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Ex-Barclays man: Qatari deal ‘a boost’ POLL POSITION JAMES BOOTH @Jamesdbooth1 POLLSTERS FORECAST A TORY FORMER top banker Roger Jenkins told a fraud MAJORITY AND LABOUR LOSSES trial in London yesterday that a deal between the bank and AMID EXPLOSIVE ROW OVER NHS Qatar characterised as a sham by prosecutors was actually a SEBSASTIAN MCCARTHY Meanwhile, the Scottish National “tremendous boost”. @SebMcCarthy Party would win 43 seats, securing a Jenkins was in the witness further eight MPs. box at the Old Bailey as he BORIS Johnson’s Conservative party is “Labour’s red wall is crumbling,” the stood trial for fraud alongside on course to secure a thumping victory polling company said, with the Tories former top Barclays execs in next month’s election, according to set to pick up 44 seats from Labour Thomas Kalaris and Richard a highly-anticipated poll published including Tom Watson’s vacated seat. Boath. All deny wrongdoing. late last night. However, with two weeks still to go The Serious Fraud Office Were the election held tomorrow, the until polling day Corbyn could yet accused the three of cooking Prime Minister would defeat Labour’s close the gap, with several surveys up phoney advisory services Jeremy Corbyn in dramatic fashion, suggesting the Tory lead is narrowing. agreements (ASAs) as a way to returning to Downing Street on 12 A Savanta Comres poll, also funnel £322m to Qatar to December with a 68-seat majority. published yesterday, showed induce it to invest £4bn in the On the same day as the two main Johnson’s lead over the opposition bank during two £11bn parties traded blows in an explosive falling to seven points. financial crisis fundraisings. row over the fate of drug pricing and Hours before the YouGov poll was The court had previously the NHS under a potential US–UK released, Johnson’s colourful and heard evidence of the three trade deal, a comprehensive seat-by- contentious adviser Dominic struggling to come up with a seat poll by YouGov showed Johnson Cummings penned a lengthy analysis way to get Qatar the 3.75 per could end up with 359 seats, while of the state of the campaign, warning cent commission demanded in Jeremy Corbyn’s Labour could finish that the election is “much tighter” return for its investment, with 211 seats. than polls suggest. eventually settling on an ASA Tory gains in Labour heartlands According to last night’s figures, after ruling out other could result in Corbyn’s party losing 51 independents such as Anna Soubry, “inappropriate” schemes. seats in the election, suffering its David Gauke and Dominic Grieve are Jenkins said he quickly second worst defeat since the Second all set to lose their seats. realised the value in the ASA World War. The three Labour defectors are also as it not only gave Qatar what The MRP election poll, which struggling, with Chuka Umunna 13 it had asked for in fees, but correctly predicted that Theresa May points behind in Cities of London and was an opportunity for the would lose her majority in 2017, also Westminster, Luciana Berger 18 points bank to deepen its showed signs of trouble for Jo back in Finchley and Golders Green, relationship with the emirate. Swinson’s Liberal Democrats, with the and Angela Smith trailing by 33 points It was a “tremendous boost pro-Remain party currently set to in Altrincham and Sale West. for us to have an advisory increase its number of MPs by just one agreement with someone like to 13 seats. £ ELECTION LATEST: P7 that,” he said. £ CONTINUES ON P3

FTSE 100▲7,429.78 +26.64 FTSE 250▲ 20,954.32 +89.40 DOW▲ 28,164.00 +43.32 NASDAQ▲8,705.18 +57.24 £/$▲ 1.288 +0.003 £/€▲ 1.171 +0.004 €/$▼ 1.100 -0.010 02 NEWS THURSDAY 28 NOVEMBER 2019 CITYAM.COM OBITUARY GARY RHODES Much-loved chef, restaurant owner and TV host who made British food fashionable dies after a sudden illness THE CITY VIEW NHS stunt reveals how desperate Labour is

ABOUR’s unconventional relationship with the media took another couple of twists yesterday. First up, shadow trade Lsecretary Barry Gardiner failed to conceal his irritation when a reporter from ITV asked a question about Labour’s antisemitism problem. He snapped: “Do you have a question about the issue we’re discussing, or was that just an opportune moment to get a dig in?” The issue that Gardiner wanted journalists to focus on was his party’s sensational scoop that UK and US officials have been having preliminary conversations about how a trade deal might be approached. Here Labour revelled in the role of journalist. “Exposed,” they cried. “Revealed,” shrieked the press release. The revelation, such as it was, appeared on an online forum weeks ago, but nobody appeared to notice. 451 pages of minutes relating to technical CELEBRITY chef Gary Rhodes, a champion of British food, has died aged 59. Rhodes, whose signature spiked hair made him one discussions about potential future trade talks — or, as the of the UK’s best known chefs, opened his first restaurant in 1997 and won a Michelin star within 12 months. He went on to earn Labour party put it: “BREAKING: We have evidence that Boris four more of the coveted stars during his career and published over 20 cookbooks in his lifetime. He was awarded an OBE in 2006. Johnson has put the NHS up for sale.” They have nothing of the sort, of course, but the primary objective was achieved: move the conversation back on to the NHS. The Prime Minister was touring a Cornish hospital as Labour unveiled its stunt and naturally had to fend off the potent allegation that the Tories Businesses push back on want nothing more than to sell off the NHS brick-by-brick. Labour will also have plenty of fresh content for more of its highly successful viral videos featuring selective quotes, scary music and footage of US President Donald Trump salivating at the prospect of finally getting his hands on one of our debt- wonk’s capitalism critique saddled NHS Foundation Trusts. In truth, the documents highlighted by Labour yesterday are interesting and definitely newsworthy. Certainly, they suggest a battle lies ahead about HARRY ROBERTSON is extraordinary and absurd.” He said into the future of the corporation, drug pricing and patent policy, and the US is pushing for higher that although corporate governance recommended eight proposals to @henrygrobertson prices for its drugs — but the leak reveals what the Americans is not perfect, “improving it actually restore trust between businesses, BUSINESS groups and a leading think means giving shareholders more stakeholders and society. would like to be on the table, not what the British government tank have defended UK capitalism control over executives”. There are signs that discontent over has agreed to. Labour made much of a reference in the files to and corporations after harsh criticism The Institute of Directors (IoD) was the current model of capitalism is “total market access” — but this wasn’t referring specifically to from a report written by an Oxford more welcoming of the report, growing. For example, in August a the NHS (which only got four mentions throughout the 451 professor for the British Academy. praising its “emphasis on boards’ powerful group of top US executives Colin Mayer’s report yesterday said responsibilities to stakeholders”. recognised that firms should benefit pages) but rather the preferred starting point of US trade the British corporation “has failed to Yet IoD corporate governance policy all stakeholders: employees, cus- negotiators. The document goes on to note that it’s then up to deliver benefit beyond shareholders, advisor Carum Basra said: “Corpora- tomers, suppliers, and communities the other party to specify any area they want excluded from the to its stakeholders and its wider tions have been great engines of as well as shareholders. talks. Every time Boris Johnson is forced to insist that he community”. innovation, which has improved The British Academy report pro- He said forms of ownership in the lot of shareholders and non- posed changes to corporate gover- wouldn’t put the NHS on the table, Labour strategists pat each the UK lead to a damaging focus on shareholders alike.” nance to “establish accountability to other on the back. The election looks like it’s Johnson’s to lose, short-term returns. The report pro- Federation of Small Businesses (FSB) a range of stakeholders through and Labour hope stunts like yesterday’s could deny him victory. posed a shakeup of the corporation to chairman Mike Cherry said smaller appropriate board structures”. make it accountable to stakeholders firms already benefit their local areas. The CPS’s Clougherty criticised the such as employees. “Small firms help to give back in proposals, however, calling them “a Tom Clogherty, head of tax at the time, skills and wealth to communi- recipe for corporate sclerosis and centre-right Centre for Policy Studies ties which is reinvested back into the economic stagnation”. (CPS) think tank, hit back, saying: “To wider economy,” he said. The IoD’s Basra said there were “cer- claim that British business delivers no The report, published as part of the tainly steps we could take” to address Follow us on Twitter @cityam value to anyone but its shareholders British Academy’s project looking concerns.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH TELEFONICA TO UNWIND WHAT THE AUSTRALIAN REPUBLICANS PRIMARK PAY POLICY COULD GIULIANI WEIGHED UP DOING HUGE TELECOMS EMPIRE OTHER DEMAND VOTE ON QUEEN USHER INVESTOR REVOLT BUSINESS WITH UKRAINE Telefonica has moved to unwind its Malcolm Turnbull, Australia’s former Primark faces the prospect of a Rudy Giuliani, the lawyer of US sprawling global telecoms network PAPERS SAY conservative Prime Minister said shareholder revolt next week over a President Donald Trump, said yesterday after the Spanish company revealed a yesterday that Brexit turmoil and the bonus scheme which could hand boss he was in talks earlier this year to earn major overhaul of its business that THIS possibility that the UK could splinter George Weston up to £7m. The hundreds of thousands of dollars from leaves its future in Latin America in with Scotland meant a new vote on company’s parent firm Associated Ukrainian government officials but doubt. The company said it would MORNING making Australia a republic was urgent. British Foods is under fire from decided against it as he pushed the focus its investment on its domestic He also said it was an “absurdity” and shareholder advice group Pirc over a country to pursue investigations sought market, Brazil and the UK and Germany that the Queen is the head of state new long-term bonus scheme. by the President. where it trades under the O2 brand. The when she is not an Australian citizen. remaining eight Latin American WEALTHY NANDO’S BACKER US ENDS PROBE INQUIRY markets in which it operates will be PRESSURE TECHNOLOGIES REFINANCES £128M DEBT INTO WIRELESS CARRIERS carved out into a separate unit and GUILTY OF WORKER’S DEATH Nando’s reclusive billionaire owner has The US Justice Department yesterday earmarked for potential sale. Citigroup and next in line to be the Pressure Technologies, an Aim-listed refinanced £128m of debt as rivals reel ended an antitrust probe — without bank’s chief executive, will receive a engineering company that supplies the from a crunch on the high street. filing charges — into whether wireless CITIGROUP’S PRESIDENT TO $12.5m (£9.7m) pay grant “in Royal Navy and Royal Air Force, has Insurance tycoon Dick Enthoven carriers steered technical standards to RECEIVE $12.5M PAY GRANT recognition of [her] recent promotion been found guilty of the death at work swapped the loan for shares in the firm, make it harder for customers to switch Jane Fraser, the new president of and to enhance leadership continuity”. of one of its maintenence engineers. according to accounts filed this week. providers. CITYAM.COM THURSDAY 28 NOVEMBER 2019 NEWS 03

BACK OF THE NET Man City smashes club Iceland investor valuations in $500m Silver Lake stake sale Ex-banker on MANCHESTER City trial dealt direct smashed sports valuation records yesterday after its with Qatari PM to sell off assets owners sold a stake in the club to private CONTINUED FROM FRONT PAGE equity giant Silver Lake for $500m Jenkins was the bank’s link to (£387m). The cash Qatar, negotiating directly with influx means Abu then-Prime Minister Hamad bin to tackle debts Dhabi’s City Jassim and his top adviser Hussein Football Group Al Abdullah. (CFG) is now worth “From our side I can wax lyrical,” JESS CLARK realisation of its existing assets in the $4.8bn. Silver Lake Jenkins said. But he also said the @jclarkjourno portfolio over the next five years and now owns over a 10 deal suited Qatar which was about returning capital to shareholders,” per cent stake in the to embark on a massive overseas SOUTH African investment firm Brait, the company said. firm. spending spree. which owns stakes in New Look, Ice- Brait chairman Jabu Moleketi “His [bin Jassim’s] aspiration at land and Virgin Active, yesterday an- said: “Today Brait announces its that time was that Qatar would nounced a financial restructuring recapitalisation comprising a fully spend £20bn to £30bn in five years plan that will see it offload its assets. underwritten equity capital raise, in this country,” Jenkins said, Shares in the Johannesburg-listed refinancing of the group’s revolving noting Qatar’s investments in the company plunged more than 15 per credit facility and launch of a new Shard, Harrods, the US Embassy cent after it unveiled plans to sell off convertible bond.” and Chelsea Barracks. its assets in a bid to reduce debts, and “The aggregate amount of the recap- Trump solidifies US support for “Having a UK bank help him with announced a major rights issue. italisation, of between 14.4bn rand that aspiration was extremely It will launch an equity capital and 14.7bn rand, provides a holistic attractive,” Jenkins told the court. fundraiser for up to 5.6bn rand solution for Brait to enable the re- Hong Kong in a blow to Beijing The prosecution had dismissed (£300m) as it seeks cash to pay off demption of the existing £350m con- the flimsiness of the ASAs as debts that mature next year. vertible bond maturing in September POPPY WOOD Kong Human Rights and Democracy evidence they were simply vehicles The company said that private 2020, as well as refinancing the @poppyeh Act, reaffirming US support for the to pay Qatar extra commission, but equity firm Ethos has agreed to invest group’s revolving credit facility for a city’s fight for autonomy. Jenkins said this reflected Middle 1.35bn rand in Brait, adding that its revised three-year tenor,” he added. US PRESIDENT Donald Trump The bill, which was passed with Eastern business practice. advisory board, going forward, will After the recapitalisation, Brait said yesterday signed into law legislation overwhelming support in both the “The handshake is more include some existing corporate ad- it intends to form a new board and backing Hong Kong protestors, Senate and the House, comes amid important than the paper,” he visers and Ethos executives. propose it to shareholders. despite objections from Beijing amid months of tensions between said. “Without trust you don’t “The board has resolved to adopt a Brait also said it would re-evaluate ongoing trade negotiations between Washington and Beijing. have anything, everything is built new strategy that will focus on the costs and efficiencies of its group the US and China. China said it would take retaliatory on trust”. maximising value through the structure as part of a new strategy. Trump yesterday signed the Hong measures if the bill passed into law. The trial continues.

CITYAM.COM THURSDAY 28 NOVEMBER 2019 NEWS 05 Goldman Sachs UK services sector confidence sinks further as General Election looms snaps up assets HARRY ROBERTSON investment in 2020, according to the services firms”. On top of falling CBI’s quarterly survey of the sector. sentiment, firms reported declining @henrygrobertson The services sector makes up over order volumes and weaker OPTIMISM among businesses in the 75 per cent of the UK economy. It has profitability. UK services sector fell again in the held up well in 2019 while business Firms in the business and from Deutsche three months to November but at a investment and industry has professional services sub-sector cut slower pace than in the previous suffered, but some cracks are back on staff in an effort to deal quarter, survey data has shown. beginning to show. with these problems, the survey Business and professional services CBI chief economist Rain Newton- showed. They also expected to cut SEBASTIAN MCCARTHY investment bank Goldman has firms had a worse quarter than Smith said the current “climate” of back on investment in land and pounced on Deutsche’s extensive those in the consumer realm and Brexit and General Election buildings, as well as in vehicles, @SebMcCarthy deleveraging campaign, according intend to cut back staff and reduce uncertainty was “holding back UK plant and machinery. EMBATTLED lender Deutsche Bank to Bloomberg. has offloaded assets said to be worth The portfolio just sold to Goldman $50bn (£38.8bn) to Goldman Sachs Sachs was moved into the wind-down as it presses ahead with its largest unit in July, one person said. ever restructuring. The news organisation said that The troubled German banking giant Goldman had also purchased the has sold off the assets, which relate to Asian portion of a portfolio of equity emerging-market debt, as part of derivatives in September after its efforts to wind down its unwanted the German bank had put it up on securities. the block. The news, first reported by Several weeks ago BNP Paribas Bloomberg, comes four months after gained approval to snap up Deutsche chief executive Christian Deutsche’s global prime brokerage Sewing revealed plans to cut €282bn and electronic equities business. (£240bn) in non-core assets. Deutsche is seeking to reduce the The bank has moved billions in unit, which contained €177bn in assets into a capital release unit, or so- leverage exposure at the end of the called bad bank. third quarter, to roughly €119bn by Sewing has vowed to cut 18,000 jobs the end of this year. and shut Deutsche’s loss-making Spiralling costs, a swathe of high- equities business, where revenues profile financial investigations and over recent quarters have plummeted, botched merger plans have also all as it calls time on its 20-year attempt blighted the fortunes of Germany's Delicious coffees to rival Wall Street’s investment largest lender in recent years. banking giants. Deutsche Bank and Goldman Sachs It is at least the second time that US declined to comment. from the brands you love BANK ON THAT Christine Lagarde urges ECB to make climate change central policy

EUROPEAN Central Bank (ECB) president Christine Lagarde is expected to push for climate change to be made a central part of a strategic review into the Bank’s purpose, the reported, as she took part in an inaugural note signing. LLoyds Banking Group chief to take cut after pension backlash

JAMES BOOTH The bank has told shareholders it plans to give staff an annual pensions @jamesdbooth1 contribution worth up to 15 per cent Tassimo Happy LLOYDS Banking Group is planning of base salary from next year, the Explore Kenco, Costa, L’OR and Cadbury! on cutting the pay of its boss by more Financial Times reported. Over 70 coffee-shop quality drinks from Currys rating than £220,000 following criticism of For Horta-Osorio, this would mean his pension package. a cut of about £228,000 based on his more than 10 of your favourite brands. Antonio Horta-Osorio was blasted 2019 salary. The bank is reportedly by MPs in June for “greed” in relation not planning to offset the reduction to his £6.3m pay packet which in Horta-Osorio’s salary with other included a pension contribution pay perks. Find out more today at www.tassimo.com worth 46 per cent of his base salary — In June, Lloyds’ remuneration reduced to 33 per cent after an outcry committee chairman Stuart Sinclair Over 70 drinks and 10 brands available on Tassimo UK E-Shop 15.10.2019 — compared with a maximum 13 per told MPs the bank’s boss deserved his Currys rating: Tassimo Happy Red 9 out of 10 from 211 reviews as of 15.10.2019 cent for other employees. salary and denied widespread anger. 06 NEWS THURSDAY 28 NOVEMBER 2019 CITYAM.COM

