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. Talks with Brussels are ing a US trade deal is “pretty much US would not accept “disguised meth- scheduled to start in early March. White House that shoots from the hip and behaves in unorthodox set”, according to two sources close to ods of protectionism”. But an ongoing row over the Tory ways to get what it wants, and a European Union that wraps itself the situation. The government was They said: “The US is not going to be commitment to a ‘tech tax’ on mainly in legalese in order to protect its interests. The formation of a given a boost by US President Donald thrilled with the UK saying ‘let’s keep US-based firms reared its head again joined-up team, as we report today, is a welcome sign that the Trump yesterday expressing his hopes the EU’s SPS [sanitary and phytosani- yesterday, with the US Treasury secre- for a “tremendous” trade deal. tary] rules — that will have to change if tary telling a Davos audience the UK government plans to take both strands seriously and attempt to Chief negotiation adviser Crawford the government wants to do a deal would be hit with tariffs if they pro- keep both of its negotiating feet steady on what will be a narrow Falconer is expected to oversee talks with the US, although that doesn’t ceeded with the plan. tightrope. This will be a mighty test for a country that hasn’t on both sides of the Atlantic, ensuring necessarily mean lowering of Johnson’s spokesman said: “Britain “read through” with the EU trade standards.” wants a global solution on taxing digi- negotiated its own terms of trade for decades, but if approached team, which will be led by David Frost. The source added: “You don’t get off tal firms.” correctly there are significant gains to be had. Shanker Singham, a former adviser to first base with the States if you During the election campaign, a sen- the Department for International say we are going to keep European ior Tory source told City A.M. that a Trade, is also understood to be work- regulation.” tech tax would be a “red line” for the Follow us on Twitter @cityam ing closely with the government. The UK is believed to be seeking UK in negotiations.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL BUYOUT GROUP MELROSE WHAT THE TRUMP AND THUNBERG AVIVA CHAIRMAN QUITS IN TRUMP PLANS TO EXPAND MULLS SALE OF NORTEK ARM OTHER CLASH IN SWITZERLAND BOARDROOM BUST-UP TRAVEL RESTRICTIONS British buyout specialist Melrose US President Donald Trump exchanged Aviva chairman Sir Adrian Montague The Trump administration plans to add Industries is considering selling a chunk PAPERS SAY swipes with Greta Thunberg at the has quit the insurer and pensions to the number of countries covered of its Nortek division, according to two World Economic Forum at Davos provider a month after it emerged that under its travel restrictions, including people with knowledge of the matter. THIS yesterday as he criticised the “perennial a boardroom row had erupted over a Nigeria, Africa’s most populous country, The FTSE 100 company is looking to sell prophets of doom” and the activist radical break-up plan. Top directors along with others in Africa and Asia. The US domestic heating and air MORNING lamented “empty words” from world were left frustrated after radical plans visa restrictions will limit travellers from conditioning manufacturer Nortek’s leaders. Trump urged executives to for the FTSE 100 insurer to split itself in Belarus, Eritrea, Kyrgyzstan, Myanmar, Global HVAC and air quality and home dismiss “predictions of the apocalypse”. two were rejected by the board. Nigeria, Sudan and Tanzania. solutions businesses for more than Thunberg hit back by attacking $3bn (£2.3bn). “inaction” on climate change. HSBC CUSTOMERS LEFT OUT PUTIN APPOINTS NEW OF FRAUD PROTECTIONS CABINET AFTER WALKOUTS CHINESE GROUP BUYS UK BARNETT FUND HIT BY £1BN Thousands of customers of Britain's Russian President Vladimir Putin STEEL FIRM STEMCOR Chinese company into Britain’s steel OUTFLOW IN LAST QUARTER biggest bank may be left without vital appointed a new cabinet, but kept key Guangzhou-based Cedar Holdings has sector. The Chinese group paid about Invesco stockpicker Mark Barnett faces fraud protections when they are ministers following proposals last week bought UK-based Stemcor, one of the $150m (£115m) for privately-owned growing pressure after investors pulled introduced widely in March, as one arm for sweeping constitutional changes world’s largest independent steel Stemcor, according to one person more than £1bn from his funds during of the bank has been given an that could see him retaining political trading groups, in the latest foray by a familiar with the matter. the final quarter of last year. exemption from meeting the deadline. power after his term ends. CITYAM.COM WEDNESDAY 22 JANUARY 2020 NEWS 05 Corporation cites Watchdog warns financial advisers City force ahead on causing clients ‘significant harm’ ALEX DANIEL It picked out four ways in which key priority. clients could be harmed: It will put “increased focus” on @alexmdaniel £ Receiving unsuitable advice; this over the next two years. FINANCIAL advisers were ticked off by £ Falling victim to pension and “You need to ensure the advice you the Financial Conduct Authority investment scams; provide is suitable, costs and charges of Brexit deadline (FCA) yesterday for causing harm to £ Not receiving redress from the are disclosed clearly, and you act in consumers. ombudsman service or firms failing the best interests of your clients,” the In a letter to chief executives, the to compensate consumers; letter said. FCA noted a growing number of £ Paying excessive fees for products “Conflicts of interest must be HARRY ROBERTSON share of global turnover. cases where firms’ actions resulted and services. identified and where they cannot be It said London is the only place in “significant harm to consumers’ Subsequently, the regulator has prevented, disclosed and managed,” @harrygrobertson where every top 20 insurance and financial well-being”. said “preventing harm” should be a it added. THE CITY yesterday outlined its reinsurance firm is active and that importance to international finance London’s share of global turnover ahead of crunch EU talks with a from interest rate derivatives trading report that showed it continues to out- is 50.2 per cent, compared to the US at perform other financial sectors in 32.2 per cent. helping firms tackle risk. Lord mayor of the City of London It comes as a debate rages over how William Russell said: “Ten days away close the UK should stay to the EU from our formal exit from the EU, this after Brexit. important report reiterates the UK’s Chancellor Sajid Javid at the week- strengths in financial and end said it would diverge and not be a professional services.” “rule-taker”, prompting a backlash “It is essential we continue to reaf- from industry groups who said supply firm why firms should come here to Trade chains would be threatened. do business.” Yet Javid’s comments that financial The lord mayor is expected to use services trade with the EU should be the report to promote UK financial on the basis of “outcome-based” equiv- services on trips abroad this year to alence of rules won praise countries including India and China, your way from City figures, although many as the City seeks to keep itself at the banks are nervous about the top of the government’s agenda. changing relationship. City of London Corporation policy The report from the City of London chair Catherine McGuinness said the Corporation and PwC, released today, Square Mile must show that “it is showed that the UK financial sector perfectly positioned to help multina- You think differently; see the continues to dominate foreign tionals mitigate a diverse range of markets your own way. That’s exchange trade, with a 43.1 per cent financial risks”. why our trading platform and client service is designed STREAM TEAM Netflix sails past revenue around you. estimates as it brushes off rival pressure

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NETFLIX added more subscribers than analysts had expected at the end of last year, despite the debuts of several rival streaming services. The streaming giant added 8.76m paid subscribers globally in the period, thanks to hits such as the Witcher.

IN BRIEF RBS’ DIGITAL BANKING CHIEF UK DIGITAL BANK MONESE TO STEP DOWN IN 2020 NEARING UNICORN STATUS The chief executive of Bo, RBS’ digital UK fintech Monese is in talks to raise banking platform, is one of a number of £100m from investors in a deal that executives who will leave the company would give it a valuation of more than in the coming months as part of a £1bn. The fundraising would give the reshuffle under new boss Alison Rose. business so-called unicorn status. The Trade your way Mark Bailie, who was considered a Financial Times first reported the talks potential challenger to Rose before her which are expected to lead to a deal Spread betting & CFDs: appointment in the autumn, will step with investors in the first half of this FX | Indices | Cryptos | Commodities | Shares down just a few months after the launch year. The digital bank said last night that of Bo. Sky News reported that his 2m people had signed up to its service. departure would be announced at the It said customer growth tripled last year same time as the taxpayer-backed with more than 9,000 people joining Spread bets and CFDs are complex instruments and come with a high risk of losing lender reports its annual results on 14 Monese every day. The bank said this money rapidly due to leverage. 70.5% of retail investor accounts lose money when February. Rose, who is the first female meant it was on track for more than 5m spread betting and/or trading CFDs with this provider. You should consider whether chief of RBS, is expected to use sign-ups in 2020 at current rates. Chief you understand how spread bets and CFDs work and whether you can afford to take February’s results statement to lay out executive Norris Koppel said: “It took 42 the high risk of losing your money. her initial strategy for the future of the months to get to 1m customers and bank. Analysts expect further cost- only eight months to reach today’s cutting to feature heavily to tackle milestone.” The bank declined to bulging costs and geopolitical tensions. comment on its planned fundraising. 06 NEWS WEDNESDAY 22 JANUARY 2020 CITYAM.COM IN BRIEF LORDS SEND AMENDED SAINSBURY’S AXES MORE VODAFONE EXITS FACEBOOK- FLYING LOW Boeing shares plunge after it BREXIT BILL BACK TO MPS MANAGEMENT POSITIONS BACKED LIBRA CURRENCY Peers in the House of Lords yesterday Supermarket giant Sainsbury’s said Vodafone has left the entity that confirms more delays to return of 737 Max backed two further amendments to yesterday it would cut hundreds of manages the Facebook-led effort to Boris Johnson’s Brexit legislation, management roles. It said the move was launch Libra, a digital currency, the Libra bringing the total tally of amendments part of its plan to further integrate Association said yesterday. The group up to five after two days of debate. The Sainsbury’s with catalogue retailer Argos has seen an exodus of its backers changes included supporting the Dubs which it bought in 2016 in a £1.4bn deal. including Paypal and Mastercard amid amendment to protect the rights of Sainsbury’s said it had reduced its senior regulatory scrutiny. Last June Facebook refugee children. Put forward by Lord leadership team by 20 per cent since the announced a plan to launch the Dubs, who fled the Nazis as a child, the start of the 2019 financial year in March. currency, but the project quickly ran into bill calls for unaccompanied child It said bringing together more teams in trouble with sceptical regulators. refugees to be reunited with their commercial, retail, finance, digital, Vodafone did not respond to a Reuters families in the UK post-Brexit. The technology and HR would lead to a request for comment. “Although the amendments will be put before MPs in reduction of “hundreds of management makeup of the association members the House of Commons today, and are roles across the business”. Sainsbury’s may change over time, the design of expected to be voted down due to the chief executive Mike Coupe told staff: Libra’s governance and technology Tories’ 80-strong majority. This will likely “We have to adapt to continue to meet ensures the Libra payment system will initiate a so-called ping pong period, the needs of our customers now and in remain resilient,” said Dante Disparte, where the bill will pass between the two the future and, while change can be head of policy and communications for Houses until an agreement is forged. hard, it’s also necessary.” the Libra Association. BOEING said yesterday it did not expect to win approval for the return of the 737 Max until mid-2020. Boeing confirmed the delay after its shares were suspended following a CNBC report. Its shares fell 5.5 per cent to $306.23 before being suspended. Shares closed down 3.3 per cent at $313.37. 23RD DECEMBER 2019 – 2ND FEBRUARY 2020 UK immigration WINTER SALE 15% OFF* system set for a shakeup in 2021

CATHERINE NEILAN approach would aim to attract talent- @CatNeilan ed people from around the world and

*exclusions apply reduce unskilled migration, while THE GOVERNMENT’s new points- protecting public services like the based immigration system will come NHS, which employ large numbers of into force from January next year as overseas workers. part of Boris Johnson’s commitment The “key guiding principles” are tak- to voters, cabinet ministers were told ing back control — Vote Leave’s cam- yesterday. paign slogan during the 2016 The Prime Minister yesterday told referendum campaign — welcome his senior colleagues that he was “global talent”, and reduce low-skilled pressing ahead with plans for a shake- immigration. up of the system, which will reduce Yesterday’s meeting was the last the overall number of immigrants Downing Street-based cabinet this coming to the UK. month. The next meeting of senior As part of a cabinet discussion, ministers will take place on 31 Johnson said: “The public has been January — the day the UK leaves the clear that they want us to end EU — and will be held in a location in freedom of movement and take back the north of England. control of our borders and it is up to The spokesman said this was us to deliver on that,” the official because government was “deter- spokesman confirmed. mined” to better represent all parts of The update came ahead of the publi- the UK, and suggested out of London cation of the Migration Advisory cabinet meetings could become a reg- Committee’s report into the new ular thing after Brexit. regime, based on an Australian-style It comes as the Conservatives last points system. The report is due to be week suggested the party’s heaquar- published this month. ters could move to a new location in Johnson and home secretary Priti the north or midlands to better reflect Patel told their colleagues this new Tory-held seats.

ligne-roset.com Nandy receives boost as Phillips drops out of race for Labour lead POPPY WOOD The boost for Nandy came as @poppyeh Birmingham Yardley MP Jess Phillips announced she was pulling out of LISA Nandy received a major boost in the leadership race after failing to her bid for Labour leadership gain a single nomination from yesterday after securing the backing constituency parties, unions and of the GMB union, while her main affiliates. Her departure leaves just rival Jess Phillips dropped out of four candidates in the bid to the contest. succeed current Labour leader Jeremy The UK’s third-biggest union Corbyn. yesterday announced its support for Joining Nandy in the four-legged the Wigan MP, with general secretary race are current frontrunner Sir Keir Tim Roache saying Nandy was a Starmer, shadow business secretary “breath of fresh air in the debate over Rebecca Long-Bailey and shadow Labour’s future”. foreign secretary Emily Thornberry. CITYAM.COM WEDNESDAY 22 JANUARY 2020 NEWS 07 MORAL SUPPORT Venezuela’s leader of Bezos ‘hacked’ Bushfires knock the opposition meets UK foreign secretary VENEZUELA’s opposition via Whatsapp leader Juan Guaido met with UK foreign by Saudi ruler production but secretary Dominic Raab yesterday, in a JAMES BOOTH show of @Jamesdbooth1 support for Guaido’s BILLIONAIRE Amazon boss Jeff BHP still ‘solid’ campaign to Bezos reportedly had his phone oust President hacked in 2018 after receiving a Nicolas Maduro. Whatsapp message from the crown A government prince of Saudi Arabia Mohammed EDWARD THICKNESSE and natural gas output, with total pro- spokesperson bin Salman. @edthicknesse duction down nine per cent. said: “The UK An encrypted message from the This was largely due to the knock-on recognises him number used by the de facto Saudi THE ONGOING bushfires in Australia effect of July’s Storm Barry in the Gulf as the interim ruler included a malicious file that have hit BHP’s production of thermal of Mexico, which cut production to president.” infiltrated Bezos’ phone, the coal, the world’s largest miner 26m barrels. Guardian reported late last night. announced yesterday, but its 2020 Henry said: “We delivered solid oper- The pair had been having a guidance remains in line with ational performances across the port- conversation on Whatsapp on 1 forecasts. folio in the first half of the 2020 May 2018 when the unsolicited file Mike Henry described his first set of financial year, offsetting the expected was sent, the report said, citing results since taking over as chief exec- impacts of planned maintenance and BP finance boss to exit alongside anonymous sources. utive from Andrew Mackenzie as natural field decline.” The Saudis had previously denied “solid”, despite concerns about the sit- Shares in BHP fell over 1.5 per cent. accessing Washington Post-owner uation in the company’s home coun- chief exec Dudley later this year Bezos’ phone. Digital experts try, where fires have now burnt an BHP started examining the billionaire’s area the size of Germany. EDWARD THICKNESSE At one time Gilvary was thought phone last January after nude 1,880 P In New South Wales, production of 21 Jan @edthicknesse to be a likely successor to Dudley, photos of Bezos and racy messages coal fell 11 per cent, which the 1,860 1,816.20 who will be replaced by Bernard were leaked to a US newspaper. company said was due to smoke from OIL GIANT BP yesterday announced Looney in April. Murray Auchincloss, The alleged hack occurred five the bushfires reducing air quality at 1,840 that finance chief Brian Gilvary will currently chief financial officer of months before the murder of its operations. step down in June, as the firm looks the firm’s upstream division, will Washington Post journalist Jamal 1,820 BHP said: “If air quality continues to to change its senior leadership. replace Gilvary. Khashoggi who was killed in the deteriorate then operations could be 1,800 Gilvary, who has been in the role During his tenure Gilvary had to Saudi embassy in Istanbul. constrained further in the second half for eight years, will join chief handle challenges including Amazon and the Saudi embassy of the year.” executive Bob Dudley in leaving the resolving litigation from the Gulf of did not respond to requests for Extreme weather also impacted oil 15 Jan16 Jan 17 Jan 20 Jan 21 Jan company in the coming months. Mexico oil spill in 2010. comment ahead of going to print. IN BRIEF POLICE BREAK UP MAJOR UBS PROFIT FALLS AS SWISS HALLIBURTON TAKES $2.2BN MONEY LAUNDERING RING GIANT MISSES TARGETS CHARGED ON SHALE SLUMP DAM DISASTER Brazil charges ex-Vale Police said yesterday they had broken up Profit at Swiss banking giant UBS fell five US oilfield services firm Halliburton chief with homicide over catastrophe a major international money laundering per cent for the full year, it was yesterday disclosed a $2.2bn (£1.7bn) operation based in Northern Ireland. announced yesterday, as the Zurich- charge to earnings as weakening North About £215m was laundered during an headquartered bank missed its targets American shale activity continued to hit eight-year period from 2011. It is the for 2019. Net profit for the year was the industry. The charge for asset second biggest money laundering $4.3bn (£3.3bn), down from $4.5bn in impairments was centred on hydraulic operation ever uncovered in the UK, the 2018. Profit in the final quarter of 2019 fracturing and legacy drilling equipment BBC reported. Six men and a woman rose 129 per cent, but this was largely units, and employee severance costs, the have been arrested. Four of the men down to comparisons with the same company said. Halliburton dismissed have been released on bail. Police said period in 2018, when market earnings eight per cent of its North American staff they think fake companies were suffered. The bank has set itself 2020 at mid-year, and later cut staff across established to launder money for UK and targets of a 12 to 15 per cent return on several western US states. US producers Irish crime gangs engaged in human core capital, and a 75 to 78 per cent cost are pulling back on drilling and trafficking, prostitution and drugs. There to income ratio until 2022. Last year, the completing wells, pressured by investor is not believed to be a paramilitary link. firm missed these targets, with a return of demands to focus on debt reduction and Police Service of Northern Ireland 12.4 per cent and a cost to income ratio returns. Rival Schlumberger last detective chief inspector Ian Wilson said: of 80.5 per cent. UBS is under pressure Friday said it cut more than 1,400 “We believe today’s operation is one of from extremely low interest rates, which workers, and would idle 50 per cent of its BRAZILIAN state prosecutors yesterday charged Fabio Schvartsman, former chief the most significant live investigations have been in the red for five years, and hydraulic fracturing equipment due to executive of mining giant Vale, with homicide for a dam disaster in 2019 that killed into money laundering in the UK.” increased competition from US banks. weak demand. more than 250 people. A further 15 people were also charged with homicide. 08 NEWS WEDNESDAY 22 JANUARY 2020 CITYAM.COM

SKY’S THE LIMIT Private plane airport Farnborough hits record number of flights China’s markets Easyjet is set for show concern takeoff as firm for virus spread ANGHARAD CARRICK @angharadcarrick ASIA-LISTED shares fell yesterday as concerns grew about China’s raises guidance Coronavirus after officials confirmed it can be spread through human contact. EDWARD THICKNESSE costs and increased revenues pro- China reported a fourth death pelling performance.” from the Coronavirus yesterday as @edthicknesse Easyjet said that the collapse of authorities confirmed that 15 med- LOW-COST airline Easyjet yesterday Thomas Cook had helped the firm, FARNBOROUGH Airport enjoyed a record number of air traffic movements last year, ical staff had also been infected. said that it had raised its first-half which now predicts mid-to-high sin- beating its previous record set in 2018. The airport — one of Britain’s busiest for Travel and luxury goods-related guidance after outperforming expec- gle digit revenue growth for the six private jets — posted a year-on-year increase in air traffic movements of 5.3 per cent. stocks fell sharply, while Chinese tations for passenger revenue. months to March. pharmaceutical stocks jumped 10 Total revenue for the quarter rose In November’s results the airline an- per cent on the news. nearly 10 per cent to £1.43bn, up from nounced the launch of a package hol- It came as the US Centers for Dis- £1.3bn in the same period last year. iday business, which it expects to ease Control and Protection last Passenger numbers rose 2.8 per cent break even in its first year of trading. night confirmed that the virus had to 22.2m, driven by a one per cent in- Easyjet was among the FTSE’s top Trading business IG Group says hit the Americas. A spokesperson crease of capacity to 24.3m seats. movers yesterday, rising 4.4 per cent. said a man in his 30s had contracted Total airline revenue per seat rose the disease after travelling from China to Washington. Screenings are 8.7 per cent to £58.60, up from £53.90 EASYJET future bright despite profit slip in 2018. Cost per seat rose 4.3 per cent 21 Jan in place in international airports. P JAMES BOOTH due planned lower growth, new air- 1,520 1,490 IG has been hit hard by a Europe- The World Health Organisation craft deliveries and French national wide crackdown on risky contract for (WHO) called a meeting for today to strikes, which saw 813 flights can- 1,500 @Jamesdbooth1 difference trades. consider declaring the virus an in- celled. The airline added that 75 per ONLINE trading firm IG Group However, the company remained ternational health emergency. cent of their seats for the first half of 1,480 reiterated its medium-term targets bullish on its future prospects, WHO’s regional director for the the year had been added. 1,460 yesterday, despite announcing a drop doubling down on its goal to boost Western Pacific, Takeshi Kasai, said: Richard Hunter, head of markets at in operating profit. revenue in its core markets by three “Information about newly reported Interactive Investor, commented: 1,440 Operating profit fell to £100m in to five per cent in the medium term. infections suggest there may now “Easyjet has started its new year in the half-year period to 30 November, Boss June Felix said IG was “on be sustained human to human fine fettle, with an ongoing focus on 15 Jan16 Jan 17 Jan 20 Jan 21 Jan from £112m in the same half of 2018. track” to deliver on its targets. transmission.”

