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LOONEY CHANGES TUNE BP’s BAILEY WARNS new chief imagines life after oil EU OVER CITY

ANNADEALPUNCH MENIN UP sort of metaphorical punch-up every pean Parliament called on chief EU AND CATHERINE NEILAN time and a threat to withdraw equiv- negotiator Michel Barnier to push the alence, that process would just not case for “dynamic alignment” of @annamenin @CatNeilan work properly.” cross-border rules with Britain. A res- BRITAIN and the European Union Writing in City A.M. this week chan- olution passed by MEPs said that fu- must avoid a “metaphorical punch cellor Sajid Javid pushed for the UK’s ture competition with the EU must be up” and find a way to settle disagree- right to diverge from EU financial “kept open and fair through a ‘level ments over how the UK’s finance in- services regulation as part of a post- playing field’” on issues including the dustry can do business with the bloc, Brexit trade deal based on an en- environment, tax, and state aid. said incoming Bank of England gover- hanced form of equivalence. Prime Minister Boris Johnson last nor Andrew Bailey. Bank of England deputy governor week explicitly ruled out tying the Bailey, who is currently head of the Sam Woods, at the same Lords hear- UK’s regulatory framework to future Financial Conduct Authority, also ing, said the risk that the EU could rules and standards made by Brussels. said it would be “hard to imagine” the withdraw equivalence would deter Brexiters such as former trade secre- UK not being granted equivalence by cross-border activity. Woods said he tary Liam Fox said dynamic align- the EU after the post-Brexit transition hoped something “more durable” ment would be “incompatible with EDWARD THICKNESSE transition to net zero. We all want period ends in December. could be negotiated, adding the UK the concept of Brexit”, as one nation energy that is reliable and affordable, Appearing before a House of Lords should be “concerned” about the pos- is effectively still bound by the regu- @edthicknesse but that is no longer enough. committee yesterday, Bailey said that sibility of the bloc taking a “mercan- lations of the other. THE NEW boss at oil behemoth BP “It must also be cleaner. To deliver the bigger challenge would be estab- tilist” approach to regulatory disputes Barnier responded to Javid’s call by yesterday unveiled plans to become that, trillions of dollars will need to lishing how the two sides deal with in a bid to grab business from the City. saying British politicians should “not a net zero emissions company by be invested in replumbing and disagreements. Under current rules, However, Woods said he was “cau- kid themselves” that Brussels will 2050 or sooner — one of the most rewiring the world’s energy system. It the EU can grant equivalence to coun- tiously optimistic” that the EU will grant a special position to the City. ambitious climate pledges yet made will require nothing short of tries which it deems to have a regula- grant permission for London’s clear- “There will not be general open-ended by an oil major. reimagining energy as we know it.” tory framework as stringent as its ing houses to continue to process tril- ongoing equivalence in financial serv- Along with absolute net zero Looney did not give details on how own, but can unilaterally withdraw lions of pounds of derivatives for EU ices, nor other management or finan- commitments across all of BP’s the oil behemoth would reinvent this with only 30 days’ notice. customers. The London Stock Ex- cial agreements with the United operations, the firm will also cut the itself. The firm has previously been “You would want to have a mecha- change’s LCH unit holds positions Kingdom,” he said. carbon intensity of products it sells in criticised for boasting of its green nism to say OK, let’s sit down and talk worth £57 trillion on behalf of clients The European Parliament’s man- half by 2050 at the latest. credentials while spending just three about what we’re doing here,” said in the bloc, but will need permission date, which is based on Barnier’s rec- Bernard Looney, the firm’s new per cent of its capital expenditure on Bailey, who is due to take over from to continue clearing for them after ommendations, now needs to be chief executive, said in a statement: renewables projects in 2018. Mark Carney in Threadneedle Street the transition period ends. signed off by EU27, with trade talks “The world’s carbon budget is finite next month. “If that ended up in a It came on the same day the Euro- expected to begin early next month. and running out fast; we need a rapid £ CONTINUES ON P3

World’s biggest telco conference cancelled amid coronavirus concerns

JAMES WARRINGTON annual conference, last night said would still go ahead, outlining a and Deutsche Telekom, withdrew the local economy, according to the outbreak had made it list of health precautions, from the convention. GSMA estimates. @j_a_warrington “impossible” for the event to go including a ban on visitors from It marks the first time that the It is unclear whether the event TELECOMS extravaganza Mobile ahead later this month. the Hubei province — where the telecom industry’s largest event organisers will have to shoulder World Congress (MWC) has been It comes after a string of drop- outbreak started — and a no- has been scrapped since it was the costs of the cancellations, with cancelled after fears over the outs from major tech firms handshake policy. established in 1987. experts stating any insurance coronavirus sparked a mass exodus including Nokia, Ericsson, Amazon However, the body was forced to The cancellation will come as a policy would be unlikely to kick in by some of the world’s most and Facebook. hold an emergency board meeting major blow to Barcelona, as unless restrictions were placed on powerful tech giants. In a statement issued on Monday, yesterday after a fresh wave of MWC’s 100,000 visitors give a boost public gatherings due to health GSMA, which organises the GSMA insisted the conference attendees, including BT, Vodafone of roughly $500m (£386m) to concerns.

FTSE 100▲ 7,543.37 +34.93 FTSE 250▲21,793.48 +147.46 DOW▲ 29,551.42 +275.08 NASDAQ▲9,725.96 +87.02 £/$▲1.298 +0.003 £/€▲ 1.191 +0.006 €/$▼ 1.089 -0.003 02 NEWS THURSDAY 13 FEBRUARY 2020 CITYAM.COM

WHAT A TATE Luxury central London flat owners lose court case against nosy neighbours at Tate Modern viewing platform THE CITY VIEW BP’s plan is far bigger than a PR manoeuvre

HE CLOSEST thing to a boastful holiday snap on Bernard Looney’s new Instagram page is a rather dreary image of TBonn. BP’s new boss was in the German city last week, so the caption tells us, to meet the head of the UN’s Framework Convention on Climate Change. It should have come as no surprise to Looney (or at least not to his PR team) that social media users piled into the comments, lambasting the oil industry and BP in particular. In response, Looney wrote “I see the many comments... I get it, I am listening to the frustration [and] I hope that what we say next week will help.” He was referring to the speech he delivered in London yesterday. “Providing the world with clean, reliable affordable energy will require nothing less than reimagining energy, and today that RESIDENTS of a luxury London block who were trying to stop visitors to the neighbouring Tate Modern art gallery from peering becomes BP’s new purpose,” he said. That phrase, reimagining into their glass-walled apartments lost their case in the Court of Appeal yesterday. The dispute began in 2016 when the Tate energy, appeared as part of a huge new opened an extension with a panoramic platform on its top floor that gives visitors clear views of the inside of some flats. logo, looking more like the branding for an ethical smoothie than one of the world’s top oil and gas supermajors. It may seem Just under 20 years ago, BP rebranded incremental with the introduction a floral emblem, but that’s how but today Looney was adamant that his Tech titans spared in first transition new strategy is much more than works another PR exercise. There will always be some people for whom BP and the energy sector can do no right. Those demanding immediate divestment, overnight online harms crackdown transitions to renewable across the board and global net zero carbon emissions before HS2 rolls into Birmingham will always view Looney and his colleagues as part of the problem. This JAMES WARRINGTON plans to hold top tech executives per- “Startups rely on an internet where cynicism is misplaced. BP has just committed to a reduction in sonally responsible for breaches of the users feel safe, but these plans simply oil and gas production. As Sky’s Ian King notes, none of the @j_a_warrington new legislation, meaning they could won’t work,” said Dom Hallas, execu- other supermajors (Exxon Mobil, Royal Dutch Shell, Total, THE GOVERNMENT has pushed back face criminal prosecution. tive director of the Coalition for a Dig- plans to slap sanctions on social But in its initial response to a ital Economy. Chevron, Conoco Phillips and Eni) have done this. Looney said media firms that fail to protect people consultation the government yester- “The proposals ask British startups that if there is another “super-cycle” in oil demand “you will not using their platforms. day said details about enforcement to police legal content and then find see us chase it”. He didn’t deny that his company would still be Culture secretary Baroness Nicky powers would not be released until themselves punished when they in the hydrocarbon business for decades to come (of course it Morgan yesterday announced that the spring. make mistakes. It is a confusing mine- media regulator Ofcom will be re- Julian Knight, chair-elect of the field that can only benefit big compa- will be) but he did unveil a major overhaul of the way the sponsible for enforcing a statu- Digital, Culture, Media and nies with the resources and armies of business operates and a rebalancing of investment away from oil tory duty of care on tech firms Sport Select Committee, said lawyers to comply.” and gas and into low carbon energy, innovation and carbon as part of a plan to crack down the government had “failed to In addition, critics took aim at plans reduction. The aim is for BP to reach net zero by 2050 and to on so-called online harms. demonstrate the urgency to make platforms police material Proposals laid out in a gov- that is required”. deemed harmful, warning of a lack of halve the amount of carbon in its products by the same date. It ernment white paper last The plans also sparked clarity over the definition of harmful may seem incremental, but that’s how transition on this scale year indicated the beefed- outrage from small busi- content and the potential impact on works. To do this, and to take investors with them, BP will have up watchdog would be nesses amid concerns free speech. given powers to fine they would be unfairly The government said it was still con- to remain profitable. While it’s true that we await much of the companies that fell harmed by uncertainty sidering responses to its consultation detail, we should at least recognise Looney’s sincerity — and see foul of their duties, and increased costs. and would lay out its final policy in if he sparks similar reforms across the industry. or even to ban them the spring, with interim codes of prac- completely. Morgan unveiled the tice set to come into force ahead of It also outlined initial proposals legislation. Follow us on Twitter @cityam

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL HUAWEI OFFERS TO FUND WHAT THE ROYALS QUESTIONED OVER FEARS FOR EUROZONE AS BOEING FIRES EXECUTIVE LSE RESEARCH INTO 5G OTHER TYCOON’S £3M EXPENSES PRODUCTION CRASHES OVER EMBARRASSING EMAIL Huawei is in talks to pay the London A tycoon with links to the Royal Family Industry in the Eurozone suffered a Boeing has fired a mid-level executive in School of Economics £105,000 for a PAPERS SAY charged a troubled public company dramatic collapse in production in charge of pilots who wrote internal three-year project to study the Chinese expenses of almost £3m in 16 months December as output levels dived 4.1 per email messages between themselves company’s “leadership” in the THIS for entertainment, travel and celebrity cent compared with the same month a that have embarrassed the aerospace development of 5G technology, despite meetings, the Times can reveal. Johnny year earlier. Production has not fallen giant as it struggles to get the 737 Max concerns among its academics over the MORNING Hon, former chair of UK entertainment faster since the depths of the financial flying again, according to people university’s financial links to China. Gate Ventures, invoiced it for meetings crisis, according to official data from familiar with the matter. According to university documents, the with senior royals and film stars. Eurostat, indicating the scale of the LSE approved the project in September. crunch facing the sector. WHATSAPP TOPS 2BN USERS BIG BEN BLUNDERS MEAN AS IT PROMISES ENCRYPTION PATENTS REVEAL CHINA’S REPAIR COSTS RISE TO £80M GREGGS TO ROLL UP IN ASDA Whatsapp has surpassed more than DIGITAL CURRENCY PLANS Big Ben’s timekeepers abandoned AFTER SUPERMARKET DEAL 2bn active users, and its leader is The People’s Bank of China has filed ambitions to digitise the renminbi. The attempts to repair its clock because Shoppers will be able to get their Greggs vowing to defend its fully private form of more than 80 patents related to its patents include proposals related to the they lacked the expertise. The House of pastry fix at Asda in a tie-up that will messaging against mounting threats secretive plans to launch a digital issuance and supply of a central bank Commons is poised to admit that it bring the chain’s products into from governments around the world. currency, according to new research digital currency and an interbank needs another £18m to repair the clock, supermarkets. Five UK Asda sites will Will Cathcart said Whatsapp’s popularity that shows the extent of Beijing’s system that uses the currency. taking the total to almost £80m. gain a Greggs, and more could follow. underscores the need for encryption. CITYAM.COM THURSDAY 13 FEBRUARY 2020 NEWS 03

THERESA MAY Ex-Prime Minister earns Oil major’s 2050 a fresh £112,800 in speaking fees and gifts London house prices buoyed net zero plans after election JESS CLARK @jclarkjourno LONDON house prices jumped in January, buoyed by December’s seen as too slick decisive General Election result, according to the latest research. A survey of chartered surveyors CONTINUED FROM FRONT PAGE with BP... investors will continue to found that the London house price look for progress from the company net balance rose to 28 per cent in While investor groups welcomed the in addressing climate change. This in- January, the highest reading since 2050 targets set out by Looney, which cludes how it will invest more in non- THERESA May has earned a further £112,800 in fees and gifts since quitting as Prime 2016 and up from minus eight per put BP ahead of rivals Shell, Total, oil and gas businesses,” she said. Minister, on top of the £380,000 previously declared. May received £96,000 for a cent in December. Equinor and all of the US oil majors, BP’s pledge comes as climate change speech at a PwC-hosted event in Davos, according to the register of MPs’ interests. The number of homes being environmental campaigners criticised activist group Extinction Rebellion listed for sale also increased in a lack of detail. said yesterday it will target the January, with 17 per cent of BP did not say how it intends to get City of London in a new wave of chartered surveyors reporting a emissions from its operations and bar- protests this year. rise — the highest reading since rels produced to net zero and halve The group’s co-founder said Barclays Retail bosses urge chancellor to December 2017. the intensity of emissions by all prod- Bank and Big Four accountancy firm January also saw the net balance ucts it sells, including diesel and PwC would be among the companies of new buyer enquiries remain at a petrol, a measure known as Scope 3. hit with direct action. balance of 30 per cent, according to Climate activist group Greenpeace Gail Bradbrook told Reuters that reform business rates in Budget the Royal Institution of Chartered said the pledge left “urgent questions “the economic system is acting like a Surveyors research. unanswered”, while Global Witness’ cancer on humanity”, adding: “The JESS CLARK UK’s biggest chains have written to Meanwhile, separate research Murray Worthy said “BP’s net zero regulatory system, the accountants, @jclarkjourno Sajid Javid urging him to outline from estate agent Chestertons pledge looks like an attempt to grab the legal firms support the metastasis- reforms to the transitional relief found that the average asking price some positive headlines... but with lit- ing of this cancer.” MAJOR UK retailers, including system in the Budget on 11 March. for homes in the capital jumped tle of substance to show how it will The City will be targeted in a fresh Debenhams, Sainsbury’s and Marks The letter, also signed by Asda 2.26 per cent between December achieve these grand claims.” raft of actions starting on 23 May. & Spencer, have this morning called chief executive Roger Burnley and and January. However, Stephanie Pfeifer, head of The group said its new tactics would on the chancellor to take action on Greggs boss Roger Whiteside, has The analysis of Rightmove data the Institutional Investors Group on be more targeted, moving away from business rates reform in the called on the government to scrap showed that asking prices Climate Change welcomed BP’s plan. its previous strategy of blockading upcoming budget. downward phasing — the process increased from £300,025 in “Building on the positive engagement roads across large swathes of London. Retail bosses from some of the that delays a drop in rates bills. December to £306,810 last month.