OUT OF FASHION Beckham’s clothes label BAT eyes strong plunges into red as losses widen to £12.3m Car production suffers another year despite US monthly slide ALEX DANIEL @alexmdaniel BRITAIN’s car manufacturing industry suffered another month vaping decline of decline in October, with 5,000 fewer vehicles made than in the same period last year. JAMES BOOTH seven per cent guidance range. Manufacturing output fell four @jamesdbooth1 Chief executive Jack Bowles said: per cent in October, as 134,752 cars “We expect to deliver a strong rolled off production lines, driven BRITISH American Tobacco (BAT) said performance in 2019, building on VICTORIA Beckham’s fashion business turned another loss last year, after demand by weak demand in the UK market, yesterday it expected a strong 2019, the good progress we made in the for its clothes plateaued. The self-named company has not made a profit since its according to figures released today despite being hit by a slowdown in the first half.” 2008 launch. It reported a £12.3m loss last year, with sales slipping 16 per cent. by the Society of Motor US vaping markets amid a health Some US states have temporarily Manufacturers and Traders (SMMT). scare and regulatory crackdown. banned e-cigarettes following a series British demand fell 10.7 per cent, The cigarette-maker, which owns of reports linking deaths and respira- while exports fell 2.6 per cent. Car brands such as Lucky Strike, Camel tory illnesses to vaping products. production has now fallen for 16 of and Rothmans, said it expected a Retailer Walmart decided to stop the last 17 months. “strong financial performance on an selling e-cigarettes. Tesla boss Elon Musk claims new Mike Hawes, SMMT chief adjusted basis” in a trading update. Shares rose 3.2 per cent to 3,080p. executive, said: “Yet another month BAT said revenue growth in its new of falling car production makes category, which includes e-cigarettes, BRITISH AMERICAN TOBACCO Cybertruck has 250,000 orders these extremely worrying times for was expected to be at the lower end P the sector... Our global of its range of 30 per cent to 50 per 3,100 ALEX DANIEL its launch last Thursday, with its competitiveness is under threat, cent, “reflecting the recent slowdown unconventional shape and hefty and to safeguard it we need to 3,050 3,080 @alexmdaniel in the US vapour market”. 27 Nov $39,900 (£30,900) price tag making it work closely with the next Overall, the company said it ex- 3,000 TESLA founder Elon Musk has a target for widespread criticism. government to ensure frictionless pected constant currency adjusted suggested that his unorthodox new But Tesla chief executive Musk has trade, free of tariffs.” revenue growth in the upper half 2,950 electric pickup truck has already been releasing cryptic Twitter He added that “preferential of its three to five per cent guidance 2,900 received a quarter of a million orders updates to the amount of orders the trading with all other markets will range. It also forecast constant cur- since its unveiling last week. vehicle has received. On Tuesday he be essential to keep automotive in rency adjusted operating profit The Cybertruck, made by Tesla, has tweeted “250k”, in an apparent Britain” if and when the UK leaves growth in the upper half of its five to 21 Nov22 Nov 25 Nov 26 Nov 27 Nov caused a stir in the car industry since reference to the number of orders. the European Union. CITYAM.COM THURSDAY 28 NOVEMBER 2019 NEWS 07 ELECTION 2019

ONE WOMAN SHOW: POLL WATCH Corbyn NHS sale SNP MANIFESTO YouGov’s mega-poll is the talk of the town but other pollsters are still asking SNP LEADER Nicola Sturgeon interesting questions. Lord Ashcroft Polls said there would be a asked a focus group to identify Jeremy mandate for a new Corbyn and Boris Johnson with a type of independence referendum if biscuit. “Jammy Dodger” was a popular claims contested her party won the most seats pick for the PM while Labour’s leader was in Scotland at the election. deemed “soggy”. Sturgeon launched the party’s manifesto yesterday, GOOD DAY STEFAN BOSCIA US representatives they “wouldn’t which included a request for want to discuss particular health care an additional £4bn in NHS Andrew Neil, the BBC’s resident @Stefan_Boscia entities at this time” in March 2018. funding. She also described rottweiler, will be feeling rather TRADE experts have contradicted David Henig, UK director of the Eu- the choice between Labour smug. His interview with Jeremy Labour’s claims that newly released ropean Centre For International Polit- and the Tories as a choice Corbyn continues to make waves documents show the NHS is “up for ical Economy, said the negotiations “between the devil and the as critics of the Labour sale”, with one saying the transcripts did not suggest the NHS was “for deep blue sea”. leader seized on his “are not out of the ordinary”. sale”. Henig was formerly involved in refusal to apologise Jeremy Corbyn dramatically un- stalled EU–US trade negotiations. over antisemitism. veiled a leaked 451-page document “Both sides are discussing things Now, fans wait with yesterday, which detailed six meet- that would be debated about, but of baited breath for ings between UK and US trade course not all of them would end up confirmation of Neil’s officials in which they discussed a in a final deal,” he said. “This is ex- Parties set to break spend rules encounter with Boris post-Brexit trade deal. actly what I’d expect to happen.” Johnson next week. The Labour leader claimed the “se- Former World Trade Organization HARRY ROBERTSON rise in the state pension age could add cret report” showed “the NHS is on senior adviser David Tinline said: £12bn to current spending, but is not BAD DAY the table and will be up for sale” “I think Labour are invariably exag- @henrygrobertson included in its sums. under the Conservatives. gerating for effect, but I think there’s BOTH Labour and the Conservatives’ Meanwhile, the Conservatives’ man- John Nicholson, an SNP candidate who In the transcripts, US negotiators a kernel of truth in the claims. There manifestos have already put them on ifesto does not include any funding told a local hustings event that he would said they tend to start free trade are certainly elements of the NHS track to break their promises to for their goal of raising the national always stick up for the people of East agreeement talks by assuming “every- that the US may be asking to discuss.” balance spending by the end of insurance threshold to £12,500, Dunbartonshire, seemed to have forgotten thing is included”, before making International trade secretary Liz parliament, according to the which could cost £10bn a year. that he’s switched seats and is now concessions. The documents featured Truss called Corbyn’s allegations a Resolution Foundation think tank. The analysis will call into question standing in Ochil and South Perthshire. The numerous references to the health “smokescreen” and said the Labour New analysis said Labour’s pledge to the point of detailed costings, given audience were not impressed. service, however UK officials told the leader was “lying to the public”. compensate women affected by the the uncertainty around spending.

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BILLIONAIRE BUYOUT Uber co-founder Tata Steel locks horns with union in Travis Kalanick’s stock sell-off tops $1.7bn plans to slash more than 3,000 jobs RAMA VENKAT yesterday that up to 1,600 cuts were collapsed, they were given a jobs expected in the Netherlands, 1,000 in guarantee until 2021, and they would TATA Steel said yesterday it had begun the UK and 350 elsewhere. expect the company to stick to that. talks with its workers on a “transfor- About two-thirds of job losses are Roy Rickhuss, general secretary of mation programme” that involves up expected to be management and the British steelworkers’ union to 3,000 job cuts, prompting an angry office-based roles, it said. Community, said unionists attending response from union leaders who said The restructuring follows a Tata’s talks with its European Works the plan needed to be revised. decision by competition regulators in Council had told the company its Indian-owned Tata Steel, which June to block a joint venture with plans were “ill-thought out, badly announced restructuring plans on 18 Germany’s Thyssenkrupp. conceived and need to be revisited”. November in a bid to boost Unions in the UK and the Tata said its proposals are designed profitability, added the further detail Netherlands said after that deal to ensure a long-term future.

UBER co-founder and controversial former boss Travis Kalanick has continued to sell off his stake in the ride-hailing giant. Since Uber’s lock-up period expired on 6 November, the tech tycoon has sold more than $1.7bn (£1.3bn) worth of shares. Marston’s sinks to loss of £20m

JAMES WARRINGTON Marston’s said like-for-like sales growth was up 0.8 per cent. The com- @j_a_warrington pany’s net debt was £1.399m, in line PUB CHAIN Marston’s said yesterday with expectations. It said it was ahead it made a loss of £20m in the last of schedule in its plan to cut £200m year, compared to a profit of £54.3m from its debt pile in 2020-2023. in 2018. Earlier this month Marston’s sold The brewer said revenue for the year 137 pubs for £45m to Admiral Taverns to 28 September grew to £1.17bn, as part of its debt reduction drive. from £1.14bn in 2018. Chief executive Ralph Findlay said: It said profit before tax on an under- “Our principal focus remains to lying basis slipped to £101m from reduce our net debt by £200m by 2023 £104m, but on a statutory basis it — or earlier.” posted a £20m loss. Shares rose three per cent to 131.4p. The company blamed “non-cash impact of asset impairment and swap MARSTONS mark-to-market movements” for the P singificant loss. 132 Market analyst at CMC Markets 130 131.40 David Madden said: “The firm saw 27 Nov costs associated with interest rate 128 swaps jump by over £48m, and that is 126 what pushed the firm into the red.” 124 “It is worth noting that operating expenses rose by 5.9 per cent, so the 122 interest rate product can’t be blamed for everything,” he added. 21 Nov22 Nov 25 Nov 26 Nov 27 Nov

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CITYAM.COM THURSDAY 28 NOVEMBER 2019 NEWS 11

The holiday firm hopes to jump into the gap in the market First Direct clinches left by the demise of the top spot in new Thomas Cook index of retail banks SEBASTIAN MCCARTHY re-defining what great experience @SebMcCarthy looks like — established banks ignore the signs at their peril,” said Amy FIRST Direct has won the crown for Cashman, co-chief executive of delivering the best retail banking cus- Kantar’s insights divisions. tomer experience, according to a new She added: “Many traditional banks study released today. say that they want people to be better The telephone and internet-based off but our customer experience lead- retail bank has seen off competition ers and disruptive fintechs are win- from the likes of Barclays, the Co-op- ning the battle for attention because erative Bank and Royal Bank of Scot- they are taking purposeful action to land (RBS) to claim the top spot. ensure they consistently do things On The Beach takes £25m hit from Cook collapse Nationwide clinched second place, that aim to improve customers’ lives.” being given 119 customer experience ALEX DANIEL was 19.4m for the year ending 30 already clawed back about £18.5m of 2019 KANTAR CX+ RANKING: points compared to 134 at First Direct. @alexmdaniel September, a 26 per cent fall on that charge from insurance and Barclays came third with 100 points. TOP 10 UK RETAIL BANKS last year, it said yesterday. credit card companies. The data was released by Kantar, RANK AND NAME PACKAGE holiday company On The It maintained that the failure of This leaves it £7.1m down from which has released its first ever retail 1. First Direct Beach has taken a £25.6m hit from one of its biggest rivals would Thomas Cook’s collapse when banking index based on survey 2. Nationwide the collapse of Thomas Cook, as the ultimately help it in the long run, operating costs are excluded. responses from 8,700 customers. 3. Barclays cost of flying stranded holidaymakers despite profit falling more than a However, the firm reported strong “Challenger banks and out-of-cate- 4. The Co-Operative Bank home weighed on the firm. quarter as a result of the charge. search demand from holidaymakers gory brands, such as Amazon, are 5. HSBC The company’s profit before tax On The Beach added that it has since September.

Ursula von der Leyen City of London update pledges regulation on Challenging common artificial intelligence night time myths SEBASTIAN MCCARTHY OCAL residents, visitors and late @SebMcCarthy night businesses are being THE EUROPEAN Commission’s incoming president L encouraged to “Reframe the Ursula von der Leyen has called for the EU to draw up rules to regulate the use of artificial intelligence Night” to clamp down on sexual (AI) during her first 100 days in charge. harassment and make sure everyone The German politician and her commission were has a good night out in Hackney and the coronated in the European Parliament yesterday, winning 461 MEP votes in favour compared to City of London during the festive season. 157 against. As part of her new agenda, the president- elect has promised “a coordinated European The Reframe the Night campaign approach on the human and ethical implications of artificial intelligence”. challenges some of the common myths presence on the streets. It will also She also vowed to prioritise investments in AI, both present in night time spaces (see right). include information on how to report through the Multiannual Financial Framework and harassment and where to seek support through greater use of public-private partnerships. It will promote and encourage a safer if you have been affected by it. and more inclusive night time economy, while at the same time having a robust Learn more about the campaign at: US third-quarter growth and targeted police and council cityoflondon.gov.uk/reframethenight revised higher amid rise All welcome for Aldgate Winter Fair ALDGATE in Winter is back to celebrate the start of the festive season on Friday in consumer spending 6 December. LUCIA MUTIKANI The free event, run by the City of London US ECONOMIC growth picked up slightly in the Corporation in collaboration with third quarter, rather than slowing as initially reported, and there are signs the downturn in community groups, organisations, business investment could be drawing to a close. schools and businesses, is open to all. The economy’s prospects were further brightened by other data yesterday showing consumer spending rising steadily, and the Aldgate Lantern Parade will feature over number of Americans filing claims for 500 lanterns made by children and unemployment benefits dropping last week adults from across the local area. It will The Winter Fair will simultaneously take after being stuck at a five-month high for two straight weeks. launch from Sir John Cass’s Foundation place between Aldgate Square and St The reports were released in the wake of data Primary School around 4:45pm leading Botolph without Aldgate, with an array showing an acceleration in housing market to a festive fete in the new Aldgate of performances, art, food, drink and activity early in the fourth quarter and a sharp decline in the goods trade deficit, as well as a Square. festive activities. solid pace of inventory accumulation by retailers. The improvement in the economic data further diminished the risks of recession in the near term. Reuters News, info and offers at www.cityoflondon.gov.uk/eshot 12 NEWS THURSDAY 28 NOVEMBER 2019 CITYAM.COM Supermarkets’ plastic footprint posts ‘resilient’ getting larger EDWARD THICKNESSE @edthicknesse SEVEN out of the UK’s top 10 supermarkets have increased their full-year results plastic footprint, as the total amount of plastic packaging used rose to 900,000 tonnes a year. JAMES WARRINGTON backdrop. Shares in Brewin Dolphin Out of the UK’s 10 largest rose more than two per cent follow- supermarkets, only Waitrose, Tesco @j_a_warrington ing the announcement, before set- and Sainsbury's achieved marginal BREWIN Dolphin has boosted its tling one per cent up at 345p. Hudson’s Bay owns US luxury department chain Sak’s Fifth Avenue reductions in the last 12 months. funds under management but took The firm’s 1762 proposition, which The report, a collaboration a hit to profit for the full year as it provides services to high net worth between the Environmental pursues a rapid expansion plan. individuals, more than doubled its Investigation Agency (EIA) and The asset manager increased its team numbers from 17 to 44 over Catalyst Capital Group makes bid Greenpeace, found that the total funds more than five per cent to the year. increase comes despite the fact that £45bn in the year to the end of Sep- Nicol told City A.M. the appoint- all 10 have targets to reduce their tember, including inflows of £1.4bn. ments helped to bolster the asset for Sak’s owner Husdon’s Bay plastic packaging footprint. Total income also rose roughly three manager’s ability to offer a broad However, because the amount of per cent to £339.1m. range of services to its clients. plastic packaging used is relative to However, the firm reported a three JESS CLARK The offer from Catalyst, which a supermarket’s sales, it is possible per cent slip in pre-tax profit over the BREWIN DOLPHIN owns 17.5 per cent of the company, for companies to hit their targets period to £75m as it pumps funds into @jclarkjourno beats the $10.30 per share bid made whilst still increasing overall P its expansion strategy. 350 CATALYST Capital Group has made a by Hudson’s Bay chairman Richard quantity of packaging. Brewin made three acquisitions over 345 rival bid to buy the owner of Saks Baker and a consortium of investors. The report met with a mixed the year, while its takeover of In- 340 27 Nov Fifth Avenue, challenging an offer The Baker-led group, which already response from supermarkets. A vestec’s Irish wealth management led by its chairman. owns 57 per cent of Hudson’s Bay and spokesperson for Asda said: business completed at the end of 330 Private equity firm Catalyst has has previously indicated it would “Whilst we are disappointed by our October. It is also rolling out a major offered $11 per share in cash for block a sale to another buyer, has ranking in this year’s EIA report, upgrade of its IT systems. Canadian department store group described the Catalyst offer as “non- we recognise that this is reflective Chief executive David Nicol wel- 320 Hudson’s Bay Company, in an offer executable”. Last month, Hudson’s of our increased sales rather than comed the “resilient” growth against that values the company at Bay agreed to be bought by the group our level of commitment to this an uncertain economic and political 21 Nov22 Nov 25 Nov 26 Nov 27 Nov CA$2.03bn (£1.18bn). of investors, led by Baker. important issue.” CITYAM.COM THURSDAY 28 NOVEMBER 2019 NEWS 13 Future’s shares Government’s axed Brexit ads plunge as chief cost public £5m JAMES WARRINGTON @j_a_warrington BORIS Johnson’s ad campaign urging people and businesses to prepare for rakes in bonus leaving the European Union on 31 October cost taxpayers almost £5m in just one month. JAMES WARRINGTON The sell-off means that Byng-Thorne The government unveiled a £100m has cashed in the majority of her “Get Ready for Brexit” campaign at @j_a_warrington 1.25m share bonus, which became the end of August, promising an SHARES in publishing firm Future exercisable last week. advertising blitz across billboards, TV dropped as much as 10 per cent yes- Future said the chief executive and and radio, as well as a revamped terday after boss Zillah Byng-Thorne finance boss trimmed their holdings website. cashed in a bumper £14.6m bonus. “in part to satisfy certain tax obliga- Newly released figures revealed In a regulatory filing Future said tions and other costs associated with Streaming services are set to rise with the debut of Disney Plus and Apple TV Plus that the Cabinet Office forked out that Byng-Thorne had sold roughly the vesting of the options”. It came as more than £4.9m for the campaign at 1.04m shares priced at £14 each. part of a wider share placing in which the end of August and throughout Chief financial officer Penny Ladkin- other senior managers sold shares. September. The true cost is likely to Brand pocketed £7.7m after offload- Shares closed down eight per cent to UK households set to splash out rise when figures for spending in ing 550,000 shares. 1,446p yesterday. October are published. The sell-off comes as Future’s top ex- The lion’s share of the budget went ecutives reap the rewards of a period FUTURE an extra £600m on streaming to advertising giant Manning of rapid growth at the media group. P Gottlieb, which received over £3m in Future, which owns titles including 1,550 27 Nov JAMES WARRINGTON Now TV have so far held dominant a series of payments made on one day Tech Radar and Four Four Two, has 1,446 positions in the UK, they will soon be at the end of September. enjoyed a steady period of revenue 1,500 @j_a_warrington competing with the likes of Disney London-based agency Engine and and profit growth, with its shares ris- BRITISH households are willing to Plus, Apple TV Plus and Britbox. WPP agency Wavemaker also received ing twentyfold over the last five years. 1,450 pay an additional £600m each year to Consumers said they will budget large chunks of the budget. The strong performance has been stream their favourite films and TV £15.50 a month for streaming once Over the two-month period the fuelled by an aggressive acquisition 1,400 shows following the arrival of a the new competitors have been rolled government also forked out more spree, with the firm recently snap- spate of new services, new research out in the UK — a monthly increase than £3.6m for Brexit-related ping up a raft of consumer titles from has revealed. of £3, according to a survey published consultancy services to firms TI Media for £140m. 21 Nov22 Nov 25 Nov 26 Nov 27 Nov While Netflix, Amazon Prime and by price comparison site Uswitch. including PwC, Deloitte and EY.

