BUSINESS WITH PERSONALITY

SCANDAL THE PLAYTIME IN THE CITY WOMAN AT THE WHAT TO SEE IN LONDON HEART OF THE THIS WEEKEND P28–29 LUANDA LEAKS P7 FRIDAY 24 JANUARY 2020 ISSUE 3,361 CITYAM.COM FREE

CONTAGION Coronavirus breaks BAILEYFACES new ground as it nears UK shores GRILLINGON LCFCOLLAPSE ANNA MENIN Gloster told the meeting her investi- “I blame the FCA totally for the loss @annafmenin gation would interview Bailey, who is of my money,” he continued. “We lost due to take over as governor of the our savings and probably our funeral INCOMING Bank of England governor Bank of England in March, about his money. Everyone should be entitled Andrew Bailey will be interviewed oversight of LCF. to receive compensation.” about his oversight of collapsed Several investors who spoke at the Gloster told the meeting that the investment firm London Capital and meeting expressed confusion over the process of gathering documents Finance (LCF), an independent inves- distinction that, as one put it, “a for her investigation was nearing tigation revealed yesterday. company can be regulated by the FCA, completion, but was hindered by the LCF collapsed in January 2019, leav- but its products are not”. watchdog. There had “unexpected de- ing 11,600 investors who bought its One bondholder said he thought the lays in obtaining documents from the mini-bonds facing a collective loss of regulator “was going to look after” FCA”, and some were still outstanding. EMILY NICOLLE Wuhan — the city of origin for the up to £237m. him following the collapse of LCF, “I am not sure the FCA appreciated @emilyjnicolle virus. The disease has so far claimed While LCF itself and its marketing while another said she had seen the the scale of the task from the outset,” the lives of 18 people in China, with a material was regulated by the Finan- FCA’s logo on LCF’s website a week Gloster added. FOURTEEN people have been tested further 600 infected. cial Conduct Authority (FCA), which before the firm had collapsed into The independent investigation is for signs of the contagious The news came as the World Health Bailey has led since 2016, the bonds administration. due to report its findings by July. coronavirus in the UK, Public Health Organisation said it was “too early” themselves were not. “I thought [the logo] must mean it Gloster told the meeting that her England (PHE) said late last night, as to declare an international public The circumstances around the com- was regulated and safe,” she said. team was on track to meet the dead- the virus spreads outside of China. health emergency over the outbreak. pany’s failure are being investigated Earlier this month, the Financial line, but this was dependent on the Five patients across Scotland were Outside of China, confirmed cases by the FCA and Serious Fraud Office. Services Compensation Scheme (FSCS) FCA providing it with the documents quarantined yesterday, while have been reported in Vietnam, the At a meeting of around 100 bond- said that just 159 LCF investors would it had requested. another suspected case appeared in US, Singapore, Japan, South Korea holders in central London yesterday, be eligible for compensation. An FCA spokesperson said: “We note Belfast last night. PHE said five of the and Thailand. Experts at Davos said Dame Elizabeth Gloster, who is lead- Several investors who spoke at the that Dame Elizabeth described the 14 people had tested negative, while they believe the virus most likely ing a probe into the watchdog’s han- meeting raised the issue of FCA’s approach as very accommodat- nine were still awaiting results. came from bats in marketplaces, dling of the case, was told by one compensation, with one saying the ing to the review’s requests. This has Four of the Scottish patients are before spreading to humans. bondholder that he felt the FCA had FSCS “seem to be offering the least certainly been our approach through- understood to be Chinese nationals “let him down”. they can”. out in the spirit of full transparency.” having recently travelled from £ CONTINUES ON P3 All tangled up: Apple hits back at EU proposals for a universal phone charger

EMILY NICOLLE devices, amending a draft law that connector built into It added that such Some European politicians believe @emilyjnicolle all radio equipment in the bloc must all smartphones legislation was the new law would reduce waste, work with a common connector. stifles innovation unnecessary, as the while Apple said it will in fact do APPLE has lashed out at an EU bid Such a move would affect Apple rather than industry has already the opposite as many of its devices to make the tech firm ditch its more than any other electronics encouraging it, and begun to shift towards would be rendered obsolete. Lightning charger, alleging the company, as most Apple devices use would harm adopting USB-C charging The European Commission proposed rules would “create an its proprietary Lightning port while consumers in connectivity as standard. estimates defunct charger cables unprecedented amount of waste”. the majority of Android devices Europe and the The USB-C port is already generate approximately 51,000 The European Parliament last have a USB-C port. economy as a in use on Apple’s tonnes of waste a year. It will file a week pushed forward calls for a “We believe regulation that forces whole,” Apple said Macbook computers and report on the new law’s impact universal charger for all mobile conformity across the type of yesterday. on the iPad Pro. later this month.

FTSE 100▼ 7,507.67 -64.25 FTSE 250▼ 21,540.56 -222.42 DOW▼ 29,160.09 -26.18 NASDAQ▲ 9,402.48 +18.71 £/$▼ 1.310 -0.003 £/€▲ 1.187 +0.002 €/$▼1.104 -0.005 02 NEWS FRIDAY 24 JANUARY 2020 CITYAM.COM

NEVER AGAIN Prince Charles says the lessons of the Holocaust remain ‘searingly relevant’ at 75th anniversary commemoration THE CITY VIEW Business needs to be heard on immigration

VER the last few years, the Home Office has managed to preside over the Windrush debacle, been forced to Oapologise for a heavy-handed refusal to issue visas because of minor administrative errors, and admitted that it has no idea of how many customs agents it has. It is, in short, a department in which things seem to go wrong with alarming regularity. It now has to build a brand new immigration system by the end of 2020. So the proposal by the CBI, IoD, FSB and a host of other acronym-soup trade bodies to offer significant support to the government in drawing up a new immigration regime is very welcome indeed. Their asks, delivered in a letter to home secretary Priti Patel today, are sensible. Flexibility for skilled workers in the points system and THE PRINCE of Wales spoke at Yad Vashem, Israel’s memorial to Holocaust victims, in Jerusalem yesterday at an event marking the 75th anniversary of the liberation of Nazi extermination camp Auschwitz. He said the forces of hatred and intolerance “tell a new sponsorship process for migrants and their employers are new lies, adopt new disguises, and still seek new victims”. More than 1m people, the vast majority Jews, were killed at the camp. vital parts of any functioning, modern system. A temporary route for workers who might not hit the points threshold or get in through sponsorship should allow some sectors who rely on labour from abroad to thrive even after the end of free movement. But most sensible of all, a salary threshold “set at a level that supports the economy and protects wages”. The HS2 ‘has 67 days to start question of whether cheaper Labour from abroad suppresses pay (especially in low-skilled work) remains contentious. The evidence suggests that the link is not straightforward, but many workers think and feel differently. That the business groups now work’ or else face delays appear to recognise the sensitivity of this debate is to be welcomed. Increasing pay, upskilling a domestic workforce and levelling up the economy are clear objectives for this ALEX DANIEL government’s own review written by times of the year,” it said. government, so ministers are unlikely to be sympathetic to @alexmdaniel former HS2 chair Douglas Oakervee. “Delays may also reduce the amount According to the NAO, contractors of time allocated for the latter stages of employers’ groups who appear interested only in accessing THE CONTROVERSIAL HS2 rail project including Balfour Beatty, Vinci, Kier a programme... which are complex and affordable labour. However, the government must not go was delivered a stark deadline today, as and Costain have until the end of risky parts of delivering a project on forward with proposals to extend the £30,000 salary threshold the government spending watchdog March to get spades in the ground and time and budget.” declared the scheme would be delayed begin main civil construction work. In its response this morning, the DfT for skilled workers from non-EU nationals to all foreign even further unless construction If they do not, the estimated opening conceded it had made “significant nationals after Brexit. Instead this threshold must be lowered, begins in the next 67 days. date of between 2029 and 2033 for the underestimations of both the cost and and there are encouraging noises from Whitehall that this will In its fourth report on the project in first phase between London and the schedule of HS2 in the past”. happen. New research from the Federation of Small Businesses, seven years, the National Audit Office Birmingham looks increasingly Critics seized on the report to criticise (NAO) also said the Department for remote. the project altogether. Richard released today, makes clear why. Simply put: the vast majority of Transport (DfT), the government and “This is because some of the construc- Wellings, head of transport at the smaller employers can’t find the cash, no matter how much HS2 Ltd — the company tasked with tion work can only be done at certain Institute of Economic Affairs, said: “It’s they’d like to, to pay £30,000 for the roles that migrant labour running the scheme — “underestimat- not too late to scrap HS2.” looks set to fill. The government has a tough job on its hands to ed its complexity and risk”. “There is a need for improving trans- This has led to the predicted cost spi- TIMETODECIDE port capacity, but HS2 is not an effi- build an immigration system from scratch in 11 months. ralling by about £50bn since the last JOHNSON URGED TO MAKE A DECISION ON HS2 cient or cost-effective solution.” Business has plenty of real-world experience in what the report in 2016, it added. AS COSTS SPIRAL TO MORE THAN £100BN HS2 Ltd said that since appointing a

ALEX DANIEL The damning conclusions come as @alexmdaniel new boss in 2017, Mark Thurston, it had economy needs. The interests of employers, voters, migrants and PRESSURE mounted yesterday on Boris Johnson to make a decision on whether to go ahead with Boris Johnson and transport secretary the divisive HS2 rail line, after it emerged the made sweeping internal changes. project’s budget could blow out to £106bn. As anti-HS2 opponents seethed at the latest cost politicians rarely align, but in this instance the Home Office, of estimate, up from just £56bn this time last year, business groups and rail industry voices urged the Grant Shapps continue to prevaricate Prime Minister to put the future of Europe’s As a result, officials now have “a biggest infrastructure project beyond doubt. Despite the eye-watering price tag, review author all government departments, should be all ears. and former HS2 Ltd chairman Douglas Oakervee over whether the project will get the will recommend that the government build the greater understanding of the ground rail line in his as-yet unpublished report, which was leaked to the Financial Times. However, he will also advise the government to hit pause on a final green light. It also follows this second phase of the project due to connect conditions and build requirements,” week’s revelations that it could cost as How we reported the leaked Oakervee rendering its most recent cost estimate Follow us on Twitter @cityam much as £106bn, according to the review earlier this week for the phase “robust”.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL SARACENS BOSS MADE £1.3M WHAT THE NISSAN TO PROVIDE 2,000 MILLIONAIRES ACCUSED OF WELLS FARGO EX-CHIEF IS INVESTMENTS WITH PLAYERS OTHER CARS TO UK UBER DRIVERS HYPOCRISY OVER TAX CALLS BANNED FROM BANKING The owner of Premiership Rugby Nissan is to provide thousands of Three millionaires who signed a Davos A US regulator barred former Wells champions Saracens entered into PAPERS SAY discounted electric vehicles to British letter demanding higher taxes on the Fargo chief executive John Stumpf from property investments with the team’s Uber drivers in a boost for the car rich have been accused of hypocrisy. Ex- the banking industry over the firm’s players worth £1.3m that led to THIS maker’s Sunderland plant. The Unilever boss Paul Polman, Innocent fake-account scandal, an extraordinary breaches of salary cap rules, according Japanese company has announced a Smoothies co-founder Richard Reed sanction for a top executive at a large to the disciplinary report that has led to MORNING partnership with the American ride- and real estate developer Jeff Gural bank. Stumpf agreed to the ban in a the team’s relegation. The club was hailing giant to provide 2,000 Nissan signed a letter calling for higher taxes settlement, in addition to a $17.5m fined £5.4m and docked 35 points in Leaf cars to Uber drivers in London at a for the rich. All three have sought tax (£13.3m) fine. November after co-investments its significant discount. breaks for their businesses. owner and ex-chair Nigel Wray, the INTEL’S EARNINGS BOOSTED property magnate, made with players ANDREW BAILEY: UK ‘BADLY GOLDMAN SACHS WILL NOT BY HIGH PC DEMAND were found to have breached the PREPARED FOR CRASH’ FLOAT ALL-MALE COMPANIES Intel yesterday posted strong fourth- sport’s salary cap. Unaoil paid $6m (£4.6m) in bribes to The incoming Bank of England Goldman Sachs has vowed to turn quarter earnings that benefitted from secure oil contracts worth $800m in governor has admitted that he is down lucrative work advising on stock an upswing in personal-computer UK NATIONALS ACCUSED IN Iraq, Britain’s Serious Fraud Office said concerned about how ill-prepared the market listings if the companies shipments and robust demand for chips UNAOIL CORRUPTION TRIAL in a trial that is part of a probe into UK is for a prolonged fall in the stock involved are all-male and lack diversity, to power data centres. Sales rose eight Agents of Monaco-based consultancy corruption in the Middle Eastern nation. market or house prices. chief exec David Solomon said at Davos. per cent to $20.2bn (£15.4bn). CITYAM.COM FRIDAY 24 JANUARY 2020 NEWS 03 US points to City SWR commuters face further misery after RMT vote to down tools again as foundation of ALEX DANIEL (RMT) has not yet announced strike approved by less than half of eligible @alexmdaniel dates, but the action follows a union members. record-breaking 27-day strike in It added: “We hope the RMT will THE TRAIN now arriving at Platform December last year. use the next few weeks as a window Four is calling at cancellations, delays More than 80 per cent of workers of opportunity to work with us to and frustration for South Western who took part in a ballot supported find a solution so that our UK trading pact Railway passengers, after staff further walkouts. passengers do not suffer more yesterday voted for more strike action South Western said it was unnecessary disruption.” in the long-running dispute over the disappointed, after the previous The vote comes as another blow to HARRY ROBERTSON combative tone struck on Tuesday, role of train guards. industrial action disrupted 600,000 the operator, which faces the @harrygrobertson when Mnuchin threatened to slap tar- The National Union of Rail, passenger journeys each day. prospect of being stripped of the iffs on UK cars if the government Maritime and Transport Workers The operator said the action was franchise in the coming months. US TREASURY secretary Steve presses on with a plan to increase Mnuchin yesterday said he expects to taxes major digital firms, most of wrap up a trade deal with the UK with- which are from the US. in the year, as hopes were raised that Chancellor Sajid Javid defended the financial services alignment would be tax, saying it was “proportionate” and a key part of any deal. “temporary”. The US commerce secretary Wilbur Asked whether pharmaceuticals Ross, who was speaking at the same would be a key part of a deal, Ross event at the World Economic Forum said: “What we think is drugs should in Davos, Switzerland, added there have similar prices wherever they are, were “far fewer issues between UK and but don’t believe we’re in any position US than between either of us and EU”. to tell UK what to pay.” Ross said it should be easier to do a The mooted deal has been controver- deal with the UK than one with the sial in the UK, with many believing it EU because “our economies are much will lead to lower food standards and more similar”. include the NHS, although the gov- “Both are very heavily service orient- ernment has denied this. ed,” he said. Mnuchin called a trade deal with the “There are financial services and UK “an absolute priority of President there is already a pretty high degree of [Donald] Trump”. integration and co-ordination.” But UK trade secretary Liz Truss The remarks will be warmly wel- fired a warning shot at the US over comed by City figures who are hoping the digital services tax. that a quick deal can be struck on mar- “UK tax policy is a matter for the UK ket access between the UK and the US. chancellor, it’s not a matter for the The remarks were a change from the US,” she said yesterday.

NO PEOPLE VS LARRY FINK Blackrock boss says he feared green pivot backlash

THE BOSS of asset manager Blackrock told the World Economic Forum in Davos yesterday he feared a “severe backlash” from his letter to chief executives this month warning climate change would lead to a “fundamental reshaping of finance”. Markets rattled as coronavirus continues to sweep across China

CONTINUED FROM FRONT PAGE senior market analyst at IG. “With cities shutting down, the The FTSE 100 fell yesterday, taking its longevity of this outbreak will be cue from its Asian peers, which crucial as a determinant of how slumped amid growing concerns over economically detrimental this will the spread of the new flu-like virus. be. The Sars crisis in 2003 provided us The blue chip index closed down with a blueprint for this current 0.85 per cent with miners and travel crisis, with that episode lasting eight- companies weighing on the index, months between the first case and following slides in Asian markets on eventual WHO declaration that it has Wednesday night as investors remain been contained.” anxious about the illness. Fears of contamination continue to “The decision to lock down the rise ahead of the Chinese Lunar New entire Hubei province has hurt many Year holiday this weekend, as many UK-listed firms,” said Josh Mahony, a will attempt to travel. 04 NEWS FRIDAY 24 JANUARY 2020 CITYAM.COM IN BRIEF GOING COLD UK competition watchdog set JAVID TO REJECT RYANAIR THREAT OVER FLYBE LOAN to investigate into Just Eat-Takeaway deal Chancellor Sajid Javid will today BBC ‘must not write to Ryanair to dismiss the airline’s threat of legal action against the government’s rescue of Flybe. Javid is expected to tell Ryanair chief Michael O’Leary that the government’s proposed package of make mistake’ measures to aid the ailing regional Flybe did not constitute state aid, Sky News reported. Treasury officials are said to be frustrated over perceptions that the state loan over licence fee amounted to a bailout. JP MORGAN CHIEF JAMIE DIMON’S PAY HITS $31.5M JAMES WARRINGTON review into whether viewers should JP Morgan’s chief executive Jamie face prosecution for failing to pay the Dimon was paid $31.5m (£24m) last @j_a_warrington £154.50 licence fee. THE UK’s competition regulator yesterday revealed it will launch a last-minute year, up 1.6 per cent on his 2018 pay. THE CULTURE secretary has warned However, the BBC has warned such investigation into the proposed merger between delivery giants Just Eat and The salary rise made places him in the BBC it would be making a “big a move would cost it at least £200m in Takeaway.com, just days before the £6.2bn deal was set to go ahead. pole position to be Wall Street’s mistake” if it thought the row over lost funding. highest-paid bank executive for the the licence fee was not an issue of Speaking to the Political Thinking fifth consecutive year. Dimon was public concern. podcast, Morgan said the question of paid a base salary of $1.5m for the Baroness Nicky Morgan dismissed the licence fee “does come up on the period, in addition to a $5m cash the notion that the broadcaster’s doorsteps more and more”. bonus, and performance share units funding model was only relevant to However, she insisted that the public valued at $25m. those in Westminster, arguing instead service broadcaster still had a crucial Home secretary urged to delay that it affect the wider British public. role to play in the modern media UK OFFICIALS ADVISE “The story of the last few years in landscape. ‘LIMITED’ HUAWEI 5G politics has been Westminster not “We do need a national broadcaster Mike Lynch’s extradition to US British officials have reportedly picking up on the signals from the with a very strong international foot- recommended granting Huawei a public and I think that’s where the print but also a brand that people JESS CLARK is being sued in the UK by HP for limited role in the UK’s 5G network, Boris Johnson government is deter- turn to,” she said. allegedly falsely inflating despite US calls for a complete ban mined not to go wrong, which is to lis- The BBC’s royal charter — the consti- @jclarkjourno Autonomy’s revenue ahead of its over security fears. The advice was ten to what people are saying,” she tutional basis for the broadcaster — is EX-BREXIT secretary David Davis has £8.4bn sale to the tech giant in 2011. made at a meeting of senior told the BBC’s Nick Robinson. next up for renewal in 2027, with a urged the home secretary to delay the The outcome of that trial is not government officials and security The BBC is facing scrutiny over its mid-term review set for 2022. extradition of Autonomy founder yet known. chiefs yesterday, Reuters reported. funding model amid declining view- Morgan said the review process Mike Lynch to the US until the verdict Davis argued that if Lynch is The National Security Council will ing figures and the rising popularity “takes a long time”, adding: “We may of a UK civil trial is announced. found not guilty of fraud in the UK meet next week to make a decision. of streaming services such as Netflix. get to a different place wholly differ- The US is seeking to extradite civil trial then a criminal trial in the Johnson has asked aides to launch a ent to where we start out.” Lynch to stand trial. However, Lynch US is unwarranted. £ HUAWEI DEAL IN DEPTH: P13 CITYAM.COM FRIDAY 24 JANUARY 2020 NEWS 05 Morrisons axes Wanted: Javid rolls out a search for Britain’s next beancounter-in-chief 3,000 manager HARRY ROBERTSON government stuck to its spending finances before Javid’s Budget in and borrowing rules. March, an important event to see @harrygrobertson Chote became the first chair, how much leeway the chancellor has CHANCELLOR Sajid Javid yesterday moving from his role as director of to carry out his agenda of increased launched the search for the next the Institute for Fiscal Studies (IFS) public spending. roles in overhaul head of the UK’s budget watchdog, as think tank. His 10-year term comes The role, which comes with a the term of the current chair Robert to an end in October. salary of £158,762, has been publicly Chote draws to an end. Javid said Chote had led the advertised and will be open to The Office for Budget organisation with “intelligence, applications until 20 February. The JESS CLARK supporting them through this process Responsibility (OBR) was formed in independence and integrity”. chosen candidate will be subject to and there are jobs available for every- 2010 by newly-elected chancellor Chote will oversee the OBR’s the consent of parliament’s Treasury @jclarkjourno body who wants to continue to work George Osborne to ensure the report into the state of the UK Select Committee. MORRISONS is preparing to cut at Morrisons.” 3,000 management jobs across its Union of Shop, Distributive and supermarkets, as it adds more hourly Allied Workers (Usdaw) national offi- paid roles. cer Joanne McGuinness said: “This is a The retailer announced yesterday big upheaval for the Morrisons store that it will create 7,000 new hourly management team and is devastating paid jobs across its stores, which will news for our members. result in a net 4,000 new jobs. “We will be entering into consulta- The affected managers will be able to tions with the company on behalf of apply for the new roles, which will our members affected by these involve taking a pay cut. changes.” Many of the new roles will be on Yesterday’s announcement comes Morrisons’ butcher, baker and fish- days after Sainsbury’s announced monger counters. plans to axe hundreds of The remaining managers will management roles. “concentrate on helping frontline The supermarket said on Tuesday colleagues to do their job better”, the that bringing together more teams in grocer said. commercial, retail, finance, digital, Morrisons group retail director technology and human resources David Lepley said: “This proposal would lead to a reduction of “hun- means more frontline colleagues dreds of management roles across the improving product availability and business”. helping customers. Sainsbury’s said it had reduced “Whilst there will be a short period its senior leadership team by 20 of uncertainty for some managers per cent since the start of the 2019 affected by these proposals we will be financial year.