By the side of business in London

Working with the business, we supported Jude’s Ice Cream with the finance to build a new dairy and increase their expected annual turnover by 50%.

By the side of business CITYAM.COM WEDNESDAY 22 JANUARY 2020 NEWS 09 Javid denies ‘no Network Rail investigated for ‘poor performance’ on northern routes alignment’ plan ALEX DANIEL infrastructure, such as tracks, west and central regions. @alexmdaniel signalling systems and most stations. And in a letter to Network Rail The regulator said performance seen by City A.M., ORR chief executive NETWORK Rail is being investigated got worse in 2018, and that it did not John Larkinson acknowledged that over poor performance on train lines get much better last year. recent cancellations on the Trans will hit car firms in the northwest and the Midlands. Network Rail’s contribution to Pennine Express were “largely” a The Office of Rail and Road (ORR) passenger train delays across the result of failures by the train has put the company on a warning country was 58 per cent last year. operators, which are separate to over the performance on Northern That is down 1.1 percentage points Network Rail. ALEX DANIEL to “adjust”. and Trans Pennine Express routes. compared with 2018. Nevertheless, he said, the ORR is @alexmdaniel “There will be an impact on busi- Network Rail is publicly owned, The operator is part-way through looking into Network Rail’s ness one way or the other, some will and operates the UK’s physical rail an improvement plan for the north- improvement plans for the region. SAJID Javid has denied the govern- benefit, some won’t.” ment’s policy of “no alignment” with Javid made clear that “there will not European Union rules will damage be alignment” with EU rules on trade the manufacturing industry. in goods. The EU has warned that this The chancellor was asked whether approach will limit British access to comments made over the weekend its markets. that some firms would not benefit This position caused automotive in- from Brexit meant he was prepared to dustry body the Society of Motor Man- sacrifice some UK manufacturers. ufacturers and Traders (SMMT) to He said: “No, not at all. We look for- warn that any disruption to the car ward with confidence as we strike industry’s complex cross-border rela- that new free trade agreement with tionships could cost “billions”. our European friends. Asked about the reaction to his com- “I can see a British economy that ments, Javid said: “We have been very continues to go from strength to clear now for many months, and of strength.” course in our recent election as well, Javid was speaking as he attended as we leave the EU we will not be in his final Ecofin — the regular the single market, we will not be in meeting for EU finance ministers — as the customs union, and we will not be a member. rule-takers.” His stance appears to have softened However, he was yesterday accused since his comments over the week- of backtracking on statements made end, made to the Financial Times. by the PM during the election cam- Then, the chancellor said the paign, who promised Nissan workers UK will diverge from EU regulations in Sunderland it was “absolutely after Brexit and said firms will have vital” its supply chain be protected.

Japan will be the latest export market for the iconic black cab Visiting the Tokyo Olympics this year? Get in a London black cab

ALEX DANIEL Order books for the black cab, @alexmdaniel called the TX, will open in February, while the vehicles will start hitting LONDONERS visiting Tokyo this the streets of Tokyo during the summer will find a small part of second quarter of 2020. home on the streets of the Japanese The plug-in hybrid is the London capital, after a fleet of London black Electric Vehicle Company’s (LEVC) cabs comes to the city in time for the first electrified model. Geely bought Olympic Games. the company, previously known as The London Electric Vehicle London Taxi Corp, in 2013. Company, the UK-based maker of the The UK remains the firm’s biggest plug-in hybrid version of London’s market — but the black cabs have black cabs which is owned by already been exported to Holland, Chinese giant Geely, is rolling out its Germany, France, Switzerland, taxis to the city. Denmark and the Middle East.

CITYAM.COM WEDNESDAY 22 JANUARY 2020 NEWS 11 MAY THE FORCE BE WITH YOU Disney Facebook set to Cityfibre to buy Plus service to launch in UK on 24 March DISNEY Plus, the introduce up to entertainment giant’s subscription service, will launch in the UK on Talktalk network 24 March, it was 1,000 new jobs confirmed yesterday. The platform, which is ANGHARAD CARRICK set to take on competitors such as @angharadcarrick Netflix and Amazon FACEBOOK will create 1,000 new in £200m tie-up Prime, will come with jobs in London by the end of the two payment models: year, it announced yesterday. £5.99 a month or £59.99 Over half of the new jobs will be in for a year. Subscribers technology, as well as development EDWARD THICKNESSE Fibrenation was founded in 2018, will be able to access of its Workplace and Whatsapp four years after a joint venture be- original content such as platforms. Other roles will focus on @edthicknesse tween Talktalk, Sky and Cityfibre was Star Wars’ spin-off The detecting and removing harmful BROADBAND provider Cityfibre yes- launched to deploy full fibre infra- Mandalorian. online content. terday announced the acquisition of structure and services across York. The new roles will take the Fibrenation, Talktalk’s fibre networks Greg Mesch, Cityfibre’s chief execu- number of Facebook employees in rollout business, for £200m. tive, told City A.M. that the deal was the UK to more than 4,000. The The deal, which was delayed in No- “completely synergistic” for the company also announced it will be vember after Labour announced plans firm, as it would bring the company’s opening a new office in King’s Cross to nationalise BT, means that Cityfi- offering to new cities. Watchdog unveils new code to in 2021. bre’s rollout target has risen from 5m He added: “Customers are not just Facebook is trying to rebuild its up to 8m premises in the UK. getting BT and Virgin’s offering, but credibility after the Cambridge As a result of the purchase, Talktalk, something far superior. Fibrenation Analytica scandal in 2018, for which which was advised by asset managers has been selling gigabit speeds at protect children’s privacy online it was fined $5bn (£3.85bn). Lazard, will become a customer of wholesale prices in York. We can do Speaking at the World Economic Cityfibre’s £4bn investment pro- this across all 8m of our premises at a JAMES WARRINGTON It is aimed at firms responsible for Forum at Davos, Facebook’s chief gramme across both consumer and fraction of the cost.” designing, developing or providing operating officer Sheryl Sandberg, business markets. The deal makes the In order to do the deal, Cityfibre also @j_a_warrington online services such as social media, said: “Our teams at Facebook are supplier the UK’s third-largest digital announced that it had altered the SOCIAL media firms will be required apps, online games and streaming working around the clock to make infrastructure platform. terms of its partnership with Voda- to tighten up their privacy settings for platforms that will likely be accessed progress on these challenges while Talktalk entered discussions with fone to open itself up to other inter- children as part of a new code out- by children. also building great products”. various firms about the purchase of net providers. lined by the data watchdog. Digital services companies will be She added: “The... jobs we’re Fibrenation following the election, Tristia Harrison, chief executive of The Information Commissioner’s required to provide an automatic adding in the UK is going to help us but pressed on with the deal with Talktalk, said: “This agreement is Office today unveiled its age base level of protection for children, accomplish even more and if we get Cityfibre, which is part-owned by Wall good news for Talktalk and good news appropriate design code, which sets including high privacy settings and all of this right the internet will Street giant Goldman Sachs. for Britain’s fibre rollout.” out 15 standards for online services. limited data collection. continue to be a force for good.”

IN BLOOM London Shaftesbury shareholder Samuel Tak firm Blossom Capital launches a $185m Lee vows to oppose landlord’s bosses Europe-focused fund LONDON-BASED venture capital JESS CLARK and launched legal action against remuneration report. firm Blossom has launched a the firm last year. Lee’s legal case, which is expected second $185m (£142m) fund to @jclarkjourno In a letter to shareholders Lee said to be heard in the High Court next invest in European tech BILLIONAIRE property magnate he will vote against the re-election of year, alleges that Shaftesbury startups, less than a year after Samuel Tak Lee announced yesterday chief executive Brian Bickell, finance conducted a December 2017 share its first raise. The new fund, he will vote against West End director Chris Ward and chairman placing “improperly”. which Blossom Capital founder landlord Shaftesbury’s board at a Jonathan Nicholls. Shaftesbury has denied the claims Ophelia Brown (pictured) said meeting this month, as a long He will also oppose resolutions saying they have “no merit”. was “heavily oversubscribed”, running dispute between the pair that would allow the board to In a statement Shaftesbury said: will invest in European tech rumbles on. undertake further share issues, the “The board wholly rejects the startups at an early stage, and Lee, the owner of rival London ability of Shaftesbury to call a suggestion in Mr Lee’s statement takes the total raised by the landlord Langham Estate, is the general meeting with 14 days alleging mismanagement of the company to $270m. largest shareholder in Shaftesbury, notice and the directors’ company’s affair.” 12 NEWS WEDNESDAY 22 JANUARY 2020 CITYAM.COM IN BRIEF LEKOIL RECEIVES STAY OF TUNNEL VISION £300m Knightsbridge EXECUTION FOR PAYMENT hotel set to feature a passage to Harrods Investors in embattled Lekoil, which General Election was last week embroiled in an extraordinary saga involving a fake investment fund, could breathe a sigh of relief yesterday as the firm announced that the operator of the Nigerian oil field the fake loan was sparks a jump in meant to support said it would delay payment of $9.6m (£7.4m) for costs. Optimum said the firm would now have to pay $2m by 20 March, with the full amount due by 2 May. Lekoil will also have to prove that it property sales can fund 42.9 per cent of the costs for the first well on the new field.

JESS CLARK General Election has generated a RECORD 6.4M CUSTOMERS surge in interest from buyers and sell- SWITCH SUPPLIER IN 2019 @jclarkjourno ers, who now with greater clarity and A record 6.4m customers switched UK PROPERTY transactions soared at certainty on the UK’s political future, A NEW £300m luxury hotel development with a secret tunnel to Harrods has been energy supplier in 2019, roughly one the end of last year, according to gov- are ready to make their move.” given the green light by the local planning committee. The Knightsbridge hotel will in every five households. On ernment data, as both sellers and buy- The HMRC transaction data is the include a disused underground pedestrian and goods tunnel linking the two sites. average, there were 530,000 ers made the most of renewed latest research that shows that both switches per month — and 12 every confidence following the General the residential and commercial prop- minute. In the past five years, the Election result. erty markets benefitted from a so- number of people who have Residential property transactions in called Boris Bounce following the changed supplier has more than December jumped 6.8 per cent year Conservative election victory. doubled as challenger firms such as on year to 104,670, a 6.2 per cent rise On Monday, Rightmove’s House London rental hits a four-year Ovo, Bulb, and Octopus have on November figures. Price Index showed that the result of loosened the so-called Big Six’s grip The total number of non-residential the election sparked a record-break- on the UK domestic market. UK property transactions reached ing 2.3 per cent surge in UK house high as home availability falls 10,690 in December, which was prices in December and January, the SABADELL SELLS UNIT TO 13.4 per cent higher than November largest since records began in 2002. JESS CLARK almost four years — as the available AMUNDI FOR €430M and 0.8 per cent more than December Andrew Southern, chairman of supply of homes has plummeted 20 Spain’s Banco de Sabadell said 2018, HM Revenue & Customs (HMRC) property developer Southern Grove, @jclarkjourno per cent over the last two years. yesterday it had agreed to sell its data showed. said: “The entire industry will be hop- LONDON’s rental growth hit a The trend for soaring rents was asset management arm to Amundi Private Finance director Shaun ing this jump will be a sign of things four-year high last year as the reflected across the UK, as Asset Management for €430m Church said: “The end of 2019 saw a to come. It was a blistering finishing number of properties available for nationwide rental growth hit 2.6 per (£365.5m). The sale of the unit, surge in property transactions, and to the year and bodes well for 2020 tenants plummeted, according to the cent — the highest growth in three which has assets under this increase in activity looks set to as the full effect of a mercifully deci- latest research. years — reaching an average of £886 management of around €21.8bn, continue into early 2020. sive General Election won’t have fully Rents in the capital rose 2.8 per per calendar month in the fourth will generate net capital gains of “The decisive outcome of the filtered through yet.” cent in 2019 — the highest rate for quarter, according to Zoopla. €351m for Sabadell, the bank said.

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RITISH airline Flybe, known Stephan poll yesterday, 41 per cent of Britons For a company that mostly relies on doesn’t solve the problem long-haul. for being the largest inde- Shakespeare felt that the government was right to cheap, domestic flights, tax made pendent regional airline in delay tax payments owed by Flybe in flying regionally with Flybe an un- £ Stephan Shakespeare is chief executive BEurope, entered the New order to prevent it going bankrupt. economic option. Delaying this tax of YouGov Year reporting financial This clearly demonstrates the pub- difficulties and that the brand was at lic’s difference of opinion in regards CONSIDERATION OF FLYBE HAS SUFFERED IN TH ELEAD UP TO THE COLLAPSE “When you are next in the market to book a flight, would you consider purchasing a ticket from flybe?” risk of collapsing. to which airline should receive help. Not only would Flybe’s demise put YouGov Brand Index data shows 19 YouGov BrandIndex January 2020 2,000 jobs at risk but many hard-to- that although public perception of 18 reach areas would lose a vital connec- Flybe struggled at the beginning of 17 tion to major cities, such as Northern Last week government ministers the year, buzz scores (a net measure 16 Ireland, Newquay and the Isle of agreed a rescue deal for Flybe by al- of whether consumers have heard Man, where the company even has a lowing a short-term extension to anything positive or negative about 15 government contract to transfer NHS allow the brand to settle its debt, the brand in the last fortnight) were 14 patients to Liverpool. much to the anger of British Airways increasing and on a trajectory to 13 According to YouGov Profiles, 17 and Easyjet bosses who have drawn enter positive numbers. 1 Sept 21 Sept 11 Oct 31 Oct 20 Nov 10 Dec 30 Dec 19 Jan per cent of Britons who flew with comparison to the decline of Thomas Flybe in the past 12 months live in Cook, which was not bailed out. the south-west region, 16 per cent in A YouGov snap poll at the time Scotland and 14 per cent in the west showed a majority (54 per cent) of midlands. In contrast, only four per Brits agreed with the government’s cent live in London and three per decision not to intervene and save cent in the east of England. Thomas Cook. However, in a snap DECODES Strong traveller WE HAVE TO growth enables TALK ABOUT RACE sales rise for SSP

JESS CLARK Germany and railway Starbucks units @jclarkjourno in the Netherlands. The company also announced yester- UPPER Crust owner SSP Group yester- day that it will acquire the travel day reported a slight rise in sales at catering business from DB Station & the end of last year as the travel hub Service, a subsidiary of Germany’s na- food operator benefitted from grow- tional railway company Deutsche ing passenger numbers in the UK and Bahn. The deal will add 28 food and Tuesday 28th January North America. drink units to SSP’s portfolio when Like-for-like sales in the three they are all fully operational next M Threadneedle Street, 2 - 3 Threadneedle Walk months ended 31 December grew 1.2 year, including food courts at Berlin 60 Threadneedle Street, London, EC2R 8HP per cent, in line with expectations, and Cologne stations, and is expected 8.00am Arrival & breakfast the company said yesterday. Strong to add £10m to SSP’s full-year revenue. 8.30am - 9.30am Panel & Q&A passenger numbers at travel hubs in the UK and North America offset the SSP Join the City A.M. Club for the next in our City A.M. Decodes: Diversity and impact of transport strikes in France P Inclusion series - We Have to Talk About Race - hosted by Julia Streets, and disruption in Hong Kong. 700 Meanwhile, total group revenue in- Founder & CEO of Streets Consulting and Host of DiverCity Podcast. creased 7.5 per cent on a constant cur- 690 rency basis following net contract 680 The 2018 ‘BAME Boss’ report published by the Equality Group found that half gains of 6.3 per cent. SSP’s share price of ethnic minority respondents noted no prominent role models of their rose 2.7 per cent yesterday. 670 ethnic profile in professional positions to which they aspire. Yet, on leaving The firm secured several new con- 682 660 21 Jan school, 59% aspired to securing a role at senior management, director tract openings last year, including and/or board level. Montparnasse Railway station, 15 Jan16 Jan 17 Jan 20 Jan 21 Jan motorway service stations in Today responsibility for D&I sits very firmly on the shoulders of all leaders, managers and rising stars and they need to understand and embed it in their leadership style, philosophy, business, talent and performance planning. In this series, we will expose the reality, wrestle with the complexity and engage OFF TO A FLYING START New app allows in debate leaving our audience with a whole host of practical ideas designed jetsetters to manage passports on mobile to drive change and gain an edge.

Dr Miranda Brawn Raphael Mokades CEO, The Miranda Managing Director, Brawn Diversity Rare Recruitment Leadership Foundation

Hephzi Pemberton Bev Shah CEO, The Equality CEO, CityHive Group

Hosted by Julia Streets, Founder Register to attend at and CEO, Streets Consulting & cityam.com/events/city-a-m-decodes-january-2020/ Host of DiverCity Podcast

GLOBETROTTERS can now manage multiple passports and visa requirements on their mobiles thanks to a new app. Passport Index was unveiled in Davos yesterday by Arton Capital, which advises clients on citizenship by investment schemes. 14 NEWS WEDNESDAY 22 JANUARY 2020 CITYAM.COM London and Edinburgh investment drives income jump for Apex Hotel JESS CLARK room increased year on year by 20-room extension with five 2.4 per cent. luxury suites, meeting rooms and a @jclarkjourno The hotel chain — which has three new wine bar. APEX Hotels reported that profit London venues in Fleet Street, The company’s City of Bath hotel soared in its last financial year London Wall and near Tower Bridge also reached its first full year of following increased investment at its — said investment helped boost its trading during the period, hotels in London and Edinburgh. financial figures during the year. Chief executive Angela Vickers Profit after tax for the year to 30 Apex invested £9m in its Temple said: “We are delighted to see this April was £9.4m up 51.6 per cent Court and City of London hotels, as has resulted in a strong performance from £6.2m in 2018, on increased well as Edinburgh’s Waterloo place, across the financial year and turnover of £75.5m, up from £68.9m. bringing the total investment on the demonstrates our continued The number of rooms sold three projects to £17.6m. commitment to providing modern rose 5.5 per cent to more than As part of the Temple Court facilities and the best possible 465,500 and revenue per available refurbishment Apex created a experience for our guests.” Apex Hotels refurbished two of its London venues and one in Edinburgh Energy services Uber Eats sells Indian delivery firm Sureserve arm to Zomato JAMES WARRINGTON @j_a_warrington UBER yesterday said it has sold posts profit hike its food delivery business in India to local rival Zomato in an all-share deal worth a reported $350m (£268m). ALEX DANIEL yielding strong increases in group rev- The deal gives Uber a 10 per cent enue and profit, while at the same stake in Zomato, which is backed @alexmdaniel time continuing to reduce our debt by Ant Financial, a fintech affiliate SURESERVE enjoyed a rise in core and improve our cash conversion.” of Chinese conglomerate Alibaba. profit of more than one-quarter Sureserve said an increase in energy The companies did not disclose last year, as demand grew in its efficiency standards for social the value of the deal but it is two core compliance and energy housing, as well as high fire safety thought to be worth roughly services markets. standards in homes had helped drive $350m, local media reported, The Aim-listed company maintains demand. The latter is thought to Africa’s richest woman Isabel dos Santos has faced scrutiny over her personal wealth citing sources. and installs boilers, and makes sure be a direct result of the Grenfell Zomato said the deal made it the homes are energy efficient among Tower fire in 2017. “undisputed” market leader in the other services Analysts at Shore Capital Markets Indian food delivery business — Profit excluding exceptional items said its energy services division has Angola pleads for help to claw putting it ahead of rival Swiggy. rose 26 per cent to £8.3m in the 12 “opportunities in large national and “Our Uber Eats team in India has months to September, reflecting regional schemes to tackle fuel achieved an incredible amount over “improved operational efficiency,” poverty”. back its assets lost to corruption the last two years, and I couldn’t be according to chief executive Bob Holt. Sureserve shares fell 0.6 per cent to prouder of their ingenuity and It comes after Sureserve sold off 43.25p yesterday. NOAH BROWNING resources,” Nunes Junior said at dedication,” said Uber chief its construction and property Chatham House think tank in executive Dara Khosrowshahi. services arms in a bid to become ANGOLA is seeking other London. He declined to say “India remains an exceptionally more efficient. SSP countries’ help to recover state funds which countries the government important market to Uber and we The company doubled its dividend lost because of corruption, its had contacted. will continue to invest in growing P to shareholders to 0.5p a share. 700 minister of state for economic co- Scrutiny of Angola has increased our local rides business, which is “I am pleased to report an excellent ordination Manuel Jose Nunes Junior since the authorities seized the already the clear category leader.” year of both operational progress and 690 said yesterday, domestic assets of former first The takeover is the latest improved financial performance, 680 Angolan President Joao Lourenco daughter Isabel dos Santos, accusing example of consolidation in the with our results exceeding market said on taking office in 2017 that he the billionaire and her husband of highly competitive global food and internal targets,” said chair 670 would crack down on graft and steering payments of more than $1bn delivery market. Bob Holt. 682 reform the economy. (£770m) from state oil company Earlier this month Dutch firm “The focus on driving growth within 660 21 Jan “We are activating all the legal, Sonangol and official diamond Takeaway.com snapped up UK rival our core divisions of compliance and judicial and diplomatic measures to trading group Sodiam to companies Just Eat for £5.9bn, after a energy services has paid dividends, 15 Jan16 Jan 17 Jan 20 Jan 21 Jan ensure the repatriation of those where they held stakes. Reuters prolonged shareholder battle. Aldi announces employee pay rise and 3,800 staff recruitment target

