to challenge the idea of London is a complex market of many parts. That’s CONSTRUCTION, borders by changing a barrier into a social where our specialist knowledge, experience and BOW CHURCHYARD space. It looks rather expertise count. Our team has over 100 years of uncomfortable. experience in areas such as retail, office and Everybody loves industrial. We deal with all the elements new and dogs – now you seasoned investors would expect. can fall asleep The first step is to ensure that commercial on one thanks property is the right investment for our clients. to this weird Then, we can discuss their requirements and look at and wonderful the specific property options taking into account key bench celebrating criteria such as whether the tenant will stay, what our canine the chances of re-letting are and how high risk the companions investment is. Later on we will act on their behalf to assess future rent reviews, lease renewals, and manage the building if required. Our approach is to ensure the whole process is comprehensive and very straightforward. WHAT INITIAL COSTS SHOULD A FIRST TIME COMMERCIAL INVESTOR CONSIDER? There should not be any upfront cost! After an initial consultation, we only charge once we find clients a property. This is very important and helpful when people are investing in commercial property for the first time or on a one-off basis. CITYAM.COM FRIDAY 7 JUNE 2019 HOT PROPERTY 21 HOWPROPERTY OF THE WEEK TO LIVE LIKE A FILM STAR I’ll tell you want I want, what I really, really want – a flat in the studio the Spice Girls once recorded in

re you a frustrated thespian? A talk show host without a talk show? A pop star with a Adream? Then perhaps this in- credible new property in Bat- tersea is for you. It’s called The Set, and it’s housed in a converted film studio that’s played host to greats including Sir Michael Caine and Sir Anthony Hopkins. Once owned by film director Quentin Masters, the studio was conceived as a boutique alternative to more famous studios like Pinewood, offering direc- tors access to innovative concepts such as an underwater filming tank. In the years since, it’s been used for projects as diverse as a Spice Girls music video and the opening credits to The Graham Norton Show. And now it can play host to the most important production of all: the movie of your life. THE SET, BATTERSEA, FROM £650,000 The studio has been con- verted into one, two and three bedroom apart- trance hall to the black dows, including one statement win- unique, with laterals, duplexes and ments and four new on- and white photo- dow overlooking a balcony. AREA GUIDE: SW11 penthouses offering a range of choice. site townhouses, which graphs of celebrities Theo Gordon, Savills residential de- HOUSE PRICES Source: Zoopla We have seen demand from the south have all been individually who have graced the velopment sales manager says: “The DETACHED SEMI TERRACED FLATS west London owner occupier market, designed to fit the space. building over the years. Set offers beautiful, highly crafted £1.94m £1.48m £1.3m £665,500 young professionals who have help Nods to the building’s her- The apartments them- homes in a period building. The apart- TRANSPORT Source: TfL from the ‘bank of mum and dad’ and itage are dotted throughout selves are stunning, with ments retain the charming character Time to Kings Cross 33 mins local Battersea downsizers who are in- the development, from the calm, neutral design, and of the original studio, with clean mod- Time to Liverpool Street 38 mins terested in the lockup and leave town- suspended lighting rig in the en- beautiful crittal-style win- ern interiors. Every apartment is Nearest tube station Clapham Junction houses.”

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Details correct at time of going to press. *Help to Buy available on selected plots, terms and conditions apply, visit www.redrow.co.uk for full details. Show apartment photography and CGI’s are indicative only. †Source: TFL 22 HOT PROPERTY FRIDAY 7 JUNE 2019 CITYAM.COM FOCUS ON PRIVATE VIEW LIVE IN A FLAT WITH THE ON THE MARKET IN SHARD IN YOUR YARD BERMONDSEY NOW

sey has been home to a host of notable figures throughout the years, from FOCUS ON Michael Barrymore, to singer Florence Welch and boxer David Haye. BERMONDSEY As well as its plentiful cultural and culinary offerings, demand here is driven by an appealingly central loca- tion – it is around ten minutes from PAGES WALK Bursting with the City on public transport – and a diverse, sought-after housing stock. £695,000 galleries and bars, “Bermondsey is home to many new build developments and purpose Located in a converted school, this two SE1 is the place built blocks, with a few period prop- bedroom apartment is part of a gated erties here and there,” says Lauren Fel- development, and offers secure parking. to be, says ber, manager at estate agent Dexters. Call Williams Lynch on 020 8115 1609 Alongside new builds, the area boasts Dougie Gerrard a vast array of fashionable warehouse and factory conversions, in keeping eventy two households, all with its artsy, Berlin-esque vibe. Its belonging to the Count prime location has also made it an at- Robert of Mortain, and col- tractive place for students, with nine lectively worth a grand total renowned universities within a thirty of 40 pence; this was the minute walk. valueS of Bermondsey as recorded in Flats make up the vast majority of the Domesday Book in 1086. sales, accounting for 88 per cent of all Things have changed somewhat transactions last year. As a result, new since then (Bermondsey wasn’t even buyers are predominantly young pro- an official part of London at the time), fessionals and those looking to down- but few areas have such a rich and sto- size; people with families tend to ried history. After the Great Fire of spread out into the more spacious GRANGE ROAD London it briefly became a health re- areas of south-east London. treat for the wealthy, and Samuel All this means that Bermondsey is £950,000 Pepys’ diary records him visiting a fairly expensive, with apartments here pleasure garden here in 1664, from selling for around £560,000, some 15 This three bedroom apartment sits on the which he left “singing finely”. per cent more than the Southwark top floor of a beautiful terraced house only It was in Bermondsey that Bill Sikes, borough average. “These higher price minutes from Bermondsey station. the villain in Oliver Twist, met his tags are likely to reflect the desirability Call Stirling Ackroyd on 020 8022 5549 end, and it was from a spot on the of owning a conversion property with Bermondsey riverside that JMW unique design and character and, of Turner painted his famous The Fight- course, the proximity to the Thames” ing Temeraire, depicting an old war- says Clacy. ship on its way to the scrapheap. However, Bermondsey’s trendiness Nowadays, belying its past as a Victo- hasn’t yet put it out of reach for ordi- rian slum, the area has a well-earned nary people: prices here have only reputation as a cultural hub. “Its risen 50 per cent over the past decade, sense of heritage, range of places to a far less precipitous figure than the eat and drink, plus its independent 89 per cent recorded across South- galleries and stores makes Bermond- wark. Plus, sales north of a million sey a top choice for people wanting to pounds are yet to make up a substan- live in a central vibrant neighbour- tial proportion of transactions (only hood,” says Frances Clacy, research an- thirteen last year), and those that do alyst at Savill’s. go for this number are concentrated SPA ROAD Foodies will be attracted by the end- largely in prime riverfront locations. less new restaurants and artisanal cof- The more expensive properties are £595,000 fee vendors, as well as by Maltby Street located to the west, closer to the gal- Market, which offers gourmet pro- leries and the Thames, but for bar- A two double-bedroom, two bathroom duce of every flavour, from Venezue- gains try venturing to the areas apartment that has an allocated car park lan corn pancakes to Taiwanese bordering Canada Water and Surrey space and access to communal gardens. waffles. Quays, where flats are significantly Call Anderson Rose on 020 3641 4944 It’s no surprise, then, that Bermond- cheaper.