CITYAM.COM THURSDAY 28 NOVEMBER 2019 NEWS 15 Abu Dhabi and exits Norway in $100m oil subsidiary deal with Solveig Gas Kuwait funds to EDWARD THICKNESSE The FTSE 250 firm said it would use capital ahead of a larger-scale the proceeds of the deal to fund its development campaign in Senegal in @edthicknesse ongoing business. The company will the next decade. EDINBURGH-HEADQUARTERED Cairn maintain a presence in the North Sea Cairn’s chief executive Simon Energy yesterday announced it would with its Kraken and Catcher projects, Thomson said: “This is a further invest in Aramco sell its final Norwegian oil subsidiary which yield significant cash flows for attractive transaction for Cairn to Solveig Gas for $100m (£77.7m). the business. shareholders in line with our The disposal of Capricorn Norge, Analysts at RBC Capital Markets consistent strategy to realise value which is expected to complete in said that they expected Cairn to and redeploy capital within our EDWARD THICKNESSE two of the world’s largest sovereign January, will see Cairn reduce its report a small $20m gain on the portfolio.” wealth funds. committed exploration capital disposal. They added that the move He added the firm would continue @edthicknesse Adia, which has an estimated worth expenditure by $100m. represented a redeployment of operations in the UK North Sea. THE NATIONAL investment bodies of of nearly $700bn, is chaired by Abu Dhabi and Kuwait are planning the president of the UAE. investments in Saudi Aramco’s up- Its deputy chairman is Abu Dhabi’s coming initial public offering. Crown Prince Sheikh Mohammed bin Multiple sources told Reuters that Zayed al-Nahyan, a close ally of Saudi the Abu Dhabi Investment Authority Arabia’s Crown Prince Mohammed (Adia) is taking a stake worth at least bin Salman. $1bn (£780m). Any final decision on The investments are crucial for the size of the investment will need Aramco, which cancelled investor board approval. roadshows for the listing outside of Two of the sources said Adia was the Gulf due to foreign investor considering an investment of at least concerns over political and environ- $1bn, while two others gave a range of mental issues. between $1.5bn and $2bn. Earlier this month the company The Kuwait Investment Authority announced that it would sell 1.5 per (Kia) is also preparing to invest, cent of its shares, valuing the com- although the size of any potential pany between $1.6 and $1.7 trillion. stake is not known at this point. Although lower than the $2 trillion Aramco officials have visited Kuwait valuation originally said to have been and Abu Dhabi, which have strong targeted by bin Salman, such a sale political ties with Riyadh, to discuss would still be worth at least $25bn, participating in the offering. making it the largest markets debut According to the Sovereign Wealth of all time. Fund institute, the two bodies On Tuesday Samba Capital said that manage a cumulative total of around retail subscriptions had reached 27bn $1.3 trillion in assets, making them Saudi riyals (£5.6bn).

Factories in China have struggled under the ongoing US-China trade war Chinese industrial profits slump at fastest rate for eight months

HARRY ROBERTSON slowest in almost 30 years as domestic and international demand @henrygrobertson suffered under the long-running CHINESE industrial firms suffered US-China trade war. their biggest fall in profits in eight Yesterday’s industrial profits months in October in the latest figures indicate that the weakness in evidence that the world’s second- external demand has carried on into biggest economy is slowing. the final quarter, suggesting China Industrial profits tumbled 9.9 per will slow further towards the end of cent last month compared to a year the year. earlier, following a 5.3 per cent fall in “Profits appear to have shifted September, the country’s National decisively down again, after seeming Bureau of Statistics said yesterday. to stabilise in recent months,” said China’s economic growth slowed to Freya Beamish, chief Asia economist six per cent in the third quarter, its at Pantheon Macroeconomics. 16 NEWS THURSDAY 28 NOVEMBER 2019 CITYAM.COM PARTNER CONTENT Rolls-Royce shares move down a gear in rating cut ALEX DANIEL airport town near Rome, sending engines for the US armed forces. @alexmdaniel residents diving for cover. The company has delivered nearly In August, chief executive Warren 1,000 engines to power the US ROLLS-ROYCE shares fell more than East told City A.M. he hoped he would fleet of V-22 aircraft in operation three per cent yesterday, after be able to draw a line under it in across the globe. analysts on both sides of the Atlantic early 2020. “But I can’t guarantee Paul Craig, Rolls-Royce’s lowered their rating of the that,” he added. president of services, said: company’s stock. “It is still possible that “Rolls-Royce has LABOUR’S NATIONALISATION Analysts at Morgan Stanley cut there will be some other supported the their rating to a neutral “equal- issue. These engines are warfighter and these weight” assessment. They said the complex interactive PLANS: THE THREAT AND firm’s weaker underlying cash flow systems… You really are The firm is trying to fix was likely to continue for the coming pushing the physics to its engine problems months, as it tries to fix problems the limit and there are with its Trent 1000 engine. always going to be some remarkable, OPPORTUNITY The engine model supplies Boeing uncertainties.” revolutionary aircraft 787 jets, but has struggled with Separately, S&P since they entered service reliability problems over the last downgraded its long term in 2007. few years. rating of the firm to BBB, and “Our Missioncare services IG TALK Over the summer, this led to a reiterated its negative outlook. model ensures the warfighters are terrifying episode in which pieces of Yesterday, Rolls-Royce announced a focused on their missions, not their Joshua Warner discusses the the red hot engine fell from a plane five year contract worth $1.2bn engine availability.” claims made about Labour’s flying over Fiumicino, an Italian (£930m) to maintain military aircraft Shares fell 3.4 per cent to 715.8p. nationalisation plans.

he Labour party has published is targeting don’t fit that bill – they WARDROBE Tits manifesto, describing it as are healthy, profitable businesses “the most transformative, that have raised investment in REFRESH radical and exciting programme ever infrastructure while delivering put before the British electorate”. returns for investors. Vintage This includes plans to renationalise, Make no mistake, this is bad news clothes app to varying degrees, six industries if it for investors. Shareholders have wins the election. It wants Royal Mail usually lost-out when firms have been grabs €128m back in public hands at the “earliest nationalised in the past and they opportunity” and use BT Group’s have rarely been happy with the from London Openreach to provide free full-fibre compensation they have (or haven’t) broadband across the country by received. venture giant 2030. Railways and bus routes will be Labour looks highly unlikely to pay brought back in-house once current a fair price to investors. For example, VINTED, Europe’s largest contracts end. While energy and it has previously said it needs to take digital marketplace for water suppliers, plus National Grid, “pension fund deficits; asset second-hand fashion, has will be renationalised so they can be stripping since privatisation; today become the “treated as rights rather than stranded assets; the state of repair of continent’s latest commodities”. assets; and state subsidies given to unicorn in a €128m There is an argument to be had the energy companies since (£109.3m) fundraise. The over whether the government could privatisation” into account when round, led by provide a better service than the judging the worth of National Grid Venture Partners and private sector, but the current debate and others that manage the including participation is all about the cost. Labour’s shadow countries energy network. from London investor chancellor John McDonnell has said Still, don’t expect it to be a quick Accel, values the startup it would be “cost neutral” because it process because a Labour government at more than €1bn. intends to compensate shareholders would undoubtedly face legal The app, which has 25m by issuing bonds. It wants challenges regardless what approach users to date, allows parliament to decide the value, and is taken. National Grid and SSE have shoppers to find new Labour argues although government already shifted ownership of their UK outfits while also staying debt would rise by that amount, it operations to overseas holding environmentally would acquire assets on its balance companies, with the latter describing conscious. sheet that hold the same value. it as a ‘safeguard’ that would help it It is certainly not a cost-free ‘secure fair value from exercise when it comes to nationalisation’ if the threat came to broadband considering it not only fruition. wants to nationalise it but offer it The latest polls suggest the chances free to everyone. This means the of the UK having a Labour public purse would have to fund government on December 13th is Turkish central both operating costs and capital highly unlikely. But it is early days in HSBC eyes $20bn move in major investment in the network. this election and the political bank to give aid Labour’s discontent with the picture is more volatile and current state of play comes from a uncertain than ever. If Labour gains deployment of blockchain tech belief that no-one should be in the polls then investors will feel to its economy profiting from the provision of an urge to flee the safety that crucial public services, and that the energy, water, rail and mail stocks SEBASTIAN MCCARTHY clients investing in private assets as NEVZAT DEVRANOGLU state should be playing a much usually offer. However, for those that @SebMcCarthy they look to pick up the kinds of larger role across the board. It doubt that Labour can win the yields not widely available in the argues more money could be freed election or push through such BANKING giant HSBC is seeking to public markets. Our Digital Vault TURKEY’s central bank is to adjust a up to reinvest by redirecting the radical plans, any undue selling move roughly $20bn (£15bn) worth will bring greater functionality to tool it introduced this summer to sums currently dished out in pressure could present a cheap entry of assets to a new blockchain-based record-keeping in the private boost lending in sectors of the reces- dividends each year. It thinks point for investors seeking a bargain platform next year. placement markets.” sion-hit economy, starting by tweak- services should be of a higher or regular dividends – assuming The lender’s platform, named The new Digital Vault service is ing reserve requirements to squeeze standard considering the amount they remain private, that is. Digital Vault, will allow investors geared towards enabling global more credit from lenders, two people consumers are being charged for to access records of private custody clients to access details of familiar with the matter said. their energy and travel, and that the £Joshua Warner is a Financial Writer at IG placements quickly and efficiently their private assets - including Under the plan, the central bank energy firms are unable to truly at a time when investment in the equity, debt and real estate — would strengthen the link between tackle climate change because they private asset markets is growing directly and in real-time instead of lending and reserve requirements put profits first. READ MORE ONLINE strongly, HSBC said yesterday. having to request a search of and adjust settings regularly to steer The problem is, nationalisation has Sebastien Danloy, global head of paper-based records. credit toward sectors such as con- mostly been used to cure companies Read more at: asset owners & managers at HSBC The move comes amid a shake-up struction and energy, which remain that are in financial distress. www.cityam.com/talk/ig-talk Securities Services, said: “We have in the bank’s management as it mired in bad loans, the sources told However, the companies that Labour seen an increasing number of looks to cut costs. Reuters. Reuters CITYAM.COM THURSDAY 28 NOVEMBER 2019 NEWS 17 Overseas talent is critical to British success

If the industry cannot access non- The gaming UK workers to fill roles, the skills shortage will be exacerbated, which industry is a jewel in turn will result in the loss of investment and jobs. in the UK’s crown THE NEXT LEVEL that must be Tiga has submitted evidence to the Digital, Culture, Media and Sport protected, writes Select Committee and the Migration Advisory Committee, calling on the Richard Wilson government to ensure that the UK’s future immigration system enables games businesses to effectively S RECENT events focus recruit highly skilled people from minds on possible Brexit overseas. outcomes, a number of The next government should retain politicians have, once again, the existing roles on the Shortage raised the question about Occupation List that are relevant to whichA sectors receive attention in the the video games industry and add debate about the UK’s withdrawal others including audio roles. from the EU. Additionally, the Tier 2 salary They are correct to do so. A lack of threshold should not be increased considered analysis risks overlooking from around £24,000 to £30,000. the impact new UK–EU relationships If the government introduces a new will have on valuable parts of the points based migration system, then economy, particularly the video the top three criteria earning the games industry. most points should be ‘work experi- ence’; ‘having a job offer’ and ‘lan- TOP OF OUR GAME guage proficiency’. The UK video games industry is un- The video games sector is an export doubtedly a national success story. It Successful gaming series such as Total War have originated in British studios, raking in millions for the UK economy focused, high skills, high technology now employs almost 14,500 people industry. and it added £1.8bn to the UK Much of this success has been to recruit skilled overseas workers. steps to address this challenge: If the government introduces a economy last year. dependent on access to highly-skilled Otherwise, skill shortages will be studios have invested in training; migration system which allows the In addition, the industry con- workers. Research conducted by Tiga, amplified and industry growth will games businesses have developed sector to recruit talented people from tributed an estimated £747m in tax the trade association representing the be hampered. relationships with universities to overseas, then the UK will remain revenues to the Treasury. video games industry, found that a ensure courses are industry relevant; a world leader in video games The UK is responsible for award win- quarter of the industry’s workforce THE CLOCK IS TICKING and Tiga has developed a higher development. ning series such as Forza, Total War, comes from overseas. For certain roles, there is already an education accreditation programme. and Sniper Elite — games which are The government must ensure that undersupply of skilled graduates or These activities have minimised Dr Richard Wilson is chief executive of Tiga, enjoyed across the world and generate the UK’s new migration system con- experienced specialists. skills gaps among existing employees the trade association representing the UK millions in revenue. tinues to allow the video games sector UK games businesses have taken but not eliminated skills shortages. video games industry loses its London busiest city in Europe fizz amid French for private jets ALEX DANIEL @alexmdaniel LONDON has retained its position as supplier pay law the busiest city in Europe for private jets, with more than twice as many business aviation flight departures as the next most active city, according to JOE CURTIS Basic earnings per share shrank 31 new research. per cent to 30.6p, however, though The capital saw 4,577 private @joe_r_curtis Britvic managed to hike its full-year flights leave its selection of business FIZZY drink maker Britvic suffered dividend 6.4 per cent t aviation airports last month, which almost a 25 per cent plunge in annual It also wrote down £31.2m in value include Stansted, Biggin Hill and profit, it revealed yesterday, following for three juice manufacturing sites it Luton. Next in line was Paris, from a writedown of French assets. is looking to sell to rival Refresco. where 2,355 flights departed, Profit before tax sank 24.3 per cent However, the firm posted a 4.4 per followed by Geneva, from where to £110.3m for the year to the end of cent year-on-year increase in adjusted The new digital-based bank will feature a Visa card linked to a mobile app 1,329 planes left, according to September after Britvic struggled operating profit to £214.1m thanks to analysis of Wing X and Amstat data with a new law in France and wrote sales of its low sugar and fruit-based by private aviation group Colibri. down £31.2m in local assets. drinks like Robinsons, Pepsi Max and Oliver Stone, managing director of Revenue climbed 2.8 per cent year R Whites. RBS launches digital bank Bo as Colibri Aircraft, said: “Despite talk of on year to £1.55bn while adjusted “Sales of Britvic’s low sugar and Brexit having a negative impact on cash flow recorded a £116m inflow, fruit-based beverages are a bright spot the UK business aviation sector, this compared to last year’s £65m outflow. in the report,” said Ask Traders’ senior it ramps up rivalry with fintechs research shows how big it is, and Britvic blamed its profit slump on “a market analyst Steve Miley. what an integral role it plays within challenging year” in France following Shares closed flat yesterday at 985p. SEBASTIAN MCCARTHY launched Bo live on Apple’s App the wider European market.” the introduction of a law designed to Store and Google Play. “The UK business aviation sector force companies to improve suppliers’ @SebMcCarthy The UK’s digital-only banks are set employs thousands of people both pay. BRITVIC ROYAL Bank of Scotland (RBS) to treble their sales in the year directly and indirectly. From pilots That has raised prices for Britvic’s P officially launched its digital bank ahead, with sales expected to rise by to airport staff, engineers and brands, which has hurt sales. 1,000 yesterday as part of plans to rival a 35m through new customers caterers,” he added. “In this legislative environment, group of fast-growing fintechs and globally, according to recent analysis However, the figures come in the many companies have found their 980 hoover up more online customers. from Accenture. wake of environmental concerns growth challenged and this has led to The state-backed lender has Challenger banks have snapped up surrounding private jets prompting further intense competition across 960 created Bo, its new digital, cloud- roughly 5m new accounts during the Labour party to consider banning our branded portfolio,” the company 985 based bank featuring a bright yellow the first half of 2019, broadening them from UK airspace altogether. added. 27 Nov Visa card and a mobile app. their customer base beyond Earlier this month, shadow The firm behind Tango, J20 and 940 As it seeks to take on the likes of millenials in recent months and transport secretary Andy McDonald Fruit Shoot trimmed adjusted net digital challengers Monzo and winning round older customers said private planes using fossil fuels debt by £9.4m to £575.5m. 21 Nov22 Nov 25 Nov 26 Nov 27 Nov Revolut, RBS subsidiary Natwest has outside of London. should be banned in six years. 18 NEWS THURSDAY 28 NOVEMBER 2019 CITYAM.COM Apple supplier Japan Display set to review earnings after fraud caution MAKIKO YAMAZAKI The revelation comes as the cash- losing money for the past five years strapped company seeks to raise at and last week reported its 11th APPLE supplier Japan Display said least ¥50bn (£350m) through a consecutive quarterly net loss on yesterday it would review its past bailout deal with Apple and sluggish display sales and earnings after a former accounting other investors. restructuring costs. executive notified the company of a The company has already launched The firm has lost out on orders in past accounting fraud which he said an internal investigation with its recent years as manufacturers began was directed by former top auditors and will announce results switching from LCD displays to management. accordingly, the statement said. organic light-emitting diode (Oled) The executive, who was fired last The potential investors have displays. year for embezzling about $5.3m agreed to continue talks over the The firm received a $636m (£4.1m) over four years since 2014, bailout, it added. government bailout in 2016 to made the notification on Tuesday, The liquid crystal display (LCD) boost efforts to move into Oled Japan Display said in a statement. maker for smartphones has been production. Reuters The Japanese firm produces LCD displays for cheaper versions of the iPhone Angela Merkel: German city of Dusseldorf sells Europe relies on its stake in RWE EMMA THOMASSON