TECH TIFF Xerox wages a fresh attack to gain control of PC giant three times its size

XEROX said yesterday it plans to nominate 11 independent candidates to HP’s board, seeking to take control of the PC maker after several rejections of its $33bn (£25.2bn) offer. HP said the move was “self-serving move to advance its proposal”. ECB launches major review into strategy as interest rates held

HARRY ROBERTSON first since 2003 and will delve into a number of key issues ranging from @harrygrobertson what the inflation target should be EUROPEAN Central Bank (ECB) to how best to tackle climate change. president Christine Lagarde yesterday In the press conference following launched a major policy review at the the decision, Lagarde said: “We will Eurozone institution that could not leave any stone unturned and change its central aims. how we measure inflation is clearly It came as the Bank kept interest something we need to look at.” rates on hold at record-low levels and Lagarde said climate change was maintained its massive bond-buying an “important matter” to look at. programme to try to inject life into The issue will be hotly debated, as the struggling euro area economy some ECB governing council in 2020. members think it falls outside the Lagarde’s strategic review is the Bank’s remit.

CITYAM.COM FRIDAY 24 JANUARY 2020 NEWS 07

Isabel Dos Santos (right) Hotel Chocolat Banker implicated in and Paris Hilton reports sweet Angolan fraud claims Christmas sales

ANGHARAD CARRICK found dead in Portugal @angharadcarrick HOTEL Chocolat yesterday reported JAMES BOOTH Investigative Journalists alleged that double-digit revenue growth in the Dos Santos, daughter of the former second half of last year. @Jamesdbooth1 President, had used her position to In a trading update Hotel A BANKER named in the investigation illegitimately amass vast wealth. Chocolat said revenue grew 11 per into the source of Angolan billionaire Angola’s chief prosecutor was cent in the 13-week period to 29 Isabel dos Santos’ wealth has died in quoted by news agency Lusa as saying December, while in the 26 weeks to Portugal in an apparent suicide. late on Wednesday, before travelling the same date it was up 14 per cent. Nuno Ribeiro Da Cunha, the director to Lisbon yesterday, that his office WHO IS ISABEL DOS The chocolatier said trading in of private banking at Portuguese sought Dos Santos and other suspects SANTOS? the run-up to Christmas continued lender Eurobic, was found dead at his “to voluntarily come to face justice”. The 46-year old, who is estimated to to be in line with expectations but house in Lisbon on Wednesday. Failing that, his office would resort have a fortune of more than $2bn flagged “inefficiencies in the supply He managed the account of national to legal instruments at its disposal, (£1.5bn), is the daughter of former chain” which increased costs oil firm Sonangol, which was one being an international warrant. Angolan President Jose Eduardo Dos Q&A “moderately”. The company said it formerly chaired by dos Santos. The scandal has also enveloped Big Santos, who ruled the country from banks and telecoms business Unitel would address this in 2020. Both dos Santos and Ribeiro Da Four auditor PwC which provided mil- 1979 to 2017 and chaired the national oil company Hotel Chocolat opened two new Cunha were named yesterday as lions of dollars worth of services to locations in the US and three new formal suspects by Angola’s public Dos Santos’ companies. HOW DID SHE BECOME WHAT DID SHE DO WITH joint-venture locations in Japan prosecutors in the case of alleged mis- PwC has cut its links to Dos Santos’ AFRICA’S RICHEST WOMAN? HER MONEY? during the second half of 2019. management and misappropriation companies and said it is investigating Dos Santos, nicknamed The Princess, Dos Santos liked the high-life and has Co-founder and chief executive of funds from when Dos Santos the firm’s most senior tax partner in allegedly used her position to been pictured partying around the Angus Thirlwell said: “The USA and chaired Sonangol from 2016 to 2017. Portugal, Jaime Esteves, who resigned illegitimately enrich herself. She had globe with celebrities such as Rita our joint venture in Japan are both An investigation by the this week following the revelations. stakes in Angolan firms including Ora, Lindsay Lohan and Amber Heard delivering an encouraging International Consortium of Dos Santos has denied wrongdoing. performance.” Asos chases away blues with record Black Friday

EDWARD THICKNESSE strong performance through the back on track. They effectively peak holiday period. leveraged their vast reach on social @edthicknesse 9.13% Chief executive Nick Beighton media to gain strong traction ONLINE retailer Asos beat said: “Asos has delivered an heading into Black Friday and the January blues with encouraging start to the the Christmas period. yesterday’s trading statement as year. Strong customer “It’s abundantly clear revenue grew 20 per cent across acquisition activity that Black Friday has the group for the final four months supported by robust become critical in of 2019. operational The fashion firm said that the performance has Asos marked growth growth, which was consistent across driven good across all its divisions all of its divisions, was due to record momentum in all our Black Friday sales. markets. retailers’ success over Total sales hit £1.1bn, driven by “As we said in the festive period. Savvy increases in every geography of 20 October, the focus for shoppers are bringing per cent or higher, up from £895m this year is to further forward their purchases to in the same period in 2018. enhance our capabilities and take advantage of discounts for In the UK, sales rose from leverage the investments we have their Christmas shopping.” £347.8m to £408.9m, while EU sales made. We remain confident in our Lim added that this trend rose from £275.9m to £332.5m. The ability to capture the substantial favoured online retailers. US continued to grow, reaching opportunity ahead of us.” Asos said that its guidance for almost £140m this year. Richard Lim, chief executive of 2020 remained the same as Total orders also saw a 20 per cent Retail Economics said: “These previously stated. increase to 27.7m, mainly due to figures show that the retailer is Shares rose 9.1 per cent to 3,300p.

Mothercare replaces senior leadership as firm gets to grips with fresh transformation plans

EDWARD THICKNESSE yesterday said that chief executive Whiley, who was central in saving Mark Newton-Jones would step the high street chain, will become @edthicknesse down. He will remain as an the group’s non-executive chair, AFTER closing all 79 of its stores executive director until July in a sign that Shore Capital last weekend, collapsed retailer whilst former finance chief Glyn Markets analysts say shows “that Mothercare yesterday announced Hughes will step up to become this business is just about back on wholesale changes to its interim chief executive. the straight and narrow”. leadership. The firm is bringing in Andrew Mothercare fell into Following on from November’s Cook to the main board as chief administration in November transformation plan, when the financial officer, after a spell as despite a rescue plan being group announced plans to Mothercare’s corporate agreed in 2018. In December become an international development officer. administrators were appointed franchise operation, the firm Long-standing chairman Clive for its stores around the country. 08 NEWS FRIDAY 24 JANUARY 2020 CITYAM.COM TfL stripped Uber of London licence Chancellor calls over doubts it could protect public JAMES BOOTH without having insurance in place. partly from changes to Uber’s system for shake-up to @Jamesdbooth1 TfL said the risks of private hire which were exploited by drivers. drivers offering uninsured services It said the breaches “raised serious A LETTER released yesterday by were “grave and acute”. doubts as to whether TfL could have Transport for London (TfL) revealed Some breaches concerned drivers sufficient confidence in [Uber’s] the regulator stripped Uber of its using another drivers’ login to ability to prevent breaches of this London licence because of “serious provide services. TfL said this could kind — and indeed wholly new capitalist system doubts” it would be able to keep the lead to drivers with serious criminal breaches that have never occurred public safe. records or medical issues providing previously — recurring.” The letter, dated 25 November, services. It added the risks from this Uber’s Europe boss Jamie Heywood detailed some of the breaches, which “are serious and substantial”. said: “We are appealing TfL’s CATHERINE NEILAN growing the pie without included drivers providing services TfL said the breaches stemmed decision. Safety is our top priority.” @CatNeilan making sure that everyone got their fair share.” CHANCELLOR Sajid Javid yesterday “We’ve allowed our environment said a new “balance” between and our society to come too far capitalism and people is needed in down our list of priorities. We didn’t the UK, but promised that focus enough on people and the government is not places,” he added. “abandoning ship”. In order to “level up” Speaking at the CBI Javid said the lunch in Davos government would have yesterday, Javid told business leaders Javid said regional there was a “new inequality in the UK is a chapter” opening “national disgrace” BOOK LONDON’S under Boris Johnson’s majority government, to invest to create “the which yesterday finally high tech, high wage, low HOTTEST NEW passed the key Brexit carbon jobs of the future”. legislation known as the He hinted at a new plan to Withdrawal Agreement Bill. boost skills diversity in the north, SHOWS FOR 2020! Javid noted the UK’s productivity which will be revealed as part of the gap has led to regional inequality Budget on 11 March, and urged which is “a national disgrace”. businesses to play their part. “There’s been a failure of At the same time the government Fantastic new productions economic policy in recent decades will publish its national that started even before the infrastructure strategy, which will financial crisis,” Javid said. seek to address climate change as now on sale in the West End “We’ve been too focused simply on well as regional connectivity.

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CASUAL dining chain Handmade Burger Co. collapsed into administration for the second time yesterday, making more than 280 workers redundant. All 18 of its restaurants have closed and Leonard Curtis has been appointed as administrator. CMC Markets strikes upbeat note as income smashes expectations ANNA MENIN predictions of between £184.1m @annafmenin and £189.3m. CMC Markets said the strong ONLINE trading platform CMC performance was driven by better Markets has lifted its full-year income retention of client income, which led expectations once again after its to increased revenue per active client, third-quarter income beat despite lower client income due to predictions, as an increased focus on weaker market conditions for much partnerships and professional of the quarter. traders pays off. “CMC’s performance continued to In a trading update yesterday, be strong during the third quarter. I CMC said third-quarter net operating am delighted that our strategy is Tickets are subject to availabilty income came in above expectations, delivering excellent results, as we and that net operating income for continue to grow and diversify,” said the year would be ahead of market chief executive Peter Cruddas. CITYAM.COM FRIDAY 24 JANUARY 2020 NEWS 09

PAMPER LIFE’S COMPLEXITIES Proctor & Gamble targets hit by poor nappy sales Park Plaza operator PPHE’s revenue boosted by new opening in London JESS CLARK said revenue per available room for and results in-line with expectations. the year jumped 5.1 per cent to Our continued success is @jclarkjourno £103.7m, driven by occupancy underpinned by our unique owner- PARK Plaza operator PPHE reported a growth of up to 80.7 per cent. operator model which distinguishes jump in revenue following the During the year the company us from industry peers.” opening of a new London venue. launched the Holmes Hotel in On Wednesday the group Like-for-like group room revenue London and in October reopened the announced that chief operating for the year grew 6.3 per cent to Park Plaza Vondelpark in officer Greg Hegarty has been £249m, from £234m the previous Amsterdam and Park Plaza Utrecht. promoted to deputy chief executive, year, while reported room revenue Chief executive Boris Ivesha said: while former general counsel Inbar was up 5.9 per cent to £250m. “We are on course to continue our Zilberman has been appointed as The FTSE 250 real estate group track record of delivering growth chief corporate and legal officer.

US CONSUMER goods giant Procter & Gamble reported lower-than-expected quarterly sales yesterday, hurt by a stronger dollar and waning demand for nappies. Slow growth has hit sales of its Pampers nappies, particularly in the US and China.

John Laing chief Hybrid Powered Expedition Cruises steps down after six years at helm antarctica

EDWARD THICKNESSE However, since then John Laing’s shares have more than doubled in @edthicknesse value, until last month saw the stock JOHN Laing chief executive Olivier suffer its worst day in history due to Brousse yesterday resigned from the a warning on the decline of power long-running infrastructure firm in price forecasts. order to take up a new role at French Chairman Will Samuel thanked utility Veolia. Brousse for his role in developing the Brousse, who has been at the firm company’s footprint around the FROM PP since 2014 and led the firm’s initial world. £5,990 public offering in 2015, will remain Brousse said: “John Laing is a at the company while a successor is great company with a fantastic team identified. of people throughout the business, Flight-inclusive John Laing, which was founded making my decision to leave all the in Carlisle in 1848, invests in more difficult.” flight inclusive BOOK BY 31 MAR 2020 private finance initiatives around Shares in the firm dropped 4.1 per the world. cent to 371.6p on the news. In August last year the firm made its first investment in South America, JOHN LAING taking a 30 per cent stake in Colom- 370 P ms Fridtjof Nansen ms roald amundsen bia’s Ruta del Cacao road project for £62m. 12 days Antarctica 18 days Antarctica, In December the company missed 370 Highlights of the Chilean Fjords, Falklands market estimates, causing shares to Frozen Continent Great Explorers and Wildlife drop roughly eight per cent. 370 23 Jan Brousse’s tenure has not been 371.60 ITINERARY ITINERARY straightforward, with the group’s ini- Santiago DAY 1 Buenos Aires Buenos Aires DAY 1 Santiago de Chile tial public offering missing its £1bn 370 de Chile DAY 2 Buenos Aires/ ARGENTINA DAY 2 Santiago de Chile/ valuation, with shares trading at the Ushuaia – Flight Punta Arenas CHILE 17 Jan20 Jan 21 Jan 22 Jan 23 Jan bottom of forecasts. & Embarkation DAY 3 Chilean fjords – DAY 3-4 Drake Passage Patagonia DAY 5-9 Antarctica DAY 4-5 Drake Passage P A C I F I C & Cape Horn P A C I F I C A T L A N T I C DAY 10-11 Drake Passage O C E A N A T L A N T I C O C E A N O C E A N O C E A N DAY 12 Ushuaia/ DAY 6-12 Antarctica FALKLAND Buenos Aires DAY 13 At sea ISLANDS DAY 14-16 Stanley DEPARTURES The Falkland Islands Punta Arenas DAY 17 Puerto Williams Square Mile home to some of the Ushuaia At sea 2020: 7, 17, 27 Nov; DAY 18 Beagle 7, 17, 27 Dec Punta Arenas/ Cape Horn Channel DRAKE PASSAGE 2021: ANTARCTIC Santiago de Chile DRAKE PASSAGE 6, 16 Jan PENINSULA UK’s slowest download speeds DEPARTURES 2020: ANTARCTIC 4, 20 Nov; 6, 22 Dec PENINSULA JACK RICHARDSON Aira, which ran the data, said: 2021: 7 Jan; 23 Jan†, 2 Mar† 66 66°33'S ANTARCTIC °33'S AN CIRCLE TARCT IC CI “The City has such a slow download RCLE THE CITY of London has the slowest speed due to the fact it is arguably MS Fridtjof Nansen MS Roald Amundsen broadband speed in the whole of the the business hub of the UK.” FLIGHT INCLUSIVE FLIGHT INCLUSIVE UK, according to a survey. The City has an average download from PP* from PP* The league table of slowest and speed of 17.1 megabits per second, £5,990 £6,990 fastest broadband speeds, compiled meaning it would take 37 minutes *Terms and conditions: Savings vary by date and by cabin grade. Lead price applies to Outside cabins on MS Fridtjof Nansen voya ges departing 7, 17, 27 Nov, 7 and 17 Dec by RS Components using Ofcom 44 seconds to download an average- 2020; and to Outside cabins on MS Roald Amundsen voyages departing 4th or 20th Nov 2020, and 6th Dec 2020. New bookings only. B ooking must be confirmed by 31 March 2020. From prices quoted are in GBP and are per person, based on full occupancy of your chosen cabin, single supplemen ts may apply. Hurtigruten operates a data, shows even with its place at length HD movie. flexible pricing system and prices are capacity controlled, confirmed at time of booking. Not included: travel insurance, luggage handling, optional excursions or optional gratuities. Any flights booked with Hurtigruten are ATOL protected (ATOL 3584), departing from London. Cabins and excursions are subject to availability. All itineraries the centre of the UK economy, the The data attributed the lower are subject to change due to local conditions. See website for full itineraries and further details. Booking terms and conditio ns available online at www.hurtigruten.co.uk. Square Mile is behind far more speed to a 2005 decision in the UK to †20-day itinerary with days 6-14 spent in Antarctica. IMAGES © HURTIGRUTEN; KARSTEN BIDSTRUP, MARCEL VAN OOSTEN / HURTIGRUTEN remote areas. make broadband a cheap commodity This comes at a time when the so to save costs. Cheap copper wires CALL 0203 131 5564 | VISIT WWW.HURTIGRUTEN.CO.UK | CONTACT YOUR PREFERRED TRAVEL AGENT government has pledged to improve were installed in major cities, UK broadband coverage. resulting in far slower speeds. 10 NEWS FRIDAY 24 JANUARY 2020 CITYAM.COM

EDITOR’S NOTES News and views from the City, Westminster & beyond CHRISTIAN MAY @CHRISTIANJMAY [email protected]

