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HACKED OFF US ramps up China TREASURY TO spat with fresh Equifax charges SET OUT CITY BREXIT PLAN EXCLUSIVE Beyond Brexit, it will also consider “But there will be differences, not CATHERINE NEILAN the industry’s future in relation to least because as a global financial cen- worldwide challenges such as emerg- tre the UK needs to keep pace with @CatNeilan ing technologies and climate change. and drive international standards. THE GOVERNMENT will insist on the Javid sets out the government’s Our starting point will be what’s right right to diverge from EU financial plans to retain regulatory autonomy for the UK.” services regulation as part of a post- while seeking a “reliable equivalence He also re-committed to concluding Brexit trade deal with Brussels. process”, on which a “durable rela- “a full range of equivalence assess- Writing exclusively in City A.M. today, tionship” can be built. ments” by June of this year, in order to chancellor Sajid Javid says the “Of course, each side will only give the system sufficient stability City “will no longer be a rule- grant equivalence if it believes ahead of the end of transition. taker” and reveals that the other’s regulations are One senior industry figure told City ministers are working on compatible,” the chancel- A.M. that while a white paper was EMILY NICOLLE Zhiyong, Wang Qian, Xu Ke and Liu Le, a white paper setting lor writes. welcome after a long period where who are members of the People’s out a vision of the there had been “very little on the big @emilyjnicolle Liberation Army’s 54th Research financial services sector Javid: “Compatible does picture for financial services”, it is THE US Department of Justice (DoJ) Institute, an arm of China’s military. once the Brexit transi- not mean identical” important the right balance be struck. yesterday charged four members of It is the latest in a number of US tion period is over. “The more you talk about trade out- China’s military in relation to the 2017 cases pointing the alleged work of The white paper, to be “But compatible does side the EU, the more you put at risk Equifax hack, in which the data of Chinese spies, including the Marriott published this spring, not mean identical, and your EU structures,” they said. more than 145m US, British and hotel breach last year and the hacking will consider the City’s fu- both the UK and the EU The figure backed Javid’s “flexible” Canadian nationals was breached. of the US Office of Personnel ture relationship with the have at different times recog- approach towards equivalence, but The nine-count indictment accused Management in 2015. EU and the rest of the world. nised the importance of focusing noted it would be “quite challenging” the Chinese military of hacking into US attorney general William Barr The strategy, which is still in devel- on regulatory outcomes,” he adds. to get the EU onboard. Equifax’s computer networks, issued a warning to China, saying: “We opment, will outline how Downing Pledging to retain “the highest inter- Stephen Jones, chief executive of UK maintaining unauthorised access to remind the Chinese government that Street expects its preferred system of national standards of financial Finance, similarly embraced the aim them and stealing sensitive, we have the capability to remove the outcome-based equivalence to work regulation, and to shaping global rule- of establishing a “day one” equiva- personally identifiable information of internet’s cloak of anonymity and find with the EU, as well as the UK’s making,” Javid added: “We may lence regime. nearly half of the US population. the hackers that nation repeatedly framework for granting equivalence choose to do things in the same way Charges were levied against Wu deploys against us.” to other jurisdictions. as the EU if it works for the UK. £ CONTINUED ON P3 Time to touch up the CV? Beeb launches search for new director general

JAMES WARRINGTON new director general, publishing a pressure on all fronts. The BBC hit back at the move, With admirable understatement, job advert for its top position after The government last week warning it would cost the recruiting firm Odgers Berndtson @j_a_warrington current director general Lord Tony launched a public consultation into organisation £200m and have a — which is leading the search — FIRST THE Bank of England invited Hall announced plans to step down decriminalisation of not paying the damaging knock-on effect on the said the new boss would lead the applicants from far and wide to in the summer. TV licence fee, while new entrants UK’s creative sector. organisation through a “hugely send in their CVs for the The intriguing advert called for a such as Amazon and Netflix are It is also navigating a boycott of critical and transformative period governor’s job. Now the BBC has candidate with “demonstrable attracting younger audiences — or, government ministers on Radio 4’s in the corporation’s history”. got in on the act. resilience” as the beleaguered as the job specification puts it, are Today programme amid complaints The role’s remuneration was not The broadcaster yesterday fired public broadcasting house seeks to changing “the traditional the flagship political show is aimed listed, but Hall pocketed an annual the starting gun on its search for a fight off political and commercial broadcasting ecology”. at a “metropolitan elite”. salary of £450,000 last year.

FTSE 100▼ 7,446.88 -19.82 FTSE 250▼ 21,493.32 -5.97 DOW▲ 29,276.82 +174.31 NASDAQ▲ 9,628.39+107.88 £/$▲ 1.292 +0.001 £/€▲ 1.184 +0.006 €/$▼ 1.091 -0.004 02 NEWS TUESDAY 11 FEBRUARY 2020 CITYAM.COM

LONG WALK TO FREEDOM South Africa commemorates 30 years since former President Nelson Mandela’s release from jail

THE CITY VIEW SOUTH Africa will today commemorate the 30th anniversary of former President Nelson Mandela’s release from Time for Labour to wake prison in Cape Town on 11 February 1990, after 27 years of incarceration. Mandela was jailed in up and smell the coffee 1962 for attempting to overthrow South Africa’s apartheid rule. In 1994 OLLOWING its third consecutive electoral drubbing in he became the first non- 2005, Lord Michael Ashcroft set out to offer the white President in South African history, and the FConservative party some frank advice. His book Smell the first head of state to take Coffee was a forensic account of where the party was going office following the wrong and why they were unpopular. It played a big part in introduction of David Cameron’s subsequent modernisation project. Today, multiracial democracy. In a famous speech in Ashcroft publishes a piece of work designed to do for Labour Soweto (pictured), two what he did for the Tories 15 years ago. Extensive polling of days after his release, Labour members, former Labour voters and the wider public Mandela told an audience of more than informs his Diagnosis of Defeat. It is, he says, Labour’s turn to 100,000 people: “I have smell the coffee. He concedes “no doubt some will be suspicious looked forward to this of my motives — I’m a Tory after all,” but insists that “at its best day when I would come the Labour party has been a great force for decency, speaking up back... to meet my brothers and sisters.” for people throughout the country.” So, how far from its best has the Labour party fallen? Well, if one assumes its best days were when it found itself in government, the answer is: a very long way indeed. Last year the party suffered its worst defeat since the 1930s. Ashcroft conducted focus groups The problem Sales return to growth as with former Labour voters who was with the abandoned the party in 2019’s election. Time and again, Jeremy Corbyn was policies, not presented as the reason why they broke just Corbyn with tradition and, in many cases, voted shopper confidence lifts for Boris Johnson. Ashcroft said the Labour leader was criticised for what many saw as “his weakness, JESS CLARK AND indecision, lack of patriotism, apparent terrorist sympathies, on a like-for-like basis, but total sales leaps for the sector yet.” HARRY ROBERTSON were up 0.6 per cent, the latest re- Meanwhile, the latest consumer failure to deal with antisemitism... and obvious unsuitability to search by the British Retail Consor- spending data from Barclaycard lead the country.” Brexit was a major issue, of course, but @jclarkjourno @harrygrobertson tium and KPMG found. showed that Brits ramped up Ashcroft’s research showed that Labour defectors were most RETAIL sales made a cautious recov- Online sales increased 2.5 per cent their spending on takeaways and trips ery at the start of the year, as Brits in January, against growth of 5.4 per to the cinema in January after a likely to say they switched because they did not want Corbyn to saved their money for takeaways and cent last year, and the online pene- thrifty December. be Prime Minister. That is contrary to Labour’s official post- cinema trips, according to data pub- tration rate increased from 29.5 Consumer spending grew 3.9 per mortem but, come April, the party will have a new leader. What lished today. per cent to 30.6 per cent. cent in January, up from the one per lessons should the current contenders take from Ashcroft’s Total sales increased 0.4 per cent KPMG head of retail Paul cent growth witnessed during a last month, compared to a jump of Martin said: “January is usu- lacklustre Christmas period the findings? The most obvious is: don’t be like Corbyn. Beyond that, 2.2 per cent in January 2019, fol- ally a quieter month for retail, previous month. it comes down to policy. Here’s a selection of some of the lowing months of decline. and although static sales might Britons splashed 22 per cent more comments that emerged from former Labour voters in Ashcroft’s On a like-for-like basis, sales not appear triumphant, at cash on cinema tickets in January focus groups: “We don’t need free wifi, for heaven’s sake... The were flat on the previous year, least it is no further dete- month on month, as they were pulled when they increased 1.7 per cent. rioration. Consumer to the silver screen by Sir Sam manifesto was like a fairy-tale... It was pie in the sky... It was In the three months to Jan- confidence has Mendes’s First World War epic 1917. undoable and the cost was astronomical... They were trying to uary, like-for-like in-store started to Higher prices at the petrol pump buy everybody... They were going to tax everything.” And so it sales of non-food items return post also drove up the figure, with fuel fell 3.3 per cent and three General Elec- spending rising 4.3 per cent. goes on. The full report will be extremely uncomfortable for per cent on a total basis, tion, but we Winter weather stopped consumers many in the Labour party, but if they want to begin on the long which is slightly better have not experi- venturing to restaurants, where path back to credibility and electability, they must digest it. than the 12-month enced any major spending fell 3.5 per cent. Instead, total average decline. Britons curled up on the sofa with Meanwhile food sales Consumer spending pizza and curry, with spending on Follow us on Twitter @cityam dropped 0.1 per cent increased in January takeaways rising 11.4 per cent.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL WILLIAM HILL STRIKES DEAL WHAT THE BANK OF ENGLAND CHIDED GADHIA JOINS LLOYD’S TRUMP UNVEILS DETAILS OF WITH CBS TV NETWORK OTHER FOR FOSSIL FUEL HOLDINGS HARASSMENT TASKFORCE $4.8 TRILLION US BUDGET William Hill, the UK bookmaker, has The Bank of England has been accused Top businesswoman Dame Jayne-Anne US President Donald Trump’s $4.8 signed a deal with the US TV network PAPERS SAY of double standards over a £300m Gadhia has joined a crack team seeking trillion (£3.72 trillion) budget plan, CBS as it seeks to catch up with rivals investment in fossil fuel companies as to overhaul Lloyd’s of London as the released yesterday, has called for steep and push the William Hill brand to THIS Mark Carney, the outgoing governor, insurance market reels from a sexism reductions in social safety-net programs sports punters in the US. The deal will pushes a low-carbon agenda. The Bank scandal. Former Virgin Money boss and higher outlays for defence and the allow William Hill to be the exclusive MORNING owns debt raised by Total, BP and BG Gadhia will sit on a culture advisory space program, while assuming tax cuts provider of betting odds across CBS Group, now part of Royal Dutch Shell, as group intended to make Lloyd’s a better will be extended. channels and websites, as well as its well as bonds issued by Rio Tinto. place to work after widespread claims fantasy football platform, from March. of harassment. US JUDGE SET TO AGREE TO CORONAVIRUS ‘COULD COST T-MOBILE-SPRINT MERGER SOFTBANK-BACKED FIRM $280BN THIS QUARTER’ EX-GOOGLE EXEC QUITS A judge is expected to rule in favour of T- BRANDLESS CUTS STAFF Stock markets continue to struggle OXFORD UNI SPIN-OUT FUND Mobile and Sprint in the antitrust fight The Softbank-backed online retailer Fund. Brandless said it will dismiss amid fears that the coronavirus will take Google’s former chief financial officer over their proposed merger, people Brandless plans to cut most of its staff about 70 people — almost 90 per cent hundreds of billions of dollars off global has abruptly quit as chairman of Oxford familiar with the matter say. The and drastically scale back operations, in of its employees — and stop accepting growth, as Capital Economics yesterday university’s spin-out fund. Patrick decision is expected to be made public the latest setback for the Japanese online orders. The Vision Fund led a analysts predicted it could cost $280bn Pichette joined Oxford Sciences later today almost two years after the conglomerate’s $100bn (£77.4bn) Vision $240m funding round in the company. (£216.8bn) in the first quarter. Innovation in March. deal was first announced. CITYAM.COM TUESDAY 11 FEBRUARY 2020 NEWS 03

ALL ABOARD HS2 decision likely to take Xerox ramps up place today as PM expected to give all clear Javid vows to protect the City CONTINUED FROM FRONT PAGE

HP pursuit with The EU’s proposed system of equivalence is viewed by many in the Square Mile as a highly unsatisfactory basis for UK-EU market access, as it can be withdrawn by Brussels at short new $35bn offer notice. Javid has said that a future regime should “include measures to directly address the long-term JAMES BOOTH will result from a combination of needs of industry for a reliable @Jamesdbooth1 Xerox and HP,” it said. equivalence process”. “The tender offer announced today Miles Celic, chief executive of The XEROX yesterday made a fresh offer to will enable these stockholders to ac- THE PRIME Minister is expected to give HS2 the green light today as the £100bn City UK, said the white paper buy HP, valuing the company at about cept Xerox’s compelling offer despite infrastructure project is set to receive a final sign off at this morning’s cabinet should set out “much clearer $35bn (£27bn) after its previous HP’s consistent refusal to pursue the meeting. A decision over the rail link had been pushed back until after the election. processes for granting, maintaining takeover approach was rejected. opportunity,” it added. and withdrawing equivalence than Xerox increased its offer to $24 per “This bid increase puts more pres- currently exist”. He echoed the share from $22 per share. The latest sure on Xerox to extract costs as a chancellor’s call for so-called offer comprises $18.40 in cash and combined entity. I’d look for HP to outcomes-based discussions. 0.149 Xerox shares for each HP share, question the economics of the syner- Gove warns ‘smart’ border with But Barney Reynolds, global head valuing the company at about $35bn. gies after Xerox raising their bid,” of the Financial Services Industry Xerox first made a $33.5bn cash-and- Morningstar analyst Mark Cash said. Group, told City A.M. the stock offer for HP — a company more “While we believe the printing mar- government must set the tone of than three times the printing firm’s ket is ripe for consolidation, we ques- EU will not be ready until 2025 talks on a free-market basis. size — in November. HP’s board re- tion why Xerox would want to acquire “We should be getting back to jected the offer, saying it undervalued one of the largest players in a slowing JESS CLARK stakeholder event yesterday to the basics of competition on the business. computer market,” he added. @jclarkjourno expect an increase in costs when financial services, which we know HP shares rose 1.4 per cent yesterday Xerox said last month it plans to the UK leaves the EU customs union has delivered growth and success, to $37.69. nominate 11 independent candidates MICHAEL Gove yesterday said a new and single market from 1 January and led to having the best products Xerox said yesterday it had met with to HP’s board and that it had secured “smart” border to reduce trade next year. being created [here]. many of HP’s largest shareholders. $24bn in financing for the offer. friction with the European Union Gove said Britain plans to “We should be confident of that, “These stockholders consistently In December, activist investor Carl after Brexit will not be ready for introduce import controls on EU and shouldn’t get into nit-picking state that they want the enhanced re- Icahn urged HP shareholders to another five years. goods at the border after the debates led by the EU,” he said. turns, improved growth prospects persuade the company’s directors to The Cabinet Office minister told post-Brexit transition period ends on and best-in-class human capital that back the deal. attendees of a border delivery group 31 December. £ THE CHANCELLOR WRITES: P18

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Without support from UK Export Finance, White Light, a theatre production company, would have closed the curtain on a major theme park contract in the Middle East. Instead, UK Export Finance worked with their bank to provide a government-backed guarantee, which allowed them to take on the contract, and boost their revenue by over 20 .

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STOP RIGHT THERE Watchdog requests European companies could be hit Viagogo and Stubhub pause their merger by surge in activist investor activity JAMES BOOTH The number of firms targeted by the US, there was a big drop in the @Jamesdbooth1 activists over the last five years has percentage of medium-sized doubled in Europe, but the gap in European firms targeted by activists. EUROPEAN companies could face an activity levels between the US and “They have been systematically upsurge in raids by activist investors, Europe suggests this could increase. going through the bigger companies analysis released yesterday said. Activists buy stakes in companies but so far haven’t really got stuck One in 20 European companies then try to force a strategy change to into the FTSE 250,” he said. with a market capitalisation of over increase the value of their stake. “The bigger companies will have $250m (£193m) have been targeted Deloitte partner Jason Caulfield an activist defence in the drawer by activists in the past five years. said while companies valued at over ready to go, where some of these This is half the rate for similar size $50bn in Europe were targeted by smaller companies aren’t going to companies in the US. activists at similar levels to those in know what has hit them,” he added.

