BUSINESS WITH PERSONALITY

LOCKDOWN MORE BACK TO THE FUTURE IS VIRUS CASES IN THE FLIP PHONE SET TO EUROPE TAKE MAKE A COMEBACK? P21 THEIR TOLL P5 THURSDAY 27 FEBRUARY 2020 ISSUE 3,564 CITYAM.COM FREE

UP, UP AND AWAY? Heathrow TRIO HIT BY bosses await High Court ruling JOB LOSSES DIGITAL SHIFT CAUSES CULL AT HOUSEHOLD NAMES WITH ROLES ON HIGH STREET BEARING THE BRUNT

HARRY ROBERTSON roles across our branch network.” City A.M. understands Lloyds does @harrygrobertson not plan to close any branches. LLOYDS Bank, Virgin Money and Virgin Money, however, will close 22 insurer Direct Line all wielded the axe 800 branches this year and “consolidate” yesterday, announcing more than 30 more into another Clydesdale 2,000 job cuts as they scramble to Bank, Yorkshire Bank or Virgin Money respond to customers’ increasingly location within a half mile. It merged digital tastes. with CYBG in a £1.7bn deal in 2018. Banking giant Lloyds said it planned 780 Lucy Dimes, group business trans- to slash 780 jobs across its branches in formation officer at Virgin Money, response to falling demand for high- said: “As our customers change the street banking. way they want to bank with us, we are Lower appetite for in-person services evolving the role of our stores — in- STEFAN BOSCIA was given leave to appeal, which was also lay behind challenger bank vesting in all of the ways that cus- AND EDWARD THICKNESSE heard in October. Virgin Money’s plans to cut 500 jobs 500 Today’s appeal verdict comes as tomers are choosing to bank with us.” and shutter 52 branches. The move reported a 26 per cent fall in annual Insurers have also been hit by chang- @Stefan_Boscia @edthicknesse Heathrow announced yesterday it comes as it continues to integrate profit, reflecting a hit from billions of ing consumer habits. Direct Line boss THE COURT of Appeal will deliver a had recorded its ninth consecutive with Clydesdale and Yorkshire Bank- pounds of payment protection insur- Penny James said last year that her verdict on Sadiq Khan’s challenge to a year of passenger growth. ing Group (CYBG). ance compensation. Lloyds received firm was seeking to cut costs by third Heathrow runway today. The airport received an extra £856m Direct Line said it intends to cut 800 the biggest hit of any British bank £60m. The job reductions announced Khan teamed up with several local in investment in 2019, but said that jobs in a drive to reduce costs. “People from the scandal. yesterday are part of that plan. councils, environmental groups and there was £14bn more waiting in the are increasingly opting to interact The lender has gotten rid of about It isn’t just British outlets that are Heathrow Hub — the authors of a wings from private investors if the with us digitally,” a spokesperson 5,000 jobs over the last two years and being hit hard by the move towards rival extension bid — to challenge the expansion got the go-ahead. from the firm said. now employs roughly 63,000 people. digital banking and services. In Department for Transport’s (DfT) Heathrow boss John Holland-Kaye Banks in Britain and around the Cutting jobs has become a trend Germany Commerzbank announced 2018 policy statement backing the weighed in ahead of the ruling, saying world have come under increasing among banks in 2020. HSBC last week plans to cut 2,300 jobs at the end of project. Parliament gave the nod to Boris Johnson risks “walking naked” pressure from digital competitors and announced a radical overhaul which last year, while Italian giant Unicredit Heathrow’s plan by backing DfT’s into post-Brexit trade negotiations if low interest rates, which hold down will cut 35,000 jobs across the group. has planned some 8,000 job cuts and statement in 2018, voting 415–119 . he does not back the runway plans. profit margins. A Lloyds spokesperson said: “As cus- the closures of 500 branches. Khan’s subsequent court challenge Lloyds’ announcement of new job tomers are using our branches less was unsuccessful, however the group £ CONTINUES ON P7 cuts comes just a week after it often, we are reducing the number of £ METRO BANK UNDER FIRE: P2

FTSE 100▲ 7,042.47 +24.59 FTSE 250▼ 20,622.95 -93.02 DOW▼26,957.59 -123.77 NASDAQ▲ 2,980.77 +15.16 £/$▼ 1.293 -0.007 £/€▼ 1.187 -0.009 €/$▲ 1.089 +0.002 02 NEWS THURSDAY 27 FEBRUARY 2020 CITYAM.COM

IN NEED OF A GOLDEN TOUCH Aston Martin results out today

INVESTORS are hoping for some sign of a recovery at Aston Martin when the luxury car maker reports its THE CITY VIEW fourth-quarter results today. Aston Martin, the car of choice for James Bonds over the years, has had a bad year so far. It issued a profit warning in January, citing “challenging trading Metro Bank needs to conditions”. In its last statement, the car maker said it expected wholesale shipments to be below previous guidance of 7,100. But since then, the start moving forward coronavirus outbreak has sparked fears that car supply chains could be badly disrupted. Y PRETTY much any conceivable metric, Metro Bank has had a miserable recent history. A major accounting Bblunder disclosed at the start of 2019 has sparked two regulatory investigations, led to the departure of its chairman and chief executive, and wiped almost 90 per cent off the lender’s market cap. Unsurprisingly after all that, yesterday’s annual results — featuring an £131m loss, eight per cent slump in deposits, and cuts to its expansion plans — made for pretty grim reading. Shares slumped to an all-time low. But the famously dog- friendly challenger bank’s problems run even deeper than this series of calamities: it isn’t challenging the incumbents in the right place. Metro Bank was founded to revolutionise high street banking, taking on the Big Four lenders with improved customer service and longer opening hours. But, thanks to the well- documented collapse in footfall and stiff online competition, the high street it set out to shake up Metro to hand back cash no longer exists. Instead, incumbents and high street The dog-friendly challengers alike are battling to make a profit amid squeezed challenger isn’t margins and years of low challenging the as US class action looms interest rates. Just a few hours Big Four in the after the release of Metro ANNA MENIN federal securities laws arising from al- plans after plunging to a £131m pre- Bank’s results, Lloyds said it will right place @annamenin legedly false and misleading state- tax loss in 2019, a devastating year in cut 780 job across its UK ments in relation to its loan book”. which an accounting scandal sent branches, blaming declining demand for high street banking, and ON THE same day Metro Bank posted The lender said it intends to “vigor- shares plunging and led to an exodus Virgin Money announced the loss of 22 branches and 500 jobs. a £130m loss it yesterday admitted it ously defend” the proceedings, which of the bank’s top brass. will have to return £50m of the are at an early stage, and it was not Metro Bank booked a £130.8m pre- While both Lloyds and Metro Bank have ruled out branch closures £120m it was controversially awarded yet possible to estimate their likely tax loss, compared to a profit before for now, the latter will dramatically cut the pace of new openings, last year by the Banking Competition financial impact on the company. tax of £40.6m in 2018. That meant in- and both lenders are ultimately heading in the same direction. Remedies’ (BCR) Capability & Innova- Earlier this month, it emerged that vestors took a loss per share of 123.9p, tion Fund, after revising down some Metro Bank had launched a major re- compared to 2018’s 29.1p earnings per Now, the industry’s fiercest challengers are nimbler digital-only ambitious growth targets. view of its compliance controls after share. Deposits fell by eight per cent competitors, who can offer technological innovation and better The lender is now planning to open handling money from Iran and Cuba, to £14.48bn in the period, as business user interfaces than their more established counterparts. Digital a total of 15 rather than 30 branches in breach of strict US and EU sanc- clients withdrew cash after the ac- banks operating in the UK almost trebled their customer base in in the north of England by 2025. tions. The lender said it was not yet counting error. The challenger bank used its full “practicable to identify the likely out- Shares in the bank fell as much as 19 2019, edging towards 20m global users. While many fintechs year results day to disclose that it is come or estimate the potential finan- per cent to an all-time low of 155p, come with their own profitability challenges, the success of firms facing a class action in the US, which cial impact of these matters”. but pared back most of the losses to like Revolut — which this week became the joint most valuable it said was “based on breaches of US Metro Bank will slash its growth end the day 3.1 per cent down at 186p. fintech startup in Europe, with a new $5.5bn valuation — shows A METROSPECTIVE OF MISTAKES that online competition isn’t easing off any time soon. Analysts now suggest Metro Bank may have to sell off part or all of its March 2010 January 2019 September 2019 October 2019 December 2019 February 2020 business to secure its future, but chief exec Dan Frumkin insisted Metro Bank is first Admits under- Metro Bank Co-founder Chief exec Craig Frumkin made lender to get a reporting exposure forced to pull a Vernon Hill Donaldson quits. permanent. Metro yesterday the bank is “here for the long term”. Metro Bank must high street to higher-risk loans £200m bond issue steps down as Dan Frumkin posts £131m move on from its annus horriblis, and quickly. banking licence in by almost £1bn, after lack of chairman takes over as pre-tax loss. Growth more than 150 triggering two interest from following the interim chief plans cut. Shares at years probes. investors failed bond raise executive record low Follow us on Twitter @cityam

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL COURT HEARS HOW FEUDING WHAT THE GERMAN COURT OPENS LCF SCAMMERS MILK SOFTBANK CHIEF RAN SMEAR BARCLAYS BUGGED RITZ OTHER DOOR TO ASSISTED DYING WATCHDOG DATA BREACH CAMPAIGN AGAINST RIVALS Members of the feuding Barclay family Germany’s highest court has struck Victims of collapsed savings firm Rajeev Misra, head of Softbank’s Vision used Whatsapp to discuss the fruits of a PAPERS SAY down a ban on assisted dying clinics, London Capital & Finance (LCF) say they Fund, has been accused of striking at covert operation to record the paving the way for doctors and hve been bombarded by messages two of his main rivals inside Softbank conversations of Frederick Barclay and THIS Dignitas-style organisations to supply from scammers, and blame a major with a dark-arts campaign of personal his daughter, according to a High Court lethal drugs to seriously ill patients. The data breach at the City watchdog. LCF sabotage in a bid to climb the firm’s proceeding relating to a bitter dispute MORNING ruling overturns a previous law that customers were among 1,600 people ranks. Misra planted negative news over the family’s property, retail and made the “business-like facilitation” of whose records were wrongly published stories about them and even attempted media empire. suicide a crime. on the Financial Conduct Authority’s to lure one of them into a “honey trap” website, and believe they were targeted of sexual blackmail, according to AIRLINES FREEZE HIRING APPLE BANS FILM VILLAINS after personal information was leaked. documents seen by WSJ. AND FUNDING AMID VIRUS FROM USING IPHONES Airlines in Europe are freezing A Hollywood director has revealed that PRITI PATEL TOUGHENS UP TECH PLATFORMS NOT WED recruitment and investment in an Air France-KLM group, is delaying Apple lets its iPhones be used in films ON POLICE OVER CRIME RATE TO FIRST AMENDMENT emergency effort to protect profitability investment in IT and cutting back on only if they are held by a good guy. Home secretary Priti Patel has told A federal appeals court in California has as the coronavirus spreads rapidly hiring staff. German airline group Knives Out director Rian Johnson said: police chiefs there will be “no excuses” ruled that privately operated internet around the world, hitting passenger Lufthansa also announced plans “Apple let you use iPhones... but bad if they fail to reduce crime after the UK platforms such as Youtube are free to demand. Dutch carrier KLM, part of the yesterday for a hiring freeze. guys cannot have iPhones on camera.” adds 20,000 extra officers. censor content they don’t like. CITYAM.COM THURSDAY 27 FEBRUARY 2020 NEWS 03 Walmart on lookout for Asda buyer HARRY ROBERTSON Asda’s planned £7.3bn merger with sions with a small number of interest- rival Sainsbury’s was thwarted by reg- ed parties who share Walmart and @harrygrobertson ulators on the grounds that it would Asda’s commitment and passion to ASDA’s owner, the US titan Walmart, is stifle competition. growing the business.” in early-stage talks about selling a con- A person with knowledge of the talks The potential sale would fit into trolling stake in the UK supermarket, said the interested parties were private Walmart’s international strategy, the two firms revealed yesterday. equity firms, but said the discussions which has seen it pivot towards Walmart, the world’s largest retailer, were at this stage informal. growth markets in recent years. In said the discussions had begun after They said Walmart would maintain a 2018, the US firm took a $18bn (£14bn) “inbound interest” from a small num- significant minority stake. majority stake in Indian online retailer ber of firms. The two companies said in a joint Flipkart and has also partnered with The announcement came a year after statement: “Together, we are in discus- Chinese retail giant JD.com. Asda’s planned £7.3bn merger with Sainsbury’s was halted by regulators in 2019

IN BRIEF APPLE RECEIVES BLOODY NMC ousts boss NOSE FROM INVESTORS Apple’s shareholders late last night launched an unsuccessful proposal critical of the firm’s removal of apps as it discovers at the request of the Chinese government, despite garnering two- fifths of investors’ support. The financial errors proposal drew a much higher proportion of votes than similar JAMES BOOTH proposals in previous years which had gained support only in single- @Jamesdbooth1 digit percentages. The bid had TROUBLED healthcare business NMC called on the iPhone maker to Health yesterday said it had removed report whether it has “publicly its chief executive with immediate committed to respect freedom of effect after discovering financial expression as a human right”. discrepancies. Shareholders defeated the bid, with In December, shortseller Muddy 59.4 per cent voting against and 40.6 Waters said it had placed a bet per cent voting in favour. against the company and questioned its financial statement and MICROSOFT SAYS VIRUS TO accounting policies. HIT REVENUE FORECAST Yesterday evening, NMC said an Microsoft late last night said it won't ongoing review had discovered meet parts of its quarterly guidance supply chain financing facilities following the coronavirus outbreak. entered into by the company without The downgrade relates to its More the knowledge of its board. Personal Computing segment, It said these were used by entities which Microsoft had previously controlled by founder, Indian forecast to report between $10.75bn billionaire B.R. Shetty, and NMC’s (£8.33bn) and $11.15bn in revenue former vice chair Khaleefa Butti for the upcoming quarter. “Although Omair Yousif Ahmed Al Muhairi. we see strong Windows demand in It said suppliers to companies line with our expectations, the owned by the pair were using the supply chain is returning to normal facilities and that NMC had provided operations at a slower pace than a guarantee in the event of non- anticipated at the time of our payment or default. [second-quarter] earnings call,” the It said the draw-down on the company said in a statement. The facilities was $335m (£260m) at 31 prediction in January had already December. factored in a wider than usual range “These arrangements were not “to reflect uncertainty related to the disclosed to, or approved by, the public health situation in China”. board and were not disclosed as related party transactions in L BRANDS PREDICTS LOSS accordance with the listing rules,” AFTER VICTORIA’S SECRET the company said. L Brands forecast a loss for the first It said the facilities were not quarter, days after it decided to sell reflected on its balance sheet or its a controlling stake in its struggling 2018 financial statement. Victoria’s Secret brand, and said late The company said chief executive last night that it took a $725m Prasanth Manghat had been (£561.8m) impairment charge removed with immediate effect and related to the struggling lingerie unit finance chief Prashanth Shenoy had in the fourth quarter. The company been placed on extended sick leave. has seen Victoria’s Secret lingerie NMC said the ongoing review sales dwindle in recent quarters as meant it does not expect to be in a customers increasingly prefer position to publish its 2019 full-year inclusive brands and more results before the end of April. comfortable alternatives as those Muddy Waters founder Carson from online startup Third Love. To Block said: “At this point, the cut its losses, L Brands said it would company’s announcements speak for sell a 55 per cent stake in Victoria’s themselves.” Secret to Sycamore Partners. Debenhams: Cut rates, or we’re outta here HARRY ROBERTSON outlet in the area, Sky News reported. conversations with councils and Whether or not councils and landlords. @harrygrobertson landlords cut rates and rents will The department store, which has DEBENHAMS is set to give councils an determine where Debenhams closes its roots in London in the 18th ultimatum in a bid to secure business stores. It plans to shutter 28 more century, has been engulfed by crisis rate cuts as it works out which of its shops by 2022, leaving about 100 for more than a year. stores are next for the chop. open. It has already closed 22. It entered administration last year The beleaguered department store A person with knowledge of but is now owned by a group of chain will tell local authorities that a Debenhams’s position said the chain hedge funds who have cut jobs and failure to cut its rates bills could was not making ultimatums but was shuttered stores as part of a Debenhams has already closed 22 stores cause them to shut the Debenhams instead engaging in constructive turnaround plan. 04 NEWS THURSDAY 27 FEBRUARY 2020 CITYAM.COM Downing Street Fund Crossrail 2 now, orders mulls own bid advisory body STEFAN BOSCIA @Stefan_Boscia LONDON advocacy groups have for liaison chair thrown their weight behind a report from a key government adviser demanding Crossrail 2 be approved and funded this year. CATHERINE NEILAN Commons. No such provision is The National Infrastructure @CatNeilan written into regulations to ensure the Commission released its annual Liaison Committee is free from govern- report yesterday, saying the £41bn DOWNING Street is considering a con- ment interference. train line should immediately get troversial move to appoint its own Backbenchers have also been told the the go ahead. chair of a powerful parliamentary chair may not even be drawn from the The project is under a cloud of committee — subverting parliamen- select committees, opening up the pos- Javid said the Treasury should remember it is “the only tax-cutting ministry” uncertainty due to problems with tary convention. sibility that a “government-anointed” Crossrail 1 and a push by the The move would be seen as the latest name could be brought in, according government for more attempt by Number 10 to avoid to two sources. infrastructure spending up north. scrutiny after recent brouhahas over One pointed to recent comments by Javid fires warning shot on tax The commission’s chairman Sir journalists’ access to key briefings. leader of the house Jacob Rees-Mogg John Armitt said Crossrail 2 needs The chair of the Liaison Committee — confirming that the chair did not need to go ahead as a matter of priority the only committee with the power to to be a member of any committee. levels and breaking fiscal rules to prevent overcrowding on call the Prime Minister to give Multiple Tory MPs told City A.M. of London’s transport networks. evidence — has in recent parliaments their fear such a move could have on CATHERINE NEILAN quit during the reshuffle, Javid said: London First transport director been nominated by the members of scrutiny. One committee chair said: @CatNeilan “The fiscal rules that we are elected Adam Tyndall said the report the committee. However, City A.M. “Of course it’s concerning. You want on are critical. To govern is to “rightly recognised” that Crossrail understands that plans are afoot to committees to have the opportunity to FORMER chancellor Sajid Javid choose. And these rules crystallise 2 will “benefit the whole country”. override that convention and for hold the Prime Minister to account. He yesterday issued a warning to the the choices that are required. To Centre for London deputy Number 10 to propose its own choice has been PM since July and it’s nearly government not to allow spending to keep spending under control. director Richard Brown said: of candidate in place. March. The message is ‘if you think he get out of hand, telling Boris Johnson “To keep taxes low, to root out “[Crossrail 2] will connect Since 2010, rules have been in place is ever going to appear, dream on’.” and current chancellor Rishi Sunak waste and to pass that litmus test, underserved and deprived areas, to ensure that committees related to Johnson has yet to appear before the fiscal rules are “critical”. that was rightly set in stone in our relieve congestion in central government departments are nomi- committee, despite convention dictat- Speaking in the Commons manifesto, of debt being lower at the London and...support hundreds of nated by members of the House of ing the PM appear three times a year. yesterday for the first time since he end of this parliament.” thousands of homes and jobs.”