Sorry, actors, but tax £ THE SPIRIT of philanthropy POPPING THE has taken hold at City A.M., GOOD STUFF with no fewer than three isn’t the answer to all endeavours underway THE QUEEN last night supporting five different the world’s problems rubber-stamped Boris causes. Our co-founder Johnson’s Brexit Bill, Lawson Muncaster is LBERT Einstein, when asked (in theory) to be progressive. That meaning the UK’s departure currently cycling across Awhat he thought of the is, those with the broadest from the EU on 31 January is Vietnam in aid of Childline, complexity of income tax shoulders are expected to carry a now enshrined in law. Nordoff-Robbins (which runs paperwork, is said to have replied: greater burden. But all too often, Feeling, perhaps, that they music therapy centres) and “This is a question too difficult for tax is seen as the easy answer. To have something to the Teenage Cancer Trust. a mathematician — it should be coincide with Davos, a group of celebrate, Downing Street Lawson is battling through asked of a philosopher.” Taxation millionaires have published an yesterday took delivery of thunderstorms so spare him a is, of course, as much a open letter, appealing directly for five cases of Nyetimber — thought — and some money, philosophical issue as an higher rates of taxation. Many of English sparkling wine. if you can. Search “Race economic one. Economists may those who signed the letter are While Brexit needn’t dry up Nation Lawson Muncaster”. seek to understand the optimal actors and entertainers. Let’s our appetite for champagne, Meanwhile, one of our sales rate of taxation, the most effective assume that none are guilty of Nyetimber is very good stuff. supremos Adam Braggs is means of collecting it or the ever having used a personal We served it at our wedding. gearing up for AJ Bell’s behavioural consequences of service company, and take them notorious Courmayeur certain levies but these are also at their word. They want to Classic, taking in ski £ political and, therefore, contribute more? They’re free to CITY grandee Roger Parry Parry to consider “radical reforms CAN I QUOTE YOU ON THAT? orienteering, slalom racing philosophical matters. Should a do so. HMRC accepts donations. (chairman of YouGov, non-exec at to the mechanics of our political and a distance challenge — in tax be used to send a signal even if The letter dismisses philanthropy Uber and veteran tech-investor) system.” Suggestions included aid of Snow Camp, which its economic consequences are as “an inadequate substitute for has been moved to write a book reducing the number of MPs from introduces disadvantaged negative? Think here, for example, government investment”. Now about how to improve our 650 to 500 and halving the kids to winter sports. Search of the debate around the that really is a philosophical democracy. Parry describes the number of Lords. If voters agree for “Snow-Camp Adam reintroduction of the 50p rate of debate. As a stunt to raise “total shambles” of parliament with this, Parry’s proposal to boost ... he does good Braggs”. Finally, my good income tax. Polls show that awareness of wealth inequality or between the EU referendum and MPs’ pay by 50 per cent and at rockets ... friend George Reed of Oberon support for such a measure tax evasion, a group of extremely the most recent General Election double their office allowance may Solutions will be representing doesn’t diminish even if wealthy individuals demanding to — the result of which, he suggests, be harder to swallow. But it’s his City A.M. in the London respondents are told it would be taxed more could make sense. has triggered “a mood of almost call to explore digital elections Donald Trump heaps praise on Marathon, running for Give result in lower revenues. Taxes can But as the basis for an effective, euphoric novelty... at the prospect (with compulsory voting) that Tesla and Space X founder Elon Them a Sporting Chance. be used to modify behaviour (from benign and (most importantly) of a government with a big should really get people talking. Musk, in his own inimitable way Show him some love by smoking to the formulation of revenue-raising taxation policy? majority”. But it’s the period BJ Renovation: Rebuilding UK Politics, searching for him on sugary drinks) and they’re devised Almost certainly not. (Before Johnson) that has inspired is available on Amazon now. justgiving.com CITYAM.COM FRIDAY 24 JANUARY 2020 NEWS 11 Petropavlovsk strikes Putin’s reforms given the OK in gold as sales tower in first MPs’ vote

HARRY ROBERTSON buoyant finale to 2019 @harrygrobertson RUSSIA’s lower house of parliament EDWARD THICKNESSE open-pit and underground mines, yesterday unanimously backed the performed well and either met constitutional shake-up proposed by @edthicknesse or exceeded expectations despite Vladimir Putin last week, paving the LONDON-LISTED gold mining firm the extreme weather events last sum- way for reforms that could cement Petropavlovsk saw its shares jump 17.3 mer that caused multiple floods in the President’s power after he steps per cent yesterday after the company the region.” down from his current post. reported a large increase in sales. For 2020, Petropavlovsk expects to Oil production cartel Opec are likely to impose further cuts in March All 432 lawmakers in the lower In total, the firm said its gold sales “significantly increase” production to house assented to the reforms, with had increased 39 per cent in the year between 620,000 ounces from 720,000 no votes against or abstentions. The ending December 2019, from 369,000 ounces. Oil spirals as surplus hits price vote was the initial step in the first ounces to 514,000 ounces. constitutional changes in Russia The firm, which has operations in PETROPAVLOVSK since 1993. Russia, attributed this to the contri- EDWARD THICKNESSE hit even harder, falling back three Under Putin’s plans, presidential bution from the pox hub processing P per cent to $55.06 a barrel. power would be weakened and the refractory in the country’s far east, 15 @edthicknesse The slump is due to a number of powers of the prime minister, which was not in production the 15.48 OIL PRICES accelerated their decline factors, including concerns over parliament and the advisory State year before. 14 23 Jan yesterday as Brent crude fell by more the spread of China’s coronavirus, Council would be beefed up. Fourth-quarter production alone than 2.5 per cent for the second day which has already knocked major The changes would let Putin, who rose 90 per cent, from 85,400 ounces in a row. global markets. is 67, either become prime minister to 162,600 ounces in the final months 13 The steep drop meant that Brent Analysts at JPM Commodities fear once again or head of the State of the year. crude was trading at $61.49 per that if the disease turns into a SARS- Council, keeping his grip on Russia Chief executive Pavel Maslovskiy barrel, its lowest price in almost two style epidemic prices might take a hit after he is legally obliged to step said: “All operations, including 17 Jan20 Jan 21 Jan 22 Jan 23 Jan months. West Texas Intermediate was of up to $5 per barrel. down in 2024. Anglo American boosts production amid slump

EDWARD THICKNESSE the final operating licence it needs However, ongoing droughts have to boost production at its Minas-Rio led to water shortages at the @edthicknesse iron ore mine in Brazil to its full flagship Los Bronces project. MINING giant Anglo American capacity of 26.5m tonnes The firm also managed to shook at water shortages at its a year. limit damage from copper mine in Chile to post a four Chief executive Mark Australia’s bushfires, per cent increase in production in Cutifani said: “We have which had caused a the fourth quarter. delivered our full-year slump in BHP’s coal Output from the Los Bronces production targets mine slumped 28 per cent, across the business.” Anglo is a stakeholder in which pulled the group’s overall Anglo American jewellery firm De Beers copper production down around 13 appear to have per cent. shaken off a number production in the final However, strong performance of of problems that have quarter. Earlier this 6.2m tonnes at the company’s afflicted rivals such as week the company tabled Minas-Rio iron ore mine in Brazil BHP. Despite extensive a £405m bid for UK miner helped offset the shortage, as did an protests in Chile in October, the Sirius Minerals, marking its 11 per cent increase in coal firm’s operations in the country entry into the potash market. production. largely maintained production Investors failed to heed the news The miner in December received throughout the autumn. as shares fell 3.5 per cent to 2,114p. Ex-HSBC commodities executive takes senior management to court including former chief

ANGHARAD CARRICK former lieutenant Thibaut followed by 5,000 job cuts as the de Roux. bank chased savings, equating to @angharadcarrick HSBC’s chief legal officer, approximately two per cent of its HSBC’s ex-global head of Stuart Levey, was also named in global workforce. currencies and commodities is court records, said Bloomberg. De Roux left HSBC in suing its former chief executive It is thought that Boillereau’s September 2018 following and three senior managers as part departure came as a result of allegations of sexual harassment of an unfair dismissal claim. changes to a number of the made by a junior female Frederic Boillereau, who left bank’s business lines. employee, a person familiar with the bank in 2018, is bringing a Flint stepped down as chief the matter said at the time. whistleblowing case against HSBC executive last August after just 18 It was reported in November next week, according to months at the helm by “mutual that Assaf will leave his role as Bloomberg reports. agreement”. head of the investment The ex-banker, who worked for Chairman Mark Tucker is said banking division to become HSBC for nearly 20 years, is set to to have disagreed with Flint on chairman of corporate and sue former chief executive John how fast the bank should have institutional banking. Flint, as well as top investment met profit targets. An HSBC spokesperson banker Samir Assaf and his Flint’s departure was quickly declined to comment. 12 NEWS FRIDAY 24 JANUARY 2020 CITYAM.COM Microsoft boss calls for privacy and Shares in AI firm data to be considered human rights ANGHARAD CARRICK It came as part of a discussion on person’s digital dignity is an overrid- Blue Prism surge technology and globalisation in ing principle.” @angharadcarrick which the Microsoft boss emphasised Microsoft president Brad Smith has THE CHIEF executive of Microsoft has the need for trust in technology. also called on a regulation framework called for “data dignity” and urged “We need global norms to ensure for technology. data and privacy to be thought of as a trust in technology,” Nadella said. Nadella said he was worried about human right. It echoed calls on Wednesday by barriers springing up between coun- as sales increase Speaking at the World Economic president of the European Commis- tries: “I would urge us to think about Forum at Davos yesterday, Satya sion Ursula von der Leyen, who said what would happen if we decouple Nadella said: “Data dignity goes there should be a framework to regu- the internet or trade. It will increase ANNA MENIN results were a “great performance”. further than privacy. People’s data late artificial intelligence. the transactional costs of our econ- “The brand value of those organisa- has a value.” She said: “The protection of a omy and we will all be worse off.” @annafmenin tions that are adopting our product SHARES in Blue Prism, a London- and wanting to adopt it at scale is a based robotic automation specialist, massive validation,” he added. jumped over 20 per cent yesterday “These guys don’t buy technology after the company reported an 83 per lightly… The value that they see is cent increase in revenue. that if you automate something, Blue Prism’s revenue for the 12 that’s a return to the business.” months ending 31 October rose to Blue Prism’s customer base jumped £101m, up from £55.2m in 2019, with almost 73 per cent from 971 in 2018 monthly recurring revenue (MRR) to 1,677 last year, with 1,139 upsells coming in ahead of expectations. into 544 clients. The Aim-listed firm helped pioneer Blue Prism reported an adjusted robotic process automation (RPA), earnings before tax loss of £71.9m for and sells software which allows com- the year, up from £21.6m in 2018. It panies to shift repetitive tasks to ro- acquired cloud-based AI company bots — which it calls digital workers — Thoughtonomy in July, which has to complete. now been integrated into the firm. MRR at the company, which gained customers including Amazon, the BLUE PRISM International Monetary Fund and the P US justice department during the 1,500 year, rose from £6.2m to £10.6m. Blue Prism shares closed 22 per cent 1,400 up at 1,500p yesterday. The company’s 1,500 23 Jan market capitalisation — which cur- 1,300 rently stands at just under £1bn — is up around seven per cent compared 1,200 to this time last year. Speaking to City A.M., executive chairman Jason Kingdon said the 17 Jan20 Jan 21 Jan 22 Jan 23 Jan

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Community Enhancement Award Service Provider Award Enterprise Blockchain Award UX/UI Award Comcast has shifted its focus to broadband amid a decline in cable TV viewing Educational Platform Award Outstanding Industry Contribution Award Social Impact & Sustainability Award Comcast set to launch NBC Sky Payment Service Provider Award Digital Asset Custodian Award news channel as revenue rises Incubator / VC Award JAMES WARRINGTON on the same period last year, Crypto Exchange Platform Award while earnings rose three per cent Deployment in Fintech Award @j_a_warrington to $8.4bn. COMCAST is set to launch a joint The revenue growth was boosted news channel with NBC and Sky by a strong performance by Sky, News as it looks to unseat CNN from which Comcast bought for $39bn in *The Crypto AM Awards 2020 are still open for sponsorship, for its dominant position in 2018 after a fierce bidding war with international TV news. Rupert Murdoch’s Fox. enquiries, please contact [email protected] The channel, called NBC Sky World Sky pulled in quarterly revenue of News, will have 10 worldwide $5bn — ahead of analysts’ estimates. bureaus and reach 130m households, Comcast also beat expectations for NBC News chairman Andy Lack told high-speed internet customers, with the Financial Times. 442,000 net additions, though the It came as Comcast hiked its rise of streaming took its toll on the Headline Sponsor dividend following a rise in revenue firm’s cable TV subscribers. and profit in the fourth quarter. The media group lifted its dividend The US media titan posted revenue 10 per cent to 0.92 cents per share, of $28.4bn (£21.6bn), up two per cent hailing “another great year”. CITYAM.COM FRIDAY 24 JANUARY 2020 NEWS 13

F CAMPAIGNING is poetry, govern- former minister. “There will always be ing is prose — so goes one of the something — this is what we are iron rules of politics. Tough, con- just starting to realise about being an troversial decisions must be made, independent trading nation,” says a and one of Boris Johnson’s first current frontbencher. Iwill be to decide whether or not Others involved in the decision point Huawei is granted access to the UK’s to the fact that Huawei is already in 5G network. the network, both as proof of the way A decision is expected next week, the partnership can and has been and it could have serious implications managed and the wider implications for the UK’s relationship with some of deciding to block the Chinese firm. of its closest allies — as well as for “If we decide not to have them British business. involved, it’s not just a case of As we report today, the Prime HUA YOU blocking them — it’s a case of Minister is thought to be leaning stripping them out, if we even can,” towards giving Huawei the green light says one. for limited involvement, with former But, despite reassurances from and current cabinet sources stressing industry — Vodafone and BT have that a decision will be made on both insisted any potential risks an “objective” basis, unswayed by can be managed — and even intelli- pressure from foreign concerns. GONNA gence from Tory HQ some MPs As well as restrictions around exactly are concerned that not enough is where and to what extent Huawei is within the network, sources indicated that there could be time limits that WHAT IS 5G, AND will allow for other operators to take WHY IS HUAWEI SO over further down the line. CONTROVERSIAL? The ability to allow for future “diver- CALL sification” is understood to be crucial, with Number 10 concerned not to be THE SHIFT from 4G to 5G is more fostering a monopoly. The government seems set to decide on Chinese than a simple upgrade. Advocates Last week Boris Johnson urged the believe it will mark a revolutionary US to come up with “alternatives”. giant Huawei’s role in 5G infrastructure next week. change. More than simply allowing Multiple sources pointed to the result- for faster mobile connections, 5G ing silence as speaking volumes. Cat Neilan takes a look at why the deal matters. will be a key step forward in the so- “We’ve asked what has the US got called Internet of Things (IoT). This coming out of Silicon Valley — and refers to the growing network of it’s just been a shake of the head,” connected devices that will play a one government source says. “It’s a key role in more and more parts of market failure.” our daily lives, from fridges to But the decision has to be taken driverless cars. It will also be crucial “here and now”, he added. Downing for business, in particular Street is reluctant to risk the damage manufacturing. Huawei is where to the economy — it could be at least things get awkward. The Chinese two years — with government sources firm, which makes 5G kit, has indicating the cost would run into received state support in the past, the billions. and Washington believes it can be The move is unlikely to be welcomed compelled to incorporate so-called in Washington, which has been lobby- backdoors as spy tools for Beijing. ing heavily for the UK to block Huawei has insisted there have Huawei, even submitting a dossier never been any such demands that claimed it would be “madness” to made, nor that it would acquiesce go ahead. if there were. But the UK is the only member of the Five Eyes alliance — which includes Australia, Canada, New Zealand and the US — to allow the company to participate in the rollout of the new technology. British industry has said it can keep The UK will have Huawei out of core, sensitive parts of the network, but critics argue 5G to employ people is more software-based than other systems, meaning that once to defend our Huawei is in, there is no way to stop network, when it going wherever it likes. Nevertheless, one industry source they should be told City A.M. that the US argument that the system could be hacked innovating from the outer edges just isn’t credible. “You might as well have But the dossier has been shrugged someone with an axe take out off by those in Whitehall. “The idea every cell tower in the country.” that there was anything in there that we didn’t already know is ridiculous,” one source tells City A.M.. Another source points to fundamen- tal differences between the UK’s understood about exactly what “architecture” and the US’s. “What Huawei’s involvement entails. you’re building upon is very “The question is not just about the different.” risks today, but in five or 10 years,” However it is not a straightforward explains Tom Tugendhat, a backbench decision, even working on the basis MP who is running for re-election as that any risk posed by Huawei can be the foreign affairs committee chair. mitigated as industry and security “While the risks can be managed, agencies believe. each patch or upgrade will absorb Johnson risks upsetting the US just more and more effort. The UK will at a critical point in our future rela- have to employ people to defend our tionship, as well as being ejected from network when they should be innovat- the multilateral Five Eyes alliance, ing. The opportunity cost is real.” regardless of whether the risk is real. Another, who describes himself as a Sources tell City A.M. that London is tech enthusiast, urged the govern- being caught up in Washington’s ment to bide its time. trade war with Beijing — and should “It’s a case of which is the bigger con- insist Downing Street must not be cern — the national security risk or held ransom, or risk setting a danger- the economic risk,” he says. ous pattern in our nascent trading “A lot of the risk is unknown, relationship. 5G is new, we don’t really know “The US thinks China needs to be how it can be manipulated yet — contained. Europe can’t help militari- and China has a reputation for cyber ly, but it can economically,” says one manipulation.” 14 NEWS FRIDAY 24 JANUARY 2020 CITYAM.COM Southwest flies in with $500m in spite of continued Boeing drama JACK RICHARDSON executive, said: “Our operational while total operating expenses and financial performances in 2019 increased 3.7 per cent year on year US CARRIER Southwest Airlines has were truly remarkable considering to $5.1bn. remained in profit, despite the an estimated $828m reduction in Southwest cut planned flights and continued grounding of Boeing’s operating income and significant deferred retiring its older aircraft next 737 Max jet. reduction in planned flights due to after the Federal Aviation Authority The Texas-based company recorded the Max groundings. (FAA) followed global aviation a fourth quarter net income of Passenger revenue yield rose 1.5 watchdogs in issuing an emergency $514m (£239.6m) and earnings per per cent — something Southwest grounding order for the Boeing 737 share of $0.98. expects to increase between 3.5 Max across all US airlines in March For 2019 annual net income was and 5.5 per cent in the first last year. $2.3bn and earnings per share were quarter of 2020. At the same time, Southwest a record $4.27. Fuel prices remained at expected also expanded flights in California Gary C Kelly, the airline’s chief levels for the fourth quarter of 2019 and Hawaii. Southwest has been hit by the global grounding of the Boeing 737 Max aircraft Greenpeace bid Quintain nets £150m to build to stop Arctic oil rental homes JESS CLARK @jclarkjourno PROPERTY developer Quintain is exploration fails planning to build almost 400 new homes in Wembley after completing a £150m financing deal with Goldman Sachs. EDWARD THICKNESSE welcomed the verdict. In a statement, The funding will allow Quintain @edthicknesse it said: “The court agrees with the to construct 398 rental homes state that the Barents Sea petroleum across three new buildings in GREENPEACE yesterday lost its activity does not contravene the Wembley Park, next to the attempt to disrupt Norway’s plans to constitution.” Boxpark site. expand oil exploration operations in Some exploratory wells have already The development — due to be the Arctic after an Oslo appeals court been drilled, but no significant dis- completed by May 2022 — will ruled against the climate group. coveries have yet been forthcoming. include 177 affordable homes that Along with the Nature and Youth A victory at the appeals court could EU car sales grew 1.2 per cent last year after a year-end buying spree in December will be managed by Quintain’s group, the environmental organisa- have set a precedent for other similar rental brand Tipi. tion had tried to argue that the cases around the world, whilst also Quintain said the build-to-rent activities violated people’s right to a limiting western Europe’s biggest oil development will range from seven healthy enivironment. and gas producer’s activities. European car sales set to plunge to 21 storeys, and will feature retail Article 112 of Norway’s constitution The case is part of a global trend of space, a GP surgery and a guarantees the right of current and plaintiffs using a nation’s founding childrens’ play area. future generations to a healthy and principles as a means of forcing coun- for first time in over seven years Quintain chief executive sustainable environment. tries to cut emissions. James Saunders said: “Completing In response to the ruling, which was In one significant change from the ALEX DANIEL vehicles, just as car sales in key our latest funding round with both unanimous and in line with that original district court decision, the @alexmaniel markets such as China begin to cool. Goldman Sachs marks a fantastic of a lower court, Greenpeace said that appeals court agreed that overseas Meanwhile, they are gearing up for start to 2020. it would appeal the case to Norway’s use of Norwegian oil should be taken EUROPE’s car sales are likely to tough new EU emissions regulations “Their teams’ understanding of supreme court. into consideration in such judge- decrease this year, according to the set to take effect this year and next. the build-to-rent market and The dispute revolves around a series ments. Greenpeace Norway chief European automotive industry “One of the biggest drivers of adaptability has enabled us to of awards made by the government in Frode Pleym said that the verdict was association ACEA. change for our sector is the need to secure a financing structure 2015/2016 to oil giant Equinor. in this sense a “big step in the right Car registrations are projected to address environmental concerns,” tailored to our specific needs.” The government handed out 10 direction”. drop two per cent in 2020, which said Michael Manley, ACEA president He added that funding will Arctic exploration permits in the Over 1,500 climate-related cases would be the first drop in seven years. and chief executive of Fiat Chrysler. continue the transformation of contested 23rd licensing round, in- have been brought in 28 countries, The forecast is likely to fuel “The good news is that carbon- Wembley Park as the Euro 2020 at cluding three in the south-eastern mostly in the United States, between growing concerns that car neutral road transport is possible Wembley Stadium and the launch part of the Barents Sea, near Norway’s 2007 and 2020, according to Joana manufacturers’ best days are behind and together, with a holistic of the London Borough of border with Russia. Setzer, a fellow at the Grantham Re- them. Companies are haemorrhaging approach, we can reach it by 2050,” Culture edges closer over the The country’s energy ministry search Institute at the LSE. cash on switching to low-carbon he added. coming months.