AREA GUIDE Area highlights HOUSE PRICES Source: Zoopla DETACHED SEMI TERRACED FLATS £572,500 £635,000 £684,890 £478,891 White Cube gallery, the spiritual TRANSPORT Source: TfL home of the Young British Artists, is a Time to Canary Wharf 10 mins must-visit for anyone keen on Time to Liverpool Street 15 mins modern art. Kino Cinema, just across Nearest trail station Shadwell DLR the road, is a tiny, picturesque movie theatre that shows mostly classic and The Woolpack BEST ROADS Source:Zoopla independent films. If you’re feeling Cherry Tree Terrace £4.3m JoséJ Most Expensive hungry, try Maltby Street Market, Cheapest National Terrace £1.4m which is full of delicious food and AVERAGE WEEKLY ASKING RENT Maltby Street Market feels like a more peaceful version of White Cube £492 its cousin in Borough. For a salubrious pint head to The Pizarro Woolpack, where the star attraction Bermondsey is the vast, ivy-strewn garden out Kino back. Alternatively, St James of Bermondsey is a lively boozer with St James’ Church an ever-changing range of craft beers on tap (it also does pies). For dinner, head to either Jose or Kernel Brewery Pizarro, two neighbouring Spanish restaurants that offer a deluxe, modern twist on tapas. If it’s a sunny day, take a stroll through Leathermarket Gardens, a pretty, serene park that’s home to a diverse group of butterflies.

24 HOT PROPERTY FRIDAY 7 JUNE 2019 CITYAM.COM INTERIORS COME TOGETHER

The residents’ lounge, where many a heated game of table football will unfold Laura Ivill checks out the hottest new co-living flats in London

rivate cinema, gym, games room, residents’ lounge, workspace, meeting room, concierge, bike storage, park- ing, roof terraces overlook- Ping 180 acres of parkland... surely another new development for the well-heeled? Not a bit of it. This is how to get on the housing ladder in Zone 3 for a deposit of just £14,750, and still have facilities and social spaces that make you look forward to going home. This is the future of co-living home beds, averaging 420sqft, from mance acoustic floor-to-ceiling glaz- ownership, with community built- £325,000, with two-beds from ing), then the reward is Gunnersbury in, wide open spaces, and four trains £540,000. Ninety per cent of Apt Liv- Park in your backyard, where a an hour to Waterloo. ing Kew is eligible for Help to Buy fi- £13.8m sports hub is being built. The second phase of the Kew nance, for which you need only a five The downside is that apartment Bridge development by Apt Living per cent deposit. sizes are... compact. An estate agent launches tomorrow. I was curious to “This former office building was with a sunny smile would sell them see what an affordable new apart- only about 24 years old, so it’s mod- as bijou. At least the ceiling heights ment would look like, and came ern and attractive from the outside,” are a breathable three metres. away wishing I was in my thirties says Cameron Smith, Apt Living’s Mod cons include superfast broad- again, looking for a smart place to sales and marketing director. band and comfort cooling oak floors call my own. Why would anyone suf- It’s rare to have uninterrupted and with underfloor heating. Birch-ply fer the abomination of annoying protected views over 180 acres of joinery, meanwhile, is designed to housemates when you can buy a flat parkland, but achieving this has maximise storage and can be custom- and socialise downstairs and then meant that the building is on the six- made to your preferred layout. head up and close the door, with lane Great West Road. Having to cross One-beds have an internal glazed your own modern fitted kitchen and this for the short walk to Kew Bridge wall to allow natural light into the some outside space? overground station will be a deal- bedroom, and the show flat is by Fifty apartments are ready for sale breaker for some, but if you’re not Habitat – a look that’s easily achiev- off-plan tomorrow, starting with stu- fussed about the road (and the devel- able. dios from £295,000. Most are one- oper has invested in high-perfor- The two-bed show flat is decorated by Lord Sugar’s fearsome aide and style entrepreneur Linda Plant, whose use of graphic fabrics, rugs and contemporary art is a masterclass in dressing your home for comfort. The last word goes to three brilliant innovations. One: each apartment has a storage locker on-site for your stuff – such as skis, golf clubs and suitcases. Two: guest suites can be rented like hotel rooms for your friends and fam- ily. Three: the development has its own app for contacting the manage- ment about building issues, and for you and your neighbours to organise clubs and events. At last, co-living has come of age. £ Apt Living launches 50 apartments in Kew Bridge tomorrow, 8 June, from £295,000 with Help to Buy available; visit The residents’ cinema at Kew Bridge, which is a step up from your local Odeon apt-living.co.uk EXTRAORDINARYEXTRAORDINARY TWOTWO BEDROOMBEDROOM AAPARTMENTSPARTMENTS AVAILABLEAAVVVAAILABLE WITHWITH FREEFREE FURNITUREFURNITURE PACKAGESPACKAGES*

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*T&Cs*T&Cs CORRECTCORRECT ATAT TIMETIME OFOFP PRESS 26 LIFE&STYLE FRIDAY 7 JUNE 2019 CITYAM.COM GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen

CITY AM CLUB PARTNER SPOTLIGHT Mexico’s most exciting tequila brand partners with the City A.M. Club