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So, you probably wouldn’t know that most drinkers prefer the taste of Carlsberg Expørt to Stella and Peroni. We’d humbly suggest you try it. CITYAM.COM THURSDAY 13 FEBRUARY 2020 NEWS 05 Johnson vows to DRI Healthcare taps London market for $350m in planned City flotation bring gender to JAMES BOOTH The company is managed by Capital chief executive Behzad @Jamesdbooth1 Toronto-based investment manager Khosrowshahi said. DRI Capital. “With global healthcare spending HEALTHCARE royalty investment Healthcare royalties are payments expected to reach $1.5 trillion by company DRI Healthcare yesterday made to a patented company or 2023, we continue to see compelling fore of reshuffle said it was planning to raise up to research firm developing a drug in growth opportunities in the $350m (£269m) in a proposed initial exchange for the right to use it. pharmaceuticals sector,” public offering (IPO). “DRI Capital focuses on Khosrowshahi added. The company said it was looking sustainable royalties on proven and Numis is acting as sponsor and CATHERINE NEILAN understands. Johnson will fill a num- to list in London next month, adding speciality medicines that benefit joint bookrunner and Jefferies @CatNeilan ber of junior ministerial roles with that it would use the proceeds from from strong intellectual property International is acting as global women as part of a longer-term ambi- the float to fund acquisitions. and regulatory protection,” DRI coordinator and joint bookrunner. BORIS Johnson will today set the foun- tion to prepare them for cabinet. dations for a gender-balanced cabinet Today’s reshuffle is expected to by operating a one-in-one-out policy result in a 50:50 gender split among for his highest ranking women and parliamentary under-secretaries of creating opportunities for future state. The Prime Minister has promotion. been fast-tracking other female MPs, A number of female cabinet minis- including those who only joined ters, including environment secretary in December, to achieve this aim. Theresa Villiers, business secretary By the summer the government Andrea Leadsom and culture secre- aims to ensure that at least 60 per tary Nicky Morgan are among those cent of parliamentary secretary roles expected to leave government today. are held by female MPs. Currently, the Defence secretary Ben Wallace and figure is just 18 per cent. attorney general Geoffrey Cox are also Oliver Dowden and Alok Sharma are expected to lose their roles. also expected to be handed cabinet But the Prime Minister has commit- positions, with Dowden — who ted not to reduce the overall number backed Johnson for leader — tipped to of female cabinet ministers, and is take over the culture brief. In addi- planning promotions for Anne-Marie tion, it is thought that chief whip Share a romantic Trevelyan and Victoria Atkins, while Mark Spencer — whose background is former Brexit minister Suella Braver- in dairy farming — is being eyed as man is understood to be making a re- the new environment secretary. meal for two turn to government. A Number 10 source said: “The Gillian Keegan, who only became Prime Minister wants this reshuffle to an MP in 2017, is expected to take set the foundations for government with 100% British her first ministerial role, City A.M. now and in the future.” ranch steak this GOLDEN GOOSE Dr Martens owner snaps Valentine’s up luxury Italian trainer brand for €1.3bn Meal Deal for two £6

PERMIRA, the private equity owner of Dr Martens and Reformation, has snapped up Italian trainer brand Golden Goose for €1.28bn (£1.07bn). US private equity firm Carlyle sold its majority stake in the fashion brand after buying the firm in 2017. Softbank profit plunges in wake of $2bn loss for its Vision Fund ANNA MENIN $100bn Vision Fund, which has been @annafmenin hit by a string of soured bets, includ- ing a substantial investment in office SOFTBANK’S quarterly profit was al- sharing startup Wework. most entirely wiped out yesterday The poor results are likely to deepen after heavy losses from its Vision Fund concerns about founder Masayoshi hit the technology investor for the sec- Son’s ability to raise capital for a sec- ond consecutive quarter. ond Vision Fund. When he an- Offer valid when you purchase 1 Main + 1 Side + 1 Side or Dessert from our chilled Meal Deal The Japanese conglomerate’s operat- nounced the launch of a successor to for 2 range. Co-op Beef Ranch steak twin pack 300g, Co-op Skinny Fries 250g shown. Products ing profit from October to December the fund last summer, Son set a available until 18 February 2020. See participating stores for details. Subject to availability. plummeted 99 per cent to just fundraising target of $108bn, but re- Varieties as stocked. Serving suggestion. ¥2.59bn (£18.2m) after its Vision Fund cent reports suggest Softbank may and a related vehicle recorded a $2bn now only be able to raise half that. (£1.4bn) loss. Softbank blamed the However, Son yesterday gave assur- profit drop on unrealised losses at the ances that “the tide is turning”.

CITYAM.COM THURSDAY 13 FEBRUARY 2020 NEWS 07

CROSSING THE TRACKS Alstom in talks Government schedules over potential Bombardier unit purchase Barrick hikes its ALSTOM’s board payout on back were set to meet late last night to crunch talks with Flybe discuss buying of earnings rise Bombardier’s rail unit, sources told Reuters, while a EDWARD THICKNESSE local media @edthicknesse over emergency loan report said the French train CANADIAN miner Barrick Gold hiked JESS CLARK less likely”. maker had its dividend 40 per cent yesterday @jclarkjourno If no deal is secured by March, the valued the after the firm beat final quarter future of the airline would be at risk, business at just profit expectations on the back of THE GOVERNMENT is set to hold talks the broadcaster reported. under $7bn higher prices for the precious metal. with struggling regional airline Flybe This week’s talks are said to be an (£5.4bn).v Last year saw average gold prices this week over proposals for a poten- important step towards securing the rise from $1,223 to $1,483 as tial loan. terms of any government loan, how- investors put more money into safe Whitehall officials are expected to ever the upcoming minsterial reshuf- haven assets due to fears over a meet with the airline and its share- fle could delay proceedings. global economic slowdown caused holders as soon as today to discuss a The government has already agreed Plus500 2019 profit loses pace by the trade dispute between the US potential £100m in government sup- to measures to aid the struggling and China. port, Sky News reported. business, including a reduction in air The miner posted earnings of One scenario for the proposed deal passenger duty. JOE CURTIS $192.3m. Meanwhile revenue halved $300m (£231.4m) for the last three could see the government loan rank However, state intervention has @joe_r_curtis from $720.4m in 2018 to just months of the year, or $0.17 a share, more highly than existing investors, proved unpopular among the budget $354.5m last year, the trading ahead of expectations of $0.13. which shareholders have previously airline’s rivals. Willie Walsh, chief ex- PLUS500 revealed plummeting profit platform added. Gold production hit 5.5m ounces suggested they would reject. ecutive of British Airways (BA) owner for its 2019 financial year yesterday, Plus500, along with rivals CMC over the whole year — the top end of Another option would give taxpay- IAG, said the step was a “blatant mis- but said market volatility boosted Markets and IG, have faced a tough its guidance — while copper output ers security over some of Flybe’s unen- use of public funds”. trading volumes in the second half. two years as the UK regulator comes beat guidance at 432m pounds. cumbered assets. Yesterday, BA launched flights Earnings before interest, tax, down hard on high-risk betting. The In December 2018 Barrick A third proposal, which would between London Heathrow and depreciation and amortisation Financial Conduct Authority has completed a $6bn merger with FTSE- convert the government funding into Newquay after Flybe ditched the loss- (Ebitda) sank 62 per cent year on year clamped down on a number of stock- listed Rangold Resources, with 95 equity, is reportedly “significantly making route. from $506m (£390.2m) to just related betting methods. per cent of shareholders in favour.

Gucci owner scraps ads City of London update City firms winning awards and new stores in China for keeping it clean ITY firms cutting back on single- use plastics swept the board at JOSH MARTIN closed up 6.3 per cent yesterday. despite sales halving in Hong Kong, C this year’s Clean City Awards. @JoshMartinNZ However, the numbers for that according to the luxury giant’s boss quarter were boosted in part by Jean-Marc Duplaix. LUXURY giant Kering, which owns mainland China sales before For the full year Kering The Bank of England, Bow Lane Dental fashion houses Gucci and the outbreak, which had posted global revenues of Group, Linklaters and Standard Balenciaga, yesterday said the offset a decline in Hong €15.8bn, up 13.3 per cent coronavirus outbreak in China will Kong revenue affected on a like-for-like basis Chartered Bank dominated the Awards, hit sales trends and tourism flows by the pro-democracy compared to 2018. London’s top environmental gongs, in one of its major markets. protests there. run by the City of London Corporation. The company has halted new For the three The retailer said the store openings and ad campaigns in months to 31 virus will hit sales way in environmental waste response to the deadly epidemic. in December Kering Together, they cut over a million sets of management practice. China that has seen cities go into posted revenue of However, net profit single-use plastic cutlery, and tens of lockdown and shopping districts €4.36bn (£3.67bn), up sunk 37.7 per cent to resemble ghost towns. 11.4 per cent on a like- €2.3bn after the company thousands of plastics cups, water The 25th awards saw entries from 107 Despite the stark warning, Kering for-like basis, which strips had to pay a one-off tax fee bottles and plastic toothbrushes. City businesses, including dentists, posted stronger-than-expected sales out currency changes. to the Italian government. conference centres, iconic buildings for the fourth quarter, boosted by its That was broadly in line with its Kering is the latest in a string of flagship brand Gucci. performance in the quarter prior luxury brands to be affected by the The scheme rewards firms leading the and financial institutions. Shares in Paris-listed Kering and ahead of analyst expectations, virus, including Burberry and Capri. Do you need ‘Settled Status’? Sainsbury’s Bank THE UK has left the EU – do you need Amundi assets hit €1.65 trillion chair steps down ‘settled status’ to remain? If you’re an EU, EEA or Swiss citizen, you following record fourth quarter after seven years and your family can apply to the UK government’s EU Settlement Scheme to ANNA MENIN from €15.7bn in 2018. ANNA MENIN continue living in the UK after 30 June @annafmenin The asset manager’s adjusted net income for the year rose 6.6 @annafmenin 2021. AMUNDI’s total assets under per cent to just over €1bn, with management (AUM) reached €1.65 income in the fourth quarter SAINSBURY’S Bank has started its trillion (£1.38 trillion) in 2019, rising to €262m. Amundi’s search for a new chair after Roger You may be able to stay in the UK with the French firm boosted by a revenues from management and Davis told the board he intends to without applying (if you’re an Irish record fourth quarter. performance fees for the year step down from the role, which he citizen or have indefinite leave to Inflows hit a record £76.8bn increased 16 per cent to €719m, has held for almost seven years. you’ll get. The Scheme is open, it’s free during the fourth quarter, while AUM rose 16 per cent. Sainsbury’s said the search to find remain). and the deadline for applying is 30 June including £59.6bn received from a “Since its creation in 2010, and Davis’s replacement had begun and 2021. new pension fund mandate at for the tenth year in a row, that further announcements regard- Check if you need to apply to the Home Amundi’s Indian joint venture, Amundi saw growth in its net ing the timings of his retirement the company said. income,” said chief executive and the appointment of his succes- Office Scheme and find out what status www.gov.uk/eusettledstatus Net inflows for the entire year Yves Perrier. “These excellent sor would follow. Last month, Sains- were €107.7bn, or €23.8bn results are driven by high bury’s announced that Simon excluding the company’s joint business activity and by greater Roberts would take over as chief ex- ventures — up more than half operational efficiency.” ecutive from Mike Coupe in June. News, info and offers at www.cityoflondon.gov.uk/eshot

CITYAM.COM THURSDAY 13 FEBRUARY 2020 NEWS 09 Restaurants and Heineken profit set to fizz in 2020 as Asia growth helps boost sales pubs toast strong JACK RICHARDSON increases and customers shifting to per cent growth in beer volumes @JackRich93 more expensive lagers to boost during the fourth quarter, while revenues this year. revenue climbed 5.6 per cent to DUTCH lager giant Heineken Heineken’s share price rose more €23.9m. expects lower barley and than five per cent as investors Addressing the potential effect start to the year aluminium prices to boost 2020 welcomed growth in Vietnam, of coronavirus on the beer brand, profits, it said yesterday. Brazil and Cambodia in the firm’s outgoing boss Jean-Francois van The company behind Europe’s fourth quarter results yesterday. Boxmeer said: “We are cautious. top selling lager is also the world’s The company registered a rise in We are just looking at the JESS CLARK outside London. second-biggest brewer. operating profit of 3.9 per cent to situation... It is not paralysing — € @jclarkjourno Managed pubs toasted like-for-like sales Going forward, the company hit 4.02bn (£3.36bn) before one-off that would be too big a word — but growth of 1.7 per cent, while bar sales expects higher volumes, price expenses. Heineken also saw a 4.1 it will have some consequences.” RESTAURANTS and pubs had a strong grew 0.9 per cent. start to the year despite sluggish growth Paul Newman, head of leisure and hos- in London as they catered for vegan diets pitality at RSM, said: “A year-over-year and Dry January, according to the latest sales boost is a welcome reward for the research. many pubs, bars and restaurants who re- The UK’s managed pub, bar and fined their New Year offering to capi- restaurant sector reported sales talise on the trends for Veganuary and growth of 1.9 per cent in January com- alcohol alternative drinks.” pared to the same month last year, as rel- “Reasonably good weather, in particu- Sweetest Crush atively mild weather encouraged lar the lack of snow, will have helped consumers to go out. sales, but nonetheless it is encouraging Bouquet Growth was slower in London, where to see that the public is continuing like-for-like sales were up 0.7 per cent, to go out to eat and drink,” added compared to a 2.3 per cent rise outside Karl Chessell, director at business the M25. consultancy CGA. Restaurant groups enjoyed the The results come after a strong strongest growth during the month, performance for the sector during the with like-for-like sales up 2.5 per festive period, which saw like-for-like cent, almost entirely driven by venues sales rise 2.5 per cent. that warm, fuzzy Valentine’s feeling Valentine’s Day £10 FRIDAY RAISE A GLASS Government extends hours 14 FEB for pubs, clubs and bars to celebrate VE Day Rose and Lily Bouquet Choose from 100 Red Roses Red or White

100 ROSES £15 2019 £25 FRESH FLOWER SUPERMARKET OF THE YEAR Bear Hugs PARLIAMENT yesterday confirmed that pubs, clubs and bars in England and Wales will be serving pints beyond their 11pm trading hours on 8-9 May to mark the 75th anniversary of Bouquet VE Day, when Nazi Germany formally surrendered to allied nations in the First World War. Choose from Pink or Red

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CITYAM.COM THURSDAY 13 FEBRUARY 2020 NEWS 11 Varadkar faces Corbyn attacks Johnson over exit as Sinn Fein past drug use CATHERINE NEILAN @CatNeilan JEREMY Corbyn provoked gasps targets coalition of disbelief in the Commons yesterday as he appeared to compare the Prime Minister to one of the criminals being CATHERINE NEILAN and we are absolutely willing to deported to Jamaica. @CatNeilan do that.” Speaking during his weekly clash Prior to the election Fianna Fail, with Boris Johnson, the outgoing LEO VARADKAR has signalled his will- which took 38 seats in total, appeared Labour leader raised the case of a ingness to step down as Irish to rule out forming a government young black boy who came to the Taoiseach and go into opposition, as with the party, with party leader UK aged five and is now being left-wing nationalists Sinn Fein move Micheal Martin saying it was a “moral Bernie Sanders narrowly beat Pete Buttigieg in the New Hampshire primary deported after serving time for a to form a coalition government fol- question”. Since then, Martin’s tone drugs offence. lowing an inconclusive election result seems to have softened, with the Corbyn continued: “If there was a at the weekend. politician stressing only that there case of a young white boy with Sinn Fein leader Mary Lou McDon- had to be “compatibility in the politi- New Hampshire feels the Bern blonde hair who later dabbled in ald, whose party won the most cal programme of that government”. class A drugs and conspired with a votes on Saturday and secured Sinn Fein has appointed its Donegal friend to beat up a journalist, 37 seats, said earlier this TD (MP) Pearse Doherty to lead its as Biden endures a tough night would he deport that boy or is it week she “may well be the negotiating team as coalition talks one rule for young black boys born next Taoiseach”. begin. Doherty is initially seeking EDWARD THICKNESSE Sanders’ 26 per cent put him only 1.6 in the Caribbean and another for Varadkar said yesterday: meetings with some of the smaller @edthicknesse per cent ahead of Buttigieg, the ex- young white boys born in the US?” “We were defeated in this left-wing parties which won seats mayor of South Bend, Indiana. His comments prompted MPs on election, there is no point in in the Dail — the Irish parliament. VERMONT senator Bernie Sanders Joe Biden, Barack Obama’s former both sides to gasp, with many trying to dress that up in any Either way it looks likely that put the disappointment of Iowa vice president, came in fifth after Tories tutting and groaning. way. It may have been a tight weeks of negotiations will be behind him as the progressive another weak performance by the Johnson hit back by claiming finish but that means needed to cobble to- firebrand squeezed out moderate candidate widely expected to Corbyn “demeans himself and people are saying gether a majority. Pete Buttigieg in New Hampshire’s challenge for the nomination to take besmirches the reputation of the to us that Fine Democratic primary. on Donald Trump in November’s Windrush generation”, marking Gael should go Varadkar admitted However, despite being the odds-on presidential election. The campaign one of the tensest exchanges since into opposition election defeat favourite in the Granite State, now moves to Nevada on 22 February. December’s election. Starmer vows to take on top earners in 10-point plan for Labour leadership CATHERINE NEILAN reversing cuts in corporation tax and Corbyn, as well as promising “no @CatNeilan a clampdown on tax avoidance, more illegal wars” and a review of UK “particularly of large corporations”. arms deals. LABOUR leadership frontrunner Keir The shadow Brexit secretary also Starmer also resurrected Corbyn’s Starmer has pledged to take on the promised “to defend freedom of beloved nationalisation programme, UK’s top earners, as part of a 10-point movement as we leave the EU”. committing to the public ownership plan to win over party members. Freedom of movement is one of the of rail, mail, energy and water — but Starmer, who is shaking off four so-called indivisible freedoms notably not broadband. In addition, accusations of centrism from some that the UK will lose when it leaves he set out plans to abolish universal quarters within the party, yesterday the Single Market. credit, set a national goal “to make said an increase in income tax for Other key priorities include the health as important as GDP”, seek the people earning over £80,000 was one introduction of Labour’s Green New abolition of tuition fees and “defend of his “core principles”, alongside Deal, a policy formed under Jeremy our NHS”. Starmer said an increase in income tax for top earners was a “core principle” 12 NEWS THURSDAY 13 FEBRUARY 2020 CITYAM.COM IN BRIEF FRP ADVISORY APPOINTS BROKER FOR CITY FLOAT Insolvency firm FRP Advisory has Dunelm defies appointed broker Cenkos Securities for an upcoming London listing. The insolvency practitioner is planning to raise £30m in a float that will value it at £200m. Recent roles for FRP include acting as administrator high street woe for cake chain Patisserie Valerie. FRP is positioning itself as an alternative to the Big Four accountancy firms which have been under pressure recently over conflicts between their audit and advisory arms. A as profit surges spokesperson said: “FRP Advisory is currently considering a number of strategic options to support the JOE CURTIS Dunelm also said it has seen “no ma- further growth of the business.” @joe_r_curtis terial hit” to its supply chain from coronavirus. Chief executive Nick WPP BUYS MARKET TECH PROFIT jumped at furnishings firm Wilkinson said his company was mon- CONSULTANCY XUMAK Dunelm in the first half of its latest fi- itoring the outbreak carefully. Advertising giant WPP yesterday nancial year, it said yesterday, as like- “We continue to build strong foun- announced that its agency for-like sales also improved. dations for future growth,” he added. Wunderman Thompson has Profit before tax leapt 19.4 per cent “The successful launch of our digi- Finnish developer Rovio is seeking to replicate the success of bestseller Angry Birds acquired market technology firm year on year to £83.6m as revenue rose tal platform accelerates our ability to Xumak. The firm, which focuses on six per cent to £585m. Like-for-like innovate our customer proposition e-commerce and digital experience, sales climbed 5.6 per cent. and we remain focused on opera- will lead the ad agency’s technology However, free cash flow dropped tional improvements.” Angry Birds maker Rovio suffers capability. The terms of the deal 29.4 per cent from the same period a Shares rose 8.7 per cent to 1,306p. were not disclosed. year ago to £91.2m. Dunelm trimmed TRIPADVISOR SHARES net debt by seven per cent to £67.7m. DUNELM earnings crash as 5G falls short Basic earnings per share leapt 21.4 JUMP ON PROFIT BOOST P per cent to 33.5p while Dunelm 1,350 EDWARD THICKNESSE networks had had a knock-on effect Shares in Tripadvisor rose as much posted an interim dividend of 8p per @edthicknesse on the new gaming platform. as eight per cent in post-close share, almost seven per cent up from 1,300 1,306 Fourth quarter profit tumbled trading last night after the travel 12 Feb ROVIO, the games firm behind Angry € review site posted fourth-quarter this time last year. 1,250 from 5.3m (£4.5m) last year to Dunelm delivered on Christmas Birds, saw quarterly profit plummet €200,000 in the same period this year, results ahead of expectations. guidance for higher sales after also 1,200 96 per cent after its new 5G platform with sales also dropping 1.4 per cent Tripadvisor posted net profit of posting solid numbers last September. Hatch failed to take flight. to €71.6m. $15m (£11.6m) in the final three The home furniture business has en- 1,150 Shares in the firm fell 17.6 per cent Rovio said it was now considering months of the year, up from $7m a joyed a robust performance despite yesterday as Rovio said that the focusing the platform on family year ago. However, revenue fell the struggles of many other retailers. 5 Feb6 Feb 7 Feb 10 Feb 11 Feb slower than expected rollout of 5G streaming platform Hatch Kids. three per cent to $335m.

