BUSINESS WITH PERSONALITY ALL THAT GLITTERS? WHY CRYPTO A.M. AWARDS MEET THE FINALISTS GOLD IS SET TO SHINE IN AN IN OUR INAUGURAL 2020 UNCERTAIN MARKET P20 AWARDS LINE-UP P12–13 WEDNESDAY 19 FEBRUARY 2020 ISSUE 3,559 CITYAM.COM FREE

Jobs figures quieten calls for rate cut JAMES BOOTH @Jamesdbooth1 STRONG UK jobs figures released yesterday are likely to bolster the case for the Bank of England (BoE) to hold interest rates steady next month, economists said. A total of 180,000 people entered the workforce between October and December 2019, the Office for National Statistics said, as it also revealed that real earnings finally crept above their pre-crisis high in 2008. That took the number of employed people to a new AXE TO FALL AT record high of 76.5 per cent, 0.4 percentage points higher than the previous quarter. The unemployment rate of 3.8 per cent remained at its joint-lowest level since 1975. However, wage growth slowed to 2.9 per cent, the CANARY WHARF HQ weakest gain since the three ANNA MENIN giant yesterday announced plans across the entire group. a revised plan to increase returns months to August 2018. @annafmenin to shed $100bn (£77bn) of assets Under the plans, the lender will for investors,” which he said would Investec’s Victoria Clarke and cut annual costs by $4.5bn in merge its private banking and be executed “at pace”. said the data “is likely to leave HSBC is set to make “meaningful” the next three years. wealth management divisions, HSBC has struggled to keep up the Monetary Policy job cuts that will hit the firm’s The restructuring will go ahead axe European stock trading, with leaner and more focused Committee sitting relatively investment bank and senior despite the fact the banking giant and slash US retail branches by competitors in recent years, comfortably in... pause mode”. management ranks in Canary still has no permanent chief almost a third. and is grappling with a host of Monex analyst Ranko Berich Wharf as part of a global cull. executive, a situation one analyst HSBC did not announce a global challenges. said a rate cut was unlikely to The firm yesterday confirmed it described as “perverse”. headcount reduction target, but Under the plan, unveiled happen unless “the burst plans to slash around 35,000 jobs “There will be meaningful job interim chief executive Noel Quinn alongside its annual results, the of business optimism seen at worldwide as part of a radical cuts in the UK,” said chief financial told reporters: “We would expect lender will try to cut costs at the the start of the year suddenly strategy overhaul, with the officer Ewen Stevenson. our 235,000 staff to be closer to top by combining oversight of evaporated.” bank’s London headquarters in He said headcount reductions 200,000 by 2022”. different divisions and Fidelity’s Tom Stevenson the crosshairs. would also be made across HSBC’s “Parts of our business are not geographical areas into fewer roles. said that with chancellor In its most drastic overhaul since divisions in Europe and the US, as delivering acceptable returns,” said Rishi Sunak under pressure to the financial crisis, the banking well as a broader cost-cutting plan Quinn. “We are therefore outlining £ CONTINUES ON P5 spend, the Bank was likely to remain “sitting on its hands”. Bailey floats London 2020 if coronavirus outbreak disrupts the Tokyo Olympics EXCLUSIVE Sadiq Khan added London would “Given the ongoing disruption celebration again, if we are called Olympic Committee said there was ANDY SILVESTER “step up to the plate” if asked. caused by the coronavirus on in an hour of need.” no “plan B” but remained @silvesterldn The jamboree is due to begin in outbreak, I urge the Olympic Former sports minister Tracey confident the games would start Tokyo in July, but sporting events Committee to seriously consider Crouch said it would be “perfectly on time. CONSERVATIVE mayoral candidate across Asia — including the Tokyo how London could stand ready to possible with a touch of creative A spokesman for Khan told City Shaun Bailey has said the Summer marathon and the Chinese Grand host the Olympics should the need thinking” to host the event. A.M.: “Everyone is working towards Olympics and Paralympics could be Prix — have been disrupted or arise,” Bailey said. “Most of the infrastructure is what will be a fantastic Tokyo hosted in London if the Games are cancelled as a result of the Covid- “We have the infrastructure and already in place and ready to go; Games. In the unlikely event that it forced to move due to the 19 virus. The disruption has the experience, and if I am elected and it doesn’t all need to be in be required, London, as it has done coronavirus outbreak. prompted fears that the Olympics I will make sure London is ready to London,” she added. throughout history, will do its best A spokesman for current mayor could also fall foul of the outbreak. host the biggest sporting Last week the International to step up to the plate.”