THE UK’s competition watchdog yesterday told ticket sites Viagogo and Stubhub to pause any integration while it probes their $4.1bn (£3.2bn) merger. It said they must prove they are separate businesses every two weeks starting from 21 February. Intu shares soar on emergency cash call hopes

EDWARD THICKNESSE results later this month. AND JESS CLARK Peel Group, which owns a 27.3 per @edthicknesse @jclarkjourno cent stake in Intu, is expected to support the cash call, the Sunday SHARES in retail property giant Intu Times reported. soared yesterday after the landlord However, fellow shareholder Orion confirmed it is in talks with a num- is reportedly unlikely to back the ber of investors over a £1bn emer- fundraising effort. gency cash call. It is currently locked in talks with Intu, which owns Manchester’s Traf- Intu’s shopping centre rival Hammer- ford Centre, said it is in “constructive son to buy seven of Hammerson’s discussions” with shareholders in- retail parks. cluding the Peel Group and Link Real Link is understood to be involved in Estate Investment Trust (Reit) over the discussions as it seeks to expand out- proposed equity raise. side Hong Kong and mainland China. Shares in the property firm closed The real estate investor paid £354m up 29.25 per cent at 17.32p following for a Sydney office space in January. the announcement on the cash call, which Intu plans to use to pay down INTU its debt. 18 P However, the company warned that “there can be no certainty that the 17 equity raise will be implemented nor 16 17.32 as to the terms on which any such im- 10Feb 15 plementation might occur”. Yesterday’s statement followed re- 14 ports that Intu is in talks with Link 13 Reit about becoming a “cornerstone investor” in the raise, which will be launched alongside its full-year 4 Feb5 Feb 6 Feb 7 Feb 10 Feb NMC Health’s backers probed as potential takeover bids mount EDWARD THICKNESSE made” for the firm. @edthicknesse The takeover interest came as it was also announced that the board SHARES in embattled 32.31% has opened a review into the firm’s hospital operator NMC reporting of chairman Bavaguthu Health rose 32 per cent yesterday Shetty’s shares in the business. after the firm received a multiple The review suggested that NMC approaches regarding a potential failed to report his 15 per cent stake takeover from investment firms in the company accurately. including KKR. Shetty and board member Khalifa The group, which runs hospitals al-Muhairi have been asked to step in the Middle East, said that the back “until clarification of these offers were “highly preliminary” matters and pending a board and that there could be “no decision about their ongoing roles as certainty that any offer will be directors of the company”. 45 YEARS OF TRADING

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BORIS BUSES Prime Minister to allocate £5bn to improving services across the UK Audioboom’s Amazon calls on shares surge as Trump to testify firm nears sale STEFAN BOSCIA @Stefan_Boscia PODCASTING platform 8.99% Audioboom has confirmed in contract fight recent speculation it is seeking to sell the company, sending shares soaring yesterday. JESS CLARK former defence secretary James Mat- The company’s board released a @jclarkjourno tis, Pentagon chief information offi- statement yesterday to confirm cer Dana Deasy and four other New York-based Raine Advisors was AMAZON is seeking to depose US Pres- procurement officials. BORIS Johnson will today announce £5bn of funding to improve bus services across advising the company to help it ident Donald Trump and US defence Trump has previously lashed out at the country. The Prime Minister will outline a five-year plan for the bus network, “deliver maximum value for its secretary Mark Esper in a legal battle Amazon founder Jeff Bezos and criti- including simpler fares, new vehicles, and improved routes and frequencies. shareholders”. over whether the President was trying cised the company. Bezos also owns It added: “Raine will provide to ‘“screw Amazon” in handing a Pen- the Washington Post, which has been advice and assistance to the tagon cloud computing contract to critical of the Trump administration. company in relation to a range of Microsoft. The company filed a motion in court corporate options including, inter Amazon Web Services (AWS) said last month to delay the award of Edgewell cancels plan to merge alia, strategic partnerships, Trump influenced the decision to give the contract to Microsoft until after financial investment, business the $10bn (£7.74bn) Joint Enterprise its lawsuit. combinations and potentially the Defence Infrastructure (Jedi) cloud An Amazon spokesperson said that sale of the company.” contract, which is intended to give the “President Trump has repeatedly with US razor company Harry’s Audioboom will now go into an US military remote access to data and demonstrated his willingness to “offer period”, with Allenby Capital technology, to its rival. use his position as President and JESS CLARK lawsuit to block the deal, saying it also acting as a financial adviser. The tech giant is seeking to find out commander in chief to interfere with @jclarkjourno could hurt competition in the US. The announcement sent shares “exactly how President Trump’s order government functions — including Privately-owned Harry’s will in the Aim-listed company up by to ‘screw Amazon’ was carried out federal procurements — to advance RAZOR maker Edgewell — the owner pursue litigation against the 8.76 per cent to 242p at the end of during the decision making process”. his personal agenda. of Wilkinson Sword — has abandoned company following the decision, trading yesterday. Otherwise “the court cannot objec- “The question is whether the Presi- plans for a $1.37bn (£1.06bn) merger Edgewell said yesterday. Audioboom, which is backed by tively and fully evaluate AWS’s credi- dent of the United States should be al- with rival subscription service Harry’s Edgewell chief executive Rod Little property tycoon Nick Candy, has ble and well-grounded allegations lowed to use the [defence] budget to following opposition from the US said: “We are disappointed by the more than 13,000 content channels about bias and bad faith,” it said. pursue his own personal and political Federal Trade Commission (FTC). FTC’s decision and continue to and attracts in excess of 60m Amazon is also seeking to depose ends,” the spokesperson added. Earlier this month, the FTC filed a disagree with its decision.” listens each month. CITYAM.COM TUESDAY 11 FEBRUARY 2020 NEWS 07 Coronavirus puts UK flights up in air JOE CURTIS at risk of infection. Its decision to upgrade the health @joe_r_curtis Meanwhile, Easyjet’s UK peers warning on coronavirus will give the British Airways and Virgin Atlantic government extra powers to deal with BRITISH airline Easyjet yesterday extended their suspension of all the disease. warned passengers there is a “very flights to mainland China while the The new cases in Britain were all low” risk of coronavirus infection coronavirus crisis continues. linked to a Brighton GP who caught after discovering one customer has It comes as the number of UK coron- the virus at a conference in Sinagpore. since been diagnosed with the illness. avirus cases doubled from four to He then travelled to a ski resort in Public Health England is now notify- eight over the weekend, and yesterday France, and is suspected of having ing all passengers that travelled on the the government warned the virus is a spread the virus. Easyjet EZS8481 flight from Geneva “serious and imminent” threat to UK The death toll inside China has now to London on 28 January that they are public health. surpassed 1,000. More than 40,000 people have been infected with coronavirus in China ‘Natwest Three’ Khan gets out banker blasts chequebook to US extradition fight the Tulip JAMES BOOTH STEFAN BOSCIA @Jamesdbooth1 @Stefan_Boscia A BRITISH banker who was extradited CITY Hall will spend up to £350,000 to to the US for fraud said yesterday the A TREAT defend its decision to reject the Tulip extradition treaty between the two tower as Sadiq Khan gets ready to countries is a “pernicious law” that is just for you at Montmorency Park fight an appeal against its developers. “designed for one outcome — The 1,000-foot skyscraper was set incarceration”. to be built by architecture firm Last week, Autonomy founder Foster and Partners opposite the Mike Lynch was arrested following a Gherkin, after its design was US extradition request. Receive a £10,000 John Lewis voucher when you reserve* approved by the City of London Lynch faces charges of securities Corporation in April last year. fraud, wire fraud and conspiracy in However, the mayor overruled the the US related to the 2011 sale of decision in July after concerns about Autonomy to Hewlett Packard (HP) – Montmorency Park how the £500m building would has said he will contest the 1, 2 & 3 bedroom apartments affect the capital’s skyline and views extradition. Station Road, N11 1QJ of the Tower of London. Writing in the Times yesterday, for sale in New Southgate An appeal has now been lodged to David Bermingham, one of the so- available to purchase from 0203 944 6957 housing secretary Robert Jenrick by called Natwest Three, attacked the Foster and Partners, with Khan unfairness of the extradition treaty £345,000 through Help to Buy montmorencypark.co.uk releasing up to £350,000 of City Hall between the UK and the US. funds to cover the legal costs of The Natwest Three were extradited defending the appeal. to the US in 2006 to face fraud Khan has also written to Jenrick to charges in connection with the urge him to reject the developer’s Enron scandal. Bermingham was appeal on the grounds that it is “an sentenced to 37 months in prison. inappropriately sited visitor “It is a near-statistical certainty attraction”, which would “make no that someone extradited to the US such economic nor positive social will end up guilty, most probably contribution to London”. He added: through a plea bargain rather than “[The Tulip] does not represent going to trial, because the criminal world-class architecture befitting of justice system in the US is so heavily its location.” geared towards this outcome. If built, the Tulip would be the “Extradition becomes, in effect, a capital’s second-tallest summary conviction, without the building and would act as dull necessity of examining a tourist attraction, with evidence,” he said. a viewing platform at Bermingham also pointed to the the structure’s apex. case of Anne Sacoolas, who the US is Sales agent National Landlords refusing to extradite to the UK to Association face a charge of causing death by chairman Peter dangerous driving. Murray still believes “As the case of Ms Sacoolas shows, the project would the US looks after its own. Maybe, provide a boost to just maybe, the government will tourism in the finally grow a spine and realise that *Reservations must be made prior to 16th February 2020 and the balance of the voucher will be deducted from the capital. Foster and acting as a poodle is not the mark of completion balance. Exchange of contracts must take place within 28 days from reservation and this incentive cannot be Partners declined to used in conjunction with any other offer or incentives. Incentive only available to selected plots. Imagery is indicative only. a special relationship with America, Terms and Conditions apply. comment. but simply supine,” he said. Sacoolas is accused of killing The Tulip is set to be Harry Dunn, 19, in a crash in August. 305 metres tall Scotland-Northern Ireland bridge in review CATHERINE NEILAN issue caused by Brexit. the UK, his spokesman said yesterday. @CatNeilan However critics warned at the time “It’s an idea that the Prime Minister that a 20-mile bridge between the two has expressed interest in in the past A “PROPER piece of work” looking into islands, most likely connecting Scot- and as he said at the time, watch this the feasibility of a bridge connecting land with a village in County Antrim, space,” he added. mainland Britain with Northern would not remove the need for checks. One version of the plan would be Ireland is being carried out, Number 10 Despite this, government officials modelled on the Oresund Bridge, confirmed yesterday. across Whitehall have been tasked with which runs for five miles from the The so-called Boris Bridge was first looking into the project as a way of Swedish coast near Malmo to an floated by the Prime Minister last year demonstrating Boris Johnson’s com- artificial island in the middle of the Belfast could expect visitor numbers to increase if a bridge was to terminate at Larne as a possible solution to the border mitment to greater connectivity across Oresund Strait. Travel by train to Luton Airport from £13.50* one way.

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*Fare stated is based on our Weekend Super Off -Peak Single ticket from London Thameslink to Luton Airport. Terms and Conditions apply. See website for details. CITYAM.COM TUESDAY 11 FEBRUARY 2020 NEWS 09 Coronavirus hits Fianna Fail secures top spot in Irish election as coalition talks to begin Euro investors’ POPPY WOOD Martin’s Fianna Fail secured the top welcome a potential coalition. spot with 38 seats. Sinn Fein followed Incumbent Taoiseach Leo Varadkar @poppyeh closely behind with 37 seats, ahead and his Fine Gael party yesterday FIANNA Fail delivered a surprise of Fine Gael with 35 seats. ruled out entering coalition with result in Ireland’s general election, The shock result is just the start Sinn Fein, which supports a risk sentiment edging just one seat ahead of Sinn of a process to secure a government, referendum on Irish unity. Fein in the early hours of this with coalition talks set to usher in The left-wing Irish nationalist party morning to become the largest party weeks of political uncertainty. stunned the establishment by beating in the Dail. Sinn Fein leader Mary Lou the two centre-right parties that have HARRY ROBERTSON killed more than 1,000 people and It was a close call between the McDonald yesterday hailed what she led every government in Ireland’s spread to at least 27 countries and ter- leading three Irish parties as the called a “revolution in the ballot history, almost doubling its vote @harrygrobertson ritories. It has taken two lives outside final results trickled in, but Micheal box”, announcing she would share from the last election. EUROZONE investor morale fell mainland China, in Hong Kong and for the first time in four months in the Philippines. February, a closely-watched survey Beijing responded to the virus by showed yesterday, as fears rise about putting the country in lockdown the economic impact of the coron- mode, quarantining cities, restricting avirus outbreak. travel and extending the Lunar New Sentix’s Eurozone investor senti- Year holiday. ment index fell to 5.2 this month Investors worry that the hit to the from 7.6 in January. Analysts had pre- Chinese economy will have a knock- dicted a fall to 4.1. on effect on global growth. Sentix managing director Manfred The Sentix survey showed moral de- Huebner said: “The outbreak of the teriorating in Asia and the Eurozone. coronavirus and the subsequent dras- A sub-index measuring investor ex- tic measures taken by the Chinese pectations fell to 6.5 in February from government... cast a shadow over the 9.8 the month before. economic outlook.” Yet the overall index for the US rose “Fortunately, so far the effect is for the fourth time in a row to 20.3. limited,” Huebner said. The US economy has performed rela- “The strength of the USA is helping tively well during the global slow- the global economy.” down, with jobs surging in January. Fears over the coronavirus grew over However, Maddalena Martini, Euro- the weekend as the death toll rose zone economist at consultancy Ox- and the number of cases around the ford Economics, warned that world increased. “gauging the full economic effects The virus, which emerged in from the Wuhan virus outbreak will Wuhan, China in December, has require more hard activity data”.

Kramp-Karrenbauer was seen as the current German Chancellor’s heir-apparent Merkel’s CDU successor Annegret Kramp-Karrenbauer set to resign

STEFAN BOSCIA However, it was revealed yesterday that the 57 year old will resign as @Stefan_Boscia CDU leader amid an ongoing row ANGELA Merkel’s anointed heir within her party over whether to Annegret Kramp-Karrenbauer will cooperate with right-wing anti- not run for the German immigration party Alternative for chancellorship at next year’s election Germany (AfD). Politicians from the Long-term investment partners and will step down as leader of the CDU’s Thuringia branch voted with Christian Democratic Union (CDU). the AfD last week to oust the state’s Kramp-Karrenbauer, known premier, defying orders from the commonly as AKK, was elected as party leadership. leader of the centre-right party in Kramp-Karrenbauer’s inability to 2018 and was expected to run for stop CDU representatives from high office when Merkel steps down teaming up with the AfD was seen as at next year’s federal election. an indictment of her leadership.

CITYAM.COM TUESDAY 11 FEBRUARY 2020 NEWS 11 Mackenzie calls Bumper payday for London techies as salary rise outstrips global rivals for overhaul of JAMES WARRINGTON The fastest increase in pay was San Francisco. bagged by gaming engineers, whose It follows figures released last @j_a_warrington average salary jumped 25 per cent month by Tech Nation showing that SALARY growth for UK techies last year amid a boom in the UK’s investment into the UK’s tech startup surpassed all other locations last year gaming industry. scene topped £10bn in 2019, posting analogue radio as the country retained its status as a Overall, developers now earn faster growth than anywhere else in global tech hub. £37,000 more than the average Brit as the world. London software engineers enjoyed the sector continues to offer the big For techies searching for the best a salary hike of 13 per cent from 2018 bucks for top talent. paid developer roles, embedded JAMES WARRINGTON Mackenzie, who now runs Love to 2019, taking the average wage to London also steamed ahead of its engineers took home an average Sport, said his company would “dig £74,000, according to new figures global rivals, posting a greater salary annual salary of £82,000, up from @j_a_warrington deep” to land rival Talksport’s current from job search firm Hired. increase than Toronto, New York and £70,000 in 2018. FORMER Sun editor Kelvin Mackenzie AM slots. He also said he would bid has urged the government to auction for the bandwidth currently held by the UK’s analogue radio licences to Classic FM to start a new UK equiva- the highest bidder, arguing that mar- lent to US network Fox. ket forces should dictate their value. The outspoken media executive said The government has launched a the going rate for a national licence consultation into the renewal of com- on digital radio was more than £1m mercial FM and AM licences for na- per year, and that analogue listeners tional stations Classic FM, Talksport should be granted the same value. and Absolute Radio, which are set to “In my view market forces should expire in 2022. dictate the value of the licence. Why The Department for Digital, Culture, not decide the minimum cost based Media and Sport said it would con- on the percentage of analogue listen- sider rolling over the licences for a ers?” he said. further five or eight-year period, or While digital radio now commands allowing them to expire and be put a majority share in the market, ana- up for auction by Ofcom. logue still accounts for just over 40 But Mackenzie, who founded Talk- per cent of UK radio listening. sport in 1999, has slammed the low In its last review in 2017, Ofcom fees paid by radio stations and called opted to maintain the £10,000 fee due for the sale process to be opened up. to a lack of competition and the high “For reasons impossible to divine, costs of launching a new national these hugely profitable stations only station. But Mackenzie said Love have to pay the Treasury £10,000 a Sport was now “anxious” to bid year to reach almost every radio in the against Talksport, while Bauer’s Scala land,” he said. posed a new challenge to Classic FM.

Sony said its event press conference will take place via video link MWC 2020: Sony becomes latest firm to pull out over coronavirus

JAMES WARRINGTON out of the conference after Amazon, LG, Ericsson and US chipmaker @j_a_warrington Nvidia all said they will not attend. SONY yesterday said it will withdraw “As we place the utmost from the Mobile World Congress importance on the safety and (MWC) 2020 in Barcelona later this wellbeing of our customers, partners, month due to fears over coronavirus, media and employees, we have taken dealing a fresh blow to the bumper the difficult decision to withdraw tech convention. from exhibiting and participating at MWC, which attracts more than MWC 2020 in Barcelona, Spain,” Sony 100,000 visitors, is due to take place said in a statement. between 24 and 27 February, but has Event organiser GSMA has insisted been hampered by a series of high- MWC will still go ahead, though it profile withdrawals. has banned visitors from the Hubei Sony is the fifth company to pull province, where the outbreak started. 12 NEWS TUESDAY 11 FEBRUARY 2020 CITYAM.COM Geely sets sights Woolwich Ferry reacquired by on expansion by TfL amid delays STEFAN BOSCIA @Stefan_Boscia THE WOOLWICH Ferry will be upping Volvo ties brought back under Transport for London (TfL) control after being plagued by severe delays under the current contractor. YILEI SUN chairman of Geely. Mayor of London Sadiq Khan Car makers are pursuing alliances and announced yesterday that the service CHINA’s Geely Automobile and Volvo mergers as they respond to the cost of would be brought back into City Hall are in talks about combining their busi- switching to electric cars, and tougher ownership at the end of the year, nesses to create a stronger global rules on emissions. after deciding not to renew the car maker with listings in “Strategically, the deal feels like contract of Briggs Marine in the Hong Kong and possibly — after years of deal-making — a long term. Stockholm. first move by chairman Li The mayor said it would allow the Zhejiang Geely Hold- Shufu to consolidate his transport body to run an improved ing Group, Geely Auto- West Midlands Trains has faced government criticism over its performance service, after the ferry was plagued mobile’s parent group, Geely’s parent group by more than 600 hours of delays in bought Sweden’s Volvo bought Sweden’s Volvo the first half of 2019. from Ford in 2010. from Ford in 2010 West Midlands Trains told to “The Woolwich Ferry is an Geely’s sales started to important part of London’s transport surge from 2015 as its sprawling automotive empire, network, and I share passengers’ products drew strength and to pay off some of the debt fund service improvements frustration at the unacceptable from Volvo technology. that had built up,” analysts at closures they have faced over the past “We look forward to working Bernstein said in a note. year,” Khan said. “I am delighted that with Hakan Samuelsson, president and It remains unclear how much valua- JACK RICHARDSON Transport secretary Grant TfL is set to take over the contract.” chief executive of Volvo, to further inves- tion would be added to the $16bn Shapps said: “Having our country’s TfL spent £20m last year on buying tigate this opportunity with the goal to (£12.4bn) Hong Kong-listed company by @JackRich93 trains run on time must be the two new hybrid ferries to replace the strengthen the synergies within the injecting Volvo assets. Volvo and its par- ANOTHER train operator has been rule, not the exception.” three in service. group while maintaining the competi- ent group had been discussing a flota- told to improve its customer service The money will be used for However they soon proved to be a tive advantage and the integrity of tion before they dropped the listing after missing key targets. compensation, timetable disaster with faults in their each individual brand,” said Li Shufu, plan in 2018, sources said. Reuters West Midlands Trains, the improvements and extra staff to generators and docking systems. The parent company for London address shortages. new vessels were responsible for 625 Northwestern Railway which Julian Edwards, managing hours of delays — 26 full days — ANNOUNCEMENTS provides services to from London director of West Midlands Trains, between February and August 2019, to north-west England via the said: “Our performance in the leading to strikes. midlands, has been told by the second half of last year was simply Khan admitted in November LEGAL AND PUBLIC NOTICES Department for Transport to invest unacceptable and we apologise to that he had “dropped the ball” on £20m to improve services. all our customers for this.” the ferries. CITY OF LONDON THE PLANNING ACTS AND THE ORDERS AND REGULATIONS MADE THEREUNDER This notice gives details of applications registered by the Department of The Built Environment CITY OF LONDON Code: FULL/FULMAJ/FULEIA/FULLR3 – Planning Permission; LBC – Listed Building Consent; JOIN 1RWLFH LV KHUHE\ JLYHQ WKDW WKH &RPPRQ &RXQFLORI WKH &LW\RI /RQGRQ DV WUDIÀF DXWKRULW\ IRU WKH TPO – Tree Preservation Order; OUTL – Outline Planning Permission undermentioned streets will make several Orders on 20 February 2020 under Section 14(1) of the 5RDG7UDIÀF5HJXODWLRQ$FWDVDPHQGHGE\WKH5RDG7UDIÀF 7HPSRUDU\5HVWULFWLRQV $FW 168 Defoe House, Barbican, London, EC2Y Basildon House, 7 - 11 Moorgate, London, 7KHHIIHFWRIWKHVH2UGHUVZLOOEHWRSURKLELWYHKLFOHV RUSHGHVWULDQVZKHUHVWDWHG IURPHQWHULQJWKH 8ND THE VDLGURDGV EC2R 6AF Moorgate (South Place to London Wall) ---- Utility Works 19/01195/LBC 20/00053/LBC )URPDPRQ:HGQHVGD\)HEUXDU\WRSPRQ)ULGD\)HEUXDU\$OWHUQDWLYHURXWH6% Removal of section of existing wall, insertion of YLD6RXWK3ODFH(OGRQ6W%URDG6W3ODFH%ORPÀHOG6W /RQGRQ:DOO partition sliding wall and associated refurbishment Internal alterations associated with a proposed CLUB Moorgate (London Wall to South Place) ---- Utility Works works minor interior alterations. 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14 NEWS TUESDAY 11 FEBRUARY 2020 CITYAM.COM

