Sorrell Called up to Dutch Court Case Over Mediamonks Shares Row JOHN REYNOLDS Against the Dutch Content Marketing Giant WPP

BUSINESS WITH PERSONALITY

TRADING UP WHY TALENT SPOTTING THE TREVOR STEVEN IS TRAITS OF TOMORROW’S BACKING THE NEW TOP ENTREPRENEURS P17 GUNNERS P20 WEDNESDAY 21 AUGUST 2019 ISSUE 3,440 CITYAM.COM FREE

Investment into UK tech CHIEF tops records EMILY NICOLLE @emilyjnicolle BRITISH tech companies have attracted more foreign investment in the past seven months than in the whole of 2018, racking up $6.7bn (£5.5bn) in funding. EXEC PAY More than half of that amount came from US and Asian investors. As such, the UK is now receiving more non-domestic capital, per capita, than the US, according to data released today by Tech Nation and Dealroom. Stellar rounds for billion- TAKES A dollar companies such as Checkout, Deliveroo and Oaknorth helped to boost the sector to attract an average of $1bn per month from both foreign and domestic investors – one and a half times the average amount raised each month last year. At the current rate, it is TUMBLE predicted the UK will exceed JAMES BOOTH the previous year. because of a campaign by shareholders, salary, after criticism from MPs and $11bn in investment by the @Jamesdbooth1 The Chartered Institute for Personnel while the increased number of votes shareholder advisory groups. end of 2019, far surpassing and Development (CIPD) and the High against individual directors show that Peter Cheese, chief executive of the 2017’s record of $9.4bn and FTSE 100 chief executives’ (CEO) pay Pay Centre said the fall is due largely to shareholders will hold them to account CIPD, said: “The gulf between the pay at the $8.7bn raised last year. packets have dropped sharply, less money being awarded through if a company’s approach to pay is the top and the bottom ends of A surge in higher-value according to new figures published this long-term incentive plans (Ltips). unacceptable,” he said. companies is slightly smaller this year, deals – rounds of $100m or morning, with investors claiming victory Ltips continue to form the biggest Pensions also make up a significant but it’s still unacceptably wide and more – led to the second in their efforts to impose discipline on component of chief executive pay and proportion of executive pay, with CEOs undermines public trust in business.” quarter also breaking the remuneration committees. were awarded to 84 per cent of FTSE 100 receiving a pension contribution, or cash Matthew Lesh, head of research at previous quarterly record by Blue-chip CEO median pay fell 13 per top bosses. in lieu, worth 25 per cent of base salary, pro-free market think tank the Adam more than $1bn. cent from £3.97m in 2017 to £3.46m in Andrew Ninian, director of compared with eight per cent for Smith Institute, argued that high pay for Culture secretary Nicky 2018, the most recent year for which stewardship and corporate governance average employees. top performers was essential to the Morgan said the figures data is available. at The Investment Association, Earlier this year, Lloyds Banking Group health of the UK economy. “endorse our reputation as In total, £465.4m was paid to FTSE 100 welcomed the report. cut the cash in lieu of pension its boss “If we limit executive pay, our best and one of the best places in the top dogs in 2018, a mean average pay “More than 50 companies have Antonio Horta-Osorio received from brightest will simply leave the country world to start and grow a packet of £4.7m, down 16 per cent from promised to cut their executive pensions 46 per cent of salary to 33 per cent of for better paid jobs elsewhere,” he said. digital business”. Sorrell called up to Dutch court case over Mediamonks shares row JOHN REYNOLDS against the Dutch content marketing giant WPP. WPP was also in the running to buy company’s previous managers, Rogier Schalken, who held less Mediamonks. SIR MARTIN Sorrell has been called arguing he might be entitled to a than a one per cent shareholding in According to a ruling in the to appear in court in December as a chunk of the sale proceeds after it Mediamonks, “suspects” that Netherlands, there is enough witness as part of a legal dispute was sold to Sorrell’s S4 Capital in Mediamonks bosses had started sale evidence for a provisional witness between former shareholders of a July last year for £266m. talks with possible buyers when he hearing to take place. Sorrell has company which he acquired to There is no suggestion of left the business and sold his stake been called to give evidence. rebuild his career. wrongdoing by Sorrell. back to the company in November The ruling was opposed by A former senior executive and Sorrell took over S4 Capital after 2017 for €17,200 (£15,750). Mediamonks bosses. Sorrell said: investor in Mediamonks is he was forced out as chief executive Schalken sold his investment at a “Any involvement of S4 Capital will considering taking out a lawsuit of his former company, global lower price than was paid by Sorrell. only be as a witness in any action.”

FTSE 100▼ 7,125.00 -64.65 FTSE 250▼ 19,008.09 -89.88 DOW▼ 25,962.44 -173.35 NASDAQ▼ 7,948.56 -54.25 £/$▲ 1.217 +0.005 £/€▲ 1.096 +0.002 €/$▲ 1.110 +0.002 02 NEWS WEDNESDAY 21 AUGUST 2019 CITYAM.COM

DAM GOOD WORK Work to repair flood-damaged Whaley Bridge dam as thousands of engineers clear reservoir of water and fish THE CITY VIEW Hargreaves Lansdown’s bittersweet apology

ITH a hat-trick of senior figures set to leave Hargreaves Lansdown, one can’t help wondering how the Winvestment company is going to revive its reputation. Prolific analyst and commentator Laith Khalaf started the trend last week, and yesterday saw the firm’s proposition manager and chair of its investment committee reveal that they were also stepping down. Whether these departures are in any way related to Hargreaves’ involvement in one of the biggest scandals facing the industry is up for debate. However, what’s clear is that even the UK’s most popular investment platform isn’t immune from the old saying WORK continues at the Whaley Bridge dam site to shore up the damaged Derbyshire dam. Approximately 1,500 residents of the that what goes up must come down. Hargreaves’ share price has town’s 6,500 population were forced to leave their homes at the beginning of August, after the partial collapse of the dam at felt this pain over recent months, and is still down 21 per cent Toddbrook Reservoir following torrential rain. Engineers and volunteers have helped to clear the reservoir of water and fish. from its record high in May. While it has cushioned its fall by waiving fees for customers directly invested in Neil Woodford’s still-suspended flagship fund, a lot is hanging in the balance. For Hargreaves’ customers, August has been a mixed bag. Earlier this month, it came to light that customers’ “loyalty Ofgem’s power cut probe bonuses” would be taxed as income, after the company lost an appeal against HMRC. Meanwhile, it may have published a healthy set of results, but it has also come under fire for levying high charges on children’s savings. And while the big bosses finally agreed to forgo their bonuses in a bid to appease angry underwhelms UK experts clients, for some this announcement was too little too late. Even though chief executive Chris Hill has apologised for the recent problems around Woodford, he caveated this by saying AUGUST GRAHAM but protection systems soon got it and what can we do to improve it?” the “shortcomings of one fund should not detract from the running again, National Grid said. said Thomas Edwards at Cornwall benefits of favourite fund lists like the Wealth 50”. @AugustGraham However, less than half a second Insight, a consultancy. There is nothing like a dose of denial to make an apology taste EXPERTS yesterday questioned if later, the strike had knocked out most Other experts said the UK might National Grid’s processes and backup of the Hornsea offshore wind farm. need to invest in more backup power bittersweet, because the truth is that the company’s best-buy list systems are up to scratch after a A second later, Little Barford gas capabilities, as increasing reliance on needs a shake-up. Rather than treating Woodford like a freak report was released into the worst power station reduced its supply to electricity means power cuts are more one-off, Hargreaves should see it as a warning sign. power cut in a decade. the grid. disruptive to vital infrastructure. The report by National Grid found Taken together, this became too National Grid is required to main- Critics continue to question the methodology behind these lists the system followed correct procedure much for the grid to cope with and it tain enough spare capacity to offset and the inclusion of fund managers with whom Hargreaves has when lightning struck on 9 August. activated emergency protocols to cut the loss of the largest generator on a cosy relationship. However, it was not enough, as supply to over 1m households. the system. The company would benefit from clarifying how the lists are lights went off in 1.1m homes and However, it is still unclear what However, at around 1 gigawatt (GW), trains stopped in their tracks. Newcas- caused the plants to fail. this was not enough during the compiled and ensuring that the selection process is as tle Airport and a hospital in Ipswich “It seems like the system responded 9 August power outage. At its highest, independent, objective and transparent as possible, ideally were also left without power. as designed. So the question will be the outages triggered a loss of nearly conducted at arm’s length from the rest of the business. It also The lightning strike hit at 4.52pm, were the design and the plan correct 1.9 GW generation. needs to take ownership of the role it played in recent mistakes, FIVE MINUTES, A MILLION POWERLESS HOMES and explain how it will stop them from happening again. 4.52.33PM 4.52.33PM 4.52.34PM 4.52.44PM 4.53.31PM 4.53.49PM 4.57.15PM Lightning strikes Hornsea wind farm First loss of Over 10 seconds, a More Frequency falls to Frequency is the grid in starts deloading, within power at backup response capacity is 48.8 Hz, triggering restored to 50 Hz. Cambridgeshire a second its 799 MW Little Barford provides 650 MW of lost at Little load shedding Forty minutes later, generation had fallen extra power to Barford and switching power is restored Follow us on Twitter @cityam to 62 MW stabilise frequency off the lights to all homes

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL IT OUTAGE HITS UK BANK WHAT THE GREENE KING BUYER URGED CHINESE SUITOR FOR ‘BORIS TRUMP EXAMINING TAX CUTS CUSTOMERS’ PAYMENTS OTHER TO RULE OUT JOB CUTS BUS’ MAKER WRIGHTBUS TO BOOST ECONOMY Several of the UK’s largest banks and The Hong Kong investor buying Greene One of China’s biggest engineering US President Donald Trump said he is building societies have been hit by an PAPERS SAY King is under pressure to provide companies has emerged as the weighing a possible reduction in IT outage at US payments company further assurances that it will not cut frontrunner in the race to save ‘Boris capital-gains taxes and continued to TSYS that left their customers unable to THIS jobs. Union leaders have demanded an Bus’ maker Wrightbus. Weichai, part of press the Federal Reserve to cut interest pay credit card bills or access account urgent meeting with CKA, which has giant state-owned conglomerate rates to spur economic growth, while information. Royal Bank of Scotland, MORNING agreed a £4.6bn takeover of the pub Shandong Heavy Industry, is in saying he wasn’t concerned about signs Nationwide Building Society and operator and brewer. discussions to buy the struggling bus of a slowdown. Tesco Bank were among the company. lenders affected by the problems, HONG KONG PROTEST TALKS WEINSTEIN ASKS TO MOVE which came at a crucial time for some OFFER IS ‘TIME WASTING’ UK ECONOMY £26BN BIGGER TRIAL FROM NEW YORK CITY customers with monthly bills becoming Hong Kong’s chief executive Carrie Lam THAN PREVIOUSLY THOUGHT A lawyer for Harvey Weinstein has due. has proposed “dialogue” to ease tens- Britain is a touch richer than previously asked to move the Hollywood Huawei is rolling out a massive ions in the territory in a move that was realised after new sums by the Office for producer’s criminal trial out of New York UGANDA USING HUAWEI surveillance system that uses facial immediately rejected as a trap by act- National Statistics added an extra City, saying jurors can’t fairly decide his FACIAL RECOGNITION TECH recognition and other artificial ivists. Wong Yik-mo, a vice-convenor of £26bn to annual GDP. More than £13bn case in Manhattan. He is scheduled to Ugandan police have confirmed that intelligence software to fight crime in the Civil Human Rights Front, said that came from the use of investment by the go on trial on 9 September on sex crime Chinese telecommunications giant the central African country. the plan was designed to waste time. government and charities. charges. He has denied the charges. CITYAM.COM WEDNESDAY 21 AUGUST 2019 NEWS 03 Government will Johnson and Brussels dig in heels over solution to Irish backstop issue auto-enrol firms CATHERINE NEILAN suggesting it could be dealt with in EU, not the UK, which would insist on the next stage of negotiations. border checks on the island of Ireland @CatNeilan In a tweet yesterday, Tusk implied in order to honour its customs union. EUROPEAN Council president Donald Johnson’s position meant he “There are lots of ways you can Tusk yesterday slapped down Prime “support[s] reestablishing a border”. continue to have frictionless trade, for customs IDs Minister Boris Johnson’s suggestion The European Commission later free movement of goods… across the that the Irish backstop be dealt with said Johnson’s letter was lacking in border in Northern Ireland… whilst during the transition period. detail over a “legal operational simultaneously allowing the UK to Johnson had published a letter to solution” to prevent a hard border on come out of the EU,” he said, arguing CATHERINE NEILAN sure they can continue to trade their Tusk, in which he suggested cutting the island of Ireland and the time his predecessor Theresa May had not goods through Europe from day one. the “anti-democratic” backstop from needed to put such measures in place. convincingly made the case for such @CatNeilan “This will help ease the flow of goods the withdrawal agreement, Last night, Johnson said it was the alternative arrangements. BUSINESS groups claimed victory at border points and support busi- today, as the government will now nesses to trade and grow.” automatically enrol British companies It comes as part of the government’s in a new customs system, as part of ramped up preparations for a no-deal government efforts to keep UK firms Brexit and follows business groups lob- trading after Brexit. bying to speed up the scheme’s rollout. HMRC will allocate more than 88,000 They welcomed the news – but urged firms with an Economic Operator Reg- more action from Westminster. istration and Identification (EORI) British Chambers of Commerce head number in the next fortnight – double Adam Marshall said: “Businesses do the existing number. Letters informing not want a messy and disorderly no- companies of their EORI number will deal Brexit on 31 October, but given start arriving as early as today. the ticking clock, it’s prudent that So far, 72,000 companies have EORI both government and industry be as numbers. Some 240,000 firms are esti- prepared as possible. The proportion mated to require the status by 31 Octo- of firms applying for EORI numbers ber, the point at which Prime Minister was concerningly low, and automatic Boris Johnson has said the UK will issuance will help ease the administra- leave the EU “deal or no deal”. tive burden facing companies in the Businesses without an EORI number weeks and months ahead. will be unable to continue to trade “Sorting EORI numbers is only a first with EU member states. step. For many firms, it will trigger Chancellor Sajid Javid said: “There more questions. Businesses still need can be no time for delay, which is why clarity on many other cross-border HMRC has allocated thousands of busi- trade issues, such as customs proce- nesses with a trading number to en- dures following a no-deal exit.”

SOLAR FLARE Walmart suing Elon Musk’s Tesla after a series of fires at its US stores

WALMART is suing Elon Musk’s electric car and clean energy business Tesla alleging solar panels it supplied were responsible for fires at seven of its stores, according to a lawsuit filed in New York yesterday. Walmart said the fires caused hundreds of thousands of dollars of losses. Tesla and Walmart were contacted for comment. Saudi Aramco recruits bankers Lazard and Moelis for flotation AUGUST GRAHAM At the time, it worked with Evercore, Moelis, HSBC, JP Morgan @AugustGraham and Morgan Stanley, Bloomberg SAUDI Aramco has hired investment reported. banks Lazard and Moelis to advise on Lazard later advised it on a $12bn its plans for its mega listing, expected (£9.9bn) bond issue this year. to be the largest in history. The Saudi oil giant published its The two banks have started half-yearly results for the first time preparing the initial public offering last week as it prepares for the (IPO), Bloomberg reported yesterday, flotation. citing sources. The report showed that the firm’s It comes as a boost to Lazard, income before tax reached $92.5bn which was not part of the original in the first six months of the year. team which Aramco hired during its Meanwhile revenue dropped slightly first attempt to list. to $146bn. 04 NEWS WEDNESDAY 21 AUGUST 2019 CITYAM.COM

CIAO, CONTE Italian Prime Minister quits Facebook risks hit to ad revenue as with broadside at far-right partner Salvini it unveils new data privacy feature JAMES WARRINGTON The feature, dubbed “Off-Facebook have an impact on Facebook’s Activity”, will initially be rolled out revenue, as reduced data will make @j_a_warrington in Ireland, South Korea and Spain, adverts on the platform less FACEBOOK has unveiled a new tool before being introduced to more targeted. that gives users greater control over markets in the coming months. Facebook relies heavily on their personal data, in a move that The move marks Facebook’s advertising, which accounted for the could have an impact on the social attempt to win back trust following vast majority of its $16.9bn (£13.9bn) media firm’s advertising revenue. the Cambridge Analytica scandal last second-quarter revenue. However, The tech giant said it will allow year, when data belonging to the impact of the new privacy tool users to prevent details about their roughly 87m people was misused for will depend on how widely it is used. browsing activity from being passed political advertising. Shares in Facebook closed down ITALIAN Prime Minister Giuseppe Conte resigned yesterday after launching a swinge- on to third parties for advertising. But the privacy boost is likely to 1.3 per cent yesterday. ing attack on his own interior minister, Matteo Salvini, accusing the far-right leader of sinking the coalition and endangering the economy for personal and political gain. Manufacturing pain eases amid Brexit deadlock