FTSE 100 ▼ 7,382.01 -51.24 FTSE 250 ▼ 21,678.46 -147.88 DOW ▼ 29,232.19 -165.89 NASDAQ ▲ 9,732.74 +1.57 £/$ ▲ 1.302 +0.001 £/€ ▲ 1.204 +0.003 €/$ ▼ 1.082 -0.002 02 NEWS WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM

SHIVER ME TIMBERS Wooden high-rises underway in British Columbia as Canada rolls out new plans for timber skyscrapers THE CITY VIEW Reforms leave a large question unanswered

OEL Quinn may only be an interim chief executive at HSBC but there’s nothing temporary about the sweeping Nchanges he announced yesterday. The dramatic reduction in headcount goes further than the 10,000 figure he floated in October last year, when he said “there is scope throughout the bank to clarify and simplify roles.” Now we have a clear and simple figure: 35,000 jobs will go by 2022 — with the axe poised above the bank’s Canary Wharf tower and the investment banking operation. HSBC has 235,000 employees around the world and cites a staff turnover of around 25,000 a year. Some of the cuts will come by not filling vacated roles, but there will also be a significant cull — something likely to weigh on the minds of the bank’s London staff as well as those in the WORKERS at a mass-timber construction site in north Vancouver nailed in Canada’s nationwide project to build more wooden troubled US retail operation. There’s also an expectation that, in high rises, as the country’s federal building code is set to allow buildings made of wood to reach heights of up to 12 storeys. time, technology will take on a Vancouver has unveiled plans for a 40-storey Canada Earth Tower that would be the world’s tallest wooden building if approved. larger amount of the work currently performed by humans. The bank is far from alone in struggling to hold its Many in the City were own against US investment bemused that HSBC’s banking giants and, given Asia Government’s work visa now accounts for around half announcements of its revenue (and the lion’s didn’t include share of its profits) the pivot confirmation of a east makes clear commercial new CEO overhaul irks businesses sense. Put simply, “the world’s local bank” is going to look a bit more regional in the years ahead. Analysts were, on the whole, supportive of the measures CATHERINE NEILAN salary and skills thresholds have been announced by Quinn. His strategy goes far beyond tinkering and WORK VISA SYSTEM: @CatNeilan lowered — from an average of £30,000 could go some way to addressing one of HSBC’s longstanding WHAT’S CHANGING? to £25,600, and from graduate to A issues: its sprawling bureaucracy. Veteran City-watcher David EMPLOYER groups are already pushing Level equivalent, so that industries back after being warned that the UK’s such as construction don’t suffer a Buik described the bank as “gargantuan and unwieldy” in a note new work visa system will not be “busi- £ The UK’s points-based system sudden skills gap. yesterday, and Quinn would probably agree. However, bringing ness as usual” . will be introduced from 2021 The system will also allow migrants clarity to the organisation should start with the top job, and British Chambers of Commerce head £ The system expands the current to “trade” points so that workers in many in the City were bemused that yesterday’s announcements Adam Marshall last night warned that point-based work visa system used areas where there is a shortage — such the UK’s “critical labour shortages” for non-EU workers to all countries. as nurses — could qualify for a work didn’t include ditching the word interim from Quinn’s title. meant businesses still need access to £ Applicants must gain 70 points visa even on a lower salary. Colin McLean of SVM Asset Management said the current workers at all skill levels, while the visa £ Skilled workers’ salaries must be The government is keen to move arrangement “puzzles the market” while Goodbody analyst John application process needed to be “rad- the higher of £25,600 or the going away from businesses being “reliant ically simplified”. rate for their occupation. on cheap EU labour”, one government Cronin went further, saying he was “staggered” Quinn wasn’t Home secretary Priti Patel will today £ Skills threshold will be dropped official said, meaning hospitality staff, confirmed in the chief executive role. Officially, HSBC aims to add more detail to plans for expanding from graduate to A level-equivalent factory workers and cleaners will make a permanent appointment within the next six to 12 the points-based work visa system to £ All applicants must have a job no longer be able to work in the UK, months, but given the scale of the reforms announced yesterday, include EU migrant workers — which offer, be at this skill level and speak unless they have settled status. “Busi- will