SAM TORRANCE ON THE Wind turbines: UK must IMPORTANCE OF A GOLFER’S SECOND WIN double spend to hit goal SPORT: PAGE 27 EDWARD THICKNESSE wind power facilities have been con- wind has demonstrated significant tracted, meaning 20 gigawatts worth cost reductions in previous auctions, @edthicknesse must still be contracted. the impact of higher levels of renew- THE UK government will need to Under the contract for difference ables in the system will reduce off- ANNOUNCEMENTS spend £48bn on installing new wind scheme, increasing capacity to 40 shore wind capture prices.” turbines, double what it spend last gigawatts will cost an additional Increasing the UK’s offshore wind LEGAL AND PUBLIC NOTICES decade, if it is to reach its target of £2.6bn a year in top up payments — power capacity was one of the 40 gigawatts of offshore wind power five times the current budget. Conservatives’ flagship energy poli- by 2030. Martin Anderson, head of renew- cies for December’s General Election, CITY OF LONDON According to renewable energy ables at Aurora and co-author of the and was reaffirmed in the subse- 1RWLFH LV KHUHE\ JLYHQ WKDW WKH &RPPRQ &RXQFLO RI WKH &LW\ RI /RQGRQ DV WUDIÀF DXWKRULW\ IRU WKH analysts Aurora, 260 wind turbines report, commented: “Our analysis quent Queen’s speech. undermentioned streets made several Orders on 6 February 2020 under Section 14(1) of the Road will have to be installed each year in suggests that meeting the 40- Energy suppliers have warned that 7UDIÀF5HJXODWLRQ$FWDVDPHQGHGE\WKH5RDG7UDIÀF 7HPSRUDU\5HVWULFWLRQV $FWZLWK WKHH[FHSWLRQRIOld Fleet LaneZKLFKKDVEHHQDPHQGHG7KHHIIHFWRIWKHVH2UGHUVZLOOEHWRSURKLELW order to fulfil the goal — roughly gigawatt target will require a huge achieving the target “will not be a YHKLFOHV RUSHGHVWULDQVZKHUHVWDWHG IURPHQWHULQJWKHVDLGURDGV one for every working day. increase in the deployment rate of walk in the park”. 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&DURO\Q'Z\HU%(QJ +RQV  'DWHG 11 February 2020 '06&0,/7)&,+7 'LUHFWRURIWKH%XLOW(QYLURQPHQW CITYAM.COM TUESDAY 11 FEBRUARY 2020 NEWS 15

OIL BE DAMNED British Museum staff join widespread outcry against BP sponsorship Italian investment firm Exor expects $13bn for acquisitions following sale GIULIO PIOVACCARI exclusive talks to sell Partner Re to cent of Exor’s total assets. The source, France’s Covea. The deal could be who declined to be named, said Exor INVESTMENT group Exor will have worth around $9bn in cash and drove would use the cash from any Parner around $13bn (£10.1bn) in cash shares in Exor up by more than five Re sale mainly for acquisitions. provided it closes a deal to sell its per cent yesterday to an all-time high. The cash would be in addition to reinsurance unit Partner Re and it Exor, led by Agnelli scion John the €3.6bn (£3.04bn) Elkann said last would spend most of that on Elkann, bought the Bermuda-based November the group would have by acquisitions, a source close to the reinsurer in 2016 for $6.9bn after a 2022 to spend on acquisitions. matter told Reuters. hostile takeover battle with That sum includes a planned The holding group of Italy’s Agnelli Axis Capital. special dividend of around €1.6bn family, which also controls Fiat Analysts at Mediobanca calculated from the merger between Fiat Chrysler, said on Sunday it was in Partner Re represents about 28 per Chrysler and Peugeot. Reuters

BRITISH Museum staff yesterday joined calls for the institution to ditch its sponsorship deal with oil giant BP. It followed protests outside the museum over the weekend in which 1,500 people voiced their opposition to the fossil fuel producer. June 1-2, 2020 Chief financial ExCeL London officers aiming wobi.com/wbf-london DR. JANET L. YELLEN ECONOMY STEVE WOZNIAK for the top job INNOVATION DANIEL GOLEMAN JESS CLARK financial officer has become ever EMOTIONAL INTELLIGENCE more important and moved beyond @jclarkjourno pure finance.” She added: “Today’s DANIEL LAMARRE FINANCE chiefs are increasingly tar- chief executive doesn’t want a one-di- geting the top job at their companies mensional number cruncher. CREATIVITY as they prioritise skills other than ac- “They want a business adviser — one counting, according to a new report. that can provide insight and leader- MARK WEBBER According to a survey of 2,500 chief ship into decision making which may PERFORMANCE financial officers (CFOs), more than fundamentally alter the course of Welcome 60 per cent said they believed their the business.” next move would be upwards into a The survey also found that almost 41 to the era of LYNDA GRATTON chief executive officer (CEO) role. per cent of assignments handled by LEADERSHIP The trend can partly be explained by Norman Broadbent’s finance chief the changing finance chief role, practice were due to a chief executive SUPER JUAN ENRÍQUEZ which has developed to include other wanting to swap out the current CFO responsibilities such as technology for a more commercial and business- FUTURE and procurement, as well as supply orientated partner. chain and human resources. Hickmore said: “No longer do organ- MINDS IAN WILLIAMSON More than 93 per cent of chief finan- isations want a finance chief who is STRATEGY cial officers said they had responsibil- principally a well-qualified technical EMPOWERING PEOPLE. ity for other areas of the business, the accountant. They want a business pro- LEADING TECHNOLOGY. survey by professional services firm fessional who can bud a team to part- GROWING COMPANIES. ANN HANDLEY Norman Broadbent found. ner with the business and influence MARKETING Angela Hickmore, the author of the across many dimensions. report, said: “With most chief finan- “The new CFO is a business profes- cial officers regularly deputising for sional with strong leadership and the chief executive, this shift in ambi- communication skills and he or she is tion should not be surprising. also potentially succession planning A unique eexperiencexperience of “After all the role of the chief for the CEO role.” learning, inspiration and networking Two in five UK workers struggle 020 3890 6720 [email protected] financially towards each payday Communication Partner Media Partners HARRY ROBERTSON reported financial problems that are negatively affecting their lives. @harrygrobertson There was a stark gender divide, TWO OUT of five UK employees are with women a third more likely living payday to payday, a survey has than men to be financially stressed found, with women and younger — 48 per cent to 34 per cent. workers more likely to be financially Richard Sweetman, UK financial stressed. wellbeing lead at Willis Towers BOGOTÁBOGOTTÁÁ LIMA LONDON MADRID MÉXICO MIAMI MMILANO MÜNCHEN NEW YYORKORK SYDNEY The figures, from insurance firm Watson, said: “With wages Willis Towers Watson (WTW), increasing just one per cent per suggested that workers feel year on average between 2013 and increasingly financially vulnerable 2018, and debt increasing 3.5 per even as unemployment has hit cent per year over the same record lows. WTW, which surveyed period, it’s clear that many 4,000 UK workers, said nearly a third employees are struggling.” 16 NEWS TUESDAY 11 FEBRUARY 2020 CITYAM.COM Starling Bank hands out shares to its staff as challenger raises £60m JAMES WARRINGTON The firm has been plotting the owned by staff. launch of an international bank The Social Market Foundation (SMF) @j_a_warrington in Dublin after applying for a licence called on the government to set a tar- CHALLENGER bank Starling yesterday last year. get for large listed companies setting said it will hand out shares to all of its “The support of our existing investors up share schemes and to publish 800 employees after raising £60m to represents a huge endorsement of our league tables tracking their progress in boost its expansion plans. business strategy, as we continue to hitting these aims. The cash injection, led by existing in- ramp up our growth,” said Anne It comes ahead of a bumper funding vestors Merian Global Investors and Boden, founder and chief executive round for rival challenger bank JTC, brings the total raised by Starling of Starling. Revolut, which is reportedly set to to £323m and follows two funding The move to give employees equity in value the company at $5bn (£3.85bn). rounds of £105m last year. the business comes after a top think Monzo and Monese have also been The digital bank said it will use the tank urged larger companies to linked with new funding rounds in the funds to speed up its expansion plans. increase the number of their shares first half of this year. Starling chief Anne Boden said she was “thrilled” to give shares to 800 employees Argentina nears Ryanair’s chief of marketing to crunch time for quit the airline CONOR HUMPHRIES

RYANAIR chief marketing officer Kenny Jacobs, who spearheaded the its debt revamp airline’s drive to improve customer service, is to leave his position after six years at the end of April to pursue other challenges, he told HARRY ROBERTSON The new government also wants the Reuters yesterday. IMF’s approval to restructure tens of Jacobs, who joined Ryanair at the @harrygrobertson billions of dollars that it owes to start of 2014, was the architect of ARGENTINA’s new left-wing govern- bondholders, Reuters reported. the airline’s Always Getting Better ment will enter crunch talks with the It hopes it can achieve all this before drive to improve customer service International Monetary Fund (IMF) a self-imposed 31 March deadline, and was charged with overhauling this week as it seeks to rework its debt after which it has pledged to refocus the company’s web site to adapt to payments after promising voters it on restoring growth in an economy individual customer preferences. would not continue with austerity. where one in 10 are out of work. Impala will invest in technology that will allow it to take bookings “I will enjoy a summer off with President Alberto Fernandez was Economy minister Martin Guzman family and then look for my next elected in October when the elec- has already discussed with the IMF challenge,” Jacobs said. torate turfed out Mauricio Macri, who and bondholders an investor-friendly Chief executive Michael O’Leary had sought to fix Argentina’s econ- debt restructuring that would help Revolut and Monzo backers join said in an emailed statement that omy by cutting public spending and the government avoid implementing Ryanair’s digital presence and introducing pro-business reforms. further austerity. customer service had been The Argentine economy has been in The government has struck a tough $20m round for London’s Impala transformed under Jacobs over the and out of crisis for two decades, line over its recovery, however, saying past six years. which has resulted in an unhappy em- Argentina would not pay “even half a JESS CLARK digital infrastructure such as Over the period, Ryanair has brace between Latin America’s third- cent” to creditors until the recession thermostats, keycards or televisions. boosted the proportion of its biggest economy and the IMF — an is over. @jclarkjourno Customers currently include revenue earned from optional international lender of last resort. Argentine bonds rallied last Friday LONDON-BASED hotel software Phillips and Tripadvisor, and it is extras such as assigned seating and Most recently, Macri took on $44bn as investors’ optimism about the startup Impala has raised $20m working with more than 300 hotels additional baggage from just over (£34bn) of loans from the IMF, condi- talks grew. (£15.49m) in a funding round led by including Accor, Mercure and Hyatt- 20 per cent to just over 30 per cent. tioned on tough tax and spending tar- IMF managing director Kristalina Revolut investor Lakestar. branded venues. Jacobs’ exit comes a month after gets, after a run on the peso in 2018. Georgieva said last week: “We are Today’s series B funding round, Investor Lakestar has previously Ryanair’s chief operating officer This week, from tomorrow to Friday aware of the difficult socio-economic which comes four months after an backed Revolut, Airbnb, Spotify and Peter Bellew joined rival Easyjet in Buenos Aires, Fernandez will seek situation that Argentina and its peo- $11m fundraise, will allow the Klarna, and was joined by Latitude after a court case that found his to convince the international lender ple face and we fully share President startup to invest in developing tools Investors, which is known for 12-month non-compete clause was to rejig the loan and avoid the auster- Fernandez’s objective of stabilising to take bookings. investments in Zoopla, Monzo and unenforceable. ity conditions and “structural re- the economy, protecting society’s Impala, which was founded in Secret Escapes. Ryanair is shifting to a group forms” that usually accompany its most vulnerable and ensuring more 2016, works with companies such as Impala’s existing investors include structure, appointing executives to programmes. sustainable and inclusive growth.” tech firms that provide hotels with Kima Ventures and Stride VC. lead smaller subsidiaries. Reuters Curve opens US office as embattled startup journeys across the Atlantic

EMILY NICOLLE page to hide controversies. The startup said it had appointed Curve said it had selected Brooklyn Amanda Orson, an adviser to one of @emilyjnicolle because of its access to talent in the its investors Gauss Ventures, as vice LONDON fintech startup Curve has payments technology sector and president of North America to lead today revealed its first US office, as it growing startup scene. the charge. opens up shop in Brooklyn, New York The firm plans to create 185 new A report in November alleged only as a base for its Stateside operations. jobs in the US by 2024, and invest 14 per cent of Curve’s customers were The move follows a spate of nearly $17m (£13.2m) in research and using its app at least once a month, a negative reports about the card development over the next decade. It statistic which Curve later said was management firm, including will receive up to $8.3m in tax inaccurate. It was accused last week allegations of misrepresenting user incentives in exchange for the plans, of changing its Wikipedia page to Curve’s app allows users to spend from multiple accounts using just one card data and editing its own Wikipedia the Wall Street Journal reported. remove mentions of the report. CITYAM.COM TUESDAY 11 FEBRUARY 2020 MARKETS 17

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT Virus puts FTSE BABCOCK P S&P 500 and 600 10 Feb 561.52 580 Nasdaq reach

in the red while 560 record closes 540 HE S&P 500 and the Nasdaq closed at record highs yesterday 4 Feb 5 Feb 6 Feb 7 Feb 10 Feb T as Chinese workers and factories slowly returned to business following NMC brushes up Defence giant Babcock is reportedly braced for a contract wrangle over plans to a Lunar New Year holiday that bring the contract to decommission the Dounreay nuclear site back in-house. was protracted by the deadly Cavendish, a division of Babcock, runs the site in a joint venture but could now be coronavirus outbreak. stripped of the contract. Brokers at Liberum also flagged comments from Boris All three major US stock averages ONDON’s FTSE 100 weakened US firm Muddy Waters launched a Johnson’s top adviser Dominic Cummings, who threatened to take on BAE and advanced in a broad-based rally, again yesterday after Britain short-selling attack on the hospital Babcock for “ripping off the taxpayer”. Liberum warned that “dither and delay” boosted by index leaders Amazon, declared the coronavirus epi- operator in late 2019. could impact the order book. It maintained a “buy” rating with a target price of 720p. Microsoft and Alphabet. Ldemic a serious and imminent Payments group Finablr, which Worries over the coronavirus kept threat to public health, though shares the same founder as NMC, market participants on edge, with the preliminary takeover approaches shot up by 10 per cent to top the BURFORD CAPITAL death toll rising to over 1,000 and the thrust shares in troubled healthcare midcap bourse. World Health Organization (WHO) P firm NMC Health 32 per cent higher. The pullback in the wider markets 700 warning that new cases outside of The FTSE 100 index of blue-chip followed last week’s rally, which China could be “the spark that companies dipped 0.3 per cent, with included both British benchmark becomes a bigger fire”. oil majors Shell and BP applying indexes recording their best day 10 Feb But generally upbeat earnings, the most pressure as crude since mid-December. 650 positive economic data and China’s prices slipped. The midcap In China, though 619.50 recent stimulus have attracted buyers index ended the day workers began venturing to the US equities market. marginally lower. out of their houses to 600 Tesla’s stock rose 3.1 per cent after The drop was in line its Shanghai factory resumed with Asian markets, Payments group Finablr production, and iPhone maker where most indexes boasted a 10 per cent 4 Feb 5 Feb 6 Feb 7 Feb 10 Feb Foxconn re-started a key plant in were down, as the share price rise yesterday China with 10 per cent of its death toll from the Burford Capital’s ongoing saga with shortseller Muddy Waters was one of the classic workforce. coronavirus outbreak offices and factories corporate clashes of 2019, but it seems the situation isn’t getting any clearer. The That is cold comfort for Apple, exceeded 900, surpassing yesterday after the activist investor has released another report complaining about weak net realised whose iPhone sales in China could that of the 2002/03 Sars government eased some gains in the second half of last year, adding that Burford’s own funds might have plunge by as much as 50 per cent due epidemic. restrictions, markets were on bought an interest in Petersen at the last valuation. Liberum said Burford followers to the virus, according to analysts. British shares, however, lagged edge as the death toll from the were likely to be nonplussed by the comments, describing its business as “lumpy”. The fast-spreading coronavirus has their counterparts in Europe and on coronavirus outbreak hit a new daily The brokers gave Burford Capital a “buy” rating with a target price of 2,600p. now caused more deaths than the the Wall Street. record. 2002-2003 Sars outbreak, and has Meanwhile, NMC Health snapped In other news-related moves, affected a broad range of companies a five-day losing streak and recorded Centrica lost three per cent to be the WORKSPACE and sectors. its best day since December after it steepest blue-chip faller after the The Dow Jones Industrial Average said it had received preliminary bid Times newspaper reported that the 1,260 P rose 174.31 points, or 0.6 per cent, to approaches from KKR and GK British Gas owner was expected to 1,250 1,261 29,276.82, the S&P 500 gained 24.39 Investment. The news came as a report lower profit due to the 10 Feb points, or 0.73 per cent, to 3,352.1 and relief to shareholders, who have seen government’s current price cap on 1,240 the Nasdaq Composite added 107.88 NMC’s market value dwindle since energy bills. points, or 1.13 per cent, to 9,628.39. 1,230 Of the 11 major sectors in the S&P 1,220 500 all but energy ended the session TOP RISERS FTSE in the black, with technology and 1,210 P consumer discretionary shares 1. NMC Health Up 32.31 per cent 7,500 posting the largest percentage gains. 2. Barratt Up 3.05 per cent 4 Feb 5 Feb 6 Feb 7 Feb 10 Feb Mall operator Taubman Centers 7,450 3. Compass Up 2.00 per cent jumped 53.2 per cent on news that it 10 Feb 7,400 Real estate investment trust Workspace yesterday announced it had poached would be bought by larger rival TOP FALLERS 7,446.88 Whitbread’s corporate finance director David Benson as its new chief financial Simon Property Group, whose 7,350 officer, effective from 1 April 2020. Benson, who qualified as a chartered accountant shares inched up 1.4 per cent. 1. Centrica Down 2.89 per cent with Deloitte and has previously held senior finance roles at Kier Group and Keller Eli Lilly dropped 0.6 per cent after 2. Carnival Down 2.25 per cent 7,300 Group, evidently impressed the brokers at Liberum. They gave Workspace, which experimental Alzheimer’s treatments 3. Evraz Down 2.09 per cent owns more than 60 properties across 3.9m square feet in London, a “buy” from the US pharmaceutical firm 4 Feb5 Feb 6 Feb 7 Feb 10 Feb recommendation with a target price of 1,350p. failed to halt the disease. CITY MOVES WHO’S SWITCHING JOBS