THE GERMAN city of Duesseldorf has sold its stake in utility RWE for Nato for defence €155.4m (£132.5m), it said yesterday. Duesseldorf said it made a profit of €53.3m on the sale of 5.6m shares, which would be used to HARRY ROBERTSON however. He has expressed anger that compensate for the losses of its many members states, particularly Rheinbahn public transport @henrygrobertson Germany, are not meeting a US-driven network, improving the city’s GERMAN Chancellor Angela Merkel target to spend two per cent of GDP finances. appeared to rebuke French President on defence. The shares sold represent less Emmanual Macron yesterday when Trump was accused of undermining than one per cent of RWE’s almost she said Europe cannot defend itself Nato by harshly criticising Berlin’s 615m outstanding stock. without the Nato defence alliance. approach to defence in a speech Since it was founded in 1898, Macron said earlier this month that last year. Trump will make a brief visit to the UK next week for a Nato meeting in London RWE has been deeply rooted in Nato was suffering “brain death” due Earlier this month, in an interview Germany’s Ruhr industrial to poor coordination and the volatil- with the Economist, Macron said the heartland, relying on local support ity of US President Donald Trump, US was showing signs of “turning its for its power and gas supply who he criticised for withdrawing back on us”. US President Trump denies heart business, which is an important troops in northern Syria. In her speech to politicians, Merkel provider of jobs in the region. Yesterday morning, Merkel told the yesterday agreed with Macron’s Other local municipalities hold Bundestag — the German parliament assertion that Europe must cooperate attack in ‘gorgeous’ chest boast bigger stakes in the firm, including — that “maintaining Nato today is better on defence, and praised the city of Dortmund, on almost six even more in our very own interests progress made so far. ALEX DANIEL that if he “didn’t feel great,” he per cent, and Essen, on three per as it was in the Cold War — or at Yet she said initiatives such as “wouldn’t be ranting and raving” to cent, according to Refinitiv data. least as important as it was in the Permanent Structured Co-operation — @alexmdaniel such a large rally. RWE has come under scrutiny Cold War”. a drive for more military cooperation US PRESIDENT Donald Trump has Trump, 73, is by his own account from environmentalists in recent She said this was because “Europe — should not be instead of Nato or denied theories that he suffered a one of the healthiest US Presidents in years for being a large producer of currently cannot defend itself on against it. Instead, they should merely heart attack earlier this month, and history — despite being the oldest to carbon emissions. its own”. form an “expanded European pillar” bragged about his “gorgeous” chest. be sworn in for his first term in 2016. Earlier this month, the firm, Nato — the North Atlantic Treaty in the Nato alliance, she said. At a political rally in Florida Yesterday, he told the rally he which is Germany’s biggest power Organisation — is a defence pact Trump is scheduled to come to yesterday, the President was forced to hadn’t worn a tie for the tests producer, agreed a two-and-a-half- between 29 states in North America London next month for the second stress that he was in rude health, but because he knew doctors would ask year clean power deal with Eon in a and Europe. Among its key members time this year for a Nato summit on admitted he had recently visited the him to take his shirt off. bid to dominate the UK renewable are the US, the UK, France, Germany, international security. US army’s national medical centre. He said: “Why would I wear a tie? If energy market. Italy, and Turkey. Member states will be hoping he He assured the crowd the visit, the first thing they do is say ‘Take off RWE recently announced The organisation has become the does not lambast his allies as he did which was unannounced, was for a your shirt, sir, and show us that plans to become carbon neutral by target of frequent attacks by Trump, in 2018. routine check-up. He told the crowd gorgeous chest?” 2040. Reuters Deere warns of lower profits in 2020 amid ongoing China trade tensions

RAJESH KUMAR SINGH which is estimated to cost it about Deere gets a little over half of its $140m (£108.5m) next year, but is revenue from the US. Sales have DEERE yesterday warned of lower projected to contribute to annual taken a hit in the wake of the US- earnings next year after reporting a savings of $150m. China trade war that has dented US fall in quarterly profit, hurt by trade The world’s largest farm agricultural exports, leaving farmers tensions as well as poor weather in equipment maker said it was also struggling to turn a profit. the US farm belt that has slowed reviewing its overseas footprint and Poor weather, meanwhile, has equipment purchases by farmers. would focus on growing its more delayed the harvest in the US grain In response to an “uncertain” profitable parts and services business. belt and weighed on profit. business environment, the company “2019 was a challenging year,” chief The firm expects net income of announced a voluntary separation financial officer Ryan Campbell told $2.7bn to $3.1bn next year, lower The Illinois-based company is the world’s largest farm equipment maker programme for its salary employees, analysts on an earnings call. than $3.25bn in 2019. Reuters CITYAM.COM THURSDAY 28 NOVEMBER 2019 MARKETS 19

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FTSE scales four BLUE PRISM P Solid data lifts 1,400 27 Nov 1,300 1,104 Wall Street to 1,200 month high on 1,100 fresh records 1,000 ALL Street’s main indexes Wclosed at record levels for a 21 Nov 22 Nov 25 Nov 26 Nov 27 Nov third straight day in a muted volume session yesterday ahead of trade deal hope The robots are on the rise, but automation can be a costly business. That’s what the Thanksgiving holiday, as fresh software firm Blue Prism, which specialises in robotic process automation, is data pointed to an economy on solid discovering. The Aim-listed first reported sales in line with consensus, but a weaker footing, while investors remained cash position. Analysts at Canaccord Genuity said that while sales were forecast to cautiously optimistic about a ONDON’s FTSE 100 hit a near delivered by the 31 January deadline. grow 70 per cent in 2020, this would come at a “huge cost” to the bottom line. They resolution to US-China trade tensions. four-month high yesterday as As such, the pound weakened slightly forecast an operating profit/loss margin of 40 per cent — larger than its peers. US economic growth picked up recent risk-on sentiment was after polls showed the Conservative Canaccord Genuity downgraded Blue Prism to “sell” with a 1,050p target price. slightly in the third quarter, rather Lbolstered after US President lead was narrowing. than slowing as first reported, and a Donald Trump said Washing- However, an eight per cent fall in steady increase in consumer spending ton and Beijing were close to a “phase publisher Future weighed on the mid- BT in October indicated the economy will one” trade deal. caps following a discounted share probably maintain its moderate pace P The main index added 0.4 per cent placement. Its shares marked their 194 of growth in the fourth quarter. on its fourth straight day in positive worst one-day performance since The Dow Jones Industrial Average territory, as Asia-focused HSBC and mid-June. 192 193.06 rose 42.32 points, or 0.15 per cent, to miners gained on the prospect The broader mood was firmly 27 Nov 28,164, the S&P 500 gained 13.13 of an initial US-China upbeat after Trump’s com- 190 points, or 0.42 per cent, to 3,153.65 trade accord. ments on trade following a and the Nasdaq Composite added British American Tobacco telephone conversation 188 57.24 points, or 0.66 per cent, to (BAT) was the biggest between senior US and 8,705.18. 186 boost among blue- Data also showed new orders for key chips, rising 3.1 per Fastjet shares plunged 32 US-made capital goods increased by cent after it forecast per cent on plans to sell 21 Nov 22 Nov 25 Nov 26 Nov 27 Nov the most in nine months in October. annual revenue to grow parts of its business US President Donald Trump’s in the upper half of its It’s been a tough month for BT. First, Jeremy Corbyn vowed to take the telecoms comments on Tuesday that the long-term target range. Chinese negotiators. giant into public ownership if he wins the General Election. Then, senior United States was in the “final throes” The FTSE 250 index of Among smaller stocks, management had to have a meeting with brokers from Jefferies. On the plus side, of work on an agreement with China midcap companies also rose holiday package provider On the analysts were optimistic about their discussions with BT’s consumer division, added to optimism. 0.4 per cent, closing at its The Beach, which has said it will saying they saw a more sustainable business model taking shape and were Capping gains on the Dow was a 1.5 highest since July 2018, as hopes of an gain market share in the wake of confident the BT brand could return to growth. They gave BT a “buy” per cent drop in shares of Boeing after end to the Brexit saga through an Thomas Cook’s collapse, climbed recommendation with a target price of 335p. the Federal Aviation Administration election attracted traders to the three per cent higher after reporting said it would be the only issuer of domestic stocks. a rise in adjusted profits. airworthiness certificates for new 737 The index has advanced roughly A standout loser across the board Max jets, the latest hurdle in the plane four per cent since 29 October, when was Fastjet, which plunged 32 per maker’s bid to get the plane back in P parliament approved Boris Johnson’s cent to a new record low after it said 435 the air. call for a General Election. it wanted to sell its Zimbabwean Trading volumes were among the Markets see a prospective victory for operations and raise capital, which 430 lowest of the year for a full-day Johnson’s Conservative party as the could help the low-cost carrier make session ahead of the Thanksgiving most likely scenario for Brexit to be it until 2021. 425 Day holiday today. The stock market 27 Nov will close early tomorrow. 420 422.40 Deere dropped 4.3 per cent as the TOP RISERS farm equipment maker warned of FTSE 415 P lower earnings in 2020. 1. Up 3.11 per cent 7,450 Under Armour jumped 6.2 per cent 2. Prudential Up 3.09 per cent 7,400 21 Nov 22 Nov 25 Nov 26 Nov 27 Nov as Raymond James upgraded the 3. BAT Up 2.96 per cent sportswear maker to “strong buy”. 7,350 Essentra’s recently announced joint venture in China is a “second game changer”, The S&P 500 posted 44 new 52-week TOP FALLERS 7,300 according to the brokers at Peel Hunt. The plastic and fibre product manufacturer highs and no new lows; the Nasdaq 7,429.78 has signed a deal with a number of Chinese businesses to produce specialist and Composite recorded 117 new highs 7,250 27 Nov 1. Rolls-Royce HLG Down 3.48 per cent next-generation cigarette filters. The analysts were update about an improvement to and 35 new lows. Volume on U.S. 7,200 2. Down 2.28 per cent Essentra’s profit and said the target will be to increase sales in China from the exchanges was 5.57bn shares, 3. JD Sports Down 2.16 per cent current £15m to between £40 and £50m over the next few years. They gave Essentra compared to the 7.06bn average for 21 Nov22 Nov 25 Nov 26 Nov 27 Nov a “buy” rating with a target price of 500p. the full session. CITY MOVES WHO’S SWITCHING JOBS

HYMANS ROBERTSON head of DC at Hymans Robertson, said: “With 14 years’ product range. In addition, Antoine will have a Hogan Lovells, where she was a partner. Aimee has a Hymans Robertson, the experience advising UK pensions schemes on pension particular focus on idea generation for the Jupiter broad practice representing both borrowers and leading pensions and financial and investment issues at Aon, Victoria brings a vast Financial Opportunities Fund, the Jupiter International lenders on a wide range of fund finance products and services consultancy, has amount of expertise to the role. Her appointment Financials Fund and the Jupiter related transactions, including subscription facilities, appointed Victoria Panormo further boosts our strong DC investment team at Fund, working with fund manager Guy de Blonay and bridge financing, general partner support and co- to be senior defined Hymans Robertson.” product specialist Jenna Zegleman. He will help investment structures, asset-backed and hybrid contribution (DC) investment deliver alpha across these portfolios, which have facilities, fund of funds financing and preferred equity consultant. Victoria joins the JUPITER increasingly focused on companies benefiting from, or solutions. Dominic Griffiths, London partner at Mayer firm from Aon where she has Jupiter Asset Management has announced the enabling, the rapid digitalisation of the financial Brown, said: “Aimee is a talented, established lawyer in worked as a senior DC appointment of Antoine Hucher as equity analyst. services sector. the fund finance market, and we are delighted to investment consultant and Antoine joins from BNP Paribas where he was a sell welcome her to the team. The continued expansion of client relationship manager side equity research analyst, leading the analysis of MAYER BROWN our fund finance capabilities is a key priority for the across a variety of sectors advising on investment large and small cap European software and IT services Global law firm Mayer Brown has announced the firm given our strategic focus on the global finance strategy, plan design and plan governance. companies. In his new role, Antoine will contribute appointment of Aimee Sharman to its banking and market and financial institutions... Aimee's arrival Commenting on Victoria’s appointment, Mark Jaffray, widely across Jupiter’s Global and regional equity finance practice in London. Aimee joins the firm from supports this vision.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 20 OPINION THURSDAY 28 NOVEMBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Ban MPs from second jobs? We TO THE EDITOR Learn and reskill should be encouraging them [Re: UK’s employer confidence falls to six-year low] The Recruitment and Employment Confederation findings do not tell the full EW GOVERNMENTS sel- ports. This is the kind of scenario ters from constituents a week. Now, story. They don’t tell us how challenging it dom seek to discourage that the Labour party wishes to ban. John they are inundated with emails is for UK businesses to navigate an employment. Ministries But beyond the experience point, Oxley across a range of issues. increasingly AI-driven workplace while Nlive and die by their ability any prohibition on outside inter- This is neither a desirable nor a trying to close the growing digital skills to get people into work. ests will reduce the pool of people sensible way to run things. When it gap at the same time. Yet in one sector, the Labour party willing to enter politics. comes to the problems people face Regardless of what happens on 12 has made a manifesto promise of re- An MP is currently paid a shade with immigration, benefits, and December and whether Brexit happens or ducing jobs — by banning members less than £80,000 per year. While other state forces, we should push not, we’re seeing massive changes in the of parliament from taking paid this is significantly more than the for our institutions to be more ac- way that learners and businesses are work outside the House. Really, this average wage, it cannot be enough cessible and decentralised, rather using our online training platform to fill is the wrong way around. to entice able people away from It would spur greater than relying on MPs acting as cham- the gap and gain the skills they need to Parliamentarians were once ex- many successful careers. It is essen- pions. And while there will always compete in the future workplace. pected to have a life outside politics. tially a bar on attracting top talent. connections between be cracks in the services provided by Businesses should make it a priority to They were citizen legislators, en- People who have done well in the state institutions, many small, nim- look at their existing talent and make sure meshed in their communities and private sector, from sales to solici- the corridors of ble charities are better equipped to that they have the opportunity to learn, their private business, working dur- tors, can expect to earn much more parliament and the provide specialist knowledge and as- grow, and reskill. They should focus on ing the day and spending evenings than this. The salary is low even sistance than any MP’s office. building a culture around learning and in Westminster. This interaction compared to high-flying public sec- outside world For businesses, it is universally ac- offering new training around areas such with the real world should be en- tor jobs, with MPs pulling in less cepted that getting the right people as digital, which can boost staff retention couraged, rather than wrapping the than medical consultants and expe- doing the right things is a key ob- and engagement, and offer considerable political class in a bubble. rienced headteachers. But public jective. In parliament, we appear to cost savings. First off, this would spur far opinion is unlikely to let MPs’ pay what our MPs are for. have lost this concept entirely. UK businesses need to understand that greater connections between the rise to a level which competes. If their primary role is to be legis- The need to be a full-time parlia- without investing in training and creating corridors of parliament and the That is not to say that MPs should lators, this need not be a full-time mentarian discourages a range of a learning culture, our workforce is outside world. Rather than being be motivated by personal reward, position. Parliament already goes able people across the political spec- unprepared for this wave of change. ensconced in the rhythms of West- but simply to note that for many it into recess for vast swathes of the trum from public life. Frankly, Anthony Tattersall, head of enterprise minster, surrounded by the politics means a financial sacrifice. year, and even in term time rarely many cannot afford the loss of in- EMEA, Coursera industry, MPs would spend their A survey of the 2010 intake found sits for more than half of the week. come it would mean for their fam- days walking and working among that a third of new MPs took a pay While there is no doubt that MPs fill ily, and are further discouraged us. Almost regardless of their occu- cut of over £30,000 on entering the their time with duties away from when doing so means spending a pation, they would be more tuned House. Those most able to bear this the chamber, it is unclear how nec- lot of time on work which, although in to the real, daily concerns of both drop of earnings are those with sig- essary much of these are. meaningful, does not necessarily BEST OF communities and businesses. nificant family wealth, or a spouse For most MPs, constituency case- suit their skill-set or their role. TWITTER Having a day job would thus bring who can be the breadwinner. work is a major use of their time. Rather than prohibiting second our parliamentarians into regular, By requiring MPs to abandon out- Yet this is largely a symptom of a jobs, as Labour intends to do, parlia- The Labour party manifesto lacks unfiltered confrontations with the side jobs, Labour’s proposals would broken system. ment should encourage outside em- economic credibility, but that doesn't realities of ordinary life. further discourage the able and the MPs’ offices are expected to clear ployment. This would help attract a make the Tories the party of the Already, MPs with other jobs bring accomplished from ordinary back- up the failings of other aspects of broader range of MPs without rais- economy. The idea that they have a a wealth of experience to the Com- grounds from entering into poli- the state. They take up constituents’ ing their salaries, and keep them cautious manifesto is a myth, they’re mons. Think of Dan Poulter and tics. In contrast, by encouraging concerns because a letter with a more connected to the rest of the proposing a huge downgrading of our Philip Lee, who both maintained parliamentarians to have a foot in green portcullis header becomes country throughout their parlia- relationship with our most important their work as doctors while sitting in both camps, Westminster could at- top priority at whichever depart- mentary careers. trading partner by far. the House — roles which would give tract more top talent. ment has dropped the ball. @TheScepticIsle them far more insight into the state Aside from this single issue, we A few decades ago, an MP would £ John Oxley is a Conservative of the NHS than any second-hand re- should think more carefully about be shocked to receive two dozen let- commentator. Catching up with Corbyn interview. Oh my goodness. He doesn’t know what government bonds are. He doesn’t know that it’s government debt. @iainmartin1