replace freedom of movement — English; all three count for 50 out of nesses will now need to invest in tech- and the scale of the challenges still facing the bank, investors from 1 January 2021. The government the total 70 required points nology and invest in staff,” they added. will be hoping for a decision long before then. argues it will reduce overall net migra- £ Extra points go to those applying Firms would have “a period of transi- tion by preventing firms from hiring for shortage job roles, or with PhDs tion” to get used to the new system — low-skilled workers from the EU. but the changes would come in from Follow us on Twitter @cityam Under the new system, qualifying the end of this year, the official said.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL RUSSIA ORDERED TO PAY WHAT THE BANK SPEECH WAS LEAKED BP UNDER PRESSURE FROM PG&E REPORTS $3.6BN LOSS $50BN TO EX-YUKOS OWNERS OTHER TO MARKET TRADER US OVER ROSNEFT STAKE FOR THE FOURTH QUARTER Russia has been ordered to pay $50bn A market-moving speech by the Bank of Oil giant BP is under growing pressure Pacific, Gas and Electric (PG&E) (£38.5bn) to the former owners of PAPERS SAY England deputy governor was sent to a over its stake in Rosneft after the US yesterday reported a $3.6bn (£2.8bn) Yukos, after a Dutch appeals court foreign exchange trader more than an slapped sanctions on the Russian fourth-quarter loss as it continued to overturned a previous ruling, in the THIS hour before it was delivered, it can be company for allegedly propping up the settle investigations and claims related latest twist in a 15-year legal battle over revealed, highlighting the scale of a Venezuelan regime. London-listed BP to California wildfires. The San the break-up of what was the country’s MORNING security breach at the institution. owns nearly 20 per cent of state-owned Francisco-based utility firm, which filed biggest oil company. The decision by Market news provider Livesquawk used Rosneft. for bankruptcy protection last year due yesterday reinstates the world’s largest a Skype chat to post a speech by Ben to billions in wildfire-related claims, arbitration award, after former Broadbent to a market trader. FOREIGN AID PAPER CAUSES reported a full-year loss of $7.7bn. shareholders claimed that Yukos was STORM AT IRKS WORLD BANK illegally expropriated by the Russian EUGENICS ROW DOWNING ST A study into large-scale corruption and BED BATH & BEYOND LAYS state following the jailing of its former ADVISER ‘WAS NOT VETTED’ international aid commissioned by the OUT REJUVENATION PLANS chief executive Mikhail Khodorkovsky. power-generating kites company Andrew Sabisky, the Downing Street World Bank came to light yesterday, Bed Bath & Beyond’s new chief Makani, the first closure of a so-called adviser who stepped down over his revealing that as much as one-sixth of executive, Mark Tritton, laid out his ALPHABET SHUTS ITS POWER moonshot project since founders Larry comments on eugenics, was not vetted all international aid sent to the most vision for remaking the troubled retailer KITES MOONSHOT PROJECT Page and Sergey Brin stepped back and attended meetings with senior impoverished countries in the world yesterday, including a large-scale plan Google-parent Alphabet is shutting its from management in December. defence officials and Boris Johnson. ends up in tax havens. to declutter the homeware stores. CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 NEWS 03 IN BRIEF FASHION VICTIM Laura Ashley’s shares ALL BEALES SET TO CLOSE AS NO BUYERS FOUND tumble as emergency loan talks continue Department store chain Beales is Apple virus fear preparing to shutter all of its stores after administrators were unable to find a buyer for the business, the firm said yesterday. KPMG said it will “continue discussions with a number of interested parties for a takes a bite out sale of the business as a going concern” but has begun preparing the remaining 11 stores for closure. HUAWEI: HSBC LET OFF WRONGDOING BY THE US of kit suppliers US prosecutors overlooked violations of US sanctions against Iran by HSBC in exchange for JAMES WARRINGTON Electronics and Dialog Semiconductor cooperation with an investigation closed down 1.21 per cent and 4.46 per into Huawei, lawyers for the Chinese @j_a_warrington cent respectively, while Asian supplier firm said. “The government agreed SHARES in Apple slipped 1.8 per cent Foxconn slipped marginally. SHARES in struggling high street retailer Laura Ashley tumbled a further 23 per cent to overlook HSBC’s continued yesterday while its suppliers around “Widespread shutdowns in the yesterday, after a drop of more than 40 per cent on Monday. The retailer’s owner is in misconduct,” Huawei’s lawyers wrote the