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EU’s decision-making process. That that going forward? Brexit negotiations too should be obvious. Not in my view, and if at the end of But what the EU is perhaps only just any specific dialogue, the UK decides require decisive starting to grasp is that the UK, under to go its own way on regulation, it will this government, is not going to agree know there are consequences dialogue, writes to a general acceptance of EU law in through the loss of equivalence — the Nicolas Mackel exchange for some access to the EU drawbridge will go up. market. The argument heard repeatedly that While those in the EU still have dif- no such scheme exists with other so- IEHARD Brexit followers will ficulties finding any economic logic called third countries and therefore know we are making progress to Brexit and the UK’s loss of access to cannot be created is specious. Dwhen politicians move from the largest integrated market in the Robert Schuman and Jean Monnet trading soundbites and references to world, it appears the UK is willing to did not apply the template of any pre- ticking clocks to rejecting each push Brexit to its natural conclusion ceding model of cooperation between other’s positions on future alignment by foregoing market access for regula- nations when they created the Euro- and regulatory equivalence. tory independence. pean Coal and Steel Community and This week’s spat — sparked by a With both parties making legiti- the European Community in the sneaky photo revealing the UK mate claims for their respective regu- 1950s. Had they stuck to precedent wanted “permanent equivalence” latory autonomy, effectively leaving the EU would likely not exist. and answered by Barnier advising us in stalemate, all we are left with We were creative back then and we that certain people in the UK “should is for any future equivalence to be must be creative now. Forty-seven not kid themselves” — was actually deployed on a drawbridge basis years of membership puts the UK in a good news. between our respective financial unique category and offers enough Even though it reveals a rift, it is the services industries. ground to treat it differently from beginning of a serious discussion Even if everyone agrees that Britain other countries, important as they about the equivalence regime as the is currently aligned with most EU will help manage this inevitable, even would not be open for negotiation, may be. Our economies and busi- only mechanism from which future law, and should therefore be granted if only eventual, divergence. but there would be no downside for nesses have grown deep roots over relations in financial services can be equivalence status, it is impossible to While each party will remain au- the EU to consult and listen to the UK those years and that remains the case. built between our markets. envisage this situation not changing tonomous in its decision making, given the vast and sophisticated ex- Agreeing to an inclusive dialogue The parameters of this discussion in the future, as either the UK there should still be an inclusive pertise found in the City. mechanism as a cornerstone of the fu- are, from the EU perspective, that a adopts new regulation or the EU dialogue aimed at maintaining The financial crisis showed us that ture relationship should not be diffi- country that leaves the EU cannot changes its rules with the UK decid- alignment. cooperation between authorities from cult, providing there is willing on enjoy the same benefits as when it ing not to follow suit. With that dialogue would come the major markets is crucial, and the UK both sides of the table. Even so, the was a member. That much everybody If that is the landscape confronting various benefits that flow from the has over many years made a great con- clock is still ticking… had by now understood. us, the objective of the impending ne- equivalence regime, such as access to tribution to shaping EU regulation be- The EU is also adamant that a coun- gotiations on the future relationship liquidity and lower costs. cause of its unparalleled knowledge. £ Nicolas Mackel is chief executive of try that has left cannot be part of the should be to create a mechanism that Recognition of equivalence status Does the EU really want to forego Luxembourg for Finance

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CITYAM.COM THURSDAY 13 FEBRUARY 2020 NEWS 15 Babcock lowers Nissan to sue ex-boss Carlos profit guidance Ghosn for £70m JACK RICHARDSON @JackRich93 NISSAN wants ¥10bn (£70m) in damages from its former boss after oil trouble Carlos Ghosn in relation to his alleged financial misconduct. The civil lawsuit follows Ghosn’s EDWARD THICKNESSE to challenges to the firm’s aviation dramatic escape from Japan to business, especially in southern Eu- Lebanon last December. @edthicknesse rope, which will undergo restructur- The allegations against Ghosn, all UK DEFENCE contractor Babcock low- ing due to the “disappointing” oil and of which he denies, include ered its guidance for full-year profit gas performance. understating his salary, alleged yesterday in the company’s first up- Bethel said Babcock had lost several misuse of company funds, and date since chief executive Archie major bids in the division after using company money to fund Bethel said he would step down. changes to market pricing. events including lavish parties and Shares in the defence giant dropped Last year Babcock broke BAE Sys- luxury holidays. 3.9 per cent to 535p at the bell after a tems’s stranglehold on UK naval ship- Nissan said it expects the amount quarter which the outgoing chief la- building when it won the £1.3bn it will be asked to pay to “increase belled as “frustrating”. contract to design and build the Royal in future” over Ghosn’s alleged The group estimated operating Navy’s new type 31 frigate. misconduct. profit of £540m, at the lowest end of The firm may also file a lawsuit its previous guidance of £540m to over “groundless and defamatory” £560m for the coming financial year. BABCOCK remarks it accused Ghosn of P Its forecasts for revenue and cash 600 12 Feb making last year at a conference in flow remained in line with Novem- 535 Beirut after his flight out of Japan. ber’s guidance, at £4.9bn and £250m 580 At the time Ghosn said his respectively. “unimaginable ordeal is the result Babcock added that it would also 560 of a handful of unscrupulous, incur a one-off £85m writedown on 540 vindictive individuals.” assets in its oil and gas business as the Ghosn, whose net worth is an defence giant prepares to exit its op- 520 estimated $120m (£93m), named erations in Ghana and Congo. Nissan officials and members of The reduced guidance was put down 5 Feb6 Feb 7 Feb 10 Feb 11 Feb Ghosn hit the headlines in December after fleeing Japan for Lebanon the Japanese government.

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BOGOTÁBOGOTTÁÁ LIMA LONDON MADRID MÉXICO MIAMI MMILANO MÜNCHEN NEW YYORKORK SYDNEY CITYAM.COM THURSDAY 13 FEBRUARY 2020 FEATURE 17 ACCA

Each technology advance puts new weapons in the hands of global cyber-criminals

Helen Brand ACCA

S SUPREME Court Justice Louis Brandeis, talking about the benefits of open- ness and transparency, famously said that sunlight Uis the best disinfectant. And, converse- ly, we are all rightly suspicious of any- thing that hides in the shadows and conceals identity and motive. Global cybercrime is able to exploit technology to create anonymity and avoid accountability as never before. And it now costs the global economy an estimated $3.5 trillion (£2.7 trillion) a year — greater than the UK’s GDP. The development of economic crime has progressed in parallel with the development of trade and business technologies. The big question we must ask is whether this change in business technology effected by the digital revolution has had a similar impact on the commission, detection and prevention of economic crime. A new report from ACCA and EY — Economic Crime in a Digital Age — addresses this fundamental question, and asserts that digitalisation has led to an increase in the volume and velocity of economic crime attacks, as well as an expansion in their scope and reach. Cybercrime allows criminals to avoid physical security and swift deterrents. They use a wide arsenal of technologi- cally-aided scams to siphon funds from legitimate institutions and pri- vate individuals. HOW The bad news for society is that cyber-pirates tend to stay at least a cou- ple of steps ahead of the law. Their agility and focus on exploiting chinks TO FIGHT in the digital armour of companies and systems mean that law enforce- ment and regulators can struggle to stay ahead of their scams. And in today’s digital world the cyber-criminal can operate across bor- ders, covering their tracks in increas- ingly sophisticated ways. SHADOWS This all adds up to a huge headache for lawful businesses which are striv- ing to stay safe in the face of a cease- less tide of hacks, scams and invisible assaults. For regulators and policy- for regulators, legitimate businesses, and procedures will help businesses that business technology is no longer makers, economic crime in a digital and their customers at every step. protect themselves in the constantly an administrative tool. age presents challenges which This lag between what criminals can transforming risk landscape. It is a fundamental component of include, at a minimum, anonymity, do and how we stop them is widened And this is about much more than the compliance environment and an accessibility, and accountability. by the skills and knowledge deficits in the bottom line. Financial crime takes integral part of the defences as it Our report found a pressing need to the regulatory and law enforcement an enormous human toll. People suf- becomes a vector of attack. create a regulatory environment that community. fer as a result, losing savings, jobs and Making the right decisions — at supports financial innovation as well Rogue actors are increasingly abus- sometimes much more. both strategic and tactical levels — as limiting the risks for consumers ing emerging technologies to threaten This is about These crimes are faster and much will depend on the right talent hav- and businesses. Policymakers and reg- data integrity. To combat that risk, much more more frequent, with technology being ing the right skills and the right ulators must overcome the technology companies must consider the scope to an enabler to break the law. But what information to tackle the rapidly lag so that international law keeps mitigate their risk through tools like than the bottom must be remembered is that in every changing digital world. pace with innovation. artificial intelligence, robotic process case the protagonist is human, and it It is why bodies like ACCA and those It is an urgent need, because every automation, and cyber security linked line — financial is the corruption of the human deci- we work with need to continuously technological advance also puts new to their critical processes and data. sion-making process that is essential evolve our education and training to weapons in the hands of the digital Embedding a culture of integrity is crime takes to the success of the criminal venture. fight this twenty-first century threat. felons. Economic growth flourishes critical for organisations. Achieving an enormous Finance professionals are part of the on technological breakthroughs, but that through a combination of data essential defence against cybercrime. £ Helen Brand is the chief executive of so does crime. That creates problems insights, governance, culture, controls human toll Professional accountants recognise ACCA 18 NEWS THURSDAY 13 FEBRUARY 2020 CITYAM.COM CUM-EX: THE BANK SCANDAL THAT’S ON ITS WAY TO LONDON James Booth on the scandal that has rocked Europe

WilliamSTOP Sitwell, PRESS! David Gower and Penelope Wilton confirmed as bluffers

ENMARK has a long history The fallout from the scandal contin- of exports across the North ues to spread, with 60 current and for- Sea. The Vikings, Lego, mer staff at Australian bank Dbacon, the Schmeichel goal- Macquarie, including chief executive keeping dynasty — and now Shemara Wikramanayake and her mammoth fraud trials. predecessor Nicholas Moore under The Danish taxman is pursuing a investigation. $1.9bn (£1.5bn) fraud claim through Macquarie’s links with cum-ex have the UK courts against British business- led to major Danish pension funds man Sanjay Shah and more than 70 saying they will stop doing business

other individuals and companies. with the bank. The huge High Court case could take In a report last week, shareholder up to 50 weeks and cost more than advisers the Pensions & Investment £150m in legal fees. Research Consultants (Pirc) said there It is part of the so-called cum-ex was a risk of further banks being scandal that has rocked Europe and drawn in. led to arrests, raids and court cases “As the ripples of the cum-ex investi- dragging in some of the financial gation spread further out it would not world’s largest players. be surprising to see other financial The name comes from the Latin for institutions facing similar reputation- with-without and refers to the stocks al risks,” Pirc said. with and without their dividends. Neil Swift, a partner at law firm Cum-ex trading involved using a now-closed legal loophole to claim tax credits for both buyers and sellers of shares by buying shares just before their dividends expired and then sell- ing them on straight away. One City lawyer said: “If you look at You have got the machinery that backs up this par- ticular enterprise, you have got very banks engaging in serious banks being advised by very serious law firms engaging in wide- behaviour that on scale behaviour that on any view looks any view looks decidedly dodgy.” decidedly dodgy POLICE ON THE SCENE Police in Germany have raided Commerzbank, stock exchange Peters & Peters, said: “The facts seem Deutsche Boerse and law firm to suggest these things were carried Freshfields in relation to the scandal. out in London and other people will In August it emerged Freshfields had have been involved, so it is possible Tables of eight agreed to a €50m (£42m) settlement those involved will find themselves with the administrators of the subject to regulatory attention.” £2,400 German arm of Canadian bank Maple that was closed by German PLAY FAIR IN MAYFAIR? authorities in 2016. Freshfields denies Last week Denmark’s economic crime Individual tickets all wrongdoing. agency said it had seized a series of The firm’s former head of tax is fac- Mayfair townhouses worth £14.7m £300 ing criminal charges in relation to from Shah as the mammoth case alleged fraud. against him drags on. Last week auditor EY was hit with a The former boss of hedge fund Solo €95m lawsuit by Maple’s administra- Capital has denied wrongdoing, argu- tor, which it said it would fight. ing that he received two separate legal British professionals are alleged to opinions that the trades were legal. have played leading roles in the scam. At a recent hearing in the huge case Two British bankers — Nicholas there were 19 firms of solicitors and Diable and Martin Shields — are the 79 defendants represented. first people to go on trial for cum-ex There were too many lawyers to fit in trades. They are accused of running a the courtroom, so audio had to be phoney trading scheme to make ille- piped into a separate room. gitimate double tax reclaims of more Denmark has not brought any than €450m. criminal charges against Shah, who is To book your place please visit Both face jail terms of up to 10 years, based in Dubai. as well as a court order to repay If it did bring criminal proceedings the lordmayorsappeal.org/events money they earned from the trades if it would likely be in Shah’s absence found guilty. due to the remote possibility of extra- or email “This was a collective case of diting him to Denmark. [email protected] thievery from state coffers,” judge “It would be a case of Hamlet with- Roland Zickler said at the opening of out the prince,” one lawyer involved in the trial in December. the trial said. CITYAM.COM THURSDAY 13 FEBRUARY 2020 NEWS 19 Google says EU CVS pharmacy business lifted antitrust policies by high prices MANAS MISHRA