Corbyn is a wonderful role model. It may be popular, but scrapping hospital Gonna nail my next job interview by refusing to answer any questions, screeching at the interviewer to let me parking charges would be a total disaster finish, repeatedly passive aggressively using the interviewer’s first name & turning intermittently pink with rage. MID myriad headline-grab- real world, getting one thing often The Conservative policy makes @Sara_Rose_G bing proposals, you might involves foregoing something else. Ben slightly more sense. The Tories have have missed Labour’s prom- As such, if hospitals are forced to Ramanauskas promised to make parking free for Big political question about whether Aise to scrap hospital park- forego revenue from parking, they patients and their relatives, as well any UK govt would ever do a deal that ing charges. This is exactly will have to cut spending in other as for medical staff, and keep made medicines much more the kind of local, community-based areas. The obvious worry is that pa- charges for everyone else. However, expensive for the NHS, and therefore policy that is likely to win votes — tient care might suffer as a result. this risks adding another layer of the taxpayer — would be massively but it is a mistake. They might not Second, as anyone who has ever bureaucracy to the NHS. costly for the govt and likely deeply be popular, but these car parking tried to find a parking space will There are also obvious questions unpopular charges are actually a good thing. know only too well, they are often to be asked about wealthy surgeons @bbclaurak First, the charges bring in revenue hard to come by. Parking spaces are have been reports of local residents being subsidised at the expense of for hospitals. It is often forgotten in a scarce resource, and so the price taking advantage of the free park- taxpayers on more modest incomes. The answer is as follows — the UK will this debate that this is money mechanism plays an important ing, leaving staff struggling to find a Obviously, some people will need have to make concessions to get a US which is mostly put back into the role in allocating them to those space before their shift and patients to drive or be driven to the hospital, trade deal. We can choose to ring health system, providing funding to who value them most. running late for appointments. such as women in labour and those fence areas like the NHS or food pay for treatment and medical staff. Making hospital parking free for This issue could of course be over- with disabilities. There are there- standards — but unlikely we can Abolishing charges therefore risks everyone will see an increase in the come by building more car parks. fore cases where free or subsidised exclude both and still get a deal leaving hospitals and NHS trusts number of people using the spaces. However, that brings us back to the parking does make sense. But scrap- @DavidHenigUK with black holes in their finances. Rather than being used by hospital opportunity cost issue: more money ping charges for everyone would be At a time when we are constantly staff, patients and their relatives, spent on hospital car parks means a huge mistake. My friend was in an airport lounge told that the NHS is facing a fund- they will be snapped up by other less available for patient care. It would be far more effective for when a man came in and said “is ing crisis, denying hospitals revenue people who live near or who are vis- In addition, given the acute hous- the government to invest in public there an economist in this lounge?” streams seems an odd strategy. iting the area. As a result, hospital ing crisis in this country caused by transport infrastructure and focus My friend, startled but pleased, A related issue is one of the most staff and patients will struggle to a lack of supply, and the push to get on bus services from hospitals to announced proudly: “Actually yes I’m fundamental principles of econom- find a parking space. cars off the road and transition to local communities. an economist”. The man gave him an ics: opportunity cost. It expresses This is exactly what has happened more sustainable modes of trans- odd look and said: “...the magazine”. the relationship between scarcity in Scotland and Wales, where hospi- port, are more car parks really the £ Ben Ramanauskas is a research @Dannythefink and cost, which means that, in the tal parking is already free. There most appropriate use of space? economist at Oxford University. CITYAM.COM THURSDAY 28 NOVEMBER 2019 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Time for us all to get motoring DEBATE Is Labour right to warn over US on combatting climate change interest in the NHS, uncovered in HE POLLING firm YouGov next government can help by better co- has been tracking views on James ordinating the roll-out of rapid electric the leaked trade talk papers? the environment for nearly a Diggle vehicle chargers, so people have confi- Tdecade. For most of that dence in switching to cleaner cars. time, the subject ranked We also need to get serious on heat, The leaked Trump trade papers are pretty low in terms of voter priorities. with plans to replace the UK’s 24m genuinely shocking. They confirm that But this election marks a big gas boilers with more sustainable and drug prices and the NHS really are on change. Figures from July show that energy efficient solutions such as the table in these talks — and that the YES more than one in four voters (27 per heat pumps and hydrogen boilers. UK will struggle to do a US trade deal if cent) rank the environment as one of However, achieving real progress will it doesn’t give ground. HEIDI CHOW their three top issues — behind Brexit decarbonising heat in our homes, require an honest conversation be- The NHS is already struggling to and health, and on a par with crime business and industry. tween the public, government and afford spiralling medicine prices — the Donald Trump has made no secret and the economy. That is not a change any business or business about changes we all need to drugs bill has risen 31 per cent in five that he blames high drug prices in the For the younger generation, the individual can make on their own. So make. Central to success will be sup- years —and is rejecting or rationing new US on freeloading from “socialised” sense of urgency is even more pro- tonight’s debate needs to tackle these porting jobs and livelihoods of people medicines because they are health systems like the NHS. The found. Some 45 per cent of 18–24 year issues head-on, with politicians build- affected by the transition, including unaffordable. President wants to use trade deals to olds put it as their second biggest con- ing cross-party consensus and articu- reskilling and reducing energy and Yet the leaked papers reveal that the rectify this, and already has in deals cern after Brexit. lating how society can practically travel costs for struggling families. US is demanding longer monopoly with South Korea, Mexico and Canada. So the first televised election debate make the changes required. The business community backs this protections on new drugs. This would The Labour party is absolutely right to tonight focusing on this defining Let’s begin by building on what approach and is a crucial part of the force the NHS to keep paying high highlight this threat. issue is hugely welcome. works, like contracts for offshore solution. Creating new technologies prices for longer, and prevent it bringing The challenge of reaching net-zero wind driving down prices to record means that we can cut our carbon in cheaper alternatives. This is £ Heidi Chow is a pharmaceuticals emissions by 2050 cannot be under- low levels. All told, a four-fold increase emissions, improving our environ- unsustainable. campaigner at Global Justice Now. estimated. The reality of meeting this in low-carbon electricity is needed to ment and ending the injustice of poor target means that 2020 must usher power our economy, together with air quality. in a decade of delivery. progress on new nuclear, onshore Remember that there are also huge Business is already playing a vital wind, and other renewables. We al- economic opportunities in the global There are groups of people clearly role in delivering this economic, so- ready have the solutions — we just shift to a low-carbon future. We can worried that the NHS will wind up “on cial and technological transforma- need to build them. lead on new technologies, including the table” in a trade negotiation with tion. But unless we can work in The 2020s also require a transport carbon capture and hydrogen energy, the United States — but the leaked NO partnership with politicians and the revolution. Shifting to electric vehicles and export these products and serv- documents do not provide any public, our efforts will be left danger- is already underway and will acceler- ices around the world. evidence that such fears are justified. KATE ANDREWS ously lacking. ate through the coming decade. The The deadline of hosting the UN What we have are pages of dialogue The good news is that companies COP26 climate change conference in (not negotiation‚ that hasn’t started yet) looking to expand its reach into the UK have already built the foundations, Glasgow next November should kick- which detail very thorough discussion health service. through long-term reductions in in- Remember that there start the UK’s net-zero plans and spur and understanding of both sides’ gold- The hysteria being whipped up over dustrial emissions and CO2 from elec- us to work with other countries on plated patent regimes and engagement the NHS is rooted in political tricity by switching from coal to gas are huge economic this global challenge. I hope to hear on transparent market access. messaging, not evidence. Perhaps this while expanding renewables. Yet opportunities in more on the various parties’ plans to- Most importantly to defenders of the explains why the document itself is not tackling the climate emergency wards this goal in tonight’s debate. NHS, the documents say that the US being clipped and shared — the actual needs further and faster action than the global shift to a This is a watershed moment. It’s “does not expect new market access in content does not back up the claims of ever before. low-carbon future time for all of society to step up. a specific sector be an outcome of any those using it to score political points. We need to grow supplies of low-car- FTA negotiation”. This heavily suggests bon electricity, rapidly reduce trans- £ James Diggle is the CBI’s head of energy that, in direct contradiction to the £ Kate Andrews is associate director at port emissions, and make progress on and climate change. Labour party’s claims, America is not the Institute of Economic Affairs.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1708 à 0.0041 €/$ 1.1001 Ä 0.0010 7429.78 20954.32 4108.09 28164.00 8705.18 3153.63 /$ 1.2879 à 0.0030 €/£ 0.8541 Ä 0.0031 26.64 89.40 15.32 42.32 57. 24 13.11 £ /¥ 140.87 0.7100 €/¥ 120.31 0.1800 ÃÃÃÃÃà Ãà 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 Templeton Em Mkts ....798.0 2.0 829.0 670.0 JD Sports Fashion ...... 773.4 -14.2 807.0 318.5 LEISURE GOODS Hiscox ...... 1362.0 42.0 1777.0 1213.0 ...... 1135.0 1.0 1176.0 565.0 AIM 50 Vietnam Enterprise ..... 489.5 -0.5 509.0 421.5 Just Eat...... 763.8 7.0 812.0 535.0 RSA Ins Gp ...... 558.0 2.0 597.0 496.6 Sophos ...... 569.2 -0.8 577.0 298.2 Tsy 4.750 20 ...... 101.12 -0.02 105.0 101.1 Contour Global...... 208.0 1.0 222.5 159.1 Games Workshp ...... 5720.0 -5.0 5780.0 2800.0 Abcam ...... 1322.0 33.0 1500.0 1017.0 VinaCapital Vietna ...... 334.5 0.0 357.5 323.0 Kingfisher...... 214.0 3.0 266.2 185.9 OIL & GAS PRODUCERS SUPPORT SERVICES Tsy 8.000 21...... 111.32 -0.08 118.2 111.3 Drax Gp ...... 290.4 3.8 413.8 251.0 LIFE INSURANCE Advanced Medical ...... 269.0 2.0 354.5 225.0 Witan Invest ...... 221.5 0.5 225.5 189.6 Marks & Spencer ...... 195.9 -4.8 303.2 163.9 Tsy 2.500 24 ...... 363.75 -0.71 377.9 360.6 SSE ...... 1312.5 -7.5 1336.5 1008.0 BP ...... 489.4 -3.8 582.5 484.9 ...... 839.4 7.6 855.2 691.8 Wwide Healthcare ...3000.0 35.0 3000.0 2325.0 Aviva ...... 402.4 0.6 438.8 352.3 Alliance Pharma ...... 80.1 -0.2 80.4 60.0 Tsy 5.000 25 ...... 123.54 -0.23 126.0 122.9 ELECTRONIC & ELECTRICAL EQUIPMENT Next ...... 6830.0 28.0 6886.0 3991.0 Cairn Energy...... 179.8 -0.6 213.8 140.0 Lancashire Hldgs ...... 741.0 13.5 746.0 561.5 Ashtead Gp ...... 2444.0 -6.0 2450.0 1586.5 ASOS...... 3216.0 73.0 5074.0 2107.0 Tsy 4.250 27 ...... 129.43 -0.36 132.8 125.2 FIXED LINE TELECOMMUNICATIONS Gp ...... 248.0 -1.0 249.0 113.3 Halma ...... 2151.0 21.0 2151.0 1282.0 Legal & General ...... 283.1 5.0 291.2 216.7 Oil & Gas ..... 924.0 -7.0 1082.0 568.0 Babcock Intl Grp...... 590.6 5.8 594.2 416.7 Sports Direct Intl ...... 336.2 -2.6 340.2 214.0 Blue Prism ...... 1104.0 -50.0 1472.0 788.0 Tsy 6.000 28 ...... 147.77 -0.43 152.1 143.1 Morgan Advanced ...... 285.4 -3.2 288.6 232.4 BT Gp ...... 193.1 3.8 262.0 158.9 Phoenix Gp ...... 733.4 4.8 733.4 544.0 Premier Oil ...... 89.3 0.2 106.2 55.6 Bunzl ...... 2128.0 12.0 2551.0 1943.0 ...... 120.6 0.6 139.5 111.4 Camellia ...... 8725.0 -75.0 11750.0 8600.0 Tsy 4.125 30 ...... 380.06 -1.57 404.2 364.2 ..1588.0 -38.0 1626.0 853.0 Talktalk Telecom ...... 105.6 0.1 126.9 96.5 Prudential ...... 1385.0 42.0 1790.0 1279.5 Royal Dutch Shell A...2238.0 -18.5 2612.0 2213.0 ...... 160.4 -0.6 173.1 99.9 WH Smith...... 2438.0 18.0 2438.0 1697.0 Caretech Holdings ...... 380.0 0.0 405.0 325.0 Tsy 4.250 32...... 140.71 -0.53 146.4 131.7 Renishaw ...... 3900.0 38.0 4670.0 3232.0 ...... 1350.0 30.0 1528.0 1130.0 St James Place ...... 1097.5 20.5 1143.0 913.6 Royal Dutch Shell B ....2219.5 -15.5 2622.0 2218.0 DCC ...... 6672.0 72.0 7496.0 5680.0 HEALTH CARE EQUIPMENT & SERVICES ...... 136.9 -0.7 250.0 136.2 Tsy 4.250 36 ...... 148.32 -0.64 155.7 135.3 ...... 2887.0 51.0 2898.0 2188.0 FOOD & DRUG RETAILERS Std Life Aberdeen ...... 322.3 0.3 322.3 224.8 Diploma ...... 1895.0 -7.0 1902.0 1150.0 Central Asia Metals .....210.5 -2.5 266.5 180.0 Tsy 4.750 38...... 162.95 -0.74 171.8 147.0 EQUITY INVESTMENT INSTRUMENTS ...... 2106.0 32.0 2476.0 1257.0 Convatec ...... 192.9 -3.3 202.8 118.5 MEDIA OIL EQUIPMENT & SERVICES Electrocomp ...... 675.0 5.8 729.8 480.0 Clinigen Group ...... 868.5 1.0 1069.0 721.0 Tsy 4.250 46 ...... 169.71 -0.89 181.0 146.4 Morrison (WM) ...... 200.8 0.7 245.8 176.9 Mediclinic Intl ...... 392.0 -4.7 401.3 293.4 Hunting ...... 404.6 3.6 657.0 393.0 Equiniti ...... 195.0 3.5 236.2 186.2 ...... 294.5 0.5 306.5 249.7 ...... 3100.0 0.0 3130.0 1800.0 CVS Group ...... 1033.0 -17.0 1050.0 395.0 AEROSPACE & DEFENCE Ocado Gp ...... 1166.0 13.0 1435.0 749.8 NMC Health ...... 2602.0 -24.0 3542.0 1801.5 Petrofac ...... 394.0 1.9 559.0 381.5 Essentra ...... 422.4 -4.6 442.0 325.4 Aberforth Smlr Cos ..1400.0 16.0 1400.0 1114.0 ...... 322.0 -2.2 411.0 319.8 Dart Group ...... 1483.0 62.0 1483.0 709.5 Sainsbury(J) ...... 220.5 2.5 312.6 177.1 Smith & Neph...... 1755.5 25.0 1990.0 1396.0 Wood Gp(J) ...... 368.5 2.2 674.4 327.4 Experian ...... 2561.0 7.0 2631.0 1843.0 BAE Systems ...... 576.0 -4.2 588.2 443.9 ...... 825.0 1.0 838.0 672.0 Auto Trader Gp ...... 564.6 16.2 606.0 418.1 Diversified Gas & Oil ....104.5 1.0 116.5 97.0 SSP Group ...... 675.0 6.0 721.0 608.0 UDG Hlthcare ...... 810.0 60.0 821.0 551.0 PERSONAL GOODS Ferguson ...... 7004.0 58.0 7004.0 4776.5 Cobham ...... 158.8 -0.1 168.3 96.8 AVI Global Trust...... 777.0 -3.0 781.0 660.0 Entertainment One ...... 556.5 -0.5 589.0 336.4 Draper Esprit ...... 480.0 13.0 548.0 410.0 Meggitt ...... 643.8 -14.0 660.0 458.0 Tesco ...... 234.5 1.7 253.0 189.6 HOUSEHOLD GOODS G4S ...... 215.2 0.5 234.3 168.3 Baillie Gifford Japan ...840.0 4.0 840.0 663.0 Euromny Inst Inv...... 1244.0 14.0 1498.0 1132.0 Burberry Gp...... 2095.0 2.0 2345.0 1623.5 Eland Oil & Gas ...... 163.2 0.2 165.4 101.0 FOOD PRODUCERS Hays ...... 168.5 0.4 168.5 135.7 QinetiQ ...... 334.6 -6.6 351.6 267.0 Bankers InvTst ...... 962.0 4.0 970.0 766.0 Barratt Devel ...... 684.4 15.6 684.4 434.0 Future ...... 1446.0 -126.0 1572.0 465.0 PZ Cussons ...... 203.5 -1.0 232.2 178.6 EMIS Group ...... 1060.0 14.0 1242.0 864.0 Rolls-Royce ...... 715.8 -25.2 988.4 702.0 BlackRock Smaller ....1588.0 8.0 1588.0 1160.0 Assoc British Foods...2588.0 12.0 2588.0 2041.0 ...... 3475.0 50.0 3536.0 2419.0 Informa ...... 802.2 2.2 892.0 605.8 PHARMACEUTICALS & BIOTECHNOLOGY ...... 1243.0 -3.0 1266.0 849.0 Fevertree Drinks ...... 2249.0 49.0 2475.0 1732.5 Senior ...... 183.5 0.4 243.4 174.0 BMO Global Smaller .....142.0 -1.1 143.1 122.0 Bakkavor ...... 128.0 0.8 170.0 93.3 Berkeley Grp Hldgs ...4679.0 94.0 4679.0 3226.0 Intertek Gp ...... 5582.0 72.0 5962.0 4509.0 ITV ...... 144.8 3.5 150.4 103.6 AstraZeneca ...... 7529.0 -31.0 7580.0 5325.0 ...... 2132.0 -44.0 2252.0 1232.0 Caledonia Inv ...... 3080.0 10.0 3110.0 2740.0 Cranswick ...... 3182.0 -54.0 3408.0 2472.0 IWG...... 406.7 -2.2 421.9 199.8 First Derivatives ...... 2530.0 0.0 3555.0 2050.0 Bovis Homes Gp ...... 1242.0 29.0 1242.0 828.0 Moneysupermkt.com ..344.0 2.3 417.7 267.0 Dechra Pharma ...... 2816.0 10.0 3036.0 2022.0 AUTOMOBILES & PARTS City of London IT ...... 426.5 1.5 431.5 376.0 Gp ...... 239.1 -0.8 248.3 162.8 Network Int...... 576.0 30.0 628.0 513.0 Frontier Devs ...... 1212.0 -36.0 1254.0 740.0 Countryside Prop ...... 398.4 2.4 398.4 276.8 Pearson ...... 658.0 2.0 1027.5 640.0 Genus ...... 3158.0 10.0 3158.0 2146.0 Edin Inv Trust ...... 611.0 2.0 652.0 535.0 Hilton Food Gp ...... 1024.0 0.0 1088.0 884.0 Pagegroup ...... 487.0 5.8 539.0 367.8 ...... 586.8 56.6 1374.4 399.3 ...... 383.8 6.4 435.2 309.4 RELX ...... 1876.5 -3.5 2011.0 1581.5 GlaxoSmithKline ...... 1760.6 20.6 1782.0 1418.0 Gamma Comms ...... 1245.0 45.0 1245.0 730.0 European Opp ...... 823.0 4.0 875.0 666.0 Tate & Lyle ...... 742.2 1.6 800.4 658.4 Paypoint...... 983.0 5.0 1118.0 748.0 TI Fluid Systems ...... 223.5 5.0 223.5 155.2 Hikma Pharma ...... 1960.0 24.5 2200.0 1510.5 GB Group ...... 700.0 -13.0 713.0 410.5 F&C Investment ...... 743.0 -2.0 745.0 616.0 Unilever ...... 4562.5 2.0 5324.0 3941.0 Rentokil Initial ...... 449.0 -1.3 467.8 315.9 BANKS MAIN CHANGES UK 350 REAL ESTATE Gooch & Housego ...... 1252.5 -17.5 1527.5 954.0 Fidelity China SPE ...... 218.5 -0.5 250.0 183.4 FORESTRY & PAPER ...... 636.0 21.0 752.0 450.0 Hurricane Energy ...... 45.1 -1.1 53.6 38.7 Barclays ...... 174.4 2.7 174.4 136.2 Fidelity Euro Values ....255.0 -1.0 257.5 202.0 % % Assura ...... 75.0 0.5 75.4 52.5 ...... 156.5 0.4 160.0 84.1 Mondi ...... 1702.5 12.5 1898.0 1510.5 Risers à Fallers Ä BGEO Group ...... 1434.0 40.0 1755.0 1252.0 Aston Martin ...... 586.80 10.7 Future ...... 1446.00 -8.0 Big Yellow Gp ...... 1122.0 -16.0 1192.0 858.5 SIG ...... 123.9 -0.8 153.0 99.3 Impax Asset Mgmt .....284.0 -3.0 295.0 184.0 Fidelity Spec Val ...... 271.5 0.5 271.5 220.0 GENERAL FINANCIAL HSBC Hldgs...... 585.1 2.3 680.6 569.7 Finsbury G&I Tst ...... 902.0 7.0 958.0 741.0 UDG Hlthcare ...... 810.00 8.0 Rolls-Royce ...... 715.80 -3.4 BMO Comm Prop ...... 119.0 1.8 137.6 106.0 ...... 1588.5 34.0 1588.5 1012.0 Iomart Group ...... 348.5 -11.5 398.0 308.0 Lloyds Banking ...... 61.7 0.5 66.6 48.6 GCP Infra Inv ...... 131.0 -0.2 131.6 122.4 3i Group ...... 1088.0 8.5 1184.5 756.2 Network Int ...... 576.00 5.5 Riverstone Energy ...... 426.00 -3.2 British Land ...... 574.4 13.4 638.4 468.3 TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 47.3 2.3 98.0 41.8 Sirius Minerals ...... 3.55 4.7 Puretech ...... 277.00 -2.8 Royal Bank of Scot ...... 231.2 0.4 270.4 177.7 Genesis Emerging ...... 766.0 1.0 785.0 628.0 Ashmore Gp ...... 478.4 6.2 542.5 356.0 Captl & Count Prop ...... 245.5 -5.5 270.5 184.8 James Halstead ...... 504.0 3.5 532.0 402.0 Watches of Switz ...... 323.20 4.3 Marks & Spencer ...... 195.95 -2.4 Comms ...... 211.0 -4.0 219.0 112.8 .....703.8 -1.2 736.8 575.7 Greencoat UK ...... 146.2 1.4 148.8 124.4 Brewin Dolphin ...... 345.0 3.2 345.0 287.6 CLS Hldgs ...... 275.5 1.5 275.5 204.0 ...... 448.60 4.0 Oxford Instruments ...... 1588.00 -2.3 TOBACCO Johnson Service Gp .....180.0 -1.6 183.2 114.0 TBC Bank Group...... 1244.0 22.0 1706.0 1150.0 Harbourvest Glb ...... 1712.0 -2.0 1786.0 1326.0 Close Brothers ...... 1496.0 27.0 1605.0 1227.0 Daejan Hldgs ...... 5210.0 100.0 6160.0 4715.0 ...... 468.00 4.0 Captl & Count Prop...... 245.50 -2.2 Keywords Studios ...... 1438.0 37.0 1838.0 900.0 Virgin Money UK ...... 143.0 0.5 220.1 104.4 ...... 69.8 0.1 91.3 68.1 ...... 3684.0 -16.0 3700.0 2779.0 Herald Inv Trust ...... 1418.0 8.0 1418.0 1055.0 ...... 81.90 3.7 Mitchells & Butlers ...... 457.00 -2.1 Br Am Tob ...... 3080.0 94.0 3197.5 2375.0 Finablr ...... 185.0 0.1 185.0 140.2 Grainger ...... 281.8 5.8 281.8 205.8 Learning Tech Gp ...... 124.0 3.4 130.0 62.2 BEVERAGES HICL Infr ...... 165.8 -0.6 174.0 156.6 Sanne Group ...... 636.00 3.4 Meggitt ...... 643.80 -2.1 Imperial Brands ...... 1713.4 44.0 2713.5 1669.4 JPM American ...... 479.0 0.0 494.5 386.5 Hargreaves Lans...... 1885.0 25.0 2433.0 1633.0 Grt Portland Est ...... 822.6 2.6 822.6 649.4 M&C Saatchi ...... 150.0 0.0 394.0 146.0 Barr (AG) ...... 615.0 -12.0 975.0 540.0 Hiscox ...... 1362.00 3.2 Compass Gp ...... 1875.50 -2.1 TRAVEL & LEISURE JPM Emerg Mkt ...... 1014.0 0.0 1066.0 814.0 IG Gp...... 690.0 -5.4 695.4 474.8 ...... 301.7 3.5 389.1 203.9 M.P. Evans ...... 679.0 -4.0 703.0 612.0 Britvic ...... 985.0 0.0 1068.0 786.0 Carnival ...... 3265.0 6.0 4630.0 3056.0 JPM Indian IT ...... 745.0 6.0 790.0 633.0 Integrafin Holdings ...... 399.0 2.0 406.1 271.8 McCarthy & Stone...... 139.0 0.0 158.8 123.5 Rightmove Group ...... 627.8 8.6 630.6 420.9 Land Securities...... 948.4 -2.2 963.0 735.4 Majestic Wine ...... 222.0 1.0 318.0 219.0 Coca-Cola HBC AG .....2620.0 42.0 3074.0 2299.0 Group ...... 203.4 1.0 321.0 191.0 JPM Japan IT ...... 473.0 0.5 473.0 367.0 Intermediate Capital 1564.0 28.0 1564.0 918.5 Persimmon ...... 2596.0 28.0 2596.0 1836.0 WPP ...... 1009.0 11.6 1038.0 800.4 LondonMetric Prop ..... 238.8 -2.4 241.2 172.7 Diageo ...... 3189.0 -3.5 3625.5 2701.0 Compass Gp ...... 1875.5 -40.0 2138.0 1583.0 Midwich Group ...... 597.0 -9.0 633.0 474.5 Jupiter Fund Mngt ...... 376.6 3.6 432.0 287.6 Intl Public Prtnshps .....160.0 0.2 165.4 146.8 Reckitt Benckiser ...... 6047.0 33.0 6688.0 5593.0 MINING NewRiver Retail ...... 194.8 3.6 246.0 147.6 Mortgage Advice B .....680.0 2.0 680.0 546.0 CHEMICALS Investec ...... 448.6 17.3 518.6 395.3 Redrow...... 676.0 12.0 676.0 460.8 Primary Hlth Prop ...... 145.8 1.2 145.8 108.2 Dominos Pizza ...... 304.0 5.7 305.8 221.2 ...... 616.0 0.0 618.0 534.0 Anglo American ...... 2054.0 -12.5 2266.0 1556.4 IP Group ...... 61.0 1.8 122.0 55.7 Taylor Wimpey ...... 177.7 -0.1 192.2 129.3 Hldgs ...... 744.0 9.5 744.0 506.5 easyJet ...... 1340.5 0.5 1358.5 854.8 Next Fifteen Comm ...... 475.0 -5.0 658.0 465.0 Croda International . 5020.0 24.0 5375.0 4564.0 Mercantile IT ...... 240.5 1.5 240.5 168.0 Antofagasta ...... 905.2 -1.2 1022.5 738.0 John Laing Gp ...... 380.2 7.0 402.0 298.2 ...... 999.5 26.5 999.5 678.5 EI Group ...... 281.8 0.0 285.0 171.4 Nichols...... 1625.0 15.0 1880.0 1350.0 ...... 168.2 -0.3 197.9 129.8 Monks Inv Tst ...... 942.0 2.0 964.0 710.0 INDUSTRIAL ENGINEERING BHP Group ...... 1726.8 -7.2 2049.0 1497.2 London Stock Exch ....7026.0 16.0 7514.0 3867.0 SEGRO ...... 888.0 2.4 888.0 585.2 FirstGroup ...... 122.2 0.2 137.5 79.3 Johnson Matt...... 2960.0 -55.0 3454.0 2620.0 Murray Intl Tst ...... 1216.0 0.0 1248.0 1058.0 ...... 879.0 -4.5 903.0 652.0 ...... 112.0 0.5 152.3 79.8 Numis Corporation ...... 240.0 1.0 280.0 212.0 ...... 149.5 2.1 175.2 126.8 Shaftesbury ...... 910.5 2.5 979.5 739.5 Flutter Ent...... 8850.0 -50.0 8900.0 5525.0 ...... 302.8 0.4 420.8 279.0 NB Glbl Fltg Rate Inc .....90.6 -0.1 91.0 87.6 Hill & Smith ...... 1370.0 6.0 1385.0 1049.0 Fresnillo ...... 572.8 -3.4 1027.5 539.6 Polar Capital Hdgs ...... 544.0 6.0 604.0 448.0 Onesavings ...... 380.0 -4.8 447.4 313.6 St Modwen Props ...... 465.5 3.5 472.0 373.0 Go-Ahead Gp ...... 2278.0 12.0 2278.0 1480.0 ...... 2492.0 28.0 2522.0 1845.0 Pantheon Intl Partn ..2325.0 5.0 2330.0 1955.0 IMI ...... 1119.0 -1.0 1136.0 870.0 Glencore ...... 247.5 -2.0 340.3 222.2 Purplebricks Gp ...... 103.6 -1.4 132.0 96.0 Paragon...... 500.0 -2.0 518.0 379.2 TR Property IT ...... 465.0 -1.0 466.0 353.5 GVC Hldgs ...... 889.0 9.0 897.4 507.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...321.5 2.0 339.0 284.5 Melrose Ind ...... 233.8 -4.1 237.9 146.3 ...... 165.6 3.3 227.0 155.0 Redde...... 105.8 0.2 127.6 100.6 Plus500 ...... 763.2 3.2 1647.0 495.0 Tritax Big Box ...... 150.2 -0.5 159.7 130.0 Intercontl Htls ...... 5072.0 101.0 5738.0 4230.4 Pershing Square ...... 1438.0 -4.0 1570.0 990.0 RHI Magnesita ...... 3844.0 -36.0 5000.0 3352.0 Kaz Minerals ...... 500.8 3.5 738.4 380.3 ...... 227.4 4.4 295.0 194.2 Provident Fin ...... 429.0 2.4 658.6 356.0 UK Commercial Prop ...... 87.9 -0.1 92.7 79.9 Intl Cons Airl...... 572.0 1.0 667.6 413.5 Renew Holdings...... 404.0 4.0 436.5 333.0 Personal Assets Tst ....42350 50.0 43150 38900.0 ...... 333.5 -2.0 341.2 235.7 Polymet Int...... 1159.0 5.0 1272.0 772.6 CRH ...... 3014.0 23.0 3014.0 1971.5 RWS Holdings ...... 627.0 9.0 652.0 450.0 Polar Cap Tech Tst ...... 1514.0 12.0 1514.0 1066.0 Quilter ...... 146.1 1.7 156.6 110.6 Unite Group ...... 1235.0 15.0 1235.0 797.5 Marstons ...... 131.4 4.0 131.4 90.5 Galliford Try...... 742.0 8.5 780.0 512.0 Spirax-Sarco...... 9100.0 170.0 9400.0 5900.0 Rio Tinto ...... 4239.5 -17.5 4976.5 3513.5 Renewables Infra Gp ...129.2 0.8 133.2 109.6 ....2140.0 0.0 2540.0 2075.0 Workspace Gp ...... 1093.0 2.0 1113.0 789.5 Mitchells & Butlers ...... 457.0 -10.0 470.5 238.0 Scapa Group ...... 238.5 -0.5 403.0 157.0 ...... 875.0 -7.5 937.0 630.0 Weir Gp ...... 1450.0 5.0 1814.0 1240.0 Sirius Minerals...... 3.5 0.2 24.3 2.9 RIT Cap Partners ...... 2175.0 -5.0 2180.0 1892.0 Schroders ...... 3349.0 39.0 3349.0 2334.0 SOFTWARE & COMPUTER SERVICES ...... 465.4 -2.0 467.4 361.4 Secure Income REIT ..420.0 -1.0 454.0 371.0 Ibstock ...... 264.0 0.2 264.0 193.1 TP ICAP ...... 377.9 7.9 377.9 270.0 INDUSTRIAL METALS MOBILE TELECOMMUNICATIONS Riverstone Energy ...... 426.0 -14.0 1196.0 419.0 Avast...... 441.6 -2.8 450.8 259.6 PPHE Hotel Gp ...... 1900.0 0.0 1990.0 1585.0 Serica Energy...... 125.0 0.0 143.4 103.6 Marshalls ...... 791.5 23.5 791.5 415.2 Evraz ...... 374.8 8.2 709.4 351.0 Inmarsat...... 546.6 0.2 608.2 362.8 Schroder Asia ...... 457.0 1.0 469.5 389.0 GENERAL RETAILERS Aveva Gp...... 4538.0 62.0 4538.0 2284.0 Rank Gp ...... 247.0 2.0 247.5 135.0 Polypipe Group ...... 487.2 2.2 487.2 312.8 ...... 150.9 4.3 301.3 123.0 Vodafone Gp ...... 160.4 3.0 168.9 123.3 Smart Metering Sys.... 542.0 9.5 665.0 310.0 Scottish Inv Tst ...... 826.0 0.0 843.0 748.0 B&M ...... 377.3 -5.0 399.6 278.6 ...... 1498.0 23.0 1525.0 952.0 Restaurant Grp ...... 141.0 -1.4 160.2 111.9 DIVERSIFIED INDUSTRIALS Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Mortgage ...... 533.5 5.0 568.5 441.4 Card Factory ...... 157.9 -0.4 209.0 151.2 INDUSTRIAL TRANSPORTATION NONLIFE INSURANCE FDM Group...... 914.0 25.0 994.0 647.0 Stagecoach Gp...... 134.7 0.1 177.0 115.5 Thorpe (F.W.) ...... 298.0 0.0 340.0 248.5 Smith (DS) ...... 384.8 1.1 388.1 292.2 Sequoia Econ Infra ...... 116.4 -0.4 117.6 108.5 ...... 123.5 1.1 162.9 104.9 Clarkson ...... 2700.0 -50.0 2900.0 1878.0 Admiral Gp ...... 2148.0 31.0 2300.0 1958.0 Gp ...... 624.0 18.0 676.0 430.0 Wetherspoon (JD) .....1585.0 13.0 1624.0 1066.0 Smiths Gp...... 1682.0 -0.5 1692.0 1340.0 Smithson Inv ...... 1302.0 12.0 1302.0 1000.2 Dunelm Gp...... 860.0 14.5 981.0 482.8 Fisher (James) ...... 1930.0 -28.0 2260.0 1600.0 Beazley ...... 547.5 6.0 628.0 492.6 Intl ...... 1148.4 16.4 2160.0 1004.0 Whitbread ...... 4632.0 46.0 5114.0 3988.0 Watkin Jones ...... 227.0 3.0 241.5 192.2 Smurfit Kappa Gp...... 2774.0 14.0 2774.0 1934.0 ...... 227.5 5.0 294.0 213.5 Howden Joinery Gp...... 625.2 0.2 625.2 416.4 Royal Mail ...... 212.1 4.9 323.7 188.4 Direct Line Ins ...... 309.6 -0.4 366.5 270.5 ...... 399.4 -2.1 457.7 360.5 William Hill ...... 183.7 -2.8 205.2 132.3 Young’s Brew NV ...... 1195.0 0.0 1238.0 1030.0 Vesuvius...... 446.4 7.2 642.0 341.0 Temple Bar IT ...... 1364.0 4.0 1366.0 1116.0 Inchcape...... 654.5 0.0 678.0 519.5 Signature Avi ...... 324.9 -0.7 406.0 258.8 Hastings Gp Hldgs ...... 175.4 1.8 231.6 167.9 Sage Group ...... 761.6 10.4 820.4 567.0 Holdings ...... 3905.0 7.0 3935.0 2722.0 Young’s Brew-A...... 1680.0 0.0 1885.0 1322.5 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 281.95 3.40 296.35 180.10 3M ...... 170.61 1.38 219.50 150.74 AIR LIQUIDE ...... 121.80 -0.20 130.80 102.40 ABBOTT LABORATORIES ...... 85.42 0.00 88.74 65.56 ALLIANZ AG ...... 218.35 1.15 223.80 172.16 ADOBE INC ...... 309.06 1.16 311.27 205.16 AMADEUS IT GROUP ...... 72.16 0.26 71.98 42.30 ALPHABET NON VTG-C ...... 1312.99 -0.56 1334.87 976.22 ALPHABET-A ...... 1312.13 -0.87 1333.54 1116.79 ANHEUSER BUSCH INBEV ...... 71.55 0.07 92.71 57.35 AMAZON.COM ...... 1818.51 21.57 2020.99 1343.96 ASML HOLDING NV ...... 246.20 -0.30 249.00 130.88 AMERICAN EXPRESS ...... 120.33 0.54 128.57 89.50 AXA ...... 24.80 -0.12 25.38 18.54 APPLE INC ...... 267.84 3.55 267.10 142.19 BANCO SANTANDER ...... 305.65 -2.65 402.00 300.65 AT&T ...... 37.66 0.26 39.63 27.36 BASF...... 68.83 -0.36 74.49 56.20 ...... 33.42 0.07 33.47 22.73 BAYER AG...... 69.70 0.67 72.81 52.53 BERKSHIRE HATHAWAY...... 220.50 1.60 222.74 187.76 BMW ...... 74.74 0.93 77.75 58.70 BOEING CO ...... 368.00 -5.51 432.69 294.16 BNP PARIBAS ...... 51.36 0.33 51.55 38.55 CATERPILLAR INC ...... 145.69 -0.40 148.16 113.38 CRH ...... 3014.00 23.00 3014.00 1971.50 CHEVRON ...... 118.07 0.28 126.54 100.99 CISCO SYSTEMS ...... 45.24 -0.07 58.05 40.28 DAIMLER ...... 52.43 -0.09 59.31 40.53 CITIGROUP ...... 75.72 0.26 76.12 49.26 DANONE ...... 74.64 -0.22 82.00 60.28 COCA-COLA CO ...... 53.95 0.05 55.77 44.69 DEUTSCHE POST AG ...... 33.72 -0.13 34.44 23.72 COMCAST ...... 44.42 0.87 46.97 33.07 DEUTSCHE TELEKOM ...... 15.25 0.20 16.25 14.10 DOW ...... 54.28 -1.09 66.65 40.71 ENEL ...... 6.90 0.00 6.98 4.74 EBAY INC ...... 35.85 0.10 41.57 26.14 ENGIE...... 14.38 0.12 15.12 11.99 EXXON MOBIL ...... 68.70 -0.04 83.38 65.51 ENI ...... 13.89 -0.04 15.94 13.04 FACEBOOK ...... 202.00 3.03 204.87 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 222.95 0.50 223.29 156.35 FRESENIUS MEDICAL CARE ...... 66.38 -0.50 76.32 56.64 HOME DEPOT INC ...... 223.00 2.24 238.85 158.14 HONEYWELL INTERNATIONAL ...... 179.42 0.90 182.01 124.83 IBERDROLA ...... 8.93 0.03 9.54 6.02 IBM ...... 133.77 -1.32 151.36 107.57 INDITEX ...... 27.90 -0.02 32.37 2.55 INTEL ...... 58.51 -0.39 58.90 43.46 ING GROEP NV...... 10.50 0.12 12.05 8.34 JOHNSON & JOHNSON ...... 137.75 0.58 147.84 122.84 INTESA SANPAOLO...... 2.33 -0.01 2.38 1.83 JPMORGAN CHASE & CO ...... 132.06 0.39 131.67 92.14 KERING ...... 547.90 1.70 549.50 380.70 MASTERCARD INC ...... 291.70 2.32 292.08 174.65 KON KPN NV ...... 2.84 0.03 2.96 2.47 MCDONALD’S ...... 196.30 2.29 221.15 170.28 L’OREAL ...... 257.90 0.60 265.00 195.25 MEDTRONIC ...... 112.47 1.14 112.06 82.45 LVMH MOET HENNESSY ...... 408.65 1.30 407.35 243.25 MERCK & CO ...... 87.61 0.27 87.34 71.15 MUENCHENER RUECKVE ...... 258.60 2.20 257.80 185.10 COMMODITIES TOURIST RATES MICROSOFT ...... 152.32 0.29 152.03 94.13 NETFLIX ...... 315.93 3.44 385.03 233.88 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1454.65 +0.15 Copper Cash Official...... 5855.50 -16.75 Canada ...... 1.6213 New Zealand ...... 1.8586 NIKE INC ...... 94.14 0.81 96.22 67.53 ORANGE ...... 15.01 0.00 15.16 13.15 Silver (Pence) ...... 1693.50 +6.50 Aluminium Cash Official ...... 1750.00 -2.50 Croatia ...... 7.8308 Norway...... 11.24 ORACLE ...... 56.61 0.10 60.15 42.69 ROYAL PHILIPS ...... 42.12 0.26 44.34 29.10 Silver (Cents) ...... 1315.00 +4.00 Nickel Cash Official ...... 14367.50 -197.50 Czech Republic ...... 27.31 Poland ...... 4.4144 PAYPAL HOLDINGS ...... 107.75 1.55 121.30 96.64 SAFRAN ...... 148.70 -0.30 149.90 100.70 Krugerrand ...... 1470.98 +0.60 Aluminium Alloy Cash Official ...... 1315.00 -30.00 Denmark ...... 8.2825 Singapore ...... 1.6342 PEPSICO ...... 135.91 0.21 140.28 118.61 SANOFI ...... 84.38 -0.12 85.25 72.24 Brent Crude ...... 64.27 +0.62 Natural Gas ...... 41.56 -0.95 Hong Kong ...... 9.5295 Sweden ...... 11.76 PFIZER INC ...... 38.63 0.34 46.23 34.24 SAP SE ...... 123.04 0.64 124.38 85.79 Platinum ...... 900.00 +7.00 Tin Cash Official ...... 16327.50 -10.00 Iceland ...... 139.80 Switzerland ...... 1.2199 PROCTER & GAMBLE ...... 121.76 -0.50 124.94 87.36 SCHNEIDER ELECTRIC ...... 88.44 0.20 88.24 57.58 British Sovereign ...... 343.81 +0.14 Zinc Cash Official ...... 2300.50 -34.00 India ...... 80.71 Turkey ...... 7.035 TRAVELERS COMPANIES ...... 136.84 0.16 154.83 112.63 SIEMENS AG ...... 117.52 -0.18 117.70 85.00 Lead Cash Official ...... 1907.75 -87.00 White Sugar ...... 342.60 +0.20 Israel ...... 4.0101 United States ...... 1.2248 TWITTER ...... 31.17 0.21 45.42 28.89 SOCIETE GENERALE...... 28.55 0.07 32.85 21.13 UNITED HEALTH GROUP ...... 280.67 -0.73 286.33 215.26 UNITED TECHNOLOGIES ...... 148.82 0.70 149.36 102.06 TELEFONICA SA ...... 6.78 0.10 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 60.10 0.21 61.05 53.05 TOTAL ...... 48.03 -0.09 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 184.37 1.82 185.74 168.86 UNILEVER NV ...... 53.39 0.17 57.56 46.03 FTSE 100...... 7429.78 +26.64 +0.36 S&P 500...... 3153.63 +13.11 +0.42 CAC 40 ...... 5926.84 -2.78 -0.05 Hang Seng ...... 26954.00 +40.08 +0.15 WALGREENS BOOTS ALLIANCE...... 60.11 0.48 76.05 49.29 VINCI ...... 99.74 -0.41 102.40 70.50 FTSE 250 ...... 20954.32 +89.40 +0.43 Dow Jones I.A ...... 28164.00 +42.32 +0.15 Swiss Market Index ...... 10529.26 +22.33 +0.21 Nikkei ...... 23437.77 +64.45 +0.28 WALMART ...... 118.76 -0.43 120.98 85.82 VIVENDI ...... 24.97 0.07 26.42 20.93 FTSE All-Share ...... 4108.09 +15.32 +0.37 Nasdaq Composite ...... 8705.18 +57.24 +0.66 ISEQ Overall Index ...... 7041.17 +27.43 +0.39 STI Index ...... 3215.53 +7.68 +0.24 WALT DISNEY CO ...... 151.48 -0.16 151.64 100.35 VOLKSWAGEN AG ...... 177.88 2.00 183.46 136.26 FTSE AIM All-Share ...... 920.09 +4.46 +0.49 Xetra DAX...... 13287.07 +50.65 +0.38 FTSEurofirst 300 ...... 1602.97 +5.11 +0.32 ASX All Ordinaries...... 6950.60 +60.80 +0.88 & CO ...... 54.34 0.53 54.28 43.38 CITYAM.COM THURSDAY 28 NOVEMBER 2019 FEATURE 23 DATA & BUSINESS