ART conservation – animals and the vari- time, from Banksy with a shuttered exico’s most exciting MBER Restaurant is the perfect SUMMER EXHIBITION ous threats to their mortal existence EU customs door to a tapestry reading tequila brand Maestro backdrop for this special occasion – are everywhere. There’s a tiger whose “We are all immigrant scum”. Dobel is offering City its exquisite tapas and design-led ROYAL ACADEMY red and silver stripes are, upon closer There are plenty of works examin- A.M. Club members environment have quickly BY STEVE DINNEEN inspection, made up of carefully un- ing urban degradation (or urban the chance to immerse garnered a following among City folded Tunnocks Tea Cakes wrappers; beauty, depending on your point of Mthemselves in the world of this professionals. It’s once again time for London’s there’s a rhino wearing a monocle; a view): a high-rise building covered in most fascinating and complex of On hand will be renowned drinks biggest, maddest art exhibition, in monstrous feathered snake in a vit- graffiti, an artfully scorched office spirits. Maestro Dobel has teamed aficionado Oli Pergl of Maestro which hundreds upon hundreds of rine. There are receding glaciers and chair outside an overgrown lockup. up with MBER Restaurant to Dobel, who will provide an works are stacked high and wide a melting polar bear and a scene lit- Some works are grouped by move- organise an event where members entertaining and informative throughout the Royal Academy. tered with human detritus. There’s ment (abstract expressionist, ethno- can learn about the intricacies of context to the evening – what he Drawing from both established also a sculpture of a fat little pug and graphic); others by theme; some, different types of tequila, hear doesn’t know about tequila isn’t grandees and wet-behind-the-ears an owl with human nipples, but I’m apparently, by colour. about the creative talents behind it worth knowing. newcomers – the final cut was whit- not sure what, if anything, they have And then there are strange and won- and get a masterclass on how Eleven generations of tequila tled down from 16,000 entries – it to say about conservation. derful pieces that defy categorisation: to pair tequila with mastery have informed asks curators to curate the uncurat- Immigration and the refugee crisis a photograph of a lady with an octo- different types of food. Maestro Dobel – don’t able, and gives writers the unenviable also feature heavily, with plenty of pus crawling over her bottom, a mur- They will also get to task of trying to codify it all. artists ruminating on one of the der of crows made from straw and bin witness an This year the most obvious theme is biggest humanitarian crises of our bags, one of Craig Martin’s distinctive innovative new Mexican architect way to serve Frida Escobedo has tequila: a trio of designed a new way ultra- to serve tequila: FILM contemporary, circular vessels circular vessels handcrafted in GLORIA BELL handcrafted in volcanic rock DIR. SEBASTIAN LELIO volcanic rock, sourced from the BY DOUGIE GERRARD same rich soil in which miss out on this This beguiling, frustrating film is Dobel cultivates its agaves exclusive opportunity to noteworthy for two reasons: a gleam- in Jalisco. The glassware was learn more about it from ing performance by Julianne Moore, designed by celebrated Mexican industry-leading mixologists and and the fact that it is a remake by architect Frida Escobedo, who was producers. Chilean director Sebastian Lelio of responsible for the creation of the his own film, 2013’s Gloria. Serpentine Pavilion in Hyde Park £ The offer includes a complimentary Save the surname appended to the last year. Maestro Dobel Diamante cocktail title and the new LA setting, Lelio She commissioned Mexico City’s (Diamante is the world’s first clear, has changed little from the original. eminent stonemason Juan Fraga to multi-aged tequila), paired with Moore stars as the eponymous Glo- source the rock and expertly carve canapés by MBER. To participate City ria, a fifty-something divorcee who the geometric, stacking vessels. A.M. Club members simply need to forges a hesitant relationship with Only 30 Frida Escobedo for Maestro present their membership card or app Arnold (John Turturro), an ex-marine Dobel limited-edition vessels exist. on arrival who now runs a paintball company. Both are wrestling with the anxi- . eties, immediate and existential, of late-middle age, of which Lelio is a watchful, sympathetic observer. Their problems are different – Glo- HOW TO JOIN THE CLUB ria’s kids (Caren Pistorious and Michael Cera) aren’t much interested Blade Runner soundtrack. It is also pens, there are very few interesting The City A.M. Club is your passport to the lifestyle brands, to your favourite in her anymore, while Arnold’s cling frequently very funny – one scene, in conversations, and apart from Glo- City, giving you access to networking restaurants. to him like limpets – but the under- which Gloria invites Arnold to an in- ria, none of the characters seem in- opportunities, events and exclusive An annual membership costs £240 – lying worries are the same: the fear timate birthday party also attended terested in the contents of the plot. offers. City A.M. has collected more than an amount that could easily be recouped of loneliness, of invisibility, the des- by her ex-husband, is a miniature Given all this, it’s no surprise that 50 partners, each providing a totally in a matter of weeks. To apply, log on to perate need to cling to a past that masterpiece of bourgeois awkward- the film’s success rests almost en- unique, curated experience for City A.M. our Club website at club.cityam.com. We feels like it’s fast disappearing. ness. tirely on its starring performance. Club Members. They range from leading look forward to seeing you on the inside. This is richly textured filmmaking, The problem, and it seems a And for this alone it’s worth watch- full of short, dreamy scenes, and strange thing to say about such ac- ing: Moore, on screen for the whole For more information, visit: CLUB.CITYAM.COM overlaid by a near-constant sound- complished filmmaking, is that Glo- film, is magnificent, investing Gloria scape of mellifluous hums and whis- ria Bell is actually quite dull. with a tenderness and generosity tles oddly reminiscent of Vangelis’ Nothing especially interesting hap- that belies her slender scripting. CITYAM.COM FRIDAY 7 JUNE 2019 LIFE&STYLE 27