ISLAND TIME Raffles answers question of what to get rich-listers on their birthday Volkswagen slapped with Canada’s largest ever environmental penalty

EDWARD THICKNESSE As a result, the firm will be forced would be used to support @edthicknesse to pay CA$196.5m (£113.7m) for 60 environmental projects on both a counts of breaching the Canadian regional and national scale. VOLKSWAGEN has been hit with the Environmental Protection Act. It added: “The resolution largest environmental fine in In a statement, prosecutor Tom acknowledges the extensive Canadian history after the Lemon said: “This is an measures by Volkswagen to automobile giant pleaded guilty to unprecedented fine in Canada. make things right in Canada dozens of diesel emissions violations. It is 26 times greater than the and strengthen its global In December the car maker was highest federal environmental fine compliance policies.” RAFFLES, the company behind the iconic hotel in Singapore, has launched a $1m charged with importing 128,000 ever imposed.” Since 2015 the car maker has paid (£760m) all-inclusive island buyout of its Meradhoo resort in the Maldives. Renters vehicles into the country which Volkswagen also issued a £25bn in fines for cheating will snag the private island all to themselves, or up to 70 guests, for four nights. breached emissions standards. statement, saying that the fine emissions tests in the US. CITYAM.COM FRIDAY 24 JANUARY 2020 MARKETS 15

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

FTSE sinks amid COUNTRYSIDE PROPERTIES P S&P 500 gains 520 23 Jan 495.40 510 as Nasdaq hits woes for spread 500 a fresh record 490 HE S&P 500 ended slightly higher Tand the Nasdaq eked out a 17 Jan 20 Jan 21 Jan 22 Jan 23 Jan record closing high yesterday, helped by a jump in Netflix, while of Chinese virus Housebuilder Countryside Properties had a subdued run-up to Christmas, with news about the coronavirus outbreak completions and prices remaining fairly flat from October to December. But brokers spreading from China and mixed at Peel Hunt were reassured by a “material pick-up” in reservations and forward earnings results kept a lid on the orders. It’s too early to have conviction about the spring housing season, but there’s market. K SHARES lost roughly one across mainland China, Hong Kong, clearly been a good start, they said. Countryside could also have some treats in store The S&P and the Nasdaq had both per cent as worries over the Macau and Taiwan as spread of the in the March Budget, which would further boost forecast. Peel Hunt gave been trading down before news late in spread of a new flu-like Sars-like virus deters tourists. Countryside Properties an “add” rating with a target price of 530p. the session that Gilead Sciences was Uvirus from China forced Other companies that rely on the assessing its experimental Ebola drug dealers to dump risky as- travel market also took a hit. Airline as a possible treatment for the virus. sets, while financial stocks tumbled Easyjet and cruise operator Carnival EASYJET Even as health officials in China put across the board after the European were among the worst performers millions of people on lockdown in P Central Bank kept interest rates at a on the main board, each falling 1,540 efforts to contain the coronavirus record low level. about four per cent. 23 Jan outbreak, which has so far claimed 18 The FTSE 100 gave up 0.9 per cent, Banks weakened on both 1,520 1,474 lives, the World Health Organization marking its steepest one-day benchmark indexes, shedding 1.5 (WHO) said it was “a bit too early” to drop in nearly two months per cent and in tandem with 1,500 declare a global health emergency. and set for its worst weekly their European rivals after The outbreak has strained global performance since early the European Central 1,480 equity markets, just as millions of October. The midcaps Bank kept policy 1,460 Chinese are preparing to travel for the ended one per cent Lunar New Year, which begins lower. Intercontinental Hotels tomorrow. An index of miners slipped four per cent 17 Jan 20 Jan 21 Jan 22 Jan 23 Jan The Dow Jones Industrial Average hit its lowest in more amid the China virus fell 26.18 points, or 0.09 per cent, to than a month with a There may have been some turbulence for airlines recently, but brokers at 29,160.09, the S&P 500 gained 3.79 3.1 per cent drop, in line unchanged as expected. Canaccord Genuity seem positive that market conditions are improving. This could points, or 0.11 per cent, to 3,325.54, with a fall in copper Among midcaps, be seen in Easyjet’s European short-haul capacity growth this winter, as well as the and the Nasdaq Composite added prices. Paypoint skidded as much expected capacity discipline next summer. The brokers are also getting excited 18.71 points, or 0.2 per cent, to Losses came after China put as eight per cent after the about the soon to be launched Easyjet Holiday product, which could prove to be an 9,402.48. Wuhan, the city at the center of the specialist consumer payment attractive prospect. Canaccord Genuity maintained its “hold” rating with a target Insurance bellwether Travelers Cos outbreak, on lockdown as health provider said its annual profit would price of 1,570p, lifted from 1,527p. reported a better-than-expected authorities around the world grow at a more modest rate than quarterly profit, with underwriting scramble to prevent a global previously expected. gains tripling and catastrophe losses pandemic. The new coronavirus has The stock ended down 3.3 per cent PETS AT HOME falling. Nevertheless, the company’s so far killed 17 and infected nearly at the bell. shares dropped 5.1 per cent, 600 people. Aim-listed online fashion retailer 295 P and were the biggest drag on the Intercontinental Hotels slipped four Asos provided some cheer as it 23 Jan blue-chip Dow. per cent after saying it would let advanced nine per cent after beating 290 284 Comcast beat Street estimates but customers change or cancel for free sales growth expectations in the lost more subscribers than analysts stays scheduled up to 3 February Christmas trading period. 285 expected, sending its shares down 3.8 per cent. Freeport-McMoRan results 280 also came in above expectations, but TOP RISERS FTSE 275 investors focused on the mining P company’s drop in Indonesia 1. Phoenix Up 1.33 per cent 7,650 production. Its stock fell 2.8 per cent. 2. Taylor Wimpey Up 1.16 per cent 17 Jan 20 Jan 21 Jan 22 Jan 23 Jan Among winners, Union Pacific 3. Pearson Up 1.04 per cent 7,600 gained 3.5 per cent after the rail 23 Jan The analysts at Liberum are quite taken by Pets At Home, which they said delivered operator said the phase one US-China TOP FALLERS “another standout performance”. They said the ongoing turnaround showed no 7,550 7,507.67 trade pact should reverse slumping signs of a slowdown, with strong headline growth and encouraging progress on volumes. 1. Evraz Down 6.47 per cent strategic key performance indicators. Retail like-for-like revenue grew seven per Netflix jumped 7.2 per cent, 7,500 2. Antofagasta Down 4.83 per cent cent, while vet group comparables were ahead of expectations. Though Liberum’s rebounding from losses sparked by a 3. IAG Down 3.94 per cent guidance is unchanged, they saw forecast upside risk emerging, opening the door disappointing forecast earlier in the 17 Jan20 Jan 21 Jan 22 Jan 23 Jan for another valuation step-up. They gave a “buy” rating with a target price of 330p. week. CITY MOVES WHO’S SWITCHING JOBS

MCCARTHY DENNING board positions in several TMT companies, including created role of creative director. William has over 20 UKCLOUD City law firm McCarthy his role as a deal partner of Redbus’s extensive years’ experience in the creative sector. He joins Tide British multi-cloud provider UKCloud has hired Denning has welcomed Guy portfolio of more than 50 companies. Warren from Redventures where he served as creative director. Stephen Lawrence as its chief growth officer. Stephen Avshalom as its head of Wooldridge, co-founder and chief executive of Prior to this, he was head of product design at Zoopla joins from SSE Telecoms, where he served as technology, media and McCarthy Denning, commented: “Guy’s reputation in and also held roles at Merchant Cantos, M&C Saatchi, enterprise director, delivering the firm’s UK go to telecoms (TMT). Guy is a the entertainment and TMT industries precedes him Betfair and the BBC. William brings significant and market strategy. Prior to that, he spent nine years at prominent figure in the and it is with much excitement that we welcome such varied experience to the role, having worked with large Vodafone, where he served as a sales director, head of entertainment industry, a respected industry heavyweight. With his track and growing brands, helping them to stand out in the service delivery and director of customer service. Prior having served as general record of securing the best deals for clients and market, including repositioning Zoopla’s product to Vodafone, Stephen ran his own consulting firm for counsel and chief operating partners, Guy will expand our current corporate and experience team. Laurence Kreiger, chief operating several years, helping enterprises and government officer of Lionsgate UK for commercial work into the lucrative TMT sectors.” and product officer at Tide said: “William will be crucial organisations achieve and exceed business cases as nearly a decade. For the past to strengthening Tide’s position as a leading brand in well as operational objectives. At UKCloud, five years, Guy has focused on advising clients, TIDE the business banking market and to supporting our Stephen’s objective will be to develop and deliver partners investors and investee companies on mergers Digital business banking platform Tide has announced continued growth. We are very much looking forward our revenue growth strategy for UKCloud's multi- and acquisitions and venture financing. Guy holds the appointment of William Barraclough in the newly to what he will bring to Tide.” cloud services.