JESS CLARK minimum wage of £9.10. per hour nationally and £10.75 per Within the M25, the hourly rate hour within the boundaries of the @jclarkjourno will rise from £10.55 to £10.90 from M25. The supermarket also ALDI has announced it will increase 1 February. announced that it is seeking to hire the hourly rate paid to in-store staff Employees with three years service more than 3,800 in-store workers members and hire more than 3,800 will be paid £10.41 per hour across this year, and is on track to boost its employees this year as it pushes the UK, while members of staff 874 stores to 1,200 by 2025. ahead with its UK expansion plans. within the Greater London area that Aldi UK chief executive Giles The budget supermarket said have worked for the chain for two Hurley said: “We have the most yesterday all employees will earn a years will earn £11.15 per hour. efficient and productive workforce, minimum hourly rate of £9.40, a 30p The new rates exceed the and this is why they earn the highest The budget supermarket is aiming to boost its store numbers to 1,200 by 2025 per hour increase from the previous recommended living wage of £9.30 rates of pay in the grocery sector.” CITYAM.COM WEDNESDAY 22 JANUARY 2020 MARKETS 15

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JOHN WOOD GROUP FTSE has its worst 410 P Wall St falls as 400

390 virus hits US 21 Jan

day in a fortnight 380 391.30 ALL Street lost ground Wyesterday, backing away from 370 record highs as a viral ONDON’s FTSE 100 suffered its near-term policy easing, with the outbreak from China found its way to worst day in two weeks yester- central bank still widely expected to 15 Jan 16 Jan 17 Jan 20 Jan 21 Jan US shores and the International day as the spread of a new coro- pull the trigger on a 25-basis point Monetary Fund (IMF) lowered its Lnavirus in China curbed risk cut. “There is a sense the bank John Wood Group shares rose sharply last week as it predicted a rise in core global economic growth forecast. appetite and oil prices fell doesn’t want to get behind the curve earnings for its full-year results. It expects revenue of around $10bn (£7.7bn) for All three major US stock averages fell sharply, while jobs data eased some of market expectations,” said 2019, in line with the previous year. But analysts at Canaccord Genuity were not following several days of record bets of an imminent interest rate cut Markets.com analyst Neil Wilson. so optimistic yesterday. They said the firm’s engineering firm’s industrial mix is closing highs and their best one-week by the Bank of England (BoE). Broader sentiment and Swiss bank “unhelpful,” and lowered its target price to 525p. advance in months. China reported six deaths from UBS cutting its mid-term targets led The indexes extended their losses the virus, which is being likened to a sub-index of financial stocks to its after the Centers for Disease Control the deadly 2002/2003 spread of lowest since mid-December. KAINOS and Prevention confirmed the first US Severe Acute Respiratory Syndrome Yet hopes that the BoE may P case of the coronavirus, which has (Sars), just ahead of the Chinese hold rates steady helped domestic 860 now killed six people in China. Lunar New Year holiday. banks Lloyds and RBS add one per 854 United Airlines fell 4.4 per cent, The FTSE 100 shed 0.5 per cent, as cent each. 840 21 Jan while Carnival dipped 2.3 per cent. luxury and travel stocks led losses. Hotel and casino operators Las British Airways-owner IAG fell three 820 Vegas Sands and Wynn Resorts, per cent and Intercontinental Hotels FTSE both of which have sizable operations slipped 3.5 per cent. The FTSE 250 P in China, ended the session down 5.4 7,700 800 also gave up 0.5 per cent. per cent and 6.1 per cent respectively. Shares of firms that book a Steel stocks, which have a sizeable major chunk of their earnings in US 7,650 15 Jan 16 Jan 17 Jan 20 Jan 21 Jan exposure to China, also fell. United dollars weakened as sterling gained States Steel was down 5.2 per cent. 21 Jan after a robust UK jobs report Move aside, Google. The US search engine’s parent company Alphabet may have Boeing weighed heaviest on the helped trim the odds of a BoE rate 7,600 7,610.70 finally hit the $1 trillion (£770bn) valuation last week, but Belfast IT firm Kainos blue-chip Dow, its shares falling 3.3 cut this month. Imperial Brands gave was popping its own champagne corks as it broke the £1bn barrier. Canaccord per cent following reports the plane up 2.6 per cent. 7,550 Genuity analysts think the UK-listed firm’s exposure to US software firm Workday maker’s 737 Max might not return to But markets have still priced in 18 Jan 19 Jan 20 Jan 21 Jan will help it grow. They gave Kainos an 875p target price and a “buy” rating. service until June or July. CITY MOVES WHO’S SWITCHING JOBS

USS over from Sir David Eastwood, who has been on the over the role from Chris Davies, who will continue as SQUARE MILE The Universities board since September 2009 and has been chair since global practice leader. Dan has been a partner at Square Mile Investment Consulting and Research Superannuation Scheme April 2015. He said: “We were very pleased with the Clifford Chance since 2008, having joined as a trainee (Square Mile) has announced the appointment of (USS), the country’s largest quality of the shortlist, but Kate’s remarkable in 1998. He specialises in UK finance and corporate tax, Eduardo Sanchez as senior investment research private pension scheme, has professional career and knowledge of the higher with a particular interest in international tax, analyst. Square Mile Investment Consulting and appointed Dame Katharine education sector make for an outstanding supranational taxation and tax policy. His clients Research (Square Mile) confirms a new appointment (Kate) Barker as chair of the appointment. I look forward to working closely with include leading financial institutions and corporates, with Eduardo Sanchez joining the company as Senior board. Kate has enjoyed a her over the coming months to achieve a seamless as well as regulators, governments and industry Investment Research Analyst. He has 20 years’ high-profile career in the field, succession.” bodies. Dan commented on his new appointment: “I investment industry experience and was most recently including serving as chief am thrilled to be taking on this role. Our first class Fixed Income Senior Lead Analyst at Santander Asset economic adviser to the CBI, CLIFFORD CHANCE advisory and contentious capabilities across Management (SAM), a position he held from 2012 to and being a member of the Clifford Chance has announced that Dan Neidle has employment, incentives, pensions and tax positions us late 2019. Richard Romer-Lee, Square Mile’s Managing Bank of England’s Monetary Policy Committee. She been appointed as the new London leader of the firm’s strongly to help our clients manage some of their Director, said: “Eduardo has an exceptional track has also worked with higher education institutions tax, pensions and employment (TPE) practice for a most strategic and challenging domestic and record... He will be a tremendous asset to the business, make her ideal to lead USS in its mission. Kate will take period of four years, from 1 February 2020. He takes international issues.” and we are delighted to welcome him to Square Mile.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] NEWS Joules store closures hurt half-year Bank of England weighs profit as it issues full-year warning digital currency launch JOE CURTIS Extending its distribution centre retail revenue would have risen 3.1 HARRY ROBERTSON deputy governor Sir Jon Cunliffe. lease also cost it £700,000. per cent, the firm said. A central bank digital currency @joe_r_curtis Joules had already warned full-year Joules chief executive Nick Jones @harrygrobertson (CBDC) would let businesses, JOULES revealed a dramatic plunge in profit would fall far below a said: “[The firm] delivered a robust THE BANK of England (BoE) has households and financial firms profit to just £1.7m yesterday as it forecast £16.7m due to supply first half sales and margin teamed up with other major central other than big banks — which took a £6.7m hit to close stores and issues, triggering a 20 per cent drop in performance in line with banks to assess the case for launching currently have access to central relocate its head office in the six its shares, before recovering 10.4 per expectations, which was pleasing in their own digital currencies, it bank reserves — make payments and months to the end of November. cent up to 202p at the bell. the context of a challenging announced yesterday, as a debate store value in electronic central Joules booked an 82 per cent drop A revenue decline of 1.4 per cent to consumer environment.” rages over the future of money. bank money. in profit before tax from £9.3m this £111.6m year on year compounded the “Since the period end, we have Threadneedle Street will work The new group will fuel time last year to just £1.7m for the decline in profit as Joules blamed a updated on our disappointing with the central banks of Canada, speculation that central banks are first half of its current financial year. late Black Friday that fell outside of its Christmas trading performance, Japan, the Eurozone, Sweden, seeking to curtail the potential The British lifestyle retailer first half. resulting from a stock availability Switzerland and the Bank for influence of Facebook’s libra coin yesterday blamed a late Black Friday If Black Friday had been included issue impacting our online channel,” International Settlements in a currency, which is scheduled to but also forked out £6m to close more retail revenue would have risen 3.1 he added. Joules said it had group co-chaired by former launch this year, and digital than four underperforming stores per cent, the firm said. rebalanced the allocation of stocks European Central Bank (ECB) currency proposals by a group of and relocate its head office. If Black Friday had been included between channels for the next season. executive Benoit Coeure and BoE major banks including UBS. 16 OPINION WEDNESDAY 22 JANUARY 2020 CITYAM.COM

FORUM WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum EDITED BY RACHEL CUNLIFFE LETTERS Our way, not the Huawei — for TO THE EDITOR the sake of national security To the letter [Re: Forget Big Ben, the real rows are ahead] Regarding our forthcoming trade ORIS Johnson might have tioned too, on account of the state’s intelligence allies that should give negotiations, this leader column outlines been forgiven for thinking Alan aggressive lobbying for its services. the greatest cause for concern. the EU’s red line that “good market access that the biggest dilemma Mendoza Beijing has not been shy in threat- Britain’s Five-Eyes intelligence com- is dependent upon a British commitment Bhe inherited from Theresa ening countries like Germany and munity partners — the US, Australia to follow EU rules — to the letter”, adding May would be how to re- Denmark with economic conse- and New Zealand — have effectively that “this is not an unreasonable position solve Brexit. But a second straggler quences should Huawei be banned banned Huawei from operating for the EU to take”. from the May era has reared its head from their 5G networks. Similar their critical infrastructure. That could certainly be the case if to disrupt the post-election serenity. threats have been made in the UK, Friendlier alternatives such as frictionless two-way market access had How the Prime Minister chooses to with China’s ambassador Liu Xiaom- Nokia, Ericsson and Samsung have resulted in us being net beneficiaries of the deal with it may have long-term ef- ing warning that future investment been invoked as ways to get around trade, rather than running a chronic fects as important in their own way decisions are riding on the issue. Huawei’s market dominance, with massive deficit. And potentially, it could as Brexit to the UK’s future path. Huawei denies the allegations that suggestions that the UK could join even be the case if we gained substantially When the question of whether to it is a catspaw of the state. But it in a shared approach to improving from the trade in other ways, include the Chinese-owned would say that, wouldn’t it. capabilities to reduce the techno- notwithstanding the headline deficit. telecommunications giant The British government has con- logical gap. But there is strong evidence that in fact Huawei’s offering within the UK’s Britain’s Five-Eyes ceded that the fears about Huawei’s The US has also warned that there we are marginally worse off as a result of 5G infrastructure network first partners have provenance are justified, and that will be dire consequences for intel- EU membership. arose, it sparked cabinet chaos. the company should be barred from ligence sharing should Huawei be To take just one source, last year the An unprecedented leak from the effectively banned the core functions of the 5G network allowed access to UK 5G services. German Bertelsmann Foundation National Security Council discus- where sensitive data resides. The Na- Thus far, the British government published two studies estimating that the sion — which claimed the scalp of it from operating tional Cyber Security Centre did, seems to believe that this is all blus- UK has gained only 1.6 per cent of GDP the defence secretary Gavin their critical however, come up with the clever ter and that the Americans will not from the EU Single Market — following all Williamson — revealed that all the ruse that the risk could be mitigated restrict intelligence flows. But EU rules to the letter, and at a cost which is ministers with security or foreign infrastructure if Huawei were restricted to provid- British officials should recall that so high that the EU itself has expressed affairs within their portfolios op- ing services at the periphery of 5G, the last government which mused concern at the economic drag it represents posed the idea. After accusations of 5G services currently available. such as antennas and routers. similarly about US red lines was — and would lose only 1.1 per cent of GDP that the government might be If the vendor were a normal com- However, another report by the that of Iran — a day before the if we chose instead to diverge from EU weighting trade and technology pany in a liberal democracy, no eyes Huawei Cyber Security Evaluation Qassem Soleimani drone strike. rules and follow only WTO rules. considerations above national secu- would be batted at this. Centre, a committee set up specifi- The legitimate security and al- One may ask why successive UK rity ones, the Huawei conundrum But Huawei is none of those cally to examine the use of Huawei’s liance concerns about Huawei there- governments have chosen to was kicked into the long grass. things. It is a state champion of an equipment in UK infrastructure, fore require careful consideration. systematically deceive the electorate on But time does not stand still. The oppressive regime that requires — has challenged this suggestion. This is a government committed the economic impact of EU membership, Huawei decision is now back on the through the 2017 National Intelli- Its conclusion was that “identifica- to “taking back control”. It would and of course the answer is that they have agenda, requiring a resolution — and gence Law — Chinese companies to tion of shortcomings in Huawei’s be a strange state of affairs indeed generally chosen to support European unfortunately for the government, cooperate with the intelligence engineering processes have exposed for it to cede power over our techno- integration as a geopolitical project, the basic facts remain the same. services, and which has already new risks in the UK telecommunica- logical future to Huawei, and irrespective of the economic realities. Huawei enjoys a headstart in the used Huawei technology to enforce tion networks” and that it has “only thereby also potentially to a coun- Dr D. R. Cooper provision of 5G services, thanks to repression of Uighurs and other mi- limited assurance” that Huawei ca- try — China — with uncertain fu- the massive subsidies it has received norities in Xinjiang province. pabilities were safe. ture strategic objectives, and which One might take the insistence that the UK from China to ensure that it is a Huawei has also been accused of Added to fears that the software has a long track record of using any can forge its own economic path after market leader in the information corporate espionage in the past, evolution of 5G is likely to blur the and all means at its disposal to Brexit and diverge entirely for the EU with pathway of the future. It is therefore and of having personnel links to boundaries between core and pe- achieve what it wants. zero economic consequences a bit more highly tempting for countries to Chinese intelligence. ripheral areas of the network, this seriously were these arguments not being adopt the Huawei model, as it is the The company’s relationship to the verdict should be taken seriously. £ Alan Mendoza is executive director of put forward by individuals who seem quickest and most powerful roll-out Chinese government has been ques- But it is the attitude of our closest the Henry Jackson Society. convinced that our future success rests on whether or not we pay £500,000 to get a bell to ring. Personally, I have my doubts. R. Levy From A&E waiting times to the Windrush Fountain House, 3rd Floor, 130 Fenchurch Street, London, EC3M 5DJ scandal, beware of bureaucratic targets Tel: 020 3201 8900 Email: [email protected]

AST week, health secretary Paul A&E care. Some form of rationing We see this in other sectors too. Editorial Editor Christian May Matt Hancock signalled an is necessary to allocate resources Schools can, for example, meet Deputy Editor Andy Silvester important change of strat- Ormerod and to decide who gets treated. exam targets by getting rid of News Editor Josh Martin Legy. Accident and Emer- There are two ways to ration. One weaker students — hardly what the Comment & Features Editor gency Departments have a is by price — whoever is willing to target was designed to achieve. Rachel Cunliffe target that 95 per cent of patients pay the most gets dealt with first. And the Windrush scandal had its Lifestyle Editor Steve Dinneen should be admitted, transferred or The other is by queue. origins in the Home Office targets Sports Editor Frank Dalleres discharged within four hours. Han- Even the most hardline free mar- for the numbers to be deported. Of- Creative Director Billy Breton cock suggested that the target will keteer would surely balk at the idea ficials could have tried to track Commercial Sales Director Jeremy Slattery be scrapped. Instead, wait times of making people involved in gen- down members of eastern European Head of Distribution Gianni Cavalli will be determined by clinical need. imagine that cases of genuine uine accidents wave their credit criminal gangs. Instead, they fo- Cue predictable hyperbolic out- emergencies have risen by this cards. So queue it has to be. And in cused on the seemingly easier task rage. The president of the Royal Col- amount. Road casualties, for exam- such circumstances, it is entirely ap- of deporting elderly people who had Certified Distribution lege of Emergency Medicine, for ple, far from increasing, have actu- propriate that decisions on who to lived in Britain for decades. They from 25/11/2019 till example, claimed that this change ally fallen by 24 per cent since 2010. treat first should be made on clini- worked out how to meet the targets 29/12/2019 is 85,406 would have a “near-catastrophic im- There is much anecdotal evidence cal grounds rather than a purely ar- by minimising their effort. pact on patient safety”. to suggest that people are bypassing bitrary target on the length of wait. Examples of gaming the system Distribution helpline The NHS is not meeting the target GP surgeries and turning up at A&E This controversy demonstrates the proliferate. Hancock is to be ap- If you have any comments about by a long chalk. In December, the with trivial complaints. Perhaps GPs wider problem with setting targets: plauded for taking the first step to the distribution of City A.M. actual figure assessed within four are so oversubscribed that people sooner or later (and usually sooner), dismantle the culture of bureau- please ring 0203 201 8955, or hours slipped to under 70 per cent. who cannot get appointments go to people work out how to game them. cratic, counter-productive targets. email [email protected] A key reason seems to be in- hospital instead, or maybe limited In A&E departments, once a pa- £ creased demand for A&E services. out-of-hours care means that pa- tient has waited more than four Paul Ormerod is an economist at Our terms and conditions for external Since the Conservatives came to tients feel they have little choice if hours, they have zero priority. The Volterra Partners LLP, a visiting professor contributors can be viewed at power in 2010, admissions have in- they fall ill at weekends. hospital incurs no more downsides in the Department of Computer Science cityam.com/terms-conditions creased by almost 25 per cent. But regardless, the lengthening if the wait is 14 hours rather than at UCL, and author of Against the Grain: Printed by West Ferry Printers Ltd, It is inherently implausible to waits indicate excess demand for four hours plus a single minute. Insights of an Economic Contrarian. Kimpton Rd, Luton LU2 0SX CITYAM.COM WEDNESDAY 22 JANUARY 2020 OPINION 17 HS2 is vital — but it’s been critically misunderstood