ALEX DANIEL over the next three months. Chair of CBI manufacturing council @alexmdaniel and Ineos director Tom Crotty said: BRITAIN’s manufacturing headaches “Relentless Brexit uncertainty has softened slightly over the past three continued to be a millstone around months, with output stabilising the neck of manufacturing firms as despite “relentless Brexit uncer- we approach the end of the summer.” tainty” continuing to weigh heavy on Manufacturers expect to keep out- the industry. put prices in the next three months Manufacturers reported output fell broadly unchanged – the lowest bal- less sharply over the three months to ance since February 2016. August, according to the CBI’s CBI deputy chief economist Anna monthly industrial trends survey, Leach said: “Despite signs of stabilisa- meaning the industry is still in tion in the data this month, UK man- decline but the rate of that decline ufacturers remain on the receiving has slowed. end of a double whammy: the slow- Over the period, 24 per cent of the down in the global economy and 286 businesses surveyed reported ris- Brexit uncertainty. ing output, while 27 per cent said it “Trade tensions between nations was down, giving a minus three per such as China and the US only exacer- cent balance. Respondents expected bate the demand uncertainty facing output levels to remain unchanged UK manufacturers.” MANUFACTURING SLUMP

15 10 5 0 -5 -10

Reported balance of growth/decline balance Reported -15 March April May June July August Rolls-Royce in talks to sell part of nuclear arm to French group JAMES BOOTH The deal would value the business at around £100m. @Jamesdbooth1 Rolls-Royce is also in talks to sell ROLLS-Royce Holdings is in talks to sell the rest of its international civil a large part of its civil nuclear business nuclear business to a US private to a French-led consortium. equity firm. The sale to the private Framatome, which is majority- equity firm is also expected to realise owned by French energy company around £100m. EDF, is in late-stage negotiations to The report said Rolls-Royce is not buy Rolls-Royce’s international looking to sell its UK nuclear arm. instrumentation and control Its UK operation is involved in the division, Sky News reported. UK’s nuclear-new build programme An announcement of the deal is Rolls-Royce declined to comment expected in the coming weeks, and Framatome did not respond to a sources told the broadcaster. request for comment. CITYAM.COM WEDNESDAY 21 AUGUST 2019 NEWS 05 Astrazeneca’s Hottest day fails heart drug trial to revive weak shows promise AUGUST GRAHAM @AugustGraham A NEW Astrazeneca drug might groceries sales help patients with heart failure, half of whom die within five years of being diagnosed, as the company yesterday revealed encouraging ANNA MENIN hard to find, said Fraser trial results. McKevitt of Kantar. The Anglo-Swedish drug maker @annafmenin While overall year- said that the third phase of trials of SAINSBURY’S topped on-year sales were flat, its Farxiga medicine significantly the FTSE 100 risers 1.6% 6.2% Lidl, Aldi and Ocado reduced cardiovascular death or yesterday following the all saw their market prevented heart failure from news the supermarket share increase. Bayer is currently the world’s largest manufacturer of flea and tick products getting worse. had put in its strongest Online grocer Ocado When compared to a placebo, performance since was the UK’s fastest patients were less likely to be November 2017. growing supermarket, hospitalised or taken to the doctor The supermarket put 0.6% 12.6% increasing its market Bayer sells veterinary medicine for an urgent heart failure visit. in the strongest per- share by 12.6 per cent. The drug also produced positive formance of all the Big Ocado’s overall market results for patients with diabetes. Four grocers, but still saw share now stands at business to Elanco for over $7bn “Farxiga becomes the first in its its market share slip 0.6 1.4 per cent, but it is class to demonstrate efficacy and per cent over the past 12 responsible for 18 per ANNA MENIN the second largest veterinary safety data for the treatment of weeks, according to cent of all online medicine business in the world. The patients with heart failure, with Kantar data. 1.5% 7.7% grocery sales. @annafmenin two companies said Bayer would and without type 2 diabetes, on top Tesco, Asda, and Mor- Lidl reached a record BAYER is selling its animal health receive $5.3bn in cash alongside of standard of care,” said Mene risons saw drops of 1.6 market share of 5.9 per business to US firm Elanco for $7.6bn $2.3bn of Elanco stock. Pangalos at Astrazeneca. per cent, 1.5 per cent, and cent, while Aldi grew its (£6.3bn) as the pharmaceuticals and Bayer has been divesting assets Around 64m people worldwide 2.7 per cent respectively. market share just over chemicals giant continues to offload after becoming embroiled in a string are affected by heart failure, with “This summer’s com- six per cent to 8.1 per assets in the face of mounting legal of lawsuits alleging one of its approximately 50 per cent of paratively poor weather, cent. costs related to its Roundup weedkillers, Roundup, caused patients dying within half a decade combined with low lev- 2.7% 1.8% Sainsbury’s shares weedkiller. cancer. It was reported recently that of diagnosis. els of like-for-like price closed 2.95 per cent up The deal, which is expected to be Bayer was in talks to settle 18,000 of More than 35,000 patients took rises, have made growth at 193.30p. completed by mid 2020, will create the lawsuits for $8bn. part in the trials, Astrazeneca said.

CUT YOUR COAT Asos asks suppliers to Travelex-owner Finablr income growth slash prices following two profit warnings ONLINE fashion retailer Asos has asked suppliers to cut prices bolsters shares back to flotation levels after having issued two profit warnings in ALEX DANIEL the same as its original initial public The firm is chaired by 76-year-old less than a year. The offering price in May, after it Indian billionaire Bavaguthu fashion brand wrote a @alexmdaniel 7.10% revealed profit was at the upper end Raghuram Shetty, who owns all the letter to suppliers TRAVELEX-OWNER Finablr of its predictions. apartments on the 100th and 140th asking for a three per enjoyed a nearly 10 per cent Finablr’s shares had a disappoint- floors of the Burj Khalifa, the world’s cent cut in prices, rise in half-year profit, in its second ing float earlier this year, in which tallest building. according to reports. financial report since floating on they fell well below their original Chief executive Promoth Manghat Last month, shares in the London Stock Exchange earlier asking price. In June they sank as low said: “Finablr delivered strong Asos collapsed after it this year. as 140p. Finablr reported adjusted results at the upper end of our reduced its profit Shares in the United Arab profit of $742m (£613.5m) for the first guidance, with growth in each of forecasts. Asos Emirates-based payment solutions six months of the year, a 9.1 per cent our three segments and across our declined to comment. firm closed up 7.1 per cent at 175p, rise from $680.5m this time last year. channels and products.”

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CITYAM.COM WEDNESDAY 21 AUGUST 2019 NEWS 07 Zero-interest 30-year Bund debuts HARRY ROBERTSON It means investors will make no have cut interest rates to record levels money if they hold the bond until it and pumped money into bond @henrygrobertson matures in 2050, when inflation will markets. THE GERMAN government yesterday have eroded much of the value. “It does seem mad in a sense,” said offered investors the chance to hand The German government will try to David Owen, chief European econo- over their money to the finance min- sell €2bn (£1.8bn) of the ultra-long mist at Jefferies. Yet certain investors istry for 30 years – and receive no bonds today at 10.30am UK time. The may have to hold a certain amount of interest for the privilege. number of bids will give a sense of the government bonds in their portfolios, In a sign of ballooning global demand for safe-haven assets. he added. demand for ultra-safe assets, Germany Investors have piled into super-safe “You’ve got other people who think: will auction 30-year bonds with a zero government bonds as the global econ- Well, it’s a punt… I’ll be able to get out per cent coupon, or rate of interest. omy has slowed and central banks at a higher price.” Chancellor Angela Merkel’s government will try to sell €2bn of the bonds this morning Bombardier to Britain fears for maintain rail missing Hong franchise trains Kong diplomat ALEX DANIEL AUGUST GRAHAM @alexmdaniel @AugustGraham BOMBARDIER has been tasked with THE FOREIGN Office yesterday said it maintaining 27 trains on the East is very worried by a staff member at Midlands Railway franchise for the the UK’s Hong Kong consulate who next three-and-a-half years, in a has not returned to work since a trip contract award worth £133m. to mainland China nearly two The Canadian heavy manufactu - weeks ago. ring giant will look after the Simon Cheng failed to report back 125-miles-per-hour diesel-electric to the office on 9 August, a day after trains at its Derby depot. The award visiting Shenzhen, according to local marks a continuation of services reports. which Bombardier already runs for Viewing Former British colony Hong Kong, Abellio and Eversholt Rail, which now an autonomous region of China, lead the franchise. noun has been gripped by anti-government Bombardier employs more than and anti-Beijing protests for around 68,000 people around the world, 130 two months. of whom work at the depot. “We are extremely concerned by Bombardier Transportation UK reports that a member of our team president Phil Hufton said: “We are has been detained returning to Hong delighted that we have reached Kong from Shenzhen,” a Foreign agreement with Abellio to maintain Office spokesperson. the class 222 fleet for East Midlands “As soon as we became aware, we Railway’s mainline services. raised the issue with the authorities “This important contract win is The act of people nosing around in Guangdong Province and Hong testament to our team at Derby Kong and have done so regularly Etches Park and their hard work since. and professionalism in continually your house taking mental notes of “We have also raised with the delivering one of the highest Chinese Embassy in the UK and with performing and most reliable homeware brands to Google later. the authorities in Beijing. intercity fleets.” “We are also in regular contact The contract will run until the end with his family and providing them of 2022. with support.” Separately, workers at Décor aside, we understand the true value of your home Meanwhile, China said yesterday it Bombardier’s manufacturing plant had a right to put out its own views in Belfast are still waiting to find out and work tirelessly to find you the right buyer or tenant. after Twitter and Facebook said they whether a buyer will emerge. Just one of the reasons we’re rated five stars on Google. had dismantled a state-backed social The firm announced its Northern media campaign origina ting in Ireland operation was up for sale in Book a sales or lettings valuation today at kfh.co.uk mainland China that sought to May, sparking calls for clarity over undermine protests in Hong Kong. the future of its roughly 4,000 Foreign Ministry spokesman Geng workers in the region. Shuang declined direct comment on Airbus chief executive Guillaume the Twitter and Facebook actions, but Faury was cagey earlier this year on London. Property. We get it. said that overseas Chinese and whether the firm is looking to buy students “of course have the right to the factory. express their point of view”. “We’ll be looking at it,” Faury said. “What is happening in Hong Kong, “We will make sure that whatever -?Í~ËM?ÄjaËËÜjÁËÈ^ÔyåËwÜjËÄÍ?ÁËÁjÜjÝÄËÖÍËwË?ËÍÍ?ËÈ^ÈÈËÁjÜjÝÄË?WÁÄÄËÍjËËjÍÝÁË?ÄËwË¬ÁËÔå¤± and what the truth is, people will happens preserves our interest.” naturally have their own judgment. But he added discussion over Why is it that China’s official media’s whether the company would move in presentation is surely negative or was “premature”. wrong?” he added. Khan: Shapps on right track over TfL’s role ALEXANDRA ROGERS Hatfield in Hertfordshire was heavily support for London Overground affected by last May’s timetable taking over the Great Northern @city_amrogers chaos, would be prepared to grant Railway route that runs through his SADIQ Khan and transport secretary TfL power to run commuter lines, constituency. Grant Shapps held their first meeting such as routes from the Home He called the service “bloody on Monday, in which the devolution Counties and Oxfordshire. unacceptable”. of commuter lines to Transport for “Previous transport secretaries, A Department for Transport London (TfL) topped the agenda. while Sadiq has been mayor, have spokesperson said: “The secretary of A source close to Khan said there been seen to block this possibly for state was pleased to discuss his key were “positive signs” that Shapps, political reasons,” they said. priorities for the DfT with the mayor The Department for Transport said it was pleased to discuss TfL with Sadiq Khan whose constituency of Welwyn In May last year, Shapps tweeted of London on Monday.” 08 NEWS WEDNESDAY 21 AUGUST 2019 CITYAM.COM IN BRIEF RAIL UNION MOVES TUBE LINE STRIKE DATES The RMT rail union has moved its Housebuilder to strike action on the Central and Victoria Underground lines from 29 and 30th August to 8pm on Tuesday 3 September to 8pm on Wednesday 4 September. It said the strike action has been called due to a breakdown focus on quality in industrial relations with Transport for London. CARVED-OUT PURCHASES OUTPERFORMED AVERAGE Companies that bought carved-out after concerns portions of other businesses were more likely to outperform their industry average, a study has found. ANNA MENIN A recent investigation by Channel 4 Over half (53 per cent) that bought @annafmenin found one of Persimmon’s Help to divested assets during the first half Buy homes had a total of 295 faults, of the year outperformed their MSCI PERSIMMON yesterday reported a including fire doors that did not Global index by an average of one drop in profit for the first half of the close. percentage point, according to year as it spent heavily on schemes to The housebuilder launched a review research published today by Willis aimed to counter complaints over the of its business practices in April, and Towers Watson. quality and fire safety of its homes. decided to push back the timing of High-spending builders and DIY-ers have helped Home Depot boost figures Britain’s second largest house- handovers to allow homes to be FACEBOOK’S LIBRA FACES builder reported a 1.4 per cent drop in checked more thoroughly. EU ANTITRUST PROBE pre-tax profit, which fell to £509.3m In yesterday’s results document, Facebook’s proposed digital for the six months ending 30 June. Persimmon said it would be introduc- Home Depot warning on tariffs currency Libra faces antitrust probe Persimmon said it had spent 40 per ing a “new independent team of by EU regulators, Bloomberg cent more on customer service than construction quality inspectors” to reported yesterday, citing a in the same period last year and that help address concerns over the qual- impact but beats profit forecast document seen by the organisation. this would lead to an estimated £15m ity of its homes. The European Commission is annual rise in customer care costs. Chief executive Dave Jenkinson said UDAY SAMPATH KUMAR which has distanced itself from “currently investigating potential Persimmon has faced criticism re- the changes made in the first half co-founder Bernie Marcus’ support anti-competitive behaviour” related cently over the quality of its new-build “clearly shows that Persimmon is HOME DEPOT beat quarterly profit for Trump’s re-election campaign, to Libra amid concerns that the homes, leading to the firm being changing”. estimates yesterday as it sold more blamed the impact of the trade proposed payment system would branded a group of “crooks, cowboys, “I am proud of the commitment and big-ticket items to high-spending dispute as well as a continued slump unfairly shut out rivals, said the and con-artists” by an MP last month. dedication our teams have shown in builders and DIY-ers, while flagging in lumber prices for a cut in its full- report. EU officials were concerned MP Robert Halfon said he had met supporting the many initiatives we the potential impact of US President year sales forecast. how about Libra may create “poss- constituents living in Persimmon have introduced to deliver a step Donald Trump’s trade tussle with Home Depot said its average bill ible competition restrictions” on the homes that were “shoddily built, with change in our customers’ experience,” China on consumers. amount rose 1.7 per cent to $67.30 in information that will be exchanged severe damp and crumbling walls”. Jenkinson added. The home improvement chain, the reported quarter. Reuters and the use of consumer data.

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Interest charges still apply. Credit limits and interest rates will vary based on your individual circumstances. Credit is available subject to status, to UK residents aged 18 or over. Halifax credit cards are issued by Bank of Scotland plc, The Mound, Edinburgh EH1 1YZ. Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. We adhere to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk. This information is correct as of August 2019 and is relevant to Halifax products and services only. CITYAM.COM WEDNESDAY 21 AUGUST 2019 NEWS 09

STARSHIP’S ENTERPRISE Robot delivery BHP’s investors service targeting students in $40m raise Kin and Carta investment hits pocket a record full-year profit JAMES WARRINGTON @j_a_warrington 14.53% SHARES in Kin and Carta dropped almost 15 per cent $6.7bn dividend yesterday after the digital transformation company warned on profits for the full year. AUGUST GRAHAM “As a BHP shareholder you can’t be The London-headquartered firm too disappointed. It’s been a great said its pre-tax profit would be @AugustGraham 2.62% year for the company, they have made marginally lower than expectations BHP SHAREHOLDERS will a lot of money,” said Brenton Saun- STARSHIP Technologies, a US tech firm headed by a former Airbnb exec, has raised after it upped its annual pocket a record payout, the ders at Pendal Group, a Sydney-based $40m (£33.1m) in a series A funding round. Starship’s robot fleet, which delivers investment from £2m to £3m. company announced yesterday, bring- fund manager. packages, groceries and takeaways, will soon expand to UK university campuses. Kin and Carta, which rebranded ing the total dividend to $6.7bn “That’s in a large part a function from St Ives Group last year, said (£5.5bn). of commodity markets and less so the funds were spent on geogra- The miner said that it would give a function of the specifics of phic expansion and building shareholders an ordinary dividend of man aging and running a business central sales, marketing and $1.33 per share. like this.” partnership functions. However, the payout comes on top Chief executive Andrew Mackenzie Argentine peso up after central Kin and Carta said it is also of a special dividend of $1.02 per said: “Higher prices and record pro- mulling acquisitions in new share earlier this year, as the company duction from several of our opera- markets. “The work to reposition decided to return $10.4bn to share- tions contributed to strong operating bank sells $112m of its reserves our strategy and communications holders. It came after BHP sold its oil cash flows. pillars, as well as the increased fields in the Permian Basin to BP for “We used that cash to invest in HUGH BRONSTEIN foreign exchange market, the bank level of investment in the $10.5bn in 2018. attractive growth projects, advance acted in concert with statements connective growth platform will Attributable profit grew 124 per our exploration programmes and ARGENTINA’s promises to defend its from officials saying Buenos Aires’ drive sustainable profitable growth cent to $8.3bn, the biggest in five increase returns to shareholders.” beleaguered peso gained credibility top priority was to stabilise the peso in the new fiscal year,” said chief years, while basic earnings per share While the trade dispute between yesterday after the central bank after it lost 18 per cent of its value. executive J Schwan. rose 130 per cent to $1.60. Washington and Beijing has damp- poured $112m (£92m) of its reserves “The interventions pushed the Kin and Carta forecast a double- However, profit and dividend fell ened global economic growth, it has into dollar auctions, helping to boost peso through the 55-per-dollar bar- digit increase in net revenue for slightly short of expectations, sending not yet affected Chinese demand for the local currency about 0.5 per cent rier,” to 54.50 pesos to the dollar, the full year, and expects to return shares in London down 2.62 per cent BHP’s commodities such as iron ore, on the day after steep losses. Gustavo Quintana, a Buenos Aires to growth in 2020. to 1,734.80p. copper and coal, he added. In three interventions in the foreign exchange trader, said. Reuters Shares closed at 81.2p.