Richard Anton warns about the investment fads in BLOWING the technology sector — and how to avoid them DIGITAL HERE has never been an eas- ier time to start a technology company, especially a soft- ware firm. But as more start- ups are springing up than Tever before, the industry is falling foul of bubbles and fads — and investors BUBBLES are taking riskier bets. As an investor who has seen a lot, I believe that these potential banana skins can be sidestepped, and true value can be found. The state of play as it stands is this: it is far cheaper to develop software now than in the past, due to the rise of cloud- based technology and readily available third-party software components. Companies sell what they build on a subscription basis — a business model called software-as-a-service, or “SaaS” — which itself marks a secular change in the industry. And there is now more longevity to each use of software, and a closer relationship with each customer because of that. As a result, there’s a need to get more funding, because of the absence of a large upfront licence fee. Enterprise software businesses look different to their predecessors, and the reality is that software is still eating the world. Industries that have started to be transformed by SaaS include workplace communication (Slack and Zoom), process automation (UIPath), and insurance (Lemonade). But the nature of these businesses encourages heat. The sheer size and scope of the software market today means that there is more noise and ferocious competition. Invariably, then, there are sectors that are now too hot — where more money than is needed is pouring in and where there are too many suppliers relative to the number of customers. It has become top-heavy, and something’s got to give. Cyber security is also at risk. It is a vital sector and growing really well, with new problems to be solved materialising every day. But there are now a huge number of companies that are not sufficiently differentiated in terms of product or technology. The same is true of fintech. This is a crucial industry for the UK (arguably, it is several industries ) but valuations are being pushed up to dizzying levels, particularly in the consumer-facing part of the market. These are just two sectors in which we believe that we are seeing bubbles. And of course, bubbles invariably burst, cryptocurrency and blockchain, which systems that underpin a larger for companies. which means that there will be many has other promising applications), those or opportunity. We often assume that software has losers and a few winners — unfortunate problems include speculation, theft, If you’re looking for examples of already been implemented in places for some investors, but not all, and a and fraud. companies that fit this brief, take where it makes complete sense for it to necessary function of markets. Avoiding bubbles or fads is not going Ometria, which enables retailers to be, such as automating job application What differ from bubbles, however, to be the strategy of every investor — match shopping experiences to processes, improving project are fads. A recent example is they can, by definition, provide upside. customer needs. management, or in online NHS GP cryptocurrency, while past instances But we believe that there are a Another example is Eloomi, which portals. But in many places, this simply include new operating systems, mobile plethora of worthwhile software enables large businesses to deliver is not yet the case. search, or dedicated mobile virtual companies that are building valuable Potential banana tailored learning and performance tools Actually, we are only at the start of network operators. plumbing across a wide range of to their teams. Paddle is third — it software’s global meal — there are The difference between a fad and a markets: categories like web skins can be provides a commerce platform for all plenty of corners of the economy bubble is that, when approaching the infrastructure, go-to-market SaaS companies. waiting to be rebuilt. former, people can be completely blind applications, developer tools, HR, retail sidestepped, and In the same vein, Funnel (full to the associated problems and how and travel tech. true value can disclosure, my company Oxx has £ Richard Anton is a founding partner insurmountable they really are. These are the companies where real invested in this business) uses the cloud of software-focused venture capital fund With crypto (and I distinguish between value lies: those that are building the be found to aggregate and standardise marketing Oxx VC. 24 LIFE&STYLE THURSDAY 28 NOVEMBER 2019 CITYAM.COM TECHNOLOGY EDITED BY STEVE HOGARTY