S2 WILL become a case study around 100 ancient woodlands is sim- tially wary, then backed HS2 in luke- in the importance of having David ply unacceptable. Once again, poor en- warm terms, but now fully understand your corporate communica- Beddell gagement on the issue has skewed the the transformative effects it will have Htions in order. Since the be- discussion, which also needs to take for the communities they serve. ginning, protestors have into account the range of environmen- After examining the project in de- successfully framed the project as tal benefits the project brings. tail, they have reached the same con- being about shaving 10 minutes of a HS2 will be crucial to taking more clusions as I have. It is the only journey between Birmingham and people and freight traffic off roads, as It is the only common-sense solution to increasing London, and this narrative has cut well as reducing domestic flights. This capacity, unlocking the potential for through to the media, members of has to happen if we are to meet the common-sense new lines and services, and creating the public, and even politicians. point. The National Infrastructure UK’s net-zero ambitions and mitigate solution to the environment to rebalance our na- While shortening journey time is, of Commission’s own forecasts suggest the worst effects of climate change. tional economy. If you cancel HS2, you course, a key consideration, it is not that passenger numbers could in- It is also clear that the communica- increasing would only have to invent a very sim- HS2’s only purpose. As well as faster crease by up to 43 per cent from tions and business case hasn’t kept ilar project in a few years’ time. services between our major cities, this today’s levels by 2050. We need solu- pace with the project’s development. capacity and is about the regeneration of urban tions to overcrowding across our rail Just look at how support from north- rebalancing £ David Beddell is vice chair of the centres along the route, rebalancing system — and HS2 is just that. ern MPs and regional metro mayors Association for Consultancy and the national economy by improving Instead of fixating on the overall has evolved over time. Many were ini- our economy Engineering (ACE). links between the south east and the budget (which has indeed increased north, and releasing capacity across from first estimates), we should be fo- the rail network as a whole. cusing on value. Infrastructure tends Through the detangling and removal to deliver at least a two-to-one return of express services on the West Coast on investment — and in many in- Main Line (Euston to the west Mid- stances, such as the Jubilee line exten- lands and north west), Midland Main sion, the benefits have far outweighed Line (St Pancras to the east Midlands what was initially expected. The cur- and Sheffield), and East Coast Main rent review of HS2 will be a great op- Line (Kings Cross to Leeds, Newcastle portunity to reassess the project now and beyond), HS2 will both ensure that all the benefits are better understood. more commuter trains are run on ex- While critics are also quick to fanta- isting routes and allow them to be sise about spending the billions allo- bunched together — essentially creat- cated to HS2 on other infrastructure ing the opportunity for more frequent priorities, the reality is that, if can- and “metro-like” services. celled, these funds would simply disap- Indeed, it is for these reasons that pear. Big infrastructure projects take city leaders who are pushing for in- years to plan and get off the ground, vestment in Northern Powerhouse meaning we’d be scrapping an oven- Rail are not arguing that it should ready, carefully considered scheme for come at the expense of HS2. Far from the hope of hypothetical, uncosted being mutually exclusive, the two ideas that don’t even exist yet. projects are symbiotic. As well as those concerned about Much of our existing commuter rail value for money, HS2 has riled environ- network is already at saturation mentalists who suggest that the loss of DEBATE CITY AM IS ANNOUNCING THE INAUGURAL Is the Bank of England out of CRYPTO AM AWARDS TAKING PLACE ON THE 11TH ammunition for the next recession? MARCH 2020 AT BOISDALES OF CANARY WHARF