I BELIEVE EU Grenfell inquiry: Oral evidence won’t Michel Barnier voices support be used to prosecute cladding firms of PM’s vouches STEFAN BOSCIA Phase two of the inquiry opened providing to the inquiry means it BRUSSELS has accepted Downing Street’s @Stefan_Boscia in January, however it was stalled can continue to take evidence from pledge not to cut red tape in a bid to when lawyers from the companies witnesses who otherwise would become “some sort of Singapore-on- CLADDING companies have been involved in installing the flammable likely refuse to answer questions,” Thames” — but there must still be given assurances their oral cladding submitted the request. she said. “These questions are common “ground rules” in order to strike submissions to the Grenfell inquiry Many of the witnesses were not important to finding out the truth a trade deal, Michel Barnier has said. will not be used to prosecute them prepared to submit evidence to the about the circumstances of the fire.” Speaking at a Designing Europe lecture at for any role in the blaze. inquiry, without the guarantee. The news was met with concern the ESCP business school yesterday, the Attorney general Suella Braverman wrote to inquiry boss from survivors group Grenfell EU’s chief negotiator said he was “ready Braverman announced yesterday she Sir Martin Moore-Bick to inform him United, who called it a “sad day”. to believe” Boris Johnson’s assurances had made the decision, after staff of the decision, which will only “We expect criminal prosecutions that the UK “would not seek to from companies involved requested count for oral submissions and not at the end of this and will not settle undermine European standards”. that they be protected. written ones. “The undertaking I am for anything less,” they said.

Wales is home to leading challenger banks, THIS IS FINTECH a thriving fintech and cyber community, globally-recognised academic expertise and eight universities creating a talented STARLING MONZO workforce for tomorrow. CONFUSED.COM GOCOMPARE MONEYSUPERMARKET THIS IS WALES

tradeandinvest.wales CITYAM.COM THURSDAY 27 FEBRUARY 2020 NEWS 05 CORONAVIRUS

EUROPE CORONAVIRUS WHAT THE Stocks volatile CASES AS OF 27 FEBRUARY ANALYSTS THINK 1 NORWAY 1 FINLAND 2 Monday’s as traders get to SWEDEN sell-off 13 was an UK 1 overreaction BELGIUM by the 19 markets GERMANY 2 NAEEM ASLAM grips with virus RUSSIA AVA TRADE 17 FRANCE 2 HARRY ROBERTSON improvement on Tuesday, when virus 1 AUSTRIA fears sent Wall Street’s S&P 500 plung- SWITZERLAND @harrygrobertson ing three per cent and the UK’s FTSE 13 GLOBAL stock markets endured anoth- 100 closed at a year low. SPAIN 1 1 It’s unclear er rocky day yesterday as investors Superstar investor Mohamed El- ROMANIA GEORGIA where struggled to price the effect of the Erian of Allianz said yesterday’s fluc- 1 NORTH investors go coronavirus outbreak on the world tuations were due to a “typical of a 401 3 MACEDONIA from here. economy. market tug of war between still-worri- ITALY CROATIA This selloff is In the US, stock markets rallied early some fundamentals” and investors’ different on but lost ground after officials in natural inclination to purchase stocks 1 New York said they were monitoring when they look cheap — what traders GREECE HELAL MIAH 83 people who had been to China. call buying the dip. THE SHARE CENTRE The S&P 500 ended the day 0.4 per The virus, now called Covid-19, origi- cent lower and the Dow Jones finished nated in the Chinese city of Wuhan in 0.5 per cent down. The Nasdaq ended December and has killed more than Ireland vs Italy rugby postponed 0.2 per cent higher, however. 2,700, the vast majority in China. In Europe, the opposite happened. It has since ripped through Italy, the ANGHARAD CARRICK that the [Irish Rugby Football Union] If the Shares slid in morning trading but focal point of the European outbreak was supportive of the government’s @angharadcarrick outbreak rose when it became clear Wall Street killing 12 people and infecting more need to protect public health in worsens would open higher. than 400. Norway and Romania yester- THE IRELAND v Italy Six Nations relation to the coronavirus,” a union then markets At the close of play, Britain’s FTSE day confirmed their first cases. games scheduled for Dublin next spokesman said yesterday. could easily 100 was 0.4 per cent higher, while the The UK health secretary Matt weekend have been postponed due to The ruling comes as the outbreak fall further pan-European Euronext 600 index was Hancock yesterday said Britain should the coronavirus outbreak — and in Italy spread to neighbouring RUSS MOULD flat. Germany’s Dax index was 0.1 per expect more coronavirus cases, adding England’s game against Italy in Rome nations. Meanwhile, property AJ BELL cent lower. that the government has stepped up has been thrown into doubt. industry event Mipin reiterated its The trading session was a marked monitoring at airports. “At the outset we made it clear knees-up in France would go ahead.

The Golf Now loaded with extras

The Golf just got even better. With LED headlights, heated front seats and 2Zone Climatronic air conditioning as standard. And during our Golf Event we’ll give you an additional £500 customer saving and 0% APR, available when purchased with Solutions PCP.* 14th – 29th February.

CITYAM.COM THURSDAY 27 FEBRUARY 2020 NEWS 07

UNSTEADY EDDIE Truckers’ shares crash Rio Tinto posts after suspension following accounting error Heathrow chief weighs in on record dividend expansion row CONTINUED FROM FRONT PAGE

Holland-Kaye told the Telegraph that Britain is likely to lose out to European rivals if the controversial in spite of virus expansion plan is binned, adding that it would undermine Johnson’s pledge to make the UK a champion EDWARD THICKNESSE The results are the company’s best of free trade. since 2011, despite some fears at the “We should be really clear: no @edthicknesse higher than average inventories of Heathrow expansion, no global RIO TINTO yesterday returned a record iron ore, with supply disrupted by Britain,” he told the paper. final divided of $3.7bn (£2.9bn) as February’s cyclone in Australia. SHARES in trucking business Eddie Stobart resumed trading yesterday after a “If Heathrow was not to expand the Anglo-Australian mining giant “Today, our iron ore books are full. lengthy hiatus following an accounting error. The shares were suspended at 71p in then British businesses will have to thanked the strength of its “world- But we are likely to see some short- August, but plunged to 11p yesterday after trading resumed following a rescue deal. fly through Charles de Gaulle in class portfolio and balance sheet” for term impact such as on supply chains Paris to get to global markets. It is helping it through the “current and possibly in provisional services as simple as that.” volatile environment”. from Chinese suppliers,” chief execu- In a stern warning, Holland-Kaye However, the firm warned that it tive Jean-Sebastien Jacques told cautioned that no Prime Minister was “closely monitoring the impact of reporters yesterday. Blackrock’s vice chairman and would willingly condemn the the coronavirus and [is] prepared for Shares closed almost flat yesterday. British economy to rely on France. some short-term impacts, such as sup- “To do [that] would be taking back ply chain issues”. RIO TINTO co-founder Novick to step down control with one hand and handing Revenue from sales at the miner hit P it to the French with the other.” $43.2bn, a seven per cent increaes on 4,300 HARRY ROBERTSON a successor, the memo released The Heathrow boss urged that 2018, largely as a result of higher iron yesterday said. She will then serve as cancelling the third runway might 4,200 3,927.04 @harrygrobertson ore prices, which offset lower prices 26 Feb a senior adviser to the company. also scupper potential trade deals for aluminium and copper. 4,100 BLACKROCK’s co-founder and vice Novick, who has worked at the with nations outside the EU, such The firm made a profit of after tax of 4,000 chairman Barbara Novick will step asset manager for 32 years, has been as China and India. $7bn, nearly half what it made it 2018. 3,900 down from her current role at the at the centre of Blackrock’s Heathrow is the UK’s most In total, Rio Tinto announced a full 3,800 world’s largest asset manager, engagement with regulators. Under lucrative port, handling more than year dividend of $6.2bn at 382 cents according to an internal memo. her watch, the firm wriggled out of a £106bn of goods in 2017. Its per share, a 24 per cent increase on The 59 year old will remain vice designation, which would have expansion received parliamentary last year’s return. 20 Feb21 Feb 24 Feb 25 Feb 26 Feb chair while she helps Blackrock find increased supervision and costs. approval in 2018.

GET THE EXPORTERS’ EDGE

UK Export Finance supported luxury furniture company Distinction to deliver a $7 million contract supplying furniture to the luxurious Dubai Palm Jumeirah Hotel. They secured an advance payment from the buyer – and thanks to a $1.2 million guarantee from UK Export Finance, Distinction got the exporters’ edge and boosted their revenue by millions.

LEARN MORE AT

GREAT.GOV.UK/TRADE-FINANCE YOU CAN TASTE WHEN EVERY LOAF IS EXPERTLY CRAFTED

08 NEWS THURSDAY 27 FEBRUARY 2020 CITYAM.COM Fintech unicorn ‘Buy now, pay later’ service Klarna reports growth surges JESS CLARK @jclarkjourno BUY NOW, pay later schemes are set to double their market share first annual loss in the UK in the next three years as consumers increasingly prioritise convenience, a new ANNA MENIN profitable fintech, thanks to years of report has found. @annafmenin deals with major retailers including Research published this morning Asos and Ikea, as well as interest from by payments company Worldpay KLARNA, the joint-largest fintech late-paying customers. found that so-called buy now, pay startup in Europe, has suffered its first The loan company, which has been later services — offered by ever annual loss, with the “buy backed by investors including retail Klarna offers “buy now, pay later” services on platforms such as Asos companies such as Klarna, Laybuy now, pay later” specialist hit by heavy giant Hennes & Mauritz, venture capi- and Clearpay — are growing at a credit losses. tal firm Sequoia Capital and private yearly rate of 39 per cent in the UK. The company, which lets people pay equity firm Permira, is currently val- F KLARNA’s rise to stardom had THE BOTTOM LINE Meanwhile, the UK’s e-commerce for online purchases in installments, ued at $5.5bn (£4.3bn). Shareholders Iseemed unstoppable, its latest market is set to surge 57 per cent reported a loss of 1.1bn Swedish krona include rapper Snoop Dogg and Visa. results will be a sobering return to £319.8bn by 2023, with digital (£87.5m) on revenues of 7.2bn krona Klarna is now tied with Revolut for to earth. What’s more, the Swedish groups have issued stark warnings wallets, such as Paypal and Google last year, its first fall into the red since the position of Europe’s most valuable startup faces accusations its about Klarna — and rivals such as Pay, expected to account for a third it was founded in 2005. fintech startup, after the digital bank millennial-friendly service is Laybuy and Clearpay — and are of online payments. Klarna’s credit losses, revealed yester- announced a fresh fundraising round dragging young people into debt. calling for greater clarity over Worldpay’s head of global day, more than doubled during 2019 earlier this week. Klarna users can pay back the full repayment terms. The FCA last e-commerce Shane Happach said: to 1.86bn krona. The fintech blamed But the payments firm’s track record balance after 30 days, spread the year launched a crackdown on buy “Convenience is the driving force its entry to new markets, where first- of consistent profitability has come to cost over three monthly payments, now, pay later firms, banning them behind the boom in digital and time customers are less likely to repay an end as it invests heavily in growing or set up a financing agreement. from charging backdated interest mobile wallets. Global consumers on time. Total operating revenue for its position in the US and increased The firm makes money from fees on money that had been repaid. now expect convenient and the year climbed almost a third to investment into establishing an engi- to retailers and interest charges for But with the government ramping connected, omnichannel 7.2bn krona in 2019, while the volume neering hub in Berlin. late-paying customers. Klarna says up measures to tackle debt and experiences. of goods sold through Klarna In addition to the US, Australia and it has affordability checks in place public pressure mounting, it may “Buy now, pay later delivers a increased 32 per cent. New Zealand, Klarna said it plans to and never gives customers an be payback time for Klarna. more intuitive level of convenience Until now Klarna has enjoyed the expand into a number of unnamed open line of credit. Yet consumer JAMES WARRINGTON and access for consumers than rare status of being a consistently new European markets this year. traditional credit cards.” CITYAM.COM THURSDAY 27 FEBRUARY 2020 NEWS 09 IN BRIEF EX-BARCLAYS BANKERS WALK THIS WAY Gherkin street set for a FRAUD JURY RETIRES car-free future during peak times in trial The jury in the trial of three ex- Blackstone buys Barclays executives accused of financial crisis-era fraud retired yesterday to consider its verdict. Roger Jenkins, Thomas Kalaris and Richard Boath have been charged with conspiracy to commit fraud by student homes false representation and fraud by false representation — which they deny. Judge Andrew Popplewell has told the jury to put aside views about bankers, saying their bonuses or salaries have “no bearing on their in a £4.7bn deal guilt or innocence in this case”. WEIR TO EXIT OIL AND GAS ANGHARAD CARRICK “The company’s focus on customer AFTER £379M LOSS service and continued investment in Weir Group is to exit its oil and gas @angharadcarrick the platform has enabled IQ to business to focus on mining after it BLACKSTONE has agreed to buy become a leader in the sector and CITY street St Mary Axe is set to be pedestrianised at peak times. The City of London posted a £379m loss for 2019 British student housing company IQ provide an outstanding experience Corporation has moved plans forward to close the street to cars for most of the work yesterday, forcing it to slash costs in from Goldman Sachs in a £4.7bn deal. to students.” day in a 17-month trial. It is part of a plan to pedestrianise much of the City by 2044. the range of £35m a year. Oil and gas IQ Student Accommodation owns Spencer added that the firm were revenues slumped 25 per cent year and operates 67 sites in 27 towns and “proud to have been part of that jour- on year, forcing Weir to take a cities in the UK. ney alongside IQ’s excellent manage- £546m impairment. The company It is one of the leading providers of ment team and our valued partners posted margin growth in its private purpose-built student accom- at Wellcome.” Taylor Wimpey warns over profit minerals and energy services modation, with 84 per cent of its port- The Wellcome Trust was one of IQ’s division. The £379m loss contrasted folio value in Russell Group cities and founding investors and the student its £18m pre-tax profit for 2018. 52 per cent in London. accommodation group merged with Blackstone will buy the business Goldman Sachs’ student housing busi- margin squeeze for coming year LLOYD’S OF LONDON TO from Goldman Sachs, which owns 70 ness in 2016. LAUNCH EXCHANGE PILOT per cent of the group, and medical Peter Pereira Gray, chief executive JOE CURTIS climbed 3.1 per cent year on year to Lloyd’s of London yesterday said it charity the Wellcome Trust which and managing partner of Wellcome’s £835.9m in 2019. But weak house will pilot an electronic exchange to owns 28 per cent. The bank said it is investment division, said: “Wellcome @joe_r_curtis 3.01% price growth and building costs handle insurance risks this year. The the largest ever private real estate has invested steadily in IQ from its FLAT house prices amid knocked the firm’s operating profit 330-year old insurance market said transaction in the UK. inception 14 years ago. Over this time, 2019’s prolonged Brexit margin down two percentage points it has taken a 40 per cent stake in an Richard Spencer, managing director including most recently in partner- uncertainty hurt Taylor Wimpey’s to 19.6 per cent. existing electronic placement at Goldman Sachs, said: “Over the ship with Goldman Sachs, IQ has profit margin last year, with no A post-tax £11.6m “exceptional system, which will form the basis of course of our ownership, IQ has grown to become one of the best stu- recovery expected in 2020, the firm contribution” flattered the firm’s its new complex insurance risks become the UK’s leading provider of dent housing companies in the UK.” revealed yesterday. bottom line. platform. Chief John Neal said it is high-quality student accommodation. The deal is subject to approval. Taylor Wimpey’s profit before tax Shares fell three per cent to 211p. “building the future at Lloyd’s”.