RECOMMENDED

ART NATALIA GONCHAROVA TATE MODERN BY DOUGIE GERRARD

Natalia Goncharova was a Russian avant-garde artist who throughout her career was preoccupied with the world of the Russian peasantry. Upon entering this exhibition, you’re presented with the artistic culture of an old, lost world; en- trancing tray-paintings (an old folk handicraft), stylised versions of tra- ditional religious prints, a peasant’s dress. Goncharova was a modernist, but her modernism was concerned with preserving a dying feudal world, whose artistic traditions were soon to be obsolesced by the October Revolution. This unique artistic posture – modernism directed away from the modern – invites an interesting question, one that the exhibition sadly doesn’t interrogate. What was Goncharova’s relationship with the world of the Tsar? An Aristocrat’s daughter, she left Russia for Paris in 1915, and the tu- mult of the years preceding the Revolution is infused into her work – particularly her urban paintings, block-colour paintings, an Allen Jones which are fraught with unease. Her nude mannequin in front of an ab- art doesn’t glorify pre-Revolution- stract canvas. ary Russia, but it is willfully blind As ever, I found myself feeling sorry to the hardships it inflicted upon Western Europe, Goncharova used small Slavic touches insinuating tion also features works by Picasso for the smaller pieces, the ones cast people. Peasant life was surely not her modernist training to explore themselves into the fractured and André Derain that were part of adrift 20 feet in the air, or squirreled this colourful. nascent artistic movements, en- shafts of colour characteristic of turn-of-the-century Russian collec- away behind pillars. Or the thoughtful As a result, there is an elitism – meshing her inimitably slavic style cubo-futurism, a style she helped tions, and were influential on her pieces lost amid the noise and colour: perhaps inevitable, given her back- with the rapidity and restlessness pioneer. artistic development. delicate little collages, a knitted por- ground – permeating Gon- of Italian futurism, which called As the exhibition moves into its There is something infuriating trait, a tiny geometric abstraction. It charova’s gaze, which looks at upon artists to embrace the dy- final rooms, it introduces a num- about this collection, in that it pres- would take weeks to properly process Russian peasantry as Kipling did at namism of modernity (and later, ber of clever innovations, overlay- ents, and then leaves mostly unad- all of this, and even then, would it col- Indians under the Raj. She is not fascism). ing a series of stencil prints, dressed, a set of contradictions, in lectively make any sense? interested in the grim reality of The discovery of futurism was a lithographs, and illustrations with the process slightly obscuring the Experiencing the Summer Exhibi- their lives, instead finding their seismic moment in her artistic life, contemporaneous Russian poetry beautiful paintings on show. But it’s tion is an exercise in searching for value only in their traditions, sub- prompting her to move her canvas and music by Igor Stravinsky. The also a fascinating glimpse into a meaning in chaos, in finding beauty stituting their humanity for the from Russia’s villages to its facto- curators have clearly made an ef- world largely alien to us, of peasants amid overwhelming clutter; perhaps primitivism and folklore with ries and city streets. However, her fort to situate Goncharova in the and aristocrats, preserved in glori- the whole thing is a protracted which she was infatuated. work remains indigenously Russ- cross-pollinated Eurasian millieu ous colour shortly before it was for- metaphor for simply being human. Crossing between Moscow and ian throughout this shift, with that produced her, and the exhibi- ever destroyed.

FILM When the President calls asking DARK PHOENIX for Xavier’s help rescuing a bunch of stranded astronauts, he doesn’t DIR. SIMON KINBERG think twice about putting his stu- BY STEVE DINNEEN dents in harm’s way, and the re- sulting mission infects star pupil When the current crop of Marvel Jean Grey with the malevolent cos- movies came to an end with mic power that’s haunted the Endgame, it was a proper cine- franchise like a bad smell since matic event, the culmination of a 2006’s X-Men: Last Stand. THEATRE decade’s worth of groundwork. It She can’t control the power, and felt like it mattered. X-Men: Dark the resulting destruction leads to BRONX GOTHIC Phoenix attempts a similar trick confrontation with those annoy- YOUNG VIC but ends up proving, once again, ing humans, destroying every- BY JAMES PRESCOTT that the Marvel magic is difficult thing Xavier set out to do. to replicate. And herein lies the problem: This one-woman show, written and It starts promisingly, with the there’s nothing new here. The performed by Okwui Okpokwasili, strongest opening of an X-Men franchise has become a tedious os- charts the frustration and isolation of film since 2011’s soft reboot First cillation between two states: the X- shifting into adulthood. Class. James McAvoy’s Charles Men being feared and hated, or It’s presented as a reading of notes Xavier has never been so multi-lay- the X-Men having saved the world passed between two childhood ered, his altruistic vision for his X- and being loved and adored. It’s a friends, providing both a hilarious Men muddied by the corrupting radio frequency broadcast on a and horrifying account of adoles- influence of fame, power and alco- Mobius strip, endlessly cycling the cence. The readings are stitched to- hol. The retired Magneto (Michael same old ideas. Accepting those gether with more physical elements, Fassbender), meanwhile, is who are different is a fine mes- something the actor’s lean, sinewy fig- reimagined as a semi-benevolent sage, but it’s the same one from ure lends itself well to. Before the play anti-hero, world-weary and bro- the first X-Men film almost 20 even begins, Okpokwasili body-pops in ken, living off the grid in a kind of years ago. her defining characteristics are strange and disappointing chapter the corner as the audience take their junkyard utopia. And Jennifer The problems are exacerbated by a speaking slowly and not blinking. in X-Men history. There are hints seats, so that by the time the action be- Lawrence is brilliant – as ever – lack of a solid antagonist. In the They feel tacked on, utterly dis- that the franchise may now head gins, sweat is already seeping through hogging the movie’s best mo- first reel we’re introduced to a posable, and when the inevitable into new territory, perhaps draw- the thin rag draped over her. ments as Mystique, who sees bunch of Invasion of the Body CGI showdown takes place, it ing on the work of comic writers It’s a strange play – at times difficult straight through her brother Snatchers-style aliens who are chas- lacks any emotional weight (it also like Grant Morrison, Joss Whedon to follow, at others difficult to stom- Xavier’s bluster about the impor- ing the aforementioned cosmic lasts far, far too long). and Jason Aaron. I hope so: it des- ach. But it’s also a work of vast scope; tance of good optics in the quest force. One of them takes the form of Dark Phoenix limps over the fin- perately needs the oxygen of fresh an astounding accomplishment. for mutant acceptance. Jessica Chastain’s dinner party host; ish line, drawing a line under a ideas. 28 PUNTER FRIDAY 7 JUNE 2019 CITYAM.COM THE PUNTER RACING TRADER

Bill Esdaile Hat-trick Hart: Jockey previews the action Jason Hart is looking for a third win in a from Haydock Park row on Safe Voyage

FTER the razzmatazz of last week’s Investec Derby Festival, things are a little quieter with Athe feature race of the week- end being tomorrow’s Betway John Of Gaunt Stakes (3.35pm) at Hay- dock. We may be moving into the second week of June, but if forecasters are to be believed the going could be close to heavy at the north-west track for their Group Three feature. At the time of writing, the official de- scription is good to soft with up to 20mm of rain expected over the next 24 hours. The return to seven furlongs is sure to suit David Elsworth’s Sir Dancealot who caught the eye with a really nice reap- pearance run when seventh behind Mus- tashry in the Lockinge Stakes at Newbury last month. That trip would have stretched him and he is likely to be seen in a far better light over this distance – a trip he won over three times last campaign. However, I’m a little bit worried that if the ground really deteriorates as ex- pected, he may just get a bit bogged down. He has encountered soft (or worse) five Play it Safe with Voyage to navigate times in his career and, even though sev- eral of those runs have been in Group One company, he hasn’t performed at his best. His stable has also yet to hit top form, so it seems safer to look elsewhere. his way through the Haydock mud The answer could well be John Quinn’s SAFE VOYAGE who will relish the condi- tions and has won both starts on rain- softened ground over course and JECEHHEMÊI
8?=
H79;
7J
>7O:E9A However, I am always wary of backing by the ever-worsening conditions. distance this season. a horse on his second start after a long Finally, the ITV cameras may have gone