globe were dragged into the red Chinese provinces that have been talks with lenders over access to a £20m lifeline to keep the fashion brand trading. in a letter seen by Reuters. after the tech giant warned the coron- worst hit by the epidemic have caused Meanwhile in exchange “HSBC avirus outbreak would impact its a serious disruption to supply chains, agreed to cooperate with the quarterly targets. creating shortages of parts and com- government’s efforts to depict The iPhone maker on Monday night ponents for companies globally,” said Huawei as the mastermind of HSBC’s told investors that it would not meet Raffi Boyadjian, senior investment sanctions violations,” they wrote. its revenue forecast of between $63bn analyst at XM. Knowledge of financial markets (£48bn) and $67bn for the three “With stock markets around the JLR HIT BY CORONAVIRUS months to the end of March. world currently riding high near PARTS SHORTAGE The shock warning took its toll on record levels, the risk of a sharp cor- not essential for new FCA boss Jaguar Land Rover (JLR) warned Apple’s global suppliers as the Silicon rection is rising as the virus impact yesterday it had enough parts for Valley tech giant acknowledged that becomes more evident and more com- JAMES BOOTH Andrew Bailey is joining the Bank of just two more weeks amid worries the coronavirus was putting pressure panies lower earnings guidance.” England next month to replace Mark about the impact of coronavirus on on its supply chain. The bearish mood hit Europe’s @Jamesdbooth1 Carney as governor. its supply chain. The car maker said A raft of suppliers including Taiwan major indexes, which all closed lower THE CITY watchdog yesterday Bailey has received criticism for it had been flying in parts from Semiconductor, Qualcomm, Intel, as investors reacted to signs that coro- published an advert for its top job, scandals such as the collapse of mini- China in suitcases to keep Broadcom, Texas Instruments, Micron navirus could impact markets outside listing familiarity with the workings bond firm London Capital & Finance production in the UK going. “We are Technology, Microchip Technology China. The FTSE 100 closed down 0.69 of financial services and markets as on his watch as FCA chief executive. safe for this week and we are safe and Qorvo all fell between 0.7 per cent per cent, while Germany’s Dax and “desirable” but not essential. The new boss will need to provide for next week and in the third week and 2.9 per cent. France’s Cac 40 dropped 0.68 per cent Outgoing Financial Conduct “strong leadership in a challenging we have … parts missing,” chief European chipmakers STM and 0.34 per cent respectively. Authority (FCA) chief executive environment,” the advert said. executive Ralf Speth said. EXPERIENCE ELECTRIC ACCELERATION IN OUR MUSTANG MACH-E LAUNCH SIMULATOR FREE ENTRY MARBLE ARCH 14-21 FEBRUARY

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WHAT’S THE BEEF? Igloo tells staff they US firm to pump must go meat-free to expense their meals HSBC boss hire EMPLOYEES of delay continues property firm Igloo Regeneration have been told they must go to confuse City vegetarian in order to £150m into UK’s CONTINUED FROM FRONT PAGE expense all meals — from lunches to corporate dinners. The Its investment banking division, 30 members of staff at which has underperformed its the firm voted in counterparts in recent years, is a biggest film hub favour of the change particular focus for cuts. after the company’s The unit recorded a nine per cent value team lead drop in profit for 2019. suggested the idea as a Overall, HSBC’s pre-tax profit for JAMES WARRINGTON by an American studio. Atlanta-based way of reducing Igloo’s the year slumped 33 per cent to Blackhall has previously worked with carbon footprint. $13.3bn, while revenue rose four @j_a_warrington studios such as Disney, Universal and per cent. A US-BASED film company today Warner Bros. Jeffries analysts said the bank’s unveiled plans to create the UK’s The UK’s film industry is currently overhaul plan “looks ambitious and largest purpose-built studio complex cashing in on booming demand for very credible,” while Barclays said as the British film industry’s gold new production space as broadcast- it seemed to be “running hard to rush shows no signs of ers and streaming firms battle stand still on restructuring”. abating. it out to create new content. JP Morgan shakes up leadership Quinn’s strategy forms a Blackhall Studios has Sky has announced significant part of the HSBC inked a £150m deal with plans to build a 32-acre veteran’s audition to take on the the University of team of investment banking arm top job permanently. He has served Reading to build 1m Blackhall’s previous as interim