IN STORE | ONLINE | APP

No.1 white sourdough bread, 500g. Selected stores. Subject to availability. Minimum online spend applies. 10 NEWS THURSDAY 27 FEBRUARY 2020 CITYAM.COM Guinness owner Diageo forecasts a McColl’s pauses £200m profit drop due to outbreak JESS CLARK sales could be down £225m to Diageo said it expects dividend as firm @jclarkjourno £325m in the fiscal year. consumption to pick up towards the Operating profit is expected to end of the 2020 fiscal year. DRINKS manufacturing giant Diageo drop between £140m and £200m Performance in other countries — has warned it expects to take a profit during the period, after the particularly South Korea, Japan and hit of up to £200m due to the impact outbreak led to events being Thailand — has also been affected. of coronavirus, which has seen bars postponed, a reduction in A drop in international air traffic hits £100m loss and restaurants close and events conferences and a fall in tourism. has hurt sales, particularly in Asia, cancelled across Asia. In China, the company said bars and the firm expects to see a Diageo — the owner of Guinness, and restaurants have been shuttered weaker performance in its travel Johnnie Walker whisky and Smirnoff and there was a “substantial retail division for the rest of the JOE CURTIS update. Investors are set to book a vodka — yesterday said group organic reduction in banqueting”. financial year. @joe_r_curtis basic loss per share of 83.3p, far down from 2018’s 5.95p earning per share. CONVENIENCE store McColl’s sank to The business also warned it is re- a huge £100m loss in 2019 as it viewing its 2018 balance sheet to re- warned investors it will cancel their classify a £2.6m accrual as a liability dividend yesterday. and a £10m loan as a liability. McColl’s swung deep into the red “Neither reclassification has any last year, falling to a loss of £98.6m impact on the statement of compre- before tax, down from a 2018 profit of hensive income or total shareholder £7.9m. The retailer warned in Decem- funds as reported in the prior year,” ber that it would miss profit expecta- McColl’s said. tions due to “unseasonable weather” The retailer trimmed net debt from and weak consumer confidence. £98.6m in 2018 to £94.1m. Adjusted earnings before interest, Shares in the convenience store had tax, depreciation and amortisation a rough day yesterday, falling 15.3 per hit £32.1m, in line with December’s cent to 35.5p at the bell. profit alert. “Deleveraging the balance sheet is MCCOLLS one of our key priorities for 2020 so, P in combination with a number of 45 cash management initiatives imple- mented by the executive team, the board has taken the difficult but 40 prudent decision to suspend the final 26 Feb dividend for the 2019 financial year,” 36.50 the firm said yesterday. McColl’s blamed “softer market 35 conditions” in the second half of 2019 for the drop in yesterday’s trading 20 Feb21 Feb 24 Feb 25 Feb 26 Feb

The Ritazza coffee owner said operating profit is set to drop between £4m and £5m Upper Crust parent SSP warns on coronavirus impact on revenue JESS CLARK £12m this month. @jclarkjourno Operating profit for the whole 4.86% group is expected to drop by UPPER Crust owner SSP between £4m and £5m, after sales in Group yesterday warned it the Asia Pacific region — the centre expects to take a £5m profit hit in of the outbreak — sank 50 per cent. February as sales in the Asia Pacific The company, which also owns the region halved this month due to the Ritazza coffee shop chain, said impact of coronavirus. passenger numbers in China and SSP, which operates across travel Hong Kong had plummeted 90 hubs, said falling passenger per cent and 70 per cent year on numbers across the region — which year as flights were cancelled and counts for eight per cent of total people stayed home to stop the group revenue — would reduce spread of the virus. overall revenue by around £10m to Shares fell 4.9 per cent to 568p. CITYAM.COM THURSDAY 27 FEBRUARY 2020 NEWS 11 Restaurant Group Revolution Bars signals return to expansion as turnaround pays off scraps dividend JESS CLARK young adults. Revolution branded Meanwhile, its Revolucion de @jclarkjourno sites suffered a 0.4 per cent decline Cuba bars — which are aimed at a in sales in the 26 weeks to 28 broader age range — reported a REVOLUTION Bars Group said December, however the bar sales jump of five per cent. yesterday it plans to target operator said this was a “much It said it is “confident the and eyes closures expansion opportunities in the next improved” trend compared to business will be well-positioned to financial year after its turnaround previous years. resume site expansion in [full year plan began to pay off. Yesterday it said new and 2021]... on its current trajectory”. The company — which operates refurbished sites were performing Adjusted profit before tax JESS CLARK to grow its Wagamama, concessions and 74 sites in the UK — has been well and “are proof that the increased from £2.9m to £3.5m, @jclarkjourno pubs division. working to improve its Revolution Revolution brand remains relevant while group like-for-like sales Chief executive Andy Hornby, who bar concept, which is targeted at and liked by its customer base”. increased 1.2 per cent. THE RESTAURANT Group has suspended joined the company in August, said: “I its dividend as it announced plans to am... acutely aware of the challenges ramp up Frankie & Benny’s and Chiquito facing our leisure business and the site closures to focus on its Asian-fusion wider casual dining sector. chain Wagamama. “It is therefore clear that our strategic Restaurant Group’s shares fell 7.23 per priorities need to evolve in order to max- cent yesterday as it announced it will imise shareholder value in the medium scrap its dividend to focus on a new term,” he added. strategic plan. Group like-for-like sales were up 2.7 per The casual dining chain said it will cent last year, with total sales up 56.4 per downsize its leisure estate from 350 sites cent to £1.07bn. to a target of 260 to 275 sites by the end It reported a loss before tax of £37.3m, of 2021. Last year the company reduced compared to a £13.9m profit the previ- its overall estate size by 18 sites via clo- ous year. sures and conversions to Wagamama. Adjusted profit before tax was £74.5m, Over the next two years it will continue up from £53.2m the previous year.

EASTER REVISION

Find your focus

• Boost your GCSE or A level grades • Focus on exam techniques and past-paper practice • Board specific syllabus coverage • Over 30 years’ expertise in exam preparation

Step into the summer exams with confidence. Find out how MPW can help you find your focus and improve your grades.

Call us today or visit our website www.mpw.ac.uk

LONDON 020 7835 1355 CAMBRIDGE 01223 350 158 12 NEWS THURSDAY 27 FEBRUARY 2020 CITYAM.COM Capital & Counties’ net asset value slides on Covent Garden revaluation ANNA MENIN 6.4 per cent to £61.1m. its Earls Court property for £425m, a @annafmenin Capco maintained an annual divi- substantial loss on the £759m valua- dend of 1.5p per share. tion it had received in 2018. CAPITAL & Counties (Capco) reported Capco is continuing to focus on its The company said yesterday that “no a decline in net asset value (NAV) after West End and Covent Garden holdings, substantive approach regarding an it was hit by a decline in value of its and said that while the West End has offer” had been made by Candy or any Covent Garden real estate. proved more resilient than the wider other party. The property group swung to a pre- UK real estate market, it was still “not “Capco looks forward to the next tax loss of £61.3m for the year, com- unaffected by the well-documented phase of growth, with a strategic focus pared to a pre-tax profit of £41.6m in challenges in the retail sector”. on the West End and Covent Garden, 2018, as the company took a £43.3m In October, shares jumped after it where we have created a world-class hit on the Covent Garden revaluation emerged that property tycoon Nick estate,” said chief executive Ian and sale of some of its holdings. Candy was considering a possible offer Hawksworth. Revenue climbed 6.3 per cent to hit for the group. However Candy Ven- Capco shares ended the day 4.69 per £79.4m, while net rental income rose tures backed down after Capco sold off cent down at 222.35p. The fashion firm said the cuts were the first in “a range of expected initiatives” Transport for London Public Notice Ted Baker sheds ROAD TRAFFIC REGULATION ACT 1984 THE ROAD TRAFFIC REGULATION ACT 1984 THE A11, A100, A1210, A1211 AND A3211 GLA ROADS AND GLA SIDE ROADS (CITY OF LONDON) (20 MPH SPEED LIMIT) ORDER 2020 THE A3036 AND A3203 GLA ROADS AND GLA SIDE ROADS (LONDON BOROUGH OF LAMBETH) (20 MPH SPEED 160 jobs in cost LIMIT) ORDER 2020 THE A2, A3, A100 AND A200 GLA ROADS AND GLA SIDE ROADS (LONDON BOROUGH OF SOUTHWARK) (20 MPH SPEED LIMIT) ORDER 2020 THE A11, A100, A1202, A1203, A1210 AND A3211 GLA ROADS AND GLA SIDE ROADS (LONDON BOROUGH OF TOWER HAMLETS) (20 MPH SPEED LIMIT) ORDER 2020 cutting initiative THE A302, A3203, A3211 AND A3212 GLA ROADS AND GLA SIDE ROADS (CITY OF WESTMINSTER) (20 MPH SPEED LIMIT) ORDER 2020 JESS CLARK Acting chief executive Rachel 1. Transport for London, hereby gives notice that on of Southwark, Lambeth, Tower Hamlets, the City of @jclarkjourno Osborne said: “The changes we are an- 20th February 2020 it made the above named Orders London and the City of Westminster. nouncing today are difficult because STRUGGLING fashion brand Ted colleagues across the business have under section 83 of the Road Traffic Regulation Act 4. The roads affected are currently subject to a speed Baker has announced it will cut 160 been working hard in what has been 1984. The Orders come into force on 2nd March limit of 30 MPH. jobs in a bid to reduce costs after a a challenging period for Ted Baker. I 2020. 5. A copy of the Orders, a map indicating the location “challenging year”. would like to thank all of them for 2. The general nature and effect of the Orders would and effect of the Orders and copies of any Order(s) The retailer said yesterday that a re- their commitment and the passion be to impose a speed limit of 20 MPH on the: organisation of head office and busi- they have shown for the business. revoked, suspended or varied by the Orders can ness functions would result in 102 “The board and I believe that we will (1) A3211 GLA Roads – Victoria Embankment, be inspected during normal office hours at the redundancies, while 58 jobs that are only realise Ted’s long-term potential Blackfriars Underpass, Upper Thames Street, offices of: currently vacant will not be filled. by transforming the way the business Lower Thames Street, Byward Street and Tower It expects the shakeup to reduce operates and the actions we are an- Hill, A1211 GLA Roads – Minories and Transport for London Planning Enquiry Desk costs by £5m in the current financial nouncing today are important steps Streets Traffic Order North Wing year and by £7m on an annualised in that transformation.” Goodman’s Yard, A100 GLA Road - Shorter Team Corporation of London Street, A11 and A1210 GLA Road – Mansell Street basis. The cost cutting exercise will Ted Baker also outlined other (NP/REGULATION/STOT) Guildhall incur a cash restructuring charge of strategic plans including re-energis- and all GLA Side Roads - Red Route returns of Palestra, 197 Blackfriars London EC2P 2EJ Road London, SE1 8NJ £2.7m, which will be taken in the cur- ing the brand, extending product these roads in The City of London; rent financial year. lines and improving its online shop- (2) A3036 GLA Roads – Lambeth Palace Road and London Borough of Network Management In a strategic update yesterday ping proposition. Albert Embankment, A3203 GLA Road – Lambeth Lambeth Team morning Ted Baker also said that the This week Sky News reported that 3rd Floor Civic Centre, London Borough of job cuts were “the first of a range of the retailer was close to selling its Bridge and all GLA Side Roads - Red Route returns 6 Brixton Hill, Tower Hamlets, of these roads in the London Borough of expected initiatives to improve the Ugly Brown Building headquarters in London John Onslow House, 1st efficiency and cost structure of the London as it attempts to bolster its Lambeth; SW2 1EG Floor, Room 1.7 ,1 Ewart Place London E3 5EQ group”. balance sheet following a torrid year. (3) A2 GLA Road – Great Dover Street, A200 GLA Roads – St Thomas Street, Crucifix Lane, WSP Southwark Council Bermondsey Street, Druid Street, Queen Elizabeth Parsons Brinckerhoff Public Realm Projects Palace Garden Suite 160 Tooley Street JOIN Street, Duke Street Hill and Tooley Street and 27th Floor, London SE1 2QH A100 GLA Road - Tower Bridge Road and all GLA Portland House (Please e-mail: THE Side Roads - Red Route returns of these roads in Bressenden Place traffic.orders@southwark London .gov.uk to arrange an CLUB the London Borough of Southwark; SW1E 5R appointment) (4) A11 GLA Roads – Braham Street and Mansell TODAY GREAT TASTING LIQUID Street, A100 GLA Roads – Tower Bridge Approach and Shorter Street, A1202 GLA Road - Leman 6. Any person wishing to question the validity of the Street and Prescot Street, A1203 GLA Road – East Orders or of any of their provisions on the grounds Feeling Smithfield, A1210 GLA Road – Mansell Street and that they are not within the relevant powers YOUR A3211 GLA Roads – Tower Hill and Byward Street conferred by the Act or that any requirement of the Act has not been complied with, that person may, KEY TO Tired? and all GLA Side Roads - Red Route returns of these roads in the London Borough of Tower within six weeks from the date on which the Orders ALL THE Hamlets; are made, make application for the purpose to the BEST High Court. (5) A302 GLA Road – Westminster Bridge, A3203 DOORS Lambeth Bridge, A3211 GLA Road – Victoria Embankment, A3212 GLA Road – Millbank and all Dated this 27th day of February 2020 IN THE GLA Side Roads - Red Route returns of these CITY Gentle roads in The City of Westminster. Lucy Ryan UK's No.1 Iron* 3. The roads which would be affected by the Orders Performance & Planning Manager - Central + are as in article 2 above and all GLA Side Roads - Red Transport for London, Palestra, 197 Blackfriars Road, VISIT IRON 14 nutrients Route returns of these roads in the London Boroughs London, SE1 8NJ CITYAMCLUB.COM MADE IN ENGLAND †Iron & folate contribute to the Reduction of Tiredness & Fatigue MAYOR OF LONDON From Boots, Holland & Barrett, supermarkets, health stores, chemists & vitabiotics.com * UK's No.1 Iron Supplement Brand, Source: Nielsen GB ScanTrack Total Coverage Value and Unit Retail Sales 52 w/e 18 May 2019. To verify contact Vitabiotics Ltd, 1 Apsley Way, London NW2 7HF. CITYAM.COM THURSDAY 27 FEBRUARY 2020 NEWS 13 Serco on the up British car production sinks for the fifth consecutive month in January with first payout EDWARD THICKNESSE month of the new decade. decline recently due to a diminished @edthicknesse Factories turned out 118,314 units appetite worldwide. in January, the fifth successive SMMT chief executive Mike Hawes BRITISH car production declined for a month of decline, with the majority called on the government to strike a fifth consecutive month in January, — 82.7 per cent — built for export free trade deal with Europe which in over six years but an increase in overseas orders worldwide. UK orders fell 23.9 per would provide a much-needed boost gave the struggling sector some cause cent due to continued weak to the UK car market: for cheer after a challenging 2019. consumer confidence, meaning that “Exports are the bedrock for According to data released today by overall production in January hit its UK car manufacturing so a rise in EDWARD THICKNESSE He added he was optimistic that the the Society of Motor Manufacturers lowest total in nine years. January exports is welcome following @edthicknesse rest of the outsourcing sector would and Traders (SMMT), output fell 2.1 The rare bright spark came from recent declining demand in overseas follow suit: “We were one of the per cent on a month-by in the first export production, which has been markets,” he said. OUTSOURCING giant Serco yesterday earliest adopters of financial and posted its first year of revenue growth reputational carnage but it’s been since 2013 and paid its first dividend an enormous disruptor of value since 2014 as the firm entered the for everyone.” new decade in style. He was also hopeful over the Revenue grew 15 per cent in 2019, prospects for industry under the new from £2.8bn in 2018 to £3.2bn, as majority Conservative government, Serco’s presence in North America although he warned that Brexit rep- and the Asia Pacific paid off. resented “one of the biggest pieces of Profit also grew to £120.2m, a 29 per national insourcing in history”. cent increase on the year before. Investors welcomed the announce- The FTSE 100 group also increased ments yesterday, with shares rising its order book by £5.4bn over the year, 4.71 per cent to 157.8p. representing 170 per cent of annual revenues, and taking the firm’s total SERCO backlog to £14.1bn. P The company paid a dividend of 1p, 160 a symbolic victory for the firm after 158 157.80 several challenging years for the out- 26 Feb sourcing industry, which have seen 156 the collapse of fellow giants Carillion 154 and Interserve. 152 Speaking to City A.M., chief executive Rupert Soames said that restoring the 150 dividend marked Serco’s “return to being a normal company”. 20 Feb21 Feb 24 Feb 25 Feb 26 Feb

Gambling firms have been rocked by a stakes reduction on fixed-odds betting William Hill beats profit forecast but warns of £10m credit card hit

JOE CURTIS before tax of £37.6m on a statutory @joe_r_curtis basis on charges of £134.1m. 2.60% That was mostly due to the closure WILLIAM Hill managed to of shops and mass redundancies after beat its own expectations on the government slashed the fixed- full-year profit yesterday after the odds betting limit from £100 to £2 government rolled out a £2m last year. betting limit, but warned of a The firm’s progress has been possible £10m hit from an impending rocked by the government’s strict credit card ban. crackdown on gambling. An William Hill’s adjusted operating incoming ban on using credit cards profit fell 37 per cent year on year to to put down stakes will cost the firm £147m, ahead of management between £5m and £10m, it said guidance of £143m. yesterday. Shares fell 2.6 per cent to But the bookmaker made a loss 172p yesterday. 14 NEWS THURSDAY 27 FEBRUARY 2020 CITYAM.COM French food giant Danone lowers its Avast shrugs off forecasts amid coronavirus concerns JESS CLARK € data scandal as was 8.3 per cent to 3.85 and in China. It said it was targeting like- @jclarkjourno operating income increased 7.4 per for-like sales growth of two to four cent to €3.84bn. per cent in 2020 and an operating FRENCH food giant Danone yesterday Danone’s operating margin was up margin above 15 per cent, compared lowered its sales and profit margin 168 basis points to 12.8 per cent. to its previous target of four to five forecasts for this year as it warned on Free cash flow increased 12.5 per per cent sales growth. € revenue grows the impact of coronavirus. cent to 2.51bn. “We start this year under the However, Danone’s shares rose 0.5 The company, which owns the uncertain clouds of the coronavirus,” per cent yesterday after it reported Activia yogurt and Evian water chief executive Emmanuel Faber said. 2019 like-for-like sales growth of 2.6 brands, said the coronavirus outbreak “Our priority is the health and safety JAMES WARRINGTON mid-single digit revenue growth. € € per cent to 25.38bn. would cause lost sales of 100m, of our employees, business partners, @j_a_warrington Shares in Avast closed down roughly Earnings per share growth last year driven by losses in its water business customers and communities.” two per cent to 404.6p. CYBERSECURITY firm Avast yesterday Vlcek told City A.M. the cyber firm posted a rise in profit for the full would “double down on keeping year and vowed to deliver “healthy people safe and secure” following the growth” in 2020 despite the impact of data crisis. a scandal over its use of data. Vlcek said Avast would continue to The London-listed firm reported rev- invest in its security products, while enue of $873m (£675m) in the year to a new privacy product will be the end of December, up 5.6 per cent launched in the first half of this year. on the previous year. Adjusted earn- The Prague-headquartered firm will ings rose 7.9 per cent to $483m. also look to expand through further Avast said it would incur a one-off mergers and acquisitions. cost of between $15m and $25m for Avast last year grew its customer shutting down its controversial Jump- numbers 3.5 per cent to 12.6m, while shot business after it emerged it was its retention rate edged up to 67 per selling data on its users to clients. cent. This was largely driven by its The firm also expects operating consumer direct desktop — the largest costs of $5m from winding down the part of its business. While the firm is marketing arm, while it will pay best known for its antivirus software, $73m to buy out Ascential’s stake growth mainly came from products in Jumpshot. such as its virtual private network Chief executive Ondrej Vlcek said and password manager. there was a “slight increase” in prod- “The core of the Avast business and uct un-installs following the revela- our fundamental strengths remain tions of the data misuse, but that the unchanged,” Vlcek said in a state- impact was limited. ment. “Our focus on cross-sell and up- The charges mean Avast’s profit sell, our localisation strategy, and margin is expected to be broadly flat new product releases continue to in 2020, though the firm forecast drive good growth.”

