BUSINESS WITH PERSONALITY

KILLING BEEB? TRAINING REGIME THE RAIL WE DEBATE THE TRIP LINKING SWITZERLAND’S FUTURE OF BBC PREMIER SKI RESORTS P24-25 FUNDING P21 MONDAY 21 OCTOBER 2019 ISSUE 3,482 CITYAM.COM FREE

RUDDY MESS Top City PR man in FUND ROW: a spin amid People’s Vote turmoil WATCHDOG BITES BACK ANNA MENIN spokesperson for the watchdog told Woodford by surprise, and that the for- City A.M. A Link spokesperson said it mer star stockpicker was preparing to @annafmenin “can’t comment on what is in the make a case for keeping WEIF open, THE FINANCIAL watchdog yesterday FCA’s mind”, adding: “Investor inter- arguing that progress had been made hit back at claims it put pressure on ests are the absolute paramount in reducing illiquid assets. administrators to close Neil Wood- concern for Link”. Link also denied claims, first reported ford’s flagship fund because the scan- WEIF was frozen in June after becom- in the Sunday Times, that it had been dal surrounding its suspension was ing overwhelmed by withdrawal preparing to close WEIF since July. A undermining confidence in the sector. requests, sparking the biggest crisis in spokesperson for the company said the Link Fund Solutions, which was the investment industry for a decade. claims were “completely and categori- responsible for overseeing the suspen- The fund was unable to meet redemp- cally untrue... The decision to close the sion of the £3bn Equity Income Fund tion demands because of its large fund was taken in the immediate run- (WEIF), announced on Tuesday the proportion of illiquid holdings. up to the announcement.” JAMES WARRINGTON The decision comes after the PR fund would be liquidated, triggering FCA head Andrew Bailey accused Link declined to comment on reports man, who made tens of millions after the collapse of Woodford’s investment WEIF in July of “following the letter, that its managing director Karl Midl @j_a_warrington selling Finsbury to WPP in 2001, empire later that day. The Financial but not the spirit” of the rules govern- had made inquiries about appointing CITY PUBLIC relations tycoon Roland faced an apparent coup led by Peter Conduct Authority (FCA) has dismissed ing liquidity. Blackrock to liquidate WEIF’s large-cap Rudd is set to quit his top role in the Mandelson and Alistair Campbell. claims it had pressured Link to shut As the authorised corporate director holdings in July, however said it would People’s Vote campaign as the anti- Private emails seen by the Mail on down WEIF as “categorically untrue”. of the fund, Link had been tasked with be “remiss” not to have “contingency Brexit movement is rocked by a fierce Sunday revealed how the two Blair- The Sunday Times reported Link had repositioning the fund’s portfolio, but planning going on at every stage of boardroom battle. era veterans orchestrated a plot to come under increasing pressure from said on Tuesday that it had been un- this process”. Blackrock was appointed Rudd, founder and chairman of bring down the chairman. the FCA to close the stricken fund as able to sell enough of the illiquid and by Link to sell off WEIF’s listed assets financial PR firm Finsbury, is In one email, Campbell said a the scandal was denting confidence in unquoted assets to allow WEIF to last week. reportedly set to resign as chairman public battle with Rudd “should the fund management industry. reopen in December as planned. Woodford declined to comment. of Open Britain, one of the key happen soon and be fast and brutal”. “There was no pressure from the FCA City A.M. understands that Link’s organisations behind the People’s put on Link to wind down the fund,” a decision to shut down the fund took £ INDUSTRY PERSPECTIVE: P17 Vote campaign. £ CONTINUES ON P4 Private equity swooping on listed firms in ‘underperforming’ market

ANNA MENIN The total valuation of deals valuations on the UK’s relatively private equity firm Blackstone, and were not more deals occurring, taking UK-listed firms off the stock underperforming stock market was the Canada Pension Plan with only eight such tie-ups over @annafmenin market more than trebled in helping to make listed UK firms Investment Board. Meanwhile the the past 12 months. THE VALUE of private equity (PE) 2018/19 to £14bn, according to more attractive to PE funds. government intervened in the £4bn “Considering the attractive deals taking UK-listed companies research published today by There has been a string of high- takeover of defence giant Cobham valuation of so many UK listed private has more than trebled over accountancy firm BDO. profile so-called take private deals by US private equity firm Advent companies combined with the the past year, as the valuation The figure represents a 278 per targeting UK firms in recent International last month on the scarcity of high-quality private premium of listed companies cent increase on the previous year’s months, including the £4.8bn grounds of national security. assets for sale in the market, there compared to private firms total of £3.7bn. takeover of Merlin entertainments BDO’s private equity head Jamie ought to be more take private narrowed. The beancounter said depressed by the Danish owners of Lego, Austin said it was surprising there transactions,” Austin said.

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CITYAM.COM MONDAY 21 OCTOBER 2019 NEWS 03

HOLY DAVIDSON Gold-plated Harley Davidson motorbike signed by Pope Francis sells for more than £40,000 at Bonhams auction THE CITY VIEW Anti-Brexit MPs keep moving the goalposts

HIS was supposed to be the week in which the UK finally staggered out of the Brexit-related darkness and began to Tconsider the future – having spent three and a half years arguing about the past. Boris Johnson, against the odds, renegotiated the Brexit withdrawal agreement and was on the cusp on winning parliamentary approval for it, a feat which three times eluded his predecessor. True, it had come at a cost (losing the support of the DUP) but Conservative MPs and a small band of Labour rebels were prepared to recognise that the deal on the table was the only viable way to deliver on the 2016 referendum result. The deal was described as “admirable” by Sir Oliver Letwin who declared that he will be supporting it — just not yet. His amendment, which prevents the Commons from endorsing the deal until all associated legislation is completed, A GOLD-PLATED Harley Davidson motorbike signed by Pope Francis sold for £42,000 at Bonhams auction house in Stafford allowed every single anti-Brexit MP (and there are a lot) to yesterday. The proceeds of the sale will go towards the construction of an orphanage and school in Uganda, the BBC reported. regroup and plot the unpicking of the withdrawal agreement. The bike, known as the White Unique, was slightly undersold as it had been expected to fetch between £50,000 and £100,000. Lib Dem MP Layla Moran and the Green party’s Caroline Lucas posed for a beaming Commons selfie and tweeted: “We have won the Letwin amendment! The fight for the People’s Vote to stop Brexit continues!” And so, with the time granted to them by Letwin, MPs will line up this week to push for a confirmatory referendum as well as permanent membership of the EU Government digs in on a Customs Union. Johnson’s critics in parliament claimed he didn’t want a deal — indeed, that no-deal was his preference. Having confounded them, these same MPs are now set to demand membership of the Customs Union. This is becoming intolerable. Despite Mark Carney describing Johnson’s new deal second Brexit deal vote as “a net economic positive” and despite the fact that, as the UK’s STEFAN BOSCIA former EU commissioner for financial services Lord Hill put it through. Gove, the cabinet minister in the government tried to table a mean- @Stefan_Boscia charge of no-deal preparations, told ingful vote, as it would invalidate the yesterday, the EU is in no mood to prolong this process, MPs will Sky News yesterday the government Letwin amendment vote. continue to try and prevent the UK’s departure from the EU. In MICHAEL Gove has guaranteed the UK has “the means and the ability to If a meaningful vote is not allowed, doing so they are testing the patience of the public and the will leave the EU on 31 October, [leave on 31 October]”. When asked if the government will have to wait despite Boris Johnson’s letter to Brus- the government had the numbers to until Tuesday to bring forward a sec- business community as yet more uncertainty becomes the price sels asking for a delay. pass the vote, he said: “I believe we do.” ond reading of the Withdrawal Agree- paid for parliamentary chicanery and political intransigence. The Prime Minister was forced to Foreign secretary Dominic Raab told ment Bill. If an initial vote on the bill The government, which currently operates without the benefit send the letter – which he did not the BBC that “we seem to have the is passed, MPs can then add amend- of a working majority, will still try to push through the sign – on Saturday after parliament numbers in the House of Commons”. ments to the withdrawal agreement. voted to delay approving his Brexit However, potential plans to hold a Shadow Brexit secretary Keir legislation by 31 October, thus complying with the Letwin deal. meaningful vote today could be Starmer said Labour would attach an amendment while sticking to their own preferred timetable, but The Letwin amendment to scuppered by speaker John Bercow. amendment to put any deal to a con- it will be an almighty, perhaps impossible task – made harder by the deal passed 322 to 306, Leader of the House Jacob Rees- firmatory second referendum. withholding parliamen- Mogg said over the weekend the “Whether it’s this deal or any future the fact that Letwin has emboldened and strengthened those tary approval of the with- government would put forward a deal, we need to go back to ask ‘do you who will stop at nothing to prevent the UK leaving the EU. drawal agreement for the meaningful vote on the deal want to leave on these terms?’,” time being. this week. he said. However, it is expected Bercow responded to Rees-Mogg A number of MPs who voted for the that the government will by saying it would be “most Letwin amendment are expected to try to table a meaning- curious” and “irregular” if vote for the government’s deal this ful vote on the deal week. Letwin and fellow ex-Tory MP today in another Amber Rudd plans to back Amber Rudd said they would back Follow us on Twitter @cityam attempt to push it Johnson’s deal this week the deal.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL STANCHART’S BILL WINTERS WHAT THE ADVENT COMMITS TO UK LAWYERS IN SEXISM ROW US CONGRESS RAMPS UP SET TO ACCEPT PAY CUT OTHER JOBS IN COBHAM TAKEOVER OVER WOMEN’S RANKING SCRUTINY OF BOEING EXECS Bill Winters, the chief executive of Advent International, the US private A sexism row has broken out over the The US House Transportation and Standard Chartered, is planning to PAPERS SAY equity giant seeking to buy the defence ranking of Britain’s top lawyers as one Infrastructure Committee probing the accept a voluntary pay cut as the bank and aerospace company Cobham for man has refused to have his name 737 Max jet crisis is ratcheting up seeks to draw a line under a dispute THIS £4bn, says that it is ready to commit to included in protest over the lack of scrutiny of Boeing leaders as new over his £474,000 pension allowance, protecting British jobs. women on the list. Chambers and details point to management pressure according to people briefed on the MORNING Partners was criticised by Chris Arnold, on engineers and pilots in its matter. The bank has been in TRUMP AIDE DOES U-TURN a partner at a City law firm, for commercial aircraft unit. discussions with investors since May. ON UKRAINE PHONE CALL overlooking “inspirational women”. US President Donald Trump’s chief of PROTESTS IN HONG KONG HUAWEI ADMITS THAT US staff was accused of a U-turn when he EUROPE MULLS RELAXING CONTINUE TO ESCALATE SANCTIONS ARE HURTING denied admitting that Trump had SELF-DRIVING CAR LAWS Protestors set fires and police deployed Huawei is struggling to replace Google demanded a quid pro quo from Ukraine Europe is considering relaxing its tear gas and a water cannon as tens of apps on its mobile phones after being company, which is in the middle of a by withholding aid to encourage an restrictions on self-driving technology thousands of demonstrators took part hit by US sanctions, the company’s global technology war between investigation into Joe Biden’s son. Mick under pressure from Tesla. Regulations in an illegal march in Hong Kong, executives have admitted, saying it will Washington and Beijing, is being hurt by Mulvaney said in a press conference last that limit the abilities of Autopilot could showing that a raft of recent be years before they can develop their the US export ban, its executives told week that political quid pro quos in be eased under proposals tabled by the government measures has not quelled own alternatives. The Chinese telecoms the Financial Times. foreign policy happen “all the time”. company last month. months of unrest in the city. 04 NEWS MONDAY 21 OCTOBER 2019 CITYAM.COM

LOSING INTEREST RBS retail bank chief IFS: Labour spending likely to bring to step down after 10 years with the lender ROYAL Bank of Scotland’s (RBS) retail banking chief increased taxes for average earners executive Les Matheson is HARRY ROBERTSON His comments came as Labour and increased spending is usually funded preparing to leave the CBI remain embroiled in a row through higher taxes for everyone. the lender as new @henrygrobertson over the latter’s analysis of the cost “That’s what you’d probably have to boss Alison Rose THE DIRECTOR of the Institute for of the nationalisations. do,” he said. completes her senior Fiscal Studies (IFS) has said Labour’s In an interview with City A.M., Labour has said that its spending leadership team. spending plans are likely to lead to Johnson said the business group’s will be paid for without tax rises for Matheson, who higher taxes for those on average in- focus was misplaced. Instead, he 95 per cent of people, however. joined RBS in 2010 comes. asked: “How are you going to ensure A Labour spokesperson said: “We and became personal Paul Johnson also said the party it's efficient? What is the regulatory will continue to be open and upfront banking chief in 2014, has questions to answer over its structure going to be?” about our plans as they develop.” has told colleagues plans to renationalise the railways, Johnson added that other he is planning to exit utilities, and Royal Mail. countries’ experiences showed that £ FULL INTERVIEW: P16 the bank in the coming months, Sky News reported.

Auditor accused of conflict of interest over Thomas Cook work ANNA MENIN saying PwC’s dual role represented a “clear conflict” of interest. @annafmenin A PwC spokesperson said it had AUDITOR PwC has been accused of a stopped advising Thomas Cook’s conflict of interest for advising remuneration committee in 2009. Thomas Cook executives on their pay “The non-audit work as advisers to and bonuses while auditing the now- the remuneration committee… was defunct travel firm. approved in advance by the audit PwC audited Thomas Cook’s committee, complied with all accounts between 2008 and 2016. relevant regulatory standards, and The company also earned £4m was disclosed in the company’s providing “recruitment and annual reports,” the spokesperson remuneration” advice to Thomas told City A.M. Cook between 2007 and 2012, the British accountants have been Financial Times reported yesterday. banned from providing The newspaper quoted the head of remuneration advice to directors of audit at a rival accounting firm as firms they audit since 2016. Boardroom spat puts anti-Brexit group in turmoil CONTINUED FROM FRONT PAGE on the campaign following polling Forget about better deals: call us that showed women were more likely and we’ll match any price you Former business secretary Peter to back Remain than men. fi nd cheaper. Mandelson slammed Rudd’s “slipper- But one board member slammed iness” and suggested leaking the PR Rudd’s involvement and said it was a Forget about your contract too: boss’s private emails. “relief” he was stepping down. The emails, which were accidentally “He contributed more in dinner par- we’ll be in touch before it ends. forwarded to Rudd, lift the lid on the ties than fundraising and strategy,” fierce in-fighting behind the scenes of the executive told the Sunday Times. Forget about us: focus on the People’s Vote campaign. “Rather than helping to bring the running your own business. The movement was originally fo- groups together to fight for a com- cused on pushing for a second refer- mon aim, he was only interested in endum, but Rudd has ruffled feathers centralising the campaign around among the top brass by shifting focus himself to the detriment of others. It towards overt support for Remain. became very unpleasant at times.” The outgoing chairman, who is the Another source close to the People’s brother of former Tory cabinet minis- Vote campaign told City A.M. Rudd was ter Amber Rudd, is also said to have “belatedly” trying to shake things up pushed for a wider shake-up of the after requests from fellow board People’s Vote leadership team, includ- members. “He’s not a champion of ing director James McGrory and com- diversity,” the source added. munications chief Tom Baldwin. Rudd is now involved in discussions In a letter seen by the Sunday Times, with Stephen Dorrell, chair of fellow Offer ends 29th Oct Rudd said he wanted to set up a new People’s Vote group the European 0808 731 7517 plus.net/business umbrella organisation to pull to- Movement, about creating a new or- Call: Visit: gether different factions of the ganisation with a fresh executive campaign, and called for a “female team. But allies of Mandelson are said New customers only. Unlimited Business Fibre - £26.50 plan available until 29/10/19. £47.50/mth from mth 13. Outside low-cost areas £32.50/mth, then £53.50/mth from mth 13. Prices excludes 20% VAT. 12 month min term. Subject to availability. New line install £50 (subject to survey). Fixed price applies to broadband and line rental monthly price only (excludes founder chair”. to be setting up a splinter fundraising other services, such as call plans, call charges and add-ons). Prices matched against recognised providers only. Terms apply, visit plus.net/business/price-match for more details. The push for a female leader would group in a bid to cut Rudd’s influence help to redress the gender imbalance and take control of the campaign.

CITYAM.COM MONDAY 21 OCTOBER 2019 NEWS 07

FINGER-WAGGING Metro Bank to cut off Firms urged to cull incentive plans chairman Vernon Hill’s expenses budget METRO Bank is JESS CLARK not tied to a company’s share price. Purposeful Company chair Clare deciding when to cut off chairman @jclarkjourno A report by the Purposeful Company, Chapman told the newspaper: “There a think tank established in 2015 with is a clear call from institutional in- Vernon Hill’s BRITISH companies should reconsider Bank of England support, has said a vestors for boards to be bold.” £10,000 a month their use of long-term incentive plans quarter or more of UK companies The report, which included expenses budget, (Ltips) in favour of restricted share should instead consider restricted or responses from shareholders, compa- and could awards, according to recommenda- deferred share models, the Financial nies, asset managers and proxy advi- continue funding tions by a management think tank. Times reported last night. sors, said four-fifths of investors and his lifestyle after Ltips are designed to boost perform- Under that system, part of an annual three-quarters of companies classified he steps down as ance, however the system has faced bonus is paid out subject to conditions deferred share schemes as the best chairman of the criticism from some industry bodies taking performance into account over system for certain firms and board in and politicians as rewards are often a longer period. industries in some situations. December. Libor rigging Climate group probe cancelled patron owns a by fraud office stake in airport MICHAEL SEARLES STEFAN BOSCIA @michaelsearles_ @Stefan_Boscia THE SERIOUS Fraud Office (SFO) has A BILLIONAIRE backer of Extinction shut down a seven-year investigation Rebellion has been revealed to have a into the rigging of Libor. stake in Heathrow airport. Libor is the benchmark interest Sir Christopher Hohn has rate that tracks the cost of borrowing clandestinely built a four per cent cash. The decision comes despite stake in Heathrow parent company evidence implicating the Bank of Ferrovial worth €730m (£630m), England, the BBC reported over the according to the Sunday Telegraph. weekend. It was reported in May by Spain’s The SFO said a detailed review of Banco de Sabadell that Hohn had the evidence had been undertaken. bought a one per cent share in the It means no one from the UK will Spanish construction and services prosecuted for “low-balling”, where company. It has now been revealed banks understate interest rates they that Hohn has bought a further pay to borrow cash. three per cent share in Ferrovial. In a statement, the SFO said: The billionaire hedge fund “Following a thorough investigation manager is the largest individual and a detailed review of the available backer of Extinction Rebellion with evidence, there will be no further £200,000 in donations. charges brought in this case. This The activist group organised decision was taken in line with the protests over the past two weeks, test in the Code for Crown some aimed at London City airport. Prosecutors.” Three flights at the airport were The code says any evidence must disrupted, after one passenger lay on support a realistic prospect of top of a British Airways plane on the conviction and be in the public runway and another forced a flight interest. to turn around after take-off. Previously the SFO has prosecuted Despite this, Hohn has a history of 13 traders and money brokers over investments in airports. four years in connection with He is one of the three largest rigging Libor. investors in Spanish company Aena — The US Department of Justice has the majority owner of Luton airport. prosecuted six, while a further 11 Speculation is also rife that Hohn traders were prosecuted for may be looking to significantly manipulating the Eurozone increase his share in Heathrow. equivalent Euribor. Forty per cent of shares in The anti-fraud agency was Ferrovial are owned by the four sons weighing whether to bring charges of its late founder Rafael del Pino y against senior Barclays bankers Moreno. A source told the Sunday earlier in the year over alleged Telegraph that the sons are acting “lowballing” of Libor — lying about separately in managing their the bank’s borrowing costs. respective stakes in the company. A representative for Jon Stone, one They said: “In a go-private of the Barclays officials, said: “Jon situation, a buyer does not need to Stone is enormously relieved that win over each sibling, whereas in the after seven years of investigation... past, a buyer effectively required the the SFO have finally understood that support of the founding father.” there is no evidence of Libor Hohn’s investment company TCI manipulation and that Jon Stone is declined to comment. Ferrovial was innocent.” contacted for comment. Leadsom slams HS2 management agency STEFAN BOSCIA it treated homeowners in her before more money is wasted on this @Stefan_Boscia constituency affected by the project. out-of-control project,” she said. The South Northamptonshire MP HS2 Ltd responded that it has met HS2 is “out of control” and its said she was forced to continually 20,000 residents in regular face-to- management firm is “insensitive”, intervene on behalf of her face meetings. A review into HS2’s according to Andrea Leadsom. constituents in the face of viability will report its findings to The business secretary has entered “insensitive” behaviour by HS2 Ltd. Prime Minister Boris Johnson and a submission to the government’s She also slated HS2 Ltd for a lack of transport secretary Grant Shapps. review into the controversial project, transparency. “[My constituents] HS2’s budget was set at £30bn, but according to the Sunday Telegraph. would urge you to recommend to the the Department for Transport has Business secretary Angela Leadsom criticised the firm for being “out of control” She criticised HS2 Ltd for the way secretary of state that it is scrapped since revised it to £56bn.