To appear in CITYMOVES please email your career updates and pictures to [email protected] 16 MARKETS FRIDAY 24 JANUARY 2020 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1869 à 0.0021 €/$ 1.1040 Ä 0.0045 7507.67 21540.56 4170.34 29160.09 9402.48 3325.54 /$ 1.3104 ÄÄ0.0031 €/£ 0.8425 0.0016 64.25 222.42 36.59 26.18 18.71 3.79 £ /¥ 143.32 1.0400 €/¥ 120.77 1.0900 ÄÄÄÄ Ãà ÄÄ 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 ...... 477.0 -0.5 509.0 421.5 Just Eat...... 880.6 -6.0 901.0 587.4 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 325.0 -4.5 357.5 323.0 Kingfisher...... 207.0 -5.7 266.2 185.9 Tsy 4.750 20 ...... 100.50 0.00 104.3 100.5 Contour Global...... 199.8 -4.7 222.5 159.1 Games Workshp ...... 6775.0 -30.0 7005.0 2800.0 BP ...... 482.1 1.6 582.5 462.4 Aggreko ...... 813.4 -20.0 869.2 693.2 Abcam ...... 1418.0 0.0 1500.0 1066.0 Witan Invest ...... 227.5 -2.0 235.0 197.4 Tsy 8.000 21...... 110.32 0.04 116.9 110.3 Drax Gp ...... 280.8 -2.0 412.0 251.0 Marks & Spencer ...... 187.2 -0.2 303.2 163.9 LIFE INSURANCE Cairn Energy...... 181.6 -4.4 213.8 143.1 Ashtead Gp ...... 2531.0 -41.0 2572.0 1805.5 Wwide Healthcare .....3170.0 -35.0 3255.0 2495.0 Advanced Medical ...... 282.0 -7.0 354.5 225.0 Tsy 2.500 24 ...... 363.68 0.48 377.9 358.8 SSE ...... 1505.0 2.0 1505.0 1008.0 Next ...... 7050.0 -6.0 7340.0 4724.0 Energean Oil & Gas .....845.0 -15.0 1082.0 613.3 Aviva ...... 406.5 -3.8 438.8 352.3 Babcock Intl Grp...... 610.6 -8.4 646.6 416.7 Alliance Pharma ...... 86.4 0.2 86.4 61.0 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 284.0 -6.0 290.0 126.8 Premier Oil ...... 112.0 -1.4 118.7 65.1 Tsy 5.000 25 ...... 123.28 0.21 126.0 122.1 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 753.0 -6.5 780.5 561.5 Bunzl ...... 2028.0 -42.0 2551.0 1943.0 Vivo Energy ...... 113.4 -2.0 139.5 111.4 Royal Dutch Shell A....2172.5 -14.0 2612.0 2144.5 ASOS...... 3300.0 276.0 4066.0 2107.0 Tsy 4.250 27 ...... 129.37 0.38 132.8 125.5 Halma ...... 2104.0 -14.0 2164.0 1394.0 BT Gp ...... 171.0 -3.5 236.4 158.9 Legal & General ...... 306.5 -3.8 317.7 216.7 Capita ...... 157.2 -1.4 183.0 99.9 Watches of Switz ...... 374.0 -1.0 390.8 270.0 Royal Dutch Shell B ....2179.0 -10.0 2622.0 2126.5 Blue Prism ...... 1500.0 270.0 1500.0 788.0 Tsy 6.000 28 ...... 147.68 0.44 152.1 143.3 Morgan Advanced ...... 317.0 -3.0 324.8 232.4 Talktalk Telecom ...... 111.1 -0.1 126.5 96.5 Phoenix Gp ...... 753.9 9.9 758.7 631.2 DCC ...... 6350.0 -64.0 7496.0 6225.0 WH Smith...... 2512.0 -8.0 2654.0 1896.0 Tullow Oil ...... 50.0 0.4 250.0 39.9 Camellia ...... 8700.0 350.0 11750.0 8350.0 Tsy 4.125 30 ...... 384.61 1.31 404.2 364.5 Oxford Instruments ..1540.0 -40.0 1626.0 895.0 Telecom Plus ...... 1520.0 -12.0 1534.0 1130.0 Prudential ...... 1398.5 -13.5 1790.0 1279.5 Diploma ...... 1928.0 -24.0 2084.0 1261.0 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 141.72 0.74 146.4 132.7 Renishaw ...... 3750.0 212.0 4670.0 3232.0 FOOD & DRUG RETAILERS St James Place ...... 1115.0 -19.0 1199.5 913.6 Electrocomp ...... 700.0 -10.8 729.8 537.0 Caretech Holdings ...... 457.5 -6.5 473.0 325.0 Tsy 4.250 36 ...... 150.37 1.07 155.7 137.9 Spectris ...... 2739.0 -41.0 2962.0 2234.0 Greggs ...... 2368.0 -14.0 2476.0 1546.0 Convatec ...... 201.7 -6.8 217.3 118.5 Std Life Aberdeen ...... 311.8 -8.2 336.9 231.1 Hunting ...... 330.0 -5.0 657.0 330.0 Equiniti ...... 219.0 -0.8 236.2 186.2 Central Asia Metals ....209.0 -10.5 266.5 180.0 Tsy 4.750 38...... 165.56 1.36 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 182.2 -2.6 245.8 176.9 Mediclinic Intl ...... 400.0 -5.3 415.3 293.4 MEDIA Petrofac ...... 360.8 -5.9 559.0 360.8 Essentra ...... 423.0 -4.4 449.0 360.2 Clinigen Group ...... 987.0 0.0 1069.0 737.5 Tsy 4.250 46 ...... 174.17 2.03 181.0 1.0 Ocado Gp ...... 1292.0 -39.5 1435.0 873.8 NMC Health ...... 1404.5 -2.5 3000.0 1256.5 Wood Gp(J) ...... 388.3 -3.7 598.6 319.6 3i Infrastructure ...... 303.5 0.5 306.5 264.1 4imprint ...... 3420.0 10.0 3500.0 1917.5 Experian ...... 2617.0 -27.0 2650.0 1884.0 CVS Group ...... 1150.0 0.0 1172.0 395.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 206.8 -1.2 293.9 177.1 Smith & Neph...... 1880.0 -16.5 1990.0 1405.5 PERSONAL GOODS Aberforth Smlr Cos .. 1482.0 -14.0 1546.0 1114.0 Ascential ...... 405.0 -4.0 421.2 319.0 Ferguson ...... 6994.0 -142.0 7216.0 4800.0 Dart Group ...... 1798.0 -7.0 1820.0 709.5 SSP Group ...... 663.0 -13.0 721.0 608.0 UDG Hlthcare ...... 821.0 -11.0 832.5 551.0 BAE Systems ...... 638.6 -1.4 647.6 443.9 Alliance Trust ...... 851.0 -7.0 872.0 708.0 Auto Trader Gp ...... 575.8 -8.4 607.6 448.4 Burberry Gp...... 2094.0 -56.0 2345.0 1695.0 G4S ...... 204.3 -4.6 234.3 168.3 Tesco ...... 243.0 1.1 258.9 212.6 HOUSEHOLD GOODS Diversified Gas & Oil ...... 96.0 -5.5 116.5 96.0 Meggitt ...... 680.0 0.6 697.4 489.9 AVI Global Trust...... 790.0 -6.0 802.0 696.0 Euromny Inst Inv...... 1320.0 0.0 1498.0 1152.0 PZ Cussons ...... 197.4 -0.8 227.0 178.6 Hays ...... 161.4 -2.7 183.5 138.0 FOOD PRODUCERS Draper Esprit ...... 524.0 0.0 548.0 410.0 QinetiQ ...... 360.4 -6.4 370.0 267.0 Baillie Gifford Japan ...825.0 -11.0 848.0 711.0 Barratt Devel ...... 797.2 -5.8 816.4 535.4 Future ...... 1500.0 48.0 1572.0 532.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1330.0 -6.0 1340.0 936.5 EMIS Group ...... 1186.0 6.0 1242.0 890.0 Rolls-Royce ...... 652.4 3.4 988.4 649.0 Bankers InvTst ...... 1006.0 -12.0 1032.0 803.0 Assoc British Foods...2659.0 -11.0 2672.0 2106.0 Bellway ...... 4020.0 -20.0 4072.0 2698.0 Informa ...... 814.8 -17.2 892.0 675.2 AstraZeneca ...... 7657.0 -44.0 7878.0 5325.0 Intertek Gp ...... 6034.0 -16.0 6050.0 4643.0 Fevertree Drinks ...... 1566.5 -63.5 2475.0 1453.0 Senior ...... 160.0 -5.0 239.2 160.0 BlackRock Smaller .....1724.0 -8.0 1732.0 1290.0 Bakkavor ...... 135.2 -4.0 170.0 93.3 Berkeley Grp Hldgs ...5352.0 -60.0 5412.0 3437.0 ITV ...... 142.2 -2.1 156.5 103.6 Dechra Pharma ...... 2934.0 -16.0 3068.0 2290.0 IWG...... 451.2 -3.2 469.0 220.2 Ultra Electronics ...... 2228.0 -36.0 2292.0 1232.0 BMO Global Smaller .....144.4 -2.6 150.0 127.0 Cranswick ...... 3444.0 -4.0 3714.0 2472.0 Countryside Prop ...... 495.4 -11.6 507.0 277.6 Moneysupermkt.com ...322.2 -6.1 417.7 295.6 Genus ...... 3068.0 -32.0 3246.0 2158.0 Network Int...... 564.0 -7.0 645.0 513.0 First Derivatives ...... 2680.0 -30.0 3555.0 2050.0 Caledonia Inv ...... 3105.0 -30.0 3180.0 2910.0 Greencore Gp ...... 247.8 2.5 281.8 185.1 AUTOMOBILES & PARTS Crest Nicholson ...... 444.4 -0.2 445.0 332.0 Pearson ...... 581.6 6.0 943.8 563.4 GlaxoSmithKline ...... 1823.0 3.0 1846.0 1436.0 Pagegroup ...... 464.2 -10.4 539.0 367.8 Frontier Devs ...... 1424.0 0.0 1424.0 844.0 City of London IT ...... 432.5 -8.5 448.5 381.5 Hilton Food Gp ...... 1034.0 -22.0 1118.0 894.0 McCarthy & Stone...... 150.9 0.7 158.8 123.5 RELX ...... 2001.0 -4.0 2011.0 1606.0 Aston Martin...... 429.1 -5.0 1374.4 399.3 Hikma Pharma ...... 1936.5 -11.0 2200.0 1510.5 Paypoint...... 1016.0 -28.0 1118.0 830.0 Gamma Comms ...... 1460.0 40.0 1460.0 782.0 Edin Inv Trust ...... 620.0 -4.0 652.0 535.0 Tate & Lyle ...... 782.4 -10.0 801.4 663.8 Persimmon ...... 3015.0 14.0 3015.0 1836.0 Rightmove Group ...... 671.2 1.2 671.2 465.9 REAL ESTATE Rentokil Initial ...... 467.6 -5.1 475.5 329.0 GB Group ...... 732.0 2.0 800.0 420.0 TI Fluid Systems ...... 238.5 1.0 273.0 155.2 European Opp ...... 888.0 4.0 888.0 675.0 Unilever ...... 4368.5 -18.5 5324.0 3941.0 Sanne Group ...... 597.0 -18.0 752.0 495.0 BANKS F&C Investment ...... 764.0 -10.0 783.0 655.0 FORESTRY & PAPER MAIN CHANGES UK 350 Assura ...... 77.3 1.1 79.3 56.4 Gooch & Housego ...... 1435.0 15.0 1527.5 954.0 Big Yellow Gp ...... 1170.0 0.0 1200.0 933.0 Serco ...... 166.8 -0.2 167.0 110.1 Barclays ...... 171.5 -3.3 192.5 136.2 Fidelity China SPE ...... 237.5 -5.0 253.0 193.4 Hurricane Energy ...... 25.1 -1.3 53.6 25.1 Mondi ...... 1621.0 -17.5 1898.0 1510.5 BMO Comm Prop ...... 112.0 -1.0 130.4 106.0 SIG ...... 93.2 -1.8 153.0 93.2 BGEO Group ...... 1500.0 -54.0 1755.0 1252.0 Fidelity Euro Values .....263.0 -3.0 268.5 214.0 Risers à % Fallers Ä % Impax Asset Mgmt .....385.0 -17.0 405.0 191.2 GENERAL FINANCIAL British Land ...... 578.0 -0.4 638.8 468.3 Travis Perkins...... 1593.0 -27.0 1692.5 1166.0 HSBC Hldgs...... 573.0 -8.2 680.6 552.3 Fidelity Spec Val ...... 271.0 -4.5 280.5 240.5 Renishaw ...... 3750.00 6.0 Kaz Minerals...... 472.20 -8.6 Iomart Group ...... 380.0 0.0 400.0 316.5 Finsbury G&I Tst ...... 885.0 -6.0 958.0 757.0 3i Group ...... 1104.0 -17.5 1184.5 810.8 Puretech ...... 305.00 4.1 Evraz ...... 374.70 -6.5 Captl & Count Prop .....255.0 1.2 270.5 184.8 TECHNOLOGY HARDWARE & EQUIPMENT Lloyds Banking ...... 57.4 -0.7 67.2 48.6 IQE...... 48.5 0.2 98.0 41.8 GCP Infra Inv ...... 133.4 0.0 133.4 122.6 Ashmore Gp ...... 560.0 -1.5 563.5 393.8 Future ...... 1500.00 3.3 Ferrexpo ...... 145.80 -6.2 CLS Hldgs ...... 279.0 -1.0 312.5 212.0 Royal Bank of Scot ...... 219.1 -3.6 270.4 177.7 Spirent Comms ...... 232.0 1.5 251.5 140.4 James Halstead ...... 552.0 -18.0 570.0 440.0 Genesis Emerging ...... 798.0 -13.0 818.0 664.0 Brewin Dolphin ...... 364.0 1.0 375.2 287.6 Kainos Gp ...... 872.00 2.3 Antofagasta ...... 863.20 -4.8 Daejan Hldgs ...... 5260.0 50.0 6160.0 4715.0 Standard Chartered ....680.4 -8.6 738.6 575.7 Dunelm Gp ...... 1147.00 2.0 Stagecoach Gp ...... 145.80 -4.3 TOBACCO Greencoat UK ...... 146.4 -0.4 152.8 128.8 Close Brothers ...... 1478.0 -12.0 1663.0 1227.0 Derwent London ...... 4124.0 -62.0 4186.0 2884.0 Johnson Service Gp ....202.0 -1.5 211.5 128.0 TBC Bank Group...... 1224.0 -24.0 1706.0 1150.0 Paragon...... 510.50 1.8 John Laing Gp ...... 371.60 -4.1 Harbourvest Glb ...... 1836.0 -10.0 1846.0 1406.0 Coats Group ...... 76.7 -1.3 91.3 68.1 Grainger ...... 303.4 3.4 315.6 217.4 Br Am Tob ...... 3395.0 7.0 3507.0 2375.0 Keywords Studios .....1448.0 -80.0 1838.0 900.0 Hammerson ...... 255.40 1.6 RHI Magnesita ...... 3512.00 -4.0 Virgin Money UK ...... 166.5 -4.6 220.1 104.4 Finablr ...... 130.8 -1.8 215.0 126.0 Grt Portland Est ...... 945.2 2.2 945.2 649.4 Herald Inv Trust ...... 1474.0 -26.0 1514.0 1175.0 Assura ...... 77.30 1.4 Intl Cons Airl ...... 609.00 -3.9 Imperial Brands ...... 1935.0 -17.6 2713.5 1668.2 Learning Tech Gp ...... 157.0 -1.0 158.0 62.2 BEVERAGES Hargreaves Lans...... 1776.5 -30.5 2433.0 1633.0 Hammerson ...... 255.4 4.0 388.4 203.9 HICL Infr ...... 178.0 1.0 180.0 156.6 Galliford Try ...... 134.36 1.3 Rio Tinto ...... 4426.00 -3.9 TRAVEL & LEISURE M&C Saatchi ...... 117.5 -0.2 394.0 79.0 Land Securities...... 958.8 1.2 1001.5 735.4 Barr (AG) ...... 548.0 -7.0 975.0 526.0 JPM American ...... 499.0 -3.0 506.0 411.0 IG Gp...... 679.2 -4.4 708.0 474.8 Phoenix Gp ...... 753.90 1.3 Carnival ...... 3454.00 -3.6 Carnival ...... 3454.0 -128.0 4430.0 3056.0 M.P. Evans ...... 688.0 -8.0 750.0 612.0 Britvic ...... 892.0 -6.0 1068.0 850.0 JPM Emerg Mkt ...... 1046.0 -16.0 1088.0 861.0 Integrafin Holdings .....480.5 4.5 480.5 334.1 LondonMetric Prop ...... 227.6 -2.4 241.2 181.8 Cineworld Group ...... 188.7 1.1 321.0 187.6 Majestic Wine ...... 216.0 -4.0 318.0 213.0 Coca-Cola HBC AG .....2756.0 4.0 3074.0 2299.0 JPM Indian IT ...... 732.0 -6.0 790.0 633.0 Intermediate Capital .1678.0 -15.0 1706.0 971.5 Reckitt Benckiser .....6080.0 13.0 6688.0 5698.0 WPP ...... 996.8 -11.7 1077.5 800.4 NewRiver Retail ...... 191.2 0.4 246.0 147.6 Primary Hlth Prop ...... 158.0 0.2 160.2 112.8 Compass Gp ...... 1887.0 -25.5 2138.0 1583.0 Diageo ...... 3217.0 -5.0 3625.5 2701.0 JPM Japan IT ...... 462.0 -3.0 477.5 368.0 Intl Public Prtnshps .....169.6 0.2 171.2 146.8 Redrow...... 783.0 -5.0 792.0 533.0 MINING Midwich Group ...... 540.0 0.0 633.0 474.5 Investec ...... 433.7 -6.7 518.6 395.3 Taylor Wimpey ...... 218.9 2.5 218.9 142.9 Safestore Hldgs ...... 768.0 -13.0 817.5 556.5 Dominos Pizza ...... 296.2 -2.0 326.4 221.2 CHEMICALS Jupiter Fund Mngt ...... 383.8 -2.2 432.0 314.0 Anglo American ...... 2114.0 -76.0 2266.0 1666.6 Mortgage Advice B .....680.0 -20.0 795.0 546.0 IP Group ...... 70.1 0.7 112.4 55.7 Savills ...... 1224.0 -16.0 1240.0 814.5 Law Debenture ...... 636.0 -6.0 654.0 552.0 Vistry Group ...... 1363.0 -19.0 1399.0 975.0 easyJet ...... 1474.0 -53.0 1527.0 854.8 Next Fifteen Comm .....544.0 -3.0 658.0 465.0 Croda International . 5085.0 15.0 5375.0 4564.0 Antofagasta ...... 863.2 -43.8 1022.5 779.6 Mercantile IT ...... 263.0 -1.5 267.5 188.0 John Laing Gp ...... 371.6 -16.0 402.0 349.8 INDUSTRIAL ENGINEERING SEGRO ...... 893.0 -11.8 904.8 636.6 EI Group ...... 284.2 0.2 285.0 194.0 Elementis...... 132.0 -3.0 197.9 129.8 BHP Group ...... 1776.6 -48.8 2049.0 1600.0 Nichols...... 1322.5 -77.5 1880.0 1322.5 Monks Inv Tst ...... 977.0 -12.0 997.0 768.0 London Stock Exch ....7918.0 -68.0 7986.0 4420.0 Shaftesbury ...... 912.0 -5.5 979.5 739.5 FirstGroup ...... 125.4 -0.9 137.5 89.0 Johnson Matt...... 2761.0 -41.0 3454.0 2761.0 Bodycote ...... 879.5 -15.5 971.0 652.0 Centamin ...... 127.4 -2.6 152.3 79.8 Numis Corporation ...... 287.5 3.5 306.0 212.0 Murray Intl Tst ...... 1236.0 -8.0 1286.0 1114.0 Man Group ...... 150.1 -3.6 175.2 130.5 St Modwen Props ...... 487.5 -12.5 510.0 373.0 Flutter Ent...... 8900.0 -50.0 9456.0 5525.0 Synthomer ...... 341.6 1.8 420.8 279.0 Onesavings ...... 409.4 -1.4 452.0 313.6 Hill & Smith ...... 1418.0 -7.0 1510.0 1049.0 Fresnillo ...... 632.4 -5.2 1027.5 539.6 TR Property IT ...... 482.5 -0.5 491.5 377.0 Next Energy Solar ...... 124.0 -1.0 126.5 114.0 Go-Ahead Gp ...... 1993.0 -55.0 2278.0 1783.0 Polar Capital Hdgs ...... 590.0 2.0 604.0 450.0 Victrex ...... 2360.0 -46.0 2540.0 1845.0 Paragon...... 510.5 9.0 553.5 388.0 IMI ...... 1143.0 -20.5 1206.0 906.0 Glencore ...... 228.2 -7.0 340.3 216.9 Tritax Big Box ...... 141.5 0.9 159.7 135.3 Pantheon Intl Partn ..2485.0 -25.0 2620.0 2020.0 GVC Hldgs ...... 888.0 -22.8 939.0 507.5 Purplebricks Gp ...... 115.2 1.8 132.0 96.0 CONSTRUCTION & MATERIALS Plus500 ...... 898.0 -15.4 1647.0 495.0 Melrose Ind ...... 242.8 -1.5 244.3 156.8 Hochschild Mining ...... 168.3 -2.1 227.0 152.0 UK Commercial Prop ...... 87.6 -0.8 92.7 79.9 Perpetual Inc & Grth ...326.5 -2.5 342.0 284.5 Intercontl Htls ...... 4834.0 -161.5 5738.0 4257.5 Redde...... 99.2 -4.8 127.6 99.2 Provident Fin ...... 463.3 -10.1 610.0 356.0 RHI Magnesita ...... 3512.0 -148.0 5000.0 3420.0 Kaz Minerals ...... 472.2 -44.4 738.4 380.3 Unite Group ...... 1288.0 -14.0 1302.0 873.5 Balfour Beatty ...... 259.2 -1.2 295.0 194.2 Pershing Square ...... 1536.0 -18.0 1578.0 1140.0 Intl Cons Airl...... 609.0 -25.0 671.0 413.5 Renew Holdings...... 524.0 8.0 568.0 360.0 Quilter ...... 161.7 -3.8 167.6 120.8 Rotork ...... 314.3 -5.7 341.2 268.9 Polymet Int...... 1257.5 -4.5 1272.0 772.6 Workspace Gp ...... 1212.0 15.0 1212.0 806.0 CRH ...... 2895.0 -20.0 3100.0 2190.0 Personal Assets Tst .43150.0 -50.0 43300 39000 Marstons ...... 117.2 -0.7 131.4 93.3 Rathbone Brothers ....1966.0 -8.0 2540.0 1966.0 Spirax-Sarco...... 9015.0 -80.0 9400.0 6240.0 Rio Tinto ...... 4426.0 -177.5 4976.5 3878.0 SOFTWARE & COMPUTER SERVICES RWS Holdings ...... 610.0 -10.0 670.0 458.5 Galliford Try...... 134.4 1.8 177.2 102.4 Polar Cap Tech Tst .....1654.0 -8.0 1682.0 1156.0 Schroders ...... 3217.0 -42.0 3419.0 2541.0 Mitchells & Butlers .....405.5 -8.0 470.5 238.0 Scapa Group ...... 274.0 -8.5 403.0 157.0 Renewables Infra Gp ...134.6 -0.4 139.2 115.4 Weir Gp ...... 1358.0 -32.5 1814.0 1261.5 MOBILE TELECOMMUNICATIONS Avast...... 541.0 -6.0 547.0 276.0 Grafton Group...... 891.0 -8.0 937.0 645.5 TP ICAP ...... 395.7 -3.5 417.5 270.0 National Express ...... 467.6 -6.2 476.0 379.8 RIT Cap Partners ...... 2065.0 -15.0 2180.0 1946.0 INDUSTRIAL METALS Aveva Gp...... 5025.0 -145.0 5170.0 2712.0 Secure Income REIT ..460.0 -4.0 464.0 388.0 Ibstock ...... 288.4 1.4 322.0 208.6 Vodafone Gp ...... 154.2 1.5 165.2 123.3 PPHE Hotel Gp ...... 2020.0 -40.0 2060.0 1630.0 Schroder Asia ...... 462.0 -15.5 485.5 414.0 GENERAL RETAILERS Computacenter...... 1768.0 9.0 1829.0 1034.0 Serica Energy...... 122.2 -1.8 143.4 103.6 Marshalls ...... 777.0 -3.5 876.0 496.6 Evraz ...... 374.7 -25.9 709.4 341.4 NONLIFE INSURANCE Rank Gp ...... 278.0 -1.5 281.5 144.0 Scottish Inv Tst ...... 806.0 -4.0 843.0 769.0 FDM Group...... 1020.0 10.0 1100.0 647.0 Polypipe Group ...... 538.5 3.0 546.5 372.8 B&M ...... 374.5 -1.5 420.9 315.0 Ferrexpo ...... 145.8 -9.6 301.3 123.0 Smart Metering Sys.... 536.0 -9.0 665.0 310.0 Scottish Mortgage ...... 586.0 -10.0 601.5 465.7 Admiral Gp ...... 2268.0 -32.0 2330.0 2014.0 Kainos Gp ...... 872.0 20.0 872.0 430.0 Restaurant Grp ...... 134.7 -1.1 166.4 111.9 DIVERSIFIED INDUSTRIALS Dixons Carphone ...... 146.1 -3.9 152.4 104.9 INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 115.6 -1.6 118.6 110.0 Dunelm Gp...... 1147.0 22.0 1173.0 704.5 Beazley ...... 538.0 -14.5 628.0 492.6 Micro Focus Intl ...... 1077.2 -20.8 2160.0 1004.0 Stagecoach Gp...... 145.8 -6.5 167.0 115.5 Thorpe (F.W.) ...... 343.0 0.0 359.0 251.0 Smith (DS) ...... 354.6 -1.7 394.8 307.9 Smithson Inv ...... 1332.0 -4.0 1346.0 1031.0 Frasers Group ...... 509.5 -8.5 518.0 214.0 Clarkson ...... 3035.0 -75.0 3110.0 2200.0 Direct Line Ins ...... 335.4 -1.2 366.5 270.5 Playtech ...... 366.3 -2.3 457.7 360.5 Wetherspoon (JD) ...... 1569.0 6.0 1734.0 1187.0 Smiths Gp...... 1712.5 -17.0 1751.0 1378.0 Syncona ...... 221.5 -1.5 294.0 203.0 Howden Joinery Gp.....680.8 -6.6 698.0 478.8 Fisher (James) ...... 1972.0 -53.0 2260.0 1790.0 Hastings Gp Hldgs ...... 180.0 0.0 231.6 167.9 Sage Group ...... 754.0 -8.6 820.4 626.0 Whitbread ...... 4355.0 -95.0 5152.0 3988.0 Watkin Jones ...... 248.5 -4.5 255.0 199.6 Smurfit Kappa Gp...... 2738.0 2.0 2966.0 2096.0 Temple Bar IT ...... 1372.0 -32.0 1486.0 1162.0 Inchcape...... 686.5 -1.5 720.0 545.5 Royal Mail ...... 204.5 -4.1 304.3 188.4 Hiscox ...... 1326.0 -42.0 1777.0 1213.0 Softcat ...... 1236.0 -12.0 1257.0 695.0 William Hill ...... 176.2 -0.8 205.2 132.3 Young’s Brew NV ...... 1275.0 0.0 1310.0 1030.0 Vesuvius...... 447.0 -8.0 642.0 341.0 Templeton Em Mkts ....848.0 -9.0 876.0 721.0 JD Sports Fashion ...... 838.2 -16.8 874.0 448.4 Signature Avi ...... 324.9 0.0 406.0 288.2 RSA Ins Gp ...... 549.6 -5.6 597.0 501.6 Sophos ...... 562.2 1.2 577.0 298.2 Wizz Air Holdings ...... 4196.0 -51.0 4329.0 2880.0 Young’s Brew-A...... 1605.0 5.0 1885.0 1500.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 310.60 -4.45 316.05 197.00 3M ...... 177.74 -0.29 219.50 150.74 AIR LIQUIDE ...... 128.55 -1.00 130.80 104.40 ABBOTT LABORATORIES ...... 90.73 -1.13 91.86 69.05 ALLIANZ AG ...... 218.55 -0.55 223.80 182.72 ADOBE INC ...... 351.76 1.70 350.06 238.27 AMADEUS IT GROUP ...... 75.60 -1.92 78.60 42.30 ALPHABET NON VTG-C ...... 1486.65 0.70 1485.95 1036.23 ALPHABET-A ...... 1484.69 0.52 1484.17 1116.79 ANHEUSER BUSCH INBEV ...... 69.99 -0.76 92.71 64.00 AMAZON.COM ...... 1884.58 -2.88 2020.99 1588.22 ASML HOLDING NV ...... 264.50 -5.70 272.40 151.66 AMERICAN EXPRESS ...... 131.37 -0.12 131.52 100.38 AXA ...... 24.14 -0.24 25.47 20.11 APPLE INC ...... 319.23 1.53 318.73 154.68 BANCO SANTANDER ...... 301.45 -0.20 402.00 295.05 AT&T ...... 38.63 -0.41 39.63 29.37 BASF...... 63.09 -1.07 74.49 56.20 BANK OF AMERICA ...... 34.12 -0.24 35.64 26.25 BAYER AG...... 74.10 -0.58 75.75 52.53 BERKSHIRE HATHAWAY...... 229.38 -0.16 230.20 195.81 BMW ...... 69.69 -1.26 77.75 58.70 BOEING CO ...... 317.79 8.79 432.69 309.00 BNP PARIBAS ...... 49.95 -0.12 53.58 39.32 CATERPILLAR INC ...... 142.75 0.12 150.53 113.38 CRH ...... 2895.00 -20.00 3100.00 2190.00 CHEVRON ...... 113.10 0.20 126.54 111.71 CISCO SYSTEMS ...... 49.00 -0.06 58.05 43.52 DAIMLER ...... 44.43 -0.98 59.31 40.53 CITIGROUP ...... 79.80 -0.30 81.91 60.33 DANONE ...... 73.32 0.42 82.00 61.96 COCA-COLA CO ...... 57.83 0.22 57.61 44.69 DEUTSCHE POST AG ...... 33.00 -0.87 34.91 25.26 COMCAST ...... 45.65 -1.79 47.50 35.37 DEUTSCHE TELEKOM ...... 14.67 -0.20 16.25 14.10 DOW ...... 50.25 -0.62 66.65 40.71 ENEL ...... 7.62 0.07 7.72 5.10 EBAY INC ...... 35.61 -0.28 41.57 33.65 ENGIE...... 15.50 0.20 15.30 12.45 EXXON MOBIL ...... 66.77 -0.42 83.38 66.70 ENI ...... 13.46 -0.10 15.94 13.04 FACEBOOK ...... 219.76 -1.56 222.14 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 245.58 -1.47 249.72 182.49 FRESENIUS MEDICAL CARE ...... 69.98 -0.02 76.32 57.92 HOME DEPOT INC ...... 233.65 0.75 238.85 179.69 HONEYWELL INTERNATIONAL ...... 179.58 -0.47 183.23 140.48 IBERDROLA ...... 9.67 0.21 9.54 6.02 IBM ...... 142.87 -1.02 151.36 126.99 INDITEX ...... 31.02 -0.01 32.37 2.55 INTEL ...... 63.32 0.59 62.73 43.46 ING GROEP NV...... 10.25 -0.14 12.05 8.34 JOHNSON & JOHNSON ...... 148.53 0.28 149.27 126.95 INTESA SANPAOLO...... 2.27 -0.01 2.41 1.83 JPMORGAN CHASE & CO ...... 136.54 -0.14 141.09 98.93 KERING ...... 573.40 -18.80 610.20 418.30 MASTERCARD INC ...... 324.98 0.67 324.31 199.24 KON KPN NV ...... 2.72 -0.04 2.96 2.51 MCDONALD’S ...... 213.42 1.98 221.15 173.97 L’OREAL ...... 267.00 -2.00 275.30 200.60 MEDTRONIC ...... 120.97 -0.12 121.09 84.15 LVMH MOET HENNESSY ...... 411.95 -11.50 439.05 258.65 MERCK & CO ...... 88.56 -1.09 92.04 72.92 MUENCHENER RUECKVE ...... 269.50 -1.70 271.60 194.50 COMMODITIES TOURIST RATES MICROSOFT ...... 166.72 1.02 167.10 102.78 NETFLIX ...... 349.60 23.60 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1563.13 +5.24 Copper Cash Official...... 6103.25 -55.25 Canada ...... 1.6475 New Zealand ...... 1.8567 NIKE INC ...... 103.02 -1.47 104.58 77.14 ORANGE ...... 13.06 -0.07 15.01 12.86 Silver (Pence) ...... 1777.00 -21.50 Aluminium Cash Official ...... 1807.25 -3.00 Croatia ...... 7.9732 Norway...... 11.28 ORACLE ...... 54.98 0.26 60.15 49.52 ROYAL PHILIPS ...... 44.77 -0.82 45.59 32.30 Silver (Cents) ...... 1357.00 -20.00 Nickel Cash Official ...... 13642.50 -105.00 Czech Republic ...... 27.38 Poland ...... 4.4213 PAYPAL HOLDINGS ...... 117.89 2.39 121.30 96.64 SAFRAN ...... 142.10 1.85 149.90 110.50 Krugerrand ...... 1575.90 +4.72 Aluminium Alloy Cash Official ...... 1420.00 -5.00 Denmark ...... 8.4288 Singapore ...... 1.653 PEPSICO ...... 143.65 0.27 143.38 118.61 SANOFI ...... 89.21 0.34 92.72 72.24 Brent Crude ...... 63.21 -1.38 Natural Gas ...... 26.81 -1.04 Hong Kong ...... 9.694 Sweden ...... 11.94 PFIZER INC ...... 40.71 0.52 44.40 34.24 SAP SE ...... 123.84 -2.76 126.60 88.83 Platinum ...... 1003.00 +9.00 Tin Cash Official ...... 17562.50 -110.00 Iceland ...... 144.62 Switzerland ...... 1.2129 PROCTER & GAMBLE ...... 124.99 -1.32 126.41 93.52 SCHNEIDER ELECTRIC ...... 92.52 -0.46 94.22 60.82 British Sovereign ...... 367.82 +1.08 Zinc Cash Official ...... 2466.25 +13.75 India ...... 82.57 Turkey ...... 7.3932 TRAVELERS COMPANIES ...... 134.19 -7.15 154.83 124.82 SIEMENS AG ...... 115.60 -0.42 119.90 85.00 Lead Cash Official ...... 1973.00 +21.50 White Sugar ...... 407.00 +4.00 Israel ...... 4.1003 United States ...... 1.2551 TWITTER ...... 33.89 -0.13 45.42 28.89 SOCIETE GENERALE...... 30.18 -0.14 31.79 21.13 UNITED HEALTH GROUP ...... 299.46 -1.13 300.74 215.26 UNITED TECHNOLOGIES ...... 153.80 0.01 154.47 115.08 TELEFONICA SA ...... 6.18 -0.09 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 60.51 0.03 62.07 53.28 TOTAL ...... 47.32 -0.48 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 206.52 -1.38 207.90 168.86 UNILEVER NV ...... 50.94 -0.17 57.56 46.40 FTSE 100...... 7507.67 -64.25 -0.85 S&P 500...... 3325.54 +3.79 +0.11 CAC 40 ...... 5971.79 -39.19 -0.65 Hang Seng ...... 27909.12 -431.92 -1.52 WALGREENS BOOTS ALLIANCE...... 53.30 -0.12 76.05 49.29 VINCI ...... 101.35 0.45 102.40 76.20 FTSE 250 ...... 21540.56 -222.42 -1.02 Dow Jones I.A ...... 29160.09 -26.18 -0.09 Swiss Market Index ...... 10813.94 -81.13 -0.74 Nikkei ...... 23795.44 -235.91 -0.98 WALMART ...... 115.81 -0.29 121.28 93.86 VIVENDI ...... 24.98 0.15 26.42 21.64 FTSE All-Share ...... 4170.34 -36.59 -0.87 Nasdaq Composite ...... 9402.48 +18.71 +0.20 ISEQ Overall Index ...... 7120.67 -49.79 -0.69 STI Index ...... 3234.56 -19.37 -0.60 WALT DISNEY CO ...... 142.20 -1.81 151.64 107.79 VOLKSWAGEN AG ...... 176.58 -2.56 185.52 138.16 FTSE AIM All-Share ...... 963.33 -4.83 -0.50 Xetra DAX...... 13388.42 -127.33 -0.94 FTSEurofirst 300 ...... 1642.43 -10.20 -0.62 ASX All Ordinaries...... 7199.00 -50.00 -0.69 WELLS FARGO & CO ...... 48.22 -0.34 54.46 43.38 CITYAM.COM FRIDAY 24 JANUARY 2020 FEATURE 17 OFFICE POLITICS How to defeat the indecision epidemic