CVS HEALTH reported a higher- than-expected fourth-quarter slowing change profit yesterday as its stores sold more medicines and the pharmacy benefit management (PBM) business benefited from higher US FOO YUN CHEE duced these innovations, unless it prescription drug prices. gave competing CSSs (comparison List prices of branded medicines GOOGLE defended its business shopping services) the same have continued to rise in the US, model yesterday, saying that making access,”Graf added. The company did although at a slower pace under innovative products was at its core not favour its own service but com- intensifying pressure from rather than helping rivals, as it peted on its merits, he said. politicians of both major parties. sought to overturn a €2.4bn (£2.01bn) The EU competition enforcer M&S’ Christmas trading was dented by a fiasco in the menswear department CVS, which gets discounts and EU antitrust fine at Europe’s second- handed the fine to Google in 2017 for rebates from drug makers in highest court. favouring its own price-comparison exchange for listing their products The legal fight comes as European shopping service against those of on its formularies of preferred competition commissioner Mar- smaller European rivals. M&S bolsters menswear buying drugs, in turn guarantees rebates grethe Vestager gears up to take on US Two further decisions for different to its customers. Profits have fallen tech giants and Chinese companies issues since then have lifted the total in the past few quarters as the rate with legislation in the coming penalty to €8.25bn, four times more team after skinny jeans disaster of price hikes slows. months, on top of ongoing antitrust than Microsoft’s EU fines of €2.2bn. The company played down the investigations. Commission lawyer Nicholas Khan JESS CLARK revenue slumped 3.7 per cent in the role of rebate guarantees and said “Competition law does not require swatted away Google’s arguments, @jclarkjourno third quarter due to buying errors. it expects the issue to be Google to hold back innovation or saying this was a clear case of a com- The high street giant ordered too immaterial to earnings as it heads compromise its quality to accommo- pany using its dominance to give it- MARKS & Spencer (M&S) yesterday many skinny and slim-fit men’s into 2021. date rivals. Otherwise, competition self an advantage in other markets. appointed a new menswear buying trousers, underbought regular fit “We’ve obviously been working would be restricted and innovation “What Google engaged in was lever- director after the retailer’s Christmas jeans and had too many small sizes hard to reverse our rebate would be stifled,” the company’s aging conduct of the type found to be sales were dented when it ordered but not enough medium and large exposure, and we’ve seen that lawyer Thomas Graf told a hearing at abusive many times under EU compe- too many skinny jeans. over the Christmas trading period. exposure has lessened in our the General Court. tition law. Conceptually, there is noth- M&S boss Steve Rowe has been Former Miss Selfridge buying and outlook for 2020,” said Derica Rice, “The decision’s case is, at its core, ing esoteric about this case,” he told battling to turn the clothing and design director Alex Dimitriu will head of CVS’ PBM unit, who steps that Google should not have intro- the judges. The case continues. Reuters home division around, but total join the menswear department. down next month. Reuters Teva shares jump as restructuring plan helps drug maker beat profit forecasts TOVA COHEN in 2020. Chief executive Kare Schultz Ajovy, as well certain respiratory said 2019 was tough for earnings. products. That was partially offset by TEVA Pharmaceutical Industries said “We’ve seen that stabilisation lower revenue from multiple sclerosis yesterday a two-year restructuring has happening,” he told a post-earnings drug Copaxone in North America. enabled the world’s largest generic conference call. Analysts had forecast Teva would drugmaker to finally turn a corner, as Israel-based Teva said it earned earn $0.61 per share excluding one- it reported slightly better than $0.62 per diluted share excluding offs on revenue of $4.35bn, according expected fourth-quarter results. one-time items in the October to to data from Refinitiv. Its shares closed up eight per cent December quarter, up from $0.53 a Teva has closed 13 manufacturing as the debt-laden company also said it year earlier. sites, with another 10 sites in the expected strong growth in two key Revenue rose one per cent to process of being closed or divested, drugs — new migraine drug Ajovy $4.5bn (£3.5bn), mainly due to an and has cut its workforce by 13,000 to and Huntington’s treatment Austedo, increase in sales of Austedo and around 40,000. Reuters Teva said it expected strong growth in two key drugs this year

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UK shares climb ADMIRAL P Wall St marks 2,320 2,300 fresh record 2,280 as drop in virus 2,260 2,315 12 Feb closing highs 2,240 ALL Street closed at record Whighs yesterday as news that 8 Feb 9 Feb 10 Feb 11 Feb 12 Feb the coronavirus outbreak could be running out of steam kept reports soothes Admiral is sailing through calm seas, say analysts from Peel Hunt, but it may face buyers in the ring. squalls ahead. The insurer recently told the market it forecasts higher than expected Technology shares led the broad- release of reserves from its UK motor book. This follows an acceleration of large based rally, which pushed all three claims settlements following the revision of the Ogden rate last year which allowed major US stock averages to fresh K SHARES advanced yester- CMC Markets analyst David Madden Admiral to release reserves set aside for large claims earlier than expected. However, highs. The S&P 500 and the Nasdaq day, helped by gains in said the impression is the Chinese Peel Hunt says this masks deteriorating margins and says earnings are unlikely to be have now set closing highs for three heavyweight oil firms and government are more in control of sustainable. They lift their target price to 2,230p and give the stock a “hold” rating. consecutive sessions. The Dow Uon relief that the number the crisis, and that has boosted senti- reached its most recent closing record of new cases of coronavirus ment, with the FTSE at its highest on 6 February. infections out of China was falling. level since late January. PRIMARY HEALTH PROPERTIES China reported its lowest number of China reported its lowest number Dealers also took note of comments new coronavirus cases in two weeks, of new coronavirus cases since late overnight from US Federal Reserve P the day after Beijing's senior Chinese January, bolstering a forecast by chair Jerome Powell, who remained 164 medical adviser said the epidemic Beijing’s senior medical adviser for fairly upbeat about the US economy, 162 could be over by April. the outbreak in the country to end but warned that the virus-led 162 12 Feb “Obviously, the market is relieved by April even though fears of disruptions in China could over the fact that it appears that new further international spill over globally. 160 cases of the coronavirus seem to be spread remained. “One can, in fact, dwindling,” said Peter Cardillo, chief That helped the FTSE make a bullish case for 158 market economist at Spartan Capital 100 add 0.5 per cent, Securities in New York. with an additional Plus500 buoyed the mid- The outbreak has spooked investors boost to the blue- cap index with a 4.6 per 8 Feb 9 Feb 10 Feb 11 Feb 12 Feb amid quarantines, supply-chain chip index from oil cent rise in share price disruptions and factory shutdowns, majors Shell and BP, as Primary Health Properties is a real estate investment trust that specialises in renting and the World Health Organization they tracked a surge in equities based on any sce- healthcare facilities in the UK and Ireland. The analysts at Liberum have given it a (WHO) warned that the apparent crude prices. nario regarding [coron- check-up and found that it is in the rudest of health. They diagnose a business that is slowdown in the epidemic’s spread Miner Anglo American rose avirus]”, Oanda analyst well-set to benefit from benefit from “long-term structural growth, driven by a should be viewed with “extreme 4.9 per cent as UBS raised its rat- Jeffrey Halley said. growing and ageing population and a UK GP estate that is increasingly unfit for caution”. ing on the stock. Britain’s benchmark stock indexes purpose”. Its latest net assets under value is in line with expectations, largely driven Market participants paid heed to US The FTSE 250 added 0.68 per cent, have mirrored volatile swings in by rental growth. The broker rates the stock as a “buy” with a target price of 185p. Federal Reserve chair Jerome Powell led by payments company Finablr. global markets over the past few as he wrapped up his semiannual Home furnishings retailer Dunelm weeks as the coronavirus spread. economic report before congress, which jumped 8.7 per cent after an Among stocks, bullish brokerage ac- SYNTHOMER during which he said the central bank upbeat profit forecast. tions lifted shares in corporate serv- was closely monitoring the Online trading platform Plus500 ices firm Sanne Group by 10 per cent 350 P coronavirus and other threats. also supported the mid-cap index on the FTSE 250. Arbuthnot Banking 345 “Chairman Powell stuck to his script, with a 4.6 per cent rise as its second- soared 11.6 per cent, after guiding to 340 and that was also good news for the half core earnings nearly doubled annual profit at the upper end of 340 12 Feb market," Cardillo added. “[He] from the first. market expectations. 335 reassured the market that the Fed is there, willing and ready, if need be, to 330 stimulate the economy.” TOP RISERS FTSE 325 Of the 11 major sectors in the S&P P 500, all but consumer staples ended 1. NMC Health Up 9.77 per cent 7,550 the session in the black, with energy , 2. Anglo American Up 4.92 per cent 7,534.37 8 Feb 9 Feb 10 Feb 11 Feb 12 Feb technology and consumer 3. Antofagasta Up 4.07 per cent 7,500 12 Feb discretionary posting the largest The Lord giveth and the Lord taketh away. Chemical company Omnova is percentage gains. TOP FALLERS 7,450 benefitting from a spike in the demand for medical examination gloves because of Lyft lost 10.2 per cent after the ride- the (gulp) coronavirus outbreak. However, weak performance across some of its hailing company forecast slower 1. Tui Down 4.36 per cent 7,400 geographies and delays to the completion of its acquisition of US chemical business revenue growth in 2020. 2. Ocado Down 3.59 per cent Omnova has an overall negative effect, say analysts at Canaccord Genuity. They trim Micron Technology advanced 3.5 3. Imp Brands Down 2.12 per cent their target price from 460p to 450p on expected lower earning, and give it a “buy” per cent after UBS upgraded the 6 Feb7 Feb 10 Feb 11 Feb 12 Feb rating, adding at the target price it would trade in line with the sector’s valuation. chipmaker’s shares to “buy”. CITY MOVES WHO’S SWITCHING JOBS

SAATCHI & SAATCHI Lions Film jury, D&AD Mobile jury and the One Show he moved over to the Playstation division, which at will be a valuable asset.” Saatchi & Saatchi London has Design jury. Guillermo Vega, chief creative officer of that time was in its fledgling stage of operation, with announced the appointment Saatchi & Saatchi London commented: “The Saatchi & the task of increasing Playstation’s audience from VORTEXA of Rodrigo Castellari as Saatchi network gives creative talent countless young gamers to mainstream consumers. He was then London head-quartered energy intelligence startup creative director and head of opportunities and we are very excited to have Rodrigo promoted to vice president of marketing for Sony Vortexa has announced the hire of Jacques Gabillon as art. Rodrigo joins from F/Nazca join us in the UK. With his unique approach to craft Entertainment Corporation Americas . Following that, a member of the board. Jacques brings 30 years of Saatchi & Saatchi Brazil, where across multiple disciplines, we know he will take our he served as chief marketing officer for Sony, and he experience over a distinguished career in the his work has been recognised client work to new creative heights.” then went on to serve as the chief executive officer commodities industry, having previously served as by Wood, Graphite and Yellow (CEO) of Sony Computer Entertainment Europe before global head of commodities for Goldman Sachs. Pencils from D&AD. He has BIDSTACK leading as group CEO between 2013 and 2017. James Commenting on his new appointment, Jacques said: been awarded several In-game advertising group Bidstack has announced Draper, CEO of Bidstack, commented: “It’s a bit of a “In today’s fast-paced, complex energy markets where trophies from Cannes Lions, the appointment of Andrew House to its advisory pinch yourself moment for me — and a huge coup for intelligence defines success, we’re seeing The Clios and London International Awards, and committee. Andrew has extensive experience in the the company. As the man who not only led the unprecedented innovation in global commodities multiple accolades from the Festival Iberoamericano field and began working with Sony when he joined its resurgence of Playstation in this console generation, trading. Vortexa are right at the forefront of this and I de Publicidad (FIAP). He has served on the Cannes international PR team in Tokyo in 1990. Five years later but also diversified their product offerings globally he am excited to have joined the board.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM THURSDAY 13 FEBRUARY 2020 MARKETS 21