CITYAM.COM MONDAY 21 OCTOBER 2019 NEWS 09 Supermarket chain Iceland takes a hit as insurers freeze out suppliers JAMES WARRINGTON possible cut, the Sunday Times It comes amid a period of increased reported. caution for insurers in the retail and @j_a_warrington The move will come as a major food sectors, which have been hit by a SUPPLIERS to supermarket chain blow to suppliers, which use the decline in migrant labour and rising Iceland are said to have had their cover to protect against the risk of a import costs due to the fall in value insurance cover cut amid concerns customer going bust after an order of sterling since the Brexit about the impact of Brexit on the has been made but before payment referendum. A lack of clarity over the company’s supply chain. has been received. UK’s future trading relationship with Paris-based insurer Euler Hermes The unusual decision to cut the the EU has also taken its toll. reduced the credit cover it provides to cover may also have a knock-on effect Iceland said it was a “highly robust Iceland’s suppliers over the summer, on Iceland if the suppliers choose to business” that had good relations while rival Atradius is also mulling a demand payment up front. with its suppliers and credit insurers.

Iceland is facing tough competition from German discount rivals Aldi and Lidl HealthyHealthalthhyy Brits splurge on living,inglivingngg,, leisure despite everyeevvveery day.daayyy.. confidence dip JESS CLARK Sentiment on job security fell three points to eight per cent and confi- @jclarkjourno dence around job opportunities We’ll put your SPENDING in the leisure sector plunged five points to minus six per jumped in the third quarter of the cent, the survey found. teams on the path year, despite a slump in overall con- Deloitte chief economist Ian Stewart to healthier lives. sumer confidence driven by ongoing said: “A decline in consumer confi- Brexit uncertainty. dence this quarter, combined with a A boost in disposable income confi- fall in official unemployment figures If your employees ever need dence, which was up one point year show that the period of remarkable on year, helped to drive leisure expen- resilience in jobs and earnings is com- medical treatment, we’ll be there. diture as consumers favoured experi- ing to an end. ences over buying material goods. “With Brexit cited as the biggest risk But wellness is about so much more Disposable income confidence businesses face, the last quarter has among 18 to 34 year olds increased 10 also seen heightened concern over than trips to the doctor. points compared to last year, sparking slowing growth in the UK and an increase in spending in nine out of Eurozone and [executives] are tighten- We’ll help keep them safe and well, 11 leisure categories. ing their purse strings in response... and they can always call on our Spending increased five percentage The headwinds from a major global points on eating out, culture and en- slowdown and uncertainty at home Employee Assistance Programme for tertainment and in-home leisure, point to weaker growth ahead.” support with their day-to-day lives. while the amount spent on gyms and Simon Oaten, partner for hospitality sports increased one point compared and leisure at Deloitte, said; to last year. “Consumers enter the fourth quarter However, UK consumer confidence in a relatively cautious mood and fell to nine per cent in the last maybe for good reason. While con- quarter, down two points compared sumers have been quite resilient since Find out more at to 2018 and one point on the previous the EU referendum, a deterioration in aetnainternational.com/hr quarter, according to research by the jobs market could see some Deloitte. spending contraction.” or call +44 (0)870 442 2676 Fund manager forced to resign KeepingKKeeeping businessbusiness healthy.healthhyyy.. after investments investigation ANNA MENIN fund management industry for an episode of Panorama airing tonight. @annafmenin Denning’s departure from Capital A FUND manager at Capital Group was announced in September, but was forced to resign after a BBC no reason was given as to why he investigation allegedly uncovered had left the firm. A Capital evidence he was breaking rules by spokesperson said it holds its ©2019 Aetna Inc. 46.12.123.1-EU (09/19) secretly purchasing shares in some of associates “to the highest standards Aetna® is a trademark of Aetna Inc. and is protected throughout the world by the same companies as his funds for of conduct”, and had taken trademark registrations and treaties. Information is believed to be accurate as his own benefit. “immediate action” when it learned of the production date; however, it is subject to change. For more information The BBC has claimed it found of the matter. about Aetna International plans, refer to www.aetnainternational.com. evidence Mark Denning ordered the Denning, who had worked at shares to be purchased through a Capital for 36 years, denies any secretive fund based in Liechtenstein wrongdoing. His lawyers deny he during an investigation into the owns the shares in question. 10 NEWS MONDAY 21 OCTOBER 2019 CITYAM.COM Industrial real Sellers’ market estate funds to double inflows as buyers keen JESS CLARK @jclarkjourno GLOBAL industrial real estate funds could double the amount they raise this year as investors despite Brexit target logistics assets. Research today showed specialist JESS CLARK The percentage of sales agreed that industrial property funds are have fallen through so far this year is projected to raise $6.4bn (£4.9bn) in @jclarkjourno at its lowest since 2015. 2019, up 120 per cent from inflows PROSPECTIVE home buyers have been The “Brexit-induced paradox” of $2.9bn last year driven by the undeterred by the approaching Brexit means it is a good time to sell, Right- yield available on logistics property. deadline, while sellers have been put move housing market analyst Miles Demand has been boosted as off by ongoing uncertainty, according Shipside said. established e-tailers and new to the latest figures. “Those who are ignoring the Brexit entrants to the online retail market Real estate mogul Nick Candy with popstar wife Holly Valance The average number of new listings disruption have less competition seek to expand their warehouse each week this month was 24,539, the from stay-away sellers, and their space, and investors believe the lowest number in October in a decade prospective buyers have less negotiat- market will continue to grow, and down 13.5 per cent on last year, as ing power, with a reduced choice of Property billionaire Nick Candy according to research from potential sellers are discouraged by suitable alternatives,” he added. Cambridge Associates. the approaching Brexit deadline and Marc von Grundherr, director of Meanwhile, data from MSCI muted prices. lettings and estate agent, Benham courts Saudis over Capco offer showed that yields on UK industrial The price of property coming to and Reeves, said: “No fireworks and property are 4.1 per cent compared market has seen its lowest monthly no explosions across the current JAMES WARRINGTON Hyde Park complex with his brother to 3.9 per cent for office property. rise at this time of year since October property landscape, and while the Christian, has held early-stage Indeesh Tangeraas, head of real 2008. Prices are up 0.6 per cent this market is more subdued than usual, @j_a_warrington discussions with Saudi Arabia’s assets for Europe, the Middle East month, according to today’s data this is of course going to be the case PROPERTY magnate Nick Candy is Public Investment Fund about a joint and Africa at Cambridge from real estate platform Rightmove. ahead of our supposed EU exit at the said to be in talks with a Saudi bid, the Sunday Times reported. Associates, said: “The continued However, properties are more likely end of the month. investment fund over a takeover bid Capco has suffered a huge growth in online retail is driving to sell at the moment as buyer activity He added: “A healthy level of sales for Capital & Counties (Capco), the writedown on the value of the demand for new logistics property, is remaining steady and the number are still transacting, and this is proof owner of Earls Court and Covent development scheme at Earls Court, and there are still opportunities of sales agreed in October is down just that the UK property market is yet to Garden. which has been hampered by a bitter with attractive yields in the 0.5 per cent year on year. disappear down the Brexit abyss.” Candy, who developed the One dispute with the local council. market.” CITYAM.COM MONDAY 21 OCTOBER 2019 NEWS 11

City A.M.’s wine BOTTLE expert offers his Plans to roll out pick of the best 4G on Tube hit OPENER bottles around EING the reliably Florence, he started me off with a dinner. The Tuscan red duly arrived Bstereotypical British chap I Chianti Classico Brolio, Barone with our main course. I knew am, I know far more about Ricasoli 2016. The grape varieties straight away that this red was very French wines than I do about here are Sangiovese 80 per cent, good. Actually, it was very, very by soaring costs wines from any other nation Merlot 15 per cent, and Cabernet good. But I wasn’t allowed to see (especially my own). Sauvignon five per cent. This the label. What was it? We finished JAMES WARRINGTON operators and the Home Office. Two pals have recently and wine was a beautiful luscious red one bottle, and then another. And The commercial uncertainties could independently taken on the task colour. The flavour was slightly so effortlessly we progressed to the @j_a_warrington pose a fresh threat to TfL’s already of introducing me to red fruity. It rested warmly and dangerous third bottle. Eventually PLANS to roll out 4G mobile networks troubled efforts to launch new tele- Tuscan wines – with very easily on the tongue. Very Ric relented and allowed me to see on the London Underground are said coms connections. favourable outcomes so far much the sort of Tuscan which Tuscan treasure we’d been to be under threat as operators fret London has lagged behind other as I’m concerned. red that I’m familiar with. unearthing. It was Masseto Toscana over soaring costs. major cities such as New York, Paris, Before their He then led me further 1998 — a Merlot. Transport for London (TfL) has out- Berlin and Tokyo, which have already interventions, to my ill- up market to Brunello di Trust me, if you are offered even lined plans to provide 4G access to brought mobile signal to their under- informed mind, Tuscan red Montelcino, Pietroso 2014. one glass you must try it. Simply passengers across the Tube network ground networks. wines basically consisted of This one is 100 per cent superb! Ruby-coloured, this gem of in 2020 after delaying the process by A spokesperson for TfL said: “The Chianti Classico and Sangiovese and the vines a wine stands effortless comparison more than a year. London Underground network is an Montepulciano and, when are apparently hand-picked with the best I’ve ever tasted from But the latest proposals have incredibly challenging environment in doubt whilst (lucky vines). Again, the France. Surely this is the sort of sparked fears that mobile providers in which to deliver technological scrutinising a wine list in colour is richly impressive. wine that the more tasteful Roman such as O2, Vodafone and EE will have improvements, but we are on target to an Italian restaurant, those Light on the nose, in terms emperors, Italian movie stars and to pay higher prices to access the net- deliver mobile connectivity within two words have always of taste it seemed full of Serie A football players have sipped work than previously thought, the our stations and tunnels as planned. been my twin havens in promise. Whilst it was decadently over the years. Sunday Telegraph reported. “We are currently reviewing submis- otherwise stormy, wine- delicious it is undoubtedly These wines are not so easy to The rollout has also been hampered sions from bidders and will provide coloured seas. If I’m honest a tad young right now — I find in the UK. According to the by confusion over a new Home Office- an update when it is appropriate to I think of Tuscan reds as suspect that it will develop interweb, the Brolio, Barone mandated 4G network for the emer- do so.” being solid but not into a real cracker. Ricasoli seems to retail for c. £20, gency services, which will be installed TfL said it is still on track to launch spectacular. The following week I and the Brunello di Montelcino, at the same time. the 4G network on most of the Jubilee First to give me a liquid found myself being wine Pietroso for about £40. A Sources told the newspaper it was line in March 2020, with rollout leg up was Andrew. A true caddied by Ric (an prominent wine app says that the still unclear how transport bosses will expected on further lines from Tuscanophile, even down to appropriate term as he’s a Masseto will set you back an eye- divide expenses between commercial next summer. owning a property near very keen golfer) over watering £750. IF I HAD SOMEWHERE TO LIVE… I COULD GO ANYWHERE IN LIFE

)_;m0bĽvll7b;7ķѴb=;]o||o]_ĺ"_;7b7mĽ|];|om‰b|__;u $_ov-m7vo=_ol;Ѵ;vv‹om]r;orѴ;Ѵbh;0b-u;7;vr;u-|;Ѵ‹ 7-7-m7|_;-u]l;m|v0;1-l;ˆboѴ;m|ĺ0b=;Ѵ|_;uomѴ‹1_ob1; |u‹bm]|oCm7|_;burѴ-1;bm|_;‰ouѴ7ŋ0|Cuv||_;‹m;;7- ‰-v|oѴ;-ˆ;_ol;ĺ)b|_fv||_;1Ѵo|_;vom_;u0-1hķ-m7mo rѴ-1;|ov|-u|-]-bmĺYou could help right now by sponsoring b7;-‰_;u;|o]oķv_;;m7;7rvѴ;;rbm]om|_;v|u;;|vbm|_; a room at Centrepoint for just 40p a day. =u;;Œbm]1oѴ7ĺ We know this support changes lives. 88% of the young people Right now, you could give a homeless young person like Abi >','£613='32639-ধ='£@-2£-('W36£'!9'T,'£6931'32'£-0' somewhere to start their future Abi today. Thank you. 0bĽvѴb=;1_-m];7‰_;mv_;‰-v]bˆ;m-uool-|;m|u;robm|ĺ Text PLACE to 78866 to donate £3 v-=;rѴ-1;|ovѴ;;r-m7u;1oˆ;uĺrѴ-1;|o7;ˆ;Ѵor|_;vhbѴѴv Call free on 0800 472 5798 -m71omC7;m1;v_;m;;7;7|ou;0bѴ7_;uѴb=;ŋ-m7Ѵ;-ˆ; _ol;Ѵ;vvm;vv0;_bm7=ou]oo7ĺo‰ķ0b0;Ѵb;ˆ;vv_;1-m Visit centrepoint.org.uk/somewhere ]o-m‹‰_;u;ĺ Or complete and return the coupon below

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I understand that if I pay less Income Tax olr-m‹moĺƐƖƑƖƓƑƐĺ!;]bv|;u;7_-ub|‹moĺƑƖƑƓƐƐĺovbm]-vvo1b-ঞommoĺƐѶѵƖĺ and/or Capital Gains Tax in any tax year than the amount of Gift Aid claimed on all ($u;]bv|u-ঞommoĺѵƓƖƒƓƔƏƐѶĺ my donations it is my responsibility to pay any difference. Your name and address are needed to identify you as a current UK taxpayer. RAP1920Z-01U RAP1920Z-01U No 292411. Charity Registered +ou7om-ঞom‰bѴѴ]o|o‰-u7v=m7bm];m|u;robm|Ľvˆb|-Ѵ‰ouh‰b|_‹om]r;orѴ;-ѴѴ‹;-uuom7ruoˆb7bm]-11ollo7-ঞom -m7vrrou|ĺ);vol;ঞl;vv;lo7;Ѵv-m71_-m];|_;m-l;vo=|_;‹om]r;orѴ;‰;‰ouh‰b|_|oruo|;1||_;bub7;mঞ|‹ĸ _o‰;ˆ;u-ѴѴv|oub;v-u;|u;-m7-v|oѴ70‹|_;‹om]r;uvomĺ CITYAM.COM MONDAY 21 OCTOBER 2019 NEWS 13 How Boris Johnson’s big day fell flat Street on Friday evening, with the Downing Street’s hope of persuading him to drop the amendment — which he described plans for a Super as an insurance policy against a no-deal, although critics were less Saturday were complimentary. Tory MPs bombarded Letwin with scuppered, writes requests to lay down his arms, but he would not be budged. MPs coalesced around his amendment — some be- Catherine Neilan cause they genuinely fear no-deal, others because they want to buy more T WAS billed as a day of high time for the efforts to stop Brexit en- drama. Not since the Falklands tirely. Despite the setback, Johnson War had the Commons sat on a remains adamant that the UK will weekend. But as Super Saturday leave the EU on 31 October. turned into Soggy Saturday, it was How will he achieve this after yet clearI things were not going to pan out another defeat? His team believes as the government had hoped. that, after a weekend of backroom Having agreed an 11th-hour deal at chats, compromises and arm-twisting, the European Council, Saturday was they now have the numbers for the the Prime Minister’s last chance to Withdrawal Agreement Bill, which gain parliamentary approval before will be published today, debated and the Benn Act was triggered, forcing then voted on by the Commons later him to write to the EU seeking an this week. Assuming, that is, speaker extension. The required letters were Bercow allows it. sent on Saturday night, though with- Remainer Tories including former out any enthusiasm from Downing chancellor Philip Hammond are said Street and with the hope that MPs to be on board in principle, and others will still vote for the deal before 31 may fall in line. It then still has to get October. But how, with the stakes so through the Lords — and will probably high, did it all go so wrong? go back and forth in the process Outside parliament on Saturday, known as ping pong, before it has a People’s Vote protesters gathered in hope of actually passing. All of this will their thousands and there was a near- take time, and some MPs are set on miss security breach as a man tried dragging it out for as long as possible. to get through the parliamentary MPs gathered in parliament on Saturday for a special session, for only the second time in Commons’ history. The debate was met It is a blistering timetable, and the barriers. with People’s Vote protests outside Westminster, as Sir Oliver Letwin (below, right) led the charge to delay Boris Johnson’s deal. threat of a delay until next January or Behind the scenes, Downing Street even a second referendum is not com- and the whips office were in over- That deal, the DUP’s Sammy Wilson pletely off the table. A General Elec- drive — courting MPs of all persua- explained to the Commons at the tion this year now seems unlikely, sions. Meanwhile commentators weekend, could never be accept- but not impossible. meticulously compiled tallies of how able because of the border it cre- Uncertainty remains the they expected the vote would go. ates in the Irish Sea. order of the day. But this Eurosceptics Tories in the ERG, in- That didn’t stop Downing Street week will prove whether John- cluding Bill Cash, said they would trying to win the 10 unionist MPs son’s pledge to get Brexit back it. The threat of Cabinet resigna- over. But despite Wilson and co done by Halloween can tions dissolved. Labour Brexiters such leaving the door open to a be met. Ministers as Sarah Champion and Caroline Flint deal, in the end they went are pinning their said they would defy the Labour whip against the government, hopes on EU lead- over it. At one point it was even ru- confirming the death of the ers, some of whom moured that Lib Dem MP Norman confidence and supply part- see little sense in a Lamb was with the government. But nership agreed in 2017. further delay now it was not to be, and by 3pm it was By now the war was that a final deal is clear the government was going to be being waged on all on the table. defeated again — thanks to parlia- fronts, with chief But Westminster’s mentary grandee Sir Oliver Letwin. troublemaker anti-Brexit forces Number 10 had burned its bridges Letwin having will not go quietly, with the Democratic Unionist Party launched his delay and so the drama on Thursday, when Boris Johnson amendment and so ending any will extend into went ahead with the new Brexit deal hope the deal had of passing. this week — and without their support. Letwin was called into Downing beyond.