DEATH STRANDING CONTROL TELLING LIES UNTITLED GOOSE GAME Japanese auteur Hideo Kojima released his first The team behind Alan Wake return with a story Sam Barlow’s previous work, Her Story, was a twisty You’re an unruly goose causing mischief around an full title outside the Metal Gear Solid universe in centred around a sentient building through detective story told through fragments of witness idyllic English parish, honking at small children and 16 years, and it was a postal-worker simulator. A which interdimensional forces are seeping. It interviews. Telling Lies is a non-linear thriller in the stealing cutlery. A keenly observed commentary on grand, overblown, trudging, rain-soaked, combines the lovable weirdness of the studio’s same genre, told through secretly recorded video post-industrial Britain’s relationship with waterfowl, occasionally profound postal worker simulator. previous games with hugely satisfying action. conversations and steeped in a tantalising mystery. Untitled Goose Game is a vital piece of work. PLATFORMS PS4 PLATFORMS PS4, XBO, PC PLATFORMS iOS, PC, MAC PLATFORMS SWITCH, PC THE TWELVE

SUNLESS SKIES DISCO ELYSIUM Successor to 2015’s Sunless Sea, this top-down BEST Disco Elysium is one of those rare titles that comes along only every few years, a raw role playing game sees you navigate a flying train masterpiece crafted on a shoestring budget that can legitimately be held up as a high water across a Lovecraftian cosmos colonised by mark in the over-crowded RPG genre. You play a sorry, alcoholic cop trying to solve a Queen Victoria. Mostly, though, you spend your murder – and remember who you are – in an unfamiliar, dystopian land. Voices inside your time reading the game’s many thousands of head squabble for attention, and you spend as much time talking to yourself as you do brilliantly written descriptive passages. exploring the gorgeous, hand-painted city blocks. Touching, funny, gripping and brilliantly PLATFORMS PC GAMES PLATFORMS PC written, this is a bona fide classic.