Going: GOOD TO SOFT He looks to be improving and at 7/2 7 812-54 MITCHUM SWAGGER(26)(C,D)(GS,S) absence and for that reason will take a off air for the ironically named Betway with the sponsors he can reconfirm the 3.35 BETWAY JOHN OF GAUNT ITV (12) R Beckett 7 9-0 ...... H Bentley chance on TARBOOSH who has run well Dash Handicap (4.10pm) where the 17 STAKES (GROUP 3) (1) Runs: 23 Wins: 4 Places: 7 £118,842 form with Mankib despite the slight pull in two starts this season on unfavourably runners are likely to be doing everything at the weights in that one’s favour. £35,727 7f 8 110-11 SAFE VOYAGE (28) (CD) (S,Y,GS) fast ground. but! The threat of bad ground means only (3) J J Quinn 6 9-0 ...... J Hart The key to this six-year-old is soft If the ground does turn heavy, it may 1 86171- SNAZZY JAZZY (220)(GS,SH,HY,VS) Runs: 18 Wins: 8 Places: 1 £149,342 nine have been declared for the Betway (8) Clive Cox 4 9-3 ...... H Crouch ground as his lifetime form figures of be worth having a few quid each-way on 9 9550-7 SIR DANCEALOT (21)(D)(GS,G,GF) 2513121 on good to soft or worse demon- Linda Stubbs’ SOIE D’LEAU at a big price Achilles Stakes (3.00pm) where the top Runs: 10 Wins: 5 Places: 0 £207,751 three look the ones to concentrate on. (7) D Elsworth 5 9-0 ...... G Mosse: strate. right at the foot of the weights. 2 3488-3 BRETON ROCK (26) (CD) (G) Runs: 29 Wins: 8 Places: 4 £481,140

Danzeno bounced back to form last (10) D Simcock 9 9-0 ...... J P Spencer 10 324-44 SUEDOIS (28) (D) (G,F) He’s another worthy of support at 4/1 The seven-year-old hasn’t had his weekend and won’t be far away if in the Runs: 40 Wins: 10 Places: 13 £645,616 with Coral. beloved bad ground for fast approaching (4) D O’Meara 8 9-0 ...... D Tudhope same mood. 3 1060-6 BURNT SUGAR (42) (D) (G,GF) Runs: 40 Wins: 8 Places: 15 £1,213,803 Willie Mullins is set to saddle True Self two years and races form a 1lb lower

He has bits and bobs of soft ground (1) R G Fell 7 9-0 ...... B A Curtis 11 12406- TIP TWO WIN (168)(D,BF)(GF,GS,G) in the Betway Pinnacle Stakes (2.25pm) mark than when going close here in a Runs: 48 Wins: 6 Places: 5 £356,916 form but wouldn’t want things to get re- (5) R Teal 4 9-0 ...... D Probert and she should take plenty of beating valuable handicap in 2017. ally hard work. 4 31-115 KEYSER SOZE (50) (D) (A) Runs: 11 Wins: 4 Places: 3 £325,984 with conditions in her favour.

Stake Acclaim is definitely the one they (9) Richard Spencer 5 9-0 ...... G Lee 12 261-04 SHEPHERD MARKET(28)(D)(GS,G) The only negative is her skinny price POINTERS TOMORROW Runs: 17 Wins: 5 Places: 3 £78,205 (2) Clive Cox 4 8-11 ...... P Hanagan all have to beat and his short head sec- and if the ground had been a bit better I 5 310-27 LARCHMONT LAD (28) (P) (D) (G) Runs: 9 Wins: 2 Places: 3 £42,822 Tarboosh ond in the Haydock Sprint Cup on heavy (6) J Tuite 5 9-0 ...... David Egan might have been tempted to take her on 2018: D’Bai 4 9 0, W Buick 3/1 (C Appleby), 7 ran. Haydock ground two years ago is well above what Runs: 18 Wins: 3 Places: 6 £161,130 with Highgarden for the John 3.00pm :BETTING: 7/2 Sir Dancealot, 4 Safe Voyage, 11/2 Mankib, anything else has achieved in this. 6 9164-2 MANKIB (28) (D) (GF,GS) Gosden/Frankie Dettori team. Safe Voyage 7 Breton Rock, 10 Tip Two Win, 11 Snazzy Jazzy, Suedois, Haydock He bounced back after nearly two years (11) W Haggas 5 9-0 ...... J Crowley 12 Mitchum Swagger, 14 Keyser Soze, 16 Larchmont Lad, She has always been held in high re- 3.35pm off the track with a good win at Newbury Runs: 13 Wins: 5 Places: 2 £88,235 20 Others gard and could have a lot more speed Soie D’Leau e/w back in April and could win this with a than most of these. 4.10pm Haydock bit up his sleeve if in the same form. The concern is that she may be blunted CITYAM.COM FRIDAY 7 JUNE 2019 PUNTER 29

@BillEsdaile

Bill Esdaile previews tomorrow’s Proschema (black cap, fourth) ran well action at Newmarket and Beverley in some decent Classy Proschema handicaps last season looks decent price to defy big weight