Lessons from history: central banks need NOMINATE YOUR COMPANY AT to cut interest rates by about five percentage points in a recession. So if WWW.CITYAM.COM/CRYPTO/CRYPTO-AM-AWARDS rates were six per cent, they would need YES to drop to one per cent. JUMANA SALEHEEN Interest rates are a central bank’s ammunition to keep inflation stable. CATEGORIES Cutting rates during a downturn works These new tools are less tried and because it makes borrowing cheaper and tested, so their potency less certain, and coaxes consumers and companies to they come with unpleasant side effects spend more. (such as financial risk and inequality). Community Enhancement Award The problem is that the Bank of Those concerns aside, 2.5 is not enough England interest rate is already low, at to fight a recession and the odds look Service Provider Award 0.75 per cent. stacked against Threadneedle Street. The Enterprise Blockchain Award Of course, central bankers do have Bank is not alone — the US Federal other tools — namely quantitative easing Reserve and the European Central Bank UX/UI Award and forward guidance. Clever people are facing similar issues. estimate that these tools help ramp up Educational Platform Award the Bank of England’s total ammo to 2.5 £ Jumana Saleheen is chief economist at Outstanding Industry Contribution Award percentage points. commodities consultant CRU Group. Social Impact & Sustainability Award Payment Service Provider Award Interest rates are already low, but the Digital Asset Custodian Award Bank of England has options. Incubator / VC Award First, it can restart asset purchases. Unlike the European Central Bank, the NO Crypto Exchange Platform Award Bank of England has plenty of Deployment in Fintech Award government bonds to buy, and the CHRIS PAPADOPOULLOS government’s spending plans ensure that they will not run out. global Basel rules were created for Asset purchases were a key reason why international banks, but the EU has the UK and US recovered from 2010–14, applied the strictest form of the rules to all *The Crypto AM Awards 2020 are still open for sponsorship, for while the Eurozone stagnated. They can banks, choking off lending to small enquiries, please contact [email protected] be highly effective, as the euro area found businesses. when it finally tried them. Concerns over The UK can take the US approach and increased inequality can be met through apply the strictest rules only to large fiscal policy. international banks, easing requirements Second, the Bank can slash the on smaller, domestically-focused banks, countercyclical capital buffer for banks, boosting lending. Headline Sponsor allowing them to lend more. Third, it can change financial sector £ Chris Papadopoullos is an economist rules after Brexit to promote growth. The at OMFIF. 18 MARKETS WEDNESDAY 22 JANUARY 2020 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1756 ÃÃ0.0030 €/$ 1.1096 0.0012 7610.70 21745.41 4223.35 29196.04 9370.81 3320.79 /$ 1.3047 à 0.0050 €/£ 0.8506 Ä 0.0022 40.74 101.63 22.22 152.06 18.14 8.83 £ /¥ 143.41 0.2200 €/¥ 122.00 0.1200 ÄÄÄÄÄÄ Ã Ä Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise .....480.0 0.0 509.0 421.5 Just Eat...... 878.4 -3.6 901.0 587.4 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 329.0 2.0 357.5 323.0 Kingfisher...... 213.3 1.3 266.2 185.9 Tsy 4.750 20 ...... 100.52 -0.01 104.4 100.5 Contour Global...... 200.5 -5.0 222.5 159.1 Games Workshp ...... 6900.0 0.0 7005.0 2800.0 BP ...... 490.4 -3.1 582.5 462.4 Aggreko ...... 846.2 -7.4 869.2 693.2 Abcam ...... 1392.0 21.0 1500.0 1066.0 Witan Invest ...... 231.5 -3.0 235.0 197.4 Tsy 8.000 21...... 110.33 0.00 117.0 110.3 Drax Gp ...... 281.8 -5.4 412.0 251.0 Marks & Spencer ...... 186.3 -1.5 303.2 163.9 LIFE INSURANCE Cairn Energy...... 191.9 0.4 213.8 143.1 Ashtead Gp ...... 2552.0 25.0 2554.0 1805.5 Wwide Healthcare ....3225.0 -30.0 3255.0 2495.0 Advanced Medical ...... 288.0 0.0 354.5 225.0 Tsy 2.500 24 ...... 363.60 0.20 377.9 358.8 SSE ...... 1482.5 -13.5 1496.0 1008.0 Next ...... 6990.0 66.0 7340.0 4724.0 Energean Oil & Gas ...... 867.0 -1.0 1082.0 613.3 Aviva ...... 409.4 0.6 438.8 352.3 Babcock Intl Grp...... 613.2 -1.4 646.6 416.7 Alliance Pharma ...... 85.0 0.9 85.0 61.0 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 286.8 6.6 287.8 126.8 Premier Oil ...... 115.0 -0.3 118.7 65.1 Tsy 5.000 25 ...... 123.15 0.03 126.0 122.1 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 761.0 1.0 780.5 561.5 Bunzl ...... 2070.0 -5.0 2551.0 1943.0 Vivo Energy ...... 116.6 -1.2 139.5 111.4 Royal Dutch Shell A...2205.0 -37.0 2612.0 2144.5 ASOS...... 2970.0 -65.0 4066.0 2107.0 Tsy 4.250 27 ...... 129.08 0.14 132.8 125.5 Halma ...... 2129.0 -8.0 2164.0 1390.0 BT Gp ...... 178.6 -2.3 237.9 158.9 Legal & General ...... 307.6 5.4 317.7 216.7 Capita ...... 161.3 -3.4 183.0 99.9 Watches of Switz ...... 375.0 -3.0 390.8 270.0 Royal Dutch Shell B ....2214.5 -38.0 2622.0 2126.5 Blue Prism ...... 1235.0 -6.0 1472.0 788.0 Tsy 6.000 28 ...... 147.30 0.19 152.1 143.3 Morgan Advanced ...... 317.4 -2.6 324.8 232.4 Talktalk Telecom ...... 113.4 -1.0 126.5 96.5 Phoenix Gp ...... 739.1 0.4 758.7 627.6 DCC ...... 6462.0 -4.0 7496.0 6225.0 WH Smith...... 2540.0 -8.0 2654.0 1896.0 Tullow Oil ...... 53.0 -0.9 250.0 39.9 Camellia ...... 8550.0 -250.0 11750.0 8475.0 Tsy 4.125 30 ...... 383.82 0.84 404.2 364.5 Oxford Instruments ..1582.0 -12.0 1626.0 879.0 Telecom Plus ...... 1510.0 2.0 1534.0 1130.0 Prudential ...... 1404.5 -10.5 1790.0 1279.5 Diploma ...... 1924.0 -16.0 2084.0 1261.0 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 141.02 0.37 146.4 132.7 Renishaw ...... 3600.0 -76.0 4670.0 3232.0 FOOD & DRUG RETAILERS St James Place ...... 1120.0 11.5 1199.5 913.6 Electrocomp ...... 697.2 -5.0 729.8 537.0 Caretech Holdings ...... 461.0 -4.0 473.0 325.0 Tsy 4.250 36 ...... 149.26 0.65 155.7 137.9 Spectris ...... 2793.0 -27.0 2962.0 2234.0 Greggs ...... 2380.0 -26.0 2476.0 1546.0 Convatec ...... 206.8 1.3 217.3 118.5 Std Life Aberdeen ...... 315.9 2.0 336.9 231.1 Hunting ...... 348.8 -8.0 657.0 348.8 Equiniti ...... 220.0 -1.4 236.2 186.2 Central Asia Metals ....220.5 -3.5 266.5 180.0 Tsy 4.750 38...... 164.11 0.92 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 187.3 -1.9 245.8 176.9 Mediclinic Intl ...... 399.8 -3.6 415.3 293.4 MEDIA Petrofac ...... 374.8 -8.6 559.0 374.4 Essentra ...... 428.8 1.2 449.0 357.4 Clinigen Group ...... 983.5 -4.0 1069.0 737.5 Tsy 4.250 46 ...... 171.83 1.32 181.0 1.0 Ocado Gp ...... 1335.0 7.5 1435.0 873.8 NMC Health ...... 1487.0 -13.0 3000.0 1256.5 Wood Gp(J) ...... 391.3 -12.7 598.6 319.6 3i Infrastructure ...... 303.5 0.0 306.5 264.1 4imprint ...... 3400.0 20.0 3500.0 1917.5 Experian ...... 2611.0 -32.0 2650.0 1884.0 CVS Group ...... 1141.0 -7.0 1172.0 395.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 212.4 -3.6 293.9 177.1 Smith & Neph...... 1900.5 11.0 1990.0 1405.5 PERSONAL GOODS Aberforth Smlr Cos ..1500.0 -8.0 1546.0 1114.0 Ascential ...... 408.0 0.4 421.2 319.0 Ferguson ...... 7104.0 -26.0 7216.0 4800.0 Dart Group ...... 1802.0 28.0 1820.0 709.5 SSP Group ...... 682.0 18.0 721.0 608.0 UDG Hlthcare ...... 816.5 -5.5 832.5 551.0 BAE Systems ...... 645.0 -2.6 647.6 443.9 Alliance Trust ...... 864.0 -8.0 872.0 708.0 Auto Trader Gp ...... 591.6 8.0 607.6 448.4 Burberry Gp...... 2263.0 -14.0 2345.0 1695.0 G4S ...... 208.0 -2.9 234.3 168.3 Tesco ...... 244.6 -1.6 258.9 212.6 HOUSEHOLD GOODS Diversified Gas & Oil ....102.0 -1.0 116.5 97.0 Meggitt ...... 692.0 -5.0 697.4 489.9 AVI Global Trust...... 796.0 -6.0 802.0 696.0 Euromny Inst Inv...... 1312.0 0.0 1498.0 1152.0 PZ Cussons ...... 202.5 1.5 227.0 178.6 Hays ...... 165.3 -0.3 183.5 138.0 FOOD PRODUCERS Draper Esprit ...... 522.0 -2.0 548.0 410.0 QinetiQ ...... 368.0 -2.0 370.0 267.0 Baillie Gifford Japan ....837.0 -5.0 848.0 711.0 Barratt Devel ...... 806.8 -9.6 816.4 534.4 Future ...... 1488.0 42.0 1572.0 514.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1324.0 -16.0 1340.0 930.0 EMIS Group ...... 1180.0 -6.0 1242.0 890.0 Rolls-Royce ...... 664.0 -0.4 988.4 664.0 Bankers InvTst ...... 1022.0 -10.0 1032.0 803.0 Assoc British Foods...2664.0 36.0 2672.0 2106.0 Bellway ...... 4072.0 17.0 4072.0 2698.0 Informa ...... 827.0 -30.4 892.0 675.2 AstraZeneca ...... 7824.0 -13.0 7878.0 5325.0 Intertek Gp ...... 5932.0 -4.0 5962.0 4643.0 Fevertree Drinks ...... 1492.5 39.5 2475.0 1453.0 Senior ...... 164.8 -5.2 239.2 164.8 BlackRock Smaller .....1722.0 -2.0 1726.0 1280.0 Bakkavor ...... 138.4 -1.0 170.0 93.3 Berkeley Grp Hldgs ...5186.0 44.0 5214.0 3437.0 ITV ...... 144.3 -1.6 156.5 103.6 Dechra Pharma ...... 2910.0 20.0 3068.0 2290.0 IWG...... 454.3 -5.1 469.0 220.2 Ultra Electronics ...... 2290.0 22.0 2292.0 1232.0 BMO Global Smaller .....145.5 -2.4 150.0 127.0 Cranswick ...... 3484.0 -90.0 3714.0 2472.0 Countryside Prop ...... 498.8 -3.7 502.5 277.6 Moneysupermkt.com ...330.1 1.7 417.7 294.1 Genus ...... 3110.0 18.0 3246.0 2158.0 Network Int...... 571.0 -8.0 645.0 513.0 First Derivatives ...... 2640.0 -80.0 3555.0 2050.0 Caledonia Inv ...... 3110.0 -15.0 3180.0 2910.0 Greencore Gp ...... 243.3 -1.7 281.8 185.1 AUTOMOBILES & PARTS Crest Nicholson ...... 441.0 -3.0 445.0 332.0 Pearson ...... 576.0 -12.6 943.8 563.4 GlaxoSmithKline ...... 1838.0 0.0 1846.0 1436.0 Pagegroup ...... 476.0 -0.4 539.0 367.8 Frontier Devs ...... 1350.0 6.0 1350.0 844.0 City of London IT ...... 441.0 -3.0 448.5 381.5 Hilton Food Gp ...... 1034.0 4.0 1118.0 894.0 McCarthy & Stone...... 146.1 -0.9 158.8 123.5 RELX ...... 1996.5 1.5 2011.0 1606.0 Aston Martin...... 435.6 -7.0 1374.4 399.3 Hikma Pharma ...... 1970.0 16.0 2200.0 1510.5 Paypoint...... 1044.0 -26.0 1118.0 825.0 Gamma Comms ...... 1380.0 20.0 1390.0 782.0 Edin Inv Trust ...... 627.0 -2.0 652.0 535.0 Tate & Lyle ...... 800.0 -1.4 801.4 663.8 Persimmon ...... 2977.0 29.0 2977.0 1836.0 Rightmove Group ...... 667.2 4.2 667.2 465.9 REAL ESTATE Rentokil Initial ...... 470.6 -0.9 475.5 329.0 GB Group ...... 720.0 20.0 800.0 420.0 TI Fluid Systems ...... 238.0 -4.5 273.0 155.2 European Opp ...... 873.0 0.0 875.0 675.0 Unilever ...... 4413.0 12.5 5324.0 3941.0 Sanne Group ...... 613.0 0.0 752.0 450.0 BANKS F&C Investment ...... 778.0 -5.0 783.0 655.0 FORESTRY & PAPER MAIN CHANGES UK 350 Assura ...... 76.0 -1.3 79.3 55.1 Gooch & Housego ...... 1425.0 -15.0 1527.5 954.0 Big Yellow Gp ...... 1164.0 -1.0 1200.0 933.0 Serco ...... 166.4 1.8 166.4 110.1 Barclays ...... 174.4 -0.6 192.5 136.2 Fidelity China SPE ...... 244.0 -9.0 253.0 193.4 Hurricane Energy ...... 27.0 1.3 53.6 25.6 Mondi ...... 1608.5 -14.0 1898.0 1510.5 BMO Comm Prop ...... 112.8 -0.2 130.4 106.0 SIG ...... 95.0 -2.6 153.0 93.2 BGEO Group ...... 1555.0 -1.0 1755.0 1252.0 Fidelity Euro Values .....265.5 -3.0 268.5 214.0 Risers à % Fallers Ä % Impax Asset Mgmt ..... 385.0 -15.0 405.0 184.8 GENERAL FINANCIAL British Land ...... 578.8 -2.6 638.8 468.3 Travis Perkins...... 1639.5 -10.5 1692.5 1166.0 HSBC Hldgs...... 585.6 -6.8 680.6 552.3 Fidelity Spec Val ...... 275.5 -3.0 280.5 240.5 Dixons Carphone ...... 152.45 7.0 Evraz ...... 402.00 -5.7 Iomart Group ...... 382.0 -2.0 400.0 316.5 Finsbury G&I Tst ...... 885.0 -2.0 958.0 757.0 3i Group ...... 1121.5 -2.5 1184.5 810.8 Quilter ...... 165.50 6.3 Finablr ...... 131.40 -3.7 Captl & Count Prop ...... 257.5 -5.8 270.5 184.8 TECHNOLOGY HARDWARE & EQUIPMENT Lloyds Banking ...... 58.5 0.6 67.2 48.6 IQE...... 49.0 -1.5 98.0 41.8 GCP Infra Inv ...... 132.4 0.2 133.4 122.6 Ashmore Gp ...... 553.5 -3.0 563.5 387.6 easyJet ...... 1517.00 4.6 Fidelity China SPE...... 244.00 -3.6 CLS Hldgs ...... 282.5 -2.5 312.5 212.0 Royal Bank of Scot ...... 224.7 2.0 270.4 177.7 Spirent Comms ...... 233.0 1.0 251.5 139.0 James Halstead ...... 551.0 5.0 562.0 440.0 Genesis Emerging ...... 808.0 -10.0 818.0 664.0 Brewin Dolphin ...... 363.0 1.8 375.2 287.6 Avast...... 538.50 3.0 Informa ...... 827.00 -3.5 Daejan Hldgs ...... 5290.0 40.0 6160.0 4715.0 Standard Chartered .....691.0 -8.4 738.6 575.7 Future ...... 1488.00 2.9 Intercontl Htls ...... 4965.00 -3.5 TOBACCO Greencoat UK ...... 147.2 -0.4 152.8 128.8 Close Brothers ...... 1567.0 -10.0 1663.0 1227.0 Derwent London ...... 4134.0 -36.0 4186.0 2884.0 Johnson Service Gp ....204.0 -0.5 211.5 128.0 TBC Bank Group...... 1256.0 -10.0 1706.0 1150.0 SSP Group ...... 682.00 2.7 Wood Gp(J)...... 391.30 -3.1 Harbourvest Glb ...... 1834.0 -4.0 1838.0 1406.0 Coats Group ...... 78.8 -0.3 91.3 68.1 Grainger ...... 298.2 -1.8 315.6 217.4 Br Am Tob ...... 3413.0 -8.5 3507.0 2375.0 Keywords Studios .....1502.0 -58.0 1838.0 900.0 Pets at Home Gp ...... 286.80 2.4 Kaz Minerals...... 537.40 -3.1 Virgin Money UK ...... 171.7 -0.1 220.1 104.4 Finablr ...... 131.4 -5.1 215.0 126.0 Grt Portland Est ...... 937.6 3.8 937.6 649.4 Herald Inv Trust ...... 1490.0 -12.0 1514.0 1175.0 Kainos Gp ...... 854.00 2.2 Senior ...... 164.80 -3.1 Imperial Brands ...... 1985.0 -53.5 2713.5 1668.2 Learning Tech Gp ...... 157.0 19.4 157.0 62.2 BEVERAGES Hargreaves Lans...... 1796.0 19.0 2433.0 1633.0 Hammerson ...... 252.5 -2.7 388.4 203.9 HICL Infr ...... 176.0 -2.0 180.0 156.6 Legal & General ...... 307.60 1.8 NewRiver Retail...... 187.60 -3.0 TRAVEL & LEISURE M&C Saatchi ...... 119.5 -0.5 394.0 79.0 Land Securities...... 966.0 -5.4 1001.5 735.4 Barr (AG) ...... 545.0 -6.0 975.0 526.0 JPM American ...... 503.0 -3.0 506.0 411.0 IG Gp...... 690.4 4.8 708.0 474.8 Synthomer ...... 329.00 1.7 Intl Cons Airl ...... 637.80 -3.0 Carnival ...... 3635.0 -10.0 4430.0 3056.0 M.P. Evans ...... 698.0 8.0 750.0 612.0 Britvic ...... 896.5 -3.5 1068.0 850.0 JPM Emerg Mkt ...... 1072.0 -16.0 1088.0 861.0 Integrafin Holdings ..... 462.5 7.5 462.5 334.1 LondonMetric Prop ..... 229.0 -3.2 241.2 179.6 Cineworld Group ...... 193.2 1.9 321.0 190.5 Majestic Wine ...... 219.5 -0.5 318.0 213.0 Coca-Cola HBC AG .....2779.0 0.0 3074.0 2299.0 JPM Indian IT ...... 748.0 -9.0 790.0 633.0 Intermediate Capital 1706.0 11.0 1706.0 971.5 Reckitt Benckiser ...... 6113.0 -20.0 6688.0 5593.0 WPP ...... 1017.5 0.0 1077.5 800.4 NewRiver Retail ...... 187.6 -5.8 246.0 147.6 Primary Hlth Prop ...... 157.8 -1.6 160.2 112.0 Compass Gp ...... 1936.5 1.5 2138.0 1583.0 Diageo ...... 3252.0 -20.5 3625.5 2701.0 JPM Japan IT ...... 466.0 -6.0 477.5 368.0 Intl Public Prtnshps .....168.8 -1.2 171.2 146.8 Redrow...... 787.0 -5.0 792.0 533.0 MINING Midwich Group ...... 535.0 12.0 633.0 474.5 Investec ...... 436.2 -1.1 518.6 395.3 Taylor Wimpey ...... 214.3 -0.1 214.4 142.9 Safestore Hldgs ...... 769.0 -8.5 817.5 547.0 Dominos Pizza ...... 297.0 -3.2 326.4 221.2 CHEMICALS Jupiter Fund Mngt ...... 383.1 -3.1 432.0 314.0 Anglo American ...... 2200.0 -40.5 2266.0 1666.6 Mortgage Advice B ...... 710.0 2.0 795.0 546.0 IP Group ...... 67.4 0.7 112.4 55.7 Savills ...... 1228.0 6.0 1232.0 792.5 Law Debenture ...... 644.0 -2.0 654.0 552.0 Vistry Group ...... 1367.0 11.0 1399.0 975.0 easyJet ...... 1517.0 67.0 1517.0 854.8 Next Fifteen Comm .....548.0 4.0 658.0 465.0 Croda International ..5100.0 -5.0 5375.0 4564.0 Antofagasta ...... 950.0 -26.2 1022.5 779.6 Mercantile IT ...... 261.5 -2.5 267.5 188.0 John Laing Gp ...... 388.2 -3.8 402.0 349.8 INDUSTRIAL ENGINEERING SEGRO ...... 893.8 -0.8 903.8 634.0 EI Group ...... 284.0 0.0 285.0 194.0 Elementis...... 135.0 -2.2 197.9 129.8 BHP Group ...... 1816.2 -25.0 2049.0 1563.0 Nichols...... 1382.5 -37.5 1880.0 1380.0 Monks Inv Tst ...... 992.0 -3.0 997.0 768.0 London Stock Exch ....7708.0 84.0 7766.0 4413.0 Shaftesbury ...... 917.5 -7.0 979.5 739.5 FirstGroup ...... 126.9 -0.1 137.5 89.0 Johnson Matt...... 2822.0 22.0 3454.0 2770.0 Bodycote ...... 914.5 -12.5 971.0 652.0 Centamin ...... 128.6 -0.1 152.3 79.8 Numis Corporation ...... 285.5 2.0 306.0 212.0 Murray Intl Tst ...... 1248.0 -14.0 1286.0 1114.0 Man Group ...... 153.9 -1.4 175.2 130.5 St Modwen Props ...... 492.5 -6.5 510.0 373.0 Flutter Ent...... 9000.0 24.0 9456.0 5525.0 Synthomer ...... 329.0 5.6 420.8 279.0 Onesavings ...... 410.2 -0.2 452.0 313.6 Hill & Smith ...... 1430.0 -16.0 1510.0 1049.0 Fresnillo ...... 636.2 -12.8 1027.5 539.6 TR Property IT ...... 482.5 -2.0 491.5 377.0 Next Energy Solar ...... 124.5 0.5 126.5 114.0 Go-Ahead Gp ...... 2080.0 -36.0 2278.0 1783.0 Polar Capital Hdgs ...... 574.0 -2.0 604.0 450.0 Victrex ...... 2466.0 10.0 2540.0 1845.0 Paragon...... 494.0 5.8 553.5 388.0 IMI ...... 1161.0 -23.5 1206.0 906.0 Glencore ...... 238.0 -3.8 340.3 216.9 Tritax Big Box ...... 140.8 -0.1 159.7 135.3 Pantheon Intl Partn ..2485.0 -20.0 2620.0 2020.0 GVC Hldgs ...... 897.4 -14.0 939.0 507.5 Purplebricks Gp ...... 114.4 -8.2 132.0 96.0 CONSTRUCTION & MATERIALS Plus500 ...... 921.6 2.6 1647.0 495.0 Melrose Ind ...... 241.7 3.8 242.3 156.8 Hochschild Mining ...... 170.9 -2.1 227.0 152.0 UK Commercial Prop ...... 87.4 -0.1 92.7 79.9 Perpetual Inc & Grth ...329.0 -2.5 342.0 284.5 Intercontl Htls ...... 4965.0 -181.0 5738.0 4257.5 Redde...... 105.6 -2.2 127.6 100.6 Provident Fin ...... 462.3 -0.6 610.0 356.0 RHI Magnesita ...... 3616.0 -86.0 5000.0 3420.0 Kaz Minerals ...... 537.4 -17.4 738.4 380.3 Unite Group ...... 1280.0 6.0 1280.0 873.5 Balfour Beatty ...... 259.8 -2.2 295.0 194.2 Pershing Square ...... 1562.0 -16.0 1578.0 1134.0 Intl Cons Airl...... 637.8 -19.4 671.0 413.5 Renew Holdings...... 538.0 6.0 568.0 360.0 Quilter ...... 165.5 9.8 167.6 120.8 Rotork ...... 324.6 -2.6 341.2 267.6 Polymet Int...... 1253.5 -7.0 1272.0 772.6 Workspace Gp ...... 1171.0 -4.0 1198.0 806.0 CRH ...... 2945.0 -24.0 3100.0 2170.0 Personal Assets Tst ....43250 -50 43300 39000 Marstons ...... 119.0 -1.2 131.4 93.3 Rathbone Brothers .....1974.0 -31.0 2540.0 1974.0 Spirax-Sarco...... 9175.0 20.0 9400.0 6240.0 Rio Tinto ...... 4608.5 -68.5 4976.5 3761.5 SOFTWARE & COMPUTER SERVICES RWS Holdings ...... 615.0 -1.0 670.0 455.5 Galliford Try...... 136.4 -3.1 177.2 102.4 Polar Cap Tech Tst .....1662.0 -18.0 1682.0 1154.0 Schroders ...... 3252.0 6.0 3419.0 2541.0 Mitchells & Butlers .....402.0 -5.5 470.5 238.0 Scapa Group ...... 293.0 11.0 403.0 157.0 Renewables Infra Gp ...135.2 -0.8 139.2 115.4 Weir Gp ...... 1413.5 -36.5 1814.0 1261.5 MOBILE TELECOMMUNICATIONS Avast...... 538.5 15.5 538.5 276.0 Grafton Group...... 896.0 -0.5 937.0 645.5 TP ICAP ...... 400.7 -2.3 417.5 270.0 National Express ...... 471.0 -3.4 476.0 379.8 RIT Cap Partners ...... 2080.0 -5.0 2180.0 1946.0 INDUSTRIAL METALS Aveva Gp...... 5030.0 -5.0 5055.0 2712.0 Secure Income REIT ...461.0 -1.0 462.0 384.0 Ibstock ...... 289.2 -2.2 322.0 208.6 Vodafone Gp ...... 154.9 -0.1 165.2 123.3 PPHE Hotel Gp ...... 1980.0 -10.0 1990.0 1630.0 Schroder Asia ...... 476.0 -9.5 485.5 412.0 GENERAL RETAILERS Computacenter...... 1734.0 -19.0 1829.0 1034.0 Serica Energy...... 133.0 -2.0 143.4 103.6 Marshalls ...... 784.5 -9.0 876.0 496.0 Evraz ...... 402.0 -24.2 709.4 341.4 NONLIFE INSURANCE Rank Gp ...... 278.5 -1.5 281.5 144.0 Scottish Inv Tst ...... 815.0 -3.0 843.0 769.0 FDM Group...... 1010.0 6.0 1100.0 647.0 Polypipe Group ...... 530.5 -0.5 546.5 372.8 B&M ...... 374.7 -1.0 420.9 315.0 Ferrexpo ...... 156.3 0.1 301.3 123.0 Smart Metering Sys.....541.0 -9.0 665.0 310.0 Scottish Mortgage ...... 597.0 -0.5 601.5 465.7 Dixons Carphone ...... 152.4 10.0 152.4 104.9 Admiral Gp ...... 2295.0 -15.0 2330.0 2014.0 Kainos Gp ...... 854.0 18.0 854.0 430.0 Restaurant Grp ...... 136.3 -0.7 166.4 111.9 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 117.0 -0.6 118.6 110.0 Dunelm Gp...... 1117.0 -12.0 1173.0 704.5 Beazley ...... 535.0 2.0 628.0 492.6 Micro Focus Intl ...... 1105.2 -13.8 2160.0 1004.0 Stagecoach Gp...... 150.9 -1.2 167.0 115.5 Thorpe (F.W.) ...... 342.0 1.0 359.0 251.0 Smith (DS) ...... 358.0 0.3 394.8 307.9 Smithson Inv ...... 1338.0 -8.0 1346.0 1030.4 Frasers Group ...... 514.0 3.0 518.0 214.0 Clarkson ...... 2990.0 -55.0 3075.0 2200.0 Direct Line Ins ...... 332.2 0.4 366.5 270.5 Playtech ...... 376.5 -0.6 457.7 360.5 Wetherspoon (JD) ..... 1595.0 -16.0 1734.0 1187.0 Smiths Gp...... 1734.5 -16.5 1751.0 1378.0 Syncona ...... 220.0 0.0 294.0 203.0 Howden Joinery Gp.....690.0 -8.0 698.0 478.8 Fisher (James) ...... 2000.0 0.0 2260.0 1790.0 Hastings Gp Hldgs ...... 180.0 -0.9 231.6 167.9 Sage Group ...... 734.0 7.0 820.4 624.2 Whitbread ...... 4429.0 -75.0 5152.0 3988.0 Watkin Jones ...... 253.0 0.5 255.0 199.6 Smurfit Kappa Gp...... 2720.0 -16.0 2966.0 2096.0 Temple Bar IT ...... 1396.0 -28.0 1486.0 1162.0 Inchcape...... 700.0 0.0 720.0 545.5 Royal Mail ...... 207.0 -2.9 304.3 188.4 Hiscox ...... 1340.0 -13.0 1777.0 1213.0 Softcat ...... 1257.0 18.0 1257.0 691.0 William Hill ...... 178.2 -1.1 205.2 132.3 Young’s Brew NV ...... 1275.0 0.0 1310.0 1030.0 Vesuvius...... 456.6 -13.2 642.0 341.0 Templeton Em Mkts .....857.0 -19.0 876.0 716.0 JD Sports Fashion ...... 854.6 -10.6 874.0 442.4 Signature Avi ...... 324.9 0.0 406.0 285.2 RSA Ins Gp ...... 549.6 -5.2 597.0 501.6 Sophos ...... 565.6 -2.2 577.0 298.2 Wizz Air Holdings ...... 4225.0 -2.0 4329.0 2880.0 Young’s Brew-A...... 1630.0 0.0 1885.0 1480.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 311.50 1.25 316.05 197.00 3M ...... 179.39 -1.96 219.50 150.74 AIR LIQUIDE ...... 129.70 0.85 130.80 104.40 ABBOTT LABORATORIES ...... 89.73 0.73 89.00 69.05 ALLIANZ AG ...... 220.55 -1.15 223.80 182.72 ADOBE INC ...... 350.00 0.26 349.74 238.27 AMADEUS IT GROUP ...... 77.72 -0.36 78.60 42.30 ALPHABET NON VTG-C ...... 1484.40 4.01 1480.39 1036.23 ALPHABET-A ...... 1482.25 2.73 1479.52 1116.79 ANHEUSER BUSCH INBEV ...... 71.22 -0.20 92.71 64.00 AMAZON.COM ...... 1892.00 27.28 2020.99 1588.22 ASML HOLDING NV ...... 271.25 0.65 272.40 142.62 AMERICAN EXPRESS ...... 130.53 -0.99 131.52 99.71 AXA ...... 24.55 0.07 25.47 20.11 APPLE INC ...... 316.57 -2.16 318.73 152.70 BANCO SANTANDER ...... 307.50 1.20 402.00 295.05 AT&T ...... 38.52 0.14 39.63 29.37 BASF...... 64.70 -0.21 74.49 56.20 BANK OF AMERICA ...... 34.26 -0.45 35.64 26.25 BAYER AG...... 75.75 0.25 75.50 52.53 BERKSHIRE HATHAWAY...... 228.63 -1.57 230.20 195.81 BMW ...... 71.41 -0.23 77.75 58.70 BOEING CO ...... 313.37 -10.78 432.69 320.42 BNP PARIBAS ...... 50.21 -0.28 53.58 39.32 CATERPILLAR INC ...... 145.85 -1.93 150.53 113.38 CRH ...... 2945.00 -24.00 3100.00 2170.00 CHEVRON ...... 113.31 -2.27 126.54 111.39 CISCO SYSTEMS ...... 48.80 -0.22 58.05 43.52 DAIMLER ...... 46.40 -0.17 59.31 40.53 CITIGROUP ...... 79.90 -1.22 81.91 60.33 DANONE ...... 73.30 0.08 82.00 61.96 COCA-COLA CO ...... 57.17 0.23 56.94 44.69 DEUTSCHE POST AG ...... 33.91 -0.35 34.91 25.26 COMCAST ...... 47.30 -0.20 47.50 35.37 DEUTSCHE TELEKOM ...... 14.83 0.07 16.25 14.10 DOW ...... 52.60 -0.74 66.65 40.71 ENEL ...... 7.61 -0.02 7.72 5.10 EBAY INC ...... 35.72 -0.10 41.57 32.61 ENGIE...... 15.29 -0.01 15.30 12.45 EXXON MOBIL ...... 67.58 -0.98 83.38 66.70 ENI ...... 13.71 -0.17 15.94 13.04 FACEBOOK ...... 221.44 -0.70 222.14 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 245.70 -3.76 249.72 182.49 FRESENIUS MEDICAL CARE ...... 69.72 0.86 76.32 57.92 HOME DEPOT INC ...... 232.95 1.04 238.85 176.89 HONEYWELL INTERNATIONAL ...... 180.93 -2.30 183.23 140.48 IBERDROLA ...... 9.43 -0.02 9.54 6.02 IBM ...... 139.17 0.86 151.36 126.99 INDITEX ...... 31.28 0.10 32.37 2.55 INTEL ...... 60.55 0.95 60.84 43.46 ING GROEP NV...... 10.43 -0.08 12.05 8.34 JOHNSON & JOHNSON ...... 149.27 0.10 149.17 126.95 INTESA SANPAOLO...... 2.30 -0.01 2.41 1.83 JPMORGAN CHASE & CO ...... 136.84 -1.36 141.09 98.93 KERING ...... 586.60 -12.40 610.20 412.70 MASTERCARD INC ...... 321.93 -1.73 323.66 198.35 KON KPN NV ...... 2.77 -0.01 2.96 2.48 MCDONALD’S ...... 211.16 -0.82 221.15 173.97 L’OREAL ...... 270.70 -3.60 275.30 199.50 MEDTRONIC ...... 120.32 1.29 119.03 84.15 LVMH MOET HENNESSY ...... 424.95 -4.80 439.05 257.35 MERCK & CO ...... 89.97 -1.00 92.04 72.92 MUENCHENER RUECKVE ...... 270.40 -1.20 271.60 194.50 COMMODITIES TOURIST RATES MICROSOFT ...... 166.50 -0.60 167.10 102.78 NETFLIX ...... 338.11 -1.56 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1551.30 -8.00 Copper Cash Official...... 6244.50 -31.50 Canada ...... 1.619 New Zealand ...... 1.8362 NIKE INC ...... 104.58 0.05 104.53 77.14 ORANGE ...... 13.10 0.04 15.01 12.86 Silver (Pence) ...... 1805.50 -0.50 Aluminium Cash Official ...... 1806.50 +10.75 Croatia ...... 7.8769 Norway...... 11.11 ORACLE ...... 55.22 0.09 60.15 49.20 ROYAL PHILIPS ...... 44.96 -0.09 45.05 31.82 Silver (Cents) ...... 1390.00 +5.00 Nickel Cash Official ...... 13842.50 +5.00 Czech Republic ...... 27.06 Poland ...... 4.3775 PAYPAL HOLDINGS ...... 116.15 0.11 121.30 96.64 SAFRAN ...... 142.00 -0.15 149.90 109.25 Krugerrand ...... 1565.25 -10.75 Aluminium Alloy Cash Official ...... 1435.00 +35.00 Denmark ...... 8.3363 Singapore ...... 1.6367 PEPSICO ...... 141.86 0.60 141.26 118.61 SANOFI ...... 91.36 -0.54 92.72 72.24 Brent Crude ...... 65.20 +0.35 Natural Gas ...... 27.35 -0.96 Hong Kong ...... 9.5945 Sweden ...... 11.84 PFIZER INC ...... 40.34 -0.17 44.40 34.24 SAP SE ...... 126.20 0.54 125.96 88.83 Platinum ...... 1016.00 u/c Tin Cash Official ...... 17762.50 u/c Iceland ...... 142.80 Switzerland ...... 1.1995 PROCTER & GAMBLE ...... 126.09 -0.32 126.41 93.52 SCHNEIDER ELECTRIC ...... 93.60 -0.38 94.22 59.18 British Sovereign ...... 365.39 -2.46 Zinc Cash Official ...... 2460.75 +27.25 India ...... 81.64 Turkey ...... 7.3385 TRAVELERS COMPANIES ...... 140.91 0.18 154.83 123.02 SIEMENS AG ...... 117.20 0.38 119.90 85.00 Lead Cash Official ...... 1981.50 +5.00 White Sugar ...... 401.50 +2.70 Israel ...... 4.0528 United States ...... 1.242 TWITTER ...... 34.09 -0.13 45.42 28.89 SOCIETE GENERALE...... 30.43 -0.16 31.79 21.13 UNITED HEALTH GROUP ...... 300.53 2.06 300.74 215.26 UNITED TECHNOLOGIES ...... 154.47 0.07 154.40 115.08 TELEFONICA SA ...... 6.33 0.01 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 60.32 0.19 62.07 53.28 TOTAL ...... 48.12 -0.46 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 207.29 2.59 204.70 168.86 UNILEVER NV ...... 51.16 0.12 57.56 46.40 FTSE 100...... 7610.70 -40.74 -0.53 S&P 500...... 3320.79 -8.83 -0.27 CAC 40 ...... 6045.99 -32.55 -0.54 Hang Seng ...... 27985.33 -810.58 -2.81 WALGREENS BOOTS ALLIANCE...... 53.87 -0.54 76.05 49.29 VINCI ...... 102.20 0.10 102.40 74.84 FTSE 250 ...... 21745.41 -101.63 -0.47 Dow Jones I.A ...... 29196.04 -152.06 -0.52 Swiss Market Index ...... 10884.51 +38.22 +0.35 Nikkei ...... 23864.56 -218.95 -0.91 WALMART ...... 115.59 0.63 121.28 93.86 VIVENDI ...... 25.20 0.10 26.42 21.49 FTSE All-Share ...... 4223.35 -22.22 -0.52 Nasdaq Composite ...... 9370.81 -18.14 -0.19 ISEQ Overall Index ...... 7139.85 -44.79 -0.62 STI Index ...... 3247.17 -32.92 -1.00 WALT DISNEY CO ...... 143.56 -0.77 151.64 107.79 VOLKSWAGEN AG ...... 181.30 -0.72 185.52 138.16 FTSE AIM All-Share ...... 962.10 -1.30 -0.13 Xetra DAX...... 13555.87 +6.93 +0.05 FTSEurofirst 300 ...... 1655.06 -2.66 -0.16 ASX All Ordinaries...... 7180.50 -15.80 -0.22 WELLS FARGO & CO ...... 48.94 -0.24 54.46 43.38 CITYAM.COM WEDNESDAY 22 JANUARY 2020 FEATURE 19 OFFICE POLITICS Lessons from a decade in cyber security