SAZKA capital markets and mergers and acquisitions. Before Andy Torrance has been appointed as the company’s PPF Sazka Group is pleased to joining KKCG, he worked as an investment banker at new chief executive. Andy, who joined the company in The Pension Protection Fund (PPF) has announced announce that Kenneth Morgan Stanley and Deutsche Bank in London, October 2019 as a non-executive director, will replace that Lisa McCrory has been appointed as its new chief Morton has been appointed Moscow and Hong Kong, and in corporate finance at Darren Bailey, who has decided to step down from his finance officer (CFO). Lisa will now be responsible for chief financial officer as of Thames Water. He has more than 15 years of corporate role as chief executive with immediate effect after 17 leading the PPF’s actuarial financial management, March 2020. Kenneth joined finance experience. Robert Chvatal, chief executive of years of leading the business. Darren will remain on finance, commercial and internal audit departments KKCG as head of corporate Sazka commented: “I am delighted to welcome the board as a non-executive director following his and will do this alongside her current role as chief finance in April 2019 and in Kenneth to the Sazka team. We have worked together departure from the helm. Andy has previously held actuary. Since her appointment as chief actuary in this role has devoted the extensively... and his banking and international chief operating officer roles at Dunelm and Holland & September 2018, Lisa has been responsible for majority of his time to projects experience will be valuable assets as we execute our Barrett and a number of executive roles during a 12- providing actuarial advice to the board of the PPF, and with Sazka, including its business and financial strategies.” year period at Halfords. Martyn Page, executive has also been covering the role of CFO on an interim Voluntary Tender Offer for chairman, commented: “We are excited to have Andy basis since October 2019. Oliver Morley, chief executive shares in Opap and the related financing, and Sazka’s ANGLING DIRECT Torrance as the company’s new [chief executive] given of the PPF commented: “It brings me great pleasure to inaugural international bond issuance in November Angling Direct, the largest specialist fishing tackle and his specialist retail sector and European scaling officially welcome Lisa to our executive committee as 2019. Kenneth will bring extensive experience in equipment retailer in the UK, has announced that experience.” our new chief finance officer.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 18 OPINION TUESDAY 11 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS I’ll give the City the flexibility it TO THE EDITOR needs to thrive outside the EU Health check Our research, launched today with global startup community Startup Grind, finds that 67 per cent of startup leaders attribute OW THAT we have left the We will no longer be rule-takers, This is important not only in the personal health issues to their working EU, we begin a new chap- Sajid but we remain committed to the short term, but to establish the lives, with almost half of founders working ter in our history. Javid highest international standards of norms and ways of working with over 50 hours per week and one in four NStrengthened by a decade financial regulation and to shaping the EU that will endure for the putting in over 60 hours. This is significantly of economic recovery, we global rule-making. We may choose decades to come. higher than the 37.1 hours that the average will step forward with confidence to do things in the same way as the We also face bigger, longer-term UK worker spends at their job. into an era of unity and renewal. EU if it works for the UK. But there questions, above all about the mar- As a result, 38 per cent say that they We will level up, decarbonise our will be differences, not least be- kets of the future — driven by green suffer with insomnia or poor sleep, while economy, and back business. cause as a global financial centre finance and the technological revo- 26 per cent have mental health Our world-leading financial serv- the UK needs to keep pace with and lution — that will transform finan- complaints, including stress, anxiety and ices sector will play a crucial role in EU have already made to conclude drive international standards. cial services in the years ahead. In depression. Healthy habits also tend to go this. From leading centres like Lon- a full range of equivalence assess- Our starting point will be what’s addressing these challenges, the UK out of the window, with 34 per cent don and Edinburgh to regional hubs ments by June 2020. right for the UK, to protect our econ- is absolutely clear about our values believing that their work has a negative in Leeds and Birmingham, financial As we leave the EU with the same omy and to ensure financial stabil- as a leading global financial centre: impact on their diet. services are integral to our country. rules, achieving equivalence on day ity, which is why we have already a safe and transparent place to do However, this impact on personal health The sector helps drive our econ- one should not be complicated. Of announced that we will implement business, with world leading regu- among founders is despite the positive omy, employing more than one mil- course, each side will only grant the Basel 3 and 3.1 standards in the lators, and the markets that give ac- motivation of innovators: 78 per cent say lion people across the UK — two equivalence if it believes the other’s upcoming Financial Services Bill. cess to the whole world. that they were inspired to launch their thirds of whom are outside of Lon- regulations are compatible. But Second, we hope to agree a chapter That’s why the Treasury will come business by a desire to improve people’s don — contributing £127bn to our compatible does not mean identi- on financial services in the UK-EU forward with a white paper in the lives, with a further one in five motivated economy every year, and bringing cal, and both the UK and the EU free trade agreement that estab- spring on the future of the UK fi- by the health of a family member, friend or in over £75bn in taxes that help have at different times recognised lishes a baseline for the trading rela- nancial sector. This is a future loved one. fund our vital public services. the importance of focusing on reg- tionship. This should establish where we will be at the forefront of Asked what business activities were As we level up the whole country, ulatory outcomes. regulatory cooperation arrange- technological innovation and ef- contributing to their stress levels, almost our financial services sector will ments with the EU that facilitate di- forts to tackle climate change, with three quarters named funding, investment help create jobs, innovate, and alogue and reflect the degree of a strong, resilient, and competitive or cashflow as a top stress factor. Access to boost investment around the UK. access between both markets. financial sector, underpinned by talent and recruitment was second, closely It’s also a great British export, and I If the EU, like us, wants a durable world leading regulatory standards followed by product or service innovation am determined to keep it that way relationship, we should also include and open to global markets. and R&D. now and in the decades to come. measures to directly address the All of this must deliver real bene- If founders want to continue their positive From next year, we will have the This is my vision long-term needs of industry for a re- fit for people and businesses in journey, it’s imperative that they reduce freedom to make our own rules out- liable equivalence process. This every part of our great country. sources of stress where possible. Finding a side the constraints of the Single for the financial would provide the certainty on This is my vision for the financial partner able to offer the right level of Market and customs union. And as which internationally mobile busi- sector in the decades to come: a sec- support in areas they may not have access the Prime Minister has set out, we sector in the nesses can depend. tor at the very heart of the UK’s new to expertise in, can be a great first step. want a future relationship with the decades to come: a Together these arrangements — role in the world; at the vanguard Dr Philip Bolton, interim R&D group EU where we work together in pur- findings of equivalence now, and of global financial markets; and de- director of health innovation, RB suit of common interests. sector at the heart measures to sustain trust and coop- livering for citizens and the real What does this mean for the fi- eration so they can endure into the economy at home. nancial sector? of the UK’s new future — offer the best solution to First, we will pursue fulfilling the the question of agreeing our rela- £ Sajid Javid is chancellor of the role in the world Exchequer. BEST OF joint commitment that the UK and tionship with the EU this year. TWITTER No10 confirms for first time “work is underway” on the building of a bridge between Scotland and Northern Ireland. Scoping report being drawn ‘First Homes’ is a well-meaning policy that up for the PM. @tnewtondunn