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SNC has been hit by falling unexpected trouble during the @annafmenin profit since then, and its shares have tests, it was revealed in documents plunged more than 70 per cent over provided to politicians. SINGAPOREAN sovereign wealth fund the past 16 months. He said that unknowingly he had Temasek has reportedly held talks The company, which is 20 per cent “basically lied to the regulators”. about a possible takeover of British owned by Quebec’s pension fund Issues with the safety system engineering giant Atkins. CDPQ, issued a profit warning in July. Yougarden specialises in providing quick and flexibile delivery of live plants have been tied to two crashes Canadian conglomerate SNC- SNC is thought to have approached killing all 346 people on board. Lavalin, which bought Atkins in 2017, potential buyers for Atkins several The first incident came a year is believed to have approached poten- months ago but talks are not thought ago in October 2018 when a Lion tial bidders including Temasek over to have progressed significantly since Management buyout of online Air 737 Max aircraft crashed into the sale of the engineering firm, the then. the sea shortly after taking off Sunday Times reported. Although it is unclear what form a from Jakarta, killing 189 people. Atkins, which was founded in 1938, potential deal would take, a joint garden centre backed by Kester Five months later in March of has been involved in high-profile venture is understood to be a this year, an Ethiopian Airlines engineering projects including HS2, possibility. ANNA MENIN Amazon, Groupon and Shop Direct. 737 Max crashed minutes after Crossrail, and Hinkley Point C. It also Atkins’ former boss Uwe Kruger is @annafmenin The terms of the management taking off from Addis Ababa provided infrastructure and planning now a senior manager at Temasek, buyout have not been disclosed, but killing 157. support for the Queen Elizabeth which manages a portfolio worth 313 KESTER Capital has thrown its weight Kester is a long-term supporter of The Federal Aviation Olympic Park. billion Singaporean dollars (£177bn). behind a management buyout of Yougarden, and provided seed Administration (FAA) said the The company had been listed for two Temasek could not be reached for Yougarden, as the online garden capital for the firm in 2012. Kester document was “concerning” and decades before Montreal-based SNC comment yesterday. centre seeks to grow its influence managing partner Cameron Crocket asked for an “immediate” picked it up during an ill-fated SNC-Lavalin did not respond to a City over the UK’s horticultural market. said Yougarden “has continually explanation for the delay in acquisition spree. A.M. request for comment, but told Founded in 2012, Yougarden taken market share from the turning over the documents, which The group took over another British the Sunday Times it was not planning operates a direct-to-consumer brand traditional garden centre and legacy were handed to lawmakers ahead engineering firm, Kentz, for £1.2bn to sell Atkins. and also supplies retailers including home shopping retailers”. of hearings later this month. EU’s incoming economy commissioner China’s Xiaomi to launch calls for less restrictive budget policies 10 new 5G phones in 2020 JOSH HORWITZ Chinese market. GAVIN JONES fiscal space to use it, in an overall Gentiloni will have an important According to Lei, demand for the context of less restrictive budgetary role in scrutinising Italy’s draft 2020 CHINESE smartphone maker Xiaomi phone exceeded the company’s expec- THE EUROPEAN Union needs looser policies,” Gentiloni, due to replace budget which was submitted to the plans to launch more than 10 5G tations and led to supply chain issues. budgetary policies and an overhaul of Pierre Moscovici as economic and commission last week. phones in 2020, chief executive Lei The device’s reception has prompted its fiscal rulebook, the bloc’s financial affairs commissioner on 1 The budget plan raises next year’s Jun said yesterday, speaking at the Xiaomi to launch 5G models for the designated economics commissioner November, said. structural deficit — which excludes World Internet conference in the east- high, middle, and low-end price tiers said in an article published yesterday. The former Italian Prime Minister the effect of GDP growth fluctuations ern Chinese town of Wuzhen. next year. Writing in Italian financial daily Il warned that with the EU economy — by 0.1 per cent of GDP, reversing a Lei’s remarks come as the company “People in the industry fear that Sole 24 Ore, Paolo Gentiloni said that slowing, “the risks of a prolonged previous commitment by Rome to faces intense competition in its home next year 4G models won’t sell, this is while the EU’s deficit and debt rules period of low growth must not be lower it by 0.6 per cent. market from rival Huawei. a step you have no choice but to take,” must not be ignored, they needed to overlooked” and the task of Brussels is understood to likely ask Last month Xiaomi launched the Lei said. be “reviewed and updated”. stimulating the economy “cannot be Italy for clarifications over its budget Xiaomi Mi 9 Pro, the company’s first “So we hope that operators can “It’s time for countries which have left to monetary policy alone”. intentions. Reuters 5G-enabled phone for the domestic speed up 5G.” Reuters CITYAM.COM MONDAY 21 OCTOBER 2019 NEWS 15 Qantas tests world’s longest flight on plane from New York to Sydney

STEFICA NICOL BIKES touched down in Sydney yesterday year to 8.2bn by 2037. morning after a 16,200-kilometre No commercial aircraft as of yet AUSTRALIA’s flag carrier Qantas (10,066-mile) journey which lasted has the range to fly such an ultra- yesterday completed a nonstop test 19 hours 16 minutes. long haul with a full passenger and flight from New York to Sydney, With demand for air travel rapidly cargo load. To give the plane the researching how the world’s longest growing and aircraft performance needed range, the Qantas flight potential commercial aeroplane improving, carriers are increasingly took off with maximum fuel, only a journey of nearly 20 hours would looking into ultra-long-haul travel. few passengers, restricted baggage impact pilots, crew and passengers. The International Air Transport load and no cargo. Carrying 50 passengers and crew Association (IATA) expects the The aim of the research was to in- on board, Qantas Flight 7879 on a worldwide number of annual crease health and wellness and new Boeing 787-9 Dreamliner passengers to grow from 4.6bn this minimize jet lag. Reuters

Qantas boss Alan Joyce called the flight a historic moment for the world of aviation Long-haul, fuel efficient jets drive demand at the Las Vegas air show

ALLISON LAMPERT uncertainties, factors seen softening demand for corporate jets in the next NEW LARGE corporate planes that can two years, industry executives and ana- fly farther and an industry push toward lysts say. sustainable aviation fuels are seen as Nevertheless, the jet makers have had bright spots as the world’s biggest a good year, with deliveries up almost 13 business jet makers assemble in Las per cent during the first half of 2019, Vegas to showcase their offerings at the according to data from the General sector’s largest gathering. Aviation Manufacturers Association The National Business Aviation (GAMA). Association (NBAA) annual corporate air- Deliveries are being fueled by luxuri- craft show kicks off tomorrow against a ous new longer-range models hitting the backdrop of slowing global economic market that offer amenities such as growth, trade tensions between the beds and hot showers at 40,000 feet, United States and China and Brexit analysts say. Reuters 16 NEWS MONDAY 21 OCTOBER 2019 CITYAM.COM INTERVIEW Institute for Fiscal Studies chief Paul Johnson chats to Harry Robertson about the new economic reality

N THE EIGHT years Paul Johnson has been director of the Institute for Fiscal Studies (IFS), he has seen Ithree Prime Ministers, two Gen- eral Elections and — so far — one Brexit referendum. If that wasn’t enough, Britain’s political leaders have recently torn up their commitment to formerly sacred economic doctrines. Gone is the Conservative devotion to austerity, while there is nothing left of Labour’s restraint under former shadow chan- cellor Ed Balls. The IFS — the well-respected research institute — has coped with turbulent political weather remarkably well. Its steady stream of thorough and non- partisan analysis continues, and poli- cymakers are still petrified of the institute taking issue with their plans. But with a General Election looming, what does its boss think of the current state of affairs? A few days before we met, the CBI harshly criticised Labour’s radical plans to renationalise the railways, utilities, and Royal Mail. The business group said the moves would cost an “eye-watering” £196bn – before admit- ting it couldn’t be entirely sure of its figures. Johnson says the CBI’s focus on up- front costs was misplaced. “The really important question is: how are you going to do it?” he says. “How are you going to ensure it’s efficient? What is the regulatory structure going to be?” Labour must answer these questions with detailed answers. Running nationalised industries from government departments “is just

The argument has HEY, BIG SPENDER: to be stronger than ‘rates are low, let’s spend’ THE RACE TO TURN not going to work,” he adds. “But if it’s genuinely arm’s length, what benefit are you getting that you’re not get- ting, and you couldn’t get, by chang- ing the regulatory system in the private sector?” Johnson says it’s these THE TAPS BACK ON sorts of things “the media ought to be pressing them on, not ‘is it £196bn’, which is easy for them to bat off.” Johnson’s impressive 30-year career has included various civil service roles, £80,000 a year, and pledged to squeeze Office will take spending beyond the spending. “Over the last three years, pretty cheap to cope with at the including as a top economist in the the cash from companies and the rich. limits set out by former chancellor we’ve had sort of last minute top ups,” moment.” He says interest rates have Treasury. His voice carries the weight Johnson is sceptical. He argues Philip Hammond. Johnson is reluc- he says. “It does feel a bit like govern- “been like this for 10 years now and 10 of experience, then, Labour’s tax plans wouldn’t earn as tant to criticise this rule breach, ment by crisis management in some years is beginning to look like the long when he says much money as the party has claimed. however, calling the deficit “quite of these public services.” run... [But] we don’t know how long Labour needs “Countries which do raise a lot more manageable”. Crime spending is one example, the long run is.” to be more tax than we do,” he says, Yet he is less sanguine about Prime Johnson says. Police numbers were cut Johnson says with the economy honest “basically do it by getting more Minister Boris Johnson’s promised tax dramatically under David Cameron growing roughly at trend and unem- about how from people on average incomes. cuts, which would raise the higher- and George Osborne, only for the new ployment at near-record lows, public it will fund In the end that’s what you’d proba- rate income tax threshold from PM to restore them. “The worst thing spending is “probably crowding out” its policies – bly have to do at least some of.” £50,000 to £80,000. The IFS boss high- to do is sack 20,000 police and then some kind of private sector activity. including Chancellor Sajid Javid’s commit- lights Britain’s ageing population and recruit them again,” he says. “It’s But he says it’s “perfectly plausible to £250bn of ment to disregarding the policies of the resultant higher spending on incredibly inefficient and argue” that public investment “is infrastruc his predecessors has been just as health and social care. expensive.” more valuable, and it’s got a higher re- ture invest- firm as his Labour counterpart John “My view is that it’s not feasible to re- Both Javid and McDonnell have turn to those than those things that ment over 10 McDonnell’s. He has promised the duce the tax burden from where it is latched on to a growing view in main- it’s crowding out”. years. biggest spending rise in more than 15 at the moment unless you’re going to stream economics that record-low in- Whatever they decide to do, politi- The party has years next year — around £13.4bn. do something really quite remarkable terest rates mean high levels of cians must be clear about what their promised no tax Javid’s pledges of billions more for for public services,” he says, such as government debt are more than tax and spending policies are trying to rises for those schools, hospitals and the Home slashing the NHS or significantly manageable. But is it correct? achieve, Johnson says. on less means-testing state pensions, which “It is clearly true that we can man- Higher government spending can be than Paul Johnson has led the IFS he says are not “really on the cards”. age with more debt than we used to be justified, he says, but the argument since 2011 Johnson does have some concerns able to,” Johnson says. “The [UK’s] debt has to be stronger than: “Interest rates about the Conservatives’ approach to of 80 per cent of national income is are low, let’s spend more.” CITYAM.COM MONDAY 21 OCTOBER 2019 NEWS 17 GUEST OPINION PARTNER CONTENT Fund managers must earn customers’ trust Industry chief exec Chris Cummings on life after Woodford

ODAY, three-quarters of UK that our firms adhere to. responsibility for this important task. households trust the invest- Every industry should however be Another important step is helping ment management industry focused on improving the service it savers better understand their invest- with their savings. Investment offers its customers. And that is why, ments. Through auto-enrolment and the funds put those savings to even when the events surrounding the pension freedoms, more UK savers than work,T helping people save for life’s big closure of this fund were ongoing, we ever before are relying on our industry events, whether that is getting on the were working on ways to bring more to provide for their futures. first steps on the property ladder or confidence to our investors. We need to be able to explain what we planning for retirement. That is why A series of significant measures are do in a way that doesn’t require an eco- when the industry finds itself in the coming into force which should help to nomics degree. This means explaining headlines, we need to take a long hard the objectives of their funds in clear and CLIMATE CHANGE PROTESTS, look at the issues and learn the lessons. simple language, so that savers can For an investment fund run by a high choose the products that best help them profile manager to be suspended and achieve their financial goals. LONDON CITY AND THE closed is a very rare occurrence in an in- Looking ahead, we have also proposed dustry responsible for managing £7.7 a new long-term asset fund which can trillion on behalf of millions of savers We need to be able help to unlock the investment in infra- and investors. But it is one which clearly to explain what we structure our communities and busi- FUTURE OF FLYING demands serious attention. A regulatory nesses dearly need, while helping savers investigation into the circumstances do in a way that spread their risk and sources of invest- surrounding the Woodford Equity In- ment return. LONDON CITY AIRPORT come Fund is underway and it will be doesn’t require an Such a fund would be subject to rigor- important the results demonstrate that economics degree ous customer protection measures to savers can be reassured that their hard- ensure confidence, investing over many Alison FitzGerald,Chief Operating earned savings are in good hands. decades and moving away from daily With millions of people across the reassure our customers and demon- withdrawals. Officer at London City Airport country using the services of investment strate the value delivered by funds. This new type of fund would prevent managers, our industry has delivered Savers need to know where their the issues that we have seen recently, successfully for savers over many years, money is being invested and that it is and going a step further we are issuing vents of the past two weeks in While low carbon solutions for aviation even during the worst market condi- being overseen in a way that gives them new guidance to investment manage- London didn’t need to happen for are complex, the prospect of electric tions. It is an industry that has helped confidence. That is why the industry is ment firms on how they manage risks Ebusinesses like ours, and yours, to aircraft is not pie in the sky. In Norway, millions of people live more comfort- implementing assessments on whether and liquidity in investing. understand the seriousness of the right now, Rolls Royce and the able lives, not just here in the UK but their funds offer value for money, and By heeding the lessons and taking firm climate change challenge. Indeed, many Norwegian airline Wideröe are around the world too. these will be made available to investors action, we want to demonstrate our de- Londoners lasting impression will now collaborating on producing an electric, Our customers benefit from a wide va- each year — clearly demonstrating what termination to deliver returns for our be one of disruption and annoyance zero emission aircraft that could carry riety of funds designed to suit their is happening to the money we manage savers and investors, helping them rather than the cause Extinction 100 passengers by 2030. That means needs, generating the long-term returns for them. achieve their financial life goals. Rebellion (XR) promotes. hybrid and electric aircraft will fly first on they are seeking. As an industry, we are To ensure the strictness of the process, Before discussing these substantive the shorter routes that are our bread and world-leading in terms of the choice we new independent non-executive direc- Chris Cummings is chief executive of the issues, I must first say thank you to the butter. Readers should be assured that offer savers and the robust regulations tors are being appointed. They carry the Investment Association Metropolitan Police, police from around London City Airport is doing all we can to the country and the British Transport Police who have come together to steadfastly keep London and Londoners moving and, crucially, safe. G7 SUMMIT President Trump reverses decision to host world XR made London City a target for a leaders at Miami resort next year following bipartisan backlash three-day shut down but by working closely with the police, we not only kept £10,000 prize to the airport open but connected 17,000 US PRESIDENT passengers to and from the Capital. a local innovator Donald Trump Thankfully, despite some regrettable if they can develop has cancelled incidents at the airport, XR actions plans to host next caused just two cancellations during a sustainable year’s G7 summit their day-long protest, which ended 48 at one of his hours earlier than planned. alternative to Florida resorts So thank you to the Met and colleagues after the plan for your professionalism and tireless plastic bags. received backlash support. That service is not taken for from politicians. granted. be at the forefront and to lead these Critics said the Now while we might disagree about changes! resort would gain their tactics, it’s clear that the need to Meanwhile, there are undoubtedly publicity from the reduce global carbon emissions is now a things we can be getting on with in the event. In a series mainstream topic of debate. No doubt, short term and incremental change really of tweets over the Extinction Rebellion have played a part, matters. For example, while we invest in weekend, Trump making these important issues a genuine new security CT scanners for introduction blamed the matter of civic and societal debate. in 2022, when liquids and laptops can reversal on We are under no illusions. UK aviation stay in your bag, passengers will still be “irrational industry needs to play its part and we required to use non-recyclable plastic hostility” by are absolutely alive to the challenge. At security bags for their liquids. Democrats and City, we have already reduced our own We were the first airport to ban plastic the media. carbon emissions by 30% since 2013 and straws and we want to be the first airport like other airports, have committed to to develop and use a truly sustainable IN BRIEF becoming ‘net-zero’ by 2050. Meanwhile, alternative to plastic bags. our biggest customer, British Airways, We need your help. That’s why we are LIB DEM SNUBS STEWART THREE DEAD IN CHILE RIOTS PIGASSE QUITS LAZARD part of one of the world’s largest airline teaming with City AM, to offer a £10,000 Rory Stewart’s support for Brexit makes At least three people died in Deal maker Matthieu Pigasse had groups, IAG, has committed to net zero prize to a local innovator in London if him unfit to be mayor of London, supermarket arson attacks in Chile’s resigned after 17 years at investment operations in the same period. they have or can develop that product. according to one of his 2020 opponents. capital Santiago, and soldiers shot two bank Lazard to pursue a new Without question, industry and London City Airport embraces change Liberal Democrats mayoral candidate people during an operation to detain entrepreneurial project, the bank said Government needs to work closely and innovation and we are looking Siobhan Benita slammed Stewart for looters, authorities said, as protests yesterday. The flamboyant Pigasse, who together to meet those challenges. But forward to seeing your solutions. not backing the Letwin amendment in entered their second week and has deep relationships with the French rather than singling out particular It is undeniable that uncertain times parliament on Saturday. The proposal intensified after a state of emergency establishment, has talked to a small industries, I believe we will move the dial are upon us, and we need to keep withheld parliamentary support for was announced. There was transport number of US advisory boutiques, by approaching this collaboratively development and innovation firmly and Boris Johnson’s Brexit deal and deadlock in the city and chaos at the sources had previously told Reuters. across the globe, across sectors and by high on the agenda. effectively forced him to ask Brussels for international airport, where flights into “I am excited to begin my next chapter embracing innovation. I’m proud to be a Brexit delay. She said Stewart’s and out of Santiago were suspended or beyond investment banking in a new part of the Government’s Future Flight £ If you are interested, or want to know support for Johnson’s Brexit deal cancelled as crew members and airport entrepreneurial project,” Lazard cited Challenge Advisory Group, which is more, please email showed he does not speak for London. staff were unable to get to work Pigasse as saying. looking at doing exactly that. [email protected] 18 MARKETS MONDAY 21 OCTOBER 2019 CITYAM.COM