VEN though we are still in at Doncaster and Haydock. June, we get to sample the de- He hasn’t managed to get his head lights of Newmarket’s July in front since, but ran a few decent ECourse for the first time in races last term, including an excel- 2019 tomorrow. lent third in the competitive Melrose The Rowley Mile is the most historic Handicap at York. of the two courses but the more inti- The St Leger was a bridge too far but mate July Course is preferred by he was then a good second at York in many racegoers. October before being gelded over the The biggest fixture at the track is winter. next month’s July Festival and while He didn’t run badly at all on his we won’t see the same quality horses reappearance at Newbury in the lining up tomorrow, there are still Group Three Dubai Duty Free Sur- some decent handicaps to get stuck prise Stakes, although I did expect a Well backed on his reappearance at last month. Sean Davis taking off a valuable 5lbs. into. little more from him last time in the the Guineas meeting, he was not dis- However, I’m not sure the drop The gelded son of Garswood has ap- A number of the runners in the Jorvik Handicap at York. graced in being beaten by Baghdad back to seven furlongs is what he preciated going up to seven furlongs 1m6f Bernard Sunley Memorial Although he has plenty of weight to and looks like another who will wants so I’m happy to oppose the on his last two starts and won going Handicap (2.45pm) will likely have carry tomorrow, he has been enjoy the extra distance. likely favourite. away at Doncaster last time. the £1m Sky Bet Ebor Handicap at dropped a couple of pounds for that The problem with him is that he is Flashcard was disappointing at This is tougher but he looks well- York in August as their main target effort and the step back up to 1m6f now just 6/1 which looks a shade too Goodwood a fortnight ago but if he handicapped and Fahey’s horses are this season. will definitely suit. skinny in such a competitive race. has come on for that he will have going well. Take the 15/2 with Coral. This is a decent prize in its own He has some solid form at this trip The action gets underway with the every chance. right, though, and Tom Dascombe’s and looks decent each-way value at Bentley Cambridge Handicap It may have been the quick ground POINTERS TOMORROW PROSCHEMA looks the overpriced 12/1. (2.10pm) over seven furlongs and this which resulted in that disappoint- one to me. Amanda Perrett’s Spirit Ridge is the looks another complex puzzle to ment, though, and it looks like it will Gabrial The Wire e/w Always highly regarded by his obvious danger and I can definitely solve. be pretty quick at Newmarket. 2.10pm Newmarket trainer, the son of Declaration Of see him being rated higher than his Awe will have plenty of supporters Richard Fahey’s GABRIAL THE WIRE Proschema e/w War got last season off to the perfect current mark of 92 at the end of the after his unlucky run in the Silver catches the eye at the bottom of the 2.45pm Newmarket start, winning back-to-back contests campaign. Bowl Handicap at Haydock weights with promising apprentice Watson’s speedy Execlusive worth a shot at Beverley T IS not often that I tip at Beverley, was impressive on her debut, where continue the trend. have learnt plenty from that and five isn’t ideal. Ibut the Yorkshire track boasts a she overcame a wide draw to win by She looks deserving of this step up looks ready to compete in better He’s a player, but I’m happy to stick good card tomorrow and my eye is over two lengths. in class and should be backed at 5/1. company here. with Dream Shot who can take this drawn to a couple of smart sprinters. She looks another promising two- Later on the card, I like the chances A draw in stall two is perfect, on his way to bigger and better There is rain in the forecast, but year-old for a trainer who tends to do of James Tate’s DREAM SHOT in the particularly given the fact that the things at 4/1. that shouldn’t hinder EXECLUSIVE well with juveniles and Watson’s Two Year Old Trophy (3.15pm). main danger, Oh Purple Reign, is who I’m hoping can make it two wins record at Beverley gives grounds for He was given a typical Jamie drawn on the far outside in six. POINTERS TOMORROW from two over course and distance in optimism too. Spencer ride on debut at Goodwood, Richard Hannon’s runner was a the Hilary Needler Fillies’ Conditions He has claimed four wins from just where he swooped late to see off good second in the Woodcote at Execlusive 2.00pm Beverley Stakes (2.00pm). 13 previous runners at the Yorkshire Spanish Angel by a neck. Epsom, though he only got going late Dream Shot 3.15pm Beverley Archie Watson’s daughter of Kodiac track and I’m hopeful Execlusive can The son of Dream Ahead should over six furlongs, so a drop back to 30 SPORT FRIDAY 7 JUNE 2019 CITYAM.COM SPORT DOWN AND OUT England freeze in front of the orange press to surrender the semi-final, writes Felix Keith