Mirror mirror on the wall, show the will do nothing to solve the housing crisis biggest infrastructure white elephant of all... @MrRBourne HERE is a housing crisis in Moreover, these contributions as but if they decide to have children this country. In our cities Ben they currently exist are often an im- or need to move to a more expen- John Bercow says there is a in particular, the majority Ramanauskas portant tool in overcoming the ob- sive area for work, for example, “conspiracy” by the Tories to block his Tof people are spending a jections of local communities to new they may well find it impossible. peerage. If its blocked it will be significant chunk of their developments, helping to tackle Locking in the discount reduces the because of three separate and serious income on rent or are unable to af- “nimbyism”. They are used to build value of the home, making it more allegations of sustained bullying by ford to move out of the family new infrastructure, making the de- difficult to sell. And even if it is Bercow of Commons staff. Nothing to home. The idea of home ownership velopments less objectionable to sold, the reduced sale price will do with the Tories is now a pipe dream for many local residents who can see the ben- make it harder for the sellers to af- @toryboypierce young people — a third of millenni- efits to their communities. ford their next property als will never be able to buy a home. importantly, will do nothing to Again, the problem with the First As such, the family which wants Few things delight me as much as It is therefore encouraging to see solve the underlying cause of the Homes policy is clear: diverting to move out is stuck in the house, seeing the lack of grace and indignant that this government seems intent housing crisis. these contributions into a discount while a new family which wants to tone with which the former Speaker of on making housing a priority. Un- Jenrick has claimed that the dis- for new buyers will simply exacer- move in is unable to. This policy the House of Commons is reacting to fortunately, the road to hell is count will be funded “through the bate the fears of local residents, risks gumming up the housing his past behaviour catching up with paved with good intentions — as is contributions that housing devel- meaning that the new homes are market in certain areas for a gener- him and conventions that he likes the case with the latest announce- opers routinely provide through less likely to ever be built. ation or more. being disregarded. ment from the Ministry of Housing, the planning system”. The burden, Finally, consider what will happen Thus we see the unintended conse- @tom_pridham Communities & Local Government. therefore, will ostensibly be carried if the homes are eventually built. quences — and potential pitfalls — of The new plan, announced last Fri- by the developers — who tend to The policy sets out that the 30 per this undoubtedly well-meaning pol- The BBC is advertising for a new day and optimistically entitled “First evoke little sympathy. cent discount will be passed on with icy proposal. It may help a small Director-General. Shall we *all* apply? Homes”, would aim to grant first- But while attacking developers as the future sale of the properties to number of people for a short period @JuliaHB1 time buyers a 30 per cent discount greedy land barons might work well other first-time buyers. But trying to of time, but such tinkering around on the price of a new home. Accord- in the press, it won’t end the hous- apply the discount in perpetuity will the edges of our broken system will The “jobs in the same category” ing to housing secretary Robert Jen- ing crisis. It should be obvious to be a disaster — while it might help do nothing to solve this country’s section beneath the DG job ad rick, this will translate to an average anyone with half a brain that if de- the original buyers afford to buy housing crisis. Back to the drawing includes Assistant Principal Timpani saving of £94,000 per home. velopers are burdened with build- their own home, it risks further dis- board, housing secretary. player for the BBC Philharmonic. If this is sounding too good to be ing affordable housing, they are less torting the housing market. Very. Interesting. true, that’s because it is. The policy likely to want to build at all, reduc- The original purchasers might be £ Ben Ramanauskas is a research @dinosofos is riddled with problems and, more ing development. happy in their home for a few years, economist at Oxford University. CITYAM.COM TUESDAY 11 FEBRUARY 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Impact and authenticity: Time DEBATE The South Korean film ‘Parasite’ for purpose to be centre stage triumphed on Sunday — but IFTY years ago, Nobel-winning frames. Organisations must demon- could AI ever win an Oscar? economist Milton Friedman Zara strate to all stakeholders that they are published an article in which de Belder part of the same journey, collectively Fhe analysed the relationship working towards a common goal. It’s entirely possible, and plausible, that between business and corpo- Employees, for example, are a criti- artificial intelligence (AI) could soon win rate social responsibility. cal internal audience and can be valu- an Oscar. With the South Korean film The commentary was driven by the able ambassadors, helping to embody Parasite winning Best Picture this year YES principle that the sole responsibility a company’s sense of responsibility. — the first ever foreign language film to of business was “to use its resources More and more people are actively do so — the stage has been set for a JOHN GIKOPOULOS and engage in activities designed to looking to work somewhere that has new dawn of filmmaking. increase its profits so long as it stays tackling the climate emergency, but successfully integrated responsibility With the advent of “implemented AI”, We live in an era where real art and within the rules of the game”. adopting a simple “box-ticking” ap- and purpose within the workspace. the boundaries of physical and digital expression seem to be much more Fast-forward to today, and the rules proach to corporate responsibility is Some organisations have moved into seem to be blurring even more. The last about the individuals creating it and not of the game have changed. We are ex- not enough. new sustainable-by-design buildings, two years have seen tremendous leaps the actual results. As such, applying periencing a fundamental shift in atti- Those caught “greenwashing” will in- with rooftop gardens and solar panels, in terms of real-life AI supporting algorithmic decision making to an tude towards corporate responsibility, creasingly be shunned, and in the whereas others have made operational traditional industries — like banking, existing set of movie records to have AI with more companies considering worst instances, named and shamed adjustments, like removing single-use healthcare, retail and logistics. produce a script — or even direct an how to maximise shareholder value for their actions. We have already seen plastics or developing internal sustain- And recently, AI has ventured into the existing one — is not that far from reality. without losing a deeper sense of corpo- environmental law charity ClientEarth ability committees. Aside from the ob- realms of the bohemian artist, helping rate purpose. issue a complaint on an advertising vious environmental and recruitment create a “masterpiece” which sold for £ John Gikopoulos is global head of AI As sustainability engulfs popular campaign launched by BP — expect benefits, these changes are tangible $432,500 at Christie’s. and automation at Infosys Consulting. culture and responsible investing be- other activist groups to also take a and can help demonstrate an authen- comes mainstream, companies are tough stance in the years to come. tic, holistic commitment. racing to remain commercial, com- Organisations must instead deliver As we enter a new decade, now is the petitive, and current. We have seen a a comprehensive, inside-out solution time for organisations to consider No doubt, we are beginning to see AI proliferation of new sustainability to corporate responsibility. Failure to how they want to contribute to the deployed for creative purposes more products emerge across all industries, do so could risk losing commercial next 10 years and beyond. How we in- and more. Plenty of advertising copy is from climate change funds to bamboo partners, alienating current and vest, consume and go about our daily now generated by a computer based on NO toothbrushes, as companies scramble prospective employees, destroying lives is fundamentally changing. algorithms and data, as opposed to the to offer solutions for hungry investors community relations, or damaging If the purpose of a corporation is to whisky-fuelled human creativity of LEON EMIRALI and consumers. external reputation. benefit all stakeholders, not just its yesteryear. However, in the race to meet de- Unsurprisingly, such factors could, shareholders, organisations need to But would an audience ever accept a conjured emotions that Bong Joon-Ho, mand, organisations are forgetting to individually or collectively, negatively start the 2020s with a period of self- film written and directed by a robot? this year’s best director, has relayed consider their own sustainability cre- impact a company’s profitability. reflection. Ignore the significance of We seek out narratives that we can onto the big screen to share with us all. dentials, risking their reputations as Authenticity and transparency are corporate purpose, and you run the relate to, build relationships with Ceremonies like the Oscars reward well as jeopardising their commercial key components of corporate purpose risk of alienating all your stakehold- characters who we either adore or films that remind us of humanity’s deep and community relationships. and must be integrated within all ers, damaging your reputation, and despise, and laugh and cry after being complexities. Yes, a robot could For many companies, achieving businesses. Companies can no longer making your company less profitable exposed to emotions we rarely feel in download the characteristics of the these new expectations, while contin- simply rely on glossy pictures and pol- in the long term. our day-to-day lives. best films and spit out a perfectly uing to meet traditional performance ished words to evidence their sustain- This is all down to the interpretation watchable movie — but where’s the fun benchmarks and uphold robust gover- ability commitments. £ Zara de Belder is an associate partner of human rawness and vulnerability in that? nance standards, has proved challeng- Instead, there needs to be impactful and head of Maitland/AMO Sustain, the new that the director has experienced on the ing. Companies are falling over and measurable action, underpinned sustainability practice of communications other side of the lens. Living among £ Leon Emirali is an entrepreneur and themselves to talk about how they are by clear objectives and realistic time- consultancy Maitland/AMO. wealth inequality in Seoul will have adviser. Follow him @LeonEmirali.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1837 à 0.0055 €/$ 1.0914 Ä 0.0036 7446.88 21493.32 4141.62 29276.82 9628.39 3352.09 /$ 1.2918 à 0.0013 €/£ 0.8449 Ä 0.0039 19.82 5.97 9.53 174.31 107.88 24.38 £ /¥ 141.81 0.1800 €/¥ 119.82 0.4070 ÄÄÄÃÃÃ Ã Ä Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise .....450.5 -3.5 509.0 421.5 Kingfisher...... 210.4 -1.5 266.2 185.9 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 311.0 -1.0 357.5 311.0 Marks & Spencer ...... 182.3 -1.1 303.2 163.9 Tsy 4.750 20 ...... 100.28 -0.01 104.2 100.3 Contour Global...... 188.2 -2.0 222.5 162.4 Games Workshp ...... 7110.0 -240.0 7350.0 2800.0 BP ...... 464.6 -5.4 582.5 452.7 Aggreko ...... 776.6 6.2 869.2 707.2 Abcam ...... 1322.0 19.0 1500.0 1066.0 Witan Invest ...... 228.5 0.0 235.0 201.6 Next ...... 6878.0 114.0 7340.0 4724.0 Tsy 8.000 21...... 109.81 0.00 116.7 109.8 Drax Gp ...... 289.6 0.4 399.4 251.0 LIFE INSURANCE Cairn Energy...... 165.8 -0.9 213.8 143.1 Ashtead Gp ...... 2652.0 17.0 2652.0 1805.5 Advanced Medical ...... 280.0 -2.5 354.5 225.0 Tsy 2.500 24 ...... 362.39 0.10 377.9 358.8 SSE ...... 1600.0 -2.0 1602.0 1008.0 Wwide Healthcare ....3245.0 -15.0 3270.0 2495.0 Pets at Home Gp ...... 311.0 4.0 311.0 129.4 Energean Oil & Gas ...... 760.0 15.0 1082.0 648.9 Aviva ...... 406.7 -1.1 438.8 352.3 Babcock Intl Grp...... 560.0 -8.2 646.6 416.7 Alliance Pharma ...... 86.5 0.2 87.5 63.0 Tsy 5.000 25 ...... 123.03 0.08 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 114.0 2.2 139.5 105.0 Premier Oil ...... 100.0 -1.7 118.7 65.1 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 772.0 2.0 780.5 576.0 Bunzl ...... 1987.0 7.5 2551.0 1943.0 Tsy 4.250 27 ...... 129.36 0.13 132.8 125.5 Watches of Switz ...... 379.2 -0.2 392.8 270.0 Royal Dutch Shell A....1974.4 -22.2 2612.0 1964.4 ASOS...... 3435.0 95.0 4066.0 2107.0 Halma ...... 2202.0 -13.0 2233.0 1487.0 BT Gp ...... 154.1 -0.8 233.0 154.1 Legal & General ...... 308.0 -1.2 317.7 216.7 Capita ...... 150.3 0.9 183.0 99.9 WH Smith...... 2404.0 14.0 2654.0 1896.0 Royal Dutch Shell B ...1964.8 -21.2 2622.0 1963.2 Blue Prism ...... 1715.0 -42.0 1841.0 788.0 Tsy 6.000 28 ...... 147.70 0.19 152.1 143.3 Morgan Advanced ...... 307.0 -1.8 324.8 232.4 Talktalk Telecom ...... 118.1 -1.9 126.5 97.0 Phoenix Gp ...... 777.7 -6.4 784.1 634.2 DCC ...... 6232.0 0.0 7496.0 6132.0 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 45.0 -2.8 250.0 39.9 Camellia ...... 8525.0 -25.0 11750.0 8350.0 Tsy 4.125 30 ...... 382.25 0.29 404.2 364.5 Oxford Instruments ..1600.0 0.0 1654.0 963.0 Telecom Plus ...... 1494.0 -12.0 1552.0 1130.0 Prudential ...... 1463.5 2.5 1790.0 1279.5 Diploma ...... 1955.0 -5.0 2084.0 1280.0 Tsy 4.250 32...... 141.95 0.26 146.4 132.7 OIL EQUIPMENT & SERVICES Renishaw ...... 4028.0 22.0 4638.0 3232.0 FOOD & DRUG RETAILERS Convatec ...... 212.0 -0.3 217.3 118.5 St James Place ...... 1177.5 3.0 1199.5 913.6 Electrocomp ...... 696.6 -9.6 729.8 540.8 Caretech Holdings ...... 490.0 0.0 490.0 325.0 Tsy 4.250 36 ...... 150.56 0.38 155.7 137.9 Spectris ...... 2731.0 -2.0 2962.0 2234.0 Greggs ...... 2256.0 -12.0 2476.0 1554.0 Mediclinic Intl ...... 385.8 6.3 415.3 293.4 Std Life Aberdeen ...... 320.3 3.2 336.9 231.1 Hunting ...... 307.8 0.4 657.0 297.0 Equiniti ...... 209.2 0.8 236.2 186.2 Central Asia Metals ....208.0 -5.5 266.5 180.0 Tsy 4.750 38...... 165.81 0.50 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 180.6 -0.3 240.0 176.9 NMC Health ...... 926.2 226.2 3000.0 700.0 MEDIA Petrofac ...... 350.5 -4.5 527.2 344.4 Essentra ...... 426.8 1.8 449.0 376.2 Clinigen Group ...... 962.5 2.0 1069.0 737.5 Tsy 4.250 46 ...... 174.33 0.68 181.0 1.0 Ocado Gp ...... 1217.0 -12.5 1435.0 886.2 Smith & Neph...... 1866.5 0.5 1990.0 1424.5 Wood Gp(J) ...... 379.2 4.2 598.6 319.6 3i Infrastructure ...... 315.0 -0.5 315.5 268.0 4imprint ...... 3380.0 10.0 3500.0 1917.5 Experian ...... 2778.0 17.0 2778.0 1960.0 CVS Group ...... 1202.0 -8.0 1250.0 431.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 201.0 -1.0 287.9 177.1 UDG Hlthcare ...... 771.5 -4.0 832.5 551.0 PERSONAL GOODS Aberforth Smlr Cos ...1422.0 -10.0 1546.0 1114.0 Ascential ...... 386.0 -0.4 421.2 319.0 Ferguson ...... 7448.0 8.0 7448.0 4800.0 Dart Group ...... 1859.0 -21.0 1880.0 709.5 SSP Group ...... 656.0 -11.0 721.0 608.0 HOUSEHOLD GOODS BAE Systems ...... 648.6 -6.4 655.0 443.9 Alliance Trust ...... 860.0 -3.0 872.0 730.0 Auto Trader Gp ...... 580.2 2.0 607.6 450.9 Burberry Gp...... 1996.0 -19.0 2345.0 1695.0 G4S ...... 197.5 0.8 234.3 168.3 Tesco ...... 256.8 2.0 258.9 212.6 Diversified Gas & Oil ...... 87.0 -2.8 116.5 87.0 Meggitt ...... 663.0 -3.0 697.4 489.9 AVI Global Trust...... 784.0 -4.0 802.0 706.0 Barratt Devel ...... 823.8 24.4 839.4 552.8 Euromny Inst Inv...... 1212.0 8.0 1498.0 1152.0 PZ Cussons ...... 190.0 -2.6 227.0 178.8 Hays ...... 162.6 -2.0 183.5 138.0 FOOD PRODUCERS Draper Esprit ...... 542.0 -6.0 548.0 410.0 QinetiQ ...... 375.4 -2.8 378.8 267.0 Baillie Gifford Japan ...808.0 -10.0 848.0 733.0 Bellway ...... 4038.0 6.0 4100.0 2698.0 Future ...... 1200.0 -50.0 1572.0 556.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1319.0 -2.0 1340.0 953.0 Rolls-Royce ...... 692.0 5.0 988.4 636.6 EMIS Group ...... 1162.0 22.0 1242.0 938.0 Bankers InvTst ...... 1016.0 -2.0 1032.0 843.0 Assoc British Foods...2708.0 15.0 2708.0 2106.0 Berkeley Grp Hldgs ... 5162.0 40.0 5412.0 3437.0 Informa ...... 787.6 -13.2 892.0 696.6 AstraZeneca ...... 7710.0 25.0 7878.0 5644.0 Intertek Gp ...... 5880.0 14.0 6170.0 4643.0 Senior ...... 165.8 3.1 239.2 160.0 Fevertree Drinks ...... 1417.0 43.0 2475.0 1365.0 BlackRock Smaller .... 1750.0 0.0 1776.0 1298.0 Bakkavor ...... 139.0 -1.0 170.0 93.3 Countryside Prop ...... 503.0 -4.0 513.0 277.6 ITV ...... 135.0 0.4 156.5 103.6 Dechra Pharma ...... 2906.0 -10.0 3068.0 2348.0 IWG...... 447.6 1.6 469.0 225.9 Ultra Electronics ...... 2214.0 -8.0 2292.0 1232.0 BMO Global Smaller ...... 143.1 -1.1 150.0 127.5 Cranswick ...... 3646.0 -8.0 3714.0 2472.0 Crest Nicholson ...... 495.0 -0.4 517.0 332.0 Moneysupermkt.com ...330.1 -1.2 417.7 309.5 Genus ...... 3196.0 36.0 3246.0 2178.0 Network Int...... 624.0 -12.0 645.0 513.0 First Derivatives ...... 2775.0 90.0 3555.0 2050.0 AUTOMOBILES & PARTS Caledonia Inv ...... 3095.0 -25.0 3180.0 2910.0 Greencore Gp ...... 239.3 0.9 281.8 193.4 McCarthy & Stone...... 153.0 1.2 158.8 123.5 Pearson ...... 579.2 -5.2 942.0 563.4 GlaxoSmithKline ...... 1717.6 17.4 1846.0 1497.4 Pagegroup ...... 468.4 -12.2 539.0 367.8 Frontier Devs ...... 1300.0 -46.0 1444.0 844.0 City of London IT ...... 431.0 -1.0 448.5 396.5 Hilton Food Gp ...... 1044.0 2.0 1118.0 896.0 Persimmon ...... 3077.0 34.0 3138.0 1836.0 Aston Martin...... 452.4 1.8 1374.4 399.3 RELX ...... 2075.0 -12.0 2095.0 1606.0 Hikma Pharma ...... 1879.0 -33.0 2200.0 1556.5 Paypoint...... 971.0 -4.0 1118.0 844.0 Gamma Comms ...... 1345.0 -15.0 1460.0 786.0 Edin Inv Trust ...... 606.0 -2.0 652.0 535.0 Tate & Lyle ...... 790.0 0.0 801.4 663.8 Reckitt Benckiser ...... 6478.0 -22.0 6688.0 5767.0 Rightmove Group ...... 694.6 3.6 694.6 471.2 TI Fluid Systems ...... 235.0 1.0 273.0 155.2 REAL ESTATE Rentokil Initial ...... 495.0 -6.8 506.4 329.0 GB Group ...... 694.0 -11.0 800.0 420.0 European Opp ...... 909.0 -11.0 926.0 688.0 Unilever ...... 4685.5 -10.5 5324.0 3983.0 BANKS Sanne Group ...... 591.0 -2.0 752.0 498.0 F&C Investment ...... 775.0 0.0 783.0 675.0 FORESTRY & PAPER MAIN CHANGES UK 350 Assura ...... 80.0 0.4 80.0 56.7 Gooch & Housego ...... 1417.5 2.5 1527.5 954.0 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Fidelity China SPE ...... 238.0 1.5 253.0 205.5 Big Yellow Gp ...... 1196.0 3.0 1200.0 933.0 Serco ...... 162.1 -1.0 167.7 111.7 Hurricane Energy ...... 15.5 -1.7 53.6 15.5 Mondi ...... 1663.5 14.0 1898.0 1510.5 Barclays ...... 176.9 -0.3 192.5 136.2 Fidelity Euro Values ....268.0 0.0 269.5 218.0 Risers à % Fallers Ä % BMO Comm Prop ...... 107.4 -1.0 128.0 106.0 SIG ...... 90.8 -1.6 153.0 90.8 Impax Asset Mgmt .....380.0 7.5 405.0 201.0 BGEO Group ...... 1616.0 8.0 1755.0 1252.0 GENERAL FINANCIAL British Land ...... 570.0 10.8 638.8 468.3 Travis Perkins...... 1590.0 6.5 1692.5 1166.0 Fidelity Spec Val ...... 268.5 -2.0 280.5 240.5 NMC Health ...... 926.20 32.3 Tullow Oil ...... 45.00 -5.9 Iomart Group ...... 392.5 12.0 400.0 316.5 HSBC Hldgs...... 578.3 -3.0 680.6 551.8 Finsbury G&I Tst ...... 904.0 -5.0 958.0 795.0 3i Group ...... 1143.0 -4.5 1184.5 910.0 Finablr ...... 78.60 9.9 Future ...... 1200.00 -4.0 Captl & Count Prop ...... 244.5 4.2 270.5 184.8 TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 55.0 -0.7 98.0 41.8 Lloyds Banking ...... 56.9 0.0 67.2 48.6 GCP Infra Inv ...... 126.4 -0.6 134.0 122.6 Ashmore Gp ...... 548.5 -10.0 567.5 397.8 Jupiter Fund Mngt ...... 389.20 4.0 Games Workshp ...... 7110.00 -3.3 CLS Hldgs ...... 278.0 -2.0 312.5 212.0 Spirent Comms ...... 221.5 2.0 251.5 140.4 James Halstead ...... 538.0 4.0 570.0 440.0 Royal Bank of Scot ...... 221.5 -1.4 270.4 177.7 Genesis Emerging ...... 784.0 -7.0 818.0 686.0 Brewin Dolphin ...... 354.4 -4.0 375.2 287.6 Go-Ahead Gp ...... 2120.00 3.4 Centrica ...... 82.68 -2.9 Daejan Hldgs ...... 5250.0 30.0 6160.0 4715.0 William Hill ...... 178.45 3.1 Ferrexpo ...... 140.15 -2.9 TOBACCO Standard Chartered .... 630.6 -6.2 738.6 575.7 Greencoat UK ...... 143.6 -0.6 152.8 130.6 Close Brothers ...... 1444.0 -7.0 1663.0 1227.0 Derwent London ...... 4178.0 36.0 4186.0 2884.0 Johnson Service Gp ....205.0 1.0 211.5 128.0 Barratt Devel ...... 823.80 3.1 Pagegroup ...... 468.40 -2.5 TBC Bank Group...... 1234.0 -16.0 1706.0 1150.0 Harbourvest Glb ...... 1850.0 4.0 1858.0 1406.0 Coats Group ...... 72.2 0.9 91.2 68.1 Grainger ...... 314.4 4.0 315.6 217.4 Br Am Tob ...... 3450.0 6.0 3507.0 2648.0 Keywords Studios ..... 1555.0 -45.0 1838.0 1002.0 Hammerson ...... 228.80 2.6 Barr (AG) ...... 578.00 -2.4 Virgin Money UK ...... 177.7 1.4 220.1 104.4 Finablr ...... 78.6 7.1 215.0 71.5 Grt Portland Est ...... 952.4 15.0 952.4 649.4 Herald Inv Trust ...... 1490.0 0.0 1530.0 1200.0 Balfour Beatty ...... 273.00 2.2 Airtel Africa ...... 73.50 -2.3 Imperial Brands ...... 1847.2 15.0 2713.5 1668.2 Learning Tech Gp ...... 168.2 3.6 168.2 63.7 Hargreaves Lans...... 1634.5 30.0 2433.0 1604.5 Hammerson ...... 228.8 5.9 388.4 203.9 BEVERAGES HICL Infr ...... 180.4 1.0 180.4 156.6 Stagecoach Gp ...... 136.70 2.2 Carnival ...... 3044.00 -2.2 TRAVEL & LEISURE M&C Saatchi ...... 88.0 -5.0 394.0 79.0 Land Securities...... 956.2 15.4 1001.5 735.4 JPM American ...... 512.0 -1.0 516.0 421.0 IG Gp...... 665.0 -4.4 708.0 474.8 Syncona ...... 237.50 2.2 Cineworld Group ...... 179.10 -2.1 Barr (AG) ...... 578.0 -14.0 975.0 526.0 Carnival ...... 3044.0 -70.0 4373.0 3044.0 M.P. Evans ...... 692.0 -3.0 750.0 612.0 JPM Emerg Mkt ...... 1040.0 -6.0 1088.0 878.0 Integrafin Holdings .....508.0 -6.0 514.0 337.0 LondonMetric Prop ...... 232.4 -0.4 241.2 186.7 Britvic ...... 931.0 -10.5 1068.0 850.0 Cineworld Group ...... 179.1 -3.9 321.0 176.0 JPM Indian IT ...... 735.0 0.0 790.0 633.0 Intermediate Capital .1776.0 23.0 1776.0 999.0 Redrow...... 775.0 5.0 822.0 533.0 WPP ...... 963.8 -5.0 1077.5 801.0 NewRiver Retail ...... 191.4 2.8 246.0 147.6 Majestic Wine ...... 211.0 0.0 318.0 210.0 Coca-Cola HBC AG .....2782.0 -28.0 3074.0 2299.0 JPM Japan IT ...... 454.0 -3.5 477.5 376.0 Intl Public Prtnshps .....165.8 0.0 171.2 146.8 Taylor Wimpey ...... 217.8 0.2 223.0 142.9 MINING Primary Hlth Prop ...... 159.8 -0.2 160.2 116.0 Compass Gp ...... 1990.0 39.0 2138.0 1665.0 Midwich Group ...... 560.0 10.0 633.0 474.5 Diageo ...... 3134.5 -29.0 3625.5 2913.5 Investec ...... 431.9 -2.1 518.6 395.3 Safestore Hldgs ...... 804.5 6.5 817.5 573.5 Dominos Pizza ...... 301.0 2.1 326.4 221.2 Jupiter Fund Mngt ...... 389.2 14.8 432.0 314.0 Vistry Group ...... 1402.0 4.0 1420.0 975.0 Anglo American ...... 2015.0 -17.5 2266.0 1666.6 Mortgage Advice B .....780.0 10.0 795.0 546.0 CHEMICALS IP Group ...... 67.3 1.4 109.0 55.7 Savills ...... 1214.0 4.0 1244.0 820.5 easyJet ...... 1493.0 -17.5 1536.5 854.8 Law Debenture ...... 628.0 -8.0 654.0 552.0 INDUSTRIAL ENGINEERING Antofagasta ...... 837.6 -11.4 1022.5 779.6 Next Fifteen Comm ...... 512.0 -2.0 658.0 465.0 Croda International ..5075.0 20.0 5375.0 4564.0 Mercantile IT ...... 268.0 -2.0 270.5 188.0 John Laing Gp ...... 349.6 0.6 402.0 345.6 SEGRO ...... 913.8 6.8 915.8 636.6 EI Group ...... 284.4 0.0 285.0 194.0 Bodycote ...... 867.5 1.0 971.0 652.0 BHP Group ...... 1657.0 -16.6 2049.0 1600.0 Nichols...... 1370.0 0.0 1880.0 1322.5 Elementis...... 127.7 -0.4 197.9 127.7 Monks Inv Tst ...... 1002.0 -2.0 1012.0 807.0 London Stock Exch ....8166.0 -30.0 8196.0 4489.0 Shaftesbury ...... 877.5 5.5 979.5 739.5 FirstGroup ...... 124.0 1.5 137.5 89.3 Centamin ...... 129.8 -2.2 152.3 79.8 Numis Corporation ...... 270.5 -22.5 306.0 212.0 Johnson Matt...... 2662.0 2.0 3454.0 2605.0 Murray Intl Tst ...... 1206.0 -8.0 1286.0 1114.0 Man Group ...... 153.2 -2.6 175.2 130.5 Hill & Smith ...... 1415.0 -8.0 1510.0 1049.0 St Modwen Props ...... 500.0 -4.0 510.0 373.0 Flutter Ent...... 8420.0 -16.0 9456.0 5525.0 Onesavings ...... 430.6 6.2 452.0 313.6 Fresnillo ...... 652.6 -12.2 1027.5 539.6 TR Property IT ...... 483.5 -2.0 491.5 377.0 Polar Capital Hdgs ...... 558.0 -2.0 604.0 482.0 Synthomer ...... 331.4 -3.4 420.8 279.0 Next Energy Solar ...... 122.0 -1.0 126.5 114.0 IMI ...... 1114.0 -15.5 1206.0 906.0 Go-Ahead Gp ...... 2120.0 70.0 2278.0 1783.0 Paragon...... 529.0 -2.0 553.5 388.0 Glencore ...... 229.6 -3.6 340.3 216.9 Tritax Big Box ...... 143.5 0.9 159.7 135.5 Victrex ...... 2310.0 4.0 2540.0 1845.0 Pantheon Intl Partn ..2475.0 -50.0 2620.0 2020.0 Melrose Ind ...... 239.3 -2.5 248.5 160.3 GVC Hldgs ...... 906.0 17.2 939.0 507.5 Purplebricks Gp ...... 115.4 4.2 132.0 96.0 Plus500 ...... 902.2 -8.8 1133.0 495.0 Hochschild Mining ...... 158.1 -2.4 227.0 152.0 UK Commercial Prop .....86.7 0.3 92.7 79.9 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...325.0 -0.5 342.0 284.5 RHI Magnesita ...... 3230.0 -30.0 5000.0 3194.0 Intercontl Htls ...... 4730.5 -63.0 5738.0 4458.5 Redde...... 102.0 1.0 127.6 98.0 Provident Fin ...... 479.3 3.3 610.0 356.0 Kaz Minerals ...... 469.0 -6.0 738.4 380.3 Unite Group ...... 1300.0 15.0 1305.0 873.5 Pershing Square ...... 1530.0 -2.0 1578.0 1224.0 Rotork ...... 309.6 2.8 341.2 269.8 Renew Holdings...... 520.0 4.0 568.0 360.0 Balfour Beatty ...... 273.0 6.0 295.0 194.2 Workspace Gp ...... 1261.0 24.0 1261.0 806.0 Intl Cons Airl...... 606.4 -3.4 671.0 413.5 Personal Assets Tst ...43800 0.0 43850 39800 Quilter ...... 173.9 2.4 174.7 120.8 Polymet Int...... 1286.0 10.5 1286.0 772.6 CRH ...... 2987.0 9.0 3100.0 2279.0 Spirax-Sarco...... 9210.0 25.0 9400.0 6585.0 Marstons ...... 104.0 0.9 131.4 93.3 RWS Holdings ...... 551.0 -8.0 670.0 460.0 Polar Cap Tech Tst .....1702.0 -2.0 1704.0 1218.0 Rathbone Brothers ....1968.0 -20.0 2540.0 1966.0 Rio Tinto ...... 4122.5 -64.5 4976.5 3924.5 SOFTWARE & COMPUTER SERVICES Galliford Try...... 163.9 2.0 177.2 102.4 Schroders ...... 3415.0 35.0 3419.0 2541.0 Weir Gp ...... 1383.0 -4.0 1814.0 1261.5 Mitchells & Butlers .....409.5 -3.0 470.5 238.0 Scapa Group ...... 265.0 -1.5 403.0 157.0 Renewables Infra Gp ...136.0 0.0 139.2 115.4 MOBILE TELECOMMUNICATIONS Avast...... 462.2 2.4 551.0 282.0 Grafton Group...... 923.0 -15.5 943.0 645.5 TP ICAP ...... 403.6 -0.7 417.5 270.0 INDUSTRIAL METALS National Express ...... 444.4 2.4 476.0 387.4 RIT Cap Partners ...... 2090.0 -5.0 2180.0 1986.0 Aveva Gp...... 5175.0 -35.0 5210.0 2884.0 Secure Income REIT ...471.0 -1.0 473.0 394.0 Ibstock ...... 298.6 3.2 322.0 208.6 Vodafone Gp ...... 150.0 -3.0 165.2 123.3 PPHE Hotel Gp ...... 2040.0 0.0 2100.0 1630.0 Schroder Asia ...... 461.5 -4.0 485.5 424.5 GENERAL RETAILERS Evraz ...... 389.2 -8.3 709.4 341.4 Computacenter...... 1893.0 -27.0 1920.0 1049.0 Serica Energy...... 107.6 -1.4 143.4 103.6 Marshalls ...... 826.0 6.5 876.0 496.6 NONLIFE INSURANCE Rank Gp ...... 302.5 5.5 302.5 144.0 Scottish Inv Tst ...... 793.0 -13.0 843.0 769.0 B&M ...... 371.0 -4.5 420.9 315.0 Ferrexpo ...... 140.2 -4.2 301.3 123.0 FDM Group...... 1022.0 -4.0 1100.0 647.0 Smart Metering Sys...... 517.5 -2.5 635.0 310.0 Polypipe Group ...... 554.0 1.0 560.5 372.8 Scottish Mortgage ...... 626.0 -0.5 629.0 472.0 Dixons Carphone ...... 134.3 -0.7 152.4 104.9 Admiral Gp ...... 2296.0 26.0 2330.0 2014.0 Kainos Gp ...... 868.0 18.0 880.0 430.0 Restaurant Grp ...... 122.8 0.1 166.4 111.9 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 114.0 -0.8 118.6 110.0 Dunelm Gp...... 1195.0 -5.0 1213.0 717.0 Beazley ...... 606.5 5.5 628.0 504.5 Micro Focus Intl ...... 777.8 5.7 2160.0 766.8 Stagecoach Gp...... 136.7 2.9 167.0 115.5 Thorpe (F.W.) ...... 324.0 0.0 359.0 267.0 Smith (DS) ...... 366.1 -0.6 394.8 307.9 Smithson Inv ...... 1336.0 -6.0 1358.0 1090.0 Frasers Group ...... 468.0 3.4 518.0 214.0 Clarkson ...... 3000.0 -50.0 3110.0 2200.0 Direct Line Ins ...... 343.8 2.3 366.5 270.5 Playtech ...... 359.3 -0.6 457.7 343.7 Wetherspoon (JD) .....1520.0 -11.0 1734.0 1251.0 Smiths Gp...... 1736.0 -4.0 1751.0 1378.0 Syncona ...... 237.5 5.0 294.0 203.0 Howden Joinery Gp...... 707.4 0.4 707.4 478.8 Fisher (James) ...... 1956.0 -10.0 2260.0 1790.0 Hastings Gp Hldgs ...... 188.0 3.0 231.6 167.9 Sage Group ...... 773.8 0.6 820.4 640.0 Whitbread ...... 4606.0 -13.0 5152.0 3988.0 Watkin Jones ...... 249.0 4.0 255.0 199.6 Smurfit Kappa Gp...... 2962.0 24.0 2966.0 2096.0 Temple Bar IT ...... 1358.0 2.0 1486.0 1162.0 Inchcape...... 641.0 -6.5 720.0 545.5 Royal Mail ...... 176.4 -2.4 286.7 176.4 Hiscox ...... 1340.0 4.0 1777.0 1213.0 Softcat ...... 1217.0 -3.0 1257.0 702.0 William Hill ...... 178.4 5.4 205.2 132.3 Young’s Brew NV ...... 1245.0 0.0 1310.0 1030.0 Vesuvius...... 436.6 -1.6 642.0 341.0 Templeton Em Mkts ....845.0 -1.0 876.0 731.0 JD Sports Fashion ...... 846.0 11.0 874.0 448.4 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 567.6 1.6 597.0 501.6 Sophos ...... 571.6 0.6 577.0 298.2 Wizz Air Holdings ...... 4280.0 65.0 4329.0 2880.0 Young’s Brew-A...... 1575.0 17.5 1885.0 1520.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 285.80 -3.15 316.05 197.00 3M ...... 160.15 0.07 219.50 150.74 AIR LIQUIDE ...... 134.65 -0.25 135.25 106.00 ABBOTT LABORATORIES ...... 88.30 0.43 91.86 72.88 ALLIANZ AG ...... 227.60 -0.10 227.70 184.20 ADOBE INC ...... 370.00 3.91 367.46 254.74 AMADEUS IT GROUP ...... 73.88 0.56 78.60 42.30 ALPHABET NON VTG-C ...... 1508.68 29.45 1486.65 1036.23 ALPHABET-A ...... 1508.66 29.55 1484.69 1116.79 ANHEUSER BUSCH INBEV ...... 68.23 -0.27 92.71 65.77 AMAZON.COM ...... 2133.91 54.63 2079.28 1607.95 ASML HOLDING NV ...... 281.00 2.45 280.65 158.30 AMERICAN EXPRESS ...... 132.24 0.42 135.11 106.50 AXA ...... 24.91 0.10 25.47 20.36 APPLE INC ...... 321.55 1.52 325.21 170.18 BANCO SANTANDER ...... 323.50 -3.10 402.00 294.70 AT&T ...... 38.34 -0.11 39.63 29.79 BASF...... 62.76 0.22 74.49 56.20 BANK OF AMERICA ...... 34.69 0.08 35.64 26.25 BAYER AG...... 77.18 -0.61 78.06 52.53 BERKSHIRE HATHAWAY...... 227.11 -0.27 230.20 195.81 BMW ...... 63.60 -1.18 77.75 58.70 BOEING CO ...... 344.67 7.92 432.69 309.00 BNP PARIBAS ...... 51.64 -0.19 53.58 39.32 CATERPILLAR INC ...... 134.32 0.95 150.53 113.38 CRH ...... 2987.00 9.00 3100.00 2279.00 CHEVRON ...... 109.79 0.85 126.54 106.28 CISCO SYSTEMS ...... 48.87 0.90 58.05 43.52 DAIMLER ...... 43.00 0.04 59.31 40.53 CITIGROUP ...... 78.48 -0.21 81.91 60.33 DANONE ...... 73.42 -0.02 82.00 64.80 COCA-COLA CO ...... 59.75 0.56 59.19 44.69 DEUTSCHE POST AG ...... 32.53 -0.15 34.91 26.00 COMCAST ...... 44.66 -0.08 47.50 37.03 DEUTSCHE TELEKOM ...... 14.88 -0.02 16.25 14.14 DOW ...... 48.19 0.16 66.65 40.71 ENEL ...... 8.20 0.02 8.18 5.20 EBAY INC ...... 36.02 -0.18 41.57 33.56 ENGIE...... 15.62 -0.01 15.88 12.45 EXXON MOBIL ...... 59.96 -1.51 83.38 59.97 ENI ...... 12.78 -0.13 15.94 12.61 FACEBOOK ...... 213.06 0.73 223.23 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 237.36 -0.64 249.72 182.49 FRESENIUS MEDICAL CARE ...... 72.80 0.34 76.32 57.92 HOME DEPOT INC ...... 240.61 3.31 238.85 181.14 HONEYWELL INTERNATIONAL ...... 176.95 1.67 183.23 150.36 IBERDROLA ...... 10.38 0.10 10.38 6.02 IBM ...... 154.43 1.02 156.76 126.99 INDITEX ...... 31.85 -0.04 32.37 2.55 INTEL ...... 66.39 0.37 68.47 43.46 ING GROEP NV...... 10.52 -0.05 12.05 8.34 JOHNSON & JOHNSON ...... 151.86 -0.03 153.99 126.95 INTESA SANPAOLO...... 2.46 -0.02 2.48 1.83 JPMORGAN CHASE & CO ...... 137.74 0.57 141.09 98.93 KERING ...... 562.50 -3.20 610.20 425.05 MASTERCARD INC ...... 330.28 3.28 329.30 218.91 KON KPN NV ...... 2.47 -0.01 2.96 2.48 MCDONALD’S ...... 213.21 1.60 221.15 173.97 L’OREAL ...... 270.80 0.10 275.30 220.30 MEDTRONIC ...... 119.38 0.43 121.30 84.15 LVMH MOET HENNESSY ...... 413.55 -0.40 439.05 290.85 MERCK & CO ...... 85.66 0.58 92.04 73.19 MUENCHENER RUECKVE ...... 277.50 -0.20 277.70 200.80 COMMODITIES TOURIST RATES MICROSOFT ...... 188.70 4.81 183.89 106.81 NETFLIX ...... 371.07 4.30 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1571.63 -1.24 Copper Cash Official...... 5652.50 -73.00 Canada ...... 1.6299 New Zealand ...... 1.8707 NIKE INC ...... 100.02 0.58 104.58 77.14 ORANGE ...... 12.78 -0.01 15.01 12.61 Silver (Pence) ...... 1777.00 +0.50 Aluminium Cash Official ...... 1693.25 -4.25 Croatia ...... 7.9199 Norway...... 11.34 ORACLE ...... 54.99 0.27 60.15 50.24 ROYAL PHILIPS ...... 44.34 0.34 45.61 34.30 Silver (Cents) ...... 1374.00 +3.00 Nickel Cash Official ...... 12765.00 -242.50 Czech Republic ...... 27.05 Poland ...... 4.4145 PAYPAL HOLDINGS ...... 120.06 1.18 121.30 96.64 SAFRAN ...... 148.60 -1.65 150.25 113.60 Krugerrand ...... 1589.17 +0.20 Aluminium Alloy Cash Official ...... 1345.00 -10.00 Denmark ...... 8.3604 Singapore ...... 1.6669 PEPSICO ...... 145.66 0.29 145.37 118.61 SANOFI ...... 93.47 -0.11 93.65 72.24 Brent Crude ...... 54.47 -0.46 Natural Gas ...... 22.13 -0.27 Hong Kong ...... 9.486 Sweden ...... 11.87 PFIZER INC ...... 37.81 -0.24 44.40 34.24 SAP SE ...... 123.64 -0.44 126.90 92.40 Platinum ...... 971.00 -6.00 Tin Cash Official ...... 16300.00 -262.50 Iceland ...... 143.35 Switzerland ...... 1.1991 PROCTER & GAMBLE ...... 126.17 0.09 127.14 98.41 SCHNEIDER ELECTRIC ...... 95.40 -0.22 95.98 63.20 British Sovereign ...... 370.86 +0.05 Zinc Cash Official ...... 2152.25 -52.75 India ...... 80.97 Turkey ...... 7.3363 TRAVELERS COMPANIES ...... 136.22 0.21 154.83 126.93 SIEMENS AG ...... 108.44 0.10 119.90 85.00 Lead Cash Official ...... 1834.50 -9.00 White Sugar ...... 428.10 +14.10 Israel ...... 3.9817 United States ...... 1.2291 TWITTER ...... 35.96 -1.07 45.42 28.89 SOCIETE GENERALE...... 30.15 -0.40 31.79 21.13 UNITED HEALTH GROUP ...... 287.03 -2.19 300.74 215.26 UNITED TECHNOLOGIES ...... 156.55 -0.28 156.83 122.94 TELEFONICA SA ...... 6.18 -0.04 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 60.24 0.30 62.07 54.03 TOTAL ...... 44.58 -0.69 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 205.99 3.25 208.21 168.86 UNILEVER NV ...... 54.52 0.01 57.56 47.05 FTSE 100...... 7446.88 -19.82 -0.27 S&P 500...... 3352.09 +24.38 +0.73 CAC 40 ...... 6015.67 -14.08 -0.23 Hang Seng ...... 27241.34 -162.93 -0.59 WALGREENS BOOTS ALLIANCE...... 53.42 0.18 76.05 49.29 VINCI ...... 104.40 0.75 104.05 78.12 FTSE 250 ...... 21493.32 -5.97 -0.03 Dow Jones I.A ...... 29276.82 +174.31 +0.60 Swiss Market Index ...... 11039.78 +38.25 +0.35 Nikkei ...... 23685.98 -142.00 -0.60 WALMART ...... 115.25 -1.20 121.28 96.94 VIVENDI ...... 25.63 0.14 26.42 22.41 FTSE All-Share ...... 4141.62 -9.53 -0.23 Nasdaq Composite ...... 9628.39 +107.88 +1.13 ISEQ Overall Index ...... 7065.53 -85.94 -1.20 STI Index ...... 3163.15 -18.33 -0.58 WALT DISNEY CO ...... 142.59 1.57 151.64 107.79 VOLKSWAGEN AG ...... 164.38 -2.12 185.52 138.16 FTSE AIM All-Share ...... 961.53 -0.41 -0.04 Xetra DAX...... 13494.03 -19.78 -0.15 FTSEurofirst 300 ...... 1658.72 +1.23 +0.07 ASX All Ordinaries...... 7108.00 -13.40 -0.19 WELLS FARGO & CO ...... 47.77 -0.07 54.46 43.38 CITYAM.COM TUESDAY 11 FEBRUARY 2020 FEATURE 21 TRADING & INVESTMENT

