City Hits Undo Button After Dixons Gets Sales Figures the Wrong Way Round JOE CURTIS Cent Rise in Reported Sales
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BUSINESS WITH PERSONALITY SHOWING HEART GREAT SCOT! WHERE TO 10-MAN GUNNERS GO FOR A BONNIE BURNS GRAB LATE DRAW SUPPER IN LONDON P22 AT CHELSEA P26 WEDNESDAY 22 JANUARY 2020 ISSUE 3,359 CITYAM.COM FREE SNOW JOKE Browder hits out at Russia after ‘spies’ caught ahead JOBS FIGURES of summit... posing as plumbers ADD TO RATE HARRYCONUNDRUM ROBERTSON before Boris Johnson’s thumping work in the last year coming from election victory in the middle of women working full-time.” @harrygrobertson December, however, following which Traders reacted well to the data, THE UK’s booming labour market a number of surveys have shown a pushing the pound up 0.3 per cent grew at its fastest rate in nearly a year considerable rise in consumer and against the dollar to $1.305. in the three months to November, business confidence. Total earnings — including bonuses data showed yesterday, as the The BoE’s monetary policy commit- — rose at an annual rate of 3.2 economy sends out mixed signals tee (MPC) is likely to make up its per cent in the three months to No- ahead of a key Bank of England (BoE) mind based on survey data due at the vember, the same as in the previous interest rate decision at the end of end of this week, which will cover three months. the month. December figures. When bonuses were stripped out, The unemployment rate Thomas Pugh, UK economist however, pay growth was 3.4 per cent, stayed at 3.8 per cent — its at consultancy Capital Eco- slightly lower than the quarter ANGHARAD CARRICK suspected of attempting to install lowest since the 1970s — nomics, said the survey before. surveillance equipment in hotels set while the number of “will confirm, or refute, Yet Freeman said: “While pay @angharadcarrick to be used by high-profile delegates people in work rose growth has eased since last summer, FINANCIER and anti-Vladimir Putin at the World Economic Forum in by 208,000, the Office January’s rate decision with inflation remaining subdued, campaigner Bill Browder has labelled Davos this week. for National Statistics will be governor Mark earnings are continuing to increase the Russian leader “an absolute The Times reported last night that (ONS) said yesterday. Carney’s final act in real terms.” cancer on Russia”, and claimed that Scotland Yard has warned Browder of This was the best Suren Thiru, head of economics at the latest threats against him are risks to his safety during the growth since the three any ‘Boris bounce’ in the the British Chambers of Commerce, proof that his global campaign for conference, and that the Swiss had months to January 2019 economy”. said: “The jobs market remains a sanctions “is hitting a nerve”. increased his personal protection. and well above analysts’ In the September to bright spot in the face of a challeng- Browder was speaking in reaction Speaking earlier this month, UK expectations. November period, the employ- ing economic backdrop.” to media reports that Swiss foreign secretary Dominic Raab It came despite the UK economy ment rate hit a record of 76.3 per The data came as a report from authorities questioned two Russians indicated that the UK would enact a growing at its slowest pace in nearly cent, up 0.5 percentage points on the Whiteshield, Oxford University Said claiming to be working as plumbers targeted sanctions regime after seven years in November, which had previous quarter, the ONS said. Business School, Manpower Group, in the Davos resort in August. Brexit. It will focus on those felt to be fuelled speculation that the BoE will ONS statistician David Freeman and the UK Institute for the Future Zurich’s Tages-Anzeiger newspaper implicated in human rights cut interest rates when policymakers said: “The employment rate is at a of Work said the UK remained the reported that the pair, who had violations, similar to the Magnitsky meet on 30 January. new record high, with over two- ninth most resilient labour market in diplomatic passports, were allowed Act which Browder successfully November’s data covers the month thirds of the growth in people in the world. to return to Russia after being campaigned for in the US. City hits undo button after Dixons gets sales figures the wrong way round JOE CURTIS cent rise in reported sales. the inaccuracy. Mobile revenue fell electricals market decline of three for this year,” as he stuck by the However, six hours later the firm nine per cent in the 10 weeks to 4 per cent. firm’s full-year guidance. @joe_r_curtis confirmed it had in fact suffered a January, as it had previously International like-for-like Shares stayed in the green DIXONS Carphone was left red- two per cent fall. It blamed a guided. Electricals revenue