This information is correct as of August 2019 and is relevant to Halifax products and services only. Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. 10 NEWS WEDNESDAY 21 AUGUST 2019 CITYAM.COM Fire damage is the biggest cause of Oil steadies on fiscal loss on construction projects ALEX DANIEL “Fire and explosion claims remain grown in size and cost in recent easing US-China @alexmdaniel the biggest cause of loss due to the years. The expansion of the Al high values associated with Maktoum International Airport in THE BIGGEST cause of financial losses engineering and construction Dubai will not be completed until at on large-scale construction projects projects today,” said Allianz head of least 2030 and is expected to cost across the globe in the past five years property and engineering claims around $36bn (£30bn). is fire, according to research. Raymond Hogendoorn. In the UK, contractors have trade tensions Fire accounts for more than “There hasn’t been a change in the struggled with cost overruns on one-quarter of losses on insurance frequency of fire claims, but when projects, a factor which contributed claims made by contractors, accord- they happen, the impact is much to the brief administration of ing to Allianz, worth around €2.1bn higher.” outsourcing giant Interserve earlier JESSICA RESNICK-AULT the market would be in slight surplus (£1.9bn) since 2014. Large construction projects have this year. in 2020. OIL PRICES steadied yesterday on A rally in equity markets around the optimism that US-China trade ten- world on growing expectations that sions will ease and hopes that major global economies will take action economies will take stimulus meas- against slowing growth also gave oil ures to ward off a possible economic prices a floor. slowdown, after falling earlier on China’s new lending reference rate concerns over future demand. was set slightly lower yesterday after Brent crude rose three cents the central bank announced interest to $59.77 a barrel by yesterday rate reforms designed to reduce evening, while US crude was down 11 corporate borrowing costs, while in cents at $56.10 a barrel. Germany there were also positive Both contracts had traded lower ear- moves. lier in the session. Chancellor Angela Merkel’s The US said it would coalition government said extend a reprieve that it would be prepared to permits China’s ditch its balanced Huawei to buy budget rule and take components from Enjoying your ﬁ rst American compa- The level of global nies, signalling a demand for crude is holiday cocktail slight softening of weighing on prices the trade conflict between the on new debt to world’s two largest counter a possible economies. recession. “It’s the ebbing and “China’s announcement flowing of the US-China of key interest rate reforms trade war and some hope of eco- over the weekend has driven nomic stimulus that’s coming at expectations of an imminent these markets, including potential reduction in corporate borrowing fiscal stimulus by the Germans,” said costs,” Cantor Fitzgerald said in a John Kilduff, a partner at Again Capi- note. tal in New York. Traders were also watching for signs Concerns over the overall level of of tension in the Middle East after the demand for oil continue to weigh on US described as unfortunate the crude prices. Opec, the cartel of release of an Iranian tanker at the major oil-producing countries, cut its centre of a confrontation between forecast for global oil demand Iran and Washington, warning growth in 2019 by 40,000 barrels per Greece and Mediterranean ports day (bpd) to 1.10m bpd and indicated against helping the vessel. Reuters

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DEBATE CITY OF LONDON Crutched Friars – Amendments to the waiting and loading Are restrictions The hidden bank The City of London (Waiting and Loading Restriction) (Amendment share- No. 21) Order 2019 1. NOTICE IS HEREBY GIVEN that the Common Council of the charges leaving holders City of London on 16 August 2019 made the above Order under VHFWLRQVDQGRIWKH5RDG7UDIÀF5HJXODWLRQ$FW winning 2. The effect of the Order would be in Crutched Friars to:- a bad taste (a) extend ‘at any time’ waiting and loading restrictions on the the fight north-west side outside No. 35; and (b) replace a 10 metre length of ‘at any time’ waiting and loading against restrictions on the south-east side adjacent to ‘Walsingham House’ No. 35 Seething Lane with waiting restrictions excessive operating ‘between 7 am and 7 pm on Mondays to Fridays and between 7 am and 11 am on Saturdays’. CEO pay? 3. The Order also corrects an anomaly in Hart Street with respect to the waiting and loading restrictions while making no change on ANDREW street. NINIAN 4. Copies of the Order, which will come into operation on 22 SAYS YES, August 2019, of the statement of reasons for making the Order and ASHLEY WALSH of a plan showing the affected street can be inspected during normal SAYS NO RIÀFH KRXUV RQ 0RQGD\ WR )ULGD\V LQFOXVLYH IRU D SHULRG RI VL[ weeks from the date on which the Order was made at the Planning PAGE 17 Enquiry Desk, North Wing, Guildhall, London, EC2P 2EJ. 5. Any person desiring to question the validity of the Order or of Get the Equals currency card to avoid any provision contained therein on the grounds that it is not within WKHSRZHUVRIWKHUHOHYDQWVHFWLRQRIWKH5RDG7UDIÀF5HJXODWLRQ unnecessary bank charges and get more $FWRUWKDWDQ\RIWKHUHOHYDQWUHTXLUHPHQWVWKHUHRIRURIDQ\ relevant regulations made thereunder has not been complied with from your money abroad. Search Equals. may, within six weeks from the date on which the Order was made, make application for the purpose to the High Court. Dated 21 August 2019 Zahur Khan 18+. UK resident only. Must have UK bank account. Terms and conditions apply. Transportation and Public Realm Director CITYAM.COM WEDNESDAY 21 AUGUST 2019 NEWS 11 British energy services Uber rival Bolt launches food group Wood is to sell delivery app

EMILY NICOLLE nuclear arm for £250m @emilyjnicolle RIDE-HAILING startup Bolt has HARRY ROBERTSON “Although our nuclear business is a expanded into food delivery, 4.53% strong UK player and has performed challenging Uber Eats and Deliveroo @henrygrobertson well, we see better opportunities to for a space in the market. UK ENERGY services firm develop clear global leadership The company, which was formerly Wood is to sell its nuclear business for positions across other parts of our known as Taxify until it rebranded about £250m to a subsidiary of US business.” earlier this year, will primarily firm Jacobs in a bid to reduce debt. Wood’s revenue fell 2.6 per cent to launch Bolt Food in Tallinn, Estonia. The firm made the announcement $4.79bn (£3.96bn) in the six months It will then expand to more cities as it released its half-year results, to 30 June from $4.92bn a year earlier. across Europe in the next 12 weeks. which showed a rise in pre-tax profit Wood’s debt rose 14 per cent to Bolt, which is backed by car giants but a fall in revenue. $1.77bn in the first half from $1.56bn Daimler and Didi Chuxing, launched Wood’s nuclear energy business de- a year earlier. Its aim is to reduce its its taxi services in London in June, signs, delivers and maintains nuclear debt considerably in relation to its following similar launches in assets for customers primarily in the adjusted core earnings, which stood Stockholm and St Petersburg. UK. The transaction will be subject to at $384m in the first half. It now operates in more than 30 approval by the Competition and Mar- Chief executive Robin Watson said: countries across Europe and Africa. kets Authority. “Strong margin improvement and Under the Taxify name, the David Kemp, Wood’s chief financial profit growth in the first half was led company first entered London in officer, said: “The sale of our nuclear by activities in energy markets in the 2017 via the purchase of an existing business follows other recent divest- eastern hemisphere and our environ- private hire business. It later had its ments and marks a significant step to- ment and infrastructure operations third-party licence suspended by wards achieving Wood’s target in North America, together with cost Transport for London just three days leverage policy. synergies.” Bolt Food will initially launch in Tallinn before expanding over the coming months after its debut.

JCB charging ahead with its first electric digger ALEX DANIEL excavator, with 50 machines hours. The model is expected to be already having gone out to a big hit with companies working @alexmdaniel customers around the world. inside buildings, or in emissions JCB MARKED an “historic moment” The 19C-1E model will continue and noise-sensitive areas, such as in in digger manufacturing yesterday, production at JCB’s compact cities. as its new electric version of the products factory in Derbyshire, JCB chief innovation officer Tim iconic yellow digger rolled off the with orders coming in from across Burnhope said: “In urban production line. Europe and North America. environments in particular, The firm is moving into full The machine is five times quieter contractors are understandably production with the construction than its diesel counterpart and can very keen to operate zero-emissions industry’s first fully electric mini be fully charged in under two equipment whenever possible.” WATCHES & 32Red and Wayne Rooney football WISDOM sponsorship gets the yellow card IN ASSOCIAASSOCIATIONTION WITH

AYNE Rooney and among football fans dropped from 32Red have sparked Stephan minus 6.8 to minus 21.8, a stagger- controversy after the Shakespeare ing 15 point decrease in impression Wunveiling of the among a key audience. former England star’s But does it matter? This PR stunt new Derby County shirt, emblaz- may not have been a hit with foot- HOW TTOO MAKE THE MOSMOSTT oned with the gambling brand. ball fans or the general public but it OF YYOUROUR WAWATCHATTCH INVESTMENTINVESTMENT Branded ‘embarrassing’ and ‘crass’ doesn’t seem to have hampered ei- by Richard Caborn, the former gov- ther group’s appetite for the brand. ThursdayThursday 19th SeptemberSep emberembert ernment minister who master- Consideration scores (whether 6.30pm - 8.30pm minded the 2005 Gambling Act, the indicating the negative noise was someone would consider purchas- move has been described as out of even louder for this group. ing from the brand in future) for City Of LondonLondon Boutique touch at a time when gambling Worse still, Impression scores both groups remained steady for The RoyalR Exchange,EyoThe changxal e, BankBank,, City Of LLondonondon EC3V 3L3LQQ firms have just agreed to stop adver- (which indicate whether someone the entire period implying that tising during live sports. has a positive or negative impres- while the bad press cut through and Join the City AM Club and WWatchfinderta chfinder ft for an eevening of watcheswvor taening ches and wisdom 32Red were clearly trying to sion of a brand) declined much fur- people’s own opinions of 32Red at the Ra Royal Eyot Exchangechangxal e boutique. DonDon’t’t miss this opportunity tto ggeteo t an insiderinsider’s’t s appeal to both football fans and ther among football fans than for declined, their likelihood of using look intintoo the wworld of wwatchch invinvtaorld investment. Hetmentesch Hear fr. from War Watchfinder’ss He’chfindertaom Headad of gamblers, but how successful was the UK as a whole. Brits’ impression the brand is not diminished. Retailail and HeteR Headad of PurPurchasingchasing on wwatch markta market trech trendsends tt too help yyouou imprimprovevoou e the stunt? YouGov data suggests the of 32Red fell from minus 8.6 to your ry returnsturns on yeour your ccollection.ollecour tion. DonDon’t’t miss this unique chancchance tto bre browseoo wse a £ company might have scored an minus 13.9 (a 5.3 point drop), Stephan Shakespeare is the chief selecselection of rrareartion e and importimportantant vintvintage wagant watches.ches.tae own goal. whereas impression of the brand executive of YouGov After the partnership was Enjoy gin cEnjo cocktails crtocky createded btaeails byy official drinks artnerpartners,p rs, Dodd' Dodd'ss Gin Gin and and K eKeww announced on 6 August, Buzz scores FOOTBALL FANS' IMPRESSION OF 32RED SUFFERS AFTER PARTNERSHIP WITH ROONEY Organicanic Gin.gOr Gin. (a net measure of whether con- Buzz, Impression and Consideration scores – Nat Rep and followers of football % sumers have heard anything posi- 0 tive or negative about the brand in EveryervE y City AM member will rreceiveeceivec e a £250 vvoucher..oucher the past fortnight) declined from -5 Strictly RtricS RSVP ttly to eSVP [email protected] omcam.s@cityent minus 0.1 to minus 6.5 at its lowest -10 point. Their score has since im- proved a little, now standing at -15 minus 4.6. This suggests that on the whole, the UK recognised that this -20 story was being received negatively. Impression UK Impression football fans Source: YouGov BrandIndex Among football fans, scores fell -25 11 points to minus 11.5 before sub- 5 Aug 7 Aug 9 Aug 11 Aug 13 Aug 15 Aug 17 Aug 19 Aug sequently recovering to minus 4.3, 12 NEWS WEDNESDAY 21 AUGUST 2019 CITYAM.COM Leaked launch Boeing hires as it targets Max date for Apple’s October return ERIC M JOHNSON

BOEING said yesterday it plans to add extra staff and hire “a few hundred” temporary employees at $6bn TV service an airport in Washington state where it is storing many grounded 737 Max jetliners, a key step in its JAMES WARRINGTON The figure is a huge increase on the best-case plan for resuming $1bn originally allotted to the project. deliveries to customers in October. @j_a_warrington However, it still lags behind Netflix, The world’s largest plane maker, APPLE is said to be planning a Novem- which is expected to spend as much burning cash as one of the worst ber launch date for its eagerly-awaited as $15bn on content this year. crises in its history stretches into a streaming service, as it ramps up its The launch of Apple Plus marks the sixth month, said the workers will spending on new films and TV shows. tech giant’s shift to a more service- assist with aircraft maintenance Apple TV Plus is considering a based offering, as sales of its flagship DJ duo Chainsmokers have had 55 number ones and boast 41m listeners on Spotify and customer delivery monthly subscription fee of $9.99 iPhone products falter. preparations at Grant County (£8.25) following a free trial period, The company has also launched a International Airport. Bloomberg reported, citing people subscription news service and has The hiring plans are the first familiar with the matter. made its first move into fintech with Chainsmokers catalogue bought publicly detailed steps Boeing will The launch will put the iPhone man- the Apple Card. take as it works to deliver ufacturer in direct competition with Mark Inskip, chief executive of Kan- hundreds of grounded 737 Max jets streaming incumbents Netflix and tar’s UK and Ireland media division, by Hipgnosis in spending spree to airlines globally, an undertaking Amazon Prime, while Disney Plus is said: “As Netflix’s growth stalls, the that would amount to one of the also set to roll out in November. long-awaited entrance of yet another JAMES WARRINGTON bagged 55 number ones and rack up biggest logistical operations in Apple’s mooted price tag means it new major player on the TV subscrip- 41m monthly listeners on Spotify. modern civil aviation. will be at the top end of the market, tion service scene means the stream- @j_a_warrington The Chainsmokers, made up of Chicago-based Boeing has been after Disney announced it will charge ing war is set to become even more LONDON-LISTED music royalties artist and producer pair Alex Pall and unable to deliver any 737 Max $7 for its service. ferocious. Whether it’s commission- specialist Hipgnosis has continued its Andrew Taggart, were this year aircraft since the single-aisle plane Separately, the Financial Times ing original content or sourcing it recent run of strong form, securing named the world’s highest-paid DJs, was grounded worldwide in March reported that Apple has committed from elsewhere, a data-led approach the rights to the music catalogue of knocking Calvin Harris off the top after two fatal crashes in Indonesia more than $6bn to its production will make the difference between The Chainsmokers. spot. The duo pulled in roughly $46m and Ethiopia killed 346 people, budget, as it looks to stand out in an Apple’s new service becoming stream- Hipgnosis said it has acquired 32 (£37.8m) before tax last year, cutting off a key source of cash and increasingly crowded field. ing boom or streaming bust.” songs by the DJ duo, who have according to Forbes. hitting margins. Reuters