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NATIONAL EXPRESS P Wall St drags FTSE 250 rises 4600 on Boeing and 450

440 460 Chinese data before fateful 18 Oct 430 ALL Street fell on Friday as negative headlines about 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct W Johnson & Johnson and Boeing, along with bleak economic Transport giant National Express has been on the road to success in 2019, its results data from China, soured investor risk Brexit deal vote last week showed. It made £5m in coach sales per week in August, as an appetite and offset generally positive “outstanding” summer led to revenue in the UK increasing 10.1 per cent. Analysts at corporate earnings. broker Canaccord Genuity say: “National Express is a quality operator, delivering All three major US stock averages ONDON’s mid-cap index was when the deal was ultimately voted best-in-class margins in virtually all its businesses.” They are particularly excited by ended the session in the red, but the higher on Friday ahead of Sat- down. its “progressive dividend policy” and note the firm is driving up North American S&P 500 and the Nasdaq posted urday’s fateful parliamentary Shares in London Stock Exchange revenue. They say “buy” with an increased target price of 515p. weekly gains. The blue-chip Dow was Lvote on the new Brexit deal, Group, whose shareholders are due to nominally lower than the close a week but miners slipped after data vote on its purchase of data analytics earlier. showed China’s economic growth platform Refinitiv next month, out- RENISHAW Boeing and Johnson & Johnson dropped to a near 30-year low. performed the main index with a 2.4 3,600 shares led both the S&P 500’s and the The FTSE 250, up more than four per per cent rise on higher-than-expected P Dow’s declines. cent since last week as a flurry of third-quarter income. Boeing dropped 6.8 per cent after Brexit updates fuelled optimism However, consumer goods giants 3,244 Reuters reported that text messages ahead of Boris Johnson’s Brexit Unilever and Diageo lost 0.5 per 3,400 18 Oct between two employees suggested deal, before being voted down cent and one per cent respec- the plane maker misled the US in the Commons. tively after downbeat earn- Federal Aviation Administration about Cybersecurity firm ings and forecast from 3,200 the safety of the grounded 737 Max Avast rose 8.6 per cent their respective French aircraft. after its results and Johnson & Johnson announced it helped the index out- Drinks maker Diageo 3,000 would recall baby powder in the perform the European took a slight hit after 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct United States after regulators found benchmark . downbeat earnings trace amounts of asbestos in a The FTSE 100 edged 0.4 Engineering firm Renishaw had a difficult time last week after issuing a profit sample, sending its shares falling 6.2 per cent lower, as Brexit- peers Danone and Remy warning and admitting it was Reni-unsure about future trading. The firm said per cent. sensitive stocks such as Cointreau. adjusted profit before tax was £4.3m in the three months to the end of September, Growth of China’s GDP slowed to its housebuilder Persimmon The blue-chips were also just a fraction of the £32.6m profit seen a year earlier. Analysts at broker Peel Hunt weakest pace in nearly 30 years as the and domestic bank RBS rose hurt by a 4.6 per cent dip in say the fall came “as a surprise”. But they say “the model remains intact and the bruising trade war with the US took its three per cent, respectively, offsetting Intercontinental Hotels after the long-term structural drivers are unchanged”. Peel Hunt maintains its “reduce” rating toll, stoking fears of slowdown weakness in miners . Holiday Inn-owner blamed lower on the stock, citing industry weakness. It downgrades the target price to 2,700p. contagion. Worries over how the protracted dis- business bookings in China and The International Monetary Fund pute between Washington and Beijing protests in Hong Kong for a drop in lowered its forecast for global growth has damaged economic growth were revenue. UNILEVER this year to three per cent, which mark Elegant Hotels the slowest expansion since the rekindled after China’s third-quarter Aim-listed firm , which P GDP slowed more-than-expected. operates hotels and restaurants in 18 Oct financial crisis. At home, traders eyed Saturday’s Barbados, soared almost 56.5 per cent 4,700 4,626 Third-quarter earnings season has vote on the new Brexit accord be- to hover slightly below the 110p per hit full stride, with 73 companies in the tween Brussels and London. Analysts’ share price offered by Marriott to buy 4,650 S&P 500 having reported. Of those, warnings of volatility began to sink in the company. 83.6 per cent have come in above 4,600 average estimates, according to Refinitiv data. TOP RISERS FTSE 4,550 The Dow Jones Industrial Average P 16 Oct fell 255.68 points, or 0.95 per cent, to 1. RBS Up 2.63 per cent 7,250 7,150.57 26,770.2, the S&P 500 lost 11.75 2. Aveva Up 1.76 per cent 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct points, or 0.39 per cent, to 2,986.2 3. ITV Up 1.74 per cent and the Nasdaq Composite dropped 7,,200 Consumer goods giant Unilever missed City estimates last week as tough weather 67.31 points, or 0.83 per cent, to TOP FALLERS and a slowdown in several emerging markets dented sales. The Ben and Jerry’s ice 8,089.54. cream maker posted underlying sales growth of €13.3bn (£11.5bn) for the third Of the 11 major sectors in the S&P 1. Intercontinental Down 4.58 per cent quarter, marking a 2.9 per cent rise that narrowly came below consensus 500, seven closed in the red, with tech, 2. Evraz Down 4.58 per cent 7,150 expectations. Liberum brokers take note of this but highlight management’s communications services and 3. Relx Down 2.55 per cent 14 Oct15 Oct 16 Oct 17 Oct 18 Oct commitment to investing for the future and focus on shareholder returns. They give industrials suffering the biggest the stock a rating of “hold” with a target price of 4,735p. percentage declines. CITY MOVES WHO’S SWITCHING JOBS

KEMP LITTLE extensive experience in litigation, arbitration, domestic development including systems of UNITE Leading technology and mediation and other forms of dispute resolution. procurements and tendering, all forms of building The Unite Group, which owns Unite Students — the digital media law firm Kemp Commenting on his appointment, Matthew said: “It’s contracts, appointments, warranties, bonds and UK’s largest manager and developer of purpose-built Little has announced that fantastic to join a firm with such high profile associated documentation as well as funding and student accommodation — has appointed Dame Matthew Irvine has joined the technology clients and the deep expertise to service development agreements and informal dispute Shirley Pierce as a non-executive director. Dame firm as an IT disputes partner. them.” resolution. He has acted for a range of funders, Shirley has held chair, senior executive and non- Matthew joins the company developers, contractors and consultants and several executive roles of board level in higher education, from international law firm FLADGATE major residential developers on large scale multi- health and policing. She was appointed by the Pinsent Masons. Matthew is a Top 100 UK law firm Fladgate has announced the phase residential and mixed use schemes. Head of secretary of state for education as the independent specialist disputes lawyer who appointment of construction and engineering expert construction David Weare commented: “I am reviewer of the Teaching Excellence and Student helps clients to get distressed Elliot Lewis as partner in the firm’s construction team. delighted to be working with Elliot after a gap of nearly Outcomes Framework, and is a member of the IT projects back on track. He Elliot joins from Brecher, having previously worked at ten years. We were partners at DAC. Elliot’s arrival is Committee of Standards in Public Life. She was has been involved in disputes relating to some of the Davies Arnold Cooper (now DAC Beachcroft), Titmuss another step in the ongoing success and growth of appointed CBE in 2005 for services to education in largest and most complex IT projects in the UK. He Sainer Dechert, McKenna & Co and Nabarro Fladgate’s construction practice which goes from the NHS and in 2014 appointed DBE for services to advises both customers and suppliers, and has Nathanson. Elliot specialises in advising clients on UK strength to strength.” Higher Education.

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM MONDAY 21 OCTOBER 2019 MARKETS 19

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1596 0.0013 €/$ 1.1174 0.0047 7150.57 20228.53 3956.89 26770.20 8089.54 2986.20 /$ 1.2989 0.0101 €/£ 0.8620 0.0012 31.75 7.42 13.91 255.68 67.31 11.75 /¥ 140.61 0.9940 €/¥ 121.20 0.3300