FTER a rough start to the year, Tesla ended 2019 by de- livering on a promise to Wall AStreet. The pledge made in the summer of 2019 by Tesla chief executive Elon Musk was to re- turn to profit after months of losses, a string of negative headlines — in- cluding his forced resignation as chairman in 2018 — and the dramatic drop in deliveries of the Model 3. The electric vehicle brand’s strong finish in 2019 has completely rewrit- ten the company’s narrative. At the start of 2020, Tesla announced that it sold more cars in 2019 than in the pre- vious two years put together. Last month, Tesla delivered better-than- expected fourth quarter results and became the most valuable automotive company in the world, with a market cap worth more than General Motors and Ford combined, currently stand- ing at a massive $134bn. THE ROAD TO PROFITABILITY Over the last year, Tesla has settled in- vestor nerves by focusing less on stunts (and tweets from Musk) and more on proving itself as a profitable business. In 2019, the automotive brand launched the Cybertruck, sold a record number of cars, and built a fac- tory in China, with plans to build an- other in Germany later this year. Tesla’s turnaround has been re- markable. In under a year, it has re- stored itself as the automotive company most associated with the growth in electric vehicles. But Musk’s company isn’t out of the ROADWORKS AHEAD? woods yet, and there continue to be questions over its long-term profitabil- ity. Tesla has only turned in a handful Alyssa Altman of profitable quarters since becoming asks if Tesla can keep on the straight a publicly-traded company in 2010. and narrow after one of its best years ever THE CHALLENGES AHEAD A major problem for Tesla is hype. While hype can generate excitement However, once physically unveiled, That target shows that Musk still a profitable and sustainable business. and interest in a company, it can also the Cybertruck disappointed the hasn’t learned his lesson following Tesla also needs to ensure that it un- be a double-edged sword and lead to wider public — with many mocking the company’s debacle around the derstands the limits of its production disappointment. the vehicle’s design. In fact, the back- Model 3. Workers on the vehicle re- and backend operations so it doesn’t The downsides of hype were fully on lash was so severe that Tesla’s stock peatedly told reporters that in order cut corners and overwork staff to un- display during the unveiling of the Cy- fell more than five per cent the morn- Musk’s company to meet Tesla’s target of 5,000 cars per sustainable levels. bertruck in November last year. ing after the unveiling of the truck. week, the company cut corners and Despite turning around its fortunes The new electric-powered truck was Another problem for Tesla is over- isn’t out of the increased work hours to an unsustain- over the past year, Tesla faces a num- first announced to the world on ambitious targets. Musk repeatedly able level. ber of road bumps that could derail Musk’s Twitter account, via a series of sets lofty, groundbreaking goals and woods yet — there its progress — and make its recent suc- cryptic tweets. The tweets generated promises that he fails to meet. For ex- are questions over KEEP THE WHEELS TURNING cess look more like a blip in the mass support from Tesla superfans, ample, following Tesla’s recent re- Tesla’s mission is clear. The company rearview mirror. who were quick to compare the vehi- sults, he told investors that the its long-term must avoid the temptation of setting cle to something out of Mad Max or company “should comfortably ex- over-ambitious goals and targets, and £ Alyssa Altman is transportation lead at Blade Runner. ceed 500,000” deliveries in 2020. profitability should refocus its efforts on creating Publicis Sapient. Has Nike already won the Tokyo Olympics?