REDEFINE YOUR PROCESS Suffering from choice paralysis? Here’s If you’re unsure who needs to make a decision, the “RACI” framework is a some tips to help you to make decisions powerful approach that can help identify accountability. CLEARLY important decision Simon It stands for Responsible, Account- gets delayed multiple times Mueller able, Consulted, and Informed. Use it — or not made at all — caus- to define: who is responsible for im- ing office-wide frustration. and WHERE’S plementing the decision; who is ac- It’s a situation that will Julia THE EXIT? countable for it; who needs to be soundA all too familiar for many of us. Dhar consulted; and who needs to be pro- In the past, we used to suffer from Maze Machina vided with information to keep them too few options to choose from; today, Free in the loop. we suffer from too many. Abundance of choices has replaced scarcity. In this mobile KEEP YOUR OPTIONS OPEN On top of this, the quantity of data a result of all this, we are now facing game, you are a You won’t be able to predict an out- and information at our disposal has an epidemic of indecision. mouse trapped come with full certainty, so look for grown exponentially thanks to re- Given this issue, how can we learn in a maze. Except opportunities that allow you to re- sources like the internet, making it to make and implement effective de- the maze has voke your initial decision if necessary. that much harder to decide between cisions? Here are five guidelines to been designed For example, negotiate a trial period multiple choices. help if you’re organisation is suffering by an evil that allows you to test a product or An overload of options can be demo- from the indecision epidemic. medieval robot. service before you buy. These deci- tivating. In fact, a study in 2000 by Can you fight sions are low stakes and should be de- Sheena Iyengar and Mark Lepper LIMIT YOUR OPTIONS A study in 2000 ting one decision out of their days is your way centralised as much as possible. found that people are more likely to If faced with too many options, try to found that the reason why Barack Obama, Tim through his army Don’t let the indecision epidemic purchase gourmet jams when offered eliminate as many as possible. Can people are Cook and Mark Zuckerberg wear only of tiny robots? take over your office. The key is to a limited array of choices, rather than you apply knock-out criteria to elimi- more likely one or two combinations of clothing. Use swords, clearly define organisational respon- an extensive selection of 24. nate most of the choices? Then score to make a bombs, and sibilities for decision making, and Big organisations often also suffer the options (for example on a scale purchase ‘TIMEBOX’ YOUR SEARCH knuckle dusters ruthlessly limit the amount of deci- from a lack of accountability. Some- from one to 10) on a few dimensions when offered a Not knowing if you’ve considered all to help you find sions and options available to you. times it’s far from clear that a deci- that are important to you. limited array the options can lead to “I need more the key in each In a world of abundance, cutting sion needs to be taken, let alone by of choices information” anxiety. level and reach through complexity is the key to stay- whom. Delays and confusion emerge CUT ONE DECISION Allow yourself 30 minutes or an the exit before ing sane — and for your organisation when no one is in charge. OUT EACH DAY hour to research all the options you you run out of to stay effective. While algorithms and expert sys- For some people, making decisions can find in that timeframe. Chances cheese. tems can help make the right deci- over the course of the day can lead to are that you will have pretty much ex- £ Simon Mueller and Julia Dhar are the sion, the most important choices are “decision fatigue”. hausted the list of available options authors of The Decision Maker’s Playbook, still left to human decision makers. As Try reducing your mental load. Cut- after that session. out now from FT Publishing. 18 OPINION FRIDAY 24 JANUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Boris can lead a Conservative TO THE EDITOR What a character council housing revolution [Re: UK property transactions soar after General Election] A blistering finish to the year for the property industry. Likewise, the new CBRE ITH Boris Johnson now currently at an all time low, and the Now that we are definitely leaving research shows that the London workspace undisputed world Bruce north of the country is lacking both the EU — in just one week — the gov- market is growing.With pre-election and king of the post-Brexit Dear infrastructure and housing. The ernment should also cut the utterly Brexit uncertainties, speculative office Wscene, the only rele- Prime Minister therefore has a his- tedious procurement rules that developers have not been in a rush to make vant policy debates are toric chance to borrow both to build bed-block big projects. decisions, and the renewed confidence those going on inside the govern- council housing and to construct These council houses need to be since December means that a host of ment itself. These are yielding un- transport links within and between built quickly, cost-effectively, and projects are now getting the go-ahead. usual fruit. towns and cities across the Mid- sustainably. Cummings has plans to Yet tenant demand never dipped Esther McVey, a deep-dyed lands and the north. create R&D centres of excellence in throughout the political uncertainty. The Thatcherite and an advocate of ing crisis gets fixed, and the country The new houses could be called the north. To combine that need London market is particularly resilient, as blue-collar Conservatism, has been gets a new high-tech industry. “Boris Homes”, to remind tenants of and his ambition, the government legal, financial and creative sectors all arguing for more council housing. No UK housing shortage has ever their benefactor. A project like this, should invest heavily in a campus demand grade A offices with character. The housing minister wants to help been cured without a mass council which breaks decisively with the for the research, development and Today’s decision makers and employees those “left behind” voters who house building programme. From “austerity” of the last two Tory Prime manufacture of modular housing. have matured tastes, and the demand for broke Labour’s red northern heart. 1945 to 1979, all British govern- Ministers, could help cement John- A modern modular factory can high quality has been partly driven up by However, she has reportedly ments knew this and invested heav- son as the long-term electoral friend build a semi-detached, highly- the serviced office sector. clashed with her boss, housing and ily in (mostly) good and plentiful of Workington man. The “Boris” energy efficient house — that will We’re at a really exciting point with such communities secretary Robert Jen- council homes. branding would deal with George Os- last 100 years — in 14 days for less a large amount of space under rick, who is in the more conven- Unlike private house builders, borne’s old fear that council housing than £70,000. If the government development. To attract top rents, tional Tory “property-owning- who are bound by their duty to only creates Labour voters. gets this modular R&D cluster right developers will need to differentiate democracy” mould. shareholders, the state can invest to Of course, governments used to and attracts global investment and spaces to stand out from the competition. But McVey is right — it is time for solve housing shortages, not solely rely on local authorities to build talent, it will solve the UK’s housing High quality, wellness and building another look at council housing, to make a profit from them. council homes, but that was before crisis and incubate a new British amenities are non-negotiable. and this Conservative government Government borrowing costs are the centralising force of Thatch- modular export industry that can It’s a great opportunity to consider how is ideally placed to do it. erism forced them to slash their help other countries solve theirs. we want workspaces integrating with the Johnson is enthused by regional construction capabilities. Most UK For too long, UK housing policy rest of London, creating great regeneration, infrastructure proj- local authorities, even if asked, no has been held back by prejudice neighbourhoods. This is crucial as the ects, and levelling up the UK. His longer have the resources, experi- and party politics. Council housing boundaries between work, life and play chief aide Dominic Cummings, ence and manpower to launch a was a dirty word for generations of blur. We all want to maintain London as an meanwhile, is deeply interested in transformative council house build- Conservative politicians. But it is attractive global business city, and for that applying scientific research and de- A project like this, ing programme. one of our country’s great civilising we need architecture that defines London. velopment to solve big problems So the government should set up a projects, providing shelter for the Charles Bettes, managing director, and create new industries. which breaks platform of all the major UK institu- poor and vulnerable. Gpad London If they combine their enthusiasms, tions, working closely with regional If Johnson is brave, council hous- Johnson and Cummings could re- decisively with mayors and local authorities, to cre- ing can become an engine for level- alise a once-in-a-century opportunity ‘austerity’, could ate Council Housing 2.0: a giant ling up whole regions and making to solve the UK’s housing crisis. To do joint venture corporation to build the UK the global leader in a cut- BEST OF it, they need to revive the One Na- cement Johnson 150,000 new council homes a year. ting-edge technological field. TWITTER tion Conservative party tradition of The government could incentivise You have ridden a Boris Bike — get mass council house building, and as the long-term and match institutional investment ready to live in a Boris Home. The scourge of violent crime is still use it to make the UK a world-lead- electoral friend of to build the homes, and then share rising — and faster elsewhere than ing location for green modular (along with the regional authorities) £Bruce Dear is head of London real here in London. The only solution is to house building. That way, the hous- Workington man in their long-term rents. estate at Eversheds Sutherland. be both tough on crime & on the causes. When will the Government finally fully reverse their cuts to the police, youth services, schools, sports facilities & councils? @SadiqKhan Sweden’s disastrous experiment with “Faster elsewhere than here in London”. What is this? In outer + inner London alike, crime is rising. The causes are numerous, serious + need rent controls should be a cautionary tale addressing fast. Isn’t this the time, more than ever, to take responsibility and ACT rather than trying to shift OW TO make excellent themselves pushed into illegal rent- from just 3.7 per cent of protected, blame or spin statistics? meatballs, win Eurovision Emma ing. One of the main arguments in not actually green land around the @RoryStewartUK with style, and start a do- Revell favour of rent controls is that they capital could free up space for one Hmestic argument over flat- foster integration by ending segrega- million new homes and have signif- The public debate over the future pack furniture — Sweden tion by income, yet Sweden shows icantly more impact than rent con- UK/EU relationship does not seen very has taught the world so much. But us quite clearly how this has failed. trols — all without the damaging productive at the moment. I hope that setting aside our love of ABBA and Bribery is commonplace too, with social segregation and black market the actual UK and EU negotiators are Ikea, there’s another lesson to take many high-profile examples of well- activity we’ve seen in Stockholm. ignoring it and will try hard to work from the experiences of our Scandi- connected individuals paying to London will always be an attrac- out a new economic relationship in navian cousins. skip waiting lists and secure the tive and popular global city, with good faith Sadiq Khan will spend the first significant profit, rather than re- best homes for themselves or fam- people of all ages and backgrounds @snlester half of 2020 fighting the London turning the home to the local hous- ily members. moving here to work and study, so mayoral election, and promoting ing agency to be reallocated. The distorted housing market has we should not expect demand for Politicians instructing said negotiators rent controls as a possible solution Secondary tenants in Sweden pay knock-on effects. One in five housing in and around the capital are feeding it without being clear and to London’s housing crisis will be at on average twice as much as pri- Swedish businesses report that to decrease any time soon. honest about choices and what their the forefront of his campaign. mary tenants, and the waiting lists housing shortages, exacerbated by Rent controls might make sense priorities are, never mind practical So what insights can we gain from to rent directly from the housing rent controls, have made it difficult as an election pledge — what rent- considerations involved in preparing Sweden, a country which has had agencies have spiralled, with the av- to recruit staff. ing voter wouldn’t like the promise for potentially huge trade changes. some form of rent control since erage waiting time in Sweden’s cap- That is a lesson we should heed. of extra money in their pocket? — Will be at least another 12 months of 1947 when it was introduced as a ital being an eye-watering 11 years. Like Stockholm, London is a global but we need to steer clear of gim- this at bare min supposedly temporary measure? The system also entrenches disad- hub for international businesses micks, learn lessons from countries @AllieRenison First, rents have only been kept vantage and segregation, with so- and relies on its ability to recruit like Sweden, and turn our focus on low for a small section of Swedish cial mobility restricted because of from across the world. Were rent cutting red tape and building more As evidence linking him to the renters. By restricting opportuni- the difficulty in moving cities. The controls to be implemented here, it homes, rather than artificially med- Amazon phone hacking scandal ties for landlords to provide a range long waiting times mean that would severely impact the claim dling in the market. mounts up, investigators upgrade of properties to suit all budgets, the younger renters and immigrants that the city is “open for business”. Mohammad bin Salman from regular controls have incentivised tenants are more likely to struggle finding A much better idea would be to re- £Emma Revell is head of suspect to prime. to hang on to property they no suitable accommodation, especially view planning restrictions. Remov- communications at the Institute of @haveigotnews longer wish to live in and sublet for in popular areas, and can find ing the “green belt” designation Economic Affairs. CITYAM.COM FRIDAY 24 JANUARY 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Good riddance to the terrible DEBATE Is it worth scrapping the planned immigration salary threshold digital services tax for the sake of REXIT is coming, in exactly erage. It would be catastrophic if we a UK-US trade deal? one week’s time. Now it is on Sue cut off their supply of new workers to the details — and no area is Ferns from the EU and elsewhere. Bmore crucial to Britain’s fu- The government seems to have fi- Europe and the US fundamentally ture prosperity, nor more as- nally realised that economists, unions, disagree about how to approach tech sociated with the EU debate, than and business groups are correct in companies. The US has become a world immigration. There are real dangers their assessment that a £30,000 thresh- leader by embracing permissionless YES if we get the new rules wrong. old would be a disaster. Its proposed al- innovation and growth, while Europe It was therefore a relief to read re- ternative is an “Australian-style strangles new companies with red tape, MORGAN SCHONDELMEIER ports this week that the Prime Minis- points-based system”. This could at high taxes, and punitive measures. ter is to scrap the proposed £30,000 ing opticians, photographers, audio- least be designed to take economic A digital services tax would discourage the US will not be strong-armed, and salary threshold for overseas workers visual and broadcasting equipment need and people’s actual qualifications investment and hurt the UK economy. It will seek to punish UK producers with who want to move here. Prospect, as operators, conservation and environ- into account, rather than deciding would act as a protectionist measure its own retaliatory tariffs. It is not worth the union for highly qualified work- mental associate professionals, based on a completely arbitrary salary against successful US firms that provide sacrificing a trade deal with the world’s ers, has campaigned strongly against archivists and curators, and science marker. But there is still no evidence immensely valuable services to British biggest economy for the sake of an the threshold, in parallel with all the and engineering technicians. that this is actually what will happen. consumers. Recent research by the economically self-harming tax. Focus main UK business lobbies. Other highly skilled roles which One must wonder why it has taken Internet Association found that the instead on positive, mutually beneficial All too often, the immigration de- would be severely impacted include the government so long to row back sector provides nearly 400,000 jobs arrangements, not petty tit-for-tat. bate has focused on the question of chemical scientists, engineering tech- on the salary threshold. It is hard to across the UK — an average of 590 per total numbers, and not about how to nicians, environmental health profes- escape the conclusion that the optics constituency. £ Morgan Schondelmeier is head of bring in the people our country needs. sionals, chartered surveyors, and of the policy in the eyes of key voter Playing with discriminatory taxes is development at the Adam Smith Policy, in turn, has too often been construction project managers. No demographics seemed more impor- dangerous business. We will find that Institute. driven by dogma and not-too-subtle one would think of these jobs as low- tant than the evidence. signalling, rather than by evidence on skilled, but a £30,000 threshold would This brand of evidence-free policy what would work for the economy. lock out talented overseas applicants making has to end. Dominic Cum- Never has this been more apparent from nearly a quarter of such roles. mings, Boris Johnson’s abrasive Sven- The wealth and power of the tech than with the £30,000 salary thresh- Science in particular would be badly gali-esque chief of staff, has made a giants coupled with the scale of the old. The idea was that it would limit affected. A recent study by the Royal huge deal about bringing external ex- societal challenges which they have the number of low-skilled workers Society showed that key providers of perts into government to improve the created makes it is essential that we NO coming into the country, easing com- science infrastructure have workforces quality of decision making. We can levy effective taxation upon them. petition for people looking for jobs, which are up to 23 per cent non-UK EU only hope that he is applying this The suggestion by the OECD that the AREEQ CHOWDHURY and satisfying those elements of the nationals, well above the national av- same rigour he espouses to the future best approach would be for the UK electorate who think that we have too immigration policies of the country. government to bin the planned digital should be contributing through our tax many people coming in full stop. The Migration Advisory Committee is services tax and instead wait for a system — now. Personally, I believe that immigra- due to publish a report next week on global solution is fantastical. If such a The US will no doubt object to taxes tion as a whole is a benefit to the UK. salary thresholds, and a government solution were to materialise, it would against their industries, regardless of But regardless, restricting entry for white paper is expected in March. We not be implemented for at least a whether it’s a global tax or a national those who earn below £30,000 would will be watching with interest to see if decade — and we cannot afford to wait one. The solution will be to negotiate not help workers. In fact, it could seri- Policy has too they take our concerns into account, that long. sensibly with the US on this issue, ously damage our economy. and devise an immigration policy fit The challenges of abuse, instead of caving completely to each According to the ONS, £30,000 is well often been driven for a modern, global Britain. disinformation, and online and every American demand. above the median salary for qualified by dogma rather radicalisation exacerbated by social roles such as laboratory technicians, £ Sue Ferns is senior deputy general media platforms require hard cash £ Areeq Chowdhury is head of Think pharmaceutical technicians, dispens- than by evidence secretary of the union Prospect which the likes of Google and Facebook Tank at Future Advocacy.