                                Mitchells & Butle ...... 432.0 3.0 433.5 238.0 GILTS Marshalls ...... 722.0 1.0 740.0 415.0 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6005.0 -14.0 6747.0 5593.0 Euromoney Institu . . .1400.0 -14.0 1498.0 1132.0 Great Portland Es . . . . .798.0 14.0 802.4 649.4 Future ...... 1222.0 -20.0 1324.0 412.0 National Express . . . . .460.0 2.6 461.6 361.4 Polypipe Group ...... 442.0 2.0 453.8 307.8 Redrow ...... 649.0 4.0 674.6 460.8 Hammerson ...... 312.3 -3.5 447.3 203.9 PPHE Hotel Group . . .1850.0 -10.0 1990.0 1525.0 Tsy 4.750 20 ...... 101.51 -0.01 105.5 101.5 3i Group ...... 1081.5 -1.5 1184.5 756.2 Centrica ...... 70.0 0.3 155.6 64.6 Goco Group ...... 101.8 1.8 102.0 64.6 rities G . . . . .960.8 12.6 969.0 735.4 ELECTRICITY Taylor Wimpey ...... 165.5 -0.1 192.3 129.3 Land Secu Rank Group ...... 215.0 -3.5 218.5 135.0 Tsy 2.500 20 ...... 354.60 -0.00 360.9 352.8 3i Infrastructure ...... 287.5 0.5 306.5 241.3 National Grid ...... 900.0 1.0 904.2 748.7 Haynes Publishing . . . . .311.0 0.0 324.0 160.0 LondonMetric Prop . . . .229.2 0.2 230.2 172.7 .150.1 -0.6 217.1 111.9 Tsy 2.000 20 ...... 100.97 0.01 102.2 100.9 Contour Global ...... 184.0 -1.0 218.0 150.1 AJ Bell ...... 387.5 4.5 477.0 220.0 Pennon Group ...... 902.8 4.8 906.0 684.2 INDUSTRIAL ENGINEERING Huntsworth ...... 90.0 1.0 118.5 81.0 Primary Health Pr . . . . .141.0 0.8 141.0 108.0 Restaurant Group . . . . Tsy 3.750 20 ...... 102.71 0.02 105.6 102.5 Drax Group ...... 304.0 9.0 427.2 251.0 Allied Minds ...... 47.0 -0.3 84.2 37.3 Severn Trent ...... 2270.0 20.0 2297.0 1770.0 Hyve Group ...... 79.0 -0.7 85.3 56.3 SEGRO ...... 835.0 12.6 836.6 585.2 Stagecoach Group . . . . .150.2 0.2 177.0 115.5 Bodycote ...... 683.0 16.0 903.0 652.0 TUI AG Reg Shs (D . . . .1049.0 -8.5 1336.0 698.0 Tsy 8.000 21 ...... 112.07 0.01 118.7 111.7 ...... 1308.5 -4.5 1319.0 1008.0 Amigo Holdings ...... 78.7 0.0 297.5 67.8 United Utilities ...... 877.8 5.2 890.0 709.0 Informa ...... 767.0 -3.0 892.0 605.8 . .962.5 5.5 966.0 739.5 SSE . . . . . Hill & Smith Hold . . . . .1324.0 6.0 1324.0 902.5 Shaftesbury ...... Wetherspoon (J.D. . . .1520.0 -27.0 1624.0 1066.0 Tsy 1.875 22 ...... 114.34 -0.19 118.3 114.0 Arrow Global Grou . . . .220.0 2.6 273.0 167.2 IMI ...... 968.2 0.2 1069.5 870.0 ITV ...... 137.4 2.4 158.8 103.6 Tritax Big Box Re ...... 151.0 -1.1 159.7 129.0 Tsy 0.500 22 ...... 100.06 0.03 100.8 98.2 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .302.5 -3.0 481.0 302.5 GENERAL INDUSTRIALS Moneysupermarket. . . .339.8 -7.3 417.7 267.0 Whitbread ...... 4223.0 -52.0 5114.0 3988.0 Melrose Industrie . . . . .206.0 -3.0 209.0 146.3 Unite Group ...... 1150.0 -4.0 1174.0 797.5 William Hill ...... 202.0 -0.9 230.0 132.3 Tsy 4.000 22 ...... 108.33 0.02 110.7 108.3 Halma ...... 1854.0 -15.5 2094.0 1237.0 Ashmore Group ...... 479.8 -10.2 542.5 341.2 Smith (DS) ...... 338.8 4.6 403.9 292.2 Pearson ...... 674.6 -7.6 1027.5 673.4 Workspace Group . . . .1001.0 -21.0 1031.0 789.5 RHI Magnesita N.V . . .3570.0 18.0 5000.0 3318.0 Wizz Air Holdings . . . .3886.0 41.0 3905.9 2369.0 Tsy 2.250 23 ...... 106.79 0.02 108.0 105.3 Morgan Advanced M . .234.2 0.0 291.0 233.8 Brewin Dolphin Ho . . . .335.6 0.4 358.0 287.6 Smiths Group ...... 1577.0 1.5 1692.0 1279.5 Rotork ...... 299.2 -0.3 324.2 235.7 Reach ...... 99.0 0.0 102.0 54.6 Tsy 2.500 24 ...... 366.28 -0.24 377.9 360.3 Oxford Instrument . . .1288.0 -20.0 1424.0 842.0 City of London In . . . . .435.0 5.0 440.0 360.0 Smurfit Kappa Gro . . .2468.0 24.0 2686.0 1934.0 Spirax-Sarco Engi . . . .7500.0 0.0 9400.0 5900.0 Relx plc ...... 1739.5 -45.5 2011.0 1506.0 AIM 50 Tsy 0.125 24 ...... 112.14 -0.24 115.8 110.9 CMC Markets ...... 130.6 0.6 133.2 77.4 Rightmove ...... 559.6 -0.4 585.1 420.9 SOFTWARE & COMPUTER SERV. Renishaw ...... 3244.0 10.0 4670.0 3180.5 Vesuvius ...... 358.0 0.0 642.0 341.0 Weir Group ...... 1364.0 -8.5 1814.0 1240.0 Abcam ...... 1150.0 -6.0 1500.0 1017.0 Tsy 5.000 25 ...... 123.85 0.03 126.1 122.9 Spectris ...... 2312.0 52.0 2898.0 1966.5 Coats Group ...... 71.0 -1.0 91.3 69.1 STV Group ...... 389.5 1.5 400.0 318.0 Avast ...... 401.2 31.8 402.6 259.6 Tsy 4.250 27 ...... 129.58 0.02 132.8 124.0 Georgia Capital ...... 984.0 3.0 1260.0 941.0 GENERAL RETAILERS INDUSTRIAL METALS & MINING WPP ...... 916.2 -3.2 1056.0 800.4 Advanced Medical . . . .240.5 3.0 354.5 225.0 EQUITY INVESTMENT INSTRUM. Aveva Group ...... 3924.0 68.0 4170.0 2284.0 Alliance Pharma ...... 71.0 -0.9 80.4 60.0 Tsy 1.250 27 ...... 134.42 -0.20 141.1 129.2 Hargreaves Lansdo . . .1739.0 -37.5 2433.0 1633.0 Auto Trader Group . . . .530.0 -7.8 606.0 388.5 Evraz ...... 375.2 -18.0 709.4 375.2 MINING Computacenter ...... 1279.0 -12.0 1525.0 952.0 Tsy 6.000 28 ...... 147.93 0.01 152.2 142.1 Aberforth Smalle IG Group Holdings . . . .610.0 -5.2 644.5 474.8 B&M European Valu . . .382.3 1.0 426.3 ASOS ...... 3293.0 -151.0 6050.0 2107.0 r . . . .1346.0 10.0 1356.0 1114.0 278.6 Ferrexpo ...... 133.5 -0.4 301.3 132.5 FDM Group (Holdin . . . .703.0 -8.0 994.0 647.0 Blue Prism Group . . . . .840.0 -24.0 2002.0 840.0 Tsy 0.125 29 ...... 127.99 -0.23 134.7 119.8 IntegraFin Holdin . . . . .366.0 -2.0 406.1 269.0 Card Factory ...... 172.3 -1.1 209.0 151.2 Anglo American . . . . .1899.8 2.2 2266.0 1539.0 0 Alliance Trust ...... 777.0 -6.0 838.0 672.0 Kainos Group ...... 496.0 4.0 676.0 372. .2060.0 -25.0 2169.2 1367.5 Tsy 4.750 30 ...... 143.13 0.01 147.9 133.9 Apax Global Alpha . . . . .161.5 -0.5 162.5 127.0 Intermediate Capi . . . .1425.0 -15.0 1460.0 899.0 Dixons Carphone ...... 134.2 0.4 178.6 104.9 INDUSTRIAL TRANSPORTATION Antofagasta ...... 867.4 2.0 1022.5 727.2 Micro Focus Inter . . . . .1087.6 -48.6 2491.6 1039.0 Brooks Macdonald . Tsy 4.125 30 ...... 383.14 -0.23 404.2 359.8 International Per . . . . .105.0 -3.0 222.2 87.0 BHP Group ...... 1600.0 -6.0 2049.0 1490.6 Camellia ...... 9325.0 0.0 11750.0 9250.0 AVI Global Trust ...... 726.0 -10.0 781.0 660.0 Dunelm Group ...... 863.0 0.5 981.0 482.8 BBA Aviation ...... 299.4 -2.6 324.8 207.0 Playtech ...... 399.2 0.2 500.6 360.5 CareTech Holding . . . . .377.0 8.0 406.0 325.0 Tsy 4.250 32 ...... 140.96 -0.04 146.4 130.3 . .797.0 -3.0 840.0 663.0 Investec ...... 429.9 1.5 518.6 395.3 Inchcape ...... 651.5 4.5 653.0 486.6 Centamin (DI) ...... 109.2 -1.1 152.4 79.8 Sage Group ...... 690.0 -10.2 820.4 525.6 Baillie Gifford J . . . . . Clarkson ...... 2830.0 -15.0 2900.0 1878.0 Central Asia Meta . . . . .206.0 -2.5 266.5 180.0 Tsy 1.250 32 ...... 156.73 -0.61 167.7 145.5 Bankers Inv Trust . . . . .931.0 -4.0 970.0 766.0 IP Group ...... 65.0 -1.3 122.0 55.7 JD Sports Fashion . . . . .770.0 -6.4 781.0 318.5 Fresnillo ...... 616.0 -0.4 1027.5 601.0 Softcat ...... 971.5 -1.0 1044.0 565.0 Fisher (James) & . . . .1976.0 -4.0 2260.0 1600.0 Ceres Power Holdi . . . . .212.0 0.0 220.0 130.0 Tsy 4.250 36 ...... 148.98 -0.08 155.7 135.0 BBGI SICAV S.A. ( ...... 164.0 -0.5 168.0 146.5 John Laing Group . . . . .378.4 1.4 402.0 296.2 Just Eat ...... 625.0 -8.4 812.0 533.8 Royal Mail ...... 220.0 0.8 367.7 188.4 Glencore ...... 227.6 -1.0 340.3 222.2 Sophos Group ...... 565.8 -0.4 577.0 298.2 Tsy 0.125 36 ...... 149.16 -0.88 162.5 135.4 BlackRock Smaller . . .1464.0 4.0 1482.0 1160.0 JTC ...... 375.0 8.0 440.0 287.0 ...... 215.4 -0.5 266.2 185.9 Hochschild Mining . . . . .187.9 -3.0 227.0 149.9 Clinigen Group ...... 805.5 -14.5 1069.0 721.0 Kingfisher CVS Group ...... 963.5 -19.0 1029.0 395.0 Tsy 4.750 38 ...... 163.68 -0.10 171.8 147.0 BMO Global Smalle . . .1350.0 -2.0 1406.0 1220.0 Jupiter Fund Mana . . . .331.7 2.5 432.0 287.6 Marks & Spencer G . . . .200.6 -0.1 299.1 163.9 Kaz Minerals ...... 434.1 1.9 738.4 380.3 Tsy 0.625 40 ...... 169.76 -0.96 185.7 153.4 Caledonia Investm . . .3005.0 15.0 3110.0 2650.0 Liontrust Asset M . . . . .756.0 16.0 816.0 532.0 Polymetal Interna . . . .1173.0 4.5 1208.5 700.2 SUPPORT SERVICES Dart Group ...... 1236.0 67.0 1236.0 709.5 Tsy 4.500 42 ...... 167.82 -0.11 176.7 147.2 LMS Capital ...... 58.3 0.0 59.5 44.0 Rio Tinto ...... 3961.5 0.0 4976.5 3513.5 Diversified Gas & ...... 112.0 2.5 134.0 97.0 City of London In . . . . .420.0 -1.0 431.5 376.0 Aggreko ...... 784.4 3.8 858.4 691.8 Draper Esprit ...... 470.0 1.0 610.0 410.0 Tsy 3.500 45 ...... 150.46 -0.15 159.0 128.9 Edinburgh Inv Tru . . . .605.0 -1.0 654.0 535.0 London Finance & . . . . .37.5 0.0 41.5 37.5 MOBILE TELECOMS Ashtead Group ...... 2155.0 26.0 2344.0 1586.5 Tsy 4.250 46 ...... 171.05 -0.15 181.0 146.4 London Stock Exch . . .7102.0 58.0 7514.0 3867.0 Eland Oil & Gas ...... 163.4 0.0 164.6 97.0 F&C Investment Tr . . . .694.0 3.0 731.0 616.0 BCA Marketplace . . . . .236.2 0.4 247.0 178.5 MIS Group ...... 975.0 -33.0 1242.0 864.0 Tsy 4.025 49 ...... 177.71 -0.18 188.9 150.5 Fidelity China Sp . . . . .208.5 -2.0 250.0 182.4 Man Group ...... 151.8 -1.2 175.2 126.8 Inmarsat ...... 555.8 2.2 608.2 362.8 Bunzl ...... 1964.0 -21.0 2551.0 1954.0 E Tsy 0.500 50 ...... 198.73 -1.19 222.9 173.7 OneSavings Bank . . . . .372.4 -17.2 447.4 313.6 MAIN CHANGES UK 350 Vodafone Group ...... 160.5 0.0 168.9 123.3 Fevertree Drinks . . . . .2125.0 -42.0 3199.0 2070.0 Fidelity European . . . . .247.0 -0.5 257.5 202.0 Capita ...... 170.7 -2.2 175.5 99.9 First Derivatives . . . . .2135.0 15.0 3555.0 2050.0 Tsy 0.250 52 ...... 195.43 -1.14 221.1 168.88 Fidelity Special ...... 268.0 2.0 270.5 220.0 Paragon Banking G . . .496.2 -4.3 508.0 379.2 OIL & GAS PRODUCERS DCC ...... 7032.0 14.0 7184.0 5555.0 Finsbury Growth & . . . .876.0 -6.0 958.0 741.0 Plus500 Ltd (DI) ...... 792.6 15.2 1647.0 495.0     Diploma ...... 1681.0 -6.0 1696.0 1150.0 Frontier Developm . . .1100.0 30.0 1160.0 740.0  unicati .1115.0 0.0 1195.0 688.0 Foresight Solar F ...... 119.0 1.0 126.0 107.5 Provident Financi . . . . .430.2 0.0 658.6 356.0  BP ...... 485.1 -3.2 582.5 484.0 Electrocomponents . . .655.2 -5.2 672.8 480.0 Gamma Comm AEROSPACE & DEFENCE Quilter ...... 144.1 1.5 156.6 110.6 Avast ...... 401.2 8.6 Evraz ...... 375.2 -4.6 Cairn Energy ...... 194.6 0.8 214.2 140.0 GB Group ...... 527.0 -3.0 631.0 410.5 GCP Infrastructur ...... 130.2 0.2 131.0 122.4 Equiniti Group ...... 226.8 -3.2 236.2 186.2 Gooch & Housego . . . . .1115.0 10.0 1880.0 954.0 Genesis Emerging . . . .765.0 9.0 783.0 615.0 Rathbone Brothers . . .2155.0 -15.0 2540.0 2085.0 Grafton Group Unit ...... 822.5 5.3 InterContinental H ...... 4520.0 -4.6 Energean Oil & Ga . . . . .957.0 -12.0 1082.0 568.0 Essentra ...... 419.8 -4.0 442.0 325.4 BAE Systems ...... 539.8 -0.2 588.2 443.9 Greencoat UK Wind . . .148.0 1.0 148.0 124.4 Real Estate Credi ...... 167.5 -1.5 175.5 163.0 WH Smith ...... 2288.0 3.5 OneSavings Bank ...... 372.4 -4.4 Premier Oil ...... 83.0 1.9 121.0 55.6 Experian ...... 2371.0 -32.0 2631.0 1750.0 Hurricane Energy ...... 42.9 -1.2 60.8 38.7 Cobham ...... 156.3 0.1 168.3 96.8 295.0 184.0 HarbourVest Globa . . .1708.0 -4.0 1786.0 1326.0 Record ...... 34.0 0.0 35.4 27.3 Royal Dutch Shell . . . .2240.0 -18.5 2612.0 2213.0 Ferguson ...... 6434.0 64.0 6436.0 4749.0 Impax Asset Manag . . .257.5 -7.5 Meggitt ...... 589.8 -8.4 643.0 458.0 Drax Group ...... 304.0 3.1 Aston Martin Lagon ...... 477.6 -4.4 Iomart Group ...... 357.5 2.0 425.0 308.0 Herald Investment . . .1294.0 10.0 1364.0 1055.0 River and Mercant . . . .240.0 -6.0 303.0 212.0 Royal Dutch Shell . . . .2226.5 -19.5 2622.0 2224.5 Finablr ...... 151.6 2.2 180.0 140.0 QinetiQ Group ...... 308.0 4.4 312.4 267.0 Watches of Switzer ...... 284.5 2.9 Micro Focus Intern ...... 1087.6 -4.3 IQE ...... 61.6 0.1 98.0 47.6 HGCapital Trust ...... 227.0 0.5 237.0 175.0 S&U ...... 2100.0 -20.0 2440.0 1767.5 Tullow Oil ...... 203.9 -3.3 250.0 165.2 ...... 202.5 4.4 234.3 168.3 yce Holdi ...... 711.6 -18.0 988.4 702.8 SIG ...... 118.3 2.9 CYBG ...... 133.2 -2.9 G4S James Halstead ...... 518.0 0.0 532.0 367.0 Rolls-Ro HICL Infrastructu ...... 171.0 0.4 171.7 149.9 Sanne Group ...... 535.0 -15.0 752.0 450.0 Grafton Group Uni . . . .822.5 41.0 937.0 630.0 Senior ...... 180.3 4.3 278.6 174.0 Pagegroup ...... 431.8 2.8 Sabre Insurance Gr ...... 298.0 -2.8 OIL EQUIPMENT & SERVICES 6 Schroders ...... 3022.0 9.0 3210.0 2334.0 Hays ...... 160.1 1.0 165.3 135.7 Johnson Service G . . . . .172.6 2.6 183.2 113. Ultra Electronics . . . . .1933.0 -13.0 2252.0 1232.0 International Pub . . . . .156.6 0.6 165.4 146.8 Keywords Studios . . . .1170.0 -59.0 1838.0 900.0 n American . . .459.5 -2.5 494.5 386.5 Standard Life Abe . . . . .283.8 -1.9 310.4 224.9 Royal Bank of Scot ...... 238.3 2.6 Sanne Group ...... 535.0 -2.7 Hunting ...... 407.2 1.2 712.0 400.4 JPMorga Homeserve ...... 1146.0 -3.0 1263.0 849.0 Learning Technolo . . . . .101.0 -3.6 130.0 62.2 BANKS JPMorgan Emerging . . .977.0 -7.0 1066.0 759.0 TP ICAP ...... 330.0 -2.6 346.9 268.2 Senior ...... 180.3 2.4 Relx plc ...... 1739.5 -2.6 Petrofac Ltd...... 405.3 -0.4 595.4 381.5 Howden Joinery Gr . . .570.0 9.4 580.0 416.4 Walker Crips Grou . . . . .26.5 0.0 35.5 24.0 Bodycote ...... 683.0 2.4 Rolls-Royce Holdin ...... 711.6 -2.5 Wood Group (John) . . .347.9 -6.1 733.8 327.4 M. P. Evans Group . . . . .648.0 5.0 722.0 612.0 Bank of Georgia G . . . .1333.0 2.0 1755.0 1252.0 JPMorgan Indian I . . . .738.0 13.0 790.0 586.0 Intertek Group ...... 4934.0 -96.0 5962.0 4387.0 Midwich Group ...... 511.0 5.0 633.0 474.5 XPS Pensions Grou . . . . .119.5 -1.5 171.0 95.0 . . . .550.0 -10.0 628.0 500.0 Barclays ...... 165.0 1.0 178.9 136.2 JPMorgan Japanese . . .441.0 -3.0 457.0 367.0 PERSONAL GOODS Network Internati Mortgage Advice B . . . .570.0 -17.0 620.0 490.0 Jupiter European . . . . .777.0 -11.0 875.0 666.0         Pagegroup ...... 431.8 11.8 539.0 367.8 Close Brothers Gr . . . . .1417.0 18.0 1605.0 1227.0 Law Debenture Cor . . .594.0 0.0 618.0 534.0 Burberry Group ...... 1876.0 -39.0 2345.0 1623.5 PayPoint ...... 905.0 -15.0 1118.0 748.0 Next Fifteen Comm . . .498.5 13.5 658.0 471.0 CYBG ...... 133.2 -4.0 275.8 104.4 FIXED LINE TELECOMS .0 1.0 230.0 168.0 PZ Cussons ...... 207.5 3.0 244.0 178.6 Nichols ...... 1587.5 2.5 1880.0 1240.0 HSBC Holdings ...... 601.6 -4.8 680.6 580.9 Mercantile Invest . . . . .230 Next ...... 6736.0 -28.0 6830.0 3991.0 NON LIFE INSURANCE Rentokil Initial ...... 449.4 -3.6 467.8 284.8 Numis Corporation . . . .233.5 -2.0 301.0 212.0 Monks Inv Trust ...... 880.0 -7.0 964.0 710.0 BT Group ...... 206.3 2.0 264.7 158.9 Pets at Home Grou . . . .223.6 -3.0 239.4 110.0 PHARMACEUTICALS & BIOTECH Robert Walters ...... 490.0 -4.0 497.0 483.0 Lloyds Banking Gr . . . . .60.2 -0.8 66.6 48.6 TalkTalk Telecom ...... 113.0 -1.0 132.8 96.6 Pan African Resou ...... 11.3 -0.0 14.5 8.0 Royal Bank of Sco . . . . .238.3 6.1 270.4 177.7 Murray Internatio . . . .1198.0 -4.0 1212.0 1058.0 Sports Direct Int ...... 325.6 6.4 340.3 214.0 Admiral Group ...... 2054.0 1.0 2300.0 1935.0 Serco Group ...... 156.1 0.2 157.5 84.1 NB Global Floatin ...... 88.9 0.1 92.4 87.6 Telecom Plus ...... 1196.0 -4.0 1528.0 1130.0 AstraZeneca ...... 6772.0 -49.0 7533.0 5325.0 SIG ...... 118.3 3.3 153.0 99.4 Polar Capital Hol ...... 538.0 34.0 610.0 448.0 Standard Chartere . . . . .651.4 -8.0 736.8 519.8 Vivo Energy ...... 120.0 0.0 139.5 96.0 Beazley ...... 612.0 0.0 628.0 492.6 Purplebricks Grou ...... 111.0 2.0 232.4 90.0 . . . .122.0 1.0 124.5 109.0 Dechra Pharmaceut . .2626.0 -50.0 3036.0 2014.0 TBC Bank Group . . . . .1254.0 8.0 1710.0 1150.0 NextEnergy Solar . FOOD & DRUG RETAILERS WH Smith ...... 2288.0 78.0 2294.0 1697.0 Direct Line Insur ...... 290.1 1.3 366.5 273.2 TOBACCO Redde ...... 114.4 -2.4 187.0 90.0 Pantheon Internat . . .2305.0 -5.0 2330.0 1955.0 Genus ...... 2948.0 -18.0 3062.0 2124.0 Hastings Group Ho . . . .191.0 -4.2 231.6 174.0 Renew Holdings ...... 377.0 17.0 436.5 333.0 Perpetual Income . . . .316.5 1.0 341.0 284.5 Greggs ...... 1870.0 -12.0 2476.0 1115.0 Hiscox Limited (D . . . .1544.0 3.0 1777.0 1418.0 GlaxoSmithKline . . . . .1646.2 -5.6 1745.2 1418.0 British American . . . .2663.5 -18.5 3619.0 2375.0 Morrison (Wm) Sup . . .203.6 -0.3 255.1 176.9 HEALTH CARE EQUIPMETN & S. Hikma Pharmaceuti . .1993.0 -17.0 2200.0 1510.5 RWS Holdings ...... 575.0 -5.0 652.0 450.0 BEVERAGES Pershing Square H . . .1504.0 8.0 1570.0 990.0 Lancashire Holdin . . . . .703.0 9.0 746.0 561.5 Imperial Brands . . . . .1863.0 25.0 2750.0 1774.6 Scapa Group ...... 220.0 1.0 445.0 157.0 Personal Assets T . . .41750.0 0.0 43150.038900.0 Ocado Group ...... 1330.0 -31.0 1435.0 749.8 Assura ...... 75.4 1.5 75.4 52.4 RSA Insurance Gro . . . .529.2 5.0 597.0 496.6 PureTech Health ...... 252.0 0.0 292.0 160.5 Barr (A.G.) ...... 555.0 -3.0 975.0 543.0 Polar Capital Tec . . . . .1410.0 -12.0 1500.0 1066.0 Sainsbury (J) ...... 216.2 -2.6 324.0 177.1 TRAVEL & LEISURE Secure Income Rei . . . .433.0 1.0 454.0 371.0 Britvic ...... 1055.0 -13.0 1068.0 764.5 Convatec Group ...... 183.1 -0.1 186.5 118.6 Sabre Insurance G . . . .298.0 -8.5 306.5 249.0 REAL ESTATE INVEST. & SERV. Serica Energy ...... 127.0 -3.0 142.0 103.6 RIT Capital Partn . . . . .2120.0 -5.0 2170.0 1892.0 SSP Group ...... 663.0 0.0 721.0 608.0 Mediclinic Intern ...... 377.4 -7.5 403.2 293.4 Carnival ...... 3060.0 -17.0 4650.0 3037.0 Coca-Cola HBC AG . . .2406.0 6.0 3074.0 2244.0 Tesco ...... 244.0 1.4 253.0 189.6 LIFE INSURANCE BMO Commercial Pr . . .120.8 0.6 141.8 106.0 Smart Metering Sy . . . .457.0 2.8 665.0 310.0 Diageo ...... 3116.5 -29.5 3625.5 2624.5 Riverstone Energy . . . . .517.0 -6.0 1266.0 485.0 NMC Health ...... 2650.0 39.0 3678.0 1801.5 Cineworld Group ...... 221.3 -2.2 321.0 212.0 Thorpe (F.W.) ...... 288.0 0.0 340.0 248.0 9.0 UDG Healthcare Pu . . . .749.5 -12.5 821.0 551.0 Capital & Countie . . . . .249.8 4.6 279.5 184.9 1926.5 -13.5 2138.0 1483.0 Schroder Asia Pac . . . .429.0 -4.5 469.5 37 Smith & Nephew . . . . .1829.5 -14.0 1990.0 1258.0 Aviva ...... 412.2 4.2 438.8 352.3 Compass Group ...... Watkin Jones ...... 236.0 4.5 238.5 192.2 CHEMICALS Scottish Inv Trus ...... 822.0 -4.0 843.0 748.0 FOOD PRODUCERS Legal & General G . . . . .275.4 0.4 291.2 216.7 CLS Holdings ...... 262.5 -4.0 271.5 195.4 Domino's Pizza Gr . . . . .274.0 -3.0 297.2 221.2 HHOLD GDS & HOME CONSTR. Daejan Holdings . . . . .4975.0 -10.0 6160.0 4715.0 282.0 0.4 285.0 161.8 Young & Co's Brew . . .1590.0 -7.5 1885.0 1322.5 Croda Internation . . . .4730.0 -18.0 5375.0 4564.0 Scottish Mortgage . . . .479.2 -8.2 568.5 441.4 Phoenix Group Hol . . . .714.2 -4.6 724.8 544.0 EI Group ...... Young & Co's Brew . . .1140.0 0.0 1195.0 1030.0 Sequoia Economic . . . .115.6 0.0 117.6 108.0 Associated Britis . . . . .2229.0 -5.0 2638.0 2041.0 Barratt Developme . . . .674.2 3.2 685.8 434.0 Prudential ...... 1506.0 8.0 1790.0 1326.0 Grainger ...... 265.0 -1.0 268.4 205.8 FirstGroup ...... 134.1 1.0 137.5 79.3 Elementis ...... 150.2 1.7 219.4 129.8 Smithson Investme . . .1210.0 -6.0 1280.0 1000.2 Bakkavor Group ...... 127.6 -1.8 170.0 93.3 NewRiver REIT ...... 211.0 1.0 262.0 147.6 2986.0 -43.0 3454.0 2620.0 Bellway ...... 3379.0 19.0 3536.0 2419.0 St James's Place . . . . .1004.5 0.0 1143.0 913.6 Flutter Entertain . . . . .7520.0 50.0 8164.0 5525.0 Johnson Matthey . . . . Syncona Limited N . . . .238.5 0.5 294.0 213.5 Cranswick ...... 3408.0 26.0 3414.0 2472.0 Safestore Holding . . . .690.5 9.0 700.0 506.5 Go-Ahead Group . . . . .2188.0 -32.0 2226.0 1480.0 Sirius Minerals ...... 3.5 0.0 24.7 2.9 Berkeley Group Ho . . .4528.0 67.0 4592.0 3226.0 MEDIA CONSTRUCTION & MATERIALS Temple Bar Inv Tr . . . .1342.0 6.0 1366.0 1116.0 Greencore Group . . . . .238.5 -0.1 239.4 162.9 Bovis Homes Group . .1226.0 15.0 1241.0 828.0 Savills ...... 941.5 4.5 957.0 678.5 Greene King ...... 848.8 -0.2 850.0 480.0 Synthomer ...... 297.6 0.0 434.1 279.8 Hilton Food Group . . .1050.0 6.0 1088.0 884.0 Sirius Real Estat ...... 73.6 -0.3 75.9 55.6 Victrex plc ...... 2156.0 8.0 2720.0 1845.0 Templeton Emergin . . .773.0 -4.0 829.0 651.0 Countryside Prope . . . .366.6 8.2 368.4 270.0 4Imprint Group . . . . .3050.0 -10.0 3130.0 1800.0 GVC Holdings ...... 852.4 12.8 960.0 507.5 The Renewables In . . . .131.8 -0.4 133.2 109.3 Tate & Lyle ...... 673.0 -11.6 800.4 657.4 Crest Nicholson H . . . . .432.0 7.2 437.2 300.0 Ascential ...... 361.2 -1.2 411.0 337.2 St. Modwen Proper . . .468.0 -4.0 473.1 366.6 InterContinental . . . .4520.0 -217.0 5738.0 3958.4 CONSTRUCTION & MATERIALS TR Property Inv T . . . . .450.0 2.5 450.0 353.5 Unilever ...... 4626.0 -26.5 5324.0 3941.0 McCarthy & Stone . . . . .157.0 1.2 157.5 123.5 Bloomsbury Publis . . . .257.0 6.0 257.0 190.5 REAL ESTATE INVEST. TRUSTS International Con . . . . .508.6 -4.6 667.6 413.5 Vietnam Enterpris . . . .498.0 -1.0 509.0 421.5 Marston's ...... 120.5 1.5 131.3 90.6 Balfour Beatty ...... 230.2 0.2 295.0 194.2 FORESTRY & PAPER Persimmon ...... 2400.0 32.0 2471.0 1836.0 Centaur Media ...... 32.5 -3.0 56.5 32.0      VinaCapital Vietn . . . . .352.0 0.0 357.5 319.0 Entertainment One . . .558.5 0.0 589.0 336.4 Big Yellow Group . . . . .1140.0 3.0 1151.0 855.5 Merlin Entertainm . . . .454.6 0.6 454.8 307.1 CRH ...... 2713.0 -2.0 2837.0 1971.5 Witan Inv Trust ...... 215.0 0.5 225.5 189.6 Mondi ...... 1538.5 5.0 1898.0 1510.5 British Land Comp . . . .629.4 -0.8 638.0 468.3 Millennium & Copt . . . .687.0 0.0 690.0 436.0  Galliford Try ...... 773.0 5.5 900.5 512.0 Derwent London . . . .3622.0 14.0 3666.0 2779.0 Ibstock ...... 258.0 3.0 262.0 193.1 Worldwide Healthc . .2520.0 -25.0 2835.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 83.54 -0.06 92.71 56.32 3M...... 163.10 -0.44 219.75 150.58 ADIDAS N...... 281.70 0.15 297.95 178.30 ABBOTT LABORATOR...... 82.79 0.41 88.76 65.44 AIR LIQUIDE ...... 117.50 0.45 119.70 92.59 ADOBE...... 265.52 -3.72 313.11 204.95 AIRBUS BR...... 120.40 0.56 133.86 77.50 ALPHAB RG-C-NV...... 1245.49 -7.58 1289.27 970.11 ALLIANZ...... 218.15 3.55 218.70 170.50 ALPHABET-A...... 1244.41 -8.39 1296.98 977.66 AMADEUS IT GRP BR-A...... 65.50 -1.24 74.94 58.06 AMAZON.COM...... 1757.51 -29.97 2035.80 1307.00 ASML HLDG...... 228.00 -1.00 243.85 130.12 AMERICAN EXPRESS...... 116.76 -2.34 129.34 89.05 AXA ...... 23.93 0.10 24.09 18.40 AMGEN...... 202.72 -0.84 211.90 166.30 BANCO SANTANDER...... 3.87 0.01 4.68 3.39 APPLE...... 236.41 1.13 238.13 142.00 BASF N...... 66.20 0.34 74.62 55.72 AT&T...... 38.47 0.66 38.75 26.80 BAYER N...... 64.99 -0.79 78.74 52.00 BANK OF AMERICA...... 30.35 0.09 31.17 22.66 BBVA...... 4.78 0.05 5.68 4.19 BERKSHIRE HATH RG-B...... 208.76 0.14 223.59 186.10 BMW...... 67.30 -0.21 79.00 58.10 BOEING CO...... 344.00 -25.06 446.01 292.47 BNP PARIBAS A...... 46.99 0.01 50.08 38.14 CATERPILLAR...... 130.71 -1.36 144.77 111.75 CRH PLC ...... 31.41 -0.09 34.87 26.53 CHEVRON...... 114.74 -0.61 127.34 100.22 DAIMLER N...... 48.21 -0.45 59.90 40.35 CISCO SYSTEMS...... 46.71 -0.32 58.26 40.25 DANONE...... 71.96 -6.62 82.38 59.72 CITIGROUP...... 69.74 0.14 73.09 48.42 DEUTSCHE BOERSE N...... 143.10 -0.05 145.55 102.50 COCA-COLA CO ...... 54.78 0.99 55.92 44.42 DEUTSCHE POST N...... 30.70 0.15 31.59 23.43 COMCAST-A ...... 45.57 -0.36 47.27 32.61 DEUTSCHE TELEKOM N...... 15.85 0.04 15.95 13.98 COSTCO WHSL...... 302.86 0.46 307.34 189.51 ENEL N...... 6.77 -0.00 6.91 4.31 DOW...... 47.96 0.15 0.00 0.00 EXXON MOBIL...... 67.61 -0.53 83.75 64.65 ENGIE...... 14.95 0.07 15.24 11.31 FACEBOOK-A...... 185.85 -4.54 208.66 123.02 ENI N...... 13.78 0.04 16.06 12.92 GOLDMAN SACHS GR...... 206.52 0.06 234.06 151.70 ESSILORLUXOTT...... 134.80 0.35 137.30 95.50 HOME DEPOT...... 237.93 1.16 238.73 158.09 FRESENIUS...... 43.40 -1.19 63.56 38.50 IBM...... 134.09 -0.17 152.95 105.94 IBERDROLA ...... 9.12 0.03 9.58 5.89 INTEL...... 51.36 -0.50 59.59 42.36 INDITEX ...... 28.45 -0.09 29.00 21.85 JOHNSON&JOHNSON ...... 127.70 -8.47 148.99 121.00 ING GROUP...... 10.16 0.01 12.14 8.20 JPMORGAN CHASE ...... 120.56 0.21 121.59 91.11 INTESA SANPAOLO N...... 2.23 0.00 2.36 1.80 MASTERCARD RG-A...... 270.63 -5.88 293.69 171.89 KERING...... 469.65 -8.00 539.80 351.70 MCDONALD'S...... 208.50 1.65 221.93 166.19 KON AH DEL BR...... 22.98 -0.15 24.01 19.36 MEDTRONIC...... 108.12 -0.39 112.05 81.66 L'OREAL...... 240.70 -3.60 258.90 184.05 COMMODITIES CREDIT & RATES MERCK...... 84.68 0.88 87.35 66.10 LINDE...... 175.85 -1.45 0.00 0.00 MICROSOFT...... 137.41 -2.28 142.37 93.96 Gold...... 1492.65 7.55 Copper Cash Official...... 5683.00 43.00 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 LVMH...... 375.05 0.30 392.65 242.30 NIKE -B-...... 96.10 0.54 96.46 66.53 Silver...... 17.45 0.20 BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 MUENCHENER RUECKV N...... 247.00 1.30 248.10 181.20 Aluminium Cash Official...... 1703.00 22.50 ORACLE ...... 54.55 -0.51 60.50 42.40 NOKIA...... 4.75 0.03 5.76 4.17 Brent Crude...... 58.74 -0.61 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.24 0.01 Nickel Cash Official...... 17000.00 -680.00 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.25 0.01 PEPSICO...... 136.25 -0.71 140.45 105.03 ORANGE...... 14.93 0.06 15.25 13.08 Krugerrand...... 1529.70 12.05 Aluminium Alloy Cash Official...... 1150.00 0.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.488 0.01 PFIZER...... 36.46 0.00 46.47 33.97 ROY.PHILIPS...... 39.07 0.00 44.60 29.05 Palladium...... 1769.00 27.00 Cocoa Futures ...... 2512.00 -9.00 LIBOR Euro - overnight...... -0.572 0.00 The vix index...... 14.25 0.46 PHILIP MRRS INT...... 80.55 0.70 92.74 64.67 SAFRAN...... 140.85 0.45 145.40 99.98 Platinum...... 882.00 -3.00 Coffee 'C' Futures ...... 95.80 2.90 LIBOR Euro - 12 months...... -0.316 0.00 The baltic dry index...... 1855.00 -6.00 PROCTER&GAMBLE...... 117.47 0.84 125.36 84.86 SANOFI...... 82.80 -0.92 85.90 71.74 Tin Cash Official...... 16600.00 0.00 LIBOR USD - overnight...... 1.815 -0.01 Markit iBoxx EUR ...... 247.14 -0.28 SALESFORCE.COM...... 144.09 -2.08 167.56 113.60 Feed Wheat Futures...... 135.35 -1.22 SAP I...... 115.50 -0.74 125.00 84.02 Lead Cash Official ...... 2128.00 60.00 LIBOR USD - 12 months ...... 1.987 -0.01 Markit iBoxx GBP...... 353.40 -0.47 TRAVELERS COS...... 141.36 0.88 155.09 111.08 SCHNEIDER EL...... 81.78 -0.42 82.98 57.54 Zinc Cash Official ...... 2440.00 0.00 Soybeans Futures Continuation Contract...933.60 2.20 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 261.53 -0.03 TWITTER...... 38.99 -0.62 45.86 26.26 SIEMENS N...... 99.77 0.78 108.62 84.72 UNITEDHEALTH GRO...... 245.34 1.67 287.94 208.07 SOCIETE GENERALE...... 26.03 0.00 32.31 20.81 WORLD INDICES UTD TECHS...... 136.80 -1.37 144.40 100.48 TELEFONICA ...... 7.07 0.02 8.06 5.86                 VERIZON COMM ...... 61.05 0.64 61.58 52.28 TOTAL...... 46.34 0.12 52.49 42.65 VISA RG-A ...... 175.71 -2.23 187.05 121.60 UNILEVER...... 54.07 -0.38 57.77 45.60 FTSE 100 ...... 7150.57 -31.75 -0.44 S&P 500...... 2986.20 -11.75 -0.39 CAC 40 ...... 5636.25 -36.82 -0.65 Hang Seng ...... 26719.58 -128.91 -0.48 WALGREENS BOOTS...... 55.30 -0.64 86.31 49.03 VINCI...... 96.54 -0.68 101.70 69.98 FTSE 250...... 20228.53 7.42 0.04 Dow Jones I.A...... 26770.20 -255.68 -0.95 Swiss Market Index ...... 9965.57 -43.37 -0.43 Shanghai Composite ...... 2938.14 -39.19 -1.32 WALMART...... 119.14 -0.70 120.71 85.78 VIVENDI...... 25.42 0.25 26.69 20.80 FTSE All-Share ...... 3956.89 -13.91 -0.35 Nasdaq Composite ...... 8089.54 -67.31 -0.83 ISEQ Overall Index...... 6463.55 -63.57 -0.97 STI Index ...... 3114.28 -10.27 -0.33 WALT DISNEY...... 130.89 -1.48 147.15 100.35 VOLKSWAGEN VZ I...... 168.80 1.34 172.82 131.02 FTSE AIM All-Share ...... 880.73 -1.91 -0.22 Xetra DAX ...... 12633.60 -21.35 -0.17 FTSEurofirst 300 ...... 1534.81 -5.93 -0.38 ASX AllOrdinaries ...... 6758.40 -33.10 -0.49 WELLSFARGO...... 49.97 0.36 55.04 43.02 20 OPINION MONDAY 21 OCTOBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Recover that Olympic spirit TO THE EDITOR Light-touch to give London back its mojo restrictions