HE Estadio D Afonso Hen- riques was last night etched into England’s football his- tory alongside the Luzhniki Stadium as another nearly momentT for the Gareth Southgate regime. Twice in the last year England have shown promise, brought excitement and progressed to a semi-final. Twice they have stumbled at the penulti- mate hurdle, with expectation ulti- mately giving way to disappointment. The Nations League may not be as significant as the World Cup, Portugal may not feel as deflating as Russia and Holland may not hurt as much as Croatia – but the result is the same. England have undoubtedly made huge strides under Southgate’s sage stewardship, and yet their flaws re- main glaring once the pressure inten- sifies on the bigger stage. Swap the names – Ivan Perisic for Matthijs De Ligt, Mario Mandzukic for Quincy Promes – and the themes, albeit not the final scoreline, remain the same. The debate will no doubt rage about the nature of England’s capitulation – whether they should continue to play out from the back and take risks in distribution – but really their defi- ciencies stem from their mentality on the big occasion. penalty had put England in front. Potential excuses abound, but and made more passes (105), tackles John Stones and Harry Maguire are HOLLAND ENGLAND A cruel but correct VAR review ruled thankfully England didn’t want to (five) and ball recoveries (13) than any fine ball-playing centre-backs for their out a Jesse Lingard goal before apply them. The game’s proximity to other player emphasised the compo- clubs. Kyle Walker is a speedy and con- Maguire dallied on the ball, allowing Saturday’s Champions League final sure England lacked. sistent right-back for his. Ross Barkley Bergwijn to set up Depay, although certainly impacted the game, with “They had their pressing right on usually uses the ball bravely and intel- his pass had too much pace for a shot. none of the seven Liverpool and Tot- the night. We made a few mistakes ligently. But faced with an imposing, However, as extra-time rolled they tenham players among Southgate’s and I thought we tried to play at times suffocating orange high-court press in kept coming. Stones was too busy starting XI, but the difference in class but it didn’t work,” was how Raheem the semi-final of a European tourna- 3-1 checking and re-checking passing an- and temperament was clear even Sterling summed it up. “I think we ment they crumbled. With the pres- De Ligt (73’), Rashford (32’ pen) gles to consider Depay’s presence and, when Harry Kane and Jordan Hender- have to keep trying.” sure ramped up a notch, nerves set in Walker (97’ og), although Pickford parried the Dutch- son entered the pitch. England aren’t blessed with a player and errors became more frequent. Promes (114’) man’s shot, Promes was there to slide While Declan Rice, Fabian Delph of De Jong’s assured class. But what Mistakes by Maguire allowed Hol- in alongside Walker to make it 2-1. and Barkley looked to be operating at they do have is a manager intent on land two presentable opportunities The collapse was complete when 100 per cent capacity, labouring revolutionising the national team’s inside the first 11 minutes, Steven centre-back headed wide in the dying Barkley (pictured) sent a stray pass to around the Portuguese pitch, Hol- entire approach. Bergwijn spurning a half-chance and embers of the first half, but didn’t Depay, who combined with Promes to land’s Barcelona-bound Frenkie de Sterling is right. They should keep Memphis Depay a two-on-one situa- miss in the second, powering in at the complete the embarrassment and seal Jong was a picture of control, direct- trying. The only way to alter a style of tion. Stones frequently lost De Ligt near post to make it 1-1 in the Holland’s place in the final with hosts ing traffic from the base of midfield. play and change an ingrained conser- from corners. The 19-year-old Ajax 73rd minute after Marcus Rashford’s Portugal on Sunday. The fact he had more touches (128) vative mindset is to stick at it. How Nadal tweaked game to remain King of Clay again, but is the King of Clay still at more aggression and speed to his two years, although some way off his Michael Searles his unbeatable best at Roland Garros, NADAL REIGNS SUPREME serve. best of 64.6 per cent in 2014. or can long-term rival Federer It is something the Spaniard has Other aspects of his game, digs into the data dethrone him? £ NEW SERVE worked on with coach Carlos Moya including return points won, break Nadal, 33, has this year taken his Tweaks to his serve during the off-season and contends points saved and unforced errors all as Spaniard faces record in Paris to 91-2 and, according are paying off with a with an inevitable loss of endurance remain at a consistently high to data prepared for City A.M. by 77.1 per cent win rate as he ages. Federer, 37, has standard. semi-final against Infosys, his reign shows no signs of on first serve points made similar adaptations to Winning 74.4 per cent of points at waning. at Roland Garros. his game. the net is the second highest average old foe Federer Having relied on extraordinary However, the approach he has achieved since 2013, stamina and athleticism to help get £ WINNERS does add an element of risk, suggesting he is choosing when to F RAFA Nadal is to claim a 12th him around the slower court and win He is hitting more as demonstrated by an approach the net more efficiently, French Open on Sunday he will first rallies during his younger years, winners at this increase in double faults and second serve points won remains Ihave to beat old foe Roger Federer Nadal’s recent efforts to improve his year’s French Open to 2.8 per match – similar well above average at 62.5 per cent. in today’s semi-final, as one of sport’s serve appear to be paying dividends. with an average of to last year, but up by The world No2 has bounced back great rivalries gains yet another So far at this year’s tournament 35 per match. around 50 per cent on the from potential career-ending injuries chapter. Nadal has hit an average of 4.4 aces previous five years. to maintain his defence of the Roland What was once a regular per match, markedly better than the £ RUTHLESS The 33-year-old is also hitting more Garros crown, and at present, he is occurrence on the ATP Tour has now 2.0 and 2.6 average he hit in the two He’s converted 57.4 winners than in the past six showing no signs of letting it slip. become a rare occasion, with the two previous years. per cent of break tournaments, with an average of 35 “If you want to do or achieve titans meeting for the 39th time – He is winning more points on his points and has per match, also reflected in an something on clay,” said Federer this and there may not be many more. first serve – 77.1 per cent, up from won 74.4 per cent increase in the break points he week, “inevitably, at some stage, you Nadal has won 25 of their 74.0 and 71.9 in the last two French of net points. converts, up to 57.4 per cent from will go through Rafa, because he’s encounters and is favourite to prevail Opens – which is also indicative of around 50 per cent in the previous that strong and he will be there.” CITYAM.COM FRIDAY 7 JUNE 2019 SPORT 31 Canadian GP offers Ferrari hope of ending Mercedes streak competing for the world and fast corners and, like races in and Leclerc would ultimately crash tyre tweaks have negatively impacted If Italian marque championship quickly came Bahrain and Baku, should suit out. Four-time champion Vettel has the car, arguing that reduced tread shuddering to a halt while an engine Ferrari’s SF90. not been immune from the mistakes thickness makes it difficult for can’t stop rot in upgrade was fast-tracked to the plaguing the team, spinning in Ferrari to get heat into their tyres. Spanish Grand Prix last month. DESPERATION Bahrain during a battle with Lewis It adds to the reasons why the Montreal they may It has not stemmed the Mercedes The Italians were unlucky not to win Hamilton, while Ferrari’s failure to Circuit Gilles Villeneuve should tide, with the champions claiming the season’s second meeting in get Leclerc through the first phase of benefit them with its fast corners never do so, says victories in the six opening races. Bahrain, where an unprecedented qualifying in Monaco last time out and heavy braking. If they cannot Another this weekend would be a short circuit in the engine’s control was symptomatic of a desperation to end their duck here, on the other Michael Searles first since 1988, when McLaren’s system saw race leader Charles deliver results. hand, it begs the question whether Aryton Senna and Alain Prost went Leclerc’s car lose power and him slide This weekend, then, presents they can beat Mercedes anywhere S THEY head into the sev- on to win 15 of 16 grands prix that back to third. Ferrari with the chance to finally this season. enth round of the Formula season. In Baku, the missed opportunity kick-start their season. “We arrive “We will be in a better shape One season in Canada this But Sunday’s race in Montreal, was less obvious, but the team here ready to do our best and put the compared to Barcelona, but I think weekend, Ferrari are al- where Sebastian Vettel and Ferrari appeared to have the quickest car mistakes of the last few races behind they’ve still got the best car,” Binotto ready 118 points behind ri- claimed pole position and the win over one lap and could have taken us,” said team principal Mattia added. “I think they are still the ones valsA Mercedes in the constructors’ last year, poses the biggest challenge pole. However they wrongly opted to Binotto. “We know we’re not that should be ahead, but maybe the standings. yet to the Mercedes streak. use the harder compound tyre competitive enough right now.” gap will be closer. If there’s any Pre-season expectations of It is a track with long straights during the second qualifying period, Binotto is adamant that Pirelli’s opportunity, we’ll be ready to take it.”