The government has also stepped up. What have we learned since 2010 about In 2010, the UK National Security Strat- egy rated cyber attacks as the highest malware, viruses, and fighting online crime? level of threat. The government later published the “10 steps to cyber secu- COLLEAGUE recently asked Martin rity”, giving practical advice on how or- me what I thought had Lee ganisations should manage and changed in cyber security counter digital risks. In 2016, the Na- over the last 10 years. We KEEP IT SAFE tional Cyber Security Centre was agreed that it had certainly formed to provide a single point of beenA a time of momentous change. Super Backup & contact for the government on cyber In 2012, there was the Shamoon at- Restore security matters. tacks in the Gulf region. In one stroke, Free And 2018 brought further legislative 35,000 computers were wiped and dis- changes. The Network & Information abled within a matter of hours. In the era of Systems Regulations mandated that Five years later, the “WannaCry” translates domain names into ma- rampant providers of essential services must im- virus ripped through IT infrastruc- chine-readable IP addresses. cybercrime, it’s a plement security measures to prevent ture like wildfire, encrypting hun- matter of when disruption due to cyber attacks. The dreds of thousands of computers in THE MEDIA LENS not if you’ll be EU’s General Data Protection Regula- over 150 countries. Not only was the Nobody could ignore the effects of hacked and lose tion has also promoted rights for indi- scale of the attack deeply concerning WannaCry, but during the decade the access to your viduals over their personal data, — it also took down vital services. media also helped increase awareness device — or drop backed up with the possibility of heavy Travel networks were affected, and of cyber issues. Indeed, a ransomware your phone fines for transgressions. medical appointments throughout attack became a plot device in the TV The risk of clicking the link in a malicious email down a pothole the UK were disrupted. drama Grey’s Anatomy, while entire falling for a is never going to go away. after a drunken IT’S NEVER OVER The second large-scale incident of series such as Mr Robot and CSI: Cyber phishing attack To be human is to commit human night out. It has been a hugely eventful decade 2017, NotPetya, became the most dam- were devoted to cyber security. or clicking error. Indeed, despite working in cyber Soften the blow for cyber security, and the battle aging cyber attack in history, causing the link in a security, I personally fell for my own by making a against cybercrime is advancing. Even- destruction estimated to be in excess LESSONS IN BEHAVIOUR malicious email firm’s internal phishing test. At the backup of your tually, our understanding will reach of $1bn globally. The transport indus- The patter of the con man is as old as is never going very least, I learned that you can’t be files and data the point that cyber attacks will be try was hit hard, with ships stuck at humanity, and over the past decade to go away complacent when it comes to security. using this app, things of the past. But the ingenuity of port and staff having to ferry around we’ve seen these weasel words increas- then uploading those who seek to cause harm by sub- pieces of paper to keep cargo moving. ingly transformed into online scams. FIGHTING BACK this to the cloud verting technology means that, al- And just last year, our Cisco Talos re- Awareness of scams and malicious As cybercrime has evolved over the or an external though we are progressing, there is at searchers uncovered a global attack emails has risen thanks to bodies such decade, so have our responses. The SD card. least another decade of battle ahead. we named “SeaTurtle”, which com- as GetSafeOnline.org and the Informa- chief information security officer has promised trust in the internet by un- tion Commissioner’s Office, but the emerged as the C-suite role responsible £ Martin Lee is manager of outreach for dermining the DNS system that risk of falling for a phishing attack or for protecting networks and systems. cyber security intelligence firm Cisco Talos. How Far Does £1 Million Go in Retirement?

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EMPTY POCKETS

were used in six out of 10 payments. we should look to the technologies of cians have in mind when they criti- that his company is working with Fred de Fossard Today, under a quarter of retail pay- the future to make sure that everyone cise a cashless economy. homeless charities to improve finan- ments occur in cash, and forecasters can participate in the economy. But concern for the unbanked can cial inclusion, allowing customers to explains how the predict that this will drop to fewer lead to knee-jerk policies that are set up bank accounts without a fixed than one in 10 over the next decade. INCLUSIVE ECONOMY counter-productive and damaging. address, and suggested that new cus- cashless economy Between 2007 and 2017, cash pay- As I argue in Cashing Out, a new re- In the US, for example, major cities tomers can use a friend’s house or ments by volume halved, and debit port for The Entrepreneurs Network, such as San Francisco, Philadelphia even a shelter to register. can benefit card transactions more than doubled. instead of preserving cash indefi- and New Jersey have banned card-only Meanwhile, the Citizens’ Advice Bu- Meanwhile, e-commerce and mobile- nitely, the government should en- shops, claiming that they are en- reau is campaigning to enable people consumers and commerce are booming, and on cur- courage innovation to improve trenching social and economic exclu- to set up bank accounts with PO boxes rent trends, over 40 per cent of retail financial inclusion by expanding ac- sion. Some UK politicians, such as the in place of a fixed address. businesses alike spending will be online within the cess to digital finance. secretary of state for the Department And thanks to the UK government’s next eight years. In 2015, the Financial Inclusion for Digital, Culture, Media and Sport, interest in Open Banking, which dis- N THE market stalls, pop-up shops, However, the future-facing march Commission recommended that the Baroness Nicky Morgan, have now rupts traditional models of finance, and beer taprooms of our great away from cash is not without its crit- government ensures all adults in the called for a ban here too. firms like Pockit are helping low earn- city, card payment is increasingly ics. According to the Access to Cash UK have access to a bank account by However, such a ban would be anti- ers and people without bank accounts Icommon. And it’s not just a Lon- Review, published in March 2019 and 2020. As recent research from Policy business, anti-consumer, and anti-inno- gain access to electronic finance. don trend — while card-only shops supported by Link (the UK’s largest op- Exchange has argued, access to a fully- vation. There are better ways of helping Whether by making it easier to put are primarily cropping up in the cap- erator of ATMs) Britain is “sleepwalk- functional bank account is an essen- the unbanked than by subsidising cash money on prepaid cards, or helping ital, they have appeared up and down ing into a cashless society” — and tial precondition for all people to take machines and mandating what pay- people build a credit score by recog- the country too. towards the economic isolation of part in modern British society. ment methods shops must accept. nising rent and utility payments, This is a phenomenon dominated by millions of vulnerable people. Sadly, we are still far from achieving Open Banking provides a lifeline to small businesses, and it’s happening The Review’s author, Natalie Ceeney, that goal. Today, around 1.5m people OPEN BANKING, OPEN MINDS many people who have been shut out across the world. The growth of the states that over eight million adults living in Britain are unbanked, and it The rapid adoption of instantaneous of the modern economy. cashless economy in the UK has been would be at serious risk if the UK be- is primarily their interests that politi- card payments by small and medium- Cash is falling out of favour for many mirrored in the US and Europe. In comes a cashless economy, and sized enterprises is a product of the reasons, and not because of the rise of Sweden, for example, only 13 per cent claims that 17 per cent of UK adults high levels of financial innovation in card-only coffee shops and craft beer of transactions are done with cash, would be unable to pay for milk. the UK. Thanks to policies like the Fi- bars. Banning card-only shops will not and today there are more daily pay- This is obviously a situation we all nancial Conduct Authority’s sandbox alter this trend, nor will it help those ments by the app Swish than there want to avoid. But is it really a risk? — which allows finance companies to unable to make electronic payments. are ATM withdrawals. In fact, the Access to Cash Review it- develop new applications with many As the overwhelming majority of These businesses are taking advan- self has an entire section on how dig- Cash is falling out regulatory exemptions — the UK has people in the UK drop cash in favour tage of modern payment technolo- ital technology can help improve enjoyed a fintech boom. of electronic payments, policymakers gies to better serve their customers — financial inclusion. It implies that we of favour for many Though the early adopters of new and politicians should focus on help- and their bottom line. Ditching cash are on the eve of being able to make reasons, and not technology might be those with dis- ing the most vulnerable fully take is helping independent shops keep purchases with bionic implants or fa- posal income, fintech has the poten- part in the modern economy, instead their head above water in challenging cial recognition technology. because of the rise tial to help people throughout society, of holding back the innovators who retail conditions. A future where commuters can buy in particular those failed by main- have helped to build it. their train tickets with implants but of card-only coffee stream financial institutions. NOSTALGIA TRIP pensioners are unable use debit cards shops and craft When Monzo’s founder Tom Blom- £ Fred de Fossard is campaigns manager Clearly, cash is in terminal decline. A seems unlikely. Rather than clinging field appeared before the Treasury Se- at Public First, where he specialises in tech decade ago, physical coins and notes to the payment methods of the past, beer bars lect Committee in 2019, he revealed and innovation policy. 22 LIFE&STYLE WEDNESDAY 22 JANUARY 2020 CITYAM.COM FOOD&DRINK

an Irn Bru sour cocktail. Dinner on BEST PLACES Burns night at Mac & Wild Devon- shire Square costs £74 per person, in- TO BURN OUT cluding a five course meal, a dram of whisky and a welcome cocktail. Go BOISDALE to macandwild.com. CANARY WHARF 12:51 London’s pre- For a less osten- mier slice of tatious celebra- Scotland Bois- tion, head to dale is, of course, top chef offering a night of James Burns themed Cochran’s shenanigans, aimed at “homesick 12:51 restau- Scots and curious Sassenachs who rant in Isling- can't get north of the border”. The ton, where you evening will include a piper blaring can enjoy a five- out the introduction to the haggis, course tasting menu, drawing on as well as the classic recital of Burns’ James’ own Scottish roots. Entertain- famous poem. Patrons can then ment includes a reading by South enjoy an evening of live music until London literary sensation Candice the wee hours – just as Burns would Carty-Williams, who will regale the have wanted. Tickets start at £25 for meal with her very own version of the show only, £69.50 Burns’ Address to a Haggis. Dishes for music and din- will include treacle cured salmon; ner and £99 for smoked cod’s roe and apple; radish, the VIP experi- mustard, cress on rye; Cullen skink; ence. Go to bois- venison tartar; and cranachan. Tick- dale.co.uk to ets cost £100 per person and include book. two free drinks. 1251.co.uk/events. SKYLIGHT AT CORRIGANS MAYFAIR TOBACCO DOCK See out Burns night in style One of the less traditional ways to at Richard Corrigan’s celebrate Burns night is to ice skate eponymous Park on a rooftop in Tobacco Dock. The Lane restaurant. Skylight Rooftop has been taken over Corrigan will de- by Monkey Shoulder scotch whisky, ploy his trusty which will be serving up Burns- doorman Paddy to themed cocktails to warm up chilly pipe in the haggis skaters. Entertainment will include and recite the Ad- Scottish pipers, a highland dance BURNS dress, while the man performance, poetry readings and himself rustles up a five “tasting opportunities” course menu including baked throughout the Orkney scallops with seaweed butter; night. Tickets Aberdeen Angus beef wellington start from £10 served with haggis, neeps and tat- (including a ties; and citrus poached rhubarb welcome cock- with potted cream, clementine and tail) and go up pumpkin crunch. Prices are £75 per to £300 for your NIGHT person for five courses plus £35 for a very own igloo, whisky flight (or a wine alternative). which houses 10. corrigansmayfair.co.uk Visit skylight.design- mynight.com. WHO IS BURNS AND SO EXACTLY WHAT served in a stomach. Over the such as A Man's a Man For a' HIDE BELOW WHY SHOULD I CARE? IS BURNS NIGHT? years it has become tradition That meant he was revered For a particularly boozy celebration, MAC & WILD Robert Burns – known to his It’s Rabbie’s birthday, of for the haggis to be played as a poet of the people in the you could head down to DEVONSHIRE SQUARE mates as Rabbie – is known course – he’d be 225 years old into the dining room by Soviet era, and his work is still the award-winning Another of London’s bastions of Scot- as the National Bard of this Saturday. The poet had pipers, and for the host to on the school curriculum to subterranean bar tishness Mac & Wild is hosting a Scotland. He was was born in written of his desire to be recite the famous verse. this day. His face was also on tucked beneath range of tributes to the Bard, includ- 1759 in Alloway and his remembered after his death a Russian postage stamp in Hide restau- ing whisky-tasting masterclasses, a poetry celebrated and and he certainly got his wish. IS HE REALLY the 1950s – before he had rant, where you “bottomless whisky brunch”, and recorded Scottish life and His night centres around THAT BIG A DEAL? even been given the honour can indulge in a the traditional Burns supper. The culture, from farming to perhaps his most famous Mate, he’s renowned across in his home country. guided whisky special menu is available all week dining. As well as being poem, Address to a Haggis, a the world. He’s even big in tasting. Michelin- and includes Haig Club haggis, celebrated for his lyricism, he long (and difficult to read, Russia, which is the second ANYTHING ELSE? starred chef Ollie neeps and tattie tacos; crispy tattie is one of the last poets to especially for Englishmen) biggest consumer of all He was 37 when he died but Dabbous will then bits, Sriracha hot sauce and Haig write in the traditional Scots love-letter to the traditional things Burns after his native by that time he’d fathered 12 serve up a menu inspired by Scottish Club whisky sour cream; dirty haggis dialect. Scots dish of sheep offal Scotland. Egalitarian verses children by four women. dishes including, of course, haggis. Go chips topped with chilli cheese; and to hide.co.uk. How to rustle up a killer Cullen skink for your Burns supper

hose of you who are partic- you, and you’re guaranteed to have METHOD ularly adventurous might MARK HIX an absolute blast. Go to hixrestau- £ Melt the butter in a pan and gently cook consider hosting their very Chef and rants.co.uk to book. the leek for a few minutes with the lid on, own Burns supper. And until soft. Add the fish stock, potato, bay leaf T restaurateur CULLEN SKINK SERVES 4-6 while it may seem a little and smoked haddock. Bring to the boil and daunting at first, it’s actually simmer for 15 minutes. pretty painless (apart from wrap- INGREDIENTS £ Carefully remove the haddock from the ping your tongue around the Ad- £ A good knob of butter pan with a slotted spoon and put to one side. dress to A Haggis – that’s best left £ 1 leek, roughly chopped and washed £ Simmer the soup for another 15 minutes. to the professionals). Here’s a good £ 1 litre fish stock Remove the bay leaf and blend in a liquidiser starter that’s a guaranteed hit: cranachan for pudding. Of £ 1 small, floury potato weighing about until smooth. Strain through a fine-meshed Cullen skink. It originally hails course, the really smart ones 200g, peeled and 1 roughly chopped bay leaf sieve into a clean pan. from Cullen on the southern shore among you will just pop down to £ 200g natural-smoked haddock fillet £ Meanwhile, remove the flesh from the skin of the Moray Firth, while skink is Hix Oyster and Chop House £ 1tbsp chopped parsley of the haddock, checking for bones, then the name for a broth or soup. Fol- (Smithfield) or Hix Oyster and £ 3tbsp double cream flake it into the strained soup. low it with haggis and neeps with a Fish House (Lyme Regis), where £ Ground white pepper £ Stir in the double cream and parsley and whisky sauce and a simple I’ll be doing all the hard work for £ Sea salt to taste bring back to the boil before serving. CITYAM.COM WEDNESDAY 22 JANUARY 2020 LIFE&STYLE 23

CUT-OUT-AND-KEEP BURNS DAY KIT - JUST ADD WHISKY Address

to the Haggis #

Fair fa' your honest, sonsie face, Great chieftain o the puddin'-race! Aboon them a' ye tak your place, Painch, tripe, or thairm: Weel are ye worthy o' a grace As lang's my arm.

The groaning trencher there ye fill, Your hurdies like a distant hill, Your pin wad help to mend a mill In time o need, While thro your pores the dews distil Like amber bead.

His knife see rustic Labour dight, An cut you up wi ready slight, Trenching your gushing entrails bright, Like onie ditch; And then, O what a glorious sight, WHY NEW YEAR IS Warm-reekin, rich!

Then, horn for horn, they stretch an strive: Deil tak the hindmost, on they drive, THE MIND KILLER Till a' their weel-swall'd kytes belyve Are bent like drums; The best way to when I asked him for more information, stopping. You’ll find that if you can keep The auld Guidman, maist like to rive, he admitted he was embarrassed to go the daily targets, the monthly, quarterly keep your new year swimming with his son because of his and yearly targets will be a breeze. 'Bethankit' hums. weight. He had a holiday coming up in a resolutions is to tear few months, which gave him something DON’T CHANGE EVERYTHING concrete to aim towards. When things If you tend to overeat, it’s not realistic to Is there that owre his French ragout, them all up, says get challenging, or you get cravings for think you will suddenly be able to Or olio that wad staw a sow, Harry Thomas chocolate, having a strong goal is what achieve superhuman levels of self- Or fricassee wad mak her spew keeps you going. Picture the ideal you in control. Habits are formed over years, six month’s time and ask yourself what’s and they will take time to unpick. This is Wi perfect scunner, e’re already into the final changed – and why. where things like short-term fasting can furlong of January and I bet help. If you want to eat big portions most Looks down wi sneering, MEASURE PROGRESS scornfu view most of you are already nights, try starting the week with a 24 Wclose to packing in your This is the main reason people fail, hour fast. That way the end is in sight On sic a dinner? new year’s resolutions – es- especially at this time of year. People hit and you will have saved 2,000 or so pecially the ones that involve eating January running – often literally – but by calories from your weekly allowance. more healthily and going to the gym. the third week, they notice the scales Fasting will also help you to break those Poor devil! see him It’s become a cliche, but January reso- aren’t any lighter, or the belly isn’t any habits in the long term, allowing you to owre his trash, lutions set us up to fail – they encourage smaller. So they give up. The problem is be more mindful in your decisions when a short-termist mindset and are usually they are often looking in the wrong it comes to food. It makes your body As feckless as a poorly planned and executed. They can places. If your only goal is to lose 20kg, come to terms with short-term hunger, wither'd rash, actually be bad for your overall fitness as until you’ve lost it, you’re effectively and eventually it gets easier. His spindle shank a a setback this early in the year is enough failing each day, which will quickly A common mistake is to simply try to to put many people off altogether. become demotivating. Instead, try give up “bad food” – be that carbs or guid whip-lash, So I want you to tear up your new looking for the wins. sugar or whatever the latest fad dictates. His nieve a nit; year’s resolutions and instead think Look at the scales, sure, but also ask But that’s a terrible idea. Tackle problem about how you can take the positive how you feel after a workout. Look at areas of your diet in small pieces. Try not Thro bloody flood or mindset you had on 6 January and turn how much you can lift, or how far you drinking for three nights a week, or giv- field to dash, it into a year-long reality. The first, and can run. Look at how well you’re sleep- ing up chocolate when you’re at work. O how unfit! perhaps most important thing to do is ing. Take photographs and compare Build up a solid foundation that you can understand what you actually want. Peo- them every week. Look for the small build upon week after week. ple tend to go into the new year with wins, which, over the weeks and months, Finally, come to see a trainer like me. But mark the Rustic, haggis-fed, weight loss goals triggered by a big, start to become one big win. I recom- We can help, not only by shouting at The trembling earth resounds his tread, boozy December that’s left them feeling mend tracking at least four different you to run faster or lift more (in fact, be sluggish, achy and overweight. But is metrics to help keep your motivation up. wary of any trainer who shouts at you), Clap in his walie nieve a blade, weight really the right metric for you? Weight doesn’t even have to be one of but by being there to witness your jour- He'll make it whissle; Other popular new year resolutions in- them – who cares what you weigh if you ney. Having someone to report to is an clude toning up, building muscle, get- look great, right? Be consistent, taking amazing thing for your motivation. An legs an arms, an heads will sned, ting fit or getting stronger. measurements at the same time on the Even online personal training sessions Like taps o thrissle. I find these terms unhelpful. Ask 100 same day each week – you’ll soon see can be useful, giving you accountability people what “tone up” means, and you’ll changes. and structure to keep you focused on get 100 different answers. What you need your goals. Ye Pow'rs, wha mak mankind your care, to do is dig a little deeper and work out COMMITMENT Forget the fact it’s a new year, and a And dish them out their bill o fare, why you want these things. Why do you Everybody wants to hit their targets, but new decade. The important thing is it’s want to lose weight, how much do you not everyone is prepared to make the another week in your life, and one in

Auld Scotland wants nae skinking ware want to lose, what would it do for your necessary changes. Set yourself daily which you can start to make little # That jaups in luggies: life if you achieved it? Write down some targets: get out of bed when the alarm changes that may one day lead to great But, if ye wish her gratefu prayer, goals and ask yourself “why” for each one goes off, keep your appointment with a achievements. of them. trainer, walk up the office stairs. Then set £ To book a session with one of the trainers Gie her a Haggis One of my clients came told me he yourself a 12 week target: lifting an extra at No1 Fitness, visit no1fitness.co.uk or call wanted to tone up and lose weight, and 20kg, running for a mile without 0207 403 6660 24 PUNTER WEDNESDAY 22 JANUARY 2020 CITYAM.COM

Garlic Yeah could kick off a good day THE PUNTER for Zac Purton HONG KONG RACING TRADER Wally Pyrah previews Wednesday’s card from Happy Valley Winning tastes like Garlic at Happy Valley