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he 2016 Brexit vote created from retail properties and the trust is high levels of uncertainty currently trading on a much wider around the UK property mar- FUND SPOTLIGHT: discount than its peers, at -18%. Tket causing investor redemp- It is worth noting that, the trust is tions from property funds to among the most competitively priced rise significantly. Due to concerns trusts in its sector with no performance about property valuations, some prop- BMO COMMERCIAL fees and ongoing charges of 0.83%. erty managers suspended trading in BMO Commercial Property Trust sits their funds. Although they have now on the ii Super 60 list of high- reopened, these changes may prompt conviction investment ideas as an fund houses to reconsider whether a PROPERTY TRUST Alternatives Property income daily priced fund structure is most appropriate for illiquid underlying assets. Despite these challenges, the long- term fundamental argument for property as an asset class remains intact and investors are cautiously Investors are optimistic about the outlook for the UK property market, with income cautiously protection a major consideration. optimistic about As we approach the Brexit deadline on 31 October, investors anticipate a the outlook for period of relative weakness for property. However, its income return, the UK property and continued interest from overseas buyers taking advantage of the sterling market weakness, should provide some level of support. Yields and valuations remain recommendation. The trust has attractive relative to other asset classes, produced consistent returns since and property remains a solid option for inception and its yield is attractive for income seeking investors and for income investors. The low correlation diversification purposes. between property and more BMO Commercial Property Trust conventional assets such as equities (LSE:BCPT) is the largest within the and bonds mean that the inclusion of direct property investment trust property within a portfolio can bring sector with total assets of £1.4 significant diversification benefits. billion. It has been managed Given property is considered relatively by highly experienced illiquid, this closed-end structure is property investor, Richard more appropriate than open-ended Kirby, since launch in March Dzmitry Lipski, an office building in St James's Street student housing. funds. 2005, with the support of the Investment Analyst at in London, and retail park space in The portfolio has a high occupancy well-resourced team at BMO interactive investor Newbury and Solihull. rate (95%) where an average lease has This article is provided for information purposes Real Estate Partners. The portfolio is made up of 37 nearly seven years left, adding stability only and is not intended to be a personal The trust aims to provide an (ESG) approach where properties, with 36% in London's West to the portfolio’s relatively high yield of recommendation to buy or sell any financial attractive level of income together with property assets and tenants are End, a further 21.6% in the South East, 5.4%. instrument or the potential for capital and income scrutinised to ensure they are not 12.6% in Scotland, 12% to Midlands and The trust has produced consistent product, or to growth from investing in UK engaged in unethical activities. They 12% to North West. It currently has no returns over the longer term. A key adopt any commercial property. The manager's also produce an annual Responsible exposure to Wales or the North East, performance driver is through the investment focus is on high-quality freehold and Property Investment (RPI) report which with limited exposure to the City of property management channel, strategy. predominantly long leasehold discusses their RPI strategies and London offices. At sector level, 39.5% of including refurbishing individual properties based in prime locations priorities as well as ESG performance its assets in offices, 18.2% in industrials, properties. The manager uses gearing READ MORE ONLINE with developed infrastructure and data for the year. 22.4% in retail and 10.6% in retail to enhance returns over the long term, transport links. The trust offers diversified exposure warehouses. It also has an exposure to and the current level stands at around Keep up to date on our news at: The trust has an integrated by region and sector. Its largest assets the alternative sector, including 20%. The recent performance has been www.ii.co.uk environmental, social and governance include St Christopher's Place Estate, leisure, residential property and subdued due to some stress of capital CITYAM.COM WEDNESDAY 21 AUGUST 2019 MARKETS 13

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Global trade fears MITIE 166 P Financials’ fall 20 Aug 164 160.10 162 stalls Wall St 160 and Italian politics INANCIAL shares led US stocks 158 Flower yesterday to end a three- 156 day rally as investors awaited comments from Federal Reserve chair Jerome Powell at the end of the week. weigh on FTSE 100 14 Aug 15 Aug 16 Aug 19 Aug 20 Aug The Dow Jones Industrial Average fell 173.35 points, or 0.66 per cent, to Mitie’s decision to offload its catering division for £85m may prove to be earnings 25,962.44, the S&P 500 lost 23.14 dilutive, but it should create a “more focused group”, says broker Canaccord points, or 0.79 per cent, to 2,900.51 Genuity, allowing it to concentrate on where it can be a market leader. The broker and the Nasdaq Composite dropped HE FTSE 100 ended firmly in escalating tensions, while oil majors retains its “Buy” recommendation with a price target of 285p. 54.25 points, or 0.68 per cent, to the red yesterday after new Shell and BP also slipped. 7,948.56. US-China trade jitters and UK-focused banks such as Barclays Shares of Netflix fell 3.4 per cent Tpolitical instability in Italy also dropped more than one per cent PLAYTECH after Walt Disney announced its took down heavyweight firms as Italian Prime Minister Giuseppe streaming service would launch in P across sectors, while exporter stocks Conte resigned after coalition leader 410 Canada and the Netherlands in dipped as the pound gained after Ger- Matteo Salvini had called for snap November. man Chancellor Angela Merkel’s com- elections earlier this month. 400 385.20 Facebook shares dropped 1.3 per ments on the Brexit process. cent as the company said it was 390 20 Aug The blue-chip index gave up earlier FTSE tweaking its policies to allow users to see and control the data that other gains and shed 0.9 per cent to close at P 380 7,125 points, though investors still 7,300 20 Aug websites and apps share with the hoped for fresh stimulus from central 7,125 370 social network to improve targeted banks and governments to beat back 7,200 advertising. the risk of recession. The FTSE 250 lost Home Depot shares climbed 4.4 per 14 Aug 15 Aug 16 Aug 19 Aug 20 Aug 0.5 per cent to end on 19,008.09. 7,100 cent to lead in percentage gains on the Asia-focused banks such as HSBC S&P 500 after the home improvement dragged the FTSE 100 lower after the Gambling software firm Playtech is in a “strategic muddle”, says broker Peel Hunt, retailer’s quarterly earnings beat US affirmed its tough stance on Chi- 7,000 and is facing calls to break up from activist investor SpringOwl. However, the estimates. Shares of rival Lowe’s nese telecoms giant Huawei, which in- broker believes the risks are now “exposed to daylight” and that the board want Companies also rose, up three per 14 Aug15 Aug 16 Aug 19 Aug 20 Aug vestors saw as a risk of further to sort it out. Peel Hunt gives an “Add” rating with a 425p target price. cent. CITY MOVES WHO’S SWITCHING JOBS

4C company, combining iQ Media and Teletrax. Lisa NOTONTHEHIGHSTREET TRUSTPILOT Global data science and brings nearly three decades of experience in financial Claire Davenport has been named chief executive Former Skyscanner executive Carolyn Jameson has marketing technology and operating management for public and private officer (CEO) of Notonthehighstreet. Barrie been appointed by Trustpilot as its chief legal and company 4C has announced companies. She began her career in investment Seidenberg, who has led Notonthehighstreet as CEO policy officer. Having worked with a number of that Lisa Mogensen has been banking, ultimately switching to media with such since April 2018, was diagnosed with brain cancer technology brands across both consumer and B2B appointed as the company’s notable companies as News Corp and NBC – while earlier this year and will now be stepping down in audiences for over 16 years, Carolyn brings a wealth of chief financial officer (CFO). under GE ownership. She was named CFO of TheStreet order to focus on her health. Claire was previously CEO experience to the role. She served as chief legal officer Lisa is overseeing the and then CFO of Forbes Digital. Subsequently, she of HelloFresh UK, the country’s largest recipe box for Skyscanner and head of international M&A for company’s financial planning moved on to be an innovative CFO across multiple company. With an extensive background of success - Ctrip, helping to build and maintain legal and public and reporting, legal, industries including technology, software as a service, fully scaling businesses and disrupting markets, Claire affairs, M&A and corporate communications globally, accounting, tax and treasury big data, e-commerce, luxury, media, and professional brings considerable experience to the firm. She will and was at the centre of many of Skyscanner’s most functions. Brent Dobsch, who services. 4C is a global data science and marketing build on Barrie’s and the management team’s plans as significant milestones. In addition to this, she sits on had been handling those duties as 4C CFO, has been technology company that delivers self-service they continue to modernise Notonthehighstreet’s the investment advisory board for Scottish Equity named CFO and chief operating officer at Kinetiq after software for brands to execute video-centric marketing technology platform and strengthen the e-commerce Partners, and serves as an advisory board member for 4C acquired a stake and jointly created the new and optimise business outcomes. foundations of the business. a number of technology startups.

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NEWS EDF receives OK to restart Scottish Whatsapp mobile pay nuclear plant where cracks found service bid in Indonesia SUSANNA TWIDALE Before either reactor could restart longer term condition of the reactor JAMES WARRINGTON peer-to-peer payments, in Indonesia it EDF Energy had to provide safety cases remains uncertain and the licensee would only support payments via EDF ENERGY will be allowed to restart to the Office for Nuclear Regulation will need to justify safe operation @j_a_warrington local digital wallets due to strict regu- a reactor at its Hunterston plant in (ONR) to show they would be safe to beyond this period,” the ONR said. WHATSAPP is said to be in discussions lation over licencing, Reuters Scotland where cracks were found last operate even in the unlikely event of EDF Energy, British arm of France’s with several digital payments firms in reported, citing sources. year, for an initial four month period, an earthquake. EDF, said it had invested more than Indonesia over plans to offer mobile The move would allow the Facebook- Britain’s nuclear regulator said “ONR is satisfied that Reactor 4 is £125m in research into the operations transactions over its platform. owned social media site to cash in on yesterday. safe to operate for the next period and of the graphite cores used in most of If a deal is reached, it would make the burgeoning e-commerce sector in The Hunterston B nuclear plant on can be safely shut down in all foresee - its UK reactors. Indonesia only the second country Indonesia. the west coast of Scotland is more able circumstances, including that of “We have demonstrated that even worldwide where Whatsapp offers the It could also become a template for than 40 years old and when operating a significant seismic event,” the in the most extreme conditions our service. Whatsapp to adopt in emerging mar- can provide enough electricity to regulator said. reactors operate within large safety The firm is currently awaiting regu- kets that have tough regulations power more than 1.7m homes. The reactor will be allowed to margins,” EDF Energy said in a latory approval for mobile payments against foreign companies setting up It has two reactors, which were operate for 16.025 terawatt hours, or statement. in India, its biggest market by users, digital wallets, the sources said. both taken offline after cracks were approximately four months. The ONR said it would also start following delays due to local data stor- Whatsapp is said to be in advanced found on the graphite core during “Whilst we are content to allow reviewing whether the other reactor age rules. talks with a string of firms, including routine inspections at the facility. operation for a limited period, the at the plant can restart. Reuters But while in India the service allows ride-hailing app Go-Jek. 14 MARKETS WEDNESDAY 21 AUGUST 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.0958 0.0015 €/$ 1.1100 0.0021 7125.00 19008.09 3904.60 25962.44 7948.56 2900.51 /$ 1.2167 0.0040 €/£ 0.9121 0.0015 64.65 89.88 31.69 173.35 54.25 23.14 /¥ 129.26 0.0020 €/¥ 117.92 0.1893