PAT ON THE BACK Salesforce promotes former BT chief in management shakeup

SALESFORCE has appointed former BT chief executive Gavin Patterson as chief of its international division amid a shake-up of its management team. Patterson joined the business software firm in September after a turbulent six years leading BT. Construction sector lobbies for £225m ‘future proofing’ institute

JACK RICHARDSON framework costing £225m and the @JackRich93 signatories hope the institute will guide the way forward in terms of CONSTRUCTION and engineering new skills and technologies. bosses are pushing the government Work will be done with clients on to set up a new institute to promote demonstrator projects to show new the interests of the consultancy and ways of working as trends evolve. engineering sector. “With our industry on the brink In a letter to business minister of a fourth industrial revolution, the Nadhim Zahawi, the 28 leaders of institute will help every consultancy firms involved in national transition successfully — from the infrastructure are seeking largest global firms to specialist government funding to develop the small businesses,” said Hannah Consultancy Sector Futures Institute. Vickers, head of the Association of The proposal is for a five-year Consultancy and Engineering. CITYAM.COM THURSDAY 27 FEBRUARY 2020 NEWS 15 US law firm hits RMT calls on UK to renationalise $3.8bn in sales British railways EDWARD THICKNESSE @edthicknesse RAIL union RMT has called on the government to commit to a full as City arm rises renationalisation of the UK’s railways ahead of the imminent Williams review into the JAMES BOOTH which have raised and spent record franchising system. @Jamesdbooth1 amounts of cash in recent years. Although the review is expected Chair and managing partner Rich to lead to an “overhaul” of the US LAW FIRM Latham & Watkins yes- Trobman said: “We continue to current system, RMT said the terday announced a record revenue of deepen our client relationships, by concession model that is widely $3.76bn (£2.91bn). drawing on outstanding teamwork to touted as the government’s Latham, which has been heavily in- provide innovative counsel on a preferred replacement option “is vesting in its City office in recent global scale.” Peugeot pinned its success to sales of pricier cars, such as its new SUV range likely to lead to more profiteering years, became the first law firm to sur- The firm has expanded aggressively and more dividends flowing pass the $3bn revenue mark in 2018. in London over the last few years as overseas while leaving passengers Its London revenue is understood to part of a Europe-wide growth push. trapped in a fragmented and have grown more than 15 per cent On Tuesday, Latham announced the Peugeot owner PSA tops record expensive rail network”. this year to around $450m. hire of Freshfields mergers and acqui- According to RMT’s report, there Latham’s 2019 revenue of $3.76bn sitions (M&A) partner Sam Newhouse is no evidence that such contracts takes it slightly ahead of US rival Kirk- in London. Latham’s growth in Lon- profit as it closes on Fiat merger will be provide a better service than land & Ellis which announced record don has been driven by its private eq- the current franchise model. revenue of $3.75bn last year, but has uity and finance teams, but it is now EDWARD THICKNESSE whilst revenue also grew one It also said that of the £204m yet to release financial data for 2019. targeting mainstream M&A work — @edthicknesse per cent to beat analyst expectations made by concession contracts, Latham said its 514 equity partners traditionally the preserve of the UK’s at €74.7bn. which are used for the London were paid an average of $3.78m last leading Magic Circle firms. PEUGEOT manufacturer PSA Group In December PSA agreed a $50bn Overground, Transport for London year, up 9.5 per cent on 2018. The top US firms are more prof- offset a slump in vehicle sales across (£38.8bn) merger deal with Fiat Rail, Merseyrail and Transport for Both Latham and Kirkland — the itable than the Magic Circle and have European markets as it posted a Chrysler, a move that will create the Wales networks, £196m has been two largest law firms in the world by used this financial muscle to hire record profit in 2019, ahead of world’s fourth-biggest car maker and paid out in dividends. turnover — have grown exponentially partners from their UK rivals. its merger with Fiat Chrsyler later help the two brands cope better with A Department for Transport over the last decade. Last year, Freshfields profit per this year. a fluctuating global market. spokesperson said rail privatisation That growth has been fuelled by equity partner was £1.8m, while Group profit increased 13.2 per The tie-up is set to be complete by had created “one of the highest their links to US private equity funds Linklaters was £1.7m. cent to a record €3.2bn (£2.7bn), the end of the year. satsifaction levels... in Europe”.

LORD MAYOR’S APPEAL Companies gather to launch City Giving Day 2020

uesday 25 February saw over 200 representatives from more than 125 businesses and organ- Tisations from across the City and Canary Wharf gather to- gether at Mansion House, where The Lord Mayor, Alderman William Russell launched City Giving Day 2020. Now in its seventh year, City Giving Day is an annual event that unites busi- nesses and provides them with an op- portunity to celebrate the contribution they and their employees make through their charity and community partnerships. City Giving Day is growing year on year, 2019 was the best year yet - a record 424 companies signed up and were in- volved in a whole range of activities from charity fairs and cycleathons to bake offs and raffles. More volunteers took part in their companies’ activities than ever and estimated £500,000 was raised for good causes. 75% of businesses that took part in 2019 said that City Giv- ing Day provided them with an oppor- tunity to promote and celebrate their charitable activity and 93% said it in- spired employees to become more in- volved in fundraising and volunteering. A BETTER CITY FOR ALL The Lord Mayor’s Appeal’s multi-year strategy ‘A Better City for All’ focusses on four key pillars, aiming to create a City that is Inclusive, Healthy, Skilled and TO FIND OUT MORE Fair, thereby helping one million people HOW TO GET INVOLVED thrive. Since the launch of the strategy find out more or register for City in November 2017, the Appeal has been £Make a donation to £Or sign up for a City Giving Day Giving Day 2020 visit supporting three partner charities: We hope to see even The Lord Mayor’s Appeal; organised event for more information: www.thelordmayorsappeal.org/cgd Place2Be, OnSide Youth Zones and the £Or organise a fundraising event (bake www.thelordmayorsappeal.org/events or email Samaritans. This year, the Appeal has more organisations sale, static rowing challenge) £ Tour de City or Tour de Wharf Static [email protected]. also begun its support for a fourth char- £Or volunteer Wattbike Challenges ity partner: The Duke of Edinburgh’s and businesses £Or Go Red, the #GoRed campaign £City Walk Award. For more information about this getting involved in provides a focus for the day, illustrating £Treasure Hunt support and the difference it is making, that the businesses taking part are £Quiz Night visit www.thelordmayorsappeal.org City Giving Day. united behind a common cause 16 NEWS THURSDAY 27 FEBRUARY 2020 CITYAM.COM Chrysalis Records makes return to new music with Laura Marling deal JAMES WARRINGTON label will be releasing new music, “There is a unique synergy between rather than serving as a back the diverse, immediately identifiable @j_a_warrington catalogue of previous releases. voices of Partisan and those of ICONIC record label Chrysalis Records Marling, formerly part of indie Chrysalis decades prior to our today announced its relaunch as an rock band Noah and the Whale, has existence,” said Partisan managing active label, signing up British singer released six albums as a solo artist, director Zena White. “We’re thrilled songwriter Laura Marling. five of which were UK top 10s. In 2011 to come together on its relaunch, and Chrysalis, which was founded in she bagged Best British Female Solo even more so to be working with the 1968, pioneered some of the biggest Artists at the Brit Awards. unmatched talent of Laura Marling.” artists in the 70s and 80s, including Her new release — a follow-up to Chrysalis boss Jeremy Lascelles Billy Idol, Blondie and Sinead 2017’s Semper Femina — will be added that the partnership was a O’Connor. released later this year in “match made in heaven”. The relaunch marks the first time partnership with independent label The label is set to reveal further in more than two decades that the Partisan Records. signings in the coming months. The record label pioneeered famous musicians in the 70s and 80s such as Blondie Complaints over ISS shares slide in spite of virus energy industry boost for firm JACOB GRONHOLT-PEDERSEN

SERVICES provider ISS warned on its 2020 profit yesterday, sending underestimated its shares to a record low despite saying the coronavirus outbreak had increased demand for face masks and other services. JACK RICHARDSON The top reason for making a ISS employs 471,000 staff and complaint was billing and payments delivers services such as cleaning @JackRich93 at 57 per cent. In a distant second and catering to more than 200,000 THE TRUE scale of customer dissatis- position was poor customer service at clients in 63 countries. faction with the energy sector has 27 per cent. It now expects an operating been significantly underestimated, Eighteen per cent of people also said margin of more than 4.5 per cent according to a new survey. they had concerns about the process this year versus guidance of around Research by consumer group Which for switching supplier. five per cent announced in said that if every consumer with a “Anyone unhappy with any aspect of Trump accused the paper of “exuberance to improperly influence the 2020 election” November, ISS said in a statement. grievance against their supplier their energy supplier’s complaints Shares slid 15.4 per cent to 127.3 complained, the number submitted handling or customer service should Danish krone yesterday. would hit around 6.9m. consider shopping around — you “Some customers in Asia have One reason for this figure is disillu- could find a firm that better meets Trump files suit against the New shut down their sites, but others sioned customers do not want to your needs and potentially save hun- are asking for more services,” chief make trouble. dreds of pounds a year,” Hitchins said. executive Jeff Gravenhorst told “Millions of energy customers are In recent years regulators have fo- York Times over its Russia story Reuters in an interview. complaining about billing errors, cused on trying to find the best way “The whole world is asking for poor customer service, or switching to provide consumers lower energy STEVE HOLLAND A statement from the campaign face masks right now,” he said. problems, but many more are so fed bills. Ofgem has set a price cap to en- said the aim of the litigation was to Demand for sanitizer hand gel and up that they don’t even think it’s sure companies cannot charge above US PRESIDENT Donald Trump’s re- “hold the news organisation services such as cleaning in worth picking up the phone,” said Na- the underlying price of energy. election campaign said yesterday it accountable for intentionally hospitals and maintenance of air talie Hitchins, head of homes and Several challenger firms such as had filed a libel suit against the New publishing false statements against conditioning systems, have also products services at Which. Bulb and Octopus have emerged to York Times accusing the newspaper President Trump’s campaign.” spiked, he said. “Suppliers need to up their game,” provide sustainable alternatives to of intentionally publishing a false The lawsuit relates to an opinion However, considering the she added. the Big Six energy firms — SSE, opinion article related to Russian article written in March last year by overall slowdown in business The survey covered 8,000, people EDF, British Gas, Npower, Eon and interference in the 2016 US election. Max Frankel, who served as executive activity in Asia, Gravenhorst said and used data from industry regula- Scottish Power. In an escalation of the Republican editor of the paper from 1986 to 1994. he expects the coronavirus to hurt tor Ofgem. In 2013, then-Labour leader Ed President’s long-running battle with The campaign attached to a news revenue in Asia slightly in the Almost 30 per cent of those who had Miliband was criticised for a proposed the news media, campaign officials release a draft copy of the suit beginning of the year. “We still a complaint but didn’t make one de- 20-month freeze in energy prices said the lawsuit was being filed in accusing the newspaper of have the same view on cided not to as they thought it would which critics feared could stifle in- New York State Supreme Court, the “extreme bias against [the campaign] improvement of our margin as we make no difference. vestment in the industry. state’s trial-level court. and animosity”. Reuters did in November,” he added. Reuters London mayor Sadiq Khan backs Sir Keir Starmer for Labour leadership

STEFAN BOSCIA only one of the three remaining Taking to Twitter yesterday, Khan candidates to not sign the mayor’s set said: “I will be voting for Keir Starmer @Stefan_Boscia of so-called London pledges. to be the next Labour leader. SADIQ Khan has endorsed Sir Keir The pledges included promises to “I’ve known Keir for decades. He’s Starmer to be the next leader of the stamp out antisemitism, back more the best person to unite our party, Labour Party. devolution to the capital as a policy take the fight to the Tories and put The London mayor finally came platform and to lobby central Labour in government.” out for the favourite yesterday, after government for London Starmer said he was “honoured” to refusing to publicly back any of the infrastructure funding. have the backing of the mayor of leadership hopefuls for the first two However, that didn’t stop the London. “Sadiq is demonstrating months of the campaign. mayor from throwing his weight that Labour in power can change Sir Keir Starmer is currently leading the polls in the Labour leadership contest It also comes after Starmer was the behind Starmer. lives,” he said. CITYAM.COM THURSDAY 27 FEBRUARY 2020 MARKETS 17

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT

COATS British midcaps 74 P S&P 500 sinks 72 70 for a fifth day slide to twelve- 68 26 Feb 65.65 66 amid outbreak

64 HE S&P 500 fell for a fifth straight Tday yesterday and while its 20 Feb 21 Feb 24 Feb 25 Feb 26 Feb decline was slower than the last few days, the session was volatile as week low spot If last year was all about Brexit for UK firms, 2020 has so far been all about the investors reacted to headlines about effect of the quickly-spreading coronavirus. Analysts at Peel Hunt said the virus will coronavirus and sought to gauge its affect historic British haberdasher Coats, a world-leader in thread and zips. “We economic fallout. expect plant closures and supply chain disruption to impact Coats’ short-term After rising as much as 1.7 per cent ONDON’s mid-cap index slid to market terms, the reality factor is in sales,” the analysts said. Nonetheless, a longer-term view supports Coats in the morning, the S&P 500 hit a its lowest in more than three your face,” said Keith Temperton, a and its global supply chain, they argued. Peel Hunt urged investors to “buy” and session low after health officials in months yesterday amid wor- trader at Tavira Securities. set a target price of 90p. New York, said they were monitoring Lries that Britain’s upcoming “I don’t see that reversing until we 83 people who visited China and may Budget may disappoint in- see evidence of a peak in [virus] num- have come in contact with the virus. vestors, while the FTSE 100 snapped a bers and that’s not going to happen RPS Still, governor Andrew Cuomo said the four-day losing run after a rally on until quite some time.” 150 state has had no confirmed cases. Wall Street. Another casualty of the coronavirus P Adding to pressure was a warning The FTSE 250 shed 0.5 per cent. was travel-food firm SSP, which from US Food and Drug The export-laden FTSE 100 , which skidded five per cent to a more than 145 Administration officials that the fell to a one-year low earlier, ended two-year low after it warned of a 50 outbreak was on a path to becoming a 0.4 per cent higher as per cent fall in February sales 26 Feb pandemic, according to a report. investors in the United across the Asia Pacific re- 140 Earlier, stocks lost ground after States bought into stocks gion. Peer WH Smith gave 138 Germany said it was heading for a after a recent sell-off up 3.6 per cent. coronavirus epidemic and could no triggered by concerns 135 longer trace all cases, and Norway over the coronavirus. Upper Crust owner SSP confirmed its first case of the virus. For Firms more exposed shed 4.9 per cent on 20 Feb 21 Feb 24 Feb 25 Feb 26 Feb the first time, the number of new to the British economy coronavirus fears infections outside China overtook underperformed and Professional services firm RPS Group had a “weak” 2019, according to analysts at those inside the country, the source of sterling climbed lower, “These are neat exam- broker Liberum. Next year looks set to be slightly better, they predicted, but profit the outbreak. mainly due to concerns ples of how there is a before tax will stay flat due to macroeconomic headwinds and investment in the “The market’s default reaction that new finance minister real demand destruction business. But no matter, because the analysts say that investment will pay off in function is when in danger or in Rishi Sunak’s Budget in March that occurs when the coron- 2021 for the Oxford-based services group, bringing in five per cent earnings doubt, run in circles, scream and may not deliver the level of fiscal avirus hits,” Markets.com analyst Neil per share growth. Liberum upgraded its rating from “hold” to “buy” and gave a shout. That’s what we’ve seen in the spending expected by markets. Wilson said. target price of 160p. past couple of days,” said Brad Meanwhile among blue-chips, The rapid spread of the deadly virus McMillan, chief investment officer for miner Rio Tinto and Guiness-owner outside China sparked a sell-off that Commonwealth Financial Network. Diageo became the latest multina- has erased about $3 trillion (£2.32 tril- TESCO The Dow Jones Industrial Average tional firms hit by the coronavirus lion) from the value of global stocks 260 fell 123.77 points, or 0.46 per cent, to outbreak, with the latter shedding in the past four days. P 26,957.59, the S&P 500 dropped 11.82 nearly one per cent. Late on Tuesday, the US Centers for 255 points to 3,116.39 and the Nasdaq “When you have the likes of Diageo Disease Control and Prevention Composite added 15.16 points, or 0.17 talking numbers and how this is alerted Americans to begin preparing 250 per cent to end at 8,980.78. going to affect profit and loss, in for a likely pandemic. 245 26 Feb Of the S&P’s 11 major sectors energy 241.40 was the biggest laggard with an 240 almost three per cent drop, while TOP RISERS FTSE technology was its outperformer with P 235 a 0.4 per cent gain. 1. NMC Health Up 6.61 per cent 7,600 Many investors were cautious about 2. Evraz Up 4.7 per cent 7,400 7,042.47 20 Feb 21 Feb 24 Feb 25 Feb 26 Feb making any big bets without more 3. Smurfit Kappa Up 3.55 per cent 26 Feb clarity on the spread of the virus. 7,200 It’s been a tough year so far for supermarket chains, with Sainsbury’s cutting head “We need to more information TOP FALLERS office jobs and Asda removing butcher and fish counters. It’s been all change at before markets have a further 7,000 grocery giant Tesco, too, which has exited China and overhauled its bakery offering. correction or get comfortable things 1. Taylor Wimpey Down 3.01 per cent 6,800 Analysts at Shore Capital Markets said this is a sign Tesco is looking “to cut its won’t escalate further,” said Jason 2. Whitbread Down 3.01 per cent operating costs and maximise its mix”. They said the retailer can cope with a Draho, head of Americas asset 3. Informa Down 2.82 per cent 20 Feb21 Feb 24 Feb 25 Feb 26 Feb tough market and provide “sound compound earnings growth”. They gave the allocation at UBS Global Wealth supermarket a “buy” rating with a target price of 243p. Management in New York.

CITY MOVES WHO’S SWITCHING JOBS Time to Rebalance.