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1914 à 0.0057 €/$ 1.0892 Ä 0.0025 7534.37 21793.48 4191.17 29551.42 9725.96 3379.45 /$ 1.2976 à 0.0033 €/£ 0.8393 Ä 0.0041 34.93 147.4 6 21.10 275.08 87.02 21.70 £ /¥ 142.75 0.6260 €/¥ 119.82 0.0490 ÃÃÃÃÃÃ 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 ...... 453.0 5.0 509.0 421.5 Kingfisher...... 216.9 4.4 266.2 185.9 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 312.5 2.0 357.5 310.5 Marks & Spencer ...... 180.6 2.5 303.2 163.9 Tsy 4.750 20 ...... 100.26 -0.01 104.2 100.3 Contour Global...... 186.0 -4.6 222.5 163.0 Games Workshp ...... 7120.0 10.0 7350.0 2800.0 BP ...... 474.6 4.9 582.5 452.7 Aggreko ...... 775.0 -6.6 869.2 707.2 Abcam ...... 1334.0 -15.0 1500.0 1066.0 Witan Invest ...... 230.5 1.5 235.0 201.6 Tsy 8.000 21...... 109.71 -0.05 116.7 109.7 Drax Gp ...... 295.4 4.4 396.0 251.0 Next ...... 7014.0 94.0 7340.0 4724.0 LIFE INSURANCE Cairn Energy...... 175.2 4.4 213.8 143.1 Ashtead Gp ...... 2686.0 -4.0 2690.0 1805.5 Wwide Healthcare ....3290.0 0.0 3290.0 2495.0 Advanced Medical ...... 275.5 -4.5 354.5 225.0 Tsy 2.500 24 ...... 361.37 -0.58 377.9 358.8 SSE ...... 1624.5 -17.5 1642.0 1008.0 Pets at Home Gp ...... 312.0 -2.6 314.6 132.2 Energean Oil & Gas ...... 769.0 -2.0 1082.0 648.9 Babcock Intl Grp...... 535.0 -21.4 646.6 416.7 Aviva ...... 412.4 1.8 438.8 352.3 Alliance Pharma ...... 84.8 -1.7 87.5 63.0 Tsy 5.000 25 ...... 122.59 -0.30 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 110.4 -1.8 139.5 105.0 Premier Oil ...... 104.3 2.4 118.7 65.1 ELECTRONIC & ELECTRICAL EQUIPMENT Legal & General ...... 313.0 2.5 317.7 216.7 Bunzl ...... 1949.0 -21.0 2551.0 1943.0 Tsy 4.250 27 ...... 128.78 -0.42 132.8 125.5 Watches of Switz ...... 371.0 2.0 392.8 270.0 Royal Dutch Shell A..2008.0 21.4 2612.0 1964.4 ASOS...... 3541.0 -10.0 4066.0 2107.0 Halma ...... 2221.0 -23.0 2244.0 1496.0 BT Gp ...... 155.2 1.6 233.0 153.6 Phoenix Gp ...... 796.8 7.1 796.8 634.2 Capita ...... 150.5 -2.7 183.0 99.9 WH Smith...... 2468.0 54.0 2654.0 1896.0 Royal Dutch Shell B ...2021.0 33.6 2622.0 1963.2 Blue Prism ...... 1697.0 -34.0 1841.0 788.0 Tsy 6.000 28 ...... 147.05 -0.49 152.1 143.3 Morgan Advanced ...... 309.2 0.6 324.8 232.4 Talktalk Telecom ...... 115.3 -0.1 126.5 98.0 Prudential ...... 1506.0 26.0 1790.0 1279.5 DCC ...... 6320.0 84.0 7496.0 6132.0 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 44.6 1.5 250.0 39.9 Camellia ...... 8550.0 0.0 11750.0 8350.0 Tsy 4.125 30 ...... 380.25 -1.19 404.2 364.5 Oxford Instruments ..1620.0 -26.0 1654.0 963.0 Telecom Plus ...... 1522.0 6.0 1552.0 1130.0 St James Place ...... 1196.0 12.5 1199.5 913.6 Diploma ...... 1985.0 20.0 2084.0 1328.0 OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 141.25 -0.58 146.4 132.7 Renishaw ...... 4140.0 34.0 4638.0 3232.0 FOOD & DRUG RETAILERS Convatec ...... 213.1 -0.2 217.3 118.5 Std Life Aberdeen ...... 329.5 5.1 336.9 231.1 Electrocomp ...... 714.0 4.4 729.8 540.8 Caretech Holdings ...... 492.0 -1.0 493.0 325.0 Tsy 4.250 36 ...... 149.90 -0.67 155.7 137.9 Spectris ...... 2758.0 -36.0 2962.0 2234.0 Greggs ...... 2302.0 52.0 2476.0 1573.0 Mediclinic Intl ...... 388.7 1.8 415.3 293.4 MEDIA Hunting ...... 321.2 1.2 657.0 297.0 Equiniti ...... 216.4 1.4 236.2 186.2 Central Asia Metals .....218.0 6.5 266.5 180.0 Tsy 4.750 38...... 165.17 -0.67 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 182.1 0.8 240.0 176.9 NMC Health ...... 854.2 76.0 3000.0 700.0 Petrofac ...... 364.6 8.6 527.2 344.4 Essentra ...... 437.2 6.6 449.0 376.2 4imprint ...... 3320.0 -30.0 3500.0 1917.5 Clinigen Group ...... 895.0 -56.5 1069.0 787.5 Tsy 4.250 46 ...... 173.51 -0.88 181.0 1.0 Ocado Gp ...... 1209.5 -45.0 1435.0 886.2 Smith & Neph...... 1837.0 -20.5 1990.0 1424.5 Wood Gp(J) ...... 403.0 10.9 598.6 319.6 Experian ...... 2777.0 -41.0 2818.0 1960.0 3i Infrastructure ...... 317.5 3.0 317.5 269.0 Ascential ...... 380.4 -9.6 421.2 319.0 CVS Group ...... 1200.0 13.0 1250.0 437.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 206.0 3.7 287.9 177.1 UDG Hlthcare ...... 777.0 4.5 832.5 551.0 PERSONAL GOODS Ferguson ...... 7516.0 -14.0 7530.0 4800.0 Aberforth Smlr Cos ..1440.0 18.0 1546.0 1114.0 Auto Trader Gp ...... 586.6 6.4 607.6 454.2 Dart Group ...... 1895.0 -12.0 1907.0 709.5 SSP Group ...... 674.0 14.0 721.0 608.0 HOUSEHOLD GOODS BAE Systems ...... 656.0 0.4 656.0 443.9 Alliance Trust ...... 873.0 5.0 873.0 730.0 Euromny Inst Inv...... 1214.0 2.0 1498.0 1152.0 Burberry Gp...... 2041.0 55.5 2345.0 1695.0 G4S ...... 201.8 1.2 234.3 168.3 Tesco ...... 256.6 2.8 258.9 212.6 Diversified Gas & Oil ...... 86.8 -0.6 116.5 86.8 Meggitt ...... 671.8 1.8 697.4 489.9 AVI Global Trust...... 796.0 9.0 802.0 713.0 Barratt Devel ...... 856.4 29.8 856.4 552.8 Future ...... 1198.0 -42.0 1572.0 556.0 PZ Cussons ...... 190.8 -1.2 227.0 178.8 Hays ...... 165.1 1.2 183.5 138.0 Draper Esprit ...... 560.0 -6.0 566.0 410.0 QinetiQ ...... 377.0 -6.8 383.8 267.0 Baillie Gifford Japan ....810.0 0.0 848.0 735.0 FOOD PRODUCERS Bellway ...... 4161.0 81.0 4161.0 2698.0 Informa ...... 783.6 0.0 892.0 700.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1325.0 1.0 1340.0 953.0 Rolls-Royce ...... 699.0 2.0 988.4 636.6 Intertek Gp ...... 5930.0 -30.0 6170.0 4643.0 EMIS Group ...... 1192.0 -8.0 1242.0 938.0 Bankers InvTst ...... 1028.0 2.0 1032.0 843.0 Assoc British Foods...2666.0 -33.0 2708.0 2106.0 Berkeley Grp Hldgs ...5334.0 144.0 5412.0 3437.0 ITV ...... 135.5 -0.1 156.5 103.6 AstraZeneca ...... 7615.0 -73.0 7878.0 5644.0 Senior ...... 167.7 -2.1 239.2 160.0 IWG...... 450.3 -2.0 469.0 225.9 Fevertree Drinks ...... 1485.0 56.0 2475.0 1365.0 BlackRock Smaller .....1774.0 10.0 1776.0 1298.0 Bakkavor ...... 138.4 -1.0 170.0 93.3 Countryside Prop ...... 524.5 13.5 524.5 277.6 Moneysupermkt.com ...330.0 -0.7 417.7 309.5 Dechra Pharma ...... 2900.0 -18.0 3068.0 2348.0 Ultra Electronics ...... 2190.0 -2.0 2292.0 1232.0 BMO Global Smaller .....144.5 0.7 150.0 127.5 Cranswick ...... 3726.0 8.0 3726.0 2472.0 Crest Nicholson ...... 506.0 8.0 517.0 332.0 Pearson ...... 584.8 8.4 929.4 563.4 Genus ...... 3236.0 -24.0 3260.0 2178.0 Network Int...... 626.0 -6.0 645.0 513.0 First Derivatives ...... 2915.0 120.0 3555.0 2050.0 AUTOMOBILES & PARTS Caledonia Inv ...... 3100.0 10.0 3180.0 2910.0 Greencore Gp ...... 246.9 7.7 281.8 193.4 McCarthy & Stone...... 156.6 3.9 158.8 123.5 RELX ...... 2039.0 -21.0 2095.0 1606.0 GlaxoSmithKline ...... 1696.0 -7.4 1846.0 1497.4 Pagegroup ...... 470.8 0.2 539.0 367.8 Frontier Devs ...... 1300.0 6.0 1444.0 844.0 Aston Martin...... 459.2 -10.8 1374.4 399.3 City of London IT ...... 437.0 2.5 448.5 396.5 Hilton Food Gp ...... 1064.0 26.0 1118.0 905.0 Persimmon ...... 3199.0 75.0 3199.0 1836.0 Rightmove Group ...... 698.4 -2.8 701.2 471.9 Hikma Pharma ...... 1865.0 -10.0 2200.0 1556.5 Paypoint...... 953.0 -1.0 1118.0 844.0 Gamma Comms ...... 1350.0 0.0 1460.0 804.0 Edin Inv Trust ...... 610.0 0.0 652.0 535.0 Tate & Lyle ...... 786.0 0.0 801.4 663.8 Reckitt Benckiser .....6400.0 -56.0 6688.0 5767.0 WPP ...... 984.2 17.0 1077.5 801.0 Rentokil Initial ...... 493.0 -1.9 506.4 329.0 TI Fluid Systems ...... 248.5 13.0 273.0 155.2 REAL ESTATE GB Group ...... 699.0 4.0 800.0 458.0 European Opp ...... 911.0 6.0 926.0 697.0 Unilever ...... 4661.5 -26.5 5324.0 3983.0 Sanne Group ...... 660.0 60.0 752.0 498.0 BANKS Assura ...... 81.6 0.5 81.6 56.7 Gooch & Housego ...... 1400.0 -5.0 1527.5 954.0 F&C Investment ...... 783.0 3.0 783.0 675.0 FORESTRY & PAPER MAIN CHANGES UK 350 Serco ...... 163.0 -3.3 167.7 112.8 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Fidelity China SPE ...... 245.5 5.0 253.0 205.5 Big Yellow Gp ...... 1198.0 -1.0 1200.0 933.0 Hurricane Energy ...... 16.0 -0.2 53.6 15.5 Mondi ...... 1724.5 29.5 1898.0 1510.5 SIG ...... 90.5 -1.0 153.0 90.5 Barclays ...... 179.3 0.3 192.5 136.2 % % BMO Comm Prop ...... 107.2 0.6 125.0 106.0 Fidelity Euro Values .....269.5 1.0 269.5 218.0 GENERAL FINANCIAL Risers à Fallers Ä Travis Perkins...... 1615.5 -8.5 1692.5 1166.0 Impax Asset Mgmt ...... 378.0 -9.0 405.0 201.0 BGEO Group ...... 1629.0 47.0 1755.0 1252.0 Finablr ...... 86.55 13.9 Babcock Intl Grp ...... 535.00 -3.8 British Land ...... 581.4 3.0 638.8 468.3 Fidelity Spec Val ...... 271.0 1.5 280.5 240.5 TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 393.5 0.5 400.0 316.5 HSBC Hldgs...... 595.4 4.0 680.6 551.8 Finsbury G&I Tst ...... 908.0 0.0 958.0 795.0 3i Group ...... 1156.0 -0.5 1184.5 935.2 Sanne Group ...... 660.00 10.0 Ocado Gp ...... 1209.50 -3.6 Captl & Count Prop ...... 246.4 -0.7 270.5 184.8 IQE...... 62.0 6.8 98.0 41.8 Lloyds Banking ...... 57.4 0.7 67.2 48.6 GCP Infra Inv ...... 124.2 0.6 134.0 122.6 Ashmore Gp ...... 561.5 1.5 567.5 397.8 NMC Health ...... 854.20 9.8 Future ...... 1198.00 -3.4 CLS Hldgs ...... 270.0 -3.0 312.5 212.0 Spirent Comms ...... 245.5 15.5 251.5 140.4 James Halstead ...... 544.0 6.0 570.0 440.0 Royal Bank of Scot ...... 228.0 5.5 270.4 177.7 Genesis Emerging ...... 801.0 10.0 818.0 686.0 Brewin Dolphin ...... 361.4 3.4 375.2 287.6 Dunelm Gp ...... 1306.00 8.7 Ascential ...... 380.40 -2.5 Daejan Hldgs ...... 5200.0 10.0 6160.0 4715.0 TOBACCO Spirent Comms ...... 245.50 6.7 Contour Global ...... 186.00 -2.4 Standard Chartered .....641.4 -1.4 738.6 575.7 Greencoat UK ...... 145.0 1.0 152.8 133.6 Close Brothers ...... 1476.0 26.0 1663.0 1227.0 Derwent London ...... 4194.0 18.0 4194.0 2884.0 Johnson Service Gp .....203.0 0.5 211.5 128.0 TI Fluid Systems ...... 248.50 5.5 Helios Towers ...... 139.60 -2.4 Br Am Tob ...... 3406.0 -53.0 3507.0 2648.0 TBC Bank Group...... 1238.0 4.0 1706.0 1150.0 Harbourvest Glb ...... 1856.0 6.0 1858.0 1406.0 Coats Group ...... 72.5 -0.3 91.2 68.1 Grainger ...... 312.2 -2.8 315.6 217.4 Keywords Studios ..... 1570.0 11.0 1838.0 1050.0 Virgin Money UK ...... 190.70 5.4 Aston Martin ...... 459.20 -2.3 Imperial Brands ...... 1839.0 -39.8 2713.5 1668.2 Virgin Money UK ...... 190.7 9.8 220.1 104.4 Finablr ...... 86.5 10.6 215.0 71.5 Grt Portland Est ...... 946.4 0.6 952.4 649.4 Herald Inv Trust ...... 1494.0 2.0 1530.0 1205.0 Anglo American ...... 2153.50 4.9 Imperial Brands ...... 1839.00 -2.1 Learning Tech Gp ...... 170.8 -1.4 172.2 63.7 Hargreaves Lans...... 1685.5 46.5 2433.0 1604.5 Hammerson ...... 238.9 -0.5 388.4 203.9 TRAVEL & LEISURE BEVERAGES HICL Infr ...... 181.6 0.2 181.6 156.6 Antofagasta ...... 880.00 4.1 Serco ...... 163.00 -2.0 M&C Saatchi ...... 89.4 7.4 394.0 79.0 JPM American ...... 517.0 2.0 517.0 421.0 IG Gp...... 672.8 4.6 708.0 474.8 Land Securities...... 984.8 12.2 1001.5 735.4 Carnival ...... 3205.0 79.0 4373.0 3044.0 Barr (AG) ...... 588.0 8.0 975.0 526.0 Kaz Minerals...... 509.80 3.8 FDM Group ...... 1022.00 -1.9 M.P. Evans ...... 696.0 -4.0 750.0 612.0 JPM Emerg Mkt ...... 1050.0 4.0 1088.0 878.0 Integrafin Holdings ...... 518.0 6.0 518.0 337.0 LondonMetric Prop ...... 235.4 0.4 241.2 187.3 Cineworld Group ...... 185.1 4.0 321.0 176.0 Britvic ...... 932.0 -4.0 1068.0 850.0 Majestic Wine ...... 210.5 -0.5 318.0 210.0 JPM Indian IT ...... 739.0 4.0 790.0 633.0 Intermediate Capital 1790.0 5.0 1790.0 999.0 Redrow...... 791.0 5.0 822.0 533.0 MINING NewRiver Retail ...... 193.2 3.2 246.0 147.6 Compass Gp ...... 1970.5 3.5 2138.0 1665.0 Coca-Cola HBC AG .....2783.0 -12.0 3074.0 2299.0 Primary Hlth Prop ...... 162.0 0.4 162.0 116.6 JPM Japan IT ...... 456.0 -3.0 477.5 380.0 Intl Public Prtnshps .....166.4 1.0 171.2 146.8 Taylor Wimpey ...... 226.8 6.1 226.8 142.9 Anglo American ...... 2153.5 101.0 2266.0 1666.6 Dominos Pizza ...... 307.0 8.3 326.4 221.2 Midwich Group ...... 569.0 3.0 633.0 474.5 Diageo ...... 3098.0 -16.0 3625.5 2913.5 Investec ...... 451.9 12.4 518.6 395.3 Safestore Hldgs ...... 810.0 12.0 817.5 575.0 Jupiter Fund Mngt ...... 398.5 2.9 432.0 314.0 Vistry Group ...... 1435.0 7.0 1435.0 975.0 Antofagasta ...... 880.0 34.4 1022.5 779.6 easyJet ...... 1528.0 -24.0 1552.0 854.8 Mortgage Advice B ...... 776.0 -14.0 795.0 546.0 CHEMICALS IP Group ...... 68.4 0.9 109.0 55.7 Savills ...... 1214.0 -4.0 1244.0 820.5 Law Debenture ...... 630.0 2.0 654.0 552.0 INDUSTRIAL ENGINEERING BHP Group ...... 1706.6 34.2 2049.0 1600.0 EI Group ...... 284.6 0.4 285.0 194.0 Next Fifteen Comm .....500.0 -12.0 658.0 465.0 John Laing Gp ...... 356.4 8.6 402.0 345.6 SEGRO ...... 920.6 3.0 920.6 636.6 Croda International ..5205.0 60.0 5375.0 4564.0 Mercantile IT ...... 270.0 2.0 270.5 188.0 FirstGroup ...... 129.2 2.0 137.5 89.3 Bodycote ...... 900.0 23.5 971.0 652.0 Centamin ...... 132.2 1.2 152.3 79.8 Nichols...... 1382.5 -17.5 1880.0 1322.5 Elementis...... 129.2 2.1 197.9 127.1 Monks Inv Tst ...... 1016.0 2.0 1016.0 808.0 London Stock Exch ....8272.0 74.0 8272.0 4489.0 Shaftesbury ...... 899.5 19.0 979.5 739.5 Fresnillo ...... 646.8 -6.8 1027.5 539.6 Flutter Ent...... 8782.0 122.0 9456.0 5525.0 Numis Corporation ...... 293.0 0.5 306.0 212.0 Johnson Matt...... 2708.0 13.0 3454.0 2605.0 Man Group ...... 155.6 1.9 175.2 130.5 Hill & Smith ...... 1474.0 15.0 1510.0 1049.0 St Modwen Props ...... 511.0 5.0 511.0 373.0 Murray Intl Tst ...... 1214.0 8.0 1286.0 1114.0 Glencore ...... 238.8 5.5 340.3 216.9 Go-Ahead Gp ...... 2134.0 -26.0 2278.0 1783.0 Synthomer ...... 340.0 4.6 420.8 279.0 Next Energy Solar ...... 119.0 0.5 126.5 114.0 Onesavings ...... 440.6 7.8 452.0 313.6 IMI ...... 1141.0 16.5 1206.0 906.0 TR Property IT ...... 487.0 -1.0 491.5 377.0 Polar Capital Hdgs ...... 550.0 -4.0 604.0 482.0 Hochschild Mining ...... 162.0 2.1 227.0 152.0 GVC Hldgs ...... 931.6 6.0 939.0 507.5 Victrex ...... 2348.0 6.0 2540.0 1845.0 Pantheon Intl Partn ..2475.0 25.0 2620.0 2020.0 Paragon...... 537.0 3.5 553.5 388.0 Melrose Ind ...... 240.8 -4.1 248.5 160.7 Tritax Big Box ...... 146.3 2.0 159.7 135.5 Purplebricks Gp ...... 112.4 0.2 132.0 96.0 Plus500 ...... 911.0 0.2 1050.0 495.0 Kaz Minerals ...... 509.8 18.7 738.4 380.3 UK Commercial Prop .....86.3 -0.2 92.7 79.9 Intercontl Htls ...... 4894.0 58.0 5738.0 4499.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ....327.5 -0.5 342.0 284.5 RHI Magnesita ...... 3278.0 18.0 5000.0 3194.0 Redde...... 104.2 2.4 127.6 98.0 Provident Fin ...... 478.2 1.7 610.0 356.0 Polymet Int...... 1271.0 -23.0 1294.0 772.6 Unite Group ...... 1316.0 6.0 1316.0 875.0 Intl Cons Airl...... 639.8 10.6 671.0 413.5 Pershing Square ...... 1540.0 4.0 1578.0 1224.0 Rotork ...... 320.0 10.3 341.2 269.8 Renew Holdings...... 556.0 10.0 568.0 360.0 Balfour Beatty ...... 277.0 -1.0 295.0 194.2 Rio Tinto ...... 4263.0 110.5 4976.5 3924.5 Workspace Gp ...... 1261.0 5.0 1261.0 806.0 Just Eat Takeaway.com 8255.0 255.0 8255.0 7350.0 Personal Assets Tst .437000 -2000 439000 398000 Quilter ...... 172.0 -1.1 174.7 121.9 CRH ...... 3036.0 4.0 3100.0 2279.0 Spirax-Sarco...... 9395.0 70.0 9400.0 6655.0 Marstons ...... 106.5 1.3 131.4 93.3 RWS Holdings ...... 605.0 40.0 670.0 460.0 Polar Cap Tech Tst ...... 1716.0 6.0 1716.0 1218.0 Rathbone Brothers .....1970.0 2.0 2540.0 1966.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES Galliford Try...... 172.6 4.3 177.2 102.4 Schroders ...... 3412.0 -31.0 3443.0 2541.0 Weir Gp ...... 1445.5 50.0 1814.0 1261.5 Mitchells & Butlers ...... 416.0 4.0 470.5 238.0 Scapa Group ...... 188.6 -83.4 403.0 157.0 Renewables Infra Gp ....137.4 0.8 139.2 115.4 Vodafone Gp ...... 152.6 2.3 165.2 123.3 Avast...... 450.0 -2.0 551.0 282.0 Grafton Group...... 948.0 18.0 948.0 645.5 TP ICAP ...... 400.4 0.3 417.5 270.0 INDUSTRIAL METALS National Express ...... 445.6 -2.2 476.0 387.4 RIT Cap Partners ...... 2100.0 -5.0 2180.0 1996.0 Aveva Gp...... 5270.0 -15.0 5285.0 2962.0 Secure Income REIT ..464.0 -4.0 473.0 394.0 Ibstock ...... 310.0 4.0 322.0 208.6 NONLIFE INSURANCE Schroder Asia ...... 470.0 2.0 485.5 424.5 GENERAL RETAILERS Evraz ...... 405.0 12.9 709.4 341.4 Computacenter...... 1892.0 -1.0 1920.0 1049.0 PPHE Hotel Gp ...... 2040.0 40.0 2100.0 1630.0 Serica Energy...... 111.0 -2.0 143.4 103.6 Marshalls ...... 844.0 3.5 876.0 502.0 Admiral Gp ...... 2315.0 5.0 2330.0 2014.0 Rank Gp ...... 312.5 6.0 312.5 144.0 Scottish Inv Tst ...... 799.0 3.0 843.0 769.0 B&M ...... 377.0 8.8 420.9 315.0 Ferrexpo ...... 150.8 4.8 301.3 123.0 FDM Group...... 1022.0 -20.0 1100.0 647.0 Smart Metering Sys.....521.0 1.0 635.0 310.0 Polypipe Group ...... 587.0 11.0 587.0 372.8 Scottish Mortgage ...... 641.5 6.0 641.5 472.0 Dixons Carphone ...... 135.6 0.3 152.4 104.9 Beazley ...... 582.5 -6.0 628.0 504.5 Kainos Gp ...... 856.0 8.0 880.0 430.0 Restaurant Grp ...... 127.9 1.3 166.4 111.9 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 114.8 0.6 118.6 110.0 Dunelm Gp...... 1306.0 105.0 1306.0 730.5 Direct Line Ins ...... 345.2 1.8 366.5 270.5 Micro Focus Intl ...... 793.1 7.9 2160.0 766.8 Stagecoach Gp...... 137.4 1.3 167.0 115.5 Thorpe (F.W.) ...... 324.0 0.0 359.0 267.0 Smith (DS) ...... 378.0 3.5 394.8 307.9 Smithson Inv ...... 1352.0 4.0 1358.0 1094.0 Frasers Group ...... 481.0 7.0 518.0 214.0 Clarkson ...... 3000.0 40.0 3110.0 2200.0 Hastings Gp Hldgs ...... 187.3 -0.3 231.6 167.9 Playtech ...... 367.1 7.1 457.7 343.7 Wetherspoon (JD) ...... 1557.0 24.0 1734.0 1256.0 Smiths Gp...... 1769.5 1.0 1769.5 1378.0 Syncona ...... 237.0 1.5 294.0 203.0 Howden Joinery Gp...... 727.8 -0.4 728.2 478.8 Fisher (James) ...... 1922.0 -2.0 2260.0 1792.0 Hiscox ...... 1347.0 9.0 1777.0 1213.0 Sage Group ...... 789.2 4.4 820.4 655.0 Whitbread ...... 4757.0 92.0 5152.0 3988.0 Watkin Jones ...... 255.0 0.5 255.0 199.6 Smurfit Kappa Gp...... 3010.0 20.0 3010.0 2096.0 Temple Bar IT ...... 1370.0 18.0 1486.0 1162.0 Inchcape...... 649.0 7.0 720.0 545.5 Royal Mail ...... 177.4 2.0 286.7 175.4 Lancashire Hldgs ...... 772.0 1.0 780.5 637.0 Softcat ...... 1260.0 26.0 1260.0 716.0 William Hill ...... 196.1 3.8 205.2 132.3 Young’s Brew NV ...... 1245.0 0.0 1310.0 1030.0 Vesuvius...... 457.2 10.2 642.0 341.0 Templeton Em Mkts ....859.0 1.0 876.0 731.0 JD Sports Fashion ...... 881.4 8.4 881.4 448.4 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 582.8 9.0 597.0 501.6 Sophos ...... 568.4 -1.8 577.0 298.2 Wizz Air Holdings ...... 4496.0 126.0 4496.0 2880.0 Young’s Brew-A...... 1560.0 -7.5 1885.0 1520.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 290.80 3.90 316.05 197.00 3M ...... 163.80 1.35 219.50 150.74 AIR LIQUIDE ...... 138.80 0.90 137.90 106.00 ABBOTT LABORATORIES ...... 88.79 -0.38 91.86 72.88 ALLIANZ AG ...... 229.50 0.20 229.30 184.20 ADOBE INC ...... 374.29 5.01 370.00 254.74 AMADEUS IT GROUP ...... 74.00 -0.04 78.60 42.30 ALPHABET NON VTG-C ...... 1518.27 9.48 1508.79 1036.23 ALPHABET-A ...... 1518.63 8.57 1510.06 1116.79 ANHEUSER BUSCH INBEV ...... 68.02 0.30 92.71 65.77 AMAZON.COM ...... 2160.00 9.20 2150.80 1607.95 ASML HOLDING NV ...... 290.75 2.30 288.45 158.30 AMERICAN EXPRESS ...... 133.24 0.61 135.11 106.50 AXA ...... 25.27 0.10 25.47 20.37 APPLE INC ...... 327.20 7.59 325.21 170.42 BANCO SANTANDER ...... 325.00 -3.75 402.00 294.70 AT&T ...... 38.04 -0.13 39.63 29.79 BASF...... 64.05 0.68 74.49 56.20 BANK OF AMERICA ...... 34.92 0.15 35.64 26.25 BAYER AG...... 77.60 0.28 78.06 52.53 BERKSHIRE HATHAWAY...... 227.44 0.11 230.20 195.81 BMW ...... 67.17 2.85 77.75 58.70 BOEING CO ...... 347.45 3.03 432.69 309.00 BNP PARIBAS ...... 53.58 0.85 53.58 39.32 CATERPILLAR INC ...... 139.59 3.40 150.53 113.38 CRH ...... 3036.00 4.00 3100.00 2279.00 CHEVRON ...... 112.04 0.83 126.54 106.28 CISCO SYSTEMS ...... 49.93 0.80 58.05 43.52 DAIMLER ...... 43.97 1.19 59.31 40.53 CITIGROUP ...... 79.33 0.24 81.91 60.33 DANONE ...... 73.42 -0.20 82.00 65.26 COCA-COLA CO ...... 59.41 -0.18 59.75 44.69 DEUTSCHE POST AG ...... 33.20 0.32 34.91 26.00 COMCAST ...... 46.02 1.23 47.50 37.26 DEUTSCHE TELEKOM ...... 15.60 0.16 16.25 14.14 DOW ...... 49.38 0.59 66.65 40.71 ENEL ...... 8.13 -0.06 8.20 5.21 EBAY INC ...... 37.15 0.71 41.57 33.56 ENGIE...... 15.94 0.03 15.91 12.45 EXXON MOBIL ...... 61.27 0.74 83.38 59.96 ENI ...... 13.10 0.17 15.94 12.61 FACEBOOK ...... 210.76 3.57 223.23 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 238.65 2.19 249.72 182.49 FRESENIUS MEDICAL CARE ...... 73.58 -0.36 76.32 57.92 HOME DEPOT INC ...... 241.59 -0.05 241.64 181.14 HONEYWELL INTERNATIONAL ...... 181.18 2.03 183.23 150.52 IBERDROLA ...... 10.43 -0.07 10.51 6.02 IBM ...... 155.31 1.83 156.76 126.99 INDITEX ...... 31.50 -0.50 32.37 2.55 INTEL ...... 67.46 0.05 68.47 43.46 ING GROEP NV...... 10.84 0.15 12.05 8.34 JOHNSON & JOHNSON ...... 151.09 -0.90 153.99 126.95 INTESA SANPAOLO...... 2.51 0.03 2.48 1.83 JPMORGAN CHASE & CO ...... 138.00 0.00 141.09 98.93 KERING ...... 598.00 35.30 610.20 425.05 MASTERCARD INC ...... 334.16 3.24 330.92 219.31 KON KPN NV ...... 2.48 0.02 2.96 2.46 MCDONALD’S ...... 217.46 1.73 221.15 175.87 L’OREAL ...... 271.10 -1.90 275.30 220.30 MEDTRONIC ...... 116.49 -2.46 121.30 84.15 LVMH MOET HENNESSY ...... 424.70 12.35 439.05 290.85 MERCK & CO ...... 83.25 -2.00 92.04 73.19 MUENCHENER RUECKVE ...... 277.90 0.50 277.70 201.00 COMMODITIES TOURIST RATES MICROSOFT ...... 184.71 0.27 188.70 106.90 NETFLIX ...... 380.01 6.32 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1564.32 -7.11 Copper Cash Official...... 5695.50 +36.25 Canada ...... 1.638 New Zealand ...... 1.8662 NIKE INC ...... 103.00 2.98 104.58 77.14 ORANGE ...... 12.85 0.15 15.01 12.61 Silver (Pence) ...... 1770.50 -8.00 Aluminium Cash Official ...... 1689.25 +13.50 Croatia ...... 7.9997 Norway...... 11.40 ORACLE ...... 55.73 0.58 60.15 50.24 ROYAL PHILIPS ...... 44.87 0.26 45.61 34.66 Silver (Cents) ...... 1369.00 -7.00 Nickel Cash Official ...... 13087.50 +210.00 Czech Republic ...... 27.20 Poland ...... 4.4402 PAYPAL HOLDINGS ...... 118.56 -0.28 121.30 96.64 SAFRAN ...... 147.35 -2.20 150.25 114.20 Krugerrand ...... 1580.42 -8.34 Aluminium Alloy Cash Official ...... 1312.00 +9.50 Denmark ...... 8.441 Singapore ...... 1.6746 PEPSICO ...... 146.08 0.00 146.08 118.61 SANOFI ...... 92.93 -1.00 93.93 72.24 Brent Crude ...... 54.01 +0.74 Natural Gas ...... 20.52 -0.34 Hong Kong ...... 9.55 Sweden ...... 11.92 PFIZER INC ...... 37.74 -0.35 44.40 34.24 SAP SE ...... 126.42 1.12 126.90 93.56 Platinum ...... 964.00 -3.00 Tin Cash Official ...... 16387.50 +62.50 Iceland ...... 144.91 Switzerland ...... 1.2052 PROCTER & GAMBLE ...... 123.45 -0.71 127.14 98.41 SCHNEIDER ELECTRIC ...... 96.62 0.56 96.06 66.14 British Sovereign ...... 368.86 -1.91 Zinc Cash Official ...... 2144.50 +17.50 India ...... 81.41 Turkey ...... 7.417 TRAVELERS COMPANIES ...... 135.71 -1.67 154.83 126.93 SIEMENS AG ...... 109.20 -0.18 119.90 85.00 Lead Cash Official ...... 1819.50 +9.75 White Sugar ...... 437.00 +7.50 Israel ...... 3.986 United States ...... 1.237 TWITTER ...... 36.79 1.14 45.42 28.89 SOCIETE GENERALE...... 31.55 1.15 31.79 21.13 UNITED HEALTH GROUP ...... 303.48 12.69 300.74 215.26 UNITED TECHNOLOGIES ...... 155.18 -0.07 156.83 122.94 TELEFONICA SA ...... 6.33 0.16 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 58.23 -0.46 62.07 54.03 TOTAL ...... 45.48 0.49 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 207.44 3.50 208.21 168.86 UNILEVER NV ...... 54.78 0.03 57.56 47.05 FTSE 100...... 7534.37 +34.93 +0.47 S&P 500...... 3379.45 +21.70 +0.65 CAC 40 ...... 6104.73 +49.97 +0.83 Hang Seng ...... 27823.66 +239.78 +0.87 WALGREENS BOOTS ALLIANCE...... 54.47 1.48 76.05 49.29 VINCI ...... 105.65 0.65 105.00 79.10 FTSE 250 ...... 21793.48 +147.46 +0.68 Dow Jones I.A ...... 29551.42 +275.08 +0.94 Swiss Market Index ...... 11089.24 -11.93 -0.11 Nikkei ...... 23861.21 +175.23 +0.74 WALMART ...... 115.85 0.45 121.28 96.94 VIVENDI ...... 25.40 -0.11 26.42 22.73 FTSE All-Share ...... 4191.17 +21.10 +0.51 Nasdaq Composite ...... 9725.96 +87.02 +0.90 ISEQ Overall Index ...... 7204.97 +47.30 +0.66 STI Index ...... 3223.37 +47.80 +1.51 WALT DISNEY CO ...... 141.85 0.84 151.64 107.79 VOLKSWAGEN AG ...... 173.28 5.60 185.52 138.16 FTSE AIM All-Share ...... 969.47 -0.45 -0.05 Xetra DAX...... 13749.78 +121.94 +0.89 FTSEurofirst 300 ...... 1682.62 +9.98 +0.60 ASX All Ordinaries...... 7185.30 +33.90 +0.47 WELLS FARGO & CO ...... 47.79 -0.20 54.46 43.38 22 OPINION THURSDAY 13 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS The search is on for someone — TO THE EDITOR Operation anyone — who can beat Trump Resilience