Marshalls ...... 655.0 9.5 690.0 412.2 Future ...... 1044.0 0.0 1248.0 399.0 Great Portland Es . . . . .665.6 -10.2 773.6 649.4 Mitchells & Butle . . . . .350.0 26.0 350.0 238.0 GILTS FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6170.0 -23.0 7155.0 5593.0 National Express . . . . .429.0 2.4 438.4 361.4 Polypipe Group ...... 381.6 1.6 453.8 307.8 Redrow ...... 553.0 -3.0 674.6 460.8 Goco Group ...... 80.2 -0.8 108.0 64.6 Hammerson ...... 206.0 -3.5 492.4 203.9 Haynes Publishing . . . .220.0 0.0 227.0 160.0 PPHE Hotel Group . . .1790.0 0.0 1990.0 1495.0 Tsy 3.750 19 ...... 100.15 -0.01 103.2 100.1 ELECTRICITY 3i Group ...... 1086.5 4.5 1164.5 756.2 Centrica ...... 64.6 -1.7 155.6 64.6 Taylor Wimpey ...... 144.9 -1.3 192.3 129.3 Intu Properties ...... 34.8 -1.6 201.5 34.2 Tsy 2.000 20 ...... 101.31 0.00 102.5 101.3 3i Infrastructure ...... 290.0 1.5 303.0 237.2 National Grid ...... 850.3 -17.6 889.2 748.7 Huntsworth ...... 94.6 -0.8 125.0 81.0 Rank Group ...... 154.4 1.6 183.6 135.0 Land Securities G . . . . .740.0 -11.4 939.5 735.4 145.0 -0.5 221.9 111.9 Tsy 4.750 20 ...... 102.27 -0.01 106.3 102.3 Contour Global ...... 172.8 2.8 231.4 150.1 AJ Bell ...... 384.0 0.5 477.0 220.0 Pennon Group ...... 717.6 -14.4 792.8 684.2 INDUSTRIAL ENGINEERING Informa ...... 850.2 0.0 892.0 605.8 LondonMetric Prop . . . .201.0 -1.6 215.2 172.7 Restaurant Group . . . . . Tsy 3.750 20 ...... 103.34 0.00 106.2 103.2 Allied Minds ...... 59.0 -1.8 84.2 37.3 ITE Group ...... 71.2 -0.6 83.7 56.3 Stagecoach Group . . . . .128.2 -1.2 177.0 115.5 Drax Group ...... 270.6 0.0 427.2 260.2 Severn Trent ...... 2003.0 -39.0 2153.0 1770.0 Bodycote ...... 664.0 -10.0 1017.0 654.0 Primary Health Pr . . . . .132.0 0.8 139.0 106.4 TUI AG Reg Shs (D . . . .760.6 -16.8 1474.0 698.0 Tsy 2.500 20 ...... 355.42 0.01 361.4 354.3 ...... 1097.5 -15.5 1268.5 1008.0 Amigo Holdings ...... 152.2 5.0 297.5 140.4 United Utilities ...... 775.6 -21.8 873.6 682.4 ITV ...... 109.0 -0.8 167.5 103.6 . . .752.2 -5.2 789.0 585.2 SSE . . . . . Hill & Smith Hold . . . . .1130.0 -5.0 1306.0 902.5 SEGRO ...... Wetherspoon (J.D. . . .1545.0 -37.0 1582.0 1066.0 Tsy 8.000 21 ...... 113.53 -0.01 120.2 113.5 Arrow Global Grou . . . .203.4 2.0 273.0 167.2 IMI ...... 939.6 5.4 1227.0 870.0 Moneysupermarket. . . .359.1 1.5 417.7 264.0 Shaftesbury ...... 786.5 16.5 928.5 739.5 Tsy 4.000 22 ...... 109.10 -0.01 111.2 109.0 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .359.0 -3.0 510.0 320.0 GENERAL INDUSTRIALS Pearson ...... 819.0 -4.2 1027.5 769.2 Whitbread ...... 4237.0 22.0 5114.0 3969.0 Melrose Industrie . . . . .163.8 -3.6 233.9 146.3 Tritax Big Box Re ...... 142.6 -1.7 159.7 129.0 William Hill ...... 159.0 -0.4 265.5 132.3 Tsy 0.500 22 ...... 100.33 -0.01 100.5 97.7 Halma ...... 1957.0 -3.0 2094.0 1237.0 Ashmore Group ...... 476.8 -1.0 542.5 341.2 Smith (DS) ...... 322.2 -2.6 510.6 292.2 Reach ...... 93.0 -0.7 94.7 54.6 RHI Magnesita N.V . . .4308.0 58.0 5000.0 3318.0 Unite Group ...... 1035.0 -8.0 1076.0 797.5 Wizz Air Holdings . . . .3421.0 -17.0 3769.0 2329.0 Tsy 1.875 22 ...... 116.73 0.00 118.3 115.5 Morgan Advanced M . .246.2 0.8 354.0 237.0 Brewin Dolphin Ho . . . .299.6 0.0 366.0 287.6 Smiths Group ...... 1565.0 -7.0 1666.0 1279.5 Rotork ...... 300.8 -0.7 342.8 235.7 Relx plc ...... 1928.5 -19.0 1978.0 1491.5 Workspace Group . . . . .822.0 0.0 1075.0 789.5 Tsy 2.250 23 ...... 107.49 -0.02 107.9 104.7 Oxford Instrument . . .1300.0 4.0 1424.0 842.0 Charter Court Fin ...... 291.5 14.5 375.0 228.8 Smurfit Kappa Gro . . .2404.0 -42.0 3292.0 1934.0 Spirax-Sarco Engi . . . .7850.0 35.0 9400.0 5900.0 Rightmove ...... 520.0 -4.0 585.1 420.9 AIM 50 Tsy 2.500 24 ...... 375.65 0.03 377.1 358.7 City of London In ...... 412.0 7.0 440.0 360.0 STV Group ...... 360.0 -24.0 412.0 318.0 SOFTWARE & COMPUTER SERV. Renishaw ...... 3582.0 2.0 5520.0 3460.0 Vesuvius ...... 461.4 -1.8 662.0 456.4 Weir Group ...... 1294.5 -23.5 1920.0 1240.0 Abcam ...... 1197.0 -11.0 1539.0 1017.0 Tsy 0.125 24 ...... 115.10 0.02 115.6 110.9 CMC Markets ...... 89.0 1.9 191.0 77.4 WPP ...... 942.6 -16.6 1301.0 800.4 Avast ...... 366.4 4.0 369.0 229.6 Spectris ...... 2296.0 -15.0 2898.0 1966.5 GENERAL RETAILERS INDUSTRIAL METALS & MINING Advanced Medical . . . .313.0 0.0 358.5 260.0 Tsy 5.000 25 ...... 125.40 -0.06 125.9 122.1 EQUITY INVESTMENT INSTRUM. Coats Group ...... 72.8 -0.8 91.3 69.8 MINING Aveva Group ...... 3822.0 28.0 4170.0 2284.0 Tsy 4.250 27 ...... 131.64 -0.14 132.2 122.6 Georgia Capital ...... 1032.0 -4.0 1260.0 941.0 Auto Trader Group . . . .525.0 0.6 606.0 388.5 Computacenter . . . . .1400.0 -3.0 1546.0 952.0 Alliance Pharma ...... 69.7 0.1 95.0 60.0 Evraz ...... 493.0 -10.0 709.4 442.1 ASOS ...... 2318.0 -13.0 6192.0 2107.0 Tsy 1.250 27 ...... 139.80 -0.01 140.4 128.4 Aberforth Smaller . . . .1142.0 18.0 1362.0 1114.0 Hargreaves Lansdo . . .1915.0 -0.5 2433.0 1633.0 B&M European Valu . . .348.1 0.1 426.3 278.6 Ferrexpo ...... 219.7 0.7 301.3 143.5 Acacia Mining ...... 253.2 2.2 256.6 96.1 FDM Group (Holdin . . . .759.0 -1.0 1000.0 734.0 Tsy 6.000 28 ...... 150.85 -0.15 151.4 140.5 IG Group Holdings . . . .533.4 -23.2 915.0 474.8 Card Factory ...... 152.7 -2.0 209.0 151.2 Anglo American ...... 1716.4 -23.2 2266.0 1464.6 Blue Prism Group . . . . .908.5 -41.5 2575.0 891.7 Alliance Trust ...... 799.0 -4.0 838.0 672.0 Funding Circle Ho . . . . .114.0 -9.2 440.0 99.0 9900.0 0.0 11750.0 9100.0 Tsy 0.125 29 ...... 133.06 0.01 133.6 118.8 Apax Global Alpha . . . .157.0 -1.0 160.0 127.0 IntegraFin Holdin . . . . .382.5 4.0 406.1 269.0 Dixons Carphone . . . . .106.8 -2.0 178.6 104.9 INDUSTRIAL TRANSPORTATION Antofagasta ...... 814.2 -1.2 1022.5 727.2 Kainos Group ...... 508.0 11.0 676.0 358.0 Camellia ...... Tsy 4.750 30 ...... 146.15 -0.27 147.0 132.1 Intermediate Capi . . . .1334.0 0.0 1429.0 899.0 BHP Group ...... 1734.8 -46.6 2049.0 1490.6 ocus Inter . . . . .1577.0 -20.6 2491.6 1434.4 CareTech Holding . . . . .363.0 -2.0 406.0 325.0 AVI Global Trust ...... 737.0 -1.0 781.0 660.0 Dunelm Group ...... 866.0 0.5 981.0 482.8 BBA Aviation ...... 302.8 -5.2 324.8 207.0 Micro F Central Asia Meta . . . . .185.0 -0.8 266.5 180.0 Tsy 4.125 30 ...... 399.50 -0.01 400.9 355.2 5.0 5.0 866.0 663.0 International Per ...... 94.9 0.0 240.2 90.6 Inchcape ...... 557.0 -1.5 701.0 486.6 Centamin (DI) ...... 138.6 2.1 141.6 79.8 Baillie Gifford J ...... 79 Clarkson ...... 2455.0 -95.0 2900.0 1878.0 Playtech ...... 385.2 5.2 532.0 361.8 Clinigen Group ...... 891.5 -12.5 1069.0 721.0 Tsy 4.250 32 ...... 144.21 -0.50 145.3 128.5 Bankers Inv Trust . . . . .930.0 -5.0 970.0 766.0 Investec ...... 407.8 -4.1 561.0 400.7 JD Sports Fashion . . . .600.4 -1.0 649.8 318.5 Fresnillo ...... 655.6 3.6 1027.5 601.0 Fisher (James) & . . . .2105.0 15.0 2260.0 1600.0 Sage Group ...... 697.6 2.0 820.4 525.6 1023.0 395.0 Tsy 1.250 32 ...... 164.89 -0.12 165.5 144.1 BBGI SICAV S.A. ( ...... 153.5 -1.5 168.0 142.5 IP Group ...... 58.9 -2.7 131.2 58.4 Just Eat ...... 772.0 -10.2 812.0 533.8 Glencore ...... 229.8 -3.2 341.5 222.2 Softcat ...... 955.0 6.0 993.5 565.0 CVS Group ...... 891.5 18.0 Royal Mail ...... 189.7 -10.2 489.0 188.2 Dart Group ...... 740.0 4.0 1017.0 709.5 Tsy 0.125 36 ...... 159.63 -0.22 160.1 133.4 BlackRock Smaller . . .1362.0 6.0 1490.0 1160.0 John Laing Group . . . . .383.4 -1.8 402.0 290.0 Kingfisher ...... 188.0 -6.2 280.0 186.7 Hochschild Mining . . . .203.0 1.2 226.0 149.1 Sophos Group ...... 386.4 4.8 539.5 298.2 Tsy 4.250 36 ...... 153.15 -0.68 154.5 133.1 JTC ...... 345.0 -15.0 440.0 287.0 Marks & Spencer G . . . .185.4 -0.4 299.1 180.4 Kaz Minerals ...... 410.0 2.8 738.4 395.0 Diversified Gas & ...... 97.2 0.0 134.0 96.8 BMO Global Smalle . . .1362.0 0.0 1495.0 1220.0 Draper Esprit ...... 462.0 -7.0 635.0 457.9 Tsy 4.750 38 ...... 168.63 -0.81 170.4 144.9 Caledonia Investm . . .3035.0 -5.0 3110.0 2650.0 Jupiter Fund Mana . . . .340.4 -4.6 432.0 287.6 Polymetal Interna . . . .1095.5 16.0 1108.5 597.2 SUPPORT SERVICES Tsy 0.625 40 ...... 182.01 -0.41 183.3 152.8 City of London In . . . . .403.5 -3.5 431.5 376.0 Liontrust Asset M . . . . .734.0 -4.0 816.0 532.0 Rio Tinto ...... 4009.5 -55.5 4976.5 3486.0 Aggreko ...... 778.4 -18.4 882.0 691.8 Eland Oil & Gas ...... 120.6 -2.2 134.0 97.0 EMIS Group ...... 1116.0 0.0 1242.0 864.0 Tsy 4.500 42 ...... 173.13 -0.92 175.2 145.9 Edinburgh Inv Tru . . . .542.0 -3.0 695.0 535.0 LMS Capital ...... 53.0 0.5 54.0 44.0 MOBILE TELECOMS Ashtead Group ...... 2118.0 -6.0 2438.0 1586.5 Tsy 3.500 45 ...... 155.52 -1.09 157.5 128.0 London Finance & . . . . .38.5 0.0 43.5 37.5 Fevertree Drinks . . . . .2207.0 -15.0 3956.0 2070.0 F&C Investment Tr . . . .698.0 -8.0 737.0 616.0 BCA Marketplace ...... 241.4 -0.2 247.0 178.5 st Derivatives . . . . .2395.0 25.0 4330.0 2050.0 Tsy 4.250 46 ...... 176.85 -1.10 179.2 145.7 Fidelity China Sp ...... 217.5 -0.5 250.0 182.4 London Stock Exch . . .6880.0 -48.0 7058.0 3867.0 Inmarsat ...... 578.2 -0.8 585.8 362.8 Bunzl ...... 2039.0 2.0 2551.0 2025.0 Fir Tsy 4.025 49 ...... 184.13 -1.19 186.8 150.0 Man Group ...... 164.7 2.0 183.0 126.8 MAIN CHANGES UK 350 Vodafone Group ...... 148.3 -2.1 176.6 123.3 Frontier Developm . . . .933.0 35.0 1385.0 740.0 Fidelity European . . . . .246.0 -1.0 257.5 202.0 Capita ...... 120.4 -2.8 150.2 99.9 Gamma Communicati 1025.0 -30.0 1195.0 688.0 Tsy 0.500 50 ...... 217.17 -0.47 219.9 173.7 Fidelity Special ...... 251.0 2.5 277.0 220.0 OneSavings Bank . . . . .355.4 17.4 447.4 326.6 OIL & GAS PRODUCERS DCC ...... 6584.0 -52.0 7390.0 5555.0 Tsy 0.250 52 ...... 214.99 -0.47 217.9 168.8 Finsbury Growth & . . . .926.0 -3.0 956.0 740.0 Paragon Banking G . . . .412.8 5.6 490.0 379.2 Diploma ...... 1453.0 -2.0 1634.0 1150.0 GB Group ...... 560.0 -2.0 631.0 410.5 Plus500 Ltd (DI) ...... 730.0 16.0 1830.0 495.0 BP ...... 493.4 -6.8 598.3 485.9 Gooch & Housego . . . .1050.0 10.0 1880.0 954.0 GCP Infrastructur ...... 126.0 -0.2 130.8 122.4 Electrocomponents . . .567.4 0.0 761.6 480.0 Hurricane Energy ...... 40.5 -0.5 60.8 38.9 AEROSPACE & DEFENCE Genesis Emerging . . . .758.0 -1.0 783.0 615.0 Provident Financi . . . . .370.1 -3.8 692.6 356.0 Mitchells & Butler ...... 350.0 8.0 Funding Circle Hol ...... 114.0 -7.5 Cairn Energy ...... 162.7 -0.6 244.0 140.0 Equiniti Group ...... 196.5 -3.3 266.0 186.2 Quilter ...... 126.2 -0.6 156.6 110.6 Charter Court Fina ...... 291.5 5.2 Balfour Beatty ...... 212.0 -6.2 Energean Oil & Ga . . . .1016.0 -10.0 1082.0 510.0 Impax Asset Manag . . .231.0 0.5 295.0 184.0 BAE Systems ...... 550.6 -1.8 636.2 443.9 Greencoat UK Wind . . . .139.2 1.0 143.2 123.8 Essentra ...... 400.6 -6.8 473.8 325.4 HarbourVest Globa . . .1700.0 0.0 1726.0 1326.0 Rathbone Brothers . .2220.0 15.0 2634.0 2085.0 OneSavings Bank ...... 355.4 5.2 Royal Mail ...... 189.7 -5.1 Premier Oil ...... 70.1 -0.8 143.6 55.6 Experian ...... 2506.0 -28.0 2562.0 1728.5 Iomart Group ...... 343.0 15.5 475.0 308.0 Cobham ...... 162.5 -0.1 168.3 96.8 4.0 51.6 Herald Investment . . .1276.0 -4.0 1364.0 1055.0 Real Estate Credi ...... 168.0 -1.0 175.5 163.0 Royal Dutch Shell . . . .2288.0 -27.0 2666.0 2213.0 ...... 5916.0 -114.0 6556.0 4749.0 IQE ...... 55.2 -1.6 10 Meggitt ...... 611.6 -3.0 617.4 458.0 Amigo Holdings ...... 152.2 3.4 Wood Group (John) ...... 430.4 -4.5 Ferguson . . . James Halstead ...... 486.0 -6.0 532.0 367.0 175.0 Record ...... 31.1 -0.3 42.1 27.3 Royal Dutch Shell . . . .2269.5 -35.0 2705.5 2227.0 G4S ...... 168.3 -3.4 252.2 165.8 QinetiQ Group ...... 276.0 2.0 312.4 266.6 HGCapital Trust ...... 201.5 -4.5 220.0 Entertainment One ...... 413.6 3.4 CYBG ...... 141.6 -4.5 Johnson Service G . . . . .167.4 -1.6 176.0 113.6 HICL Infrastructu ...... 164.6 -1.0 170.1 149.9 River and Mercant . . . .260.0 0.0 330.0 212.0 Marston's ...... 118.4 3.0 IP Group ...... 58.9 -4.4 Tullow Oil ...... 206.7 -3.1 266.3 165.2 Grafton Group Uni . . . .688.0 -7.0 937.0 630.0 Rolls-Royce Holdi . . . . .769.0 6.2 1029.5 730.0 S&U ...... 2090.0 20.0 2605.0 1767.5 Hays ...... 144.7 -2.2 212.0 135.7 Keywords Studios . . . .1483.0 -22.0 2065.0 900.0 Senior ...... 198.6 1.8 327.8 185.4 International Pub . . . . .162.6 0.6 163.4 146.8 Sainsbury (J) ...... 193.9 3.0 Intu Properties ...... 34.8 -4.4 OIL EQUIPMENT & SERVICES organ American . . .478.5 -3.0 494.5 386.5 Sanne Group ...... 537.0 0.0 752.0 450.0 ve ...... 1092.0 -16.0 1263.0 849.0 Learning Technolo . . . . .118.0 0.6 166.5 62.2 Ultra Electronics . . . . .2186.0 -2.0 2248.0 1232.0 JPM Homeser M&C Saatchi ...... 217.0 0.0 394.0 210.0 JPMorgan Emerging . .1006.0 -4.0 1066.0 759.0 Schroders ...... 2685.0 -40.0 3210.0 2334.0 St. Modwen Propert ...... 400.0 2.6 IG Group Holdings ...... 533.4 -4.2 Hunting ...... 437.8 -6.4 849.0 414.2 Howden Joinery Gr . . .529.6 -2.0 573.4 416.4 BANKS JPMorgan Indian I . . . .724.0 1.0 790.0 566.0 Standard Life Abe . . . . .239.3 -3.0 376.7 224.9 Plus500 Ltd (DI) ...... 730.0 2.2 Clarkson ...... 2455.0 -3.7 Petrofac Ltd...... 399.1 -1.7 663.4 381.5 Intertek Group ...... 5416.0-106.0 5962.0 4387.0 M. P. Evans Group . . . . .668.0 -14.0 800.0 637.0 TP ICAP ...... 292.9 -1.6 324.5 267.2 Kainos Group ...... 508.0 2.2 Kingfisher ...... 188.0 -3.2 Wood Group (John) . . .430.4 -20.4 796.4 389.9 Midwich Group ...... 490.0 -20.0 685.0 490.0 Bank of Georgia G . . . .1337.0 5.0 1878.8 1310.0 JPMorgan Japanese . . .451.5 1.5 465.0 367.0 Network Internati . . . . .597.0 5.0 628.0 500.0 Mortgage Advice B . . .548.0 -52.0 720.0 490.0 Jupiter European . . . . .839.0 9.0 895.0 666.0 Walker Crips Grou . . . . .25.0 0.0 39.0 24.0 Pagegroup ...... 441.0 0.2 623.5 415.0 Barclays ...... 138.5 -2.1 185.2 137.2 XPS Pensions Grou . . . . .113.0 -2.0 180.0 95.0 PERSONAL GOODS Naked Wines ...... 268.5 3.5 420.5 219.0 Law Debenture Cor . . .562.0 -10.0 624.0 534.0 PayPoint ...... 909.0 -7.0 1118.0 748.0 Close Brothers Gr . . . . .1271.0 3.0 1660.0 1227.0 Mercantile Invest ...... 192.6 -0.6 219.0 168.0 Burberry Group . . . . .2109.0 -8.0 2345.0 1623.5 Rentokil Initial ...... 449.7 -8.9 458.6 284.8 Next Fifteen Comm . . .604.0 20.0 658.0 469.0 CYBG ...... 141.6 -6.7 348.4 132.7 FIXED LINE TELECOMS Nichols ...... 1780.0 30.0 1880.0 1240.0 Monks Inv Trust ...... 919.0 -7.0 964.0 710.0 Next ...... 5648.0 -58.0 6064.0 3991.0 PZ Cussons ...... 204.5 2.5 244.0 178.6 Robert Walters ...... 524.0 -34.0 475.0 814.0 HSBC Holdings ...... 596.9 -6.8 697.1 591.3 BT Group ...... 162.8 -4.5 264.7 162.3 NON LIFE INSURANCE Numis Corporation . . . .226.0 -0.5 422.0 220.5 ng Gr . . . . .49.7 -0.2 66.6 48.6 Murray Internatio . . . .1162.0 4.0 1208.0 1056.0 Pets at Home Grou . . . .223.6 -5.8 231.8 110.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 142.3 1.1 147.4 84.1 Lloyds Banki NB Global Floatin ...... 88.3 -1.3 93.0 87.6 TalkTalk Telecom ...... 100.1 -2.3 137.0 96.6 SIG ...... 118.6 -2.1 153.0 102.2 Polar Capital Hol . . . . .526.0 0.0 644.0 448.0 Metro Bank ...... 273.6 -7.8 3050.0 264.0 Sports Direct Int ...... 239.4 -0.6 389.1 214.0 Admiral Group ...... 2175.0 0.0 2300.0 1932.5 Purplebricks Grou . . . . .125.2 3.2 300.0 90.0 NextEnergy Solar . . . . .120.5 -0.5 124.5 108.0 Telecom Plus ...... 1226.0 -10.0 1528.0 1010.0 Ted Baker ...... 905.0 -9.0 2378.0 800.0 Beazley ...... 584.0 -3.5 599.0 492.6 AstraZeneca ...... 7269.0 -12.0 7434.0 5325.0 Travis Perkins ...... 1198.5 -14.0 1465.0 970.0 Royal Bank of Sco . . . . .184.5 -0.2 270.4 177.7 Dechra Pharmaceut . .2904.0 -2.0 3144.0 2014.0 Redde ...... 111.4 -0.6 196.0 90.0 Standard Chartere . . . . .617.0 -1.4 736.8 519.8 Pantheon Internat . . .2280.0 5.0 2330.0 1955.0 FOOD & DRUG RETAILERS Vivo Energy ...... 117.4 -2.2 148.6 96.0 Direct Line Insur ...... 293.0 -6.0 366.5 292.6 TOBACCO Renew Holdings ...... 390.0 -5.0 436.5 333.0 . . .290.5 0.5 364.5 284.5 Genus ...... 2572.0 10.0 2884.0 2098.0 TBC Bank Group ...... 1318.0 -12.0 1728.0 1242.0 Perpetual Income . WH Smith ...... 1917.0 -33.0 2186.0 1697.0 Hastings Group Ho . . . .178.9 -1.8 274.2 174.0 RWS Holdings ...... 595.0 8.0 652.0 415.5 Pershing Square H . . .1490.0 18.0 1508.4 990.0 Greggs ...... 1980.0 -42.0 2476.0 1006.0 Hiscox Limited (D . . . .1583.0 -15.0 1777.0 1418.0 GlaxoSmithKline . . . . .1666.4 1.8 1730.0 1418.0 British American . . . .2980.0 -56.5 4222.5 2375.0 Morrison (Wm) Sup . . .180.2 -1.8 269.4 176.9 HEALTH CARE EQUIPMETN & S. Hikma Pharmaceuti . .2027.0 -8.0 2062.0 1510.5 Scapa Group ...... 228.0 6.0 473.4 157.0 BEVERAGES Personal Assets T . . .43150.0 50.0 43174.038900.0 Lancashire Holdin . . . .698.0 -7.0 725.5 530.0 Imperial Brands . . . . .2081.5 -30.0 2986.5 1846.8 Secure Income Rei . . . .431.0 -2.0 433.0 371.0 Polar Capital Tec . . . . .1404.0 -10.0 1500.0 1066.0 Ocado Group ...... 1214.5 10.5 1435.0 749.8 Assura ...... 69.3 1.3 69.3 52.4 RSA Insurance Gro . . . .524.8 -3.2 641.0 496.6 PureTech Health ...... 292.0 2.0 295.0 154.8 Barr (A.G.) ...... 622.0 3.0 975.0 610.0 Sainsbury (J) ...... 193.9 5.6 341.5 177.1 TRAVEL & LEISURE Serica Energy ...... 111.6 6.2 142.0 74.9 Britvic ...... 857.5 -9.0 956.0 745.0 RIT Capital Partn . . . . .2115.0 -10.0 2150.0 1892.0 Convatec Group ...... 180.5 -4.7 239.0 118.6 Sabre Insurance G . . . . .267.5 1.5 294.0 249.0 REAL ESTATE INVEST. & SERV. SSP Group ...... 696.0 -13.0 744.4 615.1 . . . . .3546.0 -46.0 5000.0 3412.0 Smart Metering Sy . . . .454.0 -0.6 665.0 451.0 Coca-Cola HBC AG . . .2691.0 -24.0 3074.0 2244.0 Riverstone Energy . . . .646.0 11.0 1282.0 635.0 Mediclinic Intern ...... 303.0 -5.2 498.7 293.4 Carnival ...... Telford Homes ...... 349.0 1.0 430.0 267.0 9.0 Tesco ...... 215.7 -4.0 258.2 189.6 LIFE INSURANCE BMO Commercial Pr . . .109.0 -0.2 149.4 106.0 Diageo ...... 3443.0 -3.0 3526.0 2523.5 Schroder Asia Pac . . . .448.0 0.0 469.5 37 NMC Health ...... 1860.0 -40.0 4120.0 1801.5 Cineworld Group ...... 228.1 0.0 323.6 212.0 Thorpe (F.W.) ...... 323.0 -4.0 340.0 248.0 Scottish Inv Trus ...... 802.0 -8.0 888.0 748.0 UDG Healthcare Pu . . . .812.0 -9.0 833.0 551.0 Capital & Countie ...... 191.7 2.2 279.5 184.9 2068.0 10.0 2110.0 1483.0 Smith & Nephew . . . . .1916.5 0.0 1943.5 1258.0 Aviva ...... 358.1 -5.4 497.0 356.8 Compass Group . . . . . Watkin Jones ...... 217.0 0.0 232.5 192.2 CHEMICALS Scottish Mortgage . . . .534.0 4.0 568.5 441.4 FOOD PRODUCERS Legal & General G . . . . .224.0 -3.2 291.2 222.0 CLS Holdings ...... 236.0 2.5 255.0 195.4 Domino's Pizza Gr . . . . .228.1 1.8 297.2 221.2 Economic . . . . .117.0 -0.2 117.2 106.0 HHOLD GDS & HOME CONSTR. Daejan Holdings . . . .5490.0 -60.0 6190.0 5420.0 2.0 -1.4 285.0 155.8 Young & Co's Brew . . .1622.5 12.5 1885.0 1322.5 Croda Internation . . . .4636.0 -52.0 5447.7 4576.0 Sequoia Phoenix Group Hol . . . .659.5 -12.3 724.8 544.0 EI Group ...... 28 Young & Co's Brew . . . .1130.0 0.0 1275.0 1030.0 Smithson Investme . .1242.0 -6.0 1278.0 1000.2 Associated Britis . . . . .2263.0 -36.0 2638.0 2041.0 Barratt Developme . . .622.6 -3.6 663.0 434.0 Prudential ...... 1412.0 13.0 1814.5 1340.0 Grainger ...... 234.8 -0.6 278.5 205.8 FirstGroup ...... 125.5 0.8 127.7 79.3 Elementis ...... 138.5 -2.9 247.8 129.8 Syncona Limited N . . . .229.0 -5.0 302.5 213.5 Bakkavor Group ...... 101.2 0.8 189.6 93.3 NewRiver REIT ...... 152.2 -2.2 265.5 147.6 .2793.0 -37.0 3673.0 2620.0 Bellway ...... 2810.0 -40.0 3226.0 2419.0 St James's Place ...... 940.6 3.6 1164.5 914.0 Flutter Entertain . . . . .6434.0 -54.0 7290.0 5525.0 Johnson Matthey . . . Temple Bar Inv Tr . . . .1168.0 -18.0 1366.0 1116.0 Cranswick ...... 2594.0 16.0 3454.0 2472.0 Safestore Holding . . . .630.5 -9.0 658.5 499.4 Go-Ahead Group . . . .2038.0 -48.0 2200.0 1480.0 Sirius Minerals ...... 9.2 0.2 37.0 8.1 Berkeley Group Ho . . .3827.0 -49.0 3981.0 3226.0 MEDIA CONSTRUCTION & MATERIALS Templeton Emergin . . .777.0 -2.0 829.0 649.0 Greencore Group . . . . .205.9 0.4 230.0 162.9 Bovis Homes Group . .1028.0 -10.0 1177.0 828.0 Savills ...... 844.0 5.0 957.0 678.5 Greene King ...... 840.8 -9.2 850.0 472.8 Synthomer ...... 295.0 -3.0 532.1 279.8 Hilton Food Group . . . .943.0 -11.0 1088.0 884.0 St. Modwen Proper . . .400.0 10.0 441.5 365.0 Victrex plc ...... 1896.0 -4.0 3408.0 1845.0 The Renewables In . . . .129.0 0.8 133.2 109.3 Countryside Prope . . . .290.6 1.0 353.2 270.0 4Imprint Group . . . . .2870.0 -30.0 2940.0 1800.0 GVC Holdings ...... 586.8 7.2 1110.0 507.5 TR Property Inv T . . . . .419.0 1.0 429.5 353.5 Tate & Lyle ...... 696.2 -8.8 800.4 633.4 Crest Nicholson H . . . . .345.2 4.6 404.8 296.4 Ascential ...... 370.4 -6.6 434.8 337.2 UK Commercial Pro . . . .82.2 -1.2 92.7 80.2 InterContinental . . . . .5165.0 -20.0 5738.0 3958.4 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .480.0 0.0 483.0 421.5 Unilever ...... 5070.0 -21.0 5167.0 3931.0 McCarthy & Stone . . . . .135.5 -0.5 142.7 110.0 Bloomsbury Publis . . . .230.0 5.0 243.0 190.5 REAL ESTATE INVEST. TRUSTS International Con . . . . .415.9 -8.0 711.4 413.5 . . . . .118.4 3.4 124.7 89.9 Balfour Beatty ...... 212.0 -14.0 296.5 194.2 VinaCapital Vietn . . . . .352.0 0.0 356.5 318.0 FORESTRY & PAPER Persimmon ...... 1846.5 -15.5 2489.0 1836.0 Centaur Media ...... 38.0 0.1 56.5 34.7 Marston's ...... Witan Inv Trust ...... 212.0 -1.5 226.4 189.6 Big Yellow Group . . . . .971.0 -12.5 1062.0 852.5 CRH ...... 2605.0 -45.0 2735.0 1971.5 Entertainment One . . . .413.6 13.4 483.4 336.4 Merlin Entertainm . . . .452.5 -0.8 453.5 307.1 Woodford Patient . . . . .43.8 -0.1 91.0 40.1 Mondi ...... 1567.0 4.5 2200.0 1510.5 Euromoney Institu . . .1306.0 -8.0 1412.0 1132.0 British Land Comp . . . .480.0 -5.2 641.8 468.3 Millennium & Copt . . . .680.0 0.0 685.0 436.0 Galliford Try ...... 557.5 -13.5 1104.0 512.0 Derwent London . . . . .3074.0 -4.0 3328.0 2761.0 Ibstock ...... 210.4 0.6 262.0 193.1 Worldwide Healthc . .2810.0 10.0 2915.0 2325.0