OYO to the team... [He] has a wealth of experience across over 20 years of investment experience to the role, LONDON’S PRECIOUS METAL BROKER Oyo Hotels & Homes has various business functions,” said Rishabh Gupta, head operating at the most senior level, with a vision to take appointed Laurence of Oyo UK. LPP and its investment company, LPPI, to even TAILORED INVESTMENT SERVICES Woodhouse as vice president greater success.” LPP ALLOCATED AND SEGREGATED STORAGE of finance and stock for the INDEPENDENTLY AUDITED UK. Laurence joins Oyo UK Local Pensions Partnership (LPP) has announced the CBRE ACCESSIBLE AND TRANSPARENT after ten years at travel appointment of Chris Rule as its new chief executive Global real estate adviser CBRE has announced the technology group Sabre, officer. Chris has served as interim CEO at LPP since appointment of Graeme Rutter as executive director where he held several May 2019, and managing director and chief and head of investment advisory. Graeme joins from leadership roles across investment officer (CIO) of Local Pensions Partnership Schroder Real Estate Investment Management where finance, strategy and business Investments (LPPI) since 2016. Before joining LPP, he was head of its Real Estate Capital Partners development, working in both Chris was CIO at London Pensions Fund Authority division. In his role he was responsible for more than London and the US. Prior to that, he led financial (LPFA), one of LPP’s founding clients. Michael £4bn of assets under management. Prior to planning and analysis for the online travel agency O’Higgins, chairman of LPP, said: “I am very pleased to Schroder, where he has been for the last 13 years, SHARPSPIXLEY.COM Lastminute.com. “I’m delighted to welcome Laurence confirm Chris as CEO for LPP and LPPI. Chris brings he was at Aviva and Savills. T: +44 (0) 207 871 0532 To appear in CITYMOVES please email your career updates and pictures to [email protected] 54 ST JAMES'S STREET | LONDON | SW1A 1JT 18 OPINION THURSDAY 27 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Our capitalist system is in crisis TO THE EDITOR — here’s how we can reboot it Royal flush [Re: Harry and Meghan have dropped the word ‘royal’, but does the brand hold any cachet anyway?] APITALISM and the market challenge, as businesses remain able to harness the skills and talent It makes absolute sense for the Duke and economy are in trouble. As Sir under pressure in an uncertain po- that exist in every corner of the UK. Duchess of Sussex to drop “royal” from the benefits of our capital- Norman litical and economic environment. And there’s more: we could de- their non-profit entity, given that they are ist system accrue to the al- Lamb Yet there are always ways in which sign a responsible and not fiscally no longer full-time working members of C the royal family. As for whether it will affect ready wealthy while a huge policy initiatives can help those profligate Green New Deal to en- swathe of the population contin- who wish to travel down this road — sure that business plays a central their brand? Probably not, in the long term. ues to struggle, many are question- and to encourage others to do so. role in confronting the climate Change for any brand comes with a ing whether inequality is built into That is what I explore in my report. emergency and in restoring envi- degree of turbulence and way-finding, but the current system — which there- We must start by accepting that ronmental damage, and put pres- ultimately, Harry and Meghan’s combined fore needs overthrowing with sta- conventional “solutions”, namely sure on competition authorities to sense of broader purpose will transcend tist intervention. The American philosopher Ralph getting more people into jobs, wake up and defend the competi- the need for any royal affiliation. Others cling on to their ideologi- Waldo Emerson put it like this: haven’t worked — and won’t work. tive market system to prevent it Of the three pillars set out on their cal faith — blind to any sort of evi- “Doing well is a result of doing We have reduced unemployment from falling into a monopolistic, current website (supporting community, dence — that markets, left to their good. That’s what capitalism is all but replaced it with low-wage, un- rent-extracting model. serving the monarchy, and strengthening own devices, will sort everything about.” Or at least, that’s what it certain employment. In-work We could make lifelong learning the Commonwealth), only the first is linked out, eventually. should be about. And this idea poverty is one of the biggest policy and re-training the rule rather than to the statement about dropping royal. My Both belief systems represent a tri- needs exploring again, with a re- challenges, in the UK and beyond. the exception; champion the flexi- hunch is that this pillar will become their umph of dogma over reality; bone- newed focus on “purpose” rather And a job is only the start. Per- ble working week, thereby offering North Star, their purpose. It is genuine, headed ideology crowding out the than shareholder value as the driv- sonal prosperity matters, yes. Yet employment opportunities to many transcends any need for royal affiliation, development of the creative solu- ing force for business. people are increasingly recognise more people, particularly women; gives them flexibility, and will be a helpful tions we need to explore. Of course, translating the ambigu- that it is insufficient. They also care and incentivise companies to go be- yardstick in measuring what is appropriate Yet there are ways we can tackle ous concept of “purpose” into busi- about other things — clean air, yond a transactional and unreliable for them to pursue and what isn’t. these challenges, by taking new ap- ness practicality is proving to be a sound mental health, a sustainable relationship with employees to focus If they’re driven by purpose, it’ll work. But proaches to business and to the natural environment, and having a on long-term employee wellbeing. it will take time. economy that allow everyone in- personal stake in the future of their A growing number of businesses Lucy Maber, consultant, Brandpie volved to share in the prosperity own communities. are already moving in this direc- created. There are a number of initial steps tion, and we should support them. I put forward some of these ideas that could begin to address these Yet they are hampered by an out- Slow coach in my latest pamphlet, “Re-booting seemingly intractable issues: making dated, obsolete public policy Capitalism: A liberal, progressive vi- it easier to create employee-owned framework that penalises forward- [Re: How the chancellor could help both sion for defeating the statist Left We are stuck in a businesses; differential corporate tax looking businesses rather than re- startups and investors] and the populist Right”, published rates that reward socially responsible warding them. While tax benefits undoubtedly encourage this week by the think tank Radix. public policy businesses; reform of company law We are stuck in a public policy en- entrepreneurs, many are dissuaded by the We all need to accept that we can- environment that to broaden, by statute, directors’ du- vironment that favours the lag- high failure rate of startups. Businesses — not separate the economic from ties beyond shareholder primacy; gards rather than the innovators. If particularly small to medium ones — often the moral. Business can only exist favours the using public procurement as a pow- we are to save our market capitalist fail because they have to cover their own and thrive with the democratic erful lever to encourage responsible system, this has to change. expenses while waiting to be paid for the consent of the population. Its pri- laggards rather and sustainable business practice; goods or services they provided. mary purpose is not to make as and radically devolving political £ Sir Norman Lamb is a former minister It doesn’t need to be this way. much money as possible, in than the power to enable the creation of in the Department of Business, Technology exists today that enables whichever way possible, independ- innovators place-based economies responsive to Innovation and Skills and in the suppliers to be paid instantly, without ent of any ethical framework. the needs of local communities and Department of Health. disrupting buyers’ cash flow. Artificial intelligence can detect the small number of invoices that need a manual intervention using a history of invoice payment behaviour from buyers, so that the rest can be paid instantly. To encourage entrepreneurship, the Britain’s political landscape has shifted, Budget needs to look at the whole scope of problems that currently stifle new businesses in the UK — slow payments included. If this were addressed, perhaps but think tanks are struggling to adapt there wouldn’t be a need to hand out expensive tax benefits in the first place. Paul Christensen, chief executive, Previse HINK tanks occupy a think well-informed policy fed into contribution was, 49 per cent listed unique place in the policy Emily the manifestos. This is concerning, producing evidence-based research, world. Neither academic in- Redding not only for the long-term health of with just 30 per cent saying making BEST OF Tstitutions nor the parties the think tank sector, but also be- policy recommendations. From in- tasked with policy imple- cause it suggests a wider malaise in terviews, this seemed to derive TWITTER mentation, their role has tradition- public policy discussion in the UK. from a wish to plot a “safe” course ally been as independent “policy While think tanks are aware that through a difficult political cli- On a less cheerful note, the attacks on labs”, growing ideas for politicians they need to engage both with their mate. Focusing on research rather @YorkshireTea (and no, I can’t quite to use when in power. Yet, as we are traditional (politician) audience and than recommendations is less likely believe I’ve just written those words) all aware, the political landscape with those the politicians are listen- to be seen as partisan. reflect the still woefully overlooked has shifted in recent years. And It is difficult to overstate the risk ing to more, the majority (58 per And yet, the role of think tanks as fact that cultists & extremists from think tanks are having to adapt. to the long-term influence of these cent) still ranked politicians as their producers of public policy ideas is both “left” and “right” have a lot more This week, Smart Thinking pub- institutions posed by the decreas- number one audience, with just 14 still crucial, and the sector must in common with each other than the lished the first survey conducted ing trust in experts. To be a part of per cent believing it to be the general look at how it can innovate and in- rest of us. among leading UK think tanks, look- the policy conversation, think public. But in a world where politi- crease its influence. Well-evidenced @mrjamesob ing at the changes and challenges tanks need to be able to influence cians are looking over the heads of policy ideas, rooted in practicalities they are facing. Most significant is a policymakers. Typically, their di- the “experts” they once turned to in as well as academic research and un- Sue, you’re shouting at tea. Please do fundamental shift in the environ- rect audience would be politicians, order to craft policy, think tanks constrained by political ideology, are look after yourself and try to be kind to ment in which they operate. but there are increasing concerns need to reinvent their role. needed now more than ever. others. We’re going to mute you now Brexit is a big factor behind this, that the politicians — of any party Perhaps that means holding more Think tanks have been a major @YorkshireTea most notably because of the political — are no longer listening. events or making their work more voice in that policy conversation for climate the debate has created. There is more of a readiness from accessible to a general readership. a century now. Adapting to changes It might seem a little thing, but don’t A staggering 85 per cent of those parties to source ideas from a wider Indeed, 92 per cent of respondents in who and how they influence will underestimate the importance of surveyed believed the current polit- range of organisations, including at thought that think tanks had a role be crucial, not only to the think @YorkshireTea standing up to Twitter ical climate to have had a negative a grassroots level, as well as directly to play in educating the public, par- tanks themselves, but to the future bullies. So often, big companies have impact on public policy discus- from their members. In the run-up ticularly in an age of fake news, al- development of UK public policy. indulged and encouraged the mob by sions, while 64 per cent also agreed to the recent election, only 28 per though there is debate over how to buckling and apologising over the that the rise in fake news and dis- cent of the think tanks surveyed en- do that effectively. £ Emily Redding is director of slightest thing. I hope the tide’s turning. trust in experts was a direct risk to gaged with any political party on Interestingly, when asked what smartthinking.org.uk, the first platform @wallaceme think tanks. their plans, and a majority did not their think tank’s most valuable for UK think tanks. CITYAM.COM THURSDAY 27 FEBRUARY 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam The new chancellor needs to DEBATE step back and rethink IR35 Would it be a disaster for Democrats if Bernie Sanders HEN Philip Hammond everything it can to thrive, implement- became the nominee? announced in 2018 that Charlie ing such reform in this way will make IR35 would be extended Cox that a very difficult task indeed. Wto the private sector, he By making hiring contractors more Successful Democratic campaigns have heralded it as a move complex and potentially costly, the one thing in common: they focus on that would “open a new chapter in negatives of IR35 vastly outweigh the what matters to ordinary people. This our country’s economic future”. positives for both company and con- rule’s famed champion, James Carville, YES But fast-forward two years, and the tractor as things stand. There’s also a delivered Bill Clinton’s victory in 1992. SAMUEL ARMSTRONG new chancellor, Rishi Sunak, is still fac- huge fear factor for businesses around The motto “It’s the economy, stupid” ing a huge headache over the tax legis- the risk of getting it wrong and incur- won that election — what mattered to lation changes, effective from 6 April. lieve that the bill as drafted would ring the administrative costs, fines and paycheques mattered to voters. values, not someone who obsesses By rolling out IR35, HMRC is trying to achieve the government’s objectives, reputational damage that doing so As the only man alive to have about fringe left-wing causes. clamp down on instances where a con- 95 per cent of contractors and 92 per would entail. defeated an incumbent President, it is But it is not just that Bernie won’t win. tractor is using a limited company for cent of end hirers said it would not. Ad- This could foster a culture where worth listening to Carville when he says The army of trolls who unquestioningly tax purposes but is operating like an ditionally, 98 per cent don’t believe contractors jump ship to businesses “you’re a fool” if you think Bernie back him suggests a Momentum-style employee. This would mean that those that the impact on the private sector that better understand and are able to Sanders can win. hardening of American discourse. working contractually in this situation has been adequately assessed. categorise them correctly. Those firms Bernie’s Corbyn-like fascination with Corbynism coarsened our national would end up paying roughly the same In the survey, end hirers were asked that take a pragmatic approach to Cuba, socialism, and Israel are not top debate. It would hurt to see this play out income tax and national insurance if they fully understand what is being this reform will have the pick of the priorities for the voters he needs to win in the world’s greatest democracy. contributions as actual employees. asked of them in relation to the reform best available talent. That’s good for in states like Wisconsin. These are Until now, contractors in the private of IR35 rules in the private sector — 74 some companies, but is causing proud, decent working people who £ Samuel Armstrong is head of comms sector have been responsible for decid- per cent confirmed that they did not tremendous trouble for others. want a President who defends their at the Henry Jackson Society. ing if the IR35 rules apply to them or know. With less than six weeks left IR35 has real potential to hinder in- not. That is all changing, however, until the new rules go live, this is a novation and productivity throughout and the end company will now make very worrying statistic. the UK. While I’m supportive of the the decision on whether IR35 rules This confusion is already seriously government’s attempts to ensure that Bernie Sanders’ headline policies — like apply to assignments. impacting UK Plc. Companies should everyone pays the appropriate universal healthcare and a Green New The decision-making process that take reasonable care in coming to their amount of tax, it needs to be done Deal — are widely popular in the US. His businesses must go through is by no IR35 status decisions, yet at a time properly. This proposed reform is not grassroots network provides a constant NO means straightforward and is proving when the UK should be looking to do representative of that. funding stream and a powerful cadre of ELEANOR challenging. The government belat- Sunak faces a huge challenge as he activists which has already proved PENNY edly seems to be realising this. In a attempts to balance tax revenues with critics wrong. His message channels leaked video, Sunak is seen confirm- building a workforce which is fit for working-class outrage at injustice, candidate. But in voting booths across ing that “we are shortly to publish a purpose. He must assess the real im- painting Donald Trump as one of the the world, centrism is being battered; review on how it should be imple- pact of IR35 ahead of its implementa- wealthy, out-of-touch wreckers taking its bureaucratic adult-in-the-room mented, which should have some tion and make a call on whether it ordinary Americans for a ride. posturing and shallow policy offerings tweaks and improvements to make This reform has goes ahead in its proposed form. These tactics are poised to deflate ring hollow to electorates facing crises sure that the transition is as seamless If he takes a step back, conducts a re- Trump’s sham anti-elitism, outwit him that demand radical action. The as possible”. He went on to say that real potential to view grounded in data, and gets it in the culture war, and mobilise a Democrats won’t survive unless they HMRC will not be at all “heavy hinder innovation right, it could just “open a new chapter powerful multi-racial electoral coalition, adapt to this moment in history. Bernie handed” in the first year. in our country’s economic future”. encompassing non-voters, the offers them the chance to do just that. But “tweaks and improvements” sim- and productivity Democratic base, and disillusioned ply aren’t enough. In a recent survey £ Charlie Cox is commercial director working-class Republicans. £ Eleanor Penny is editor of Novara we conducted, when asked if they be- throughout the UK of SThree. Defeating Trump is a tall order for any Media. She tweets @eleanorkpenny.

Editorial Editor Christian May | Deputy Editor Andy Silvester Distribution helpline Our terms and conditions for external Josh Martin Rachel Cunliffe contributors can be viewed at Fountain House, News Editor | Comment & Features Editor If you have any comments about Lifestyle Editor Steve Dinneen | Sports Editor Frank Dalleres the distribution of City A.M. cityam.com/terms-conditions 3rd Floor, 130 Fenchurch Street, Billy Breton London, EC3M 5DJ Certified Distribution Creative Director please ring 0203 201 8955, or email [email protected] Tel: 020 3201 8900 from 30/12/2019 till Printed by West Ferry Printers Ltd, Email: [email protected] 02/02/2020 is 85,521 Commercial Sales Director Jeremy Slattery | Head of Distribution Gianni Cavalli Kimpton Rd, Luton LU2 0SX

NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 20 MARKETS THURSDAY 27 FEBRUARY 2020 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1872 Ä 0.0088 €/$ 1.0891 à 0.0023 7042.47 20622.95 3928.00 26957.59 8980.77 3116.39 /$ 1.2929 Ä 0.0069 €/£ 0.8424 à 0.0063 24.59 93.02 6.37 123.77 15.16 11.82 £ /¥ 142.66 0.6090 €/¥ 120.17 0.3800 Ã Ä Ã Ä Ã Ä Ä Ã 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 Temple Bar IT ...... 1294.0 2.0 1486.0 1162.0 Inchcape...... 595.0 -3.0 720.0 545.5 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Advanced Medical ...... 258.0 -3.5 354.5 225.0 Tsy 4.750 20 ...... 100.11 -0.01 104.0 100.1 Contour Global...... 179.0 -1.0 222.5 163.0 Templeton Em Mkts ....796.0 6.0 876.0 731.0 JD Sports Fashion ...... 783.8 -21.4 881.4 464.5 Games Workshp ...... 6690.0 45.0 7350.0 2800.0 BP ...... 428.4 -0.3 582.5 428.4 Aggreko ...... 719.0 -7.0 869.2 707.2 Alliance Pharma ...... 82.8 -0.1 87.5 63.0 Vietnam Enterprise ...... 416.0 -2.0 509.0 416.0 Kingfisher...... 196.4 -2.6 266.2 185.9 Tsy 8.000 21...... 109.55 -0.03 116.3 109.5 Drax Gp ...... 259.8 -2.0 386.8 251.0 LIFE INSURANCE Cairn Energy...... 150.2 -2.4 213.8 143.1 Ashtead Gp ...... 2585.0 15.0 2774.0 1805.5 ASOS...... 3073.0 -41.0 4066.0 2107.0 Tsy 2.500 24 ...... 362.12 0.16 377.9 358.8 SSE ...... 1612.0 12.0 1686.5 1008.0 VinaCapital Vietna ...... 288.0 -4.5 357.5 288.0 Marks & Spencer ...... 171.9 -4.1 290.1 163.9 Energean Oil & Gas ...... 723.0 13.0 1082.0 658.3 Babcock Intl Grp...... 473.2 7.2 646.6 416.7 Aviva ...... 379.9 -1.9 438.8 352.3 Blue Prism ...... 1496.0 11.0 1841.0 788.0 Tsy 5.000 25 ...... 122.95 0.01 126.0 122.1 ELECTRONIC & ELECTRICAL EQUIPMENT Witan Invest ...... 215.0 -1.5 235.0 201.6 Next ...... 6510.0 -72.0 7340.0 5086.0 Premier Oil ...... 90.9 -2.0 118.7 65.1 Bunzl ...... 2008.0 -42.0 2551.0 1911.5 Wwide Healthcare .....3140.0 35.0 3330.0 2495.0 Legal & General ...... 288.7 1.7 318.4 216.7 Tsy 4.250 27 ...... 129.53 0.01 132.8 125.5 Pets at Home Gp ...... 282.0 -2.0 314.6 140.0 Royal Dutch Shell A....1781.4 0.6 2612.0 1780.8 Capita ...... 142.7 -0.2 183.0 99.9 Camellia ...... 8600.0 150.0 11350.0 8350.0 Halma ...... 2108.0 10.0 2244.0 1554.0 Phoenix Gp ...... 746.2 -1.9 803.0 634.2 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 105.0 1.8 139.0 103.2 Royal Dutch Shell B ...1786.0 5.8 2622.0 1780.2 DCC ...... 5724.0 -58.0 7496.0 5724.0 Caretech Holdings ...... 473.0 -9.0 502.0 325.0 Tsy 6.000 28 ...... 148.01 0.00 152.1 143.3 Morgan Advanced ...... 301.6 6.2 324.8 232.4 Prudential ...... 1422.5 1.5 1790.0 1279.5 Watches of Switz ...... 349.0 -18.0 392.8 270.0 Tullow Oil ...... 35.5 -1.7 250.0 35.5 Diploma ...... 1966.0 -25.0 2134.0 1342.0 Tsy 4.125 30 ...... 384.06 0.16 404.2 364.5 Oxford Instruments ..1490.0 -12.0 1654.0 963.0 BT Gp ...... 146.5 -1.9 230.7 146.5 St James Place ...... 1083.5 -8.5 1199.5 913.6 Central Asia Metals .....195.2 1.8 266.5 180.0 WH Smith...... 2120.0 -80.0 2654.0 1896.0 OIL EQUIPMENT & SERVICES Electrocomp ...... 639.0 8.8 729.8 540.8 Tsy 4.250 32...... 142.84 -0.02 146.4 132.7 Renishaw ...... 3606.0 12.0 4638.0 3232.0 Talktalk Telecom ...... 113.2 -0.1 126.5 99.0 Std Life Aberdeen ...... 301.4 1.8 336.9 238.1 HEALTH CARE EQUIPMENT & SERVICES Clinigen Group ...... 745.5 8.0 1069.0 737.5 Tsy 4.250 36 ...... 152.01 -0.13 155.7 137.9 Telecom Plus ...... 1450.0 -26.0 1552.0 1130.0 Hunting ...... 292.4 1.6 657.0 290.8 Equiniti ...... 210.0 -1.0 236.2 186.2 Spectris ...... 2909.0 -83.0 3005.0 2234.0 MEDIA CVS Group ...... 1095.0 -16.0 1250.0 474.6 Tsy 4.750 38...... 167.77 -0.22 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS FOOD & DRUG RETAILERS Convatec ...... 208.4 1.0 220.4 132.6 Petrofac ...... 344.5 -15.9 527.2 344.4 Essentra ...... 365.4 -12.0 449.0 365.4 4imprint ...... 3070.0 -30.0 3500.0 2000.0 Experian ...... 2765.0 15.0 2898.0 1963.5 Dart Group ...... 1320.0 -123.0 1943.0 709.5 Tsy 4.250 46 ...... 177.42 -0.30 181.0 1.0 Greggs ...... 2244.0 -32.0 2476.0 1730.0 Mediclinic Intl ...... 369.9 -0.5 415.3 293.4 Wood Gp(J) ...... 398.6 8.1 598.6 319.6 3i Infrastructure ...... 302.0 0.0 317.5 270.1 Ascential ...... 354.8 -6.2 421.2 319.0 Ferguson ...... 7252.0 42.0 7602.0 4800.0 AEROSPACE & DEFENCE Morrison (WM) ...... 173.2 -3.6 231.3 173.2 NMC Health ...... 938.4 58.2 3000.0 700.0 PERSONAL GOODS Diversified Gas & Oil ...... 89.8 -2.2 116.5 84.2 Aberforth Smlr Cos ..1358.0 8.0 1546.0 1114.0 Auto Trader Gp ...... 540.4 0.6 607.6 469.1 G4S ...... 193.8 6.3 234.3 168.3 BAE Systems ...... 641.0 1.2 669.0 443.9 Ocado Gp ...... 1121.5 26.5 1435.0 1034.5 Smith & Neph...... 1839.5 -8.0 1990.0 1436.5 Draper Esprit ...... 570.0 10.0 602.0 410.0 Alliance Trust ...... 811.0 3.0 876.0 730.0 Euromny Inst Inv...... 1082.0 -50.0 1498.0 1082.0 Burberry Gp...... 1751.5 -2.5 2345.0 1695.0 Hays ...... 147.9 -1.9 183.5 138.0 Meggitt ...... 568.6 4.8 697.4 489.9 Sainsbury(J) ...... 203.5 1.5 240.6 177.1 UDG Hlthcare ...... 731.0 6.5 832.5 551.0 AVI Global Trust...... 735.0 -3.0 802.0 713.0 Future ...... 1234.0 2.0 1572.0 686.0 PZ Cussons ...... 187.6 3.6 227.0 178.8 Homeserve ...... 1241.0 -7.0 1340.0 953.0 EMIS Group ...... 1180.0 -10.0 1242.0 942.0 QinetiQ ...... 372.0 -3.8 387.8 267.0 SSP Group ...... 568.0 -29.0 721.0 568.0 HOUSEHOLD GOODS Baillie Gifford Japan ....725.0 5.0 848.0 720.0 Informa ...... 723.0 -21.0 892.0 702.0 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5580.0 14.0 6170.0 4643.0 Fevertree Drinks ...... 1351.0 -44.0 2475.0 1351.0 Rolls-Royce ...... 616.6 7.2 955.0 609.4 Tesco ...... 241.4 -1.6 258.9 212.6 Bankers InvTst ...... 978.0 11.0 1032.0 846.0 Barratt Devel ...... 786.2 -19.8 878.4 552.8 ITV ...... 122.8 -1.9 156.5 103.6 AstraZeneca ...... 7410.0 111.0 7878.0 5644.0 IWG...... 419.0 -0.8 469.0 230.3 Senior ...... 146.3 -2.0 235.0 146.3 FOOD PRODUCERS First Derivatives ...... 2900.0 -20.0 3555.0 2100.0 BlackRock Smaller ....1660.0 -38.0 1794.0 1298.0 Bellway ...... 4026.0 -51.0 4310.0 2698.0 Moneysupermkt.com ...326.1 -0.8 417.7 309.5 Dechra Pharma ...... 2758.0 -16.0 3068.0 2348.0 Network Int...... 582.0 -5.0 650.0 513.0 Ultra Electronics ...... 2060.0 12.0 2292.0 1240.0 Frontier Devs ...... 1210.0 22.0 1444.0 866.0 BMO Global Smaller .....136.0 -0.6 150.0 127.5 Assoc British Foods....2416.0 -14.0 2708.0 2106.0 Berkeley Grp Hldgs ..5040.0 -104.0 5474.0 3437.0 Pearson ...... 580.0 -2.0 927.0 556.4 Genus ...... 3210.0 6.0 3294.0 2178.0 Pagegroup ...... 419.4 -14.4 539.0 367.8 AUTOMOBILES & PARTS Caledonia Inv ...... 3005.0 -25.0 3180.0 2910.0 Bakkavor ...... 124.6 -3.8 149.6 93.3 Countryside Prop ...... 493.0 -2.2 540.5 277.6 RELX ...... 1994.0 13.0 2099.0 1606.0 GlaxoSmithKline ...... 1632.6 30.4 1846.0 1497.4 Paypoint...... 905.0 5.0 1118.0 844.0 Gamma Comms ...... 1255.0 -20.0 1460.0 830.0 Aston Martin...... 391.0 22.0 1181.0 369.0 City of London IT ...... 411.0 0.0 448.5 396.5 Cranswick ...... 3628.0 26.0 3852.0 2472.0 Crest Nicholson ...... 474.0 -5.4 519.0 332.0 Rightmove Group ...... 654.2 1.2 701.2 471.9 Hikma Pharma ...... 1825.5 -10.0 2200.0 1556.5 Rentokil Initial ...... 495.6 2.7 508.4 345.2 GB Group ...... 663.0 7.0 800.0 464.0 Edin Inv Trust ...... 566.0 -3.0 652.0 535.0 Greencore Gp ...... 225.0 -5.9 281.8 193.4 McCarthy & Stone...... 146.4 -2.5 158.8 123.5 WPP ...... 908.4 -3.2 1077.5 801.0 TI Fluid Systems ...... 209.0 -4.0 273.0 155.2 REAL ESTATE Sanne Group ...... 626.0 6.0 752.0 498.0 Gooch & Housego ...... 1245.0 -45.0 1527.5 954.0 European Opp ...... 844.0 1.0 926.0 708.0 Hilton Food Gp ...... 1050.0 0.0 1118.0 905.0 Serco ...... 157.8 7.1 167.7 120.3 BANKS Assura ...... 77.9 -0.8 83.5 56.7 Hurricane Energy ...... 15.4 0.7 53.6 14.8 F&C Investment ...... 736.0 2.0 786.0 675.0 Tate & Lyle ...... 751.4 -3.2 801.4 663.8 MAIN CHANGES UK 350 SIG ...... 65.1 -3.4 153.0 65.1 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Big Yellow Gp ...... 1160.0 -13.0 1240.0 955.5 Fidelity China SPE ...... 236.0 5.0 253.0 205.5 Unilever ...... 4386.5 -6.0 5324.0 3983.0 Travis Perkins...... 1577.5 -24.0 1720.0 1166.0 Impax Asset Mgmt ...... 357.5 -23.5 405.0 207.0 Barclays ...... 165.9 0.1 192.5 136.2 % BMO Comm Prop ...... 103.6 -1.4 124.2 103.6 Fidelity Euro Values ....256.0 3.0 272.0 218.0 FORESTRY & PAPER Risers à Fallers Ä % TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 368.0 4.5 405.0 316.5 BGEO Group ...... 1714.0 -27.0 1818.0 1252.0 Fidelity Spec Val ...... 252.0 2.0 280.5 240.5 Weir Gp ...... 1391.00 11.2 Restaurant Grp ...... 109.00 -7.2 British Land ...... 531.6 -4.2 638.8 468.3 Mondi ...... 1620.0 9.0 1846.0 1510.5 HSBC Hldgs...... 555.0 15.3 680.6 539.7 NMC Health ...... 938.40 6.6 Hochschild Mining ...... 186.60 -6.1 Captl & Count Prop ...... 221.5 -10.9 270.5 184.8 Spirent Comms ...... 230.5 -5.0 256.0 140.4 IQE...... 51.0 0.3 98.0 41.8 Finsbury G&I Tst ...... 863.0 -5.0 958.0 797.0 GENERAL FINANCIAL Lloyds Banking ...... 51.9 -0.1 67.2 48.6 GCP Infra Inv ...... 119.2 -1.0 134.0 119.2 Aston Martin ...... 391.00 6.0 Playtech ...... 307.00 -5.8 CLS Hldgs ...... 263.0 -3.0 312.5 212.0 TOBACCO James Halstead ...... 529.0 -17.0 570.0 440.0 Serco ...... 157.80 4.7 Mitchells & Butlers ...... 366.50 -5.7 Royal Bank of Scot ...... 193.1 -2.0 270.4 177.7 Genesis Emerging ...... 749.0 6.0 818.0 686.0 3i Group ...... 1106.0 -6.0 1184.5 942.2 Daejan Hldgs ...... 8020.0 0.0 8020.0 4715.0 Br Am Tob ...... 3219.5 24.0 3507.0 2648.0 Johnson Service Gp ....204.0 0.0 223.0 128.0 Evraz ...... 376.60 4.7 SIG ...... 65.10 -5.0 Standard Chartered .....591.6 7.2 738.6 575.7 Greencoat UK ...... 143.6 0.8 152.8 133.8 Ashmore Gp ...... 521.5 -5.5 570.0 397.8 Derwent London ...... 4178.0 -84.0 4282.0 2884.0 Imperial Brands ...... 1690.0 -6.0 2648.5 1668.2 Micro Focus Intl ...... 772.00 4.4 Watches of Switz ...... 349.00 -4.9 Keywords Studios .....1690.0 40.0 1838.0 1052.0 TBC Bank Group...... 1326.0 -14.0 1706.0 1150.0 Harbourvest Glb ...... 1810.0 -12.0 1868.0 1406.0 Brewin Dolphin ...... 341.6 -1.6 375.2 287.6 Grainger ...... 324.4 -4.2 338.0 217.4 Smurfit Kappa Gp ...... 2742.00 3.5 PPHE Hotel Gp...... 1750.00 -4.9 TRAVEL & LEISURE Virgin Money UK ...... 164.8 -1.9 220.1 104.4 Close Brothers ...... 1357.0 -12.0 1663.0 1227.0 Grt Portland Est ...... 915.2 -9.4 966.0 649.4 Learning Tech Gp ...... 141.2 -7.2 172.2 63.7 Herald Inv Trust ...... 1420.0 0.0 1530.0 1205.0 G4S ...... 193.80 3.4 SSP Group ...... 568.00 -4.9 Coats Group ...... 65.7 -1.6 88.6 65.7 Hammerson ...... 228.0 0.5 388.4 203.9 Carnival ...... 2570.0 -69.0 4267.0 2570.0 BEVERAGES HICL Infr ...... 174.8 -1.6 183.0 156.6 Hiscox ...... 1300.00 2.9 Helios Towers ...... 129.60 -4.8 M&C Saatchi ...... 73.4 -11.8 394.0 73.4 Land Securities...... 907.8 -12.2 1001.5 735.4 Cineworld Group ...... 164.4 -2.4 321.0 164.4 JPM American ...... 484.5 0.5 524.0 421.0 Finablr ...... 69.8 -3.5 215.0 69.8 Vesuvius...... 411.20 2.9 Finablr ...... 69.75 -4.7 M.P. Evans ...... 686.0 -3.0 750.0 612.0 Barr (AG) ...... 560.0 -2.0 975.0 526.0 Compass Gp ...... 1835.5 -35.0 2138.0 1665.0 JPM Emerg Mkt ...... 1000.0 14.0 1088.0 878.0 Hargreaves Lans...... 1643.5 -10.0 2433.0 1604.5 LondonMetric Prop ...... 221.2 -4.2 241.2 191.4 Britvic ...... 909.5 5.5 1068.0 850.0 Dominos Pizza ...... 313.9 3.8 326.4 221.2 Majestic Wine ...... 217.0 -1.5 318.0 210.0 JPM Indian IT ...... 673.0 -5.0 790.0 640.0 IG Gp...... 670.4 8.8 708.0 474.8 Persimmon ...... 3078.0 -9.0 3298.0 1836.0 MINING NewRiver Retail ...... 176.2 -5.2 246.0 147.6 Coca-Cola HBC AG ...... 2657.0 11.0 3074.0 2299.0 Primary Hlth Prop ...... 156.4 -2.6 162.8 123.0 easyJet ...... 1202.5 -10.5 1552.0 854.8 Midwich Group ...... 562.0 5.0 633.0 474.5 JPM Japan IT ...... 410.5 4.0 477.5 383.0 Integrafin Holdings .....505.0 9.0 529.0 337.0 Reckitt Benckiser ..... 6099.0 46.0 6688.0 5767.0 Anglo American ...... 1944.4 5.4 2266.0 1666.6 Diageo ...... 2933.5 -26.5 3625.5 2913.5 Intermediate Capital .1769.0 12.0 1877.0 999.0 Redrow...... 785.0 -14.0 848.0 533.0 Safestore Hldgs ...... 842.0 -11.0 867.0 586.0 EI Group ...... 284.8 -0.2 285.0 194.0 Jupiter Fund Mngt ...... 349.7 -13.0 432.0 314.0 Antofagasta ...... 810.0 12.8 1022.5 779.6 Mortgage Advice B .....800.0 29.0 800.0 546.0 CHEMICALS Intl Public Prtnshps .....164.4 -0.6 171.2 146.8 Taylor Wimpey ...... 212.4 -6.6 236.2 142.9 Savills ...... 1166.0 4.0 1258.0 822.0 FirstGroup ...... 124.2 -3.1 137.5 89.3 Law Debenture ...... 584.0 -8.0 654.0 552.0 Next Fifteen Comm ...... 481.5 -3.0 658.0 465.0 BHP Group ...... 1558.2 13.8 2049.0 1544.4 Flutter Ent...... 8826.0 6.0 9456.0 5525.0 Croda International ..4782.0 20.0 5375.0 4564.0 Mercantile IT ...... 259.5 0.0 278.5 188.0 Investec ...... 435.2 6.5 518.6 395.3 Vistry Group ...... 1340.0 -3.0 1478.0 975.0 SEGRO ...... 882.0 -7.8 935.0 653.8 Centamin ...... 145.7 -3.2 153.2 79.8 Nichols...... 1400.0 20.0 1880.0 1322.5 Elementis...... 113.5 -1.9 184.5 113.5 IP Group ...... 75.5 -0.4 103.2 55.7 INDUSTRIAL ENGINEERING Shaftesbury ...... 842.5 -15.0 979.5 739.5 Go-Ahead Gp ...... 1973.0 -67.0 2278.0 1783.0 Monks Inv Tst ...... 963.0 4.0 1026.0 809.0 Fresnillo ...... 708.4 -19.0 921.2 539.6 John Laing Gp ...... 337.8 -5.6 402.0 337.8 St Modwen Props ...... 484.5 -10.5 530.0 373.0 GVC Hldgs ...... 848.2 15.2 939.0 507.5 Numis Corporation ...... 276.5 -10.5 306.0 212.0 Johnson Matt...... 2606.0 -13.0 3454.0 2605.0 Murray Intl Tst ...... 1130.0 6.0 1286.0 1114.0 Bodycote ...... 798.0 6.0 971.0 652.0 London Stock Exch ....8076.0 4.0 8542.0 4507.0 Glencore ...... 208.3 -0.1 340.3 208.3 TR Property IT ...... 472.0 -4.0 497.5 377.0 Intercontl Htls ...... 4538.0 -50.0 5738.0 4499.5 Synthomer ...... 308.0 -2.0 420.8 279.0 Next Energy Solar ...... 117.5 0.5 126.5 114.0 Hill & Smith ...... 1441.0 -20.0 1510.0 1049.0 Polar Capital Hdgs ...... 500.0 -10.0 604.0 482.0 Man Group ...... 151.8 0.0 175.2 130.5 Hochschild Mining ...... 186.6 -12.1 227.0 152.0 Tritax Big Box ...... 139.3 -1.9 159.7 137.9 Intl Cons Airl...... 559.6 6.8 671.0 413.5 Victrex ...... 2232.0 -10.0 2540.0 1845.0 Pantheon Intl Partn .2280.0 -60.0 2620.0 2020.0 IMI ...... 1022.5 22.5 1206.0 906.0 Purplebricks Gp ...... 100.2 -6.4 132.0 96.0 Onesavings ...... 406.8 -12.8 452.0 313.6 Kaz Minerals ...... 436.9 8.4 738.4 380.3 UK Commercial Prop .....84.6 0.1 92.7 79.9 Just Eat Takeaway.com 7165.0 -40.0 8255.0 7165.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...305.5 -0.5 342.0 284.5 Melrose Ind ...... 226.0 3.9 248.5 160.7 Paragon...... 489.4 -3.6 553.5 388.0 Polymet Int...... 1308.5 -11.5 1345.0 772.6 Unite Group ...... 1269.0 -2.0 1339.0 896.5 Marstons ...... 97.9 -1.6 131.4 97.5 Renew Holdings...... 520.0 -14.0 568.0 360.0 Pershing Square ...... 1452.0 -22.0 1578.0 1224.0 RHI Magnesita ...... 3006.0 20.0 5000.0 2984.0 Balfour Beatty ...... 264.2 -2.8 295.0 194.2 Plus500 ...... 877.2 -6.8 949.6 495.0 Rio Tinto ...... 3912.5 -3.0 4976.5 3912.5 Workspace Gp ...... 1244.0 11.0 1307.0 806.0 Mitchells & Butlers ..... 366.5 -22.0 470.5 238.0 RWS Holdings ...... 562.0 -3.0 670.0 472.0 Personal Assets Tst 42850.0 -250.0 44050.0 Rotork ...... 297.3 6.4 341.2 269.8 CRH ...... 2788.0 30.0 3100.0 2279.0 Provident Fin ...... 451.1 3.0 602.0 356.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES National Express ...... 412.6 -3.2 476.0 387.4 39800.0 Spirax-Sarco...... 9045.0 145.0 9415.0 6665.0 Scapa Group ...... 186.0 -3.0 403.0 157.0 Galliford Try...... 164.1 1.8 190.4 102.4 Quilter ...... 161.8 0.5 174.7 124.2 PPHE Hotel Gp ...... 1750.0 -90.0 2140.0 1630.0 Polar Cap Tech Tst ...... 1616.0 10.0 1746.0 1220.0 Weir Gp ...... 1391.0 140.5 1814.0 1250.5 Vodafone Gp ...... 146.3 -0.7 165.2 123.3 Avast...... 404.6 -8.4 551.0 282.0 Secure Income REIT .. 449.0 -7.0 473.0 394.0 Grafton Group...... 897.0 -13.0 990.0 645.5 Rathbone Brothers .....1818.0 -72.0 2540.0 1818.0 Rank Gp ...... 293.0 -8.5 326.0 144.0 Pollen Street ...... 882.0 -2.0 884.0 802.0 Aveva Gp...... 4590.0 -10.0 5315.0 2962.0 Ibstock ...... 301.8 1.4 322.2 208.6 Schroders ...... 3101.0 -21.0 3443.0 2541.0 INDUSTRIAL METALS NONLIFE INSURANCE Restaurant Grp ...... 109.0 -8.5 166.4 109.0 Serica Energy...... 106.0 1.2 143.4 103.6 Renewables Infra Gp ...135.0 0.2 139.2 115.4 Computacenter...... 1768.0 -2.0 1920.0 1049.0 Marshalls ...... 780.0 -7.5 876.0 542.0 TP ICAP ...... 388.8 2.6 417.5 270.0 Evraz ...... 376.6 16.9 709.4 341.4 Stagecoach Gp...... 135.5 -0.5 167.0 115.5 RIT Cap Partners ...... 2015.0 0.0 2180.0 2005.0 Admiral Gp ...... 2239.0 -1.0 2330.0 2014.0 FDM Group...... 943.0 -9.0 1100.0 647.0 Smart Metering Sys.....499.2 3.2 634.0 310.0 Polypipe Group ...... 573.5 -7.0 619.0 372.8 Ferrexpo ...... 138.5 -3.5 301.3 123.0 Wetherspoon (JD) ..... 1409.0 -24.0 1734.0 1269.0 Schroder Asia ...... 450.0 7.0 485.5 424.5 GENERAL RETAILERS Beazley ...... 554.0 0.5 628.0 504.5 Kainos Gp ...... 760.0 -18.0 880.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS Whitbread ...... 4225.0 -131.0 5152.0 3988.0 Scottish Inv Tst ...... 773.0 9.0 843.0 764.0 B&M ...... 333.6 -9.0 420.9 315.0 INDUSTRIAL TRANSPORTATION Direct Line Ins ...... 321.7 2.9 366.5 270.5 Micro Focus Intl ...... 772.0 32.5 2160.0 739.5 William Hill ...... 172.0 -4.6 205.2 132.3 Thorpe (F.W.) ...... 315.0 -6.0 359.0 267.0 Smith (DS) ...... 346.6 7.2 394.8 307.9 Scottish Mortgage ...... 609.0 10.0 659.0 472.0 Dixons Carphone ...... 130.5 -0.5 152.4 104.9 Clarkson ...... 2655.0 -45.0 3110.0 2200.0 Hastings Gp Hldgs ...... 172.5 -3.5 231.6 167.9 Playtech ...... 307.0 -18.8 457.7 307.0 Wizz Air Holdings ...... 3715.0 -69.0 4496.0 2880.0 Watkin Jones ...... 272.0 0.5 286.0 199.6 Smiths Gp...... 1657.0 18.0 1769.5 1378.0 Sequoia Econ Infra ...... 114.0 0.8 118.6 110.0 Dunelm Gp...... 1181.0 -12.0 1404.0 730.5 Fisher (James) ...... 1814.0 -36.0 2260.0 1814.0 Hiscox ...... 1300.0 37.0 1777.0 1213.0 Sage Group ...... 739.0 0.8 820.4 655.0 Smurfit Kappa Gp...... 2742.0 94.0 3010.0 2096.0 Smithson Inv ...... 1302.0 -2.0 1388.0 1105.0 Frasers Group ...... 445.0 -4.6 518.0 214.0 Royal Mail ...... 170.9 4.6 283.2 166.3 Lancashire Hldgs ...... 775.0 -16.0 807.0 640.5 Softcat ...... 1120.0 -14.0 1260.0 746.0 AIM 50 Young’s Brew NV ...... 1240.0 -15.0 1310.0 1030.0 Vesuvius...... 411.2 11.6 642.0 341.0 Syncona ...... 247.5 0.5 294.0 203.0 Howden Joinery Gp...... 677.6 -19.6 732.6 478.8 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 532.0 -5.4 597.0 501.6 Sophos ...... 572.6 3.8 577.0 298.2 Abcam ...... 1180.0 -18.0 1500.0 1066.0 Young’s Brew-A...... 1620.0 -35.0 1885.0 1520.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 261.00 -4.40 316.05 204.80 3M ...... 148.96 2.11 219.50 146.85 AIR LIQUIDE ...... 131.65 0.50 140.30 109.65 ABBOTT LABORATORIES ...... 81.36 0.23 91.86 72.88 ALLIANZ AG ...... 214.05 -1.55 232.20 195.60 ADOBE INC ...... 351.34 3.54 383.28 254.74 AMADEUS IT GROUP ...... 64.10 -0.24 78.60 42.30 ALPHABET NON VTG-C ...... 1393.18 4.73 1526.69 1036.23 ANHEUSER BUSCH INBEV ...... 61.89 -0.35 92.71 62.24 ALPHABET-A ...... 1390.47 4.15 1524.87 1116.79 AMAZON.COM ...... 1979.59 6.85 2170.22 1620.80 ASML HOLDING NV ...... 267.60 1.25 292.95 158.30 AMERICAN EXPRESS ...... 118.50 -2.40 136.93 106.94 AXA ...... 22.56 -0.25 25.50 20.78 APPLE INC ...... 292.65 4.57 327.20 172.50 BANCO SANTANDER ...... 3.55 0.04 4.10 3.40 AT&T ...... 37.10 -0.25 39.63 29.81 BASF...... 57.00 -0.69 74.49 56.20 BANK OF AMERICA ...... 30.63 -0.45 35.64 26.25 BAYER AG...... 69.46 -0.35 78.06 52.53 BERKSHIRE HATHAWAY...... 216.06 -1.99 230.20 195.81 BBVA ...... 4.74 -0.01 5.69 4.21 BOEING CO ...... 305.59 1.45 432.69 304.14 BMW ...... 61.19 0.04 77.75 58.70 CATERPILLAR INC ...... 128.25 -0.75 150.53 113.38 BNP PARIBAS ...... 48.22 -0.48 54.18 39.32 CHEVRON ...... 98.04 -2.67 126.54 100.71 CRH ...... 33.07 0.22 36.50 26.70 CISCO SYSTEMS ...... 42.16 -0.58 58.05 42.74 DAIMLER ...... 39.78 0.23 59.31 39.55 CITIGROUP ...... 68.18 -1.25 81.91 60.33 DANONE ...... 67.94 0.36 82.00 65.88 COCA-COLA CO ...... 57.60 -0.22 60.13 44.69 DEUTSCHE POST AG ...... 29.57 -0.21 34.91 26.38 COMCAST ...... 42.22 -0.95 47.50 38.19 DOW ...... 43.05 -0.90 66.65 40.71 DEUTSCHE TELEKOM ...... 15.66 -0.04 16.61 14.45 EBAY INC ...... 36.69 0.23 41.57 33.56 ENEL ...... 7.96 0.15 8.57 5.30 EXXON MOBIL ...... 53.01 -1.19 83.38 54.20 ENGIE...... 15.64 0.10 16.64 12.45 FACEBOOK ...... 197.20 0.43 223.23 174.60 ENI ...... 12.06 0.09 15.94 11.98 GOLDMAN SACHS GROUP ...... 215.78 -1.83 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 235.28 -2.10 247.02 181.14 FRESENIUS MEDICAL CARE ...... 71.44 -0.78 77.66 57.92 HONEYWELL INTERNATIONAL ...... 167.18 -0.62 183.23 151.59 IBERDROLA ...... 11.21 0.55 11.22 6.02 IBM ...... 139.75 -1.96 156.76 126.99 INDITEX ...... 29.25 -0.06 32.37 2.55 INTEL ...... 59.65 -0.08 68.47 43.46 ING GROEP NV...... 9.18 0.00 12.05 8.34 JOHNSON & JOHNSON ...... 143.68 -0.97 153.99 126.95 INTESA SANPAOLO...... 2.38 0.05 2.60 1.83 JPMORGAN CHASE & CO ...... 126.64 0.38 141.09 98.93 KERING ...... 530.00 5.50 610.20 425.05 MASTERCARD INC ...... 298.04 -4.85 344.56 221.87 MCDONALD’S ...... 210.10 -2.00 221.15 179.50 KON KPN NV ...... 2.41 -0.02 2.96 2.43 MEDTRONIC ...... 106.15 -2.38 121.30 84.15 L’OREAL ...... 254.00 1.30 275.30 221.90 MERCK & CO ...... 79.94 -0.33 92.04 73.19 LVMH MOET HENNESSY ...... 385.25 5.20 439.05 302.00 COMMODITIES TOURIST RATES MICROSOFT ...... 170.17 2.10 188.70 110.39 MUENCHENER RUECKVE ...... 253.90 -0.10 282.50 207.10 NETFLIX ...... 379.24 19.15 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1635.48 -16.22 Copper Cash Official...... 5663.25 +6.00 Canada ...... 1.6418 New Zealand ...... 1.9158 NIKE INC ...... 92.00 -0.90 104.58 77.14 ORANGE ...... 12.91 -0.04 15.01 12.61 Silver (Pence) ...... 1833.00 -44.50 Aluminium Cash Official ...... 1684.00 +12.00 Croatia ...... 8.0404 Norway...... 11.61 ORACLE ...... 52.05 1.09 60.15 50.24 ROYAL PHILIPS ...... 40.48 -0.30 45.61 34.90 Silver (Cents) ...... 1440.00 -16.00 Nickel Cash Official ...... 12537.50 +182.50 Czech Republic ...... 27.73 Poland ...... 4.5182 PAYPAL HOLDINGS ...... 109.11 -0.55 123.91 96.64 SAFRAN ...... 132.30 -0.50 150.25 116.90 Krugerrand ...... 1657.47 -9.99 Aluminium Alloy Cash Official ...... 1350.00 -5.00 Denmark ...... 8.4847 Singapore ...... 1.6921 PEPSICO ...... 141.98 0.88 146.99 118.61 SANOFI ...... 90.90 0.46 94.00 72.24 Brent Crude ...... 54.95 -1.35 Natural Gas ...... 22.54 -0.04 Hong Kong ...... 9.5948 Sweden ...... 12.05 PFIZER INC ...... 34.72 0.79 44.40 33.93 SAP SE ...... 117.74 -1.56 129.36 94.20 Platinum ...... 960.00 -4.00 Tin Cash Official ...... 16637.50 +130.00 Iceland ...... 147.24 Switzerland ...... 1.207 PROCTER & GAMBLE ...... 120.16 -1.27 127.14 98.41 SCHNEIDER ELECTRIC ...... 97.10 0.52 102.90 67.60 British Sovereign ...... 384.89 -3.89 Zinc Cash Official ...... 2037.50 -1.00 India ...... 81.96 Turkey ...... 7.5942 TRAVELERS COMPANIES ...... 128.56 -2.23 154.83 128.93 SIEMENS AG ...... 98.00 -1.10 119.90 85.00 Lead Cash Official ...... 1921.50 +58.50 White Sugar ...... 412.70 -2.10 Israel ...... 4.0212 United States ...... 1.2391 TWITTER ...... 34.63 -0.58 45.42 28.89 UNITED HEALTH GROUP ...... 263.00 -0.39 305.31 215.26 SOCIETE GENERALE...... 28.56 -0.29 31.93 21.13 UNITED TECHNOLOGIES ...... 138.38 -0.43 156.83 122.94 TELEFONICA SA ...... 5.84 0.02 9.18 5.82 WORLD INDICIES VERIZON COMMUNICATIONS ...... 57.14 0.02 62.07 54.35 TOTAL ...... 41.05 -0.10 52.27 41.14 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 187.21 -1.19 213.31 168.86 UNILEVER NV ...... 51.16 -0.36 57.56 47.05 FTSE 100...... 7042.47 +24.59 +0.35 S&P 500...... 3116.39 -11.82 -0.38 CAC 40 ...... 5684.55 +4.87 +0.09 Hang Seng ...... 26696.49 -196.74 -0.73 WALGREENS BOOTS ALLIANCE...... 47.67 0.16 76.05 47.51 VINCI ...... 97.62 -0.64 106.75 83.16 FTSE 250 ...... 20622.95 -93.02 -0.45 Dow Jones I.A ...... 26957.59 -123.77 -0.46 Swiss Market Index ...... 10512.15 +33.64 +0.32 Nikkei ...... 22426.19 960.55 -4.11 WALMART ...... 113.78 -0.61 121.28 96.94 VIVENDI ...... 24.90 0.07 26.42 23.40 FTSE All-Share ...... 3928.00 +6.37 +0.16 Nasdaq Composite ...... 8980.77 +15.16 +0.17 ISEQ Overall Index ...... 6832.11 +4.80 +0.07 STI Index ...... 3117.52 +0.507 +0.12 WALT DISNEY CO ...... 123.36 -4.83 151.64 107.79 VOLKSWAGEN AG ...... 154.60 -0.06 185.52 138.16 FTSE AIM All-Share ...... 911.16 -18.66 -2.01 Xetra DAX...... 12774.88 -15.61 -0.12 FTSEurofirst 300 ...... 1577.03 +0.86 +0.05 ASX All Ordinaries...... 6790.70 -163.10 -2.35 WELLS FARGO & CO ...... 44.14 -0.98 54.46 43.38 CITYAM.COM THURSDAY 27 FEBRUARY 2020 LIFE&STYLE 21 TECHNOLOGY EDITED BY STEVE HOGARTY

to much nostalgic fanfare, the Motorola Razr sought to bring back the once-outdated clamshell design. WHAT’S The screen is far less prone to failure than every other folding phone that had come before, though the build quality of the slip- thin, flip-phone chassis was lacking. The hinge is reported to AROUND creak with repeated use, while design compromises had to be made to accomodate the entire THE BEND thing folding in half.

Mobile World Conference revealed yet Consumers are more folding phones – is it the future? yet to be sold on the folding phone, ancelled due to coronavirus Able to unfold to eight inches and fears, Mobile World Confer- run several apps on screen at once, put off by a series ence was scheduled to be it aims to bridge a gap between taking place in Barcelona phone and laptop. Google apps are of high-profile and this week. But despite the notably absent however, owing to over-priced flubs Ccancellation of the conference it- the ongoing US trade embargo. self, the event continues to be the In hardware terms, the improved industry’s leading stage for product design is purported to be much announcements online, with manu- smoother and sturdier than its Manufacturers, spoiled by a post- facturers who had been primed to predecessor, to address consumer iPhone generation of solid black reveal new devices instead turning concerns around the unreliable slabs that managed to eradicate to livestreams and remote broad- build quality of this pioneering almost every physical button going, casts to launch their phones directly generation of folding phones. The are seemingly having to relearn to the public. While the darkened first to the party, last year’s Galaxy how to make moving parts. And to hallways of the expo centre whistle Fold was mired in technical consumers yet to be sold on the with the ghosts of vacant attendees, issues when it launched – folding phone concept alone, the industry presses on undaunted, small pieces of grit and this series of high-profile and with arms full of shiny new folding debris could work over-priced flubs – the Razr phones to show us. their way through costs a cool £1,300 – One year after it announced the the hinge and presents little Mate X foldable, Huawei has underneath the motivation to move debuted its successor at an MWC flexible screen away from the status satellite event in Barcelona, – prompting quo. presumably as they’d already paid a Samsung to It’s into this deposit on the room. The Mate XS halt sales uncertain market that continues the design aesthetic of while it worked Huawei sends its newest last year’s notepad-sized folder, this on a solution. device. The Mate XS, time with a more durable display And while that unlike its predecessor and a redesigned hinge. The Mate issue has largely been which was sold only in XS is distinguished by having its ironed out in newer China, will be available screen on the outer sides of the devices, folding phones all globally for €2,499. Unlikely device when it’s folded, setting it still share some teething to be a best-selling device, it apart from its nearest rival the problems such as visible allows Huawei to perfect a Samsung Galaxy Fold, which keeps creasing and easily scratchable Main: The Huawei Mate XS manufacturing process, and to its flexible screen safely indoors screens. Above: The Motorola Razr and be fully tooled up in a future in when closed. Launched at the tail end of 2019 Samsung Galaxy Z Flip which folding goes mainstream. Point-and-click meets indie platformer

GAME talking to other characters, while from his less athletic but more refusing to muster anything as vigilant perspective, interacting LAIR OF THE CLOCKWORK GOD strenuous as a jump, or even to step with parts of the scenery to solve PLATFORM: PC (STEAM) off ledges. Dan, meanwhile, has puzzles. The flavour of these will be flung himself headfirst into the familiar to anyone who’s played a hhhhh | BY STEVE HOGARTY popular arena of indie platformers, LucasArts adventure before – games You might think that Lair of the double-jumping, stepping on like Monkey Island and Day of the Clockwork God, a game that’s one pressure pads and steadfastly Tentacle – using lateral thinking to half classic point-and-click refusing to pick up any useful items combine items in Ben’s inventory adventure, and the other half a or pull any switches. (though Dan insists it be called modern indie darling platformer, The dialogue between the co- “crafting” to keep up with the kids) would tend to pull the player in two dependent pair is relentlessly funny before using them to set off some painfully opposing directions. These and self-aware, dense with British unlikely sequence of events. These are seemingly irreconcilable genres humour and armed with scalpel are rarely too taxing on the grey of the past and present, a square sharp satire of the genres it saddles. matter, but the puzzles are well peg and a round peg, violently Good natured parody of modern thought out, and the platforming is smashed into a triangular hole. indie games’ infatuation with fun enough in short bursts. But Clockwork God manages to gravely serious themes sits More than just the sum of two make it blend. It stars Ben and comfortably alongside wanking disparate genres, Clockwork God is Dan – cartoonish caricatures of the jokes, though the script takes itself a brilliantly written exploration of game’s writers and designers, just seriously enough to avoid old versus new, of relevance and whom you can switch between at veering into outright silliness. irrelevance. Any 30-something who will – on a mission to stop every As Dan, you leap around levels, grew up playing PC games will fall apocalypse from happening all at typically until you reach some kind immediately under the spell of the once. Ben is an old school point-and- of impassable barrier. Switch to Ben game’s beguiling and consistently click guy, looking at objects and and you can explore the same level hilarious protagonists. 22 FEATURE THURSDAY 27 FEBRUARY 2020 CITYAM.COM OFFICE POLITICS Keep calm and have another cup of tea

to their efforts on diversity, impact This week’s social media spat wasn’t a the whole of society. There will be no storm in a teacup — it’s a lesson for us all resolution to the climate crisis, for in- stance, until businesses step up. But that doesn’t mean that every NOTHER day, another Twit- Josh product has to be a political state- ter pile-on. This time, the Williams ment. Businesses have the opportu- warriors of social justice nity, perhaps the responsibility, to Aturned their ire on homely CUP OF JOE allow us to ascend from the party po- hot-drink merchants York- litical. Tea especially ought to be a lev- shire Tea. Their equally voluble online Best Coffee eller. In an otherwise class-bound opponents rallied to its defence. Free society, there are few things that Why? Because Yorkshire Tea had the unify us like a cuppa. It is surely the temerity to be, unbeknownst to them, All this talk of tea only drink sipped regularly by both our new chancellor’s choice of brew. may feel slightly your builder and your monarch. Or, more precisely, the drink selected thing to a soundbite, designed to trig- alienating to To their credit, the Yorkshire Tea by Rishi Sunak’s communications ger a response, be it outrage or a laugh. London’s coffee Twitter operator tried to stay above team to best present him as an ordi- Social media was supposed to herald a drinkers. If you’re the fray. They used the account to re- nary man of the people, the kind of new era of public debate. Instead, it in the mood for a mind users that Jeremy Corbyn had man who paints red walls blue, not has made us a nation of hecklers. refreshing also previously tweeted a picture hold- (as he has been dubbed in the past) This particular quip is especially re- espresso, this ing a jumbo bag of man-of-the-people the Maharajah of the Yorkshire Dales. ductive. This storm is in fact much app can help you Yorkshire Tea, pointing out that the The backlash was swift, with Twitter bigger than a teacup. This was an- to find top brand had endorsed neither him nor hoards attacking the Yorkshire Tea ac- other indication of the coarsening of Social media this was in the best interests of their quality cafes in Sunak in doing so. In a plaintive but count, promising to boycott the brand the public forum, fuelled by Twitter was supposed companies. But I have little doubt your local area. powerful line, they urged their fellow because it had allowed a Tory MP to and other social media. And it illus- to herald a new that, in both cases, personal politics Use the map to Twitter users to “try to be kind”. drink it. Others rushed in to mock the trates how hard it has now become for era of public snuck in there too. The platform, af- find speciality The wider business world would do boycotters. The account, run (as all ac- businesses to avoid being drawn in. debate. Instead, forded by their position, was used to coffee shops well to follow the lead of Yorkshire counts are) by a human, was inun- Business leaders are increasingly it has made us voice political opinions that could near you, read Tea, but so would the rest of us. We dated, finally tweeting a viral thread using their public platform to land a nation of have stayed private. reviews to find must seize the opportunities we have imploring everyone to calm down. political points. In the 2016 Referen- hecklers It would be wrong to conclude that one that’s right to detoxify, and not ratchet up, debate. The dust is still settling, but it seems dum, Paul Polman of Unilever vocally businesses should disengage from the for you, and even With each tea break, I used to scroll that almost every Twitter user, then backed Remain. Tim Martin of great questions of our day. They must stay up to date aimlessly through Twitter. As of today, every newspaper, made the same joke. Wetherspoons did the same for Leave, not. There are many issues that busi- with the latest I stopped. It’s time, I think, to put “A storm in a teacup,” they quipped. touring his pubs to rally drinkers to nesses do need to engage seriously coffee news. down Twitter, and stick to the cuppa. But to respond with so pithy (and un- the Brexit cause. with, not only because politics affects original) a line is to do what Twitter It is possible that both Polman and everything, but also because their ac- £ Josh Williams is a speechwriter and has taught us to do: to reduce every- Martin did so because they believed tions, from how sustainable they are director at The Draft. CITYAM.COM THURSDAY 27 FEBRUARY 2020 SPORT 23

Villa fans’ priorities are in the spotlight ahead of their trip to Wembley, says Michael Searles TO

HE MAGIC of a Wembley cup final is difficult to replicate but the importance of win- ning domestic silverware ap- WIN pears to have become increasinglyT secondary to the need to remain in the Premier League. For the thousands of Aston Villa fans set to descend on London this Sunday for the Carabao Cup final against Man- chester City, an end to their 24-year wait for a major trophy would be a A CUP huge statement that the club has turned its fortunes around. But for a team also battling to avoid relegation, is the additional strain of a cup run worth the potential reward? It does not denote any of the roman- tic notions of a final – after all, football OR is about winning – but the growing im- portance of remaining in England’s top-flight cannot be understated as Villa, who have just returned from a three-year stay in the Championship, can vouch. However, when they faced Liverpool’s STAY second string in the EFL Cup quarter- final and then avoided either Manches- ter side in the semi-final, the stars appeared to be aligning for the Mid- lands club. The opportunity to go all guns blaz- ing against Leicester and reach the UP? final was too tempting for boyhood- fan-turned-manager Dean Smith – and who can blame him? the possibility they could join an exclu- Wednesday in the Championship, we “These finals help to build a tradi- SUBSIDING VILLA sive club of cup winners who got rele- are not going to be playing anyone in tion,” says Aston Villa Supporters’ gated, which includes local rivals the Carabao Cup final. If we are in the Trust director Jonny Gould. “Winning Birmingham City. top flight, with the squad, with the a trophy, as any major club will tell Premier League results since Carabao In 2011, Birmingham beat Arsenal to revenue, it’s unromantic but the Pre- you, changes the trajectory of the club. Cup semi-final first leg: win the League Cup but were subse- It’s unromantic, mier League holds the keys to every- We’ve lost too many finals at Wembley Man City (H) Lost 6-1 quently relegated, while Wigan Ath- but the Premier thing and anyone who answers that in recent years.” Brighton (A) Drew 1-1 letic suffered a similar fate in 2013 question any other way is naive. Villa suffered defeats in the 2010 Watford (H) Won 2-1 after beating City in the FA Cup final. League holds the “Ask Wigan and Birmingham fans League Cup final and 2015 FA Cup Bournemouth (A) Lost 2-1 Portsmouth, meanwhile, made it to about winning a trophy and what it final to Manchester United and Arse- Tottenham (H) Lost 3-2 the 2010 FA Cup final only to lose and keys to everything. did for them. We’ve never seen them nal respectively, and now face the Southampton (A) Lost 2-0 get relegated. Any other answer again, and in Birmingham’s case, we daunting prospect of City on Sunday, “An FA Cup run would have ham- probably never will,” he laughs. who last year completed a domestic pered us, but two legs against Leicester is naive Sunday will be Villa’s fifth appear- treble with a 6-0 drubbing of Watford. and a final with City, I don’t think that ance at Wembley in 10 years and third But it’s hard to escape the feeling have suffered three straight league de- is as exhausting as people make out,” “The Premier League is most impor- in a major cup final. While winning that Villa’s Carabao Cup exploits ap- feats and are now just one point above Gould adds. tant, because that way we can get back would be a huge cause for celebration, pear to have hampered their league the relegation zone. For some fans, silverware is more im- to the Carabao Cup final next season,” the reality is that if Villa are to re-estab- form. They would not be the first side to portant than anything else. For others, Gould says. lish themselves as a major force in Eng- Since that semi-final second-leg vic- have tried juggling a cup run while preserving a club’s Premier League sta- “Frankly, if we are dodging bullets lish football, staying in the Premier tory over Leicester a month ago, Villa battling relegation and there is still tus is paramount. and Nottingham Forest and Sheffield League is more important. Lions’ success has England youngsters on the right path

familiar pink ball, is even more im- term, it is the positive experiences of When naming the squad in Decem- scorers much the feeling is, at 22, The development pressive considering the injuries to England Test players which are rele- ber, national selector Ed Smith de- any time in the middle is time well Lewis Gregory and Richard Gleeson vant in the short-term. scribed the tour as “an opportunity spent. side’s first win over and the fact the home side’s XI con- Richard Dawson’s side will be with- to provide players with relevant ex- Jennings was a surprise recall for tained nine full internationals with out Dominic Sibley, Zak Craw- perience for future Ashes series”. the Sri Lanka tour after a year out of Australia A is a more than 150 caps between them. ley, Keaton Jennings and Reflecting now, that mis- the side, so a chance to captain the Test match regulars Marcus Harris Dom Bess for their final sion can certainly be Lions in a successful period should promising sign, and Usman Khawaja opened the bat- match because they deemed a success. do his confidence plenty of good – as Felix Keith ting for the hosts, while their bowl- are flying off to Sri England’s latest will his innings of 141 in the high- says ing attack was led by former Test Lanka to join up opening pair Sibley scoring draw in Tasmania. seamer Jackson Bird and Michael with the senior With seamers Craig Overton and OMING AT the end of a success- Neser, who is knocking on the door team ahead of Sibley made Ollie Robinson leading the way with ful tour of South Africa for Eng- of selection. their two-Test tour scores of 103 and 13 wickets across the two innings at Cland and in the same country The Lions, who conclude the tour of the country 116 on the tour the MCG, Bess’s off-spin had to take as the current Women’s T20 World against a New South Wales XI in next month. a back seat. But the 22-year-old still Cup meant the exploits of England Wollongong on Monday, are un- Sri Lanka and the and Crawley have managed to claim the important Lions in Australia were always likely beaten so far Down Under, winning first Test in Galle on been afforded time wickets of Harris and Moises Hen- to fly under the radar. the three completed one-day 19 March is of imme- to cement their un- riques in the second innings, getting But the achievements of England’s matches and drawing the other four- diate concern, but derstanding, playing at 68 overs in altogether over the two development side deserve attention, day game. there is no doubt the the top of the order to- games. because earlier this week they While the development of talents coaching staff, which in- gether across four innings in The Ashes are a long way off, but as picked up their first ever win over like Essex batsman Dan Lawrence, cludes former Test batsman Hobart and Melbourne. England look to evolve under the Australia A. That victory, which Gloucestershire wicket-keeper James Jonathan Trott and Somerset head Sibley has continued to impress, coaching of Chris Silverwood these came at the imposing venue of the Bracey and Durham seamer Brydon coach Jason Kerr, will have had one scoring centuries in both games, and experiences could yet prove crucial MCG, under lights and using the un- Carse are encouraging in the long- eye on the Ashes in November 2021. while Crawley has not troubled the to their success. 24 SPORT THURSDAY 27 FEBRUARY 2020 CITYAM.COM LEAGUE OR CUP? Villa face Man City at Wembley but they SPORT have greater concerns PAGE 23

City come from behind in style to snatch a priceless THE REAL victory in Madrid, writes Felix Keith

EP Guardiola lives for nights under the lights at the Bern- abeu. As a former Barcelona DEAL Pplayer and manager – not to mention a prominent advo- cate for Catalan independence – he is not a popular man inside Real Madrid’s gigantic famous stadium. But so often in the past he has thrived in the lions’ den. His mind is obsessed by the theory of football, of how to beat the best – and challenges don’t come much tougher than Real Madrid away in the knockout stages of the Champions League. Unsurprisingly, given the quality of his players, Guardiola never lost at the Bernabeu with Barcelona. Some of his proudest moments as a manager have come at the home of the side he most fervently opposes. Right from the off last night the Man- chester City manager was front and centre. His team selection was a classic of the Guardiola canon, an immediate talking point on a huge occasion. Sergio Aguero, Raheem Sterling, David Silva and Fernandinho were all left on the bench. Gabriel Jesus was de- ployed on the left wing, tasked with nullifying the attacking threat of Dani Carvalhal. Kevin De Bruyne was to lead the press as a false No9. From another manager it might have sparked revolt amongst City fans. But a coach of Guardiola’s standing is de- serving of patience – and that patience was richly rewarded in a slow burn of a performance that eventually disman- tled Zinedine Zidane’s side in a 2-1 win. NARRATIVE FLIPPED Not so long ago Madrid had won the CHAMPIONS LEAGUE As the game opened up 19-year-old beat Kyle Walker before over another opportunity Sterling’s competition three years in succession, in the second half there squaring for Isco to make it 1-0. fresh legs carried him past Carvajal, and to call them visibly past their best MADRID MAN CITY was only one team look- whose attempted slide-tackle was would have been disingenuous. ing threatening. Riyad MASTER PLAN COMPLETE poorly timed. Real have the joint-best defence in Mahrez curled wide on However, City weathered the City had missed their last four penal- Europe’s top five league, with just 17 the counter and forced briefest of storms before ties, but De Bruyne stepped up and goals conceded in LaLiga. They had lost a save from Thibaut Guardiola showed his hand, buried it cooly to double their away once at home all season before City Courtois at his near bringing on Raheem Sterling in goals tally. turned up, while Zidane was the 12Isco 60 Jesus 78 post before racing free the 73rd minute. Five minutes There was still time for it to get worse owner of a proud Champions League Ramos 86 De Bruyne 83 pen from a simple ball over later they were level, De Bruyne for Madrid. Casemiro’s sloppy pass in- knockout record which read: played the top to once again test wriggling to the byline and vited Jesus in behind the defence and 12, won 12. the home goalkeeper. standing up a cross for Jesus Sergio Ramos’ contact was enough to City flipped that narrative on its Madrid’s opener came to nod past the flapping hand earn him an almost customary red head. Their conservatism and tactical header the hosts created nothing in completely against the run of Courtois. card. awareness played out just as Guardiola the first half, while, despite patrolling of play. A mix-up between City continued to turn the The Guardiola master plan was com- had hoped: Real could not play the left, Jesus had two chances. Guardi- Nicolas Otamendi and screw and after Jesus headed plete. For one evening at least the 22- through them and looked frustrated ola was biding his time and even an in- Rodri allowed Vinicius point gap to the Premier League and blunted. jury for Aymeric Laporte could not Junior to charge at an un- Guardiola has a brilliant summit and pending Champions Bar a low save from Karim Benzema’s derail the grand plan. prepared defence and the record at the Bernabeu League ban was forgotten.

SPORT DIGEST RANGERS BEAT BRAGA TO MAN CITY REGISTER APPEAL LEEDS WIN AT BORO TO KEEP WATSON AND WILSON ADDED MAKE EUROPA LEAGUE LAST 16 WITH CAS OVER UEFA BAN UP WITH TOP-PLACED BAGGIES TO ENGLAND’S 25-MAN SQUAD SHARAPOVA RETIRES FROM £ Rangers produced a superb away £ Manchester City have registered their £ Leeds moved back to within four points £ Anthony Watson and Mark Wilson have TENNIS AFTER INJURIES performance to beat Braga 1-0 in Portugal appeal with the Court of Arbitration for of Championship leaders West Brom with been called up to England’s training squad £ Five-time Grand Slam winner Maria and qualify for the last 16 of the Europa Sport against their two-year ban from Uefa a 1-0 win over Middlesbrough last night. for their Six Nations match against Wales. Sharapova has retired from tennis aged 32. League last night. Steven Gerrard’s side competitions. Uefa handed out the ban, as Mateusz Klich scored the game’s only goal Bath winger Watson is yet to feature in the Sharapova has struggled with injuries after put on a strong defensive display and Ianis well as a €30m fine, on 14 February for on the stroke of half-time, firing in off the Six Nations due to a calf injury, while returning from a 15-month ban for testing Hagi missed a penalty before Ryan Kent “serious breaches” of its financial fair play post after Pablo Hernandez’s shot came Newcastle flanker Wilson, who is on loan positive for meldonium in 2017, dropping finished a counter-attack to put them 4-2 regulations. City were charged with back off the upright. The margin of victory at Sale, returns after undergoing knee to No373 in the world rankings and being up on aggregate following their first leg overstating sponsorships from 2012 to could have been greater for the second- surgery. Prop Mako Vunipola and hooker knocked out in the first round of her last comeback from 2-0 down. Elsewhere, 2016, allegations club chief executive placed side, but for Boro goalkeeper Luke Cowan-Dickie are absent for family three Grand Slam events. In an article for Lyon began their Champions League last- Ferran Soriano said are “simply not true”. Aynsley Pears. Elsewhere, Aleksandar reasons, while back-row Ben Earl and prop Vanity Fair she said her “body had become 16 tie with Italian giants Juventus well by In an earlier statement City said they were Mitrovic scored in injury time to give Will Stuart have not been included. Full- a distraction”. The Russian won winning 1-0 in France. Lucas Tousart “disappointed but not surprised” by the Fulham a 1-0 victory against Swansea. back George Furbank, who missed the Wimbledon in 2004 aged 17 before going scored the game’s only goal, converting “prejudicial” decision. Cas said it could Mitrovic headed in a 94th-minute cross to 24-21 win against Ireland, will continue his on to complete a career Grand Slam by Houssem Aouar’s cross from close range in give no timescale for the appeal, which will send Fulham above Nottingham Forest rehabilitation in camp. England welcome winning the 2012 French Open.“I’m ready the 31st minute. Paulo Dybala had a late involve written arguments on both sides into third place. Millwall were held to a 0-0 Wales to Twickenham on Saturday, 7 to scale another mountain, to compete on strike ruled out for offside, but Juventus before a panel of three lawyers, who have draw by Birmingham, while Charlton lost March after their win over Ireland sent a different type of terrain,” she wrote. failed to muster a single shot on target. not yet been appointed. 1-0 at Sheffield Wednesday. them second in the table, behind France.