ITH the official Chinese Yip-trained GARLIC YEAH in the over the track and trip in November cap (2.50pm). An 8lb penalty obviously makes life New Year celebrations opener, the Class 5 Yue Man Handi- is the best form on offer and when Having ended last season as a two- tougher, especially with the likes of getting underway in cap (10.45am) over 1m3f. Purton teams up with Yip, it’s a year-old on a high, winning his last front-running Speedy Vision and WHong Kong, racing fans Class 5 contests are for horses that recipe for success. The partnership two races in spectacular fashion, three-time winner Quadruple Dou- will be looking to make are either not very good, coming to having combined for six wins and trainer Danny Shum was hoping he ble desperate to dictate the early a fistful of dollars to pay for the week- the end of their careers or are in very two places from just 15 rides so far had a potential sprint champion in pace from the front. end festivities at Happy Valley today. bad form. this season. his stable – then the wheels fell off! Purton, however, will be quite The nine-race card is full of head The majority of the time these races There are question marks about the With expectations running high, happy to stalk the early pace just be- scratching puzzles, with luck sure to can be passed over as betting medi- majority of his rivals staying the dis- he failed dismally in his first four hind the leaders and can then show play an important part yet again. ums, but there is every reason to be- tance – 1m3f is considered a races of the season, three as a short- his class when making a bid for the The best advice could be to double lieve Garlic Yeah has everything in marathon trip in Hong Kong – al- priced favourite. winning line early in the straight. up on a couple of Zac Purton rides at his favour this morning. though keep an eye on Young Glory, His trainer continued to tweak his the inner-city track. He is now 6lbs below last season’s who won easily on his first attempt equipment, finally relying on blink- The reigning champion already winning mark, Purton has won on at the distance in October and has ers and a tongue tie, and got his re- leads his rivals at the Valley this sea- him twice and the seven-year-old Neil Callan in the saddle. wards when the son of Holy Roman POINTERS son, with a 20 per cent strike-rate and drops down into Class 5 for the first Purton can successfully double up Emperor never looked in danger of he should improve that figure by the time in three seasons, having won at the meeting when he partners last- defeat in a highly-competitive handi- Garlic Yeah 10.45am Happy Valley end of the day. twice in the grade before. start winner WINNING METHOD in the cap over course and distance on Box- Winning Method 2.50pm Happy Valley Purton climbs aboard the Dennis If that wasn’t enough, his third closing six-furlong Hoi Yuen Handi- ing Day. All aboard Whyte’s Private Rocket in penultimate handicap OUGLAS Whyte has been one of world before taking up his new role, There is every chance the South Kong, but produced an encouraging ago and his trainer was aboard him Dthe highlights of the racing sea- learning his new trade from a African maestro could add another display when defeated by just under for his final gallop on Sunday. son so far, with the former number of champion trainers, one to that already impressive record two lengths to the smart Cue The With in-form jockey Karis Teetan jockey enjoying plenty of success in including Sir Michael Stoute and is when he saddles a handful of Music in a hot handicap at the Valley booked and a low draw a bonus, the his first year as a trainer. now reaping the rewards. contenders at the Valley, including last month. That form reads well, omens are looking good in what Whyte, a 13-time champion jockey Despite having a stable full of PRIVATE ROCKET in the Hoi Yuen with the winner finishing runner-up appears to be an open betting race. in the territory, saddled his first horses, of which nearly half are Handicap (2.15pm) over six furlongs. in a highly competitive Class 2 event winner in the opening race of the average handicappers, Whyte has This former UK galloper, who ran at Sha Tin recently. POINTERS new season back in September and managed to accumulate 23 winners, under the same name when trained Private Rocket trialled well against has never looked back. putting him fourth in the champion by Clive Cox, has taken some time to Sunday’s Group One Stewards’ Cup Private Rocket 2.15pm Happy Valley The 48-year-old had travelled the trainers’ title race. acclimatise to conditions in Hong winner Waikuku at Sha Tin 12 days

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LIVELIVE FROMFROM HAPPYHAPPY VVALLEY,ALLEY, FFIRSTIRST RRACEACE ATA 110:450:45AM CITYAM.COM WEDNESDAY 22 JANUARY 2020 PUNTER 25

SHING YIP HANDICAP (DIV II) (CLASS 4) (3YO+) (COURSE A) 4 SKY FIELD (T) 11 3785-1 STARSHIP (21) (B) (D) (GF,G) 11.45 HAPPY VALLEY (TURF) 6f 3yo plus12 dec. (11) C Fownes 4-9-2 ...... C Y Ho - (3) P O’Sullivan 8-8-3 ...... T So(2) 96 Runs: 0 Wins: 0 Places: 0 Runs: 38 Wins: 4 Places: 4 1 2260- BEST SMILE (27) (T) 5 WINNING STRIKES 12 0372-8 FARSHAD (21) (B) (D) Going: GOOD (1) W So 5-9-7 ...... B Shinn 71 (12) P O’Sullivan 4-9-2 ...... B Shinn - (4) Y Tsui 6-8-2 ...... M Poon(2) 97 Runs: 4 Wins: 0 Places: 2 YUE MAN HANDICAP (CLASS 5) (3YO+) (COURSE A) (TURF) Runs: 0 Wins: 0 Places: 0 Runs: 22 Wins: 2 Places: 2 10.45 2 3527-2 CONFUCIUS DAY (14) (TB) 1m3f 3yo plus12 dec. 6 0-0 CHUNGHWA JINGSHEN (14) 13 12225- CINQUANTE CINQ (45) (CD) (G) (8) C Chang 6-9-7 ...... K H A Chan(10): 75 (3) L Ho 4-9-0 ...... T So(2) 63 (13) T Yung 6-8-8 ...... RESERVE 93 1 0972-9 CHAPARRAL STAR (21) (T) (C) (G) Runs: 18 Wins: 0 Places: 5 Runs: 2 Wins: 0 Places: 0 Runs: 7 Wins: 1 Places: 4 (11) C Fownes 6-9-7 ...... K H A Chan(10) 61 3 8- NOBLE CONSORT (24) (TB) 7 28804- DR PROACTIVE (27) (A) 14 1590- WINNING DELIGHT (45) (T) (GF) Runs: 32 Wins: 3 Places: 5 (3) C Shum 4-9-6...... H Lai 41 (2) J Ting 7-9-0 ...... H N J Wong(3) 75 (14) C Fownes 5-9-3 ...... RESERVE 92 2 53830- GARLIC YEAH (32) (B) (CD) (G) Runs: 1 Wins: 0 Places: 0 Runs: 20 Wins: 1 Places: 5 Runs: 4 Wins: 1 Places: 0 (6) C Yip 8-9-7 ...... Z Purton 62 4 01350- SHAMPORT (45) (T) (CD) (GF) 8 84- SMART OF YOUTH (38) (T) (BF) Runs: 39 Wins: 4 Places: 8 (7) C Fownes 6-9-2 ...... C Y Ho 77 :BETTING: 5/2 Zhan Jiang Rocks, 9/2 Racing Luck, 11/2 Flying Quest, 10 Others (9) C Shum 5-9-0...... J Moreira 61 3 7090-0 AEROFLASH (17) Runs: 21 Wins: 1 Places: 3 HOI YUEN HANDICAP (DIV I) (CLASS 3) (3YO+) (COURSE A) Runs: 2 Wins: 0 Places: 0 (12) P O’Sullivan 5-9-6 ...... L Hewitson 58 5 6 CHARGE ON (11) (H) 2.15(TURF) 6f 3yo plus12 dec. 9 50343- SUPER WINNER (35) (HT) Runs: 6 Wins: 0 Places: 0 (2) D Hall 4-9-1 ...... L Hewitson 67 (1) C Yip 5-9-0 ...... K Teetan 74 1 21198- LE TERROIR (27) (HP) (CD) (G,GF) 4 00009- GREAT SMART (27) (B) (G) Runs: 1 Wins: 0 Places: 0 1 Runs: 5 Wins: 0 Places: 2 (10) L Ho 5-9-7 ...... B Shinn: 91 (5) L Ho 5-9-6 ...... H Lai 58 6 FLYING PHOTOS (H ) 10 75613- ISLAND WINNER (27) (TP) (CD) (G) Runs: 17 Wins: 4 Places: 2 Runs: 14 Wins: 1 Places: 0 (12) Y Tsui 4-9-1 ...... H T Mo(3) - (8) P Yiu 5-8-8 ...... K Leung 74 2 53331- SPARKLING DRAGON (203) (T) (CD) (G) 5 0676-2 VICTORIOUS SEEKER (21) (B) Runs: 0 Wins: 0 Places: 0 (4) P O’Sullivan 5-9-4 ...... K Leung 63 Runs: 9 Wins: 1 Places: 1 (4) A Millard 6-9-5 ...... T Piccone 90 7 0 LET’S GO PARTY (14) 11 0023-2 EXCEL DELIGHT (17) (H) Runs: 13 Wins: 4 Places: 4 Runs: 8 Wins: 0 Places: 1 (5) C Yip 5-9-1 ...... T So(2) 52 (4) J Size 5-8-5 ...... S De Sousa 75 3 05738- PRIVATE ROCKET (42) (P) (A,GF) 6 015-54 REEVE’S MUNTJAC (11) (TB) (GF) Runs: 1 Wins: 0 Places: 0 (9) C Yip 5-9-3 ...... S De Sousa 59 Runs: 9 Wins: 0 Places: 3 (5) D Whyte 4-9-0 ...... K Teetan 94 8 0-4 THIS IS CHARISMA (14) (H) 12 0/070- HUMBLE STEED (24) Runs: 13 Wins: 2 Places: 3 Runs: 11 Wins: 1 Places: 0 (9) K Lui 5-9-1 ...... H N J Wong(3) 72 (5) T Yung 6-8-4 ...... H T Mo(3) 68 4 02-7 BALTIC SUCCESS (11) (T) 7 0804-0 DIVINE POWER (21) (B) Runs: 2 Wins: 0 Places: 0 (8) P Yiu 5-9-0 ...... T Piccone 60 Runs: 5 Wins: 0 Places: 0 (12) C Shum 6-8-13 ...... Z Purton 92 9 580-3 CALIFORNIA RAD (14) (T) Runs: 8 Wins: 0 Places: 0 13 8806-0 E GENERATION (14) (G) Runs: 3 Wins: 0 Places: 1 (6) A Cruz 4-8-12 ...... T Piccone 78 8 5096-7 ART OF RAW (17) (HT) (CD) (G) (13) K Man 5-8-11 ...... RESERVE 73 5 6 LARSON (17) (P) Runs: 4 Wins: 0 Places: 1 (1) C Chang 7-8-12 ...... B Shinn 67 Runs: 11 Wins: 1 Places: 0 (7) John Moore 4-8-12 ...... N Callan 87 10 5700-9 VOYAGE STAR (21) (TV) (D) (G) Runs: 28 Wins: 2 Places: 0 Runs: 1 Wins: 0 Places: 0 (4) T Yung 5-8-12 ...... K Leung 78 :BETTING: 3 Super Winner, 9/2 Smart Of Youth, 5 Island Winner, 6 Others 9 4741-4 WICKER (21) (B) (G) 6 9002-0 FLYING SWORD (17) Runs: 11 Wins: 1 Places: 0 (2) Richard Gibson 5-8-11 ...... K Teetan 64 WAI YIP HANDICAP (DIV II) (CLASS 4) (3YO+) (COURSE A) (9) Y Tsui 5-8-10 ...... M Poon(2) 93 11 8686- AURORA STEED (27) (B) 1.15(TURF) 1m 3yo plus12 dec. Runs: 14 Wins: 1 Places: 0 Runs: 7 Wins: 0 Places: 1 (10) J Size 5-8-8 ...... J Moreira 75 10 9305-5 SKY GEM (11) (ET) 7 9049-3 BEAUTY SPARK (14) (TB) Runs: 4 Wins: 0 Places: 0 1 05999- SUMSTREETSUMWHERE (24) (HV) (CD) (G) (10) C Fownes 5-8-9 ...... C Y Ho 66 (3) F Lor 5-8-9 ...... K H A Chan(10) 94 12 1746-0 PRAWN YEAH YEAH (17) (T) (C) (G) (2) L Ho 6-9-7 ...... T So(2): 81 Runs: 16 Wins: 0 Places: 3 Runs: 24 Wins: 1 Places: 2 Runs: 5 Wins: 0 Places: 1 (11) Richard Gibson 6-8-5 ...... M Poon(2) 72 11 66100- YOUNG GLORY (56) (B) (CD) (G) 8 0600-0 JADE THEATRE (11) (B) (CD) (GF) Runs: 13 Wins: 1 Places: 0 2 0-0 BEAUTY ANGEL (14) (T) (7) D Ferraris 6-8-8 ...... N Callan 61 1 (8) K Man 7-8-9 ...... H T Mo(3) 92 13 9-0 SACRED TIMING (17) (B ) (8) A Cruz 4-9-2 ...... H T Mo(3) 70 Runs: 25 Wins: 1 Places: 3 Runs: 2 Wins: 0 Places: 0 Runs: 31 Wins: 3 Places: 2 (13) J Ting 5-9-0 ...... RESERVE 64 12 92227- ROMANTIC JOURNEY (38) (HTB) 9 5592-7 MONKEY JEWELLERY (21) (D) (GF) Runs: 2 Wins: 0 Places: 0 3 55587- STARLIT KNIGHT (24) (CD) (GF,G) (3) C Chang 7-8-5 ...... J Moreira: 65 (2) J Size 6-8-8 ...... J Moreira 93 14 6700-8 DECISIVE ACTION (11) (D) (HY) (7) Y Tsui 8-9-1 ...... K Teetan 79 Runs: 32 Wins: 0 Places: 5 Runs: 42 Wins: 3 Places: 5 Runs: 11 Wins: 2 Places: 3 (14) C Yip 4-9-6 ...... RESERVE 71 13 009-80 SUNNY MAJOR (11) (B) 10 6326-5 STARLIGHT (7) (B) (CD) (G,GY) Runs: 11 Wins: 1 Places: 1 4 4681-3 DOR DOR (14) (H) (CD) (G) (13) D Ferraris 5-8-1 ...... RESERVE 67 (1) J Size 5-9-0 ...... J Moreira 75 (6) C Yip 8-8-8 ...... K Leung 96 2019: No corresponding race. Runs: 16 Wins: 0 Places: 0 Runs: 18 Wins: 1 Places: 6 Runs: 48 Wins: 7 Places: 10 :BETTING: 3 Confucius Day, 7/2 California Rad, 5 Aurora Steed, 7 Best Smile, 2019: No corresponding race. 5 4559-5 BRIGHT KID (14) (B) 11 05121- THIS IS CLASS (252) (HP) (CD) (GF,G) 8 Shamport, This Is Charisma, 14 Charge On, Voyage Star, 20 Others :BETTING: 4 Romantic Journey, Victorious Seeker, 5 Garlic Yeah, 6 Others (11) D Whyte 6-8-13 ...... L Hewitson 79 (11) K Lui 6-8-8 ...... C Y Ho 98

WAI YIP HANDICAP (DIV I) (CLASS 4) (3YO+) (COURSE A) Runs: 19 Wins: 0 Places: 0 Runs: 7 Wins: 2 Places: 1

SHING YIP HANDICAP (DIV I) (CLASS 4) (3YO+) (COURSE A) 12.15(TURF) 1m 3yo plus12 dec. 1 12 0951-4 WINNING FEELING (14) (B) (CD) (G) 11.15 6 6708- FULL POWER (32) (B ) (TURF) 6f 3yo plus12 dec. (1) D Ferraris 5-8-5 ...... S De Sousa 93 1 0387-9 STAR MAJESTIC (14) (B) (CD) (G) (3) Richard Gibson 4-8-13 ...... B Shinn 76 1 39000- E MASTER (24) (CD) (G) Runs: 4 Wins: 0 Places: 0 Runs: 10 Wins: 2 Places: 0 (2) P O’Sullivan 10-9-7 ...... T So(2): 81 (10) C Fownes 7-9-6 ...... C Y Ho 80 13 /237-9 JUMBO HAPPINESS (7) (CD) : Runs: 44 Wins: 3 Places: 3 7 60127- RIGHTEOUS MATE (49) (CD,BF) (G) Runs: 25 Wins: 3 Places: 5 (13) C Fownes 7-9-1 ...... RESERVE 94 2 51106- FLASH FAMOUS (27) (TB) (CD) (G) (12) A Millard 7-8-13 ...... T Piccone 75 2 09754- NAVAS (42) (B) (CD) (G) Runs: 32 Wins: 2 Places: 5 Runs: 21 Wins: 3 Places: 5 (6) F Lor 6-9-4 ...... J Moreira 74 (1) Richard Gibson 8-9-4 ...... H T Mo(3) 78 14 0269-7 DIAMOND KING (21) (TV) (GF) Runs: 27 Wins: 3 Places: 2 8 9673-0 ROMAN IMPERO (11) (B) (CD) (G) Runs: 33 Wins: 3 Places: 2 (14) T Yung 9-8-3 ...... RESERVE 98 3 08585- LET’S TAKE IT EASY (27) (HP) (CD) (G) (10) C Yip 7-9-7 ...... H N J Wong(3) 73 3 7 NOBLE DESIRE (17) (B) Runs: 26 Wins: 5 Places: 5 Runs: 23 Wins: 2 Places: 6 (11) L Ho 7-9-3 ...... K Leung 81 (3) D Whyte 4-9-4 ...... L Hewitson 67 5191-7 (7) (T) (C) (GF,G) :BETTING: 3 Monkey Jewellery, 11/2 Baltic Success, 13/2 Others Runs: 39 Wins: 4 Places: 3 9 AFTER ME Runs: 1 Wins: 0 Places: 0 4 9840- CIRCUIT NUMBER ONE (77) (HT) (9) P Yiu 5-8-8 ...... K H A Chan(10) 71 HOI YUEN HANDICAP (DIV II) (CLASS 3) (3YO+) (COURSE A) 4 8655-0 SPLENDID TIMING (11) (B) (G) (5) A Cruz 5-8-12 ...... H T Mo(3) 76 Runs: 24 Wins: 3 Places: 2 2.50(TURF) 6f 3yo plus12 dec. (7) C Yip 6-9-3 ...... M Poon(2) 74 Runs: 4 Wins: 0 Places: 0 10 28964- SANGRIA (27) (B) (C) Runs: 11 Wins: 1 Places: 0 1 0000-0 SPEED VISION (21) (TB) (CD) (GF,G) 5 99203- ENJOY LIFE (27) (B) (CD) (GF,G) (6) D Ferraris 7-8-8 ...... N Callan 79 5 DIAMOND STAR Runs: 42 Wins: 2 Places: 8 (10) F Lor 5-9-7 ...... K H A Chan(10): 92 (7) Y Tsui 7-8-11 ...... K Teetan 77 (5) J Size 5-8-13 ...... J Moreira - Runs: 21 Wins: 4 Places: 0 Runs: 39 Wins: 3 Places: 9 11 05921- DOCTORS DELIGHT (49) (HT) (CD) (G) Runs: 0 Wins: 0 Places: 0 (5) J Ting 8-8-4 ...... K Leung 77 2 2818-0 SPECIAL STARS (14) (C) (G) 1 6 80-0 MERIDIAN TALENT (14) (HB) 6 EURO LAGO (B ) Runs: 23 Wins: 2 Places: 3 (11) J Size 5-9-5 ...... K Teetan 90 (1) Richard Gibson 4-8-9 ...... N Callan 73 (6) C Chang 4-8-13 ...... B Shinn - Runs: 15 Wins: 3 Places: 2 Runs: 3 Wins: 0 Places: 0 12 01657- ENJOYABLE SUCCESS (129) (B) (C) (G) Runs: 0 Wins: 0 Places: 0 3 1211-4 QUADRUPLE DOUBLE (21) (D) (GF,G) 7 6610-7 KANBEKI MOLLY (14) (CD) (GF) (4) C Chang 6-8-2 ...... H Lai 72 7 0- GENERAL CASTLEDALE (63) (T) (1) D Hall 5-9-2 ...... M Poon(2) 93 (10) P Yiu 5-8-8 ...... L Hewitson 76 Runs: 35 Wins: 3 Places: 4 (9) D Ferraris 6-8-13 ...... N Callan 36 Runs: 15 Wins: 3 Places: 6 Runs: 9 Wins: 1 Places: 0 13 7797-6 PERFECT TO PLAY (7) (HT) (CD) (GF,G) Runs: 1 Wins: 0 Places: 0 4 87361- WINNING METHOD (27) (TB) (CD) (G) 8 53404- ROYAL RACER (27) (CD) (GF) (13) C Fownes 6-9-1 ...... RESERVE 82 8 0- SPARKLING LIFE (38) (B) (9) C Shum 4-9-2...... Z Purton 96 (9) C Fownes 5-8-8 ...... C Y Ho 77 Runs: 31 Wins: 2 Places: 5 (8) Y Tsui 4-8-13 ...... H Lai 33 Runs: 8 Wins: 3 Places: 2 Runs: 15 Wins: 1 Places: 3 :BETTING: 3 Dor Dor, 5 Righteous Mate, 6 Doctors Delight, 7 Sangria, 8 Others Runs: 1 Wins: 0 Places: 0 5 0000-0 HERCULES (21) 9 6381-9 HAPPY HOUR (14) (T) (CD) (GF) 9 2491-5 FOCUS (14) (TB) (CD) (GF) HUNG TO HANDICAP (CLASS 3) (3YO+) (COURSE A) (TURF) (7) C Yip 5-8-13 ...... T So(2) 96 (4) C Yip 6-8-6 ...... M Poon(2) 79 (12) P Yiu 5-8-11 ...... T Piccone 74 1.451m 3yo plus12 dec. Runs: 11 Wins: 0 Places: 0 Runs: 20 Wins: 1 Places: 2 Runs: 9 Wins: 1 Places: 1 6 0/900- AFRICAN SKY (199) (T) (G) 10 8053-8 NITRO EXPRESS (14) (TB) (CD) 1 81819- FLYING QUEST (27) (B) (CD) (G,GF) 10 603- ALL TIMES GRATEFUL (42) (5) J Ting 5-8-12 ...... B Shinn 95 (12) D Ferraris 9-8-6 ...... S De Sousa 81 (2) D Hall 8-9-6 ...... K H A Chan(10) 90 (11) C Yip 5-8-10 ...... Z Purton 78 Runs: 10 Wins: 2 Places: 3 Runs: 35 Wins: 2 Places: 7 Runs: 36 Wins: 6 Places: 2 Runs: 3 Wins: 0 Places: 1 7 9701-5 CALIFORNIA TURBO (21) (TB) (CD) (GS,G,GF) 11 2263-0 SHANGHAI DRAGON (21) (B) 2 46543- RACING LUCK (27) (CD) (G,GF) 11 14270- WAYFOONG CHARMER (24) (B) (D) (A) (8) A Cruz 6-8-10 ...... T Piccone 95 (3) T Yung 6-8-6 ...... H Lai 77 (11) K Lui 7-9-3 ...... C Y Ho 95 (4) P O’Sullivan 6-8-8 ...... K Teetan 75 Runs: 21 Wins: 3 Places: 2 Runs: 15 Wins: 0 Places: 5 Runs: 23 Wins: 3 Places: 4 Runs: 12 Wins: 1 Places: 1 8 4950-5 HINCHINLOVE (21) (TB) (D) 12 08980- TURF BRILLIANT (27) 3 82650- COT CAMPBELL (56) (B) 12 17823- COMPASSION STAR (27) (CD) (GF) (6) T Yung 6-8-10 ...... K Leung 98 (8) W So 5-8-4 ...... H N J Wong(3) 71 (12) A Millard 6-9-2 ...... T Piccone 98 (2) K Man 7-8-6 ...... S De Sousa 73 Runs: 23 Wins: 1 Places: 6 Runs: 6 Wins: 0 Places: 0 Runs: 8 Wins: 0 Places: 1 Runs: 26 Wins: 3 Places: 3 9 0-6 GREEN REIGN (21) (B) 13 37845- MISCHIEVOUS SUNDAE (27) (E/S) (BF) 4 /0008- LAOS ENLIGHTENMENT (27) (T) (D) (G) 13 8100-8 COOLCELEB (17) (TB) (D) (A) (2) C Fownes 5-8-8 ...... C Y Ho 83 (13) J Size 5-8-3 ...... RESERVE 79 (6) John Moore 4-9-1 ...... B Shinn 102 (13) T Yung 5-9-3 ...... RESERVE 74 Runs: 2 Wins: 0 Places: 0 Runs: 11 Wins: 0 Places: 2 Runs: 8 Wins: 1 Places: 1 Runs: 14 Wins: 2 Places: 2 10 08517- POWERMAX (27) (B) (CD) (GF,G) 14 4060-0 FAMILY LEADER (17) (HB) (C) (G) 5 00- LIGHT MY DAY (38) 14 9598-0 BULB ELITE (17) (B) (4) Richard Gibson 8-8-5 ...... H T Mo(3) 93 (14) C Fownes 6-8-10 ...... RESERVE 76 (7) C Yip 5-8-11 ...... H Lai 82 (14) C Yip 7-8-5 ...... RESERVE 80 Runs: 32 Wins: 5 Places: 8 Runs: 18 Wins: 1 Places: 4 Runs: 2 Wins: 0 Places: 0