[Re: Coronavirus has exposed the flaws T WAS Harold Wilson, the argument. Impeachment is an teenth century. It is the equivalent of our globalised system] Labour Party’s mid-twentieth Alan inherently political process, with no of asking Britons to vote for Jeremy Joe Zammit-Lucia makes a very good century great hope and conjurer Mendoza clear rules of engagement set out Corbyn last December, a candidate point about the link between “necessary Iof election victories, who first beyond basic minimum standards, with views similarly alienated from redundancy” and resilience, but it is not, coined the phrase “a week is a meaning they are made up as the mainstream British political history. perhaps, entirely fair to say that we have long time in politics”. How process moves along. The initial And look how that turned out. sacrificed resilience in the name of America’s Democrats could use a House vote was political in nature. As for Buttigieg, he is widely seen efficiency. Rather, the overreliance on politician of his skills and standing So were the Senate ones. That isn’t as too young and inexperienced to simple metrics may have blinded many as they examine their last week. justice. It’s politics. survive the process. Certainly he is businesses to the bigger picture. It wasn’t supposed to be like this. The Democrats were hoping that likely to be eviscerated by Trump True efficiency, surely, means being able At the end of January, the Trump. The frontrunner now enough mud would stick to Trump once the primaries are over and the to continue in the face of operational Democrats had their tails up. appears to be a 78-year-old Socialist from the process for voters to look President launches ugly personal disruption — and that means having back- Donald Trump was knee-deep in an who had a heart attack on the cam- warily at him in the election. They attacks against him. up capability. To take a hospital as an impeachment process. It even paign trail last year. gambled, and lost. With former favourite Joe Biden’s example, it may look efficient to have as looked like Senate Democrats might In retrospect, the decision to Any hopes that salvation might campaign in freefall after after fin- few spare beds (or medical staff) as be able to sway wavering Republican impeach Trump was always likely to have emerged from Iowa and New ishing fourth and fifth in Iowa and possible, since they ostensibly represent colleagues to call witnesses to cor- end in farce. The Democrats should Hampshire were cruelly dashed. The New Hampshire, which will likely under-utilised resources. Right up until the roborate their claims that President have realised from the outset that debacle of vote tallying in Iowa destroy his fundraising prospects point where there is an epidemic and you Trump had abused his power. the two-thirds majority of Senators exposed the Democrats to ridicule for the next round, the search is on suddenly need all the beds, and help, you Democrats were also looking for- that is required to convict a from Trump and pretty much the for someone — anyone — who might can get. ward to an electoral cycle that they President was always going to be entire world. Pete Buttigieg — the 38- derail Trump’s prospects. This is why a number of businesses are expected would unite the party, and out of their reach. year-old former Mayor of South Step forward Michael Bloomberg, now placing operational resilience at the lead to a sensible candidate emerg- The Democrats can bleat on all Bend, Indiana and the first openly the former New York Mayor. heart of their strategic planning. If you start ing who could dethrone Trump in they like about the fact this was not gay candidate in a US presidential Bloomberg has skipped the early from the premise that disruptions are November’s elections. a fair trial by judicial standards, process — narrowly won, but Bernie campaigns to focus on flooding the going to happen — and you need to plan Instead, as they survey the wreck- with further evidence and Sanders has challenged the result. country with adverts for Super for how to mitigate them — then you are age of the past two weeks, the witnesses ruled out on a party vote This matters because Sanders won Tuesday — a mass primary day in accepting that this is not “wasted” Democrats find that they are facing in the Senate. But this is an absurd Tuesday’s New Hampshire primary March. Could he be the Democrats’ resource, but vital preparation. an exonerated President with a by a whisker from Buttigieg. And in solution? In normal times, a But once we have dealt with public Republican base galvanised by his the past four decades, no candidate diminutive Jewish billionaire from health and business-critical crises, and are claims that he was the victim of a who has won both Iowa and New a liberal, urban metropolis would able to return to focusing on business, we political witch hunt. Hampshire has failed to win the stand little chance in an increasing- should still be wary of the superficial Nor can any consolation be eventual nomination. ly left-wing party which is looking charms of short-term efficiency in a derived from early election results. The problem for the Democrats is warily at capitalism. But these are competitive marketplace. To be wholly The Iowa caucus descended into If the Democrats that Sanders is unelectable. As for- not normal times. efficient you must be wholly rational, and farce when a malfunctioning app mer Goldman Sachs boss Lloyd If the Democrats are to stand any to be entirely rational is to be entirely turned a quaint eighteenth century are to stand any Blankfein tweeted after the result: chance in November, they are going predictable. In nature, in business, and on local meeting process into a twenty- chance in “Sanders is just as polarizing as to need to work out their identity the battlefield, there is another word for first century technological disaster. Trump AND he’ll ruin our economy crisis, and fast. Otherwise their being 100 per cent predictable: dead. And while the New Hampshire November, they and doesn’t care about our military.” greatest nightmare — four more Name withheld result winnowed the field of candi- Asking Americans to vote for years of Trump — is certain to come dates slightly, the fragmented are going to need Sanders’ viewpoints is asking them back and haunt them. nature of it means that Democrats to work out their to essentially repudiate the entire have little idea yet who might be political and economic course of £ Alan Mendoza is executive director of BEST OF their standard bearer against identity crisis their country since the late nine- the Henry Jackson Society. TWITTER Mother lobbying me to write to @metoffice to suggest next storm has Indian name in honour of cosmopolitan Britain. She likes “Storm Bharat” Want to encourage downsizing and free up @sima_kotecha The Tube needs different lanes for pro and novice walkers and that is my the housing market? Reform stamp duty platform for Mayor of London. @PadraigBelton