OUTER OF 2019 WILDS You’re an astronaut trapped inside a 22 minute time loop Here’s our pick of the greatest at the end of the universe, exploring games of the year, from indie a doomed solar system in search darlings to blockbuster hits of explanations and meaning. Groundhog Day meets No Man’s Sky, with space RESIDENT EVIL 2 REMAKE banjos, Outer Wilds If the original Resident Evil defined the survival is a poignant and horror genre, its 1998 sequel refined it. The remake of emotive mystery set the best in the series feels fresh, while remaining true inside a crumbling to the game that scarred countless young players clockwork puzzle. whose parents ignored the BBFC certification. PLATFORMS PS4, PLATFORMS PS4, XBO, MAC XBO, PC, MAC

HYPNOSPACE OUTLAW DEVOTION ASTRAL CHAIN OBSERVATION A parody of early 1990s internet, Hypnospace Outlaw Controversially pulled from sale after players discovered a hidden meme PlatinumGames (makers of Bayonetta), An irresistible elevator pitch – Alien: is a detective game that has you trawling through referring to Xi Jinping, it’s a shame most gamers will never get to brings its action-adventure nous and Isolation meets 2001: A Space Odyssey – is GeoCities style web pages enforcing online law, experience one of the most original and unsettling horror titles in recent anime-inspired visuals to the Nintendo used as a jumping-off point for a tense, banning trolls and issuing takedown notices to memory. Set in a Taiwanese house in the 1980s, it tells the tragic story of a Switch. The most joyously over the top slow-paced space thriller, in which you copyright infringing material. Brutally clever satire. family quietly unravelling. Tense, atmospheric and brilliant. gaming experience of the year. play a rogue AI aboard a missing satellite. PLATFORMS PC, MAC PLATFORMS PC (now unavailable) PLATFORMS SWITCH PLATFORMS PC, PS4 CITYAM.COM THURSDAY 28 NOVEMBER 2019 FEATURE 25 OFFICE POLITICS I would kill to be CEO of... Royal Mail

LEAVE THE LECTURE BEHIND The business should have a brilliant future, Don’t lecture your team about the strategy. Treat them like adults, give if it can get its transformation strategy right them the chance to discuss the strate- gic direction of the business. OYAL Mail has been struggling Atif Also give them the space to chal- for a while. Shares are far Sheikh lenge it, debate it, maybe even refine below their 2013 floatation it — only then will they really be able price, the company has fallen PASS THE... to make sense of and commit to what out of the FTSE 100, and it con- they need to go and do. Rtinues to face challenges as the decline Parcel in letter-sending accelerates. Free UNLEASH THE TEAM With that said, the business has Once your staff are committed, give managed to post a significant uplift It’s almost that them the opportunity to come up in both half-year revenues and prof- exciting time of with ideas for the changes that are its. And ultimately, it should have a drive change faster than the world out- year again. No, needed. Don’t be fooled into thinking brilliant future in a world where peo- side. What you need is deep, massive, not Christmas. you have the answers at the top or ple are buying and sending parcels at sustained emotional commitment. Black Friday, the even in the middle of your business. record levels. Most businesses chronically under- annual scramble Make sure that they have clear Yet it’s share price was slashed by 14 invest in getting every employee to for online deals, guardrails around where to focus their per cent last week. Why? Because understand why changes are needed. the heart of ideas — and give them clarity around chief executive Rico Back admitted Instead they rush straight to whack- consumerism. how they can get the support and re- that the business was significantly be- ing them over the head with their You may find it sources they need to execute them. hind on its transformation plans. He new strategy and the plan that must Chief executive How do you do that? Here’s what I handy to track Royal Mail has a rich heritage and also said that industrial action was be delivered. Rico Back would do. your parcels with potentially a very rich future. But the likely in the run-up to Christmas, in- I don’t know about you but I don’t admitted that this app, which journey ahead will be far from easy. creasing the risk that the UK opera- automatically trust big institutions or the business WHY AND WHAT can provide info If Mr Back can lift up and out of the tion tips into a loss next year. business leaders anymore. And if you was behind Start with why change must happen. for 300 delivery acute market pressures he’s facing — Mr Back joins the legion of chief exec- want me to go to the effort and pain its plans Don’t just give people a plan to go services, and take the time to get his people con- utive whose problem isn’t what to do of doing things differently, please and execute. including Royal nected to the direction that the team in the face of market disruption — but treat me like an adult, help me under- Unless they have connected with the Mail, DPD, needs to go in, maybe (just maybe) he’ll how on earth to change faster than the stand why the changes are needed, “why” first, they won’t give what is Parcelforce, generate the emotional commitment world outside. and give me space to debate and dis- needed to deliver the “what”. Hermes UK, UK needed to get his business moving And what is the critical lever they’re cuss the plan of attack. And that’s not a PowerPoint or a Mail, Yodel... and faster than the world outside it. struggling to pull? Getting all of their Rico doesn’t need engagement. He speech. Let them argue out the scale the list goes on. I, for one, am rooting for him. people on board with the change. needs people willing to run through of change to build a deep understand- Companies often talk about engage- walls to make the changes needed ac- ing of the full richness of threats and £ Atif Sheikh is chief executive of ment. But engagement isn’t enough to tually happen. opportunities we face. Businessfourzero. 26 SPORT THURSDAY 28 NOVEMBER 2019 CITYAM.COM SPORT CHAOS REIGNS Chelsea leave last 16 hopes on final game after end-to- end Valencia draw writes Felix Keith

HEIR unique style may be ageing Blues supporters with every game, but Chelsea are quickly establishing them- selves as the most watchable sideT in Europe. Four months into Frank Lampard’s reign as manager we have been given a crash course in wide-open, front-foot, relentlessly at- tack-minded football and yet, even knowing what we knew from previ- ous matches, this was another level. With both Chelsea and Valencia striving for victory in a finely-bal- anced Group H there was carnage at the Mestalla. There was no backing down and no settling for a draw. Fittingly, in such a evenly-matched group, the end result – a draw which had both teams exhausted and neu- trals purring – left both on eight points from five games and the group still to play for in the final round. If Chelsea beat bottom side Lille on 10 December at Stamford Bridge they will reach the last 16. As such, a draw away from home in what could have been an intimidating atmosphere is not a bad result. And yet the nature of the contest meant both Lampard and his opposing manager Albert Celades were left ruing what might have been. “We nearly won it, nearly lost it,” Lampard summed up. “It was end to end, not that we wanted it to be.” CHAMPIONS LEAGUE down after the break it appeared the have created more danger, more hosts level, Daniel Wass’s attempted Blues had a lead to cling onto for dear chances,” he stated. There was no con- cross flying past Arrizabalaga into the EDGE OF THE SEAT VALENCIA CHELSEA life. That thought went through many demning their lack of discipline and top corner. Jasper Cillessen kept out a Chelsea don’t seem to know how to people’s heads, but not the Chelsea rigidity – more so their inability to deflected Michy Batshuayi shot and, put on a shut-up-shop performance, players, who were intent on going for score more goals. with Chelsea’s midfield and full-backs and with Andreas Christensen drafted the jugular. It was an approach which Valencia saw Chelsea’s openness and up the pitch, Rodrigo missed another into central defence and Reece James did fashion some chances, but also agreed to push all their chips across inviting Gaya cross in the 96th handed a start at right-back they had had the effect of turning the match the table. Rodrigo scooped over the minute to cap an enthralling finish. unfamiliarity amid their ranks. 22Soler 40’, Kovacic 41’, into a series of counter-attacks, with bar after a mix-up between Arrizabal- “We can’t turn away from the fact To say they were fortunate to go in Wass 82’ Pulisic 50’ breathless players splitting into two aga and Christensen; Dani Parejo saw they had a lot of chances,” said Lam- level 1-1 at half-time is a whopping un- groups of attack and defence. his firmly-struck penalty saved by the pard. “Credit to the players for their derstatement. Valencia created ample Blues keeper after a dubious spot-kick work-rate and hanging on in there, opportunities but Maxi Gomez con- ATTACK V DEFENCE was given against Jorginho (pictured); but sometimes you have to be more spired to miss two huge openings. vacic found the bottom corner imme- Chelsea’s modus operandi was laid Rodrigo failed to get on the end of secure than that.” Indeed, Lampard Carlos Soler did eventually give the diately after for his first Chelsea goal out post-match by captain Cesar Jose Gaya’s cross; and Azpilicueta must encourage his side to take a hosts the lead with a fortuitous in his 71st appearance to level up. Azpilicueta, who was seen overlap- blocked another Parejo shot. deep breath, slow the game down and volleyed finish which Kepa Arrizabal- And when Christian Pulisic poached ping in the closing stages. In keeping with such a manic game, establish control. But neutrals may be aga should have saved, but Mateo Ko- another from Kurt Zouma’s knock- “When we were 2-1 up we should it was a fluke which brought the hoping he decides against it. Root’s form is worrying but he is only man for the job NGLAND begin the second had honest discussions with the most work, as they are not giving the other batsmen because at the moment Test against New Zealand in CRICKET coaching staff and I hope he has the bowlers enough rest. a consistent tempo is lacking. Hamilton later today and COMMENT fire to keep going. Silverwood really has to find the The openers did their job in the first there is one man in right balance between the old-school innings, wearing down the new ball, particular who could do with FINDING A BALANCE types like Rory Burns and Dom Sibley but England didn’t manage to cash in. aE positive performance. Chris This series was always going to be and the more naturally aggressive Too often they’re making scores of Joe Root is enduring a difficult time Tremlett tough and I don’t think we should be around 300 when they need to be at the moment, with his position as too disheartened by the defeat at Bay aiming higher at 450 or more, captain coming under fresh scrutiny Oval. especially away from home. after he managed just 13 runs in the It certainly didn’t go to plan, with This series isn’t a part of the World defeat by an innings and 65 runs in has a lot of responsibility on his the bowling and the second innings Test Championship but I don’t think the first Test. shoulders, and he hasn’t been in largely poor, but this is a new batch of the away side should rotate their Head coach Chris Silverwood and charge of the best team over the past players who are taking on the world I have sympathy squad and give caps out in Hamilton director of cricket Ashley Giles have few years. Batting at No3 or No4, and No2 Test side in their own conditions. to the likes of Matt Parkinson and both thrown their support behind with top order collapses happening For me Neil Wagner is the archetypal for him because Saqib Mahmood unless it is due to Root, but the statistics don’t make for frequently, he has been forced to the New Zealand player: underrated and injury. great reading. His Test batting average crease earlier than he would have knows how to get results. His bowling, he has a lot of The current side has got the quality has dropped from 52.80 before hoped after taxing hours in the field. and the huge partnership between BJ responsibility on to win. With a plan in place for succeeding Alastair Cook in February Root has never struck me as a Watling and Mitchell Santner, took the improvement, continuity is needed so 2017 to 39.70 since. natural leader, but he has improved game away from England, who had no his shoulders and the players can grow in confidence That certainly suggests the captaincy and he is still learning on the job. answers. and build momentum for the rest of has affected his batting, but only Root Ultimately the issue comes down to England’s issues with the hasn’t been in the winter. will know for certain if that is the case what is best for the team and I don’t Kookaburra ball on placid pitches are or if it is a coincidence. think there is a viable alternative to nothing new, but really it is the charge of the best Chris Tremlett is a former England and I have sympathy for him because he take over the captaincy. Root will have batting department which needs the team Surrey fast bowler. @ChrisTremlett33 CITYAM.COM THURSDAY 28 NOVEMBER 2019 SPORT 27

FOREST THRASH 10-MAN SETBACK Liverpool held by Napoli in frustrating draw at Anfield QPR IN THE CHAMPIONSHIP SPORT DIGEST £ Queens Park Rangers were month. Heavyweight Whyte, who has Liverpool failed to qualify for hammered 4-0 at Loftus Road by not competed since it emerged he had the knockout stages of the Nottingham Forest in the failed an anti-doping test in the build- Champions League last Championship last night. Lee up to his win over Oscar Rivas in July, night as Napoli held the Wallace’s red card proved costly as will face Poland’s Wach, 39, on 7 defending champions to a out-of-form QPR conceded three late December. “I’m just going to keep 1-1 draw at Anfield. Victory goals and Forest moved up to fourth. chasing the world titles,” Whyte said. would have sent Jurgen Elsewhere, Brentford were beaten 1-0 Klopp’s side through to the away at Blackburn and West Brom UNITED’S SOLSKJAER PUTS last 16 as Group E winners, went top of the Championship with an HIS FAITH IN YOUNGSTERS but the Italian team proved impressive 4-1 win over Bristol City. £ Youngsters Di’Shon Bernard, Ethan a tough nut to crack. Dries Laird and Dylan Levitt will all make Mertens stayed onside and ABRAHAM INJURY NOT TOO their Manchester United debuts fired an accurate finish past BAD, SAYS LAMPARD against Astana in the Europa League Alisson (pictured) to put £ Frank Lampard downplayed the this evening. Manager Ole Gunnar Napoli ahead in the 21st extent of an injury to Tammy Abraham Solskjaer named 14 players under the minute and Carlo Ancelotti’s after the striker was forced off in age of 20 in his squad to travel to team defended stoutly from Chelsea’s 2-2 draw with Valencia last Kazakhstan, with qualification for the thereon in. Kalidou night. Abraham was replaced by Michy knockout stages already secure. Koulibaly cleared Roberto Batshuayi at half-time after landing Firmino’s effort off the line awkwardly in the closing stages of the LAM: PREMIERSHIP SALARY before Dejan Lovren headed first half. The 22-year-old received CAP IS EASY FOR BRISTOL home from a corner to treatment on the pitch before being £ Bristol Bears boss Pat Lam says the equalise midway through carried off on a stretcher. “[It’s] a bang Premiership salary cap is “really easy” the second half. But the off- on the hip,” Lampard said. “It might to stick to. Bristol have caused a stir by colour hosts could not find a not be as severe as we first thought.” signing Fiji’s Semi Radrada yesterday winner, meaning they will after Saracens were deducted 35 need a result in their final WHYTE TO FIGHT WACH ON points and fined £5.36m for breaching game away to Red Bull JOSHUA’S UNDERCARD the salary cap. But director of rugby Salzburg, who beat Genk £ Dillian Whyte will fight Mariusz Lam, whose side also have the 4-1, to progress. Wach on the undercard of Anthony league’s highest paid player Charles Joshua’s world title rematch with Piutau, said: “I haven’t spent any more Andy Ruiz Jr in Saudi Arabia next money than my predecessors.” Upstart Leclerc casting Vettel in unflattering light

mistake in Canada and demoted to sec- Ferrari newcomer has given his bosses ond. Michael Searles The 32-year-old also crashed into the a dilemma, writes back of Verstappen at Silverstone and made less costly errors at Bahrain and FTER the curtain falls on an- head-to-heads – and it looks set to stay Spain – not to mention the fiasco in other Formula One season that way. Brazil earlier this month. under the floodlights of this The Monegasque is fourth in the dri- The latest incident left Ferrari chair- weekend’s Abu Dhabi Grand ver’s standings on 249 points and 19 man John Elkann “very angry”, prompt- Prix, there will be a number of ahead of Vettel. He also has two race ing him to warn the pair not to “forget questionsA for Ferrari to answer over the wins and seven pole positions to the Ger- they are Ferrari drivers”. winter break. man’s one and two respectively. “The only thing that counts is that Fer- The Italians have already secured sec- Vettel would have to win on Sunday rari wins,” Elkann said last week. “It has ond place in the constructors’ champi- with Leclerc coming lower than 7th in onship but have once again fallen short order to finish above him. But the 22- of their ultimate goal, meaning the wait year-old is himself just 11 points off for a world title will enter a 13th year. third-placed Max Verstappen and would Second place being safe rendered the surely love to beat the Dutchman, a rival drivers “free to fight” in Brazil two dating back to their karting days, to be weeks ago, according to team principal the best of the rest. Leclerc has Mattia Binotto. In truth, Ferrari should be frustrated However, the result was a collision be- with their points tally. While it would outperformed tween Sebastian Vettel and Charles have taken something special to bridge Vettel in points, Leclerc that forced both to retire. It epit- the 222 points they are currently behind omised the in-house issues Ferrari have Mercedes, a series of errors, from both wins and experienced this year. the team and drivers, have cost them All season a battle for supremacy has dearly. qualifying raged between the two, with new sign- There were a few scenarios earlier this ing Leclerc showing early on that he season – in Bahrain, China and Spain – would challenge four-time world cham- where Leclerc was asked to cede position been an extraordinary season for poles, pion Vettel’s status as team leader. to Vettel or stay behind him. But with but they have not been converted into It’s a tussle that has seen both drivers the benefit of hindsight, those points victories.” ignore team orders in a bid to stay ahead would have been better allocated to the Ferrari have taken nine of 20 pole po- of one another and culminated in the Ferrari debutant. sitions – as many as Mercedes – but have coming together in Sao Paulo. The Italian team also made a crucial only converted them into three victories, Despite clear-the-air talks last week, mistake in Azerbaijan by using the 10 fewer than the German outfit. the Ferrari hierarchy face a dilemma wrong tyres in qualifying, which re- This weekend’s race presents an oppor- that is unlikely to go away. sulted in Leclerc crashing. tunity to improve that record but Ferrari Leclerc has outperformed Vettel this There were also a handful of driving will still have plenty to work on over the season in terms of championship points, errors from both. Leclerc crashed in Ger- winter – not least the relationship be- wins, pole positions and qualifying many, while Vettel was penalised for a tween Vettel and Leclerc. HEAD-TO-HEAD RECORD EVER DREAMED OF So far this season Leclerc has outperformed Ferrari team-mate Vettel at every turn. OWNING A RACEHORSE? LECLERC VETTEL Age 22 32 Calling all National Hunt horse racing fans! Are you Interested in Nationality Monegasque German having a Racehorse in Training? Grand National winner? Position 4th 5th Cheltenham festival winner? A winner at your local track ? Points 249 230 David Pipe can source a horse to suit all owners and budgets. Wins 2 1 Contact us now Pole positions 7 2 Tel: 01884 840715 Podiums 9 9 Email: [email protected] Fastest laps 4 2 DNFs 2 2 Comply or Die - Grand National Winner 2008 FREE LIVE INVESTING EVENT | 2ND DECEMBER – 4PM | FINECO HUB IMPROVE YOUR INVESTING SKILLS

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