Runs: 24 Wins: 0 Places: 3 11 82110- RELENTLESS ME (45) (B) (D) (GF) 2019: No corresponding race. 6 32-0 REYNOLDS (17) 2019: No corresponding race. (12) D Whyte 7-8-5 ...... J Moreira 92 BETTING: 3 Royal Racer, 4 Flash Famous, 5 Enjoy Life, 7 Star Majestic, (9) D Whyte 4-8-9 ...... J Moreira 108 :BETTING: 3 Navas, 4 Compassion Star, 9/2 All Times Grateful, 6 Others : Runs: 30 Wins: 5 Places: 6 10 Happy Hour, Nitro Express, Shanghai Dragon, 12 Others Runs: 3 Wins: 0 Places: 2 12 2418-5 FRESH POWER (21) (TB) (D) (G,GF) 1000M 2400M 2200M 7 8384-7 HAR HAR HEART (14) (CD) (G,GY) MUT WAH HANDICAP (CLASS 4) (3YO+) (COURSE A) (TURF) (3) Y Tsui 7-8-3 ...... S De Sousa 90 (8) J Size 7-8-6 ...... S De Sousa 103 12.455f 3yo plus12 dec. Runs: 26 Wins: 2 Places: 6 Runs: 33 Wins: 4 Places: 9 1 13 15/00- ETHIOPIAN YARN (32) (S) 1 SMART THINKER (B ) 8 93212- ZHAN JIANG ROCKS (27) (T) (CD) (G) (13) D Ferraris 6-9-6 ...... RESERVE 97 (7) Richard Gibson 4-9-7 ...... N Callan - (1) W So 5-8-5 ...... K Teetan 94 Runs: 14 Wins: 3 Places: 1 Runs: 0 Wins: 0 Places: 0 Runs: 21 Wins: 3 Places: 5 14 92840- FIRST RESPONDER (24) (T) 2 21025- VERY SWEET ORANGE (49) (V) (CD) (G) 9 0400-8 JADE FORTUNE (11) (B) (CD) (A,SW,G) (14) John Moore 4-8-11 ...... RESERVE 96 (10) Y Tsui 6-9-3 ...... K H A Chan(10) 71 (5) K Man 8-8-4 ...... K Leung 99 : : Runs: 14 Wins: 0 Places: 4 €4,935 Runs: 20 Wins: 2 Places: 4 Runs: 44 Wins: 5 Places: 4 W 3 8 WINNER’S HEART (17) 10 6021-9 KIRAM (11) (CD) (GY,G) :BETTING: 9/4 Winning Method, 9/2 Quadruple Double, 5 California Turbo, 9 Others

(6) F Lor 5-9-2 ...... Z Purton 64 (10) D Ferraris 9-8-3 ...... L Hewitson 95 Runs: 1 Wins: 0 Places: 0 Runs: 44 Wins: 6 Places: 13 Cards provided by 26 SPORT WEDNESDAY 22 JANUARY 2020 CITYAM.COM SPORT

They didn’t get the win, but Arteta’s side displayed a valuable trait, says Michael Searles

IKEL Arteta had at- tempted to rally his Ar- senal side for last night’s 2-2 draw with Chelsea by labelling it as aM must-win if they were to have any chance of finishing in the top four. While they failed to come away with all three points, the 37-year-old former midfielder would have been the happier of the two managers as his side came from behind to draw level twice, despite having 10 men for most of the match. Much had been said about Arse- nal’s inability to hold onto leads, having lost seven points from win- ning positions in five games under Arteta. Last night, against the odds, they were able to do the opposite and demonstrate the growing strength in character the new boss has in- stilled since taking over from in- terim boss Freddie Ljungberg. MISTAKE-PRONE MUSTAFI For all the joy that Hector Bellerin’s GUNNERS late equaliser would have brought, Arteta will still be left to rue his op- tions in defence. His decision to reintegrate Shko- dran Mustafi into the first-team quickly came back to haunt him as the defender’s back-pass to Bernd Leno fell short and allowed Tammy SHOW FIGHT Abraham through on goal midway through the first-half. As the striker skipped past Leno, David Luiz fouled the forward to prevent a clear goal- PREMIER LEAGUE reduce after the sending off and the ball move too far ahead of him, scoring opportunity and left referee PREMIER LEAGUE they struggled to fashion chances N’Golo Kante slipped at a crucial Stuart Attwell no choice but to CHELSEA ARSENAL against the deeper lying defence, moment, and the teenager went award the penalty and send Luiz off. just as they did in costly home de- onto pull the Gunners level. Jorginho dispatched the subse- TEAM PLD PTS GD feats against West Ham, quent spot-kick with ease to give Liverpool 22 64 +38 Bournemouth, Southampton and LEAVING IT LATE Chelsea a 1-0 lead after 28 minutes Man City 24 51 +38 even their 3-0 victory over Burnley. For large periods the game had been and leave the Gunners playing with Leicester 23 45 +25 a relatively subdued affair but it 10 men for the remaining 70. Chelsea 24 40 +9 MARTINELLI MAGIC burst into life in the final 10 min- 22Jorginho pen 28’, Martinelli 63’, Man Utd 23 34 +9 Arsenal were lacking creativity utes as Chelsea proactively searched TIMID CHELSEA Azpilicueta 84’ Bellerin 87’ Wolves 23 34 +4 themselves and going down to 10 for a winner. But this did not result in the domi- Luiz 26’ Sheff Utd 24 33 +2 men did little to help, encouraging Azpillicueta’s strike in the 84th nant display that Frank Lampard Tottenham 23 31 +5 them to rely on springing a surprise minute looked to have sealed the and the home crowd would have Southampton 24 31 -11 counter-attack. victory, but after that goal Arsenal hoped for. late on when captain Cesar Azpil- Arsenal 24 30 -2 It took until the 63rd minute for decided to go gung-ho themselves. Instead, the game continued to cry licueta got Chelsea’s second from a Crystal Palace 24 30 -6 the Gunners to register a shot on As they searched for a way out for creativity in the final third cross sent in by Callum Hudson- Everton 24 30 -7 goal, but one shot was all it took as through, the ball came out to the from both sides, with Arsenal now Odoi after a short corner. Newcastle 24 30 -12 Gabriel Martinelli equalised. other right-back, Bellerin, who cut happy to sit and defend deep. As Arsenal’s backline pushed out, Burnley 23 27 -12 The 18-year-old broke from a inside onto his left foot and curled Chelsea were largely limited to op- the right-back was quickest to move Brighton 24 25 -7 Chelsea corner, running 67 yards be- the ball into the far corner to make portunities from crosses and cor- back in and poked it home at the Aston Villa 24 25 -14 fore cooly sliding past Kepa Arriza- it two goals from two shots. ners and often took those corners near post. West Ham 22 23 -8 balaga in front of the away fans. Arsenal stood firm in the final short, only to cross them in anyway. Despite having 19 shots, Chelsea’s Bournemouth 24 23 -14 It took just 13 seconds between minutes as Chelsea peppered their It had clearly been planned on the lack of goal-scoring prowess contin- Watford 24 23 -15 Chelsea taking a corner and the ball box to ensure the spoils were even training ground and it looked as ues to be a major concern. Their cre- Norwich 23 17 -22 ending up in the back of their net. and the gap between the pair re- though they would reap the rewards ative output actually appeared to Just as Martinelli looked to have let mains at 10 points.

VILLA AND BOURNEMOUTH SARRIES PLAYERS MIGHT BE FARAH: I’M HAPPY FOR WADA BROKEN ARM MAKES JOHNSON PICK UP HUGE VICTORIES SPORT DIGEST PICKED IF THEY MOVE ABROAD TO RETEST ANY SAMPLES A DOUBT FOR CHELTENHAM £ Aston Villa scored a dramatic injury- £ The Rugby Football Union has hinted £ Mo Farah has insisted that he is happy £ Richard Johnson, the champion jockey time winner to beat Watford 2-1 in the BORTHWICK TO JOIN TIGERS that Saracens players who chose to move to hand over any of his previous blood and over jumps for the last four seasons, looks Premier League last night. Tyrone Mings AS HEAD COACH IN JULY abroad after the club’s relegation to the urine samples for testing. The World Anti- unlikely to make if five in a row after flicked on a free-kick in the 95th minute to £ Steve Borthwick will leave his role as Championship would still be eligible for Doping Agency plan to investigate all breaking his arm yesterday. The 42-year- win it after Troy Deeney and Douglas Luiz Eddie Jones’ assistant with England to England selection. Currently only athletes who worked with coach Alberto old is set to be out of action for up to two traded goals. Fellow strugglers become Leicester’s head coach at the end “exceptional circumstances” would mean Salazar, who was banned after being months after being unseated from Bournemouth ended their six-game of the season. Borthwick, 40, will work a player based overseas would be eligible. found guilty of doping violations. UK Anti- Westend Story in a novice chase at Exeter. winless run with a vital 3-1 victory against under Geordan Murphy, who will move But with Sarries set for the second tier Doping has said it would need “credible Johnson, who trails his main rival Brian Brighton, while Florian Lejeune scored from head coach to director of rugby at the following sustained salary cap breaches, evidence” Farah’s sample would contain Hughes by three wins in the campaign, is a twice in added time to earn Newcastle a Premiership club. “It’s something I pushed many of their England-qualified players banned substances before handing it over. major doubt for Cheltenham Festival, draw 2-2 with Everton. Southampton for,” Murphy told the BBC. “Steve’s one of may choose to play abroad. “We want to But Farah tweeted: “I was not consulted which starts on 10 March. However, trainer overcame Crystal Palace 2-0, while Sergio the best coaches in the world.” Leicester make sure that whatever happens, the about this and as I’ve said many times, I Philip Hobbs said his stable jockey Aguero came off the bench to help finished 11th last season and are in the players aren’t disadvantaged in any way,” am happy for any anti-doping body to test “sounded very positive” about being fit for Manchester City beat Sheffield United 1-0. same position this campaign. said RFU boss Bill Sweeney. any of my previous samples anytime.” the season showpiece. CITYAM.COM WEDNESDAY 22 JANUARY 2020 SPORT 27 I prefer watching Liverpool to City’s title winners ANAGERS are a vital part FOOTBALL first-team regulars he felt he was so far, you can be sure they’re eyeing and harder to win than ever, but of any club and certain doing well. That’s a lot of waste an unbeaten league campaign as comparisons are very difficult conditions – money, clout COMMENT compared to Klopp’s strike rate, well as the title and retaining their because it is apples and oranges. M– are necessary in a re- which has been amazing. European crown. What determines how teams are building job, but Jurgen Trevor Related to his knack for signings is Another striking element of their remembered, however, is style. Klopp really has proven to be the per- that Klopp clearly makes players incredible form is that I can’t Liverpool teams of old were fect fit for Liverpool he was billed as. Steven better. Salah, for instance, has remember any major mistakes. That outstanding and Klopp’s men are Since arriving in October 2015 he become a world beater who gets tells you that players are being also fantastic to watch, with pace, has improved the team each year compared to Lionel Messi and driven to their absolute maximum. quality, a terrific back five and so and, having won the Champions Cristiano Ronaldo. For me, this is Are they as good as the great many attacking options. League last season, now seems XI signed during the German’s what separates the great managers Liverpool team of the late 70s and Guardiola’s City have set the bar certain to finish his fifth campaign tenure. He has been brave in the from the very good. Pep Guardiola early 80s? They were the best of their lately but Liverpool have added at Anfield with the trophy they want transfer market, selling Philippe improves players, so does Klopp, but I generation and I don’t think you can another dimension and I’d rather most – the Premier League – and a Coutinho and spending big on don’t think Jose Mourinho does. say that about the current side yet. watch them than the City side who host of records. Roberto Firmino, Sadio Mane and I love the mental strength that But football has changed won the last two league titles. They His success has been a mix of Mohamed Salah when all were Klopp has imbued. It’s as though dramatically since then. Pitches are really are a phenomenon and that is factors but recruitment has been a gambles. Even the signing of Virgil pushing City all the way last year better; players more protected and largely down to one man. cornerstone of Klopp’s work, with all van Dijk raised eyebrows because of only to find that 99 points wasn’t therefore the game more technical; but Jordan Henderson, Joe Gomez the £75m fee. Then-Liverpool boss enough has made Liverpool all clubs are far more professional. Trevor Steven is a former England and academy product Trent Rafa Benitez once told me that if two determined to have a perfect season. The game played now could not have footballer who played at two World Cups. Alexander-Arnold of the current first out of every five signings became With 64 points out of a possible 66 happened then. It’s a different level @TrevorSteven63 KLOPP’S TRANSFER GURU Michael Edwards’ stats-based work has been key to club’s revival. By Michael Searles

ITH the ever-increasing presence of statistical analysis in football, and Wparticularly in player re- cruitment, has come the rise of the transfer guru. Leicester City’s 2015-16 title success prompted Everton to poach Steve Walsh, the man credited with spotting N’Golo Kante, Riyad Mahrez and Jamie Vardy, but he proved unable to un- earth similar hidden gems and was re- placed two years later. One man who has been delivering consistently, however, is Liverpool sporting director Michael Edwards. In collaboration with head coach Ju- rgen Klopp, owners Fenway Sports Group and his team of scouts and an- alysts, Liverpool have assembled what is increasingly looking like the best team the Premier League has seen. Andy Robertson and Gini Wijnal- dum were purchased from relegated sides for a total £33m, while Sadio Mane and Mohamed Salah were by no means certain to be stars when signed from Southampton and Roma respec- tively. Then there is Virgil van Dijk, Edwards (left) with Klopp and Alisson, Fabinho and, more recently Mike Gordon, president of with an eye on the future, teenager- Liverpool owners FSG Harvey Elliott and Takumi Minamino. Of course, Klopp deserves the credit for getting the best out of his players strained relationship with Klopp’s their analytics and far more advanced he analysed Portsmouth’s perform- tract negotiations. Earlier this month, and has been instrumental in identi- predecessor Brendan Rodgers, but in terms of integrating analytics in ances, held weekly meetings on oppo- Liverpool extended the deals of Klopp fying the right type of signings for his when results tailed off it was Rodgers their decision processes. Analytics nents and studied transfer targets, and James Milner. high-energy system. who was let go while Edwards was pro- aren’t worth a damn if you don’t have using sports performance analytics It is not a one-man show, though. Ed- Not every transfer has been a suc- moted to technical director. a good decision process.” software Prozone. wards is aided by head of recruitment cess, either. Dominic Solanke didn’t The University of Sheffield graduate Edwards is more than a stats man, Dave Fallows and chief scout Barry hit the heights hoped, although Liver- established himself as FSG’s go-to-guy however. He studies targets live, seeks HEADHUNTED Hunter, backed by FSG’s John Henry pool were still able to shift him on to in England, sending them daily character references and has an un- He would rejoin Redknapp in 2009 at and Mike Gordon, and of course there Bournemouth for a profit. emails, analysing the team’s perform- derstanding of the game, having Tottenham, where chairman Daniel is the man who brings it all together ances and providing key data on trans- played for Norwich City’s youth team Levy trusted Edwards to reshape the on the pitch. How well these players FAR MORE ADVANCED fer targets. before an unsuccessful stint at Peter- performance analysis department. It would fare without Klopp is debatable. The club’s sound recruitment has “A sporting director needs to be inde- borough United. coincided with Tottenham’s first top- But with Edwards at the club, Liver- been well documented, but the man pendent of the head coach in order to Clearly lacking the talent with his four finish in more than 20 years. pool have scaled the Premier League, responsible remains something of an offer a different point of view,” former feet that he has developed for After two years at White Hart Lane claimed a sixth European Cup and enigma. Edwards, 40, has ascended senior advisor of football operations at analysing the game, Southampton- he was headhunted by Damien Co- just reported an increase in annual through the ranks quickly and is con- Swansea City and founder of scouting born Edwards earned a degree in in- molli, then sporting director of Liver- revenue to £533m. sidered by FSG, who also own base- platform smarterscout Dan Altman formatics before being recruited by pool. Successive promotions saw him His success may not be permanent ball’s Boston Red Sox, to be a huge told City A.M. Harry Redknapp’s Portsmouth as an become technical director in 2015 and and every transfer may not match that asset due to his Moneyball-like, statis- “I’m sure [Liverpool’s] models are analyst. A year later he would become sporting director just over a year later, of Salah or Mane, but Edwards’ in- tics-based approach. reminiscent of other models, but they head of performance analysis when giving him a greater remit encompass- volvement and Liverpool’s success ap- He was reported to have had a are slightly more advanced in terms of the department expanded. In this role ing everything from scouting to con- pears to be more than a coincidence.