EU SHARES Ŷ ůĂŝĐ ƐĞĐŝǀƌĞ^ ŝŝƐƐ ŶĂ ŝŝŶŶ ƉĞĚ ĚŶĞƉ Ğ US SHARES AB INBEV ...... 85.66 -0.91 92.71 56.32 ƌ ƵŐĞ ĚŶĂǇƌŽƚĂů ŝŝŶŶ ŵƚƐĞǀ ƚŶĞŵ ƌƌŝŝ 3M...... 161.01 -1.94 219.75 155.63 ADIDAS N...... 261.05 1.00 297.95 178.30 - ABBOTT LABORATOR...... 84.54 -1.02 88.76 64.48 AIR LIQUIDE ...... 122.70 -0.75 127.20 101.85 ŝ ĞĐŶĂ ĞĞ͖͖ƌĚŶĂ ŝŝƐƐŬ ĂƚůƵƐŶŽĐ ƐǇĐŶĂ Ğ ADOBE ...... 285.71 -2.26 313.11 204.95 AIRBUS BR...... 126.20 1.42 133.86 77.50 ALPHAB RG-C-NV...... 1182.69 -15.76 1289.27 970.11 ALLIANZ...... 200.55 -1.10 218.70 170.50 ALPHABET-A...... 1183.53 -16.91 1296.98 977.66 AMADEUS IT GRP BR-A...... 67.18 -1.10 82.20 58.06 AMAZON.COM...... 1801.38 -14.74 2050.50 1307.00 ASML HLDG...... 194.26 -0.82 211.50 130.12 AMERICAN EXPRESS...... 121.42 -2.98 129.34 89.05 AXA...... 21.49 -0.24 23.99 18.40 ^<^/Z APPLE...... 210.36 0.01 233.47 142.00 BANCO SANTANDER ...... 3.49 -0.06 4.68 3.42 AT&T...... 34.98 -0.40 35.44 26.80 BASF N...... 57.94 -0.28 81.73 55.72 BANK OF AMERICA...... 26.72 -0.55 31.49 22.66 BERKSHIRE HATH RG-B...... 198.15 -2.79 2 4.07 186.10 BAYER N...... 66.15 -0.12 84.35 52.00 2 BOEING CO ...... 331.75 -2.03 446.01 292.47 BBVA...... 4.21 -0.06 5.79 4.19 CATERPILLAR...... 116.67 -0.69 159.37 112.06 BMW...... 59.90 -0.55 86.71 58.10 CHEVRON...... 116.13 -1.18 127.60 100.22 BNP PARIBAS A...... 40.53 -0.27 55.34 38.14 Z Z CISCO SYSTEMS...... 47.93 -0.57 58.26 40.25 CRH PLC...... 28.52 -0.51 34.87 26.53 EE/&^h CITIGROUP ...... 63.42 -0.89 75.24 48.42 DAIMLER N...... 41.45 -0.56 59.90 40.35 COCA-COLA CO...... 53.88 -0.81 54.82 44.25 DANONE...... 79.94 -0.60 81.16 59.72 COMCAST-A...... 43.94 -0.06 45.30 32.61 DEUTSCHE POST N...... 28.64 -0.25 32.20 23.43 DOW...... 43.16 -2.44 0.00 0.00 DEUTSCHE TELEKOM N...... 14.97 -0.05 15.88 13.36 EXXON MOBIL...... 69.03 -0.42 87.36 64.65 ENEL N ...... 6.24 -0.12 6.62 4.22 FACEBOOK-A...... 183.81 -2.36 208.66 123.02 ENGIE...... 13.49 -0.14 14.39 11.31 D dEhKKD GOLDMAN SACHS GR...... 199.98 -2.22 245.08 151.70 ENI N...... 13.14 -0.13 16.67 12.92 HOME DEPOT...... 217.09 9.14 219.30 158.09 ESSILORLUXOTT...... 129.05 0.50 131.80 95.50 Ğ ŵŬƐŝƌ ͘ŵƌŽƞĂůƉŐŶŝƌŽƚŝŶŽŵ IBM...... 133.00 -2.04 154.36 105.94 FRESENIUS...... 43.57 -0.05 69.76 38.50 INTEL...... 46.60 -0.63 59.59 42.36 IBERDROLA ...... 9.29 -0.01 9.36 5.68 ǁǁ͘͘ƌŝŝƐƐŬ ĂĚĂƌŬ ƌƌ͘͘ ŵŽĐ JOHNSON & JOHNSO...... 130.60 -1.65 148.99 121.00 INDITEX ...... 26.33 -0.28 28.86 21.85 JPMORGAN CHASE...... 107.31 -1.38 119.24 91.11 ING GROUP...... 8.48 -0.01 12.14 8.20 MASTERCARD RG-A...... 277.04 -1.03 283.33 171.89 INTESA SANPAOLO N...... 1.90 -0.01 2.47 1.80 /ŶŶĨĨĨŽŽ ƐƵŬƌĂΛ -ĨĨƐƐ ŵŽĐ͘ ;ϰϰн ϬϬͿͿ Ϯ ϰϲϮϳϬϮ Ϯ MCDONALD'S...... 218.47 -0.31 221.93 156.56 KERING...... 434.80 -3.15 539.80 351.70 MEDTRONIC...... 106.91 2.73 109.70 81.66 KON AH DEL BR...... 20.69 -0.15 24.01 18.60 MERCK...... 85.65 -0.54 87.07 66.10 L'OREAL...... 236.40 -1.20 257.80 182.00 COMMODITIES CREDIT & RATES MICROSOFT...... 137.26 -1.15 141.68 93.96 LINDE ...... 170.25 0.00 0.00 0.00 NETFLIX...... 298.99 -10.39 386.80 231.23 NIKE -B-...... 80.53 -0.60 90.00 66.53 LVMH...... 355.70 -1.15 392.65 242.30 Gold...... 1496.60 -18.65 Copper Cash Official...... 5755.00 45.00 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 ORACLE ...... 52.98 -0.89 60.50 42.40 MUENCHENER RUECKV N...... 219.40 -0.60 228.70 180.50 BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 Silver ...... 16.92 -0.24 Aluminium Cash Official...... 1762.00 7.50 PEPSICO...... 132.06 -0.51 135.24 104.53 NOKIA...... 4.61 -0.09 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.50 0.00 Brent Crude...... 59.74 1.10 Nickel Cash Official...... 16000.00 -80.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ORANGE...... 13.50 -0.10 15.25 13.08 Krugerrand...... 1520.50 -18.65 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.04 -0.04 Aluminium Alloy Cash Official...... 1250.00 -7.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.403 0.00 PFIZER...... 34.61 -0.57 46.47 33.97 ROY.PHILIPS...... 42.01 0.01 43.67 29.05 Palladium...... 1455.00 8.00 LIBOR Euro - overnight...... -0.469 0.00 The vix index...... 17.50 0.62 PHILIP MRRS INT...... 83.00 -2.01 92.74 64.67 SAFRAN...... 126.50 -0.45 137.20 99.98 Cocoa Futures...... 2127.00 14.00 Platinum...... 844.00 10.00 LIBOR Euro - 12 months...... -0.418 0.01 The baltic dry index...... 2067.00 -21.00 PROCTER&GAMBLE...... 118.90 -1.34 121.76 78.49 SANOFI...... 77.06 -0.18 80.44 71.74 Coffee 'C' Futures...... 95.58 0.78 Tin Cash Official...... 16800.00 -420.00 LIBOR USD - overnight...... 2.095 0.00 Markit iBoxx EUR ...... 250.07 0.69 SALESFORCE.COM...... 145.54 1.87 167.56 113.60 Feed Wheat Futures...... 136.00 -1.25 SAP I...... 107.30 -0.54 125.00 84.02 Lead Cash Official ...... 2045.00 6.00 LIBOR USD - 12 months ...... 1.953 0.01 Markit iBoxx GBP ...... 359.25 1.50 TRAVELERS COS...... 146.51 -1.07 155.09 111.08 SCHNEIDER EL ...... 72.96 -0.10 81.36 57.54 Zinc Cash Official...... 2263.00 -25.00 Soybeans Futures Continuation Contract...855.60 1.60 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 262.41 -0.98 TWITTER...... 42.29 0.59 43.48 26.19 SIEMENS N...... 87.34 -0.07 114.10 84.72 UNITEDHEALTH GRO ...... 240.16 -4.55 287.94 208.07 SOCIETE GENERALE...... 22.11 -0.28 35.01 20.81 WORLD INDICES UTD TECHS...... 126.68 0.04 144.40 100.48 TELEFONICA...... 5.95 -0.16 8.06 5.86 VERIZON COMM...... 56.27 -0.73 61.58 52.28 TOTAL...... 43.67 -0.49 55.39 42.65 VISA RG-A...... 179.24 -0.50 184.07 121.60 UNILEVER...... 54.40 0.05 55.40 45.30 FTSE 100 ...... 7125.00 -64.65 -0.90 S&P 500 ...... 2900.51 -23.14 -0.79 CAC 40 ...... 5344.64 -26.92 -0.50 Hang Seng ...... 26231.54 -60.30 -0.23 WALGREENS BOOTS...... 50.67 -0.49 86.31 49.12 VINCI...... 97.22 -0.24 98.18 69.98 FTSE 250...... 19008.09 -89.88 -0.47 Dow Jones I.A...... 25962.44 -173.35 -0.66 Swiss Market Index ...... 9770.39 -55.20 -0.56 Shanghai Composite ...... 2880.00 -3.09 -0.11 WALMART ...... 112.05 -1.76 115.49 85.78 VIVENDI...... 25.52 -0.15 26.69 20.80 FTSE All-Share...... 3904.60 -31.69 -0.81 Nasdaq Composite ...... 7948.56 -54.25 -0.68 ISEQ Overall Index...... 5693.38 -120.14 -2.07 STI Index ...... 3138.16 10.78 0.34 WALT DISNEY...... 135.13 -0.16 147.15 100.35 VOLKSWAGEN VZ I...... 141.16 -1.44 163.70 131.02 FTSE AIM All-Share ...... 865.70 1.29 0.15 Xetra DAX ...... 11651.18 -64.19 -0.55 FTSEuroﬁrst 300 ...... 1461.95 -9.98 -0.68 ASX All Ordinaries ...... 6627.40 76.90 1.17 WELLS FARGO...... 44.68 -0.57 59.53 43.02 CITYAM.COM WEDNESDAY 21 AUGUST 2019 FEATURE 15 OFFICE POLITICS