ITH the first post-Brexit So we are calling on the govern- pledge to remove stamp duty from Logging off Twitter until there isn't a Budget fast approach- John ment to use the Budget to address all house sales under £500,000. This new Wes Anderson film about ing, there are huge Tonkiss this issue by reforming stamp duty. alone would be a significant boost, journalists Whopes, expectations, Doing so would not only encourage as the vast majority of retirement @stuheritage and indeed demands people to move to the right accom- properties built in the UK are below across industries and sectors — but modation, it would also encourage this threshold. When they were making the Channel perhaps few areas are more impor- the building of new types of Alternatively, the government Tunnel and the M25, did they have the tant than solving the housing crisis. housing — from retirement commu- could remove stamp duty from all same sort of problems and overruns As Boris Johnson’s team focuses on nities to bungalows. retirement properties to encourage as HS2? Or were we better at giant delivering their manifesto promises, A recent YouGov survey found that this important form of housing. infrastructure stuff then? including building 300,000 homes a thirds of homes owned by over-65s 33 per cent of older people — around Either way, such reforms would @questingvole year by the mid-2020s, it’s worth have two unused bedrooms. With four million individuals — would be undoubtedly unlock more housing remembering that we can’t just an ageing population and the size interested in moving if the right supply for people on every step of LinkedIn is one of those places we all build our way out of trouble. of the average household falling, we options were available. More than the ladder. have to be, right? Like the dentist, you Solving the housing crisis also believe that more should be done to half agree that stamp duty is putting Reforming stamp duty would be need to go but you'd rather be at requires a cultural shift. As a coun- help those who want to downsize — older people off moving. quite the statement of intent from a home eating trifle with your hands. I try, we need to make better use of not only because better-suited hous- Crucially, 56 per cent feel that new chancellor, and would help just wish people would stop sliding our existing housing stock. ing for older people improves well- encouraging people to downsize show that the government wants to into my DMs asking to enrich my life. I In a recent report, The Last Time being, but also because it would with a stamp duty exemption would make good on promises to address ate a pot noodle this weekend. I’m a Buyer, Professor Les Mayhew of free up homes for first-time buyers be beneficial to young people. the housing crisis. lost cause. CASS business school points out and young families. This kind of “Help to Move” package It already recognises that chang- @ellenpope that there are 28.3m housing units But when you’ve lived in a home could also boost Treasury coffers ing stamp duty is part of the solu- in the UK, compared with demand for 40 years or more, where you’ve from the extra tax taken in creating tion. The only question is how Happy Valentine’s day to the guy I just from 27.4m households, with the raised your family, it is difficult to new housing chains, and release daring it is willing to be. saw jump through the closing Tube gap accounted for by second homes make the change, particularly more than £360bn in housing equity. doors, leaving his gf on the platform and vacant properties. when faced with high moving costs We urge the chancellor to consider £ John Tonkiss is chief executive of @emmagatten Our own research shows that two and few alternative options. the Conservatives’ pre-election McCarthy & Stone. CITYAM.COM THURSDAY 13 FEBRUARY 2020 OPINION 23

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam An inclusive market economy DEBATE Should the Treasury consider is well within reach post-Brexit a ‘mansion tax’ to help fund N HIS Greenwich speech last week, intervention. Instead, they should be spending commitments? the Prime Minister persuasively set Jim founded on carefully-crafted policies out how the Brexit process must McConalogue that support domestic business, entre- Icarry with it a Canada-style free preneurialism, and commerce. Do you know who pays more in council trade agreement, resting on the Unlike ever before, the government tax: me in my two-bedroom flat in “indispensable principle of compara- must consider retaining existing Kentish Town, or the owner of the tive advantage.” enterprises and reshoring production £160m penthouse at the top of 1 Hyde YES For Boris Johnson, this means across the regions. Future state invest- Park? Astonishingly, the answer is me. embracing free trade to raise living ment in car makers and civil aircraft Our current approach to taxing ROBERT PALMER standards and lift people out of poverty, production needs to be reclaimed by property is broken. In England, council while casting aside the EU’s obsessive enhance personal freedom and enable the people, for the people. Ministers tax is based on values from 1991. The only right that those living in the most rules on competition, subsidies, social free enterprise. Then, all members of must look back to steel (including amount people pay also varies hugely expensive homes contribute a bit more. protection and the environment. society can improve the common wel- Redcar), the ceramics of Stoke on between councils. After a decade of A well designed mansion tax would raise But “free trade” fast becomes noth- fare through mutual cooperation. Trent and chemicals industries in cuts to local government, councils are extra revenue, while protecting most ing more than an ideological wish The government must ensure sound Teesside, and stop undermining their struggling to fund basic services. people who haven’t had a real pay rise when it fails to guarantee domestic money and tax private companies fair- advantage by imposing costs or failing It’s great to see leaks suggesting that in a decade. Even better would be to prosperity across the UK regions. The ly to pay for public services. As econo- to safeguard them with trade rules. the Conservatives might take on this make council tax more directly linked to government’s political reputation mist John Maynard Keynes identified In trade, if we are to genuinely problem by introducing a mansion tax a property’s value, as they are in the US. now depends on that. in the 1930s, prosperity for British citi- regain the principle of comparative on the most expensive properties or The Conservatives won the election zens ought to be the primary objective advantage, we will need to be intelli- adding more bands at the top. £ Robert Palmer is director of Tax on a platform of “getting Brexit done” of economic policy — and achieved gent about policymaking and address With council budgets under strain, it’s Justice UK. and “one nation conservatism”. That through national self-sufficiency. dumping practices in the global trad- means government for all, both on In our chief executive David Green’s ing environment. Moreover, we must delivering Brexit and generating pros- challenge to the old world view of free close down our own home-grown com- perity for the people. market fundamentalism — in his petitive disadvantages — such as the A “mansion tax” — a new tax on high Those pledges inevitably mean book, Inclusive Capitalism — it is cost of energy — that have made our value homes — is a tax on London. It rejecting a past of “crony capitalism” apparent that commitments to trade industries uncompetitive. would totally hammer families and which allowed a small London elite to in a post-Brexit market economy If we are to reorient our economy to elderly people who have worked hard NO use political power to extract wealth should not be based on a lack of state focus on prosperity for all in an inde- for years to pay their mortgages, and and avoid taking responsibility for pendent country, it must support a who have already forked out additional NICKIE AIKEN how markets functioned. renewed trading culture. The change tax such as stamp duty when they Modern capitalism provides vast in emphasis means that we must cre- bought their homes. council tax. I raised an additional wealth for the few and too little for ate wealth by investing in localised Before we introduce more taxes, let’s £600,000 in just one year as Council the many. This is not because some productive assets and employing a reform what we already have, such as leader by introducing voluntary people took risks which paid off, but We must close national workforce. the no-longer-fit-for-purpose council community contributions for Band H because casino-like practices rigged That way, Britain can make things tax, where bands are based on property occupants which funded rough the market. The cards are often down our home- and deliver services which work for values last reviewed in 1991. Then, the sleeping projects and services for stacked against investors and business- ourselves at home, and which can be value for a Band H property in children and young people. es outside the clique. But a more inclu- grown competitive exported across the globe. Westminster stood at £300,000 — today Let’s use common sense and, rather sive market economy is well within you’d struggle to find a garage in the than introducing new taxes, reform the the realms of our post-Brexit world. disadvantages £ Jim McConalogue is editorial director at heart of my constituency for that. broken council tax system first. As our research at Civitas sets out, a that have hurt our think tank Civitas and author of The British There are some 2,000 properties in more moral, national and inclusive Constitution Resettled: Parliamentary Westminster worth over £10m, and £ Nickie Aiken is the Conservative MP capitalism requires the government to industries Sovereignty Before and After Brexit. they can pay their fair share through for Cities of London and Westminster.

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NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 24 LIFE&STYLE THURSDAY 13 FEBRUARY 2020 CITYAM.COM TECHNOLOGY EDITED BY STEVE HOGARTY A GALAXY FAR, FAR AWAY Announced at Samsung Unpacked this week, the new Samsung Galaxy S20 Ultra is armed with a telephoto lens that can see for miles

PHONE ship Android phones and the succes- widescreen, or looping boomerang sors to the S10. The cameras on all animations. Testing it out in a busy SAMSUNG GALAXY S20/S20+/S20 ULTRA three are capable of recording at 8K room the feature worked surprisingly FROM £799, SAMSUNG.COM/UK resolutions – higher than IMAX well, generating interesting stills with screens – though unless you own an smiling faces, and video clips featur- BY STEVE HOGARTY 8K television that’s a higher resolu- ing actual action taking place, rather tion than anything you could play it than my feet and the coffee table. ameras have long been the back on. The upside is that, as well as Elsewhere the hardware specs have battleground on which top future-proofing your holiday videos been cranked up as high as they’ll go. phones have proven them- for the next decade, the oversized res- The three phones each have OLED selves. Just look at how the olution lets you pull out a single HDR+ screens running at a whipfast advertising has evolved over frame of footage and convert it into a 120Hz refresh rate, which creates a theC years: televisions and billboards quality photograph. luxurious, silky smooth sensation as are now plastered with video and pho- A new Single Take feature means you scroll, swipe and open and close tographs shot on Apple, Google and you no longer have to decide which of apps. Battery sizes have all stepped up Samsung phones. The physical devices the glut of fancy camera modes to use to meet the increased power demand, themselves? Almost an afterthought in a given situation, or even whether though it remains to be seen how by comparison. Where manufacturers to shoot a still or a video. Instead, the they fare with regular, daily use. once fought to be the thinnest, the camera can use every mode at once. Though the networks themselves lightest and the fastest, they now race Point the phone at a scene for a few haven’t fully rolled out yet, the S20 to be the first to offer things like as- seconds and Single Take will scan phones are all 5G ready, enabling ex- trophotography, night vision and through the video to present you ponentially faster download speeds, slow-mo selfies. with a gallery of the best still shots, more responsive online gaming and With this week’s announcement of portraits and short videos, a few streaming higher resolution or 360- the Galaxy S20 Ultra, Samsung has taken with filters, or shot in degree video. Google Duo will supply waded into the camera arms race Samsung’s video calling function, holding with a nuke. The camera where 5G connectivity promises to smashes two smartphone records, display your friends’ faces in far boasting the first 108 megapixel sen- higher resolutions than anyone re- sor (outside of China, at least) as well members ever asking for. as a frankly ridiculous, 100x telephoto The regular S20 starts at £799 (for zoom lens, capable of picking out dis- Samsung has the 4G model), the larger S20 Plus tant objects like no other phone on (pictured) starts at £999. For the S20 the market. waded into the Ultra and its advanced camera fea- The Galaxy S20 Ultra was revealed camera arms race tures, you’ll pay £1,199. All three alongside the S20 and S20 Plus, the phones launch 13 March, with pre-or- trio forming Samsung’s latest flag- holding a nuke ders available now. The Witcher’s compulsive card game feels at home on Switch GAME Netflix series – and it feels like the decided by games of Gwent. A new definitive version of the game, the spin on the formula is the addition THRONEBREAKER: THE WITCHER TALES perfect medium on which to tinker of “puzzle” matches, in which PLATFORM: NINTENDO SWITCH with your Gwent deck. you’re given a fixed deck and a For the uninitiated, Gwent is a specific set of goals – reduce every hhhhi | BY STEVE DINNEEN game in which cards of different enemy to one point, for example – values are played onto a series of which are more akin to sudoku Gwent, light of my life, fire of my rows (six in The Witcher 3, four in than Gwent-proper. loins. My sin, my soul. The Witcher Thronebreaker), the goal being to As with the mainline Witcher 3 is one of the truly great open- have a higher score than your franchise, this is a game about world games, mind-boggling in its opponent at the end of the best-of- compromise in which you must scope and masterful in its three match. often select the least-worst option execution. But for many, it was all Things are complicated by – kill your prisoners or let them just elaborate padding around the different cards’ abilities, which go; allow starving peasants to tag in-game pastime, Gwent. I clocked can chip away at your enemy’s along with your army or abandon over 300 hours in this vast world – points or bost your own. As you them – with your decisions usually the medieval metropolis of progress through Thronebreaker, coming back to haunt you in cruel Novigrad, the haunted bogs of you “recruit” cards into your army, and unpredictable ways. Velen, the unforgiving Skellige giving you more flexibility and Thronebreaker, happily, is a case islands – and I dread to think how firepower. of ‘come for the Gwent, stay for the many of them were spent in dingy The first thing you see is not a story’, with the twisty, convoluted bars playing cards with angry deck of cards, however, but an narrative as gripping as we’ve dwarves and swindling noblemen. isometric RPG – one with a come to expect from Polish After the credits rolled, it wasn’t beautiful, painterly art style and developer CD Projekt Red. Its the game’s hero Geralt I missed but fully-voiced dialogue. Your nested mechanics gel together into the Gwent deck I’d taken so long internet, knowing in my heart they tonic I’d been craving when it was character, Queen Meve of Lyria, a wonderfully immersive, perfecting (I came very close to would never see any action). released for consoles and PC in negotiates familiar locales along incredibly addictive blancmange of spending a mildly obscene amount So Witcher tie-in Thronebreaker, 2018. Now it’s on Switch – timed to with her army, and it’s her a game, one for which you can of money on an unofficial set of whose story is told largely through coincide with the resurgence in encounters with hostile forces or always, somehow, carve out physical Gwent cards off the the medium of Gwent, was the interest following The Witcher dangerous monsters that are enough time for “one more try”. CITYAM.COM THURSDAY 13 FEBRUARY 2020 FEATURE 25 OFFICE POLITICS Speak up — and say it like you mean it