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NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 20 HOT PROPERTY FRIDAY 24 JANUARY 2020 CITYAM.COM HOTPROPERTY ALL YOU NEED TO KNOW ABOUT THE LONDON PROPERTY MARKET Edited by Helen Crane FLOWER ARRANGING JUST GOT MINDFUL Tweaking your stems isn’t just for the WI. Laura Ivill tries her hand at the Japanese art of ikebana.

From top: professor Tomoko Sempo Yanagi leading an ikebana workshop; two typical ikebana arrangements

s Londoners wholeheartedly ties. Western arrangements tend to fill embrace houseplants, you the space, whereas ikebana is about in- might be trying to keep corporating space into the art. alive forests of greenery. But As beginners, we would be working what about flowers? In our in the moribana (freestyle) tradition. mindfulA age, flower arranging has fi- Tomoko explained that standing flow- nally come out of the shadows of the ers show power, and that we’d need to- WI. It allows us to slow down and con- focus on three elements: height, size sider the fragrance, touch, colour and and angles. Using stems of pussy wil- form of each stem as we design a vase low (for winter) as our structure, she of cut flowers. No more stuffing a guided us to make the first stem tall, bunch in a pot. the second shorter and the third one- Having a go at ikebana, the practice third the height. of Japanese floral art, I felt I’d made Then off we go, cutting and placing. something really lovely that I’d never If something doesn’t look right, done before, in a matter of minutes – change it, bend it, cut it down. It’s easy and you can keep tweaking it until to experiment (and do sneak a peek at you’re happy. It’s a tradition that goes your neighbour to see what’s working back 550 years, to the time when the for them). In such a short time, I made Ikenobō school – the largest ikebana something beautiful. school – was founded in Kyoto. Once home, I was still perfecting it The website funnyhowflowers- Western flower on the sideboard by adding and taking dothat.co.uk offers inspiration for en- away. And something so delicate-look- joying flowers at home, and on arrangements ing lasted a week. Saturday 8 February they have ikebana fill the space. If tickets sell out or you want to do professor Tomoko Sempo Yanagi lead- more, the top-notch London Flower ing a two-hour workshop. Ikebana is about School has regular workshops, includ- I went along to a pre-launch session ing inviting the Sogetsu School to LFS where we could take away our cre- incorporating on March 21. ations in a ceramic vase, along with space into the art the Japanese pin-plate that the stems £Funny How Flowers Do That ikebana stick into (which you keep re-using, un- workshop with Professor Tomoko Sempo like that ghastly green foam stuff Tomoko said that a hundred years Yanagi, February 8, £20. Includes take-home florists used to use) – and all for £20. ago ikebana was practiced only by floral arrangement, Japanese bowl and All the cut flowers and stems were Japanese emperors and aristocracy, stand. Visit ready for us. Tomoko explained what and definitely not by women. This funnyhowflowersdothat.co.uk and we were aiming for, and we were able began to change when the capital bit.ly/IkebanaWorkshopFHFDT to study a few of her ‘this is what I moved from Kyoto to Tokyo. £The London Flower School’s next made earlier’ arrangements in the She said that ikebana is often per- quarterly Ikebana workshop is on 25 March, room – a suitably zen, all-white gallery ceived as minimal, yet it’s more about £260. Visit londonflowerschool.com. For space in Japan House on Kensington the appreciation of the space between more on the Sogetsu School of Ikebana High Street. and around the stems and their quali- workshops, visit sogetsulondon.co.uk

22 HOT PROPERTY FRIDAY 24 JANUARY 2020 CITYAM.COM PROPERTY OF THE WEEK A squeaky clean home in Wapping This penthouse is in the building where WWI soldiers’ toothpaste was made, writes Helen Crane CHIMNEY COURT, WAPPING, £1.7M ocated halfway between Bank ‘ivory castles’ of their teeth from and whitewashed, exposed brickwork. and Canary Wharf, Wapping’s the wicked ‘giant decay’ now sell “People who want an aspirational waterside is a favourite loca- for a pretty penny on eBay. warehouse property will be envision- tion for the swanky riverside Its tooth-cleaning paste, Gibbs ing high ceilings and lots of windows, apartments of young financial French Dentifrice, gained infamy but a lot of them don’t actually have Lservices types. when it was used by British troops in those things,” says Lee O’Neill, part- But dial back the clock a hundred France the First World War – not only ner and head of Knight Frank’s Wap- years and it was a far grittier affair, to clean their teeth, but also to polish ping office. the landscape dominated by bustling the brass buttons on their tunics and “This building always attracts poten- docks and factory chimneys. the regimental badges on their caps. tial buyers who weren’t previously This penthouse that has just come Later, D&W Gibbs’ toothpaste was considering Wapping because of on the market for £1.7m with Knight the subject of the first-ever television these great features – including from Frank in Chimney Court bridges the commercial shown in the UK, in Sep- trendy Shoreditch”. gap between the two. In the early 20th tember 1955. It is being sold by a City couple who century, the building on Brewhouse You might think a factory making Thankfully, the building today is a room, kitchen and dining area and are retiring to the country, and who Lane was the factory of D&W Gibbs, a soap would smell nice – but the ingre- much more attractive place to be, hav- two car parking spaces – but its star spent a year renovating the place. manufacturer of soap, shaving soap dients used at the time – including ing been converted into apartments feature is a 525 sq ft roof terrace with O’Neill adds that the price per sq ft is and toothpaste. The metal tins its animal by-products such as tallow – in the mid-1990s. skyline views across London. It has cheaper than the last apartment to be products were sold in, and its adverts meant the area would have had a The 1,900 sq ft, two-bed, two-bath high ceilings throughout, as well as sold in the building, despite this one imploring children to defend the rather unpleasant stench. penthouse has a large reception south-facing crittall-style windows being the penthouse.

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CITYAM.COM FRIDAY 24 JANUARY 2020 HOT PROPERTY 27 OPINION MAKE THE MOST OF THE ‘BORIS BOUNCE’ Jo Eccles You don’t need to show everything, as enough. There has to be a narrative some rooms will naturally present bet- around the sale, and around you as the Buying agent ter than others. Focus on the best owner, to build a compelling story. and founder of rooms, and retain some intrigue to en- Property is personal, and buyers are SP Property courage buyers to book a viewing. human, so they are more likely to do Too much or too little can be the dif- business with people they like. Work ference between a buyer booking a with your agent and help them build viewing or not. If the photos are not the narrative. good enough, insist to your estate For example, we are acting on behalf agent that the photographer returns of a buying client and are circling a view on average 500 properties per and takes better ones. house asking £9.95m. The sellers are year, and have purchased homes expecting a baby and need to upsize, for more than 300 clients. During PRICE IT RIGHT the past 13 years I have seen some Property is a unique asset class because sellers get it right, and others it is highly personal and emotional. pitchI their homes horribly wrong. Buyers are wary, so they need to believe Sellers are feeling re-energised post- that you are a genuine and committed election, and with greater certainty seller. Your asking price will be a big in- If you price too around Brexit, we’ve seen a flurry of dicator of that, so price it realistically. homes come to market this year with If you price too high, buyers won’t high, buyers buyers hoping to enjoy the effects of want to do business with you and you won’t want to the so-called ‘Boris bounce’. As a seller, risk your property stagnating, which is perfecting your sales approach in this hard to come back from. do business market is crucial to achieve the high- We always advise advertising your est possible price and ensure your property with two selling agents. If you with you property stands out from the crowd. choose your two agents well, it creates healthy competition. They should also so our clients know they are genuinely PRESENTATION IS KEY work together to maximise your expo- motivated. First impressions count – and most sure, and play buyers off against each We have also informed our buyer first impressions happen online. You other to achieve the highest possible that the current owners paid and in- need to make your property as present- price for you. vested a combined £11.75m on the able as possible. You absolutely need a Do not list with more than two house in 2015. The narrative and price floor plan, and the photography needs agents, though, as it looks desperate discount combined immediately made to be spot on. Always include a picture and buyers will often conclude that our buyer realise they have a great op- of the kitchen and at least one of the there might be something wrong with portunity. bathrooms, or buyers may become sus- your property, even if there isn’t. Ultimately, the property will do most picious and decide not to view. of the talking. But appealing the mind- However, one mistake sellers often PERFECT YOUR STORY set of the buyer is crucial if you want make is providing too many photos. Getting the right price is not always to get ahead of the neighbours.

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www.filmworks-ealing.co.uk Proud to be a member of the Berkeley Group of companies 28 LIFE&STYLE FRIDAY 24 JANUARY 2020 CITYAM.COM GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen THEATRE

RECOMMENDED THE WELKIN NATIONAL THEATRE (LYTTELTON) BY STEVE DINNEEN

Lucy Kirkwood’s new play at the Na- tional Theatre is a revelation: hilari- ous, tragic, harrowing and utterly compelling. Set in the mid-18th cen- tury, it confronts contemporary issues with a ballerina’s lightness of touch, without compromising its place as a period drama. It follows the case of a young woman who’s been found guilty of a terrible, terrible crime: one that she doesn’t deny. The gibbet awaits, but for one in- convenient detail: she says she is preg- nant. The menfolk refuse to be drawn into the icky business of the female re- productive system, so a panel of 12 “matrons” are gathered to decide if she is indeed with child. It’s clearly an inversion of male-dom- inated courtroom dramas such as 12 Angry Men – indeed a relevant subtitle could be 12 Horny Women. Kirkwood revels in verbalising the characters’ in- terior lives, detailing their lusts and de- sires in hilarious detail – something that still feels mildly revolutionary in the phallocentric world of theatre. But don’t go in expecting a comedy: at its heart The Welkin is a tale as black as they come. It’s the battle for the life of a boorish young woman – incredibly acted by rising star Ria Zmitrowicz – who refuses to show remorse. The stultifying nature of domesticity hangs heavy over the whole affair, with each woman a prisoner in her own way. It’s played out against an incredi- bly stylish, stylised backdrop, with the staccato rhythm of household chores providing momentum between scenes. It’s an exceptional play, dragging you through an emotional journey that will leave you as damp and colourless as one of these washerwomen’s freshly laundered sheets. EVERYBODY’S TALKING ABOUT JAMIE APOLLO THEATRE BY SIMON THOMSON

Popular musical Everybody’s Talking About Jamie is switching it up for terials, which hints at something snipped piece of paper that’s a 2020, with some major cast changes, far narrower and more prosaic close cousin to his bronze casts; an including a new Jamie. ART than the rollercoaster of form and operatic costume made of concerti- Based on the 2011 documentary imagination that waits inside the naed pieces of card. Jamie: Drag Queen at 16, Everybody’s UNMISSABLE RA’s main galleries. Other pieces are interesting Talking About Jamie is an inspira- The point, I think, is to demon- mostly by association. I wonder tional coming of age tale about a PICASSO AND PAPER strate the evolution of the artist what Picasso would make of the young man taking his first high- ROYAL ACADEMY through his more ‘disposable’ fetishisation of every thing he ever heeled steps into the fantastical world BY STEVE DINNEEN works (if you can call doodles worth touched, such as the tiny cutout of of drag, while facing a struggle for ac- millions ‘disposable’). The exhibi- a pipe that’s lovingly sandwiched ceptance in his everyday life. It’s a ith Picasso and Paper, tion starts with cutouts of a dove between two sheets of glass (actu- modern-day kitchen sink drama, with the Royal Academy and a dog, for instance, made when ally, I think I know – he’d feign song and dance numbers. confirms what we Picasso was eight or nine (along haughty indifference and then try Since its arrival in the West End in Whave suspected all with some text explaining that he to have sex with a teenager). 2017, audiences have revelled in the along: the diminutive could draw before he could speak) Picasso and Paper is a curious triumph of creativity and authentic- Spaniard did, in fact, make use of and rattles on in more-or-less thing, the artist’s work forever ity over the stultifying effects of con- the material we know as ‘paper’. chronological order until his final straining at the exhibition’s self-im- vention, and the more pernicious Sometimes he drew on it, other days, when he was still snipping posed parameters. One minute you impact of bullying. For many, espe- times he cut it into funny shapes. paper into odd shapes. have a series of pencil-on-paper cially members of the LGBTQ+ com- You could never tell what he was Throughout the vast space there drawings – brilliant portraits of munity, it reflects their own going to do next, when it came to are dozens upon dozens of prepara- Stravinsky and Renoir that demon- struggles, and offers hope, catharsis, paper. Roll it into a ball and push it tory sketches, some on scraps of strate Picasso’s exceptional econ- and empowerment. down a hill? Use it to jot down a re- paper, others in notebooks lined up omy of line, for instance – which fit It’s not without its faults. The story minder of his upcoming dental ap- in vitrines. When taken en masse the remit, the next a bunch of oil – though thoughtfully repackaged to pointment? Your guess is as good as they suggest, if you squint hard paintings from his blue period that focus on a previously underrepre- mine. enough, the genesis of cubism, are at best tangentially related. sented community – is ultimately fa- He also, in the name of full disclo- with facets from multiple drawings But what the hell, it’s a whole miliar, overly long and unevenly sure, used lots of other materials – worked into single paintings that load of Picassos. His ceaseless cre- paced, and too many songs fail to bronze, canvas and celluloid, to give an almighty two fingers to the ativity, his commitment to drawing find their mark. Nevertheless, name exactly three – and you can conventional laws of perspective. on absolutely everything is thrilling, charming performances, the good find examples of those here, too. In A handful of pieces provide what and it’s perhaps fitting that the will of the audience, and the emo- fact, the only problem with this you might call the missing link be- Royal Academy fails to contain this tional truth that lies at its core mean otherwise brilliant exhibition is the tween these sketches and his cu- chaotic energy. Pencil in an entire the show is likely to bring in the pun- misnomer on the promotional ma- bism-proper: a folded, scrawled, afternoon. ters for years to come. CITYAM.COM FRIDAY 24 JANUARY 2020 LIFE&STYLE 29