SPORT DIGEST Brands pile into women’s game CITY LAUNCH CAS APPEAL OVER UEFA FFP ALLEGATIONS £ Manchester City have appealed to the Court of Arbitration for Sport after Uefa claimed the club breached financial fair play rules. City have challenged Uefa’s ahead of big World Cup kick-off decision to refer them to watchdog the Club Financial Control Body following allegations the club inflated the value of and a younger, digital-first generation a multimillion-pound sponsorship deal Commercial deals means broadcast exposure – some- to bypass FFP. The Premier League thing which typically held the sport champions could face Champions have multiplied as back – is no longer an issue. League expulsion if found guilty. Visa has cottoned onto this, using its the sport enjoys a campaign to target a different audi- CHELSEA AGREE £130M DEAL ence via social media videos which WITH REAL FOR HAZARD higher profile, says feature freestyle footballer Liv Cooke £ Eden Hazard is set to move to Real and ambassadors like England’s Lucy Madrid after Chelsea agreed a deal worth Felix Keith Bronze, Scotland’s Kim Little and Den- £130m in principle with the Spanish mark’s Nadia Nadim telling their own giants. The two clubs have been locked HE WORLD Cup arrives today stories. in negotiations this week after Hazard at an opportune moment for Visa is proud of its involvement in made clear his desire to leave the Blues women’s football. After a sea- women’s football and knows that the following their Europa League victory. son punctuated by record at- upward curve is likely to be accentu- Real are expected to pay an initial fee in tendances, greater exposure ated by this summer’s World Cup, al- the region of £88.5m for the 28-year-old andT successes both on and off the though increased competition is not forward, but the transfer could be worth pitch, there is an air of optimism en- up to £130m once bonuses are met. gulfing the sport. While the feeling is inspiring confi- WORLD CUP: DIARY DATES ANISIMOVA STUNS HALEP TO dence that Phil Neville’s Lionesses REACH FRENCH OPEN SEMIS could make good on their No3 rank- Today, 8pm: Hosts France kick off the £ American teenager Amanda ing and win a first World Cup in tournament against South Korea at the Anisimova produced a stunning France on 7 July, it has also bled into Parc des Princes in Paris. performance to defeat defending the commercial sector where brands Sunday 9 June, 5pm: England start Group champion Simona Halep and reach the are beginning to sense opportunity. D campaign against Scotland in Nice. French Open semi-finals yesterday. The Six months ago Sam Grimley, com- Friday 14 June, 8pm: England face world unseeded 17-year-old will play Australia’s mercial director at GumGum, a com- No37 side Argentina in Le Havre. eighth seed Ashleigh Barty in the last four pany which tracks the value of sports Wednesday 19 June, 8pm: England play after winning 6-2, 6-4 at Roland Garros. sponsorships, argued that companies 2011 World Cup winners Japan in Nice. “This is honestly more than I could ever were missing an opportunity in Saturday 22 June, 4.30pm: Knockout have asked for,” Anisimova said. “If I women’s sport. Fast-forward to the stages begin in the quarter-finals. didn’t look nervous it is because I present and they have caught up. Sunday 7 July, 4pm: World Cup final at wasn’t.” Elsewhere, Novak Djokovic beat “Football clubs used to be all about Lyon’s Olympic Stadium. Alexander Zverev in straight sets to set up the men’s team,” he tells City A.M. a semi-final against Dominic Thiem. “Now I’d say 80 per cent [of my clients] want some valuation on the sponsor- seen as a problem. COULTER-NILE AND STARC ship side of women’s teams, which is “We absolutely welcome that – Bar- STAR IN AUSTRALIA VICTORY fantastic.” clays coming in, Boots and several £ Australia fought back from a terrible The reason for the upsurge in inter- others – I think that’s fantastic,” says start to beat West Indies by 15 runs in a est is clear. The tide has turned, England are among the favourites for the tournament, which starts today in France Jeni Mundy, regional managing direc- thrilling World Cup match at Trent Bridge prompting a wide-scale investment in tor for the UK and Ireland. “The more yesterday. Aaron Finch’s side slipped to women’s football. just how popular the sport has be- World Cup as it did on the men’s support to create that platform the 79-5 before rallying through Steve Smith In March Barclays signed a three-sea- come,” said Lionesses captain Steph equivalent in 2018. better.” (73) and Nathan Coulter-Nile (92) to post son deal worth £10m to become the Houghton of the Lucozade deal, al- Its “One Moment” campaign was Grimley has followed the growth in 288. West Indies’s response fluctuated in title sponsor of the Women’s Super though she could be talking about launched on 4 May and will run to 7 the market and believes that there is reply, with Shai Hope (68) and Jason League. In the same month the Li- any of the recent brands to jump July in hope of attracting more atten- room for everyone – not just big Holder (51) making scores, but Mitchell onesses announced sponsorship deals wholeheartedly into the sport. tion to the competition and, of brands – with clubs such as Lewes FC Starc’s spell of 5-46 restricted them to with Lucozade and Budweiser, and in course, their brand. and Yeovil showing what’s possible 273-9 and sealed a second victory. April Boots penned a multi-million TIPPING POINT “This year is by far the biggest cam- further down the pyramid. pound three-year deal to sponsor the Visa has been involved in football paign that we’ve run,” Suzy Brown, “It’s always going to be a case where ENGLAND HAMMER WEST home nations and Ireland. sponsorship since 2007, when the fi- Visa UK’s marketing director, tells City there are going to be brands who are INDIES BY 208 RUNS IN ODI Elsewhere, in other signs of the nancial services company became a A.M. “Everyone really is seeing thought leaders, who will probably £ England thrashed West Indies by a shift, Adidas pledged to pay their global partner of Fifa. But the positiv- women’s football at a tipping point. get one hell of a deal,” he says. record 208 runs to begin their women’s sponsored players who win the ity around the women’s game has Up until now it’s been stuck in a vi- “Visa now will probably do so with one-day international series in style Women’s World Cup the same now prompted it to commit further to cious circle – fewer of the games have football, because they’ve been in yesterday. Heather Knight struck 94 and bonuses as male counterparts. Eng- the women’s side of the operation. been on TV, so less sponsorship, less there early and in a big way. But there Amy Jones 91 as England posted 318-9 land then unveiled a first specially-de- The company signed a seven-year investment in the game and not will also be fast followers who say batting first at Grace Road to set the signed kit for the Lionesses, having partnership with Uefa last year to be- many role models to look up to.” ‘Blimey, that looks good’.” visitors a record ODI run-chase. West previously made do with the men’s come the biggest corporate sponsor of Grimley believes the rise of women’s If the Lionesses hold the trophy aloft Indies struggled in response, being design. European women’s football, while it football and wave of commercial in Lyon on 7 July it looks likely to trig- bowled out for 110 in 36 overs, with “Having such an iconic brand sup- have also pledged to spend as much deals is partly to do with the way fans ger a whole new wave of sponsorship bowlers Sophie Ecclestone and Laura porting women’s football is proof of on marketing for this year’s Women’s now consume content. Social media for the women’s game. Marsh both returning figures of 3-30.