[Re: Kinks aside, the porn block was a NSPIRE a generation.” That was Whereas then Whitehall was the who popularised the idea of the puritanical attack on sexual expression] the slogan for the London 2012 open playground for beach volley- Michael “tipping point”, described this as As chief executive of Portland TV, the Olympic Games, and a memory ball, it was now closed and under Hayman the moment “when an idea, trend, company behind Television X, I have no of a moment when the capital siege, dominated by the sight of or social behaviour crosses a thresh- interest in curbing sexual expression. And I yet, I am a fervent proponent of child and the country felt confident concrete bollards and the sound of old, tips, and spreads like wildfire”. about the future. screaming police vehicle sirens. Belief matters. The rise and fall of protection initiatives like age verification. Cast your mind back and recall the For as long as you care to remem- cities and nations alike is often Age verification is not a “porn block” – triumphs of elite athletes, the city at ber, London has been Europe’s con- aligned with the confidence of their done properly, it is a light-touch check ease with itself, and the country fidence capital: a feel-good people to win through. History is re- which prevents kids from stumbling across bursting with the pride of a phe- supernova, a superstar city, a power- plete with places that once seemed inappropriate content, despite their nomenal achievement delivered for house economy, and an innovation unstoppable centres of ambition parents’ best attempts to protect them. the world. It was a high point for the inspiration. That confidence has in- ending up as museums to the past. Television X has been doing it for years to “feel-good factor” – the widespread spired people from all over the It’s against this background that great success. feeling of happiness, tolerance, and planet to make it their home. And it London’s reputation for success is The age verification systems proposed kindness towards others. has given the city the energy and too often taken as a given: the city were the result of years of work informed I wonder what our 2012 selves self-assurance of an open, global, equivalent of too big too fail. by industry experts, mostly from the tech would have made of the scenes in and collaborative world leader. And in the three years since the sector, who have been striving to make a Canning Town last week, where Ex- But the thing about confidence is referendum, London has kept the clear distinction between age checking and tinction Rebellion protesters feuded that it is powerful but fragile. It’s show on the road. But you can’t help identity verification. We don’t need to with commuters? It was an attempt the nuclear fuel for progress. Don’t but wonder if these have been the know who you are simply to check that you to provoke – and in that it was suc- mess with it. years of survive rather than thrive. are over 18. Data minimisation has always cessful. Targeting mass public trans- That is exactly what has been hap- The often privately held worry, es- been at the forefront of these efforts. port at rush hour, activists were pening. London has found itself be- pecially among big business, is that The abandonment of this process leaves dragged from the tops of trains by sieged not only with protesters, but Brexit in combination with a range children exposed, costs businesses money, angry would-be passengers. other challenges that risk ebbing of other challenges – from low pro- and breeds consumer confusion. And it But it released hate not hope, and away at our sense of self. ductivity to stalling global growth – doesn’t benefit anyone, except the there was something heart-break- Take crime. Last week, the city is the sign that good times can’t last. overseas companies which continue to ing about watching the frustration racked up an unenviable new But none of this is a given. So for pump a deluge of hardcore pornography of everyday passengers boil over record: knife crime at a historic high London to continue to prosper, it into the UK that is freely available with zero into rage. It was an own goal for the with over 15,000 offences in a year. needs to get its mojo back, and fast. access restrictions. protesters, who rapidly lost public The rational response is to develop It has been Europe’s High-performance athletes will tell Adults’ rights to view this content have support, but also a sad day for many better policing and justice strate- you that the key to power perform- been hard-won and need protecting. Let’s of the rest of us. gies, and remember that the relative confidence capital: a ance is to positively envision your- make one small concession – restrict For that split second said much risk of crime remains thankfully feel-good supernova, self on your best day, to capture the children’s access in the interest of about our state of mind as a nation, low. But the reputational risk of feeling and to unleash the attitude. protecting adults’ viewing habits. This and the reaction to it confirms the being labelled a crime capital could a powerhouse We saw many of those days in the should of course be accompanied by better deep divisions that mark out today’s do much to damage confidence. economy, and summer of 2012. London really education in schools to allow children to Britain. A crowd taking back control It is why concepts like public does know what it is like when it is better understand and contextualise porn or a lynch mob losing its senses? It safety or indeed the buoyancy of an innovation at its best. And we need to have the when encountered. Urgent action is took moments before the rush to markets don’t depend just on the inspiration – but confidence to believe it and use it needed on that front from the government. judgement began on social media. rational actions of the police or to inspire again. In the meantime, without age verification One thing is for sure: whatever traders. They are influenced by in- confidence is fragile or education, leaving children exposed to your view, the image of central Lon- tangible and unpredictable factors £ Michael Hayman MBE is co-founder of the extreme material supplied by don locked down last week felt a like how society reacts to an event. Seven Hills and co-author of Mission: unregulated overseas providers is wholly long way from London 2012. Malcolm Gladwell, the writer How the Best in Business Break Through. unacceptable to the regulated industry and parents alike – and ironically only fuels calls for censorship of the internet. Chris Ratcliff, chief executive of Portland TV and council member of the Digital Policy Alliance The City’s success depends on our ability BEST OF not only to compete, but to collaborate TWITTER Stop with the “oh now they’re affecting peoples lives XR have lost the PR battle”. That happened from the start. UST last week, German cies, our recent research shows that will remain important in order to Anyone using a bus was disrupted Chancellor Angela Merkel re- the quality of London’s sustainable Catherine be able to continue to trade. already. Anyone working in the City or marked that the UK will join finance offer is still unmatched by McGuinness We have been clear that the City Westminster. There aren’t special Jthe likes of China and the US any other global financial centre. remains steadfastly committed to enclaves where workers deserve in becoming an “economic But our success does not exist in a the multilateralist trading frame- disruption unlike Canning Town competitor” of the European Union vacuum. When it comes to building work that we share with our part- @emmamrevell after Brexit. the regulatory framework for green ners across the world. Regulatory There is, of course, no doubt finance, it is and will continue to be cooperation is vital for businesses “I’m not always going to be here,” says about the competitiveness of the essential that London works closely and consumers to thrive, in the UK, Mark Zuckerberg. He’s 35! He has total UK’s financial services sector, nor with like-minded partners across the EU, and beyond. control of his company! When is he about the fundamental strengths the globe in order to avoid environ- ing decades, tackling this huge chal- This is more important than ever not going to be here?! of London. But looking ahead at the mental catastrophe. lenge will also require the help of at a time when technology is mak- @LFDodds common challenges that we face in The launch of the Green Finance key European stakeholders. ing the world increasingly intercon- the foreseeable future, our ability Institute earlier this year, with sup- Green finance is just one of many nected and changing the way that My cafe loyalty app tells me I’ve to collaborate will be just as impor- port from the City of London Cor- issues where our mutual interests the financial services sector serves earned a mini chocolate pastry. My tant as our readiness to compete. poration and the government, are aligned, whatever comes of its customers. This was a point I Fitbit app tells me I have NOT earned The EU and the UK will therefore offers an opportunity for the UK Brexit. Just this week, the Interna- raised with MEPs and third-country a mini chocolate pastry. And they said need to remain close partners as we and the EU to collaborate towards tional Monetary Fund warned once representatives in Brussels. tech was going to make our lives less look to tackle shared challenges this goal after Brexit. It will com- again about the prospect of a global So whatever happens next, the UK confusing... such as climate change and to pro- bine the best knowledge and prac- economic slowdown, and the role mustn’t turn our backs on Europe @KateMaltby mote regulatory cooperation across tice across financial services to that trade disputes are playing in – or the great shared challenges global markets – and this was the mobilise capital to accelerate the contributing to this. that we are confronted with. Only Boris proposes strict new rules message at the heart of my visit to transition to a zero-carbon and cli- We do not see the UK’s departure through working together do we around freedom of movement, Brussels last week. mate-resilient economy, both do- from the European Union as an ex- have the opportunity to succeed. although mainly to stop his MPs Whether it be our expertise in sus- mestically and internationally. cuse for a bonfire of regulation – in- joining the Lib Dems. tainable infrastructure or green With trillions of pounds of green deed, quite the opposite. Close £ Catherine McGuinness is policy chair @haveigotnews bonds in a variety of global curren- investment needed over the com- regulatory alignment with the EU at the City of London Corporation. CITYAM.COM MONDAY 21 OCTOBER 2019 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Reforming public procurement DEBATE can build a fairer, greener Britain Could the BBC survive becoming a subscription service, as Nicky ROM the collapse of Carillion most three quarters of the biggest to the Brexit ferries fiasco, pub- Rose state suppliers have operations in tax Morgan has suggested? lic procurement has had a Lasko-Skinner havens. Tackling tax avoidance in a Frocky few years. But while the and globalised world through legislation focus has rightly been on en- Ben is complex, but new standards should The BBC is a well-loved and historic suring that such disasters don’t hap- allow government departments to in- British institution, but it needs to move pen again, we must not forget that Glover clude a bidder’s effective tax rate – the with the times. Ending its guaranteed public procurement can actually be amount of tax they pay to the Excheq- income and making it compete for its YES an enormous force for good. uer – when considering who to award customers through a subscription Public procurement is the act of the contracts to, rewarding those firms model would drive it to become more NICHOLAS MAZZEI government buying things from exter- sion-oriented” approach to public pro- that pay their fair share. innovative and think more carefully nal providers, from stationery to sub- curement, ensuring that we reach the None of this, however, will have about its content and services. catalogue of excellent material, while marines, nurses’ uniforms to IT full potential of the pioneering legisla- much impact if the government does- Many of us have fallen out of love with focusing on delivering content that all systems. It’s the government’s largest tion that introduced these powers. n’t have a fair and competitive market the BBC. Its inability to manage serious audiences can celebrate. Its news and spend, amounting to almost £300bn a For example, in-work poverty could to choose providers from. But this public issues in meaningful ways, its current affairs services would also need year and representing around 13 per be tackled by requiring government happens far too rarely: almost one in woeful digital technology platform, and to evolve and innovate, meaning that cent of the UK’s GDP. That’s a huge fig- suppliers to offer their workers the four public sector contracts only re- the loss of millennial and generation Z we might one day get a Question Time ure: almost three times what we spend real living wage, as pioneering coun- ceive just one bid, leaving commis- audiences to competitors mean it has episode that holds our politicians to on the NHS in England. cils such as Preston are already doing. sioners no choice at all. already lost a meaningful connection account. The BBC mandate from the And it’s not just money, it’s an op- To increase their chances of winning It is therefore vital that steps are with current and future target markets. 1920s simply no longer works. portunity. In fact, new Demos re- government contracts, some compa- taken to increase the number of com- A subscription model could bring the search published yesterday outlines nies are striving to offer the govern- panies competing. This involves en- BBC to the twenty-first century. It would £ Nicholas Mazzei is a corporate social how this vast spending power repre- ment more social value, such as by suring that procurement works better be able to leverage its massive back responsibility adviser. sents the enormous potential to providing high quality training and for small and medium-sized enter- shape a fairer Britain. skills to areas in need. But this could prises, which too often feel that they How? By using it as leverage to en- be taken so much further. have little or no chance of winning courage the companies seeking these Or take the environment. The gov- government contracts. The BBC’s mission is “to act in the contracts to act more in the interests ernment’s drive to tackle climate That’s why we are calling for small public interest, serving all audiences of society, from how they treat work- change and improve biodiversity could business advisory councils – made up through the provision of impartial, ers to the tax they pay to reducing be fostered by public procurement de- of small business owners themselves high-quality and distinctive output and NO their impact on the environment. manding that suppliers meet strict – in the biggest government depart- services which inform, educate and The fundamentals are already in new environmental criteria, dramati- ments. We also need to provide busi- entertain”. Becoming a subscription SARAH BAUMANN place. Through “social value” criteria, cally “levelling up” the playing field. nesses with more information about service would make this impossible. the government can try to maximise It could also drive better tax behav- why and how bids are awarded, im- To compete, it would almost certainly could also be priced out. the social, environmental and eco- iour. Our research identifies that al- proving their chances of winning con- have to sell packages of its programmes Ultimately, the move would show a nomic impact of procurement. But tracts in the future. at various prices. How could it serve all lack of empathy with viewers who rely standards, definitions and priorities Government procurement can be so audiences fairly if budgets shifted on the BBC for trusted, high quality for social value remain disjointed and Three quarters of the much more than the purchasing of towards the most popular services? content. It is important to understand unaligned across the government. biggest state suppliers goods or services. It should be seen as This would demolish the BBC’s where audience attention is focused in Our report recommends that these a route to a fairer, greener Britain – connection with elderly audiences, who the media landscape, but just because criteria are clarified and properly have operations in something that politicians of all are less likely to switch to a new fee subscription models are popular does aligned with the government’s priori- tax havens stripes should welcome. model and may struggle with not mean that they are for everyone. ties for building a fairer, greener, more technology – not ideal when many are prosperous Britain. New cross-govern- £ Rose Lasko-Skinner and Ben Glover are also suffering from loneliness and £ Sarah Baumann is managing ment objectives could foster a “mis- researchers at the think tank Demos. isolation. Low-income households director at VaynerMedia London.