LIUD Kipchoge captured the CNBC February last year. Her shoes And non-Nike athletes have put spikes on shoes for better grip. imagination and admiration COMMENT appeared similar to Kipchoge’s, and petitioned World Athletics as to Lighter shoes, gel inserts, and of millions when he broke the new record was briefly called their fairness. Responding at the improved grip have all been part of Ethe mythical two-hour bar- into question. beginning of February, the sports the advancement of the running rier for the marathon in Vi- David Her coach denied their impact, body has set a maximum sole shoe, and not all professional enna last October. Reid claiming that Muir could “run in thickness of 40mm on trainers for runners benefited from those For 26 miles and 385 yards, the high heels” and it wouldn’t make a the first time ever. developments at the same time. Kenyan ran faster than most can difference. Nike’s chief executive Nike’s new shoe will, somewhat And where is the line in the sand? sprint, crossing the line in 1 hour 59 John Donahoe has also rejected the conveniently, have a sole thickness Must we also strike modern records minutes 40.2 seconds. Broadcast live idea that the technology gives of 39.5 mm. That means it can be from the history books because they on mainstream TV, it was a piece of Nike “Vaporfly” shoe, which has seen athletes an unfair advantage. legally worn at the Tokyo 2020 were achieved on springy tracks sporting theater enjoyed by millions. official men’s and women’s “It’s simply using the same Olympics by Nike-sponsored athletes. rather than the grass or sand of But did Kipchoge cheat? During the marathon records tumble. materials that go into a shoe and While rival manufacturers will ancient Greece? race, he was wearing the Nike Kipchoge, speaking only a few putting them together in an look to rush out their own versions, Nike has clearly pushed the “Alphafly” shoe — a prototype of the weeks after his sub-two-hour innovative way that allows the it seems possible that, with only a technology on in one big bound. The “Alphafly NEXT%” that Nike said last marathon, defended the shoes. athlete to do their very best in a safe few months to go until the Olympic firm will reap the benefit after week will be sold to the public and “I respect technology,” he said. “I way,” Donahoe told CNBC last week. games begin on 24 July, Nike’s Tokyo with casual runners — legally eligible for official races. respect innovation. The world is But others aren’t so sure. Robert middle and long-distance athletes dreaming of improved speeds — The shoes are thick-heeled with moving, and you can’t stop. We are Johnson, who edits the running site will hit the start line in Tokyo with heading to its stores. spring-like carbon fiber plates in the moving with the world, and the world LetsRun.com, went so far as to say a serious advantage. It’s a new race, and the rivals will midsoles which help to push energy is changing.” that those who have benefited from But this isn’t cheating. This is the just have to catch up. back into an athlete’s stride. The Closer to home, British athlete the shoes in previous competitive same forward crawl in sports new version is said to be even more Laura Muir took five seconds off a 31- races have been guilty of technology that saw some sprinters £ David Reid is digital correspondent beneficial to a runner than the 2016 year-old British indoor mile record in “mechanical doping”. first wear elasticated cycling shorts or at CNBC. 22 FEATURE TUESDAY 11 FEBRUARY 2020 CITYAM.COM

Our series on AI, Blockchain, Cryptoassets, DLT and Tokenisation PARTNER CONTENT

CITY A.M.’S onsidering the rising shortage of tech talent within compa- CRYPTO INSIDER nies in the UK and the chang- Cing politico-economic landscape, it is of paramount im- JAMES BOWATER portance, now more than ever, to Upskill our employees in order to guarantee had the pleasure of adjudicating at the STR their readiness to tackle the challenges of IGlobal Summit last week where the judging tomorrow. At such times, let us examine panel announced the US Capital Global if companies are making the necessary sponsored awards. The worthy winners were efforts to upskill their employees, or if Coinstreet Partners, MERJ Exchange, Tokeny they are just paying lip service to this con- Solutions, Bitbond GmbH, World Bank Bondi cept? Bond, CMS Law, Blockpass and Archax. We can look at Upskilling, and the lat- With the Corona Virus outbreak continuing to dominate headlines est trends, from two perspectives - sig- and negatively impact the global markets Bitcoin (BTC) has been on a nalling and virtue signalling. First, we charge breaching US$10,000 raising the question of a correlation for will explain how these two perspectives the uplift: is it the Corona Virus or plain old FOMO (Fear Of Missing can help in this context, and then go into Out). Given that many people in affected areas are self-isolating and the details of where the current Up- working from home for six weeks I would be surprised if it is the skilling efforts being undertaken by tech former as the crypto markets never sleep and volumes of home companies fall into. UPSKILLING - trading are rising. Signalling - In economics, signalling is At the time of writing, BTC is trading at US$9,829.03 / GB£7,652.51; a theory that has been initially developed Ethereum (ETH) is at US$218.77 / GB£172.95; Ripple (XRP) is at by Michael Spence, a Nobel laureate in US$0.2706 / GB£0.2127; Binance (BNB) is at US$24.22 / GB£19.42 and economics. In layman's terms, it is the Cardano (ADA) is at US$0.05913 / GB£0.04660. Overall Market Cap is idea that one party sends a “signal”, some at US$284.32 / GB£219.99 (data source: www.CryptoCompare.com) SIGNALLING sort of information to the other party, Unsurprisingly the Chinese Canadian founder & CEO of Binance, which increases the credibility of the Changpeng Zhao ‘CZ’ has announced that the Binance Charity sending party. In a scenario where several Foundation has bought over 470,000 items of medical supplies from candidates are applying for a managerial global suppliers, including masks, gloves, protective suits, disinfecting position, the fact that a particular candi- water, testing kits, etc. 178,000 of which were delivered directly to 50+ date has done their MBA from a top 10 OR VIRTUE hospitals/medical teams in Wuhan and surrounding cities. I know CZ business school sends a “signal” to the po- is due in London soon and I find out more about this and his future tential employer that this candidate in- European plans especially post Brexit. deed is of a high calibre. In a way, this I caught up with Jos Evans of AiX (featured in Spotlight on 15th helps the employer increase its chances October 2019) yesterday at the DAS:London Conference who of finding the candidate who will outper- SIGNALLING? confirmed its launch of the world’s first natural language Artificial form others at this job. Inversely, the sig- Intelligence broker platform, facilitating automated peer-to-peer nalling theory can also be applied to the trading in institutional over-the-counter markets. He enthused “AiX is way in which a potential candidate per- very happy to have brought the world’s first natural language AI broker ceives a company while applying for a job. Designed by not really supporting or helping the tum and rapidly changing the landscape into being. We now look forward to adding assets and clients at a It is no mystery that the job market has Phill Snelling, cause in any significant way. As opposed of jobs. Considering the utter dearth of furious clip and aim to be in traditional assets later this year”. AiX aims become candidate-driven. Employer Bowater Media to actually doing something virtuous, a tech talent able to cater to all these rising to transform OTC markets through its unique AI-driven negotiation branding plays an extremely important lot of people, especially with the preva- demands, finding and hiring such candi- and matching engine, executed through the AiX chatbot, which role in terms of attracting the right kind lence of social media, can try to appear dates has become a challenge that a lot of enables instant access to global liquidity, immediate price discovery, of candidates for a job. In this scenario, virtuous by publicly supporting some- organizations are facing. In such a con- best execution and automatic settlement while ensuring anonymity. the company having a great employer thing instead of actually doing some- text, Upskilling your existing workforce is Finally, for your diaries, I am speaking at the Team Blockchain brand is “signalling” that it is a desirable thing about it. oftentimes a much better alternative to Digital Assets meet up at CMS Law’s Cannon Street Offices next week organisation to work for. Upskilling, or re-skilling your work- hiring new people. on Monday, 17th February. The will be presentations from Andre Virtue signalling - The term originated force, especially within the technology A number of organizations have created Anthony who is on the tax team at CMS, John Small will be exploring from an article written by British journal- and software sector, means equipping and nurtured a dedicated Learning and what can be learned from nature and apply the similarities to ist James Bartholomew. It has come to be your workforce with the most relevant Development department spending con- Blockchain and Alex Bausch from 2 Tokens based in Amsterdam used in popular culture as a pejorative and/or in-demand hard skills. Indeed, siderable resources on Upskilling activi- looking at the impact of tokenisation on the Dutch economy. If you term, often pointing to the fact that new technologies such as Blockchain, ties. Some organizations are also quite would like to attend it kicks off at 17:30 please use this link- someone is conducting public displays of Data Science, Augmented Reality, Au- excellent at engendering a learning cul- https://www.meetup.com/ICO-Meetup-London/events/265663778/ an act in a conspicuous manner while tonomous Driving are gaining momen- ture amongst their employees, which

‘RIF,’ has been listed on several exchanges Diego Gutiérrez and may be used to consume the services Zaldívar, Co- and solutions deployed on the network. Crypto A.M. shines Founder of RSK & Thanks to IOV Labs’ newly launched Token CEO of IOV Labs Bridge, RIF will be available for use by Ethereum developers as well, a major its Spotlight on milestone for interoperability between blockchains. 2019 was highly active for IOV Labs, RSK IOV Labs and RIF tech. US-based logistics company dexFreight announced the integrat RIF he potential positive social impact of launched in 2018, RIF’s vision is to provide a Lumino payment channels to bring TBitcoin and blockchain technology is suite of solutions for building dApps using streaming payments to the logistics industry. the driving force of efforts and sense of RSK and Bitcoin, meant to enable completely IOV signed strategic agreements with Japan purpose for IOV Labs and its solutions decentralised sharing economies. RIF and Singapore’s most prominent blockchain platforms, RSK and RIF. solutions tackle the most important points of accelerators, as well as an agreement with RSK was born from the vision of a more control on the Internet, offering global users investment and advisory firm Coinsilium to accessible and transparent global financial open source protocols and tools to establish a JV in Singapore to further ecosystem, and the co-founders (including decentralise these points of centralisation. promote RSK services and technologies in wunderkind entrepreneur Diego Gutiérrez RIF services are designed to protect user Asia markets. Latin America-based Money on Zaldívar and cryptographic security leader data, add sustainability to decentralised Chain successfully launched its stable asset Sergio Lerner) chose Bitcoin on which to storage, provide peer to peer messaging, and platform using RSK smart contracts, and build it. announced plans to integrate RIF as Launched in 2018, RSK was the first collateral to issue a dollar-denominated sidechain platform to add smart contracts to stable asset. To cap the year, IOV Labs Bitcoin. Smart contracts are self-executing acquired Latin America’s largest social contracts with terms of agreement between network Taringa! with its 30 million registered two parties written directly into the code, RSK was born users, and plans to integrate its technologies allowing the creation of decentralised into the network during 2020. applications, or dApps, on a blockchain. The from the vision of a Diego Gutiérrez Zaldívar, Co-founder of RSK RSK Bitcoin sidechain is the primary more accessible and CEO of IOV Labs, states “We started RSK component that allows dApps to be built for with a unified vision of enabling a financial Bitcoin whilst also retaining interoperability and transparent offer payments solutions, to start. RIF Lumino Light Client, slated for release this system and Internet that is more open, fair, with other blockchain networks. global financial Payments and the Lumino network enable month, will bring Bitcoin DeFi technology to and accessible to everyone and that can The secondary component is called the rapid micro-transacting to promote mobile dApp developers. serve billions of users. We will continue to ‘RSK Infrastructure Framework’, or RIF. Also ecosystem affordable decentralised finance solutions. The RIF token, called build and partner with aligned enterprises to make this vision an everyday reality.” CITYAM.COM TUESDAY 11 FEBRUARY 2020 FEATURE 23

E: [email protected] @CityAm_Crypto In association with

novative economies of the world, there is a danger that this ranking might slip up CRYPTOCOMPARE MARKET VIEW if we cannot attract or retain enough tal- ented workers to keep this up. In view of all these important aspects and also the Crypto Markets rally as Coronavirus changing geopolitical climate, the impor- tance of Upskilling cannot be overstated. Outbreak Scares Investors Having said that, there are still some or- ganizations that indulge in ‘virtue sig- itcoin is now close to the $10,000 have been made by 2022. nalling’ when it comes to Upskilling. We mark after rising more than 30% year The total value of cryptocurrency locked have encountered a few senior executives Bto date. Some investors are in decentralized financial (DeFi) and management level professionals speculating that the coronavirus outbreak applications has surpassed $1 billion. who don’t understand the real impor- is causing money to move out of equity Decentralized financial applications let tance of Upskilling and training their em- markets and into safe havens such as users borrow, lend, and trade ployees. They are of the opinion that if bitcoin. The coronavirus outbreak is also cryptocurrencies in a decentralized way, they spend resources on training their affecting bitcoin miners, as China forced with the biggest altcoin on the market, employees, they will leave their company some miners to shut down in an attempt to Ethereum, being the main cryptocurrency and potentially join a competitor. They contain the virus’ spread used by DeFi applications. The value hit $1 feel that in fact, they are enabling their Bitcoin’s impressive market performance, billion not because more ETH was invested, employees to join other companies by coupled with its upcoming halving event – but because the value of the Ethereum equipping them with the latest skills. which will cut its inflation in half – have seen locked in DeFi applications rose with the Truth be told, these executives are far Weiss Crypto Ratings, a division of financial recent market rally. from being right. It is high time that ratings agency Weiss Ratings, upgrade More details have come out on the these organizations not only talk about Bitcoin’s grade to an “A-,” which the firm Facebook-led cryptocurrency initiative, the Upskilling but also start acting on it. If says should be interpreted as “excellent.” Libra Association. In an interview in Davos, they fail to do so, they will be left behind This week bitcoin processed its 500 Switzerland, its Vice chair and Head of in the competitive landscape and might millionth transaction successfully, the Policy and Communications Dante A. in reality “signal” the potential employ- number of transactions made on the BTC Disparte revealed it hasn’t been ees that they are not the best company blockchain is rising rapidly: in 2017, the 250 discouraged by the members who left the where their careers can progress! millionth transaction was processed and at organization which include Mastercard, Upskilling entails learning new skills, this rate, one billion bitcoin transactions will Visa, eBay, and PayPal. that is crystal clear. However, in today’s rapidly changing technological and po- litical environment, Upskilling appears to go beyond learning & development. Indeed, enterprises that adopt such strategies signal their will to elevate CRYPTO A.M. INDUSTRY VOICES current and future employees, it sig- nals their commitment to stay up-to- date and maintain innovation, and it Welcome To The New Roaring 20’s leads to their significant personal growth that this particular organization is inno- also signals that an increasing tech and to a path of lifelong learning. Some vative, abreast of the latest technology skills shortage is being controlled by he decade ahead brings new chal- greater attention and a bigger percentage companies also have a dedicated learning trends and is a force to reckon with. leveraging their current employees! lenges for investors to ensure their of their assets to ESG, Sustainable and Im- budget allocated per employee, which There are a lot of studies which have Tasset allocations are sound, and pact investments. Actions speak louder spurs their development even further. gone on to show that in the long term, DGaurang Torvekar, Founder and CEO of their investment selections within their than words, and a double bottom line of These organizations “signal” to their em- the costs associated with Upskilling are Indorse in conversation with James overall portfolio framework are best of ESG Impact and Financial performance is ployees that they care, that they go be- lower than the costs associated with hir- Bowater. For further information visit breed. a more beneficial outcome for everybody. yond the checks and balances on a ing new employees. Additionally, there is https://indorse.io One might suggest this has always been Medical advancements and break- spreadsheet and also want their employ- always a risk that a newly hired employee the case, however, history tends to rhyme, throughs are accelerating with the aid of ees to grow. This, in turn, leads to a more might not be able to perform on the job. IMPORTANT INFORMATION: THE VIEWS rather that exactly repeat itself. The USA technology and innovative minds. Many satisfied and engaged workforce because Although usually hiring managers try to AND OPINIONS PROVIDED BY CITY A.M.'S used policies similar to quantitative eas- amazing projects that aim to provide they can see opportunities for progres- gauge the cultural fit of the employees, CRYPTO INSIDER AND IN THE CRYPTO ing during the 1930s. Japan first engaged highly impactful outcomes for the devel- sion within the same organization. Also, there is always a risk that the employee A.M. SECTION SHOULD NOT BE TAKEN AS quantitative easing two decades ago. For oped and developing world require fund- as more and more employees keep gain- might not align with the culture of the INVESTMENT OR FINANCIAL ADVICE. all or most of the last decade, the central ing from the private sector. Alongside ing the latest cutting-edge skills, it signals company. While the UK has been consis- ALWAYS CONSULT WITH YOUR banks of many major developed coun- philanthropic funding, there are real the world and the markets in general tently recognized as one of the most in- FINANCIAL ADVISOR. tries have undertaken quantitative easing commercially and impactfully viable in- policies, and most continue to do so as we vestment opportunities. enter the new decade. Water and food security issues will in- Ongoing QE creates the need for long crease dramatically during the next term investors to search for yield in new decade. Climate change, overuse, poorly areas. Banks’ appetite to lend money has drawn borders leaving some countries re- DIGITAL COLLECTIBLES decreased significantly since they have liant upon neighbours for water supply been forced to become more protective of create a massive supply/demand mis- their balance sheets and capital adequacy match. The water rich countries may end Troy Norcross ratios. Many exciting new businesses are up exporting to the water poor countries. , Co-Founder Blockchain Rookies offering investors superior yields, often OWEC (organization of water exporting with capital safety. Occasionally these op- countries) could become more important early 82,000 ETH (£13.5M today) music and pictures - is that you can player could take the asset with them portunities also offer a healthy stake in than OPEC, which is already feeling the has been spent buying and copy them as many times as you want moving between games? What if it the company. effects of clean and renewable energy dis- Nselling collectable digital cats. and there is no way to track was possible to buy, sell or trade Many readers will remember life before placing oil dependency. Advances in effi- That’s right — digital cats. The game is ownership of any individual copy. If assets on a secondary market? the internet, GPS/satellite navigation, cient water purification and desalination called Crypto Kitties, and people have there is no rarity, and not surety of Tony Pearce from Reality Gaming smart phones, social media, cloud com- are needed to help resolve the global im- been buying, selling and breeding property, there is no justification for Group, who develop NFTs for games puting, digitalization, blockchain, artifi- balance and ensure the world’s popula- their digital cats since November value. With digital collectables stored believes, “If players can know that in- cial intelligence, virtual payments. tion has access to water and food. 2017. as NFTs, you can prove rarity and game assets they purchase will have Two decades ago, the global population Increases in agricultural efficiency and Unlike Beanie Babies and supply, and you can safely and long term value even outside the was 6 billion, it is now 7.6 billion, with ur- the development of alternative protein Tamagotchi, crypto kitties don’t exist securely buy, sell, trade and transfer game, they will likely spend even banization bursting through 50% back in sources will be necessary to feed the in the physical world. They exist only them. more than they do today.” 2007, and heading towards 66% by 2050 world in future. as digital assets. Specifically, they One of the largest sectors for digital Digital gaming and tradeable in- according to a UN report. An incredible Equities have been in a historically long exist as data on a blockchain as non- collectables is a subsector of online game assets could lead the way for a 4.5 billion people, 58% of the global pop- bull run, supported by central banks con- fungible tokens or NFTs. An NFT is a gaming - Digital Assets. The current wide range of new opportunities - ulation have access to the internet. Along- tinuing to print money, and effectively special crypto token where every NFT market for in-game assets is power by Blockchain. side the many benefits this brings, the funding company share buy backs, result- is unique, and its entire history from estimated to be $50Bn. Today, when increasing reliance on the internet of ing in some extraordinary valuations. It creation through to transfer or sale is you make an in-game purchase, you Get in touch with us things also introduces new risks, hence would seem sensible for investors to ro- recorded. are restricted to only using that asset [email protected] / Twitter Cyber Security is becoming ever more im- tate some of their equity exposure into The problem with digital things - like within the original game. But what if a @igetblockchain portant. hedged strategies to protect against the Environmental awareness, ESG, Sus- deep corrections that may occur. Remem- tainability, Impact Investing. Alongside ber, history rhymes, so nobody knows the expanding global population, there what or when the catalyst will be. Australia is in the grips of an ongoing bushire emergency is a real need to understand and care for - Over 2,000 Homes destroyed our environment and help the disadvan- Roger Allen is Director at PMA Assets - Over 1 billion animals and wildlife have perished taged. ESG focused investment began PMA Assets focuses on connecting investors about a decade and a half ago and has and allocators to expert fund managers and - Over 25 million acres are scorched gained significantly more attention dur- entrepreneurs with a compelling edge, Donate with crypto at https://www.cryptofirealliance.com.au ing the last decade. The Roaring Twenties specialising in niche strategies and innovative will continue to see investors allocate projects. 24 LIFE&STYLE TUESDAY 11 FEBRUARY 2020 CITYAM.COM MOTORING BY MOTORINGRESEARCH.COM FOR CITY A.M.