of experience that diversity brings. A Boardrooms dominated by the Received workforce with access to the different Pronunciation accent are on their way out ways of thinking that a mixture of backgrounds and upbringings grants is seen as vital for innovation and AST year, the Oxford English Sophie insight. Dictionary (OED), custodian of Harwood Working myself in an office of British-English, added a variety dozens of different cultures, I can Lof regional words and terms to JOURNEY ON attest to this first-hand. its pages. This move from the In the early twentieth century, OED was indicative of how regional Citymapper George Bernard Shaw wrote: “It is linguistic variation is slowly but surely Free impossible for an Englishman to open being embraced in the UK. his mouth without making some Received Pronunciation (RP) is the Fancy travelling other Englishman hate or despise clipped accent of the “Queen’s outside your him.” Fortunately, the reality today is English”, a hallmark of classic BBC against because of how he spoke — to comfort zone no longer quite so discriminatory. broadcasts. It is estimated that the extent that he had his son, Robert, and getting to The obstacles facing Britons with between two and three per cent of the taught to speak with a RP accent, so he grips with a new non-RP accents is unlikely ever to fully British population speak with an RP could take over the family’s dealings city? You disappear, as humans will always be accent. Its influence and impact, how- in London. probably know susceptible to making small-minded ever, remain far greater than those A study published last month by my Citymapper’s assumptions based on speech and numbers would suggest. company, the language-learning app London offering, appearance. But the so-called “class Up until at least the mid-20th centu- Babbel, and Dr Alex Baratta of the but the app is ceiling” — the unfair limitations that, ry (and in many cases still to this day), University of Manchester, explores Liverpudlian is attributes with regional accents with- available in 38 in the capital particularly, are routine- British boardrooms, governmental dis- this precise topic: humankind’s per- perceived as in our country: Liverpudlian is per- other urban ly placed on workers with certain cussions, and broadcast programming ceptions of accents. witty, Scottish ceived as particularly witty, Scottish as areas, including accents — is creaking. were dominated by formal, southern The Babbel Accent Report revealed as professional professional and to-the-point, Birmingham, Babbel’s research found that the elocution. British English as the most likeable and to-the- Yorkshire as honest, Newcastle as Manchester, majority of Britons believe that com- And the cultural dominance of RP accent by people internationally, point, Yorkshire charming and approachable. Paris, and panies which embrace the foreign goes back further than that. George which could in part be due to the con- as honest, and A combination of these qualities is Brussels. It gives accents of their employees are more Stephenson, known as the “Father of notations of “gentlemanly Newcastle as increasingly recognised as desirable you up-to-date successful. Thus, the innate advantage Railways”, was one of Britain’s great Britishness” outside of the UK, and the charming and for the effective internal operation of information and of those with a “posh” accent is unde- entrepreneurs and industrialists. Born supposed qualities that accompany approachable an organisation and the successful helps you plan niably shrinking, with meritocracy nine miles from Newcastle, this (such as sophistication, civility, external projection of a brand. In the best route as and diversity rising in its stead. Stephenson spoke with a broad and wit). 2020, a company with a team all you go off on What do you say to that? Northumberland accent. Despite his However, the findings from within speaking in homogeneous southern your travels. widely lauded, pioneering achieve- the UK were deeply revealing. British accents will increasingly be perceived £ Dr Sophie Harwood is senior editor for ments, Stephenson was discriminated people associate all manner of positive as lacking in the vigour and breadth business learning at Babbel. 26 SPORT THURSDAY 13 FEBRUARY 2020 CITYAM.COM SPORT Arsenal defender Leah Williamson tells Felix Keith why she’s lucky to play in this era

IKE MANY football-mad children, Leah Williamson dreamed of be- coming a professional player. The Ltalent was there and she took the first step on the ladder aged nine when she joined the Arsenal Ladies Cen- tre of Excellence in 2006. However, there was one major problem in her way: 14 years ago there was no such a thing as a female full-time profes- sional footballer. She had role models – Williamson still remembers the excitement of getting a picture with Arsenal winger Rachel Yankey as a youngster – but a full-time ca- reer in women’s football did not appear to be a viable option. Now aged 22, with over 100 starts for Ar- senal under her belt, a Women’s Super League winner’s medal and 14 England caps, Williamson is able to reflect on what could have been. “It’s funny, I had a conversation with my dad when I was younger and he told me, ‘By the time you get there, it will be professional’,” she tells City A.M. at Arse- nal’s London Colney training ground. TIMING “That wasn’t even a thing back then. We take it for granted, but it wasn’t. We weren’t laughing it off, but I wonder how many dads would have encouraged their daughters in my position to do that? I’m very grateful for that and it really does feel like I’ve turned up at the right time. “Conveniently, the year I finished sixth form at school, at 18, the club went pro- HER RUN fessional, in terms of training full-time. It seems to have all worked out well for me, which I can’t complain about. “Everyone wants a piece of women’s football because of the way that it is fielder, Williamson has now established driven and know what you want to do growing and I’m very grateful to be LEAH WILLIAMSON’S IMPRESSIVE CAREER SO FAR herself as a central defender in Joe Mon- when you’ve got something like that in around now. But I also have to appreciate temurro’s Gunners side. front of you,” she says. “I’ve always the journey that others have been on to Williamson played a key role last season dreamt of being an Olympian so it feels put me in this position. as Arsenal claimed the WSL title for the special.” THE BEGINNING young player of the year for 2015. “Look at Alex Scott: she used to work in Aged nine, Williamson joins the first time in six years before going on to Further in the future, the prospect of the laundry [at Arsenal’s training system of the club she supports. INTERNATIONAL BOW learn from Steph Houghton and Millie England hosting the 2021 European ground], and only now is she really recog- Bright in England’s run to the semi-finals Championships is something Williamson Having been called up for the first time nised for what she did in football. It’s im- of the 2019 World Cup. can’t help but look forward to. GUNNERS DEBUT alongside friend Keira Walsh, portant to recognise them.” “Last year was a real turning point for “I was there when we beat Finland and Williamson makes her senior debut in Williamson wins her first cap for me, in terms of people taking me seri- Karen Carney scored a goal to win 3-2 [in DIVE IN HEAD FIRST March 2014, replacing Rachel Yankey England against Russia in July 2018. in a 2-0 defeat by Birmingham City. ously,” she says. “I think, as a midfielder Williamson places the credit for her foot- THE FUTURE converted to a defender, people always ball career with her parents, who encour- need a bit more reassuring.” RECOGNITION Williamson is hoping to play for Great aged her to follow her dream despite They are certainly reassured now. Al- The young midfielder from Milton Britain in the Tokyo Olympics and for negativity from elsewhere, including though Arsenal have suffered damaging Keynes wins England’s youth player of England at the teachers. defeats to Chelsea and Manchester City in the year for 2014 and is voted the PFA 2021 Euros. “My mum had always played sport, so recent weeks to slip to third in the WSL Alex Scott used to she was always a bit more sceptical than and leave the title race in their rivals’ my dad. But my dad just told me to dive hands, Williamson’s career continues to work in the in head first,” she says. go from strength to strength. laundry. Only now “Without that I’m not sure that I ever ford to focus just on the game. The young where I have As the WSL has developed so the com- would have, because it wasn’t a career defender is also undertaking a part- come in [to the petition has increased, and while is she recognised when I was younger. And that was my time course in accountancy sport] just a lit- Williamson would be happy to streak to generation. So if I was a few years older it through the Football Association tle too early, in another title, the overall growth and in- for what she did in definitely would have been a bit more out in preparation for life after her terms of hope- creased depth is a promising sign for the football of reach. playing days, or as an “insurance fully one day greater good. “When I got to 15 you could see where policy” should injury strike. these girls “Nobody really wants to go and watch the game was going and that was when “You should dedicate your life will earn an 8-0 whitewash game – it’s not what the opening match of the 2005 Euros],” my mum allowed me to take it a bit more to football – I have to, I’m an ath- enough you want to sell,” she says. “For my per- Williamson says. “That lived with me. seriously than as a hobby and put a bit lete – but it shouldn’t be every- that they sonal development I would rather have Home soil, feeling that you’ve got a na- more on it. But if I was a bit older would thing, the be-all and end-all,” are set for that battle every weekend than a game tion behind the team – nothing really my dad have seen it like that, to give me she says. life. that’s already won before you step on the comes close to that. that encouragement? I’m not sure where “So I do it to keep “If a boy pitch.” “I think there will be pressure, and I I would be without it.” some sort of balance, signs for an hope there is because that will mean Thankfully, for Arsenal and England, always doing some- academy aged 16 he OLYMPICS AND BEYOND we’re doing something right, but more Williamson is where she is. But despite thing outside of foot- is generally set for life. While the focus remains on Arsenal, the than anything I’m looking forward to see- being one of the most promising young ball. But also I’m It’s a massive contrast in our WSL and the Champions League for now, ing what happens. players in the country, in a sport which under no illusions game and I’m aware of that. there is another consideration looming. “In a year’s time, at the rate this game has enjoyed a much-needed boost over that I’m not going to It’s ridiculous to think that Great Britain will send an 18-player squad is growing, we have no idea how big it’s the past few years, certain realities of the be able to retire at the once your career finishes you made up of players from England, Scot- going to be.” women’s game remain. end of my career and be are going to be fine and set.” land, Wales and Northern Ireland to the It is an exciting time for women’s foot- Although she is professional and trains fine for the rest of my Tokyo Olympics in July and Williamson is ball and as a key component for Arsenal full-time with Arsenal, like many other life. I will have to work WSL GROWTH determined to be among them. and England Williamson looks set to be female footballers, Williamson can’t af- again and maybe that’s Having started out as a mid- “It’s always easier to work hard and be at the forefront of it. CITYAM.COM THURSDAY 13 FEBRUARY 2020 SPORT 27

FULHAM DRAW AT MILLWALL SPORT DIGEST COSTLY COLLAPSE England fall apart and fall short in T20I defeat AS WEST BROM MOVE CLEAR £ Fulham missed the chance to go game in interim charge following Nick move second in the Championship as Cushing’s move to New York City and they were held to a 1-1 draw by Bristol failed to hit back. City remain a Millwall last night. Aleksandar Mitrovic point ahead of Chelsea, who have a turned in his 21st goal of the season game in-hand after beating from an early free-kick to put the Birmingham City 2-0 to make it four visitors ahead at the Den, but Jon Dadi successive wins. Goals either side of Bodvarsson equalised from what half-time from Guro Reiten and Beth appeared to be an offside position England were enough for Blues, who minutes later. Millwall’s Jed Wallace face City in the WSL on 23 February. smashed a penalty over the bar after Joe Bryan fouled Mahlon Romeo and CHAMPIONSHIP COMPLAINS neither side could find a winner. AFTER RFU BUDGET CUTS Fulham remain third, level on points £ The Rugby Football Union is facing with second-placed Leeds, but league a backlash after cutting Championship leaders West Brom moved six points funding in half. The RFU has slashed clear with a 2-1 win at Reading. the money given to second tier sides from about £534,000 to £288,000 per CHINESE GP POSTPONED club in a move that Bedford chairman BECAUSE OF CORONAVIRUS Geoff Irvine described as Premiership £ The Chinese Grand Prix has been ring-fencing “in all but name”. RFU postponed due to the outbreak of chief executive Bill Sweeney said the coronavirus in the country. The race decision to return to a 2015-level of was scheduled to go ahead on 19 April funding had been made due to the in Shanghai, but governing body the league’s failure to meet “a set of FIA has accepted a request from the objectives and deliverables”. organisers to postpone it in order to “ensure the health and safety” of KONTA ON A LOSING STREAK drivers, staff and fans. The FIA BUT EVANS IS VICTORIOUS statement said they would look into £ Johanna Konta suffered her fourth racing in China “as soon as possible” straight defeat in singles when she was but if no date can be found to knocked out of the St Petersburg reschedule then it will be cancelled. Ladies Trophy yesterday. Konta lost 6-3, 6-4 to world No159 Oceane Dodin CITY AND CHELSEA WIN AS of France in the last 16 in Russia. The WSL TITLE RACE HOTS UP British No1, who has been managing a £ Manchester City maintained their knee injury, was playing just her third ENGLAND snatched defeat from the jaws of victory as Lungi Ngidi defended seven runs from the final over to give South Africa victory by one lead at the top of the Women’s Super singles match since September’s US run in the first Twenty20 International yesterday. Eoin Morgan (52 from 34 balls) smashed three consecutive boundaries to leave seven runs League with a 1-0 victory over Bristol Open. Elsewhere, Dan Evans moved required from the last seven balls in East London, but England conspired to lose four wickets for five runs as Ngidi closed out the last over to City last night. Gemma Bonner into the last eight of the Rotterdam give the hosts a 1-0 lead in the three-match series. Earlier England had fought back well to restrict the Proteas to 177-8 after a fast start hooked in a free-kick early on to give Open with a 4-6, 6-3, 6-4 win over batting first. Jason Roy’s innings of 70 from 38 then appeared to have them on course before the late collapse saw them fall short on 176-9. City the lead in Alan Mahon’s first world No17 Karen Khachanov.

CRICKET suited to the conditions and not to COMMENT take Crawley’s place. BREAK FOR BAIRSTOW Chris Bairstow may not have been included Tremlett in the squad, but he has a central con- FOAKES IN tract for Test cricket so is still in the se- lectors’ thoughts. Although he has developed a reputa- tion as a fantastic white-ball player, it’s NGLAND may still be in clear Bairstow has the drive for the South Africa, but the squad longest format, and when he plays he for their tour of Sri Lanka THE FRAME wants to keep wicket too. Ewas named on Tuesday and That determination is good to have, the series isn’t far away. but I think this time away from the The team will fly out next month side could benefit him, like Moeen Ali, ahead of the first Test on 19 March who has taken a break. and the 16-man squad features some interesting calls. I am happy to see Ben Foakes back in the England Test squad. I thought the Surrey wicket-keeper was harshly treated before: he came into the side Foakes is a grafter for the tour of Sri Lanka in 2018, scored a hundred on debut, kept well, and I think his made runs batting with the tail and then was dropped after the tour of mentality is a the West Indies last winter. For me, Foakes is the best wicket- strong attribute to keeper England have and, now he’s have in Tests been recalled, I would like to see him get an extended run with the gloves. Sri Lanka is a good place for him to Bairstow can take some time to re- start. He knows the country and the flect, work on a few things and reset conditions well, having played there his goals before playing some county with England, the Lions, Surrey and cricket. Colts Cricket Club in Colombo. If he can continue scoring runs He’s not a one-trick pony who is only against the white ball and find some able to play on slower subcontinent confidence against the red ball I’m pitches – he is a proper player who av- sure a Test return will materialise. erages 41.50 in his five Tests so far – As for Moeen, I think this self-im- but he can show that he fits the posed break will benefit him in the mould Chris Silverwood is looking for. long run. He needs to be 100 per cent Foakes is more of an old school right both mentally and physically be- player, compared to Jonny Bairstow fore he rejoins the Test side. and especially Jos Buttler, who are ex- Although Jack Leach and Dom Bess plosive talents with the bat. Foakes is have both come into the side and im- a grafter and I think his mentality is opener has struggled in home condi- where he has an impressive record, in the future. pressed, I still think England have a strong attribute to have in Test tions, repeatedly being dismissed in having made an unbeaten 146 in Galle Zak Crawley showed promise in the missed Moeen at times. He is such an cricket. the same fashion, but his two Test cen- in November 2018. South Africa Tests and is deserving of important cog in the wheel, and at 32 turies have come in the subcontinent, The Lancashire left-hander is well- some more time at the top of the he still has a lot of mileage left in him. HORSES FOR COURSES where he appears much more at ease. known to England, having played 17 order to develop his partnership with Keaton Jennings has been recalled for Jennings is a good player of spin and Tests, but he is not the way I would Dominic Sibley. Chris Tremlett is a former England and the Test series, in what must be a he is lucky that Rory Burns’ injury has have gone at this stage, as I don’t see I just hope Jennings is going on the Surrey fast bowler and a director at Source horses for courses decision. The coincided with a trip to a country him becoming a mainstay of the side tour as a back-up batsman who is Property Investments. @ChrisTremlett33 FREE LIVE TRADING EVENT | 20TH FEBRUARY – 6:30PM | FINECO HUB IMPROVE YOUR TRADING SKILLS

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