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Chris Beauchamp US EQUITY Chief Market Analyst, IG OUTLOOK – he S&P 500 is near record highs, the US economy contin- ues to grow, and the Fed is gen- Ttly cutting rates in order to help sustain the expansion. Yet sen- MORE GAINS timent remains fragile at best. Investors are it seems determined to find the ‘next 2008’ at every turn, fretting that a US re- cession is near and that a 40% drop in the S&P 500 is getting closer. TO COME? First, the bad news. Earnings are weak- ening, in a manner that has not been seen since 2016. According to FactSet, earnings fell 4% in Q1 and 2.7% in Q2, and a fresh decline is expected this time as well. This comes off the back of ten consecutive quarters of earnings growth, stretching from Q3 2016 to Q4 2018. A third quarter of declines would make it difficult for the S&P 500 to con- tinue to gain in the short-term, but would not necessarily imperil the longer-term bull market. Previous peaks in earnings have not spelled doom for the equity rally any- way. If we were to assume that earnings had peaked, a very ambitious assump- tion, then over the previous three decades around five-and-a-half years elapse before a real bear market begins, which might suggest a significant de- cline in equity indices is unlikely to occur before 2024. It is more likely that this period of weakness is a necessary Crucially, the Fed is acting to sustain not expensive. At around 17 times for- will rise in Washington, even if this then 2018, which itself followed on from the counterpart to the strength seen from the expansion by cutting interest rates ward earnings, the index is closer to its clears the way for Mr Trump to begin a trading range of 2015 and early 2016. It 2016 until the end of 2018. in a slow and steady manner. US GDP 25-year average than it was towards the new trade spat, this time with Europe. A is not hard to believe that 2018/19 will re- Moving on from earnings, we look at has been growing by 2% per quarter over beginning of 2017, when a steady one- broader conflict in the Middle East, solve into another long-term move the macroeconomic picture. It is hardly the previous three quarters, and while year rally beckoned. The volatility of where Turkey is flexing its muscles and higher. controversial to say that we are nearer to this is a slowdown on the 3% of the pre- 2018 saw the valuation fall below the 25- Saudi Arabia and Iran are at loggerheads, It is entirely possible that, backed by the next recession than to the previous ceding three quarters, it remains a solid year average, to around 15 times earn- is another reason to be cautious. strong earnings and healthy economic one. But this does not mean one is im- rate of growth for a mature economy ings. Admittedly, this is above the In truth, it is always easy to find a rea- data, plus a supportive Fed, equities in minent, either. One is however likely in like the US. valuation seen before the Great Finan- son to be worried. The US debt ceiling cri- the US will continue to move higher. 2020 – unemployment claims have bot- In addition, retail sales have yet to peak. cial Crisis, which was around 15 times sis, the Greek crisis, the China panic of tomed for now, something that usually The stock market is not the economy, and forward earnings, while in 1999 the S&P 2015 have all come and gone since the Spread bets and CFDs are complex happens around a year before the reces- even in a consumer-driven economy like 500 was at 24 times earnings. great rally of 2009 began, and all at the instruments and come with a high risk of sion, while new home sales peaked two the US there is more to the picture than There are risks to the outlook, and it is time seemed like harbinger of a fresh losing money rapidly due to leverage. 75% months ago, giving us, on average, an- retail sales, but there seems no slowdown important to be aware of them. Chief bear market. Looking back, it seems of retail investor accounts lose money other thirty months before a recession. in the pace of overall retail sales, meas- among them, of course, is the US-China strange to think that investors become when trading spread bets and CFDs with But this merely tells us what we already ured by total volume. Americans con- trade war. While it may take time to so concerned, but investing is always this provider. You should consider whether know, namely that the US economy is in tinue to spend, sending a positive signal come to a resolution, it does look as if much easier in hindsight. The sideways you understand how spread bets and CFDs the late-cycle element of the economic about the longer-term outlook. there are grounds for optimism. As the movement of 2018 seems to have been a work, and whether you can afford to take expansion. Over the longer-term, the S&P 500 is US election nears, the desire to do a deal necessary reaction to the rally of 2016- the high risk of losing your money. CITYAM.COM MONDAY 21 OCTOBER 2019 FEATURE 23 ENTREPRENEURS Luke Graham speaks to Mercato Metropolitano’s MARKET MAN founder about saving the world from bad food HE WORDS Elephant & Castle ON A MISSION and trendy food market don’t normally go together. It’s an area that’s unfortunately more associated with crime andT poverty than gourmet dining. But since 2016, a patch of unassum- ing land around the corner from the Ministry of Sound has played home to Mercato Metropolitano. This upscale hotspot has around 50 vendors selling food from all corners of the globe – in 2018, three million people visited it, generating around £15m in sales. Mercato Metropolitano now plans to open several more sites in the capital, including in Mayfair and Ilford. And the business has been asked to open locations in Europe and the US, too. FROM MILAN TO LONDON However, the story of the market does- n’t begin in London – the original con- cept was tested at the 2015 World Expo in Milan. Andrea Rasca, a serial Italian business entrepreneur and the founder of Mercato Metropolitano, transformed a disused railway station there into a thriving food hall. “We had 2.5m visitors in four and a half months, without spending one pound in advertising,” Rasca recalls. “That Mercato was the full synthesis of what I’d been through in my ca- reer, my studies, everything. We cre- ated this space, which represented me and how I want to live my life – a table, with people around, cooking to- gether and eating together.” Sadly, Rasca was forced to close it due to a decision by the site’s owners. “I love Italy, but we do not tend to have a long-term view on things,” he laments. “They said ‘you have to dis- mantle and we have to decide what to do with that space’. That was 2015, now it’s 2019, and it’s still empty.” Not to be deterred, Rasca turned his place. I talked to Peabody, which did- petition is how it deals with vendors. “People started thinking about the from over one billion in 1991 to 820m attention towards London. Friends in n’t know what to do with it. We Rather than simply charging a flat money in their pockets and not the in 2017, according to data from the UN the city showed him several possible agreed on a very low, accessible rent, rent for space, the market is more people they were feeding. They Food and Agriculture Organisation. locations, but he was unimpressed because it wanted to get rid of paying like an incubator programme, work- started to maximise the profit on But Rasca is adamant. He talks about until he was brought to the spot in business rates.” ing with young food and drink start- wheat, for instance, by creating a the rise in diabetes-related illnesses in Elephant & Castle. Three months after the agreement, ups and taking a percentage of their wheat flour that was not nutritious, the UK, about childhood obesity, and Before it became Mercato the market opened. sales, so the vendors only pay if they but could sit on a shelf for two years. scoffs at the idea that banning junk Metropolitano, the site was a “The beginning is always diffi- are doing well. That sounds fantastic, but who cares food adverts – as Transport for London paper factory that had been cult, because we do not advertise However, this arrangement means – I want food to go rotten, otherwise did this year – is the answer. disused for decades. It be- – it’s all word of mouth. But then that the startups must give up some there’s something wrong with it. “If you still sell Coca-Cola in every longed to the housing associ- we grew: in 2017 we did around independence. Vendors have to pro- corner of this city, and then ask me ation Peabody Trust, which £9m of sales, in 2018, we closed vide the Mercato with a list of ingredi- how you combat child obesity, I’d like had struggled to develop the at approximately £15.2m, this ents and where they’re sourced from, to take your head and smash it against site – until Rasca came along. year we are targeting £23m,” Rasca and be willing to open their fridge at a a wall,” he says jokingly (I hope). “It’s “When I came here, says. “It was scary to begin moment’s notice. They also have to not by banning adverts on buses.” there were dogs and with. When you’re an en- work with the executive chef team Rasca argues that the answer instead guards. It was a trepreneur, you need who inspect how they operate. It was scary to is to create places where industrial disaster – an ex- to be scared. If you’re “Everything has to be controlled by food is not allowed, like in his market. factory that not scared, it means us, so the food is mostly organic and begin with – “This is a safe haven from the bom- was aban- that there’s some- mostly local. It’s not only about qual- when you’re an bardment of advertising. I opened doned,” he thing wrong.” ity control, I want to know and under- this place because I wanted to give an recalls. stand who is the supplier,” explains entrepreneur, you answer to the food issues facing the “But if COOKING UP Rasca. “My real concern is the visitor, big cities.” you look SUCCESS and to give them the best possible ex- need to be scared Certainly, Mercato Metropolitano at a map, Mercato Metro- perience. And because we have such a takes these issues seriously. The web- it’s at the politano is also a big space, I can charge less rent and “We’ve been educating people that site hosts a manifesto about food heart of social enter- negotiate with suppliers. Everybody’s food has to be cheap. This is the rights, sustainability, and ensuring ac- London. I prise, running happy, and no one wants to leave.” biggest stupidity in the world. Food cess to nutritious and adequate food saw the events and Rasca’s concern over where vendors’ has to be good, healthy and nutri- for everyone. I tell Rasca that he potential workshops for ingredients come from may seem a tious, and then we have to make it ac- sounds more like he’s on a mission to for an the local com- touch extreme. He is very passionate cessible to everybody. Cheap is not the save the world than just run a busi- amazing munity like film – bordering on angry – about food is- first thing we have to think about.” ness, and he agrees. screenings, cook- sues in the world. He argues that the It is worth noting that, thanks to de- “Mercato was born to create a posi- Andrea Rasca ing classes, and big retailers and manufacturers have velopments in food production that tive, alternative solution and way of opened Mercato yoga sessions. degraded food quality, and that soci- Rasca dismisses, globally the number living. It’s not just about food, it’s Metropolitano in What also sets it ety stopped eating well after the in- of people classed as undernourished about how we live. This is a mission, London in 2016 apart from its com- dustrialisation of farming. has fallen dramatically over the years, not just a business.” 24 LIFE&STYLE MONDAY 21 OCTOBER 2019 CITYAM.COM TRAVEL ON THE RIGHT HOURS IN... SYDNEY, AUSTRALIA TRACK Josh Martin hops aboard the Glacier Express linking two of Switzerland’s most-famous ski resorts