VOYAGE OF DISCOVERY

days of Disco? versial at launch in 2017, no longer trailer should serve all your Looking back at 30 Let’s rewind to 1989. The first Discov- LAND ROVER DISCOVERY seems contrived. caravan/horsebox/speedboat needs ery was built to a budget, with Morris SD4 LANDMARK The Discovery is a motorised Swiss (delete according to lifestyle), too. years of the Land Marina door handles and taillights PRICE: £57,350 army knife, with all-wheel drive and Besides, this Land Rover has no pre- from an Austin Maestro van. But it 0-62MPH: 8.3 SECS five modes for tackling tough terrain, tensions to being sporty. It leaves that Rover Discovery, also boasted a Terence Conran interior backed up by low-range gearing and – somewhat futile – job to other SUVs. TOP SPEED: 121MPH Tim Pitt with seven seats, rugged good looks electronic air suspension. Factor in Its calm steering and pliant suspen- wonders and unrivaled off-road ability. It was CO2 G/KM: 194G/KM 283mm of ground clearance and sion lead to unseemly body-roll if the right car at the right time, beating MPG COMBINED: 33.6MPG 900mm of wading depth and, with the rushed, and the engine gets gruff if now is the time the BMW X5 to market by a decade right tyres, it’s almost unstoppable. In- when worked hard. and presaging the rise of the SUV. The THE VERDICT side, you’ll find seven full-sized seats Somehow, though, that becomes a to splash out factory soon added a third shift to that slide, flip and fold, plus a full suite virtue, forcing you to slow down and keep up with demand. DESIGN hhhhi of audiovisual options to occupy the enjoy the refined ride, smooth trans- ast year, the Discovery cele- Those early Discoverys occupied a PERFORMANCE hhhhi kids. Choose the £482 Pet Pack and mission and imperious driving posi- brated its 30th birthday – and fertile field between agricultural and PRACTICALITY hhhhh Rover the retriever even gets his own tion. It feels like a less luxurious Range almost nobody noticed. OK, so partitioned, rubber-lined boot. Rover for half the price. And what’s aspirational, slotting neatly between VALUE hhhhi Land Rover wheeled out a the Defender and Range Rover. Since The Landmark comes with Land not to like about that? ‘Landmark’ special edition, then, the turf has become muddier. Rover’s 240hp four-cylinder SD4 or This immensely practical vehicle el- Ldriven here, but all eyes were on Soli- Land Rover now builds no less than tion Discovery. It’s a tad sleeker than 306hp six-cylinder SD6 diesel engines. evates function above fashion, and hull’s new star: the 2020 Defender. seven SUVs, and its smaller Discovery its set-square predecessor and, thanks I sampled the former, which drives that’s what I like about it. Ironically, Fair enough, you might say: the De- Sport outsells the ‘proper’ Discovery to an aluminium chassis and body through an eight-speed automatic the Defender – the original anti-fash- fender is an iron-clad institution and, by more than two-to-one. Factor in the panels, a whopping 480kg lighter. gearbox, serving up 60mph in a steady- ion 4x4 – is now an Instagram icon, after 67 years on sale, a new one is big new Defender, which borrows the Nonetheless, despite this Landmark as-she-goes 8.3 seconds. On paper, that and may yet usurp it. Time to push news. Yet it could prove dire news for same chassis but wins hands-down for edition’s black mesh grille, front fog- looks underwhelming, but a burly your Land Rover dealer for a dis- the Discovery – Land Rover’s slowest cool-factor, and the odds look stacked. lights, tinted glass and 20-inch alloys, 369lb ft of torque from 1,500rpm counted Discovery? seller – by competing for the same cus- Still, we Brits love an underdog… it still looks pleasingly no-nonsense. means you’re rarely short of oomph. tomers. Are we witnessing the last Which brings us to the fifth-genera- Even the lop-sided tailgate, so contro- The ability to tow a 3,500kg braked Tim Pitt works for motoringresearch.com NOT CONVINCED? CHECK OUT THESE ALTERNATIVES...

AUDI Q7 45 TDI SPORT MERCEDES-BENZ GLE 300D AMG LINE (7 SEATS) VOLVO XC90 B5 D MOMENTUM PRO PRICE: £56,310 THE VERDICT: PRICE: £57,460 THE VERDICT: PRICE: £56,435 THE VERDICT: 0-62MPH: 7.3 SECS DESIGN hhhii 0-62MPH: 7.2SECS DESIGN hhhii 0-62MPH: 7.6 SECS DESIGN hhhhh TOP SPEED: 142MPH PERFORMANCE hhhhi TOP SPEED: 140MPH PERFORMANCE hhhhi TOP SPEED: 137MPH PERFORMANCE hhhhi CO2 G/KM: 184G/KM PRACTICALITY hhhhh CO2 G/KM: 162G/KM PRACTICALITY hhhhh CO2 G/KM: 154G/KM PRACTICALITY hhhhh MPG COMBINED: 40.4MPG VALUE hhhii MPG COMBINED: 46.3MPG VALUE hhhii MPG COMBINED: 44.1MPG VALUE hhhhi CITYAM.COM TUESDAY 11 FEBRUARY 2020 FEATURE 25 OFFICE POLITICS Don’t dismiss the apprenticeship levy

a renewed spotlight on the world Using the funds to invest in management stage, we should be investing in and showcasing the wealth of leadership skills could fix the UK’s productivity problem talent that Britain has to offer. Good managers will be the driving force that HE UK economy is not what it Daisy keep us internationally competitive. was 50 or even 20 year ago. Hooper Finally, better management training We are an economy driven by could help address the significant pro- services, data, and technol- LOVE IS ALL ductivity gap between areas of the ogy. As such, we need skilled AROUND country. The government has commit- managersT to run the teams and opera- ted to “levelling up” the regions to ad- tions that keep UK businesses at the Happn dress this, but a top-down national forefront of innovation and change. Free to download strategy driven by Whitehall may not The apprenticeship levy is a brilliant be enough. Regional employers have tool for businesses to develop those Valentine’s Day is the best knowledge of what they need, skilled managers. However, there is sig- and knowledge. As such, using appren- this week. If you and the apprenticeship levy empowers nificant public misunderstanding sur- ticeship levy funds to invest in man- haven’t got a them to make those changes. rounding the benefits it can bring. agers and ensure that they obtain the date for Friday, The UK needs excellent management Criticism has been directed at busi- right attributes is a wise move. that’s absolutely and leadership capabilities to thrive in nesses which use these funds to reskill Investment in management and fine and don’t let the increasingly uncertain world we and upskill existing management leadership development at every level an annual event live in. And if the apprenticeship levy staff. Some have suggested that such is crucial to tackling the UK’s produc- make you feel can be used to achieve that goal, we training could have been funded from tivity problem. Just last week, it was re- bad — you’re should embrace it. Yes, the levy needs the employers’ professional training ported that our productivity growth Better leaders indeed, the country — as a whole. great. But if you reforming to ensure that more SMEs and development budgets. over the past decade has been the slow- mean better Strong leadership and management are looking for can access the training. Clarity on how This is a misguided and limiting in- est for 250 years. workplaces and practices — such as effective monitor- love, why not we define apprenticeships — and the terpretation of what the apprentice- A key driver of low productivity is the happier, more ing, setting targets, incentivising download many levels they are offered at — is also ship levy can achieve. lack of management skills — especially productive performance, and continuous im- Happn? The necessary. But we must be careful not Our economy needs skilled, agile, in SMEs. Anyone who has ever worked employees provement of operations — have been idea is that it to undermine the flexibility and em- adaptable leaders who can tackle any- for a bad manager can attest to this — shown to be strongly correlated to connects you ployer-led nature of what is on offer. thing from new trade deals to the im- it’s frustrating, demotivating, and ul- firm-level productivity. These are with other Done right, the apprenticeship levy pact of artificial intelligence, which timately leads to employees doing the often the stepping stone to businesses singles that you can be used to diversify the leadership will create — and in some cases are al- bare minimum to get by. Better leaders adopting other productivity improve- cross paths with, pipeline, build capacity in key sectors ready creating — fundamental changes mean better workplaces and happier, ments, such as digital adoption and whether that’s of the economy, and address the UK’s to the way we work. more productive employees. better working practices. on the bus, Tube, persistent productivity gap. Managers will be at the forefront of It’s not just about individuals. Right now, UK firms compare badly or in the office. implementing these changes, and to Rather, this change can impact the to international competitors on man- £ Daisy Hooper is head of policy at the be effective they need the right skills productivity of the organisation — and, agement skills. At a time when we have Chartered Management Institute. 26 SPORT TUESDAY 11 FEBRUARY 2020 CITYAM.COM SPORT HEADLINEFANS PAY UP TO AFC Wimbledon are navigating an GET DONS HOME £11m shortfall in HERE their stadium plan with a bond issue, writes Felix Keith

HE CLUB may only be 18 years old, but AFC Wimble- don are no strangers to ad- versity. Having been founded in 2002 by support- ersT as a protest against the original Wimbledon’s uprooting to Milton Keynes, the Dons have risen through the divisions, winning six promo- tions in 13 years to reach League One. While there has been much to cele- brate over the years on the pitch, the club have continued to endure some hardships off it. The majority of that has centred around finding some- where to call home. Although the long-term ground- sharing arrangement at Kingsmeadow, where AFC Wimble- don have played since their rebirth, has served a purpose, it is now finally almost time to go back to their spiri- tual home. After many years of speculation, hope and wranglings with Merton Council, supporters got what they had always wanted in 2015: permis- sion to build a new stadium on the site of the original Wimbledon’s orig- inal home of Plough Lane. The last five years have seen a suc- cession of positive steps taken to- wards that common goal: planning permission granted, clearance of the site and, finally, the beginning of construction. But now, with steel structures erected and just months remaining until the planned opening of their cause we needed to. then wanted to get back into the new £30m, 9,000-seat stadium, there “Obviously the more they raise, the league, and now it wants to be back is another hurdle to overcome. easier it is for us with the rest of the in Wimbledon. This is the final hur- Rising costs have left the fan-owned debt package.” dle of that story.” club with an £11m gap in their fund- AFC Wimbledon, who sit 20th in ing which urgently needs to be LOGICAL PROCESS League One and host Ipswich on plugged. From the outside, a shortfall of £11m Tuesday night, stand out amid the Unlike many Football League clubs, in the final year of such a long current backdrop of financial strug- AFC Wimbledon have no wealthy process might appear alarming. gles in the Football League. owner to turn to. There is no billion- Palmer says that costs have risen due While this season Bury have been aire backer to fund the phoenix to issues with planning, groundwork expelled from the league, Bolton club’s dream of playing a first true and the price of steel but that the have failed to fulfil fixtures and Mac- home game for 29 years. And while plan was always to borrow £7m to clesfield have been deducted points outside investors may be interested £7.5m. in buying in, that would mean let- “When you see those numbers, you ting them into the boardroom and go ‘Woah, how did this happen?’ but diluting supporter control. it’s a very logical process that we’ve So, having already cobbled together gone through,” he adds. “Yes, the £2.4m through a previous crowd- costs have increased, but tell me a funding initiative last year, the Dons The Dons are moving back to the site of stadium which hasn’t? That’s nor- The fans are there are taking another innovative ap- the old Plough Lane (top); their new CHANGING FACE mal.” proach to their financial problems. stadium will hold 9,000 fans (above) with us. They don’t OF FUNDRAISING SELF-SUSTAINABLE allow us to make BETTER THAN THE BANK traditional lender, but the more the At the time of writing, more than The Dons Trust, which owns the club, bond raises the less they will have to NORWICH CITY £3m of the £5m target had been decisions which has launched The Plough Lane Bond lean on other means. Norwich used The Canaries raised, with many people connected in the hope of raising £5m towards Wimbledon have managed to nego- Bond to raise £5m for a new to the club, as well as fans, joining would put the club the construction of their stadium. tiate some leeway with the deadline, academy through investment forces to help out. in jeopardy Fans of the club, well-wishers or dis- which was originally this Friday – platform Tifosy in 2018. It was kitman Robin Bedford’s passionate investors are being asked and Palmer stresses it is not yet a case money which tipped the bond past to loan upwards of £1,000 over five, of desperate times calling for desper- STEVENAGE £2m last week, while the players in 10 or 20 years – a period over which, ate measures – but the fact the build- League Two side raised £600,000 the club’s academy have joined for failing to pay players, the Dons uniquely, you can set your own inter- ing contract needs to be completed to build a new stand in 2017 forces to contribute as well. hope their way of relying on their est percentage, from zero to four per this month shows that the bond is no before aiming for £1.2m by Despite the lure of a four per cent fans can gain traction. cent. gimmick. selling 12 per cent of the club return, the average interest rate of “Because of that model we have “It’s a great opportunity to invest in “It’s desperate in that we’ve already through Tifosy last year. those who have loaned money so far that extra pressure to be self-sustain- something that not only gives you a started the build and if we want to is below two per cent, over an average able, which we are,” says Palmer. better return than you could get at maintain that build schedule – to be SHREWSBURY TOWN term of eight years, which shows that “And the fans are always there with the bank, but allows you to be part of in time for the 2020-21 season – then Shrewsbury earned more than the majority appear to be in it altru- us – they don’t allow us to make de- one of the best football narratives we need to get that in place as £65,000 in 2017 through Tifosy istic reasons, not financial ones. cisions that would put the club in and also to do something for the quickly as possible to ensure we don’t to install 550 new rail seats in “It really will be the fans’ stadium,” jeopardy. We don’t want to do that. community,” AFC Wimbledon chief incur any delays,” he says. their Montgomery Waters Palmer says. “They’re proving that “It’s about trying to see how far a executive Joe Palmer tells City A.M. “It’s great that the guys [The Dons Meadow stadium. now by putting the money in. It fan-owned club which is sustainable Club chiefs are finalising a develop- Trust] got together and helped bring shows the desire of this club and can go. As long as the fans have that ment finance package with a more it to fruition as quickly as we did, be- where it wants to go. It reformed, appetite we’ll continue on that path.” CITYAM.COM TUESDAY 11 FEBRUARY 2020 SPORT 27

LESSONS LEARNED WITH SPORT DIGEST SNOW PROBLEM Storm Ciara can’t stop England thrashing Scots ARCHER, SAYS SILVERWOOD £ England may need to look at different ways of managing Jofra MERCEDES CONFIDENT OF Archer’s workload in order to avoid KEEPING HAMILTON HAPPY further injuries, says head coach Chris £ Mercedes boss Toto Wolff believes Silverwood. Archer has been ruled out the lure of the fastest car in Formula for three months with a stress fracture One will keep Lewis Hamilton with the in his elbow after bowling more overs team. Hamilton, 35, is out of contract than any other England player in 2019. at the end of the 2020 season and is Silverwood admitted they had learned yet to decide on his future. “We would lessons from the way fast bowler Mark like to have the fastest man in the car Wood was used in the last two Tests and I know Lewis wants to be in the against South Africa. “We managed fastest car, so there is an obvious Mark Wood through both the Test mutual outcome,” Wolff said. matches he’s played here and he’s bowled in short sharp spells,” he said. KONTA PICKS UP DOUBLES “Would we look to do that now with WIN IN ST PETERSBURG Jof? Yes, we probably would.” £ Johanna Konta made her first appearance since losing in the first ARTETA: TOP FOUR IS STILL round of Australian Open yesterday. IN REACH FOR ARSENAL Konta, who has been battling a knee £ Arsenal manager Mikel Arteta injury, won in the doubles alongside believes his side can still qualify for the France’s Caroline Garcia at the St Champions League. The Gunners are Petersburg Ladies Trophy. She will 10th in the Premier League, 10 points play either Viktoria Kuzmova or behind Chelsea in fourth place, but Oceane Dodin in the singles tomorrow. Arteta has not conceded defeat. “At the moment we are far from it, but DOOR OPEN FOR RUSSELL there are a lot of games to play,” Arteta RETURN, SAYS TOWNSEND said. “It is very tight. Everybody is £ Finn Russell could return to the giving points away. It will depend on Scotland side if he “adheres to the us. If we are able to put three or four standards” of the squad, says head wins in a row, we will be much closer.” coach Gregor Townsend. Russell, 27, Arsenal, who have been training in has missed two Six Nations matches England thrashed Scotland 53-0 in their rearranged Women’s Six Nations match at Murrayfield yesterday to move top of the standings. Dubai this week, play Newcastle in the following a breach of team protocol Storm Ciara forced the game to be played behind closed doors a day late and England dealt with freezing conditions to run in eight tries in a Premier League on Sunday after a and Townsend says the fly-half must comprehensive victory, which sent them ahead of Ireland on points difference. Tries from Sarah Bern, Jess Breach and Abby Dow had the fortnight off before facing Olympiacos “commit to the what has been agreed” visitors 22-0 up at half-time before further scores from Dow, Emily Scott (two), Sarah Hunter and Claudia MacDonald completed the rout. in the Europa League on Thursday. if he wishes to rejoin the group.

GOLF COMMENT

Sam Torrance WHY

HEY say that plenty of people can win one golf tourna- ment but that it takes a real Tplayer to win two. That’s a IT’S ALL sentiment that Nick Taylor will appreciate after the Canadian held off Phil Mickelson to win the Peb- ble Beach Pro-Am on Sunday, more than five years on from his maiden ABOUT PGA Tour title. Taylor (pictured, right) burst onto the scene in 2014, winning the Sanderson Farms Championship in only the fourth event of his rookie season on the tour, but in recent years THE has had to battle to save his card. Given those struggles, the 31-year- old must have had a dreadful sinking feeling when a double bogey at 14 made it four dropped shots in as many holes on the back nine of his SECOND final round. A poor second shot at the par-four 15th then left him needing to make an up-and-down just to preserve his two-shot lead over Mickelson, a five- time winner at this tournament. WIN But – just as he had with a fantastic bunker shot for eagle at the sixth – Taylor holed out from the rough for a priceless birdie to extend his ad- vantage to three shots again. He would win comfortably in the end – by four from Kevin Streelman and five from Mickelson – in really ing better in life than having children Open on home soil to claim his first Eu- the top of the world rankings. tough conditions that looked al- – and nothing like it to make failing or ropean Tour title. His rise is testament to a fabulous most unplayable, and that will winning at golf seem less important. A The younger brother of women’s 2019 season, all the more remarkable give him great satisfaction. golfer who is happy at home will also world No9 Minjee Lee, he held off the for the way he got over the heartache This victory will also have be happier on the course. challenge of Ryan Fox on Sunday to of missing the cut at The Open at proved something to him. When So things are looking up. That second win by two shots, clinching the victory Portrush to end the season on a high, you start out your goals are to win is in the bag and Taylor has a Mas- with a birdie for good measure. with the FedEx Cup and more success keep your card and get that ters debut to look forward to in a few A proud day, then, for former US Jun- on the European Tour. first win. He got that early but weeks. Beyond that, he looks a good ior Amateur champion Lee and, having McIlroy has never looked more confi- this is a reminder of what he player with a good swing and has age seen Minjee win this event twice be- dent to me and this sets him up nicely can do. on his side. fore, for his parents, too. for the Majors, which will all take place This time it was a family affair, in the next six months. with wife Andie and three-month-old ALL IN THE GENES FOR LEE RORY BACK ON TOP son Charlie on hand to witness Tay- Another player reaching a big mile- He may not have played this week but Sam Torrance OBE is a multiple Ryder Cup- lor’s triumph, and that may not be a stone this week was 21-year-old Aus- that didn’t stop Rory McIlroy overtak- winning golfer and media commentator. complete coincidence. There is noth- tralian Min Woo Lee, who won the Vic ing Brooks Koepka and returning to Follow him @torrancesam Your love will last forever. These, however, will not

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