sponsible for £1 in every £7 spent on retail, and was embarking on some daring overseas ventures. Going to party As well as Tesco, William Owen Bent- ley founded his eponymous company in 1919. The first Bentley was built in Marylebone, took nine months to make, and was ready just in time for like it’s 1919: CRUISE the first post-War London Motor Show CONTROL at Olympia in November 1919. Bentley remarked that he hoped the Virtuo car “could be pushed all day long at A look at the Free 60 or more miles per hour over almost any sort of road surface”. The Virtuo app is We sometimes forget that the UK an online-only has some of the biggest and best com- best of British car rental service panies, which have created jobs, pros- but with a twist. perity and value all over the world. Everything – They have also sparked the growth It’s 100 years since some of the UK’s most from booking to of small businesses through their sup- returning the ply chains. Above all, they show that important companies were established car – is done the UK is engaged with the world, and entirely online. have carried our “national brand” to Once you are far flung parts of the globe. HIS coming Sunday marks It’s no coincidence founding of businesses, as 2019 ready to drive Whether you are a resisting Re- the centenary of an impor- Zaki that post-War marks some other significant corpo- the car (you’ve mainer or an optimistic no-deal Brex- tant anniversary. On 25 Au- Cooper Britain was an rate anniversaries. got the choice iteer, the strength of the UK’s Tgust 1919, the world’s first unusually fertile Take, for example, the grocery of either a corporate sector is something that we daily international sched- time for the giant Tesco, which also turned 100 Mercedes GLA or should all be proud of. uled flight took place. founding of this year. A-Class), the app When the likes of George Holt There was only one passenger on businesses In 1919, fresh out of the air force, turns into a key Thomas, Jack Cohen, and William board the flight between London and the entrepreneur Jack Cohen set up to unlock it. The Owen Bentley set up their companies Paris, along with cargo which in- a group of market stalls in Hackney. cars are based in in the mists of time, they had no idea cluded newspapers, Devonshire He used £30 of money he had re- car parks near what they had done. cream, jam, and grouse. everyone will feel like singing Happy ceived after demobilisation from the town centres They would scarcely believe that The carrier was Aircraft Transport Birthday. But this landmark of our na- armed forces. and travel hubs. their creations have grown to be such and Travel Limited, founded by tional champion merits applause, re- Over time, Cohen built up Tesco It aims to large and important companies in the George Holt Thomas, a precursor of spect, and celebration. using his flamboyant personality and be super UK today. These landmark anniver- today’s British Airways. So in a few In fact, 1919 was an action-packed a willingness to take risks, establish- convenient, saries this year are a salutary re- days’ time, BA will mark its one hun- year, as Britain tried to return to nor- ing a network of stores. driving change minder to cherish and support our dredth birthday. mality after the trauma of the First Ironically, Tesco became even big- in car rental corporate champions. It may be that, after the recent World War. Perhaps it’s no coinci- ger in the years following Cohen’s services. lengthy delays and cancellations dence that it does seem to have been death in 1979. By the late 1990s, it £ Zaki Cooper is an adviser on faced by travellers at airports, not an unusually fertile year for the was the giant of the high street, re- communications and philanthropy. 16 OPINION WEDNESDAY 21 AUGUST 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Brexit hysteria is misplaced, TO THE EDITOR Houseward humans adapt and move on bound

The summer holidays are in full swing, and HERE is a profound oddity We have been here before. In 1949, Alan a hard border. But the British gov- many young people will be enjoying their about the whole of the the LSE economist Bill Phillips – ernment has already made plain well-earned breaks from school before Brexit process which rears later to become the father of the Mendoza that it will not be the one resorting continuing their studies beyond. A-level its ugly head on a contin- Phillips Curve trade-off between in- to such measures, and has outlined results came out last week, and GCSE T results are out tomorrow. ual basis – namely the de- flation and unemployment – built alternatives to meet objections. sire of certain commentators and a contraption called, somewhat Perhaps the EU will finally re- However, not everyone who leaves politicians to talk down every devel- unimaginatively, the Phillips ma- spond to the obvious stumbling school will want to go onto university or opment in this long-running na- chine, to simulate the workings of block to a deal and take Brexit on sixth-form. With clarity on Brexit no closer, tional saga as being inevitably likely the economy. trust. But if it does not, is it beyond and the skills gap ever-worsening, it has to lead to national ruin. Phillips used the flow of water be- the realm of possibility that North- never been more important to make sure And not just any common or gar- tween the chambers of his machine, ern Ireland’s people will confound the nation has a workforce fit for the future. den sort of national ruin, but a dev- which represented the money de- It may turn out to be those critics who clearly – and dis- Apprenticeships have for too long been astation of Biblical proportions, rived from the various components a failure or triumph, gracefully – believe in their primi- regarded as a second-best option for where famine, poverty and pesti- of national income, to demonstrate tiveness, and turn the other cheek school leavers. lence will stalk the land, and the ef- how Keynesian “pump-priming” but it is unlikely to to changed circumstances rather All of us, particularly in the housebuilding fects of our decision to Brexit will could kick-start or slow down the than erupting in violence? sector, need to promote the fact that be borne by our sons and daugh- economy, depending on the volume be a definitive As to the likelihood of a UK-US apprenticeships, training and upskilling ters, unto the tenth generation. of water added or removed. version of either trade deal emerging with strings at- programmes are not just for school What is most interesting about The Phillips machine was an engi- tached, we already know it will. leavers, but are a great way for anyone to this line of thinking is that all neering and mathematical marvel, There is not a trade deal in the get a head start in exciting new careers. forms of rationality are frequently and as economists were certain the world that does not involve some We’re committing to training people suspended when arguments about UK economy operated on Keynesian compromise. But it will be British from all walks of life to manufacture it are deployed. Thus a no-deal principles, they used its predictions the worst-case scenario. But this is consumers’ decision to determine precision engineered homes and become the housebuilders of the future. Brexit is cited as the worst fate that as the basis for their teachings. not a situation we did not suspect al- whether US poultry standards mat- Dave Sheridan, executive chairman, could befall a country, bar none. But the Phillips machine’s deter- ready. And with a government work- ter when making their purchases. ilke Homes The disappearance of the Irish minism came to a crashing halt in ing round the clock to mitigate those We should welcome the opportu- backstop must lead to Northern Ire- the 1960s. It had no answer to spi- effects, we are some way beyond the nity to set foreign policy from a na- land being plunged back into the ralling wage demands and cur- tale of woe that many would have us tional perspective, without needing dark ages of sectarian conflict and rency crises, because it had not believe had already come to pass. to act in concert with an EU that is violence. The advent of a UK-US free been built to compute those. Nor Given the way that people have wrong more often than it is right BEST OF trade deal will require an invasion could it account for the unortho- historically responded to economic when compared to the US stance. TWITTER of chlorinated chickens and a slav- dox ways in which the British peo- changes by modifying their eco- Brexit may yet turn out to be a ish requirement to bend the knee to ple responded to economic events. nomic activity to thrive under new failure or triumph, but it is unlikely It’s one thing to have a right (even if US foreign policy. It turned out that predicting un- conditions, you would imagine that to be a definitive version of either. it’s only based on some verbal These myths are built on kernels predictability was a fool’s game. an economic forecasting model has The naysayers would do well to re- promise by a Prime Minister) and of truth. That is, after all, why they The machines were relegated to been used that reflects this. member this. Just think how much being able to prove it. The Windrush have seized hold in the popular museums, and banished from the But one cannot be found, because more valuable their contribution to Scandal showed exactly this, lawful imagination. But they are not the curriculums where they had once the person who can predict unpre- the national debate would be if residents excluded from work, whole story. occupied pride of place. dictability has yet to be born, and they helped develop post-Brexit benefits, the NHS despite having the In particular, they downplay com- So it is likely to prove with our con- the machine that can divine the fu- strategies, rather than wasting right to live & work in the UK pletely the role of human agency in temporary determinism. ture has yet to be invented. their time dreaming up ever more @the3million mitigating or adapting the outcomes We have discovered with the leak Likewise, the backstop only as- fantastical illusions. that have become the accepted or- of Operation Yellowhammer plans sumes significance if there is no No consensus on Boris letter to EU. It thodoxies of this false Brexitology. As that a no-deal Brexit could lead to other way to solve the Irish border £ Alan Mendoza is executive director of is either a) bold/genuine attempt to such, they are fatally flawed. some discomfort, and shortages in control issue than the imposition of the Henry Jackson Society. reopen talks b) fantastical doomed drivel c) smart scam to make the EU look unreasonable d) wind-up to drive Remainers round the twist e) cue to go on holiday and forget about British politics. Stamp duty contortions and eco-warriors @iainmartin1 The @WHO has confirmed the UK has lost its “measles free” status. Measles with private jets? Welcome to silly season is one of the most infectious diseases known to man and lots of work is underway to combat the rise in cases. UGUST is traditionally the tax to the price. Or the two could Paul house Bible of the metropolitan lib- @PHE_uk silly season. Brexit makes strike a bargain around what pro- eral, the Guardian newspaper, reli- this year slightly different, portion each will pay. It really does Ormerod ably provides light relief. The travel Should have focused on this, not Aof course, but it is good to not matter who is legally responsi- pages eulogise “eco-lodges” in making it impossible to make and sell see a fine British tradition ble for the tax – its existence will places halfway across the world like fudge still being preserved. still have an impact on people’s de- Cambodia and Peru. @emmamrevell Silly stories abound. sire and ability to buy and sell. A piece last week created mental Sajid Javid was linked (erro- An even dafter policy idea agony for the writer. A social enter- Good urban policy is radical climate neously, he now claims) with the emerged from Bright Blue, ostensi- prise, Beyond Food, is helping home- policy: Markets in parking, congestion idea of fixing the housing market bly a “pressure group for liberal less people turn their lives around by pricing, dedicated bus infra, liberal by making sellers pay the stamp conservatism”. The think tank being settled. teaching them a skill– a Good Thing zoning. I spend my career fighting duty rather than the buyers. seems to have forgotten the most And Prince Harry seems to be hav- not just in itself, but because it is not urban liberals on these issues. And Sentiment around the housing basic principles of how economic ing a silly season all of his own. He run by wicked capitalists. therein lies the brutal truth: Nobody market has been weakening for incentives operate. suggested that people can be “un- But the skill is how to barbecue actually cares about climate change some time. This is certainly the case The policy wonks proposed consciously” racist. He himself meat – boo, hiss. At least, we are as- @aarmlovi in London, where the large higher fines for motorists who demonstrates how “unconsciously” sured, the meat is “sustainable”. amounts of duty charged on expen- leave their engines idling. They one can win the Monty Python Markets, incentives, and social Queer Eye but the team try and make sive sales have acted as an addi- went on to suggest that a propor- Upper Class Twit of the Year award. norms are the standard meat and Tory ministers look normal in their tional deterrent. tion of the fines should be paid to Not content with lecturing a drink of this column – and normal posed “working” shots. But we might reasonably wonder the people who reported offenders Google gathering in Sicily, attended service on them will be resumed @DawnHFoster how shifting the tax from the buyer to the police. So for the cost of a by hundreds of private planes, on next week, when silly season is at to the seller will make any differ- phone call or the time spent com- the evils of climate change, he and last drawing to an end. Newly-revealed Great British Bake Off ence at all. posing an email, you could trouser Meghan Markle flew for a six-day contestants say they’re absolutely An activity, the sale of a house, is around £50. break to Ibiza, again on a private jet. £ Paul Ormerod is an economist at delighted to be on the show, as it being taxed. At one extreme, the That beats working as far as most Only 48 hours after their return, off Volterra Partners LLP, a visiting professor means they’ll have access to eggs and buyer could offer the asking price people are concerned. The police they went again on an “Uber for bil- in the Department of Computer Science milk after Oct 31st. less the full amount of the tax. At would be swamped, not just with lionaires” to Nice. at UCL, and author of Against the Grain: @haveigotnews the other, the seller could add the genuine incidents, but with scores It is in these trying times that the Insights of an Economic Contrarian. CITYAM.COM WEDNESDAY 21 AUGUST 2019 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam How to spot a superstar founder: DEBATE Self-awareness trumps bravado The average CEO-worker pay ratio is down – are shareholders winning E ALL know the scene. Of course you need to believe in The sneaker-wearing tech Maria yourself and your company, especially the debate against excessive pay? founder stands there, in Ljungberg to persevere long enough to reap the Wfront of positive looking benefits. But contrary to the behav- charts and graphs. Before iour of many tech chief executives in When you negotiate, whether buying a them: five suited, scowling investors the public eye, our study found that house or closing a business deal, you with money to spend and razor-sharp bravado isn’t a key attribute. What is don’t wait until the final offer to start questions up their sleeves. much more valuable is the ability to discussing price. It is agreed throughout. YES The investment pitch has iconic sta- self-critique. Using final AGM votes on pay as a tus, popularised by TV shows like If you can really understand your measure of shareholder influence is ANDREW NINIAN Dragon’s Den and Shark Tank. Some founders conduct investment weaknesses, and hire to fill in these therefore misleading, as shareholders The reality, however, is very differ- pitches with their cards close to their gaps, you’ll go far. engage with directors who set pay have pledged to cut their executives’ ent. Having worked in the investment chest, which makes identifying the On top of this, founders need to be before it goes to a vote. Engagement pension contributions. sector for close to 20 years, I have best talent even harder. able to problem solve, and switch be- ensures that the policy reflects The job is not done, and shareholders never breathed fire. My colleagues Above all, investors need to keep in tween tasks rapidly. Anyone who has shareholder wishes and should lead to will continue to hold companies to and I vet around 600 early-stage tech mind that an A team with a B idea is spent time with an entrepreneur will pay which aligns with performance. account for their pay, ensuring that it is startups each year, deciding which de- better than a B team with an A idea. know first-hand that the job requires Where it does not, directors who set pay appropriate and linked to performance. serve financing and support via our Amid all the brilliant innovations and an ability to mentally dart around often face shareholder revolts. But the dial is shifting, and shareholders incubate and accelerate programmes. ideas that we see, the importance of and jump hurdles rapidly. Complex And the evidence shows that are clearly playing their part. The pitch environment is of course the founding team cannot be over- thinking at 100 miles per hour is re- shareholders are driving change. This stressful and potentially career-defin- stated. It’s crucial for us remember quired to build a company. year, thanks to a public campaign by £ Andrew Ninian is director of ing, but it’s a much more collabora- that we’re investing our money into Interestingly, we also found that IQ shareholders on executive pensions, stewardship and corporate governance tive process than popular culture people, not products. was not the ultimate metric of entre- more than 50 of the UK’s top companies at The Investment Association. would have us believe. So to help investors navigate this preneurial talent. Successful founders Without playing too small a violin, startup jungle, we recently worked didn’t score especially highly here, it’s worth noting that there are signif- with Umea Biotech Incubator on but instead demonstrated exceptional icant stresses on the side of the in- something called the Dali Report: a verbal ability, empathy, and cultural Shareholders aren’t just losing the vestor. Plenty of business plans look study that attempted to chart the consciousness. These skills combina- debate against high pay. They’re not very convincing, and it can be hard to common characteristics that unite tions were a far greater indicator of even bothering to fight it. Five years distinguish between startups that de- successful entrepreneurs. ability than IQ scores. So much for the after the coalition government gave NO serve funding and those that (beneath The results of our report made for stereotype of the genius but socially shareholders a veto over top pay, a convincing pitch) lack substance. surprising reading. In contrast to abrasive tech founder. they’ve meekly waved through every ASHLEY WALSH On top of this, there are countless what you might think by watching re- All these results should make for up- single FTSE 100 pay policy. books and self-indulgent blog posts ality TV shows, self-awareness beats lifting reading. They debunk certain One swallow does not a summer inequality exaggerate the influence of out there for wannabe entrepreneurs. self-confidence. tired stereotypes about brashness win- make. Top pay fluctuates with stock individuals in large, long-established But for me as an investor, the litera- ning in business. They show that market trends – it is nothing to do with firms. If such influence exists at all, it ture is far less comprehensive. softer skills are crucial if you want to executive performance. reflects poor succession planning. Chief The fast-paced nature of the invest- For potential create a successful company. And for Meanwhile, in the biggest wage executives are not worth 117 times the ment process means that we often entrepreneurs: don’t potential entrepreneurs out there con- squeeze since the Napoleonic Wars, the average worker. They’re bunged for only have a handful of short conversa- sidering taking the leap: don’t look at average worker earns in one year what being in the right place at the right time, tions in which we need to assess look at business plans, business plans, just look in the mirror. the typical FTSE 100 chief exec trousers while their staff slog away, driving whether founders have what it takes. just look in the mirror in two days. Companies lavishing profits, innovation and productivity. We have to chip away at the performa- £ Maria Ljungberg is chief executive of millions on top executives and senior tive parts of a pitch to really under- Propel Capital, the investment arm of tech managers leaves peanuts for the rest. £ Ashley Walsh is head of policy and stand entrepreneurs’ authentic sides. incubator Sting. Those who accept such grotesque research at The High Pay Centre.