WHERE TO STAY For chic beachside glamour head to QT Hotels Bondi Beach; the only high-end boutique aparthotel that’s right there on the sands. The suites are huge and its near all the restaurants and bars. Visit qthotelsandresorts.com

ou could almost feel our com- partment teeter over the WHERE TO GO edge of the crossing as the This one is a real secret, its whereabouts Y whole carriage readied cam- whispered in hushed tones. But if you eras and phones to capture have a chance, check out Bondi Beach the iconic photograph. The Land- where you can bask in the sun, sea and wasser Viaduct on the Swiss rail net- surf that exists in the eternal Australian work’s Glacier Express is the pièce de summer of your dreams. résistance of the journey between swish alpine resort towns of Zermatt and St Moritz. And judging by the ferocious snap- ping and uploading as we clacked across its towering bridge, 65 metres above snow-crusted forest below, to marvel at this engineering feat is not reserved only for train nerds. Seconds later, the climax of the journey sub- sided as we plunged into the darkness of the umpteenth tunnel of the 180 mile excursion. I scrolled through my own amateur WHERE TO DRINK efforts. Useless, all of them. The glare China Diner is the perfect excuse to of mid-winter sun hitting the snow or rope’s highest stretches of railway, in- their runs at too-cool bar Cervo, inter- smarten up after a day on the surf. Its reflections of fellow passengers on tegral in transporting commuter ve- rupted only by nondescript synths menu offers both Chinese and South- their Canons and Nikons meant my hicles loaded onto trains during the from the DJ booth. east Asian dishes, with traditional attempts would soon be deleted. I winter months, when the roads are From every angle, Zermatt is a stun- favourites and modern takes both should have stayed seated taken it all closed by snowfall. I looked beyond ner, helped by the ever-imposing Mat- covered off. Visit chinadiner.com.au in through the carriage’s wrap- 65 metres above our disinterested neighbours – now terhorn punctuating every backdrop. around windows – a slow-travel snow-crusted arguing over a book – to an adjacent European ski villages don’t have to mantra that’s hard to abide by when train stacked with cars. try too hard to look inviting, but to the panoramas are such beautiful In- forest, the To find the Glacier Express route so have one of the world’s most-famous stagram bait. consistently beautiful is no small ask peaks lurking behind your snow-side At around eight hours into our jour- Landwasser Viaduct since our starting point, the car-free selfies sets it apart. I’m certain our ney, seeing this emblematic view – if is a marvel alpine town of Zermatt, sets the bar piste guide Valerie tired of us request- only through a lens – was a long time unfairly high. Pressed up against the ing yet another photograph “because, coming on what’s billed as “the Matterhorn – its jagged peak embla- don’t you think, the Matterhorn world’s slowest express train. We had whisked by the bright white ski fields zoned on Toblerone bars in duty-free looks a little different from this the fortune of being seated across the of Andermatt. The clear winters day shops the world over – Zermatt has angle?” But she hid it well. Perhaps it first-class carriage from a large family meant sunglasses were essential for nothing to prove. In fact it’s quite the was the twentieth photo stop that who, once the obligatory photos were passengers squinting out to witness opposite. In summer climbers de- prompted her to suggest I follow her taken of champagne flutes toasting the cross-country skiers trying to scend on it to try their luck on the down an ungroomed black run WHERE TO EAT our morning departure from Zer- match our pace, while the curved peak famous for the deadly first as- named Berter – a challenge I almost We may thank the Italians for our coffee matt, seemed content to stare a social roof windows allowed us to follow cent in 1865 by Edward Whymper, in immediately regretted accepting as culture, but it’s the Aussies who have media feeds and Candy Crush. every peak and black run slalom. which four of his party fell to their my knees aged a decade as I grimaced really pushed the envelope in the last I’m not normally one for effusive And thanks to my audio-commen- deaths. And, in the depths of winter down the tree-lined run. decade. Try Mecca Coffee for the finest audio commentary headsets, but the tary saviour I now know that the the only parties on the slopes are of A barely panting Valerie saw my black stuff in town. earphones did help in drowning out Oberalppass we next entered, at the aprés variety, where the Moncler- plight and knew just the thing for it: Visit mecca.coffee our neighbours’ squabbles, as we 2033m above sea level is one of Eu- robed and Gucci-goggled set recount schnapps, a sun trap and (yet another) CITYAM.COM MONDAY 21 OCTOBER 2019 LIFE&STYLE 25

NEED TO KNOW

HOTELS Kulm Hotel St. Moritz www.kulm.com Hotel National, Zermatt www.nationalzermatt.ch INFO For more information on Switzerland visit myswitzerland.com or call Switzerland Travel Centre on 00800 100 200 30 or email info.uk@myswitzerland. com; for packages, trains and air tickets [email protected]. FLIGHTS SWISS offers more than 150 weekly flights from London City, Heathrow, Gatwick (seasonal), Manchester, Birmingham and Edinburgh to Zurich, Geneva or Sion (seasonal). One way fares start from £74 to Zurich and £83 to Geneva. For more information visit swiss.com or call 0345 601 0956 TRAINS The Swiss Travel Pass offers unlimited travel on consecutive days throughout the rail, bus and boat Swiss Travel System network. This pass also covers scenic routes and local trams and buses in around 90 towns and cities. Prices from £185 for 3 days in second class. For the ultimate Swiss rail specialist call Switzerland Travel Centre on 00800 100 200 30 or visit swisstravelsystem.co.uk GLACIER EXPRESS Reservation fee for Glacier Express (on top of the Swiss Travel Pass): 1st and 2nd class CHF43, Excellence Class CHF420 SKI RESORTS Zermatt lift passes start at CHF79 per day and can be bought online at matterhornparadise.ch Day passes at St Moritz’s Engadin ski areas are around CHF57, book online at engadin.ch

fantastic view of the famed peak. the Kulm Hotel St Moritz. The oft-re- Our lunch stop Findlerhof was peated story goes that in 1864 then- marked only by a path of patrons’ skis owner Johannes Badrutt made a bet plunged deep into the snow, an unas- with his English guest in the summer suming restaurant among a hamlet of that they would be able to top up huts, their blackened wood exteriors their tans in mid-winter if they were testament to the frequent sunshine to return in snow season. this part of the Swiss Alps enjoys. If they were unhappy with the win- The rustic charm did not extend to ter weather they could stay for free, the menu, however, with Findlerhof he wagered. The ones that took up his opting for high-end rather than offer were so impressed they stayed homely as we dined on fresh oysters, into the spring, Badrutt won his bet foie gras, beef tartare and local apri- and so launched a 155-year tradition cot sorbet drowning in schnapps. It’s of Brits coming to St Moritz to indulge sure to at least delay the burning in in skiing, skating and curling. And, your legs until after the final tracks of according to the view from my bal- the day. cony, horse racing on the mid-winter At the other end of the Glacier Ex- ice of Lake St Moritz too. press, St. Moritz offers a more in-your- The suite was certainly plush, but face version of snow-dusted glamour, the best seats to look down on this in part because of its claim to be the Ascot-on-ice spectacle were poaching birthplace of the winter ski holiday. in the hotel’s hillside and heated in- We were told as much within min- finity pool. A scene unblemished by utes of being whisked from the scenic squabbling first-class carriage fami- train terminus beside the resort lies or aching hamstrings: serenity at town’s now frozen lake up the hill to the end of the line. 26 FEATURE MONDAY 21 OCTOBER 2019 CITYAM.COM OFFICE POLITICS

is particularly important for female leaders, who are more likely to have an assistant, spend more time with Personal them each week, and whose stress lev- els are more readily alleviated with their help. Given that the proportion of women in senior roles is still woefully low and assistants RUNNING AN the gender pay gap remains a press- ERRAND ing concern, an experienced assistant can go a long way to making the bal- Wunderlist ancing act easier. Yet, despite the vital are the City’s Free role that PAs play, 28 per cent of ex- ecutives claim that their business Barbara, your lacks the PA support it needs. boss, has given Gone are the Mad Men days when unsung heroes you the not-so- most executives had dedicated PAs. easy task of Due to the automation of administra- managing her tive tasks, one PA can today look after They are the gatekeepers of their bosses’ entire life. You’ve two, three, or even more executives. come to the This means that they’re spread more diaries, but their value goes much deeper conclusion that thinly, while the workloads and stress sometimes even levels of senior execs continue to rise. a personal Mental ill health cost the UK econ- CCEPTING a leadership role Gone are the Recruitment, this support is invalu- assistant needs omy over £35bn last year, and organi- has always meant taking on Rebecca Mad Men days able – with 75 per cent of UK leaders an assistant, sations are gradually waking up to a certain level of stress and Siciliano when most agreeing that PAs help to reduce stress and you resort to the sometimes unrealistic expecta- pressure. However, evidence executives had levels, while those with a PA tend to downloading an tions placed on their leaders. suggests that the strain on their own work nine hours less a week on average app to help PAs have long been the gatekeepers executivesA is increasing. dedicated PA compared to those bosses without. you with all to bosses’ diaries, but we can now see A worrying study by the Institute of A good PA will build up an extremely the admin. that their value goes much deeper Directors found that 57 per cent of close working relationship with their Wunderlist than that, with support staff helping managers and directors have experi- executive, understanding how they makes it really to reduce the culture of long hours for enced mental health issues as a result work, where they need support, and easy to add and business leaders. of workplace pressures, with lack of being programmes and flexible work- how best to provide it. They can antici- schedule errands As taboos around stress and mental work-life balance and heavy workload ing options, one element that is often pate an executive’s needs before their or events. Be health in the workplace continue to reported as the biggest triggers. overlooked is the vital role that per- boss even knows themselves. assured that diminish, businesses must do more to And the pressure only looks set to sonal assistants (PAs) can play. It also isn’t unusual for a PA’s re- Barbs won’t acknowledge the critical role that PAs rise further, as digital technology PAs are frequently the unsung he- sponsibilities to span the professional forget to attend play, while ensuring executives are ad- and the “always on” culture make roes, enabling executives to focus on and the personal, by helping execu- her daughter’s equately supported with the highly the issue worse for already frazzled their primary responsibilities and pri- tives to organise their work around school play skilled support staff they need. executives. orities, while minimising the admin family, exercise, and other aspects of ever again. While some organisations are al- that can lead to excessively long hours. their life outside the office. £ Rebecca Siciliano is managing director ready tackling the problem with well- According to a 2018 study by Tiger Our research found that PA support of Tiger Recruitment. CITYAM.COM MONDAY 21 OCTOBER 2019 SPORT 27 England yet to Liverpool’s flawless title charge play their best, insists Jones

hits a bump at resurgent United CONTINUED FROM BACK PAGE pass out wide from Kurtley Beale. Five things Frank Unlucky to lose the No10 shirt, Dalleres learned as Ford came off the bench to great ef- fect with 20 minutes to go and was the Premier League hailed by Jones for his “spectacular” involvement. leaders fell short of His game management skills are second to none and, as Australia record equalling win sought to mount a comeback, he en- sured they were pinned back in their T WOULD be a stretch to call this own half, unable to get out. a slip for Liverpool, yet it was a “I did not drop Ford, I changed his stumble of sorts in their quest to role and it was brilliant,” Jones said. become champions of England for “Are we vindicated? We’re happy the first time in 30 years. that he played his role well. Modern IInstead of equalling Manchester rugby is a 23-man game.” City’s record of 18 consecutive Pre- It was a convincing win, although mier League wins yesterday, they had not as comfortable as the All Blacks’ to battle back from Marcus Rash- 46-14 demolition of Ireland a couple ford’s opener to salvage a draw of hours later. through Adam Lallana and ensure England will now face New Zealand that their lead at the top of the table in Yokohama this Saturday and was only trimmed to six points. Liverpool have seldom had it easy at Old Trafford, where Arsenal’s 49- REMAINING FIXTURES match unbeaten sequence also ran aground 15 years ago, and they were SEMI-FINALS hindered by the absence of Mohamed Saturday 26 October Salah. But history is one thing; on England v New Zealand current form they might reasonably Yokohama, 9:00am expect to beat a United side who could feasibly have ended the week- Sunday 27 October end in the relegation zone. Wales v South Africa Yokohama, 9:00am SOLSKJAER’S SHOT IN ARM United, too, will have mixed feelings THIRD-PLACE MATCH when they reflect on this scrappy but Substitute Adam Lallana equalised for Liverpool late in the game with his first goal for almost two and a half years Friday 1 November compelling contest. Conceding five Tokyo, 9:00am minutes from time was a bitter pill PREMIER LEAGUE Alisson after his smart movement de- his first goal since May 2017 when for Ole Gunnar Solksjaer’s side, who ceived Virgil van Dijk, and he might Andy Robertson’s cross evaded all FINAL were hanging on at the end. But MAN UTD LIVERPOOL have had a second late on when he bodies in a crowded penalty area and Saturday 2 November given the talk of crisis hanging over cut in from the left and fired nar- he stole in to tap home at the far post. Yokohama, 9:00am the club before this match, a disci- rowly wide. plined and lively display that halted VAR WATCH the leaders’ 100 per cent record can LALLANA PROVES THE ANSWER Premier League matches rarely seem Jones, who has always insisted he only be seen as a much-needed shot Liverpool were oddly out of sorts in to pass without some debate over the should be judged on this World Cup, in the arm for Solskjaer’s tenure. the first half, perhaps in part due to use of the video assistant referee says England have not yet reached 11Rashford (36) Lallana (85) Salah’s ankle injury, which saw Sadio (VAR) and this was no exception. their peak. REVITALISED RASHFORD Mane take up his role on the right of Rashford’s goal was allowed to stand “We just want to keep challenging If Rashford’s struggles have been the attack and Divock Origi start on despite suggestions of a foul on Origi ourselves,” he said. “We haven’t symptomatic of United’s wider the left. But Jurgen Klopp dipped into at the start of the move, with referee played our best yet and the challenge malaise, then his encouraging per- week, he looked a different man here his attacking options after the break, Martin Atkinson deemed to have had for us is: how do we get better next formance against Liverpool equally and posed an early threat with a surg- throwing on Alex Oxlade-Chamber- a clear view. Moments later, Mane week? How do we get better individ- took his team up several levels. Hav- ing run to the byline. Inevitably it lain, Lallana and then Naby Keita in had a would-be equaliser chalked off ually as a player? How do we get bet- ing enjoyed a confidence-boosting was Rashford who struck for United, search of the breakthrough. It finally by VAR for handball – although there ter as a team? These World Cups, night for England in Bulgaria last touching Daniel James’s cross past came through Lallana, who scored was little contentious about that call. that’s what it’s all about.” 28 SPORT MONDAY 21 OCTOBER 2019 CITYAM.COM UNITED HALT LIVERPOOL Reds’ winning run comes to SPORT an end at Old Trafford PAGE 27 AND THEN THERE WERE FOUR Wales join Springboks, England and All Blacks in semis SPORT DIGEST RASHID IS HOT PROPERTY IN THE HUNDRED DRAFT £ Afghanistan spinner Rashid Khan last night became the first player selected in the inaugural draft for The Hundred when Trent Rockets made him their first pick. Rashid joins England pair Joe Root and Alex Hales and Australia batsman D’Arcy Short at the franchise, one of eight in the new domestic cricket competition starting next summer. Next to be signed was West Indies all-rounder Andre Russell, who joined Southampton-based Southern Brave, batsman Aaron Finch, who will play for Northern Superchargers, and his Australia colleague Mitchell Starc, who is heading to Welsh Fire along with his international skipper Steve Smith. MURRAY’S JOY AT FIRST SINGLES TITLE SINCE OP £ Andy Murray came from a set down to beat Stan Wawrinka in the final of the European Open yesterday, the Briton’s first singles title since undergoing hip surgery. Murray, whose career-threatening injury problems had seen him fall to 243 in the world rankings, broke down in tears after the 3-6, 6-4, 6-4 victory in Antwerp. “The last few years have been extremely difficult,” said the former men’s No1. “I didn’t expect to be in this position at all. I’m happy – very happy.” BEATEN AUSTRALIA COACH CHEIKA FALLS ON SWORD £ Australia head coach Michael Cheika has confirmed that he will step down when his contract expires later this year following defeat to England in the Rugby World Cup quarter-finals. Cheika refused to comment on his future in the immediate aftermath of Saturday’s 40-16 loss, but said yesterday: “I always knew the answer in my head. WALES scored 10 unanswered points against 14 men to edge out France 20-19 in the Rugby World Cup quarter-finals in Oita yesterday. Warren Gatland’s men trailed 19-10 at I just wanted to speak to my wife and half-time but seized the initiative after lock Sebastien Vahaamahina’s red card for elbowing Aaron Wainwright and clinched a dramatic victory when replacement Ross Moriarty tell a few people up there about it. I touched down in the 74th minute. “We’re 160 minutes away from possibly winning the World Cup,” said coach Warren Gatland. “If you can’t get excited about that, nothing will put my chips in earlier in the year excite you.” Wales will meet South Africa in the semi-finals after they knocked out hosts Japan 26-3 in Tokyo. England face holders New Zealand in the other tie. when I told people ‘no win, no play’.” VINDICATION FOR JONES

pool match against France due to Ty- stone Samu Kerevi and 19- and they went into half-time with a after missing a handful against Ar- England head coach phoon Hagibis raised questions year-old Jordan Petaia. 17-6 lead. gentina in the previous match. got all big calls right about whether England would be The decision to start Slade was He made the right calls from battle-hardened for their first knock- WORLD-CLASS also justified by what he offered penalties, opting to kick regularly to in World Cup win out encounter. Australia applied plenty in attack – in particular, his build up England’s advantage, and But when a coach as notorious for of pressure early on, as ex- world-class assist for Jonny May’s was successful with all eight efforts over Australia, says his intense training sessions as Eddie pected, but were restricted second try. Intercepting a pass as he scored half of the team’s Jones is in charge, being underpre- to penalty kicks by a great near the halfway line, Slade points. Michael Searles pared is never an option. rearguard display as produced a quick turn of The 28-year-old also ensured his The 59-year-old was confident in England held their pace and well-executed side remained composed when Aus- NUMBER of questions the build-up to the match that the shape and re- kick downfield for his tralia forced their way back into the hung over England and additional rest would prove “ideal” fused to let the team-mate to run on match with a great solo try from Eddie Jones ahead of their preparation for his side. Wallabies pull to, really handing Marika Koroibete just after half- Rugby World Cup quarter- And as the refreshed Billy Vunipola them out of England the ascen- time, which made it 17-16. final against Australia on put in a mammoth shift alongside their defen- dency in this It was the one occasion the defen- Saturday.A Were they undercooked? fellow back-rowers Tom Curry and sive line. match. sive line lapsed as Slade came out of Was dropping George Ford a mis- Sam Underhill, it was evident that It allowed Meanwhile Far- position and left space behind him. take? Were Mako Vunipola and Jones had been right. England, rell, England’s It was also the last time Australia Henry Slade ready to start? Could England had the luxury of a fully- who ceded best fly-half de- added any points. Owen Farrell be a decisive leader dur- fit squad to pick from – bar Jack Now- much of fensively, also Farrell continued to dictate play ing the heat of battle? ell – and, despite some debate over the posses- proved his and promptly assisted Kyle Sinckler All of those questions were an- Jones’s starting XV and in particular sion, to worth as cap- for the advantage-restoring third try swered swiftly and emphatically as the absence of George Ford, the re- make the tain and kicker as England’s attacking lines contin- England romped to a 40-16 win over sult vindicated his decision as he got most of ued to open up the Wallabies. the Wallabies in Oita and set up a the tactics spot on. the oppor- Eddie Jones Anthony Watson added a fourth semi-final showdown against holders A backline including Farrell, Manu tunities says England late on after intercepting a desperate New Zealand this weekend. Tuilagi and Henry Slade dealt excel- that are yet to play The cancellation of England’s final lently with the threat posed by 17- arose their best rugby £ CONTINUED ON PAGE 27