rose revenue rose three per cent, with despite the u-turn, and analysts faced yesterday after admitting its “clerical error”. two per cent on a like-for-like basis the Nordics and Greece growing remained positive about the morning trading update had cited The update hurt the company’s as people bought oversized TVs three per cent and six per cent retailer’s trading update. negative sales growth as a positive. four per cent share price gain from from the retailer, which also sold respectively. Richard Lim, chief executive of The retailer updated the stock earlier, leaving its stock up just 2.3 8,000 smart speakers per day over Chief executive Alex Baldock said Retail Economics, said that Dixons market on its Christmas figures per cent at 145.7p. the Christmas period. the firm had had a “good peak in a Carphone’s electricals business had yesterday morning, telling Dixons Carphone stuck to the Dixons Carphone said it had weak UK market and we’re on helped it produce some “solid” investors it had enjoyed a two per rest of its numbers after revealing outperformed the average track to deliver what we promised numbers for investors. FTSE 100▼ 7,610.70 -40.74 FTSE 250▼ 21,745.41 -101.63 DOW▼ 29,196.04 -152.06 NASDAQ▼ 9,370.81 -18.14 £/$▲1.305 +0.005 £/€▲ 1.176 +0.003 €/$▲ 1.110 +0.001 02 NEWS WEDNESDAY 22 JANUARY 2020 CITYAM.COM ANY PORT IN A STORM Storm Gloria batters the east of Spain THE CITY VIEW Can the UK deal with both Brussels and DC? O TAKE Donald Trump literally, but not seriously, is a mistake that many have made since he transitioned from Twaning reality TV star to political insurgent and leader of the free world. It is true that many of his chosen and oft- quoted facts are at best disputable, and his tweeted assaults on the English language are enough to make any linguist wince. But for all the smug fact-checkers pointing out his (literal) inaccuracies and inconsistencies, the serious message gets through — a business-friendly strongman who is willing to go further, and faster, than anybody else to get what he wants, no matter the international opprobrium. It certainly seems to have been understood by the French, who are retreating at some speed BOATS in the Port Olympic marina in Barcelona were shielded by breakwaters yesterday as Storm Gloria bought freezing from their plans for a unilateral digital services tax after being hit winds and heavy rainfall to much of eastern Spain. Three people have been killed and schools and travel severely disrupted. by a particularly punchy presidential barrage. The EU, however, is very much a literal being; it lives and dies by rules and regulations, treaties with single clauses the subject of interminable negotiations between member states. The air The UK must UK lines up trade team as wars are mere sound and fury; what matters in Brussels is the navigate a narrow ink on the page. If the British trading tightrope government is to successfully navigate the next year of trade negotiations, with both Europe tech tax row flares again and the US, it will need to play both games at once. Over the weekend, Sajid Javid took the Trumpian route, though he won’t CATHERINE NEILAN The UK’s negotiating mandate for US liberalisation for financial and other appreciate the comparison. In essentially repeating manifesto AND ANGHARAD CARRICK trade talks is being scrutinised by professional services. commitments to leave the single market and telling bosses to like cabinet ministers, and is expected to The hope is that a “bare bones” inter- @CatNeilan @angharadcarrick prioritise financial services, defence im deal can be struck by the summer, it or lump it, he sent both UK businesses and European politicians THE UK is poised to kick off trade talks and government procurement, City supplemented by mini deals, which is into apoplexy, forcing the government to row back yesterday and with the US ahead of the EU, with A.M. can reveal. understood to be an approach promise car makers there will be no cliff edges and that Britain Boris Johnson expected to fly to Washington set out its position more favoured by Trump. Washington in early February to than a year ago, with agricultural Parallel talks are expected to take still wants an agreement with the EU that protects supply chains. “leverage the good-will he has at the products high on the agenda. It place with the EU, with a So as the government’s policy remains to have a European cake front end of negotiations”, City A.M. prompted concerns that food- “constructive proposal” expected to and eat an American one, too, it is about to embark on extremely understands. standard issues could become a stick- land before a formal negotiating man- complex parallel negotiations with two wildly different entities: a Johnson’s team charged with secur- ing point, with one insider saying the date.