MOVIES

THE PERSONAL HISTORY OF DAVID COPPERFIELD | DIR. ARMANDO IANNUCCI BY STEVE DINNEEN

Armando Iannucci’s filmography is a roll-call of some of the best satire of modern times, from his early days on The Day Today and Alan Par- tridge, right up to 2017’s deliciously dark The Death of Stalin. The common thread binding them together is a seam of gleeful hostil- ity. Iannucci clearly thinks politi- cians, on the whole, are a bunch of egocentric tossers. Same goes for TV presenters. And Stalin – well, I imag- ine he doesn’t think much of him, either. This is where his new film, The Per- sonal History of David Copperfield, diverges a little: it’s written from a place of love. Love for Dickens, love for period drama. It’s a comedy, but a gentle one. Its laugh-out moments come intermittently (unless you watched the trailer, in which case you’ve seen most of them condensed into under a minute), while the gen- eral ebb and flow of the piece is sur- prisingly close to a traditional period drama. That’s not to say it’s not enjoyable. It’s bursting with fine perform- ances: Dev Patel is hugely charis- matic in the title role, his Copperfield full of naïve charm, and the supporting cast contains an em- barrassment of riches, including Tilda Swinton, Hugh Laurie, Peter Capaldi, Ben Whishaw, Benedict Wong and Fisayo Akinade. It’s hard to fault anything, from the cinematography to the costumes to the special effects (one striking scene sees Copperfield’s childhood flights of fancy turn to paper scenery, torn down by his wicked stepfather). But it lacks bite. It has little to say about class or the distribution of wealth that isn’t explicitly spelled out in Dickens’ 1850 novel. Iannucci YOU STUPID DARKNESS! seems happy to simply spend time SOUTHWARK PLAYHOUSE with these characters. Which is fine. BY SIMON THOMSON The film is fine. I was just hoping for more. You Stupid Darkness! is a harrowing comedy about four volunteers, RECOMMENDED crammed into a dank call centre, fill- ing the midnight to 4am slot at THE MAN WHO KILLED DON QUIXOTE Brightline, a dial-in emotional sup- DIR. TERRY GILLIAM port service helping callers come to BY STEVE DINNEEN terms with the apocalypse. Things have been getting worse for a Terry Gilliam’s The Man Who Killed while now. The world isn’t ending with Don Quixote begins with a title card picture to date, surpassing even ble cop-murder, and goes on the a bang, but a whimper. This is a fantas- that reads: “After 25 years in the Brazil for sheer audacious non- run with the actor from his Don tically clever work, presenting an all making... And unmaking”. He’s not sense. Quixote movie – a shoemaker he too possible future, but it is carried off kidding – Gilliam started work on This all sounds equal parts excit- ‘discovered’ – who now believes he with such modesty and good humour the film in 1989, entered full produc- ing and ominous, but somehow really is the character. that you could almost fail to recognise tion almost a decade later with Gilliam’s giant-sized brain dump Toby is also reunited with his the way in which it has built an entire Johnny Depp starring, only to see ill- coagulates into something that’s young female lead, a local girl he dying world outside that room. ness and floods destroy the work frequently spectacular: a brilliant promised to “make a star”, but Economically illustrated with throw and beach the project. Twice. rumination on the creative process, whose life did not live up to the away lines, occluded verbal snapshots, He had another crack in the 2010s the toxic nature of the film indus- lofty promises. They encounter gi- and meteorological effects, but wholly with Ewan McGregor also attached, try and the limitless power of imag- ants and nymphs and knights, and realised nevertheless; it is a place of but the money fell through and ination. you start to suspect Toby may be as grinding entropy, where the cascading everyone apart from Gilliam became What starts as a character piece unhinged as the bloke who thinks effects of natural disaster, infrastruc- thoroughly sick of the project. about an arrogant director – clearly he’s Don Quixote. tural failure, collapse, and decay breed But by some miracle, the film now a stand-in for Gilliam at his worst – Things fall apart slightly during a a sense of yet more despair. Against exists, with leading man du jour morphs into bizarre kaleidoscope protracted finale that takes place this, the call centre staff make a weekly Adam Driver playing a creatively of imagery, where reality, fiction, during a costume party presided stand, armed only with empathy, black bankrupt director reliving his glory dream and hallucination overlap to over by an evil Russian oligarch, humour, and filthy cups of coffee. days making a Don Quixote student such an extent that it’s rarely clear and by the time things wrap up, the Each volunteer is richly developed as film, while trying to shoot a lucrative exactly what you’re looking at. two hours and ten minutes feels the story progresses, and Sam commercial based on the same text – The film-within-a-film structure like far longer. Steiner’s script is deftly choreo- a gig that brings him back to the tiny recalls Michael Winterbottom’s A The Man Who Killed is two parts graphed, with conversations between Spanish village where it all began. Cock and Bull Story, but Gilliam’s genius and one part folly. Or perhaps on-stage characters dancing around Nobody in Hollywood is quite as vision is far more surreal, more vice versa. Either way, it’s a stagger- one-sided telephone calls. You Stupid balls-to-the-wall mental as an off the subject to the strange whims of the ingly inventive piece of cinema that Darkness! is gently funny and quietly leash Gilliam, and with 25 years of director. After storming off the set even Gilliam’s best efforts post-re- life-affirming; at least insofar as it ideas stewing in the cauldron of his of his commercial, Driver’s Toby lease – branding #MeToo a witch- suggests that decency dies last. mind, this may be his most deranged finds himself implicated in a dou- hunt – cannot not unduly tarnish. 30 PUNTER FRIDAY 24 JANUARY 2020 CITYAM.COM THE PUNTER RACING TRADER

David Pipe David Highway the One to motor looks ahead to Pipe his weekend runners home on Festival Trials Day RIALS Day at Cheltenham is Talways a great afternoon and we send two there tomorrow. helps him a little as he wouldn’t I was delighted with NIGHT want it too soft. previews I think Chris Gordon’s HIGHWAY ONE O on New Year’s Day and is worth backing EDITION who finished fourth on his The same cannot be said for Bill Esdaile ONE is the one to be on. at 3/1 with Ladbrokes tomorrow, while I debut for us at Taunton last month. RAMSES DE TEILLEE who will take tomorrow’s cards at He has bounced back from unseating wouldn’t put anyone off taking the 25/1 He will take his chance in the his chance in the River Don his rider in the BetVictor Gold Cup here available for the Ballymore at the Chel- opening JCB Triumph Hurdle Trial Novices’ Hurdle (2.05pm). He’s had Cheltenham and in November with two very solid efforts tenham Festival. (12.40pm), but is definitely being a wind operation since his last run at Newbury and Kempton subsequently. Up at Doncaster, Lady Buttons will try pitched in at the deep end and has and it’s a case of the softer the Doncaster In the novices’ handicap chase at this to win the Grade Two Yorkshire Rose place prospects at best. better for him. meeting 12 months ago, he split Kildisart Mares’ Hurdle (2.40pm) for the second WARTHOG hasn’t been overly He’s only a novice hurdler for one and Spiritofthegames and is now 1lb bet- year running. consistent in the past but has now year, so we thought this was a nice HERE are some cracking graded ter off with the latter. She is going to be very tough to beat, put two good runs together and opportunity for him. He’ll probably races on Festival Trials Day I can see Jamie Moore riding him but FLORESSA could be a really good takes his chance in the valuable head to a Grand National Trial next. at Cheltenham tomorrow aggressively from the front, tac- mare and, in receipt of 4lbs, I will be handicap (1.50pm). Finally, a word on Champion with the likes of Paisley tics which often pay off on this backing her at 2/1. He’s 4lbs higher than when he Jockey Richard Johnson who T @BillEsdaile Park and Santini run- track, so take the 7/1 with Lad- won here in December and seems broke his arm in a fall at Exeter this ning, but from a punting per- brokes. in good form. week. It’s such a shame as the spective I’m more interested in Harry Fry’s horses have been POINTERS TOMORROW It looks a good race though and I battle for the title was really hotting the Paddy Power 45 Sleeps To in great form over the past few fear Lalor as he looked back to his up. Cheltenham Trophy Handicap weeks and his KING ROLAND is Highway One O One e/w best last time. That said, you can never rule Chase (1.50pm). fancied to land the Ballymore 1.50pm Cheltenham We are also likely to send a Dickie out and Brian Hughes will be Although Lalor, Warthog and Novices’ Hurdle Floressa 2.40pm Doncaster couple up to Doncaster where looking over his shoulder right up Spiritofthegames have all run well (3.00pm). King Roland 2.40pm Cheltenham GOLDEN JEFFREY could have his until the end of the season. over course and distance recently, Always highly re- King Roland (25-1 e/w) first start for us in the opener garded, he was 2.40pm Ballymore (12.20pm). It will be good to get Jamie Moore will be on board hugely impres- (Cheltenham Festival) him started and the drying ground in association with Highway One O One tomorrow sive at Exeter CITYAM.COM FRIDAY 24 JANUARY 2020 SPORT 31 Salary cap rules must change after Saracens’ sad relegation ARACENS are being rele- RUGBY up Galacticos from their competitors. system then great. But I can think of the pitch. They have done so because gated and, putting the The likes of Owen Farrell, George an easier compromise. of their culture, their coaching and specifics aside for a mo- COMMENT Kruis, Maro Itoje and Jamie George I think there needs to be a distinc- players they’ve brought through. Sment, I think that is a sad have all come through the Sarries tion in the salary cap between players Their relegation at the end of the state of affairs for English academy to become regulars for Eng- the club have developed themselves, season leaves unanswered questions rugby. Former chairman Nigel Wray Ollie land. Once they have become success- and those they have brought in from and it is a disaster for England. As it has apologised for failing to comply Phillips ful their market value obviously elsewhere, because the league should stands, seven of the current Six Na- with the Premiership salary cap, but increases, so how are the club sup- reward, and not reprimand, those tions squad will be plying their trade I have sympathy for him. posed to hold on to them inside the who bring through players. That is in the Championship next season. Of In many ways what he did – entering £7m per year salary cap? the ultimate goal in my eyes. course, they could choose to move into commercial arrangements with clubs have been keeping quiet and I I think the current rules are Therefore I would like to see a sys- elsewhere, but the fact they would be players – was a savvy move, albeit in a wonder if that is because they have counter-productive, as they are essen- tem whereby the players nurtured by forced to do so because of money and grey area. Wray must have known he their own concerns about compliance tially acting as a massive deterrent to the academy have their salary capped not performance is a shame. was operating close to the line, but with the rules. the ultimate goal of developing world- at a higher level, or discounted from In my view the whole affair has been the deals themselves were, it seems, What I think is particularly sad is class players. the overall figure. That would incen- poorly managed by all involved. The bona fide. that Saracens have effectively been The Premiership is not a communist tivise clubs to look within their ranks, end result is that everybody – the Saracens were fined £5.36m and de- reprimanded for developing world- state. It is supposed to be an elite, rather than recruit from elsewhere, league, Saracens and the players – is ducted 35 points in November, which class homegrown talent and doing all competitive environment and the and help England to produce the best poorer for it. amounted to a hefty slap on the wrist, they could to hold onto them. salary cap, as it is at the moment, players. and I think relegation is drastic and a Although they have bought high- doesn’t fit into that. Saracens have not won four of the Ollie Phillips is a former England Sevens step too far. profile players like Elliot Daly and If the league wants to shut every- last five Premiership titles and three captain and now a director within the real Although Exeter chairman Tony Liam Williams, Saracens are not the thing down, start again and redistrib- of the last four Champions Cup titles estate and construction team at PwC. Rowe has been baying for blood, other Real Madrid of rugby, merely buying ute the players via an NFL-style draft because of their business dealings off @OlliePhillips11

CONTINUED FROM BACK PAGE

One of the games in which this was most evident was away to Leicester a fortnight ago, where a 2-1 win against the team who had savaged PROTEAS them just weeks earlier gave them a measure of redemption. It was the first time under Hasenhuttl that Southampton had won away after going behind and tactically it was a case of beating UNDER the Foxes at their own game. Ward-Prowse revealed afterwards that just minutes prior to the game they watched a “motivational video” of the 9-0 defeat, which he called “the lowest point of our careers”. PRESSURE The 25-year-old has been integral to the team’s resurgence in a midfield axis alongside Pierre- Du Plessis’ side are beset by Emile Hojbjerg. Reducing personnel in the centre of the pitch problems ahead of today’s final has increased his workload, particularly defensively, but he has Test, writes proven himself able. Felix Keith Last season he made 36 tackles in 26 league games, but he already has 62 from the 24 games played this campaign. Similarly he has won 136 duels to 72 last term and 158 ball recoveries to 112. His defensive numbers are up across the board and he is also making more passes – 40.4 per match compared to 27.7 – as well as more crosses, through balls, accurate long balls, big chances created and assists, with two compared to none. While his improvement may not be enough to earn him an England OW quickly things can While Joe Root’s captaincy – and chipping away, it does chip away at edged that the politics of the quota call-up, the form of team-mate Ings change. After the first Test bowling – is on an upturn, the same your character.” had affected Du Plessis. has put the striker in contention. of the series against Eng- cannot be said for his opposite num- The 35-year-old batted away ques- “For far too long, he has had too Without his goals, Southampton Hland in Centurion, South ber. Root looks refreshed and reinvig- tions about his future this week, much to deal with and too many would not have enjoyed the Africa were left to reflect orated by the challenge of leadership; stressing his commitment to the things to talk about, and I really resurgence they have. on a first victory in six attempts in Du Plessis is nearing the end of his team, but the feeling is this Test will wanted that not to happen in this se- “He feels and smells where the which Kagiso Rabada had taken seven tenure in charge of South Africa. be his last at home, and quite possibly ries,” said Smith. “At times it has.” opponent can get into trouble,” wickets to settle their nerves and last in the Proteas side. He has failed If it is to be his last Test, Du Plessis Hasenhuttl said. “It is not a given the new coaching team a near- CAPTAINCY CHANGES to score a half-century in his last eight will want to go out with a series draw coincidence.” Stuttering perfect start. Between the loss in Port Elizabeth – Test innings and is averaging 18.83 salvaged. The batting department is Tottenham, beware. Just under a month later they are at his third defeat by an innings in his against England. the biggest stumbling block towards the Wanderers, trailing 2-1 and star- last five Test matches – and today’s achieving that goal. ing down the barrel of their first con- Test in Johannesburg, Du Plessis has BATTING WOES Under former captain Smith, South HOW FLYING SAINTS secutive home Test series defeats for been relentlessly questioned about Away from the crease, Du Plessis’ Africa’s top six averaged 46.3; in Du SCALED THE PREM 70 years. They are without their sus- his future and replaced by Quinton de trials stem from the question of black Plessis’ era they have managed 33.5. pended strike bowler, unsure about Kock as One-Day International cap- representation in the team. More “If you look at Port Elizabeth, we £ the future of their captain and deal- tain. “I can’t do it forever,” Du Plessis than 80 per cent of the country’s pop- were almost confused as a batting Southampton have won 65 per ing with a rumbling row about black said after the third Test. “It has been ulation is black, and yet the side is unit,” Du Plessis said. “There’s not cent of their Premier League points representation in the side. overwhelmingly white. enough time to change techniques. in away games this season (20/31), the highest ratio of any side. To make matters worse for Faf du The Proteas have come nowhere The secret weapon lies in how strong £ Plessis and his side, their state is in near the government’s quota of five we can be emotionally and mentally.” They have taken 29 points from stark contrast to their opponents’. non-white players per side, and South Africa haven’t passed 300 in their last 12 matches. 300 £ The Saints are third in the England have improved as the series Rabada’s one-match ban for picking the first innings so far this series. A has worn on, with their young players South Africa haven’t passed 300 in the up four demerit points doesn’t help traditionally fast Johannesburg Premier League form table, which stepping up to contribute to rare back- first innings so far in the series things. Batsman Temba Bavuma re- wicket, against an England pace at- is based on the last six matches, to-back away Test victories and add to places Zubayr Hamza at the Wander- tack likely to contain Jofra Archer, is behind only Manchester City and the burgeoning sense of belief around ers, but South Africa director of not an easy situation in which to rec- runaway leaders Liverpool. the group. * cricket Graeme Smith has acknowl- tify problems. 32 SPORT FRIDAY 24 JANUARY 2020 CITYAM.COM OLLIE PHILLIPS The salary cap rules have to change after SPORT Saracens’ relegation PAGE 31 RED MACHINE Firmino strikes late as Liverpool beat Wolves to make it 14 wins in a row SPORT DIGEST EX-SARRIES BOSS SORRY FOR SALARY CAP BREACH £ Former Saracens chairman Nigel Wray has apologised to fans for their “heartache” after the club were relegated for salary cap breaches. Wray took “full responsibility” for the punishment, due to his co- investments with players which were not declared to Premiership Rugby’s salary cap manager. The report into the breaches, which was released yesterday, showed Wray put almost £924,000 into property co- investments with Sarries players. THE SKY IS THE LIMIT FOR ENGLAND, SAYS ROOT £ Joe Root says winning the Test series against South Africa would rank as his greatest achievement as England captain. The visitors hold a 2-1 lead going into the final Test in Johannesburg today and Root is confident after consecutive wins. “We’re very much at the start of something,” he said. “We have to keep that attitude and keep driving that forward for a long period if we want to get to No1 in the world.” RUSSELL OUT OF SCOTS’ SIX NATIONS SQUAD £ Finn Russell will not play in Scotland’s Six Nations opener against Ireland next week after being sent home for a breach of discipline. Russell’s tournament is in doubt after the fly-half returned to club Racing 92, having reportedly refused to stop drinking at team hotel and failed to turn up to training. DART REFLECTS ON ‘GREAT WEEK’ IN MELBOURNE £ Britain’s Harriet Dart was happy to take the positives after being knocked out of the Australian Open by Simona Halep yesterday. Dart moved into the world top 150, ROBERTO Firmino scored a late winner as Liverpool extended their unbeaten run to 40 Premier League games with a 2-1 victory against Wolves last night. Jurgen Klopp’s side despite the 6-2, 6-4 defeat in 77 maintained their 16-point gap at the top of the table with a gritty performance against an impressive home side at Molineux. Jordan Henderson headed in Trent Alexander- minutes by the Romanian fourth Arnold’s corner early on to give Liverpool the lead, but Wolves flew out of the blocks in the second half and Adama Traore crossed for Raul Jimenez to head in an equaliser – the seed. “There’s definitely progress first goal the Reds had conceded in 50 days. Wolves pushed for another but could not find a way past Alisson and Firmino fired into the top corner from Henderson’s pass in the since last year,” the 23-year-old said. 84th minute to secure a 14th consecutive league win for the champions-elect, who became just the third team to go 40 games unbeaten in Premier League history. “It’s been a great week for me.” HOW SAINTS TURNED TIDE

iating and unprecedented defeat. improved the team’s defensive cohesion, Che Adams, and he has hunting, being hungry,” he said. That 9-0 defeat led They had just eight points from despite the loss of a centre-back. reaped the rewards. While Southampton had strayed to tactical changes their opening 12 games but have Jan Bednarek and Jack Stephens The 27-year-old has from that, the 9-0 defeat appears to managed seven wins and 29 points have established a flourish- 14 goals Premier have helped them to rediscover that that transformed the from the following 12 matches, with ing partnership in central League this campaign desire. “It took a long time to not only victories over Chelsea, Spurs and defence with Jannik – already his best re- get the right shape but the right be- club’s season, writes Leicester. Vestergaard dropping to turn in the top flight haviour in this shape,” the Austrian So how have the Saints gone from the bench. The switch and second only to added. Michael Searles certain relegation to within three has prevented them Jamie Vardy among Eng- It meant going “back to the basics”, points of a European place? being dragged out wide lish marksmen. as the much-improved James Ward- OUTHAMPTON will come The first and most immediately no- to cover the wing- But the defensive im- Prowse has said. into tomorrow’s FA Cup ticeable change is a shift in forma- backs. provement is also a result In the November international fourth-round tie against Tot- tion. It has also al- of a shift in emphasis. break following 2-1 defeats to Everton tenham full of confidence Hasenhuttl immediately departed lowed the Saints Saints are pressing and Manchester City, they invited that they can win, having from the 3-4-3 that had failed him in to play with two higher and more sys- Brentford for a behind-closed-doors beatenS Spurs 1-0 on New Year’s Day. spectacular fashion against Leicester up front, giving tematically, with friendly as they continued to work on It is a scenario that few could have and returned to a 4-2-2-2, which he tri- in-form Danny wingers Stuart Arm- this system. envisaged following the record-break- alled last season and previously used Ings a strike strong and Nathan Red- A draw away to Arsenal immediately ing 9-0 thrashing handed to the Saints at RB Leipzig when leading them to partner in the mond assisting in a followed and proved just the start of by Leicester exactly three months ago second in the Bundesliga in 2017. form of Shane more collaborative ap- the incredible run they have pulled tomorrow. “There was a moment when I also Long, Michael proach while also dou- together over the last two months. But having since shot up the Pre- must be self-critical and see that I was Obafemi or bling up with the The high-energy, intense pressing in mier League table and away from the on the wrong path,” he said. “This was full-backs defensively. packs has helped Southampton to relegation zone, they are now well po- not the way I wanted to play.” Ings has already It was a style that gain possession higher up the pitch sitioned to attempt a cup run. The return to a four-man defence scored more goals Hasenhuttl had and capitalise on mistakes rather Manager Ralph Hasenhuttl and his has brought the best out of full-backs than in any of his promised to deliver than being left to make their own. team deserve huge credit for the dras- Cedric Soares and Ryan Bertrand, who other top-flight when he joined. tic turnaround following that humil- have resumed more familiar roles and campaigns “It’s about pressing, £ CONTINUES ON PAGE 31