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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 18 PUNTER WEDNESDAY 21 AUGUST 2019 CITYAM.COM 1 CRYSTAL OCEAN BILL ESDAILE’S 2 JAPAN THE PUNTER JUDDMONTE INTERNATIONAL 1-2-3 3 REGAL REALITY RACING TRADER

Bill Esdaile previews Crystal Ocean goes clear to win the Prince Of Wales’s the Juddmonte Stakes at Royal Ascot International Stakes

ORK’S four day Ebor meeting gets under way on the Knavesmire this afternoon with Ythe feature being the Jud- dmonte International Stakes (3.35pm). Plenty are already labelling last month’s titanic duel between Enable and CRYSTAL OCEAN in the King George at Ascot as the race of the century and it looked likely this afternoon’s Group One contest would be the fitting venue for a possible rematch. Sadly, Enable’s connections have opted to run her in tomorrow’s York- shire Oaks instead as she prepares for a tilt at a record third Prix de l’Arc de Tri- omphe. Her absence leaves the door open for Crystal Ocean to land the second Group One of his career and cement his position as the world’s highest rated race- horse. The five-year-old son of Sea The Stars has been a model of consistency throughout his 16-race career to date and has yet to finish out of the frame in all of those starts. He followed a comprehensive reap- pearance win over this 10 furlong trip at Sandown with a cosy success over further at Newbury. However, his win in the Prince Of Wales’s Stakes at Royal Ascot and ago- nising defeat behind Enable last time CRYSTAL OCEAN CAN LEAVE are by far the best pieces of form on offer here, so it would be a major sur- prise if he wasn’t to gain compensation at 11/10 with Coral. I suppose if there is one niggling concern it would be over how hard a race RIVALS TOILING IN HIS WAKE he had last time, but he has had over three weeks to recover from those exer- tions and seems to take his racing well. Older horses have held the upper Frankie Dettori. like King Of Comedy, he definitely stays hand in this contest in recent years de- JE:7OÊI8?=H79;7JOEHA At just 7/2 with Ladbrokes, though, he and is a bigger price at around 5/1. spite the fact that the three-year-olds re- Going: GOOD 5 3-3134 REGAL REALITY (25) (D) (S,GF) is a little short for my liking for one Stamina is also a concern for Lord ceive a healthy seven pounds weight (8) Sir M Stoute 4-9-6 ...... R Kingscote that still has a bit to prove. Glitters who would be a danger to all if JUDDMONTE INTERNATIONAL allowance. 3.35 ITV Runs: 9 Wins: 3 Places: 1 £216,906 Of the younger generation, I prefer seeing out this new distance. The score currently stands at 16-4 to STAKES (BCS) (GROUP 1) (1) 6 20-737 THUNDERING BLUE(52)(CD)(G,GF,GS) the chances of JAPAN who steps back to My final pick has to be one of the the seniors over the last two decades, £602,543 1m21/2f (3) D Menuisier 6-9-6 ...... J Watson this trip for the first time since being other older horses and it was a close call and the younger generation were well Runs: 25 Wins: 6 Places: 7 £464,834 well beaten in the Dante Stakes here in between Elarqam and REGAL and truly put in their place behind En- 1 443-26 CHEVAL GRAND (25) (D) (F) 7 4-1612 CIRCUS MAXIMUS(21)(B)(D)(HY,GS,G) May. REALITY. able and Crystal Ocean in the King (5) Y Tomomichi (JPN) 7-9-6 ...... O Murphy (6) A P O’Brien (IRE) 3-8-13 ...... D O’Brien The betting told us that he was under- The former brings all important Runs: 30 Wins: 7 Places: 11 £0 George. Runs: 8 Wins: 3 Places: 2 £10,444 cooked that day, but he has since fin- course form to the table and connec- Looking at the market and the next 2 2-1112 CRYSTAL OCEAN(25)(D)(GS,GF,G,S) 8 1-4311 JAPAN (38) (HY,G,GS) ished third in the Investec Derby when tions have supplemented him for this three places in the betting are all three- (4) Sir M Stoute 5-9-6 ...... James Doyle: (7) A P O’Brien (IRE) 3-8-13 ...... R L Moore stepped up in trip and followed that prize. Runs: 16 Wins: 8 Places: 7 £1,833,962 year-olds. Runs: 7 Wins: 4 Places: 1 £75,680 with victories at Royal Ascot and Yet, I have to side with Crystal Ocean’s

King Of Comedy steps up to this trip 3 -41311 ELARQAM (25) (CD) (GS,GF,S) 9 12-112 KING OF COMEDY (64) (GF) Longchamp. stablemate Regal Reality who could eas- for the first time having been a good (2) M Johnston 4-9-6 ...... J Crowley (1) J Gosden 3-8-13 ...... L Dettori His latest win came at Group One ily hit the frame at 33/1. Runs: 11 Wins: 5 Places: 1 £217,421 second to Circus Maximus in the St Runs: 5 Wins: 3 Places: 2 £150,083 level in the Grand Prix de Paris and He was clearly unsuited by the bad 4 6-3015 LORD GLITTERS (21)(C,D)(S,GF,G) James’s Palace at Royal Ascot. 2018: Roaring Lion 3 8 13, Oisin Murphy 3/1 (J Gosden), 8 ran. there is every chance he can improve ground when finishing behind Elar- (9) D O’Meara 6-9-6 ...... D Tudhope He shaped like he was crying out for :BETTING: 5/4 Crystal Ocean, 7/2 King Of Comedy, 11/2 Japan, again. qam here last time and is better judged Runs: 23 Wins: 7 Places: 10 £1,470,547 9 Circus Maximus, 10 Elarqam, 20 Others this sort of distance and there isn’t a Whether he wants the step back down on his good third to Enable on a sound jockey riding better than his pilot in trip remains open to debate but, un- surface in the Coral-Eclipse. CITYAM.COM WEDNESDAY 21 AUGUST 2019 PUNTER 19

Bill Esdaile previews the rest of today’s action at York Hills to land third Acomb with a little bit of Persuasion

E’VE seen it all before Also lining up is Harpocrates, sec- with Charlie Hills’ run- ond on his most recent start, who ners in this afternoon’s boasts a fifth in the Listed Chesham WAcomb Stakes (2.25pm). Stakes at Royal Ascot won by the best Persuasion (second Both Dutch Connection two-year-old we’ve seen this season, from right) caught (2014) and Phoenix Of Spain (2018) Pinatubo. the eye on debut at made the 400-mile round trip from This is clearly a very strong renewal Glorious Goodwood Lambourn to York worthwhile by of the Acomb and my selection has a landing this Group Three prize and lot more on his plate this time, but Hills looks to have every chance of there was enough to like about his should be hard to beat, with the big- impressive in the Great St Wilfrid and to his old self when a good fifth in the adding another with PERSUASION. debut to suggest he could be a proper race jockey set to do the steering once will surely go close under a penalty, Stewards’ Cup at Goodwood last time. Overlooked by most at 16/1 on his Group horse. again. but connections have said he is hap- He’s been dropped a pound for that debut at Goodwood three weeks ago, There’s no chance of getting any However, this represents a signifi- pier on a softer surface, so given that’s run and has shown his liking for this the son of Acclamation travelled fancy double-figure prices again but cant step up in class against more bat- unlikely, as well as the fact he’s only type of race at York before with a smoothly and showed a great turn of he still looks a nice bet at 4/1 with tle-hardened horses. 9/2 with Coral, I’m prepared to take number of good performances. foot to win by half a length despite Coral. The first and second home in the him on. A mark of 96 looks very fair given he getting off to a slow start. The Group Two Great Voltigeur Group Three Gordon Stakes, Nayef There’s obviously plenty in with finished second in the 2018 Stewards’ Mambo Nights, six lengths back in Stakes (3.00pm) looks like Logician’s Road and Constantinople, have some chances in what looks a typically com- Cup off 5lbs higher, while the book- sixth that day, has since given to lose but it’s hard to get excited at very solid form in the book and will petitive York handicap, but only a few ing of James Doyle catches the eye. grounds for optimism over that piece just 5/4. make Logician work hard. have good form at the track. of form having finished a neck second The unbeaten son of Frankel has The Sky Bet And Symphony Group Declan Carroll’s JUSTANOTHERBOT- in a Newbury maiden last week. gone from strength to strength this Handicap (1.55pm) kicks off the meet- TLE is one of those and he looks a POINTERS Admittedly, dangers lurk wherever season and couldn’t have been much ing and Dakota Gold will be hard to solid each-way bet at 12/1. you look in a race like this, with seven more impressive under Frankie Det- beat if repeating his effort from the The son of Intense Focus didn’t show Justanotherbottle e/w 1.55pm York of the other nine runners winning tori at Newbury last time out. weekend. his best on his first two starts this sea- Persuasion 2.25pm York last time out. He’s had a nice break since and Michael Dods’ five-year-old was very son but showed signs of coming back Carnwennan set to prove Charlie is a very good Fellowes N ANY normal year plenty of the I’m sure Karen McLintock would of success on the Knavesmire and taking the Northumberland Vase at season, but he has been running Irunners in this afternoon’s 2m½f have been aiming Dubawi Fifty at I’m hoping his CARNWENNAN can Newcastle and I’m convinced he is over 1m4f and will appreciate this Sky Bet Handicap (4.15pm) would the Ebor, but he was disappointing bounce back after not handling the better than his mark of 94. step up in trip. be lining up in Saturday’s Ebor, but at Goodwood and didn’t pick up soft ground in Newbury’s Marsh He looks a good bet at 15/2 with with £1 million up for grabs in the the penalty he needed to sneak in. Cup last month. Ladbrokes. @BillEsdaile big one the complexion of that race Frankie Dettori is an interesting Prior to that he was highly At a massive 16/1, I will also be has completely changed. jockey booking and you’d certainly progressive, rattling off a quickfire backing BLAKENEY POINT who was POINTERS It is now more like a British expect York to suit better than hat-trick which started with an fifth in the Ebor 12 months ago off version of the Melbourne Cup and Goodwood, but I’m prepared to impressive win over course and a 6lb higher mark. Carnwennan e/w 4.15pm York if you are not rated in the take him on off top-weight. distance in May. Roger Charlton’s six-year-old Blakeney Point e/w 4.15pm York hundreds you can forget about it. Charlie Fellowes has had plenty He was particularly good when hasn’t been in great form this 20 SPORT WEDNESDAY 21 AUGUST 2019 CITYAM.COM THE PUNTER Bill Esdaile picks his best bets for the midweek SPORT racing at York PAGES 18-19 OUT OF ACTION Australia batsman Smith to miss third Ashes Test with concussion SPORT DIGEST COACH ROBINSON ENDS FOUR YEARS AT ENGLAND £ Mark Robinson has stepped down as head coach of England Women after suffering defeat in the Ashes to Australia. Robinson took over in November 2015 and guided England to victory in the 2017 Women’s World Cup, as well as to the final of the Women’s Twenty20 World Cup last year. But the 52-year-old leaves after overseeing a crushing 12-4 loss in a home Ashes series this summer. VUNIPOLA READY TO MAKE RETURN AGAINST IRELAND £ Prop Mako Vunipola looks set to make his long-awaited return from injury in England’s World Cup warm- up match against Ireland at Twickenham on Saturday. Vunipola, 28, has recovered after undergoing surgery on a hamstring tear suffered in Champions Cup final against Leinster in May. “I’m excited if I do get the chance to be out there and experience it all once again,” he said. NEVILLE: BOYCOTT SOCIAL MEDIA TO STOP ABUSE £ Phil Neville has called on footballers to boycott social media for six months to combat the rise in online racist abuse. Paul Pogba was the latest player to suffer abuse after seeing his penalty saved in Manchester United’s draw with Wolves on Monday. “Six months – let’s come off social media,” said Neville, England Women manager. “Let’s see the effect that it has on these social media companies.” LEADERS ESSEX SKITTLE KENT FOR 40 TO SEAL WIN £ County Championship leaders Essex bowled Kent out for 40 on the way to claiming a three-wicket win yesterday. Sam Cook took career- best figures of 7-23 before Essex Australia will be without Steve Smith for the third Ashes Test against England after the batsmen was ruled out with concussion. Smith was struck on the neck by a 92mph chased 153 to extend their lead at bouncer from Jofra Archer at Lord’s, and although he returned to finish his innings, he was later replaced by a concussion substitute and will now sit out of the Headingley Test, the top of Division One. Second- which starts tomorrow. “It was really a no-brainer,” Australia head coach Justin Langer said. “He felt a bit better yesterday but he is not going to have time enough to tick off placed Somerset require 250 runs everything he needs to do to be ready to play.” Marnus Labuschagne, who made 59 to secure Australia a draw after replacing Smith at Lord’s, is in line to start in Leeds. England today to beat Warwickshire after have named an unchanged 12-man squad, with Sam Curran the only potential change, and head coach Trevor Bayliss hinting that the batting order would remain the same. they ended day three on 8-0. BOLD ARSENAL CATCH EYE

S THEY have stagnated and someone like Shkodran Mustafi. good he is. Few players in ing good in August and another thing drifted towards mediocrity FOOTBALL Emery is clearly a very good the league have the speed when you get to wet Tuesday nights at in recent seasons it has be- COMMENT manager but he has needed to set- of feet and thought, or Bournemouth. Acome increasingly difficult tle in at Arsenal. Even Pep the ability to throw I really liked Lucas Torreira last term to see what would make Ar- Guardiola struggled to realise their centre of gravity but he found that he couldn’t keep up senal a standout team again, one with Trevor his vision in his first year at as he did to turn and his performances for a whole season. obvious strengths like Manchester Steven Manchester City. A season in, he squeeze the ball home. Will Ceballos be able to? We have seen City, Liverpool and Tottenham. now knows the club better, what Add the energy of Arsenal start well before and fade, al- But of the clubs currently near the he can do and what he can’t. Like youngsters Reiss beit not lately. top of the Premier League, it has been Guardiola, he has had a Nelson and Joe Emery’s challenge is keeping them Unai Emery’s Gunners whose start to to his season-long loan from Real chance to refresh a squad Willock, and going and they have a testing trip to the new campaign has caught my eye Madrid, bringing that much-needed that he largely inherited. what’s to come Anfield to face Liverpool on Saturday. the most. boldness to bear in Saturday’s 2-1 win Arsenal have been brave from new sign- This is where the former Paris Saint- There is the feel of a fresh start at over Burnley. in the transfer ings Nicolas Germain and Sevilla coach’s experi- Emirates Stadium, with Aaron Ram- market and the Pepe and ence and tactical understanding sey’s exit symbolic of the end of the BRAVE result is that Kieran Tierney, comes in. old guard. Emery appears to have But it’s the signing of centre-back Luiz they now and Emery If he can, I fancy him to lead them tried to improve the personality of his from Chelsea that really fascinates have a strong could have a back into the Champions League. team and acknowledged that he me. He has been there, done it, been spine. Aside very effective With Manchester United looking like won’t win anything without bolder criticised, answered his critics, gone from Ceballos recipe. they will be erratic and Chelsea in players. So in has come a new wave away, come back and won again. and Luiz, they have danger of struggling, I can see Arsenal headed by Dani Ceballos and David He has been widely mocked and yes, a good goalkeeper in VYING WITH vying with Spurs to be the closest Luiz and, with them, an injection of he can switch off at times, but he is Bernd Leno and top strik- SPURS team to City and Liverpool. some of the club’s lost joie de vivre. still a very strong Premier League ers in Alexandre Lacazette Of course, this is Ceballos looks really energetic, skil- player who offers something differ- and Pierre-Emerick based on what I have Trevor Steven is a former England ful, combative and inventive. The ent. Good on the ball, he plays the Aubameyang. seen in the first two footballer who has played at two World Spanish midfielder has everything in Brazilian way, with a confidence that Lacazette’s goal against weeks of the season. Cups and two European Championships. his locker and has made a strong start is in stark contrast to the rigidity of Burnley showed just how It’s all very well look- @TrevorSteven63