chief since former boss square feet of sound productions include ANNA MENIN amid stiff competition from rival John Flint was ousted last summer, stages and digital pro- Jumanji: The Next Level boutique firms. with the bank yet to confirm a duction facilities on the @annafmenin JP Morgan named Viswas permanent successor. outskirts of Reading. production complex in JP MORGAN is reshuffling the senior Raghavan and James Casey as global “It seems perverse that the The new complex, set to Elstree, while Netflix and management of its investment bank, co-heads of its investment bank. business currently has an interim open in 2022, is expected to Disney have both signed naming two new global co-heads and Both will report to JP Morgan’s head chief executive in charge... just create up to 3,000 new jobs in deals to take over existing space shifting other executives into roles of global banking Carlos Hernandez, when it is launching a major the surrounding area, including 1,500 at Shepperton and Pinewood Studios. focused on bringing in business. who is in turn taking up a new restructuring,” said AJ Bell at the studio site. Blackhall said the UK trade secretary Liz Truss hailed The investment banking giant has position as executive chair of global investment director Russ Mould. venture will create £500m of inward the deal and said it demonstrated the launched a sweeping reshuffle of investment banking. Hernandez will HSBC chairman Mark Tucker investment to the UK each year. strength of the UK-US trading rela- top employees in an attempt to oversee a new executive committee yesterday insisted that the selection The plans mark the first major tionship and was a “strong endorse- promote the next generation of of global chairs, which will be process was independent of the investment in Britain’s film industry ment of our creative industry.” talent while retaining senior staff focused on winning new business. strategic changes.

CLINICAL German health firm enters race Remortgage lending jumps as owners for celebrity rehab specialist Priory Group get stuck into DIY home improvement JESS CLARK The average additional amount times with homeowners raising borrowed in the month was £50,702, money for home improvements and @jclarkjourno according to the latest figures extensions rather than paying the THE NUMBER of homeowners published yesterday by UK Finance. high cost of moving.” remortgaging their properties to There was a 0.5 per cent slump in There were 29,400 home mover access additional cash jumped in the number of remortgages with mortgages completed in December December, as Brits took advantage of no additional borrowing, which fell last year, a jump of 3.2 per cent low interest rates to invest in home to 16,490. compared to 2018, demonstrating improvements. Gareth Lewis, commercial director the “resilience” of the housing Remortgages with additional of property lender MT Finance, said: market. Meanwhile, the number of borrowing increased 5.9 per cent at “Far preferable to do this on a cheap new first-time buyer mortgages A GERMAN healthcare firm backed by private equity giant Carlyle is entering the race the end of last year as homeowners mortgage rather than an expensive completed in the month rose 0.3 per to buy rehab specialist Priory Group for roughly £1.2bn. City A.M. understands that borrowed money for DIY projects. credit card. It is also a sign of the cent year on year. Schoen Klinik is among bidders circling Priory’s US owner Acadia Healthcare. 06 NEWS WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM

THINK OUTSIDE THE BOX Jaguar Land Glencore swings Rover unveils futuristic electric box car Mobile provider Three chooses to $400m loss Cityfibre for 5G JAMES WARRINGTON @j_a_warrington MOBILE operator Three yesterday said it had chosen challenger on writedowns broadband firm Cityfibre to help build its 5G network. The deal means Cityfibre will be EDWARD THICKNESSE announce that the firm was working Three’s preferred provider of on refreshing its leadership team digital infrastructure for its @edthicknesse with some younger figures. network outside London. GLENCORE posted a net loss for the Glasenberg said: “There will be a few JAGUAR Land Rover yesterday unveiled its latest answer to electric car demand with The first phase of the agreement first time in four years after the senior management changes coming. its new Project Vector car. The box-like vehicle, which has been in secret development will connect the mobile company’s firm was hit $2.8bn (£2.15bn) of Once the new generation is in place for several years, will feature sliding doors and removable chairs to maximise space. 5G network in 23 cities where the impairment charges on assets in the and ready to move on, then it will also broadband company provides full- Democratic Republic of Congo, Zam- be the time for me to move on.” fibre by the end of the year. bia and Colombia. The firm also said that it would cut Three is the last of the UK’s four The Swiss firm posted a loss of scope three emissions from its opera- major mobile operators to roll out $404m, a swing from a profit of tions by 30 per cent by 2035. the next-generation mobile $3.4bn in 2018. The commodities Shares in the firm fell 4.5 per cent to Campaigners question if Airbus network for consumers. The firm giant also warned that it was “closely 226.1p yesterday. was due to set up 5G in 25 locations watching” the impact of the coron- by the end of 2019, but was forced avirus on global markets. GLENCORE to push back its plans after the 18 Feb underpaid in €3.6bn plea deal Although earnings fell to $11.6bn P rollout proved more complicated from $15.8bn in 2018, Glencore still 245 226.10 JAMES BOOTH Osofsky yesterday querying if last than expected. beat analyst expectations, which had month’s settlement accounted for However, the tie-up comes as a predicted a take of $11.2bn, after a 240 @Jamesdbooth1 the profits Airbus made via bribery. major boost to Cityfibre, which last year in which the firm was beset by a 235 CAMPAIGNERS questioned the “We would be concerned if the month bought Talktalk’s raft of challenges including investiga- Serious Fraud Office (SFO) yesterday SFO... were not ensuring that the full Fibrenation division for £200m. tions from the Serious Fraud Office 230 on whether Airbus had underpaid in extent of the wrongdoing and the While full-fibre is most often and the US Department of Justice. its €3.6bn (£3bn) bribery settlement. full profit derived from this is associated with broadband, the 225 Chief executive Ivan Glasenberg, Transparency International and identified,” the letter said. network is also crucial for carrying who is said to be considering stepping Spotlight on Corruption wrote to The SFO said the fine was “fair, mobile data to 5G cell sites, which down soon, used the results to 12 Feb13 Feb 14 Feb 17 Feb 18 Feb Serious Fraud Office (SFO) boss Lisa reasonable and proportionate”. then connect to mobile devices.

THE FAMOUS FIVE ©2020, Hodder & Stoughton Limited. All rights reserved. Based on fastest weekday train between London Paddington and Bristol Parkway in Jan 2020 (departing 09:15, arriving 10:23). Saving based on comparison with fastest equivalent journey in Jan 2019 (departing 08:45, arriving 10:05). Based on 2019/20 Winter timetable. Correct as of 7/1/2020. Journey times may vary due to unforeseen disruptions. Visit GWR.com for full terms and conditions. CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 NEWS 07 IN BRIEF OFF THE HOOK Trump pardons junk bond UNION SLAMS AMAZON OVER WORKER INJURIES king Milken after high profile interventions More than 600 serious injuries and Sunak sticks to near misses have been logged at US PRESIDENT Donald Amazon warehouses in the past Trump yesterday granted three years, according to GMB clemency to the so-called Union. Between 2016/17 and junk bond king Michael 2018/19 a total of 622 reports have Milken (pictured), among a been made from Amazon Budget date but spate of pardons. Milken, 73, warehouses to the Health and was sentenced in 1990 to 10 Safety Executive, the union said, as years in prison after it called for a parliamentary inquiry pleading guilty to fraud and into Amazon’s working conditions. racketeering charges — of However, Amazon insisted it is a safe which he ultimately served place to work, saying critics “seem mulls tax tweak only 22 months. His pardon determined to paint a false picture was backed by a number of of what it’s like to work for Amazon”. high-profile figures, CATHERINE NEILAN IR35 CHANGES including media baron SPAIN APPROVES NEW DIGITAL SERVICES TAX @CatNeilan The business community continues to Rupert Murdoch and lobby Sunak to suspend the rollout of Carlyle Group chairman Spain’s government yesterday NEW CHANCELLOR Rishi Sunak will IR35, the new tax regulations for the David Rubenstein. approved a digital services tax that meet the Prime Minister today, as the self-employed. will hit major tech giants such as pair thrash out the details of next Facebook and Google. The levy will month’s Budget. PENSION TAX RELIEF REFORM impose a three per cent tax on Sunak, who was parachuted into the Sunak’s predecessor Sajid Javid’s pro- earnings of large web companies role last Thursday after Sajid Javid’s posed cuts to pension tax relief for that generate global revenues of surprise resignation, confirmed yes- higher earners — equally unpopular more than €750m (£622m) per year terday the Budget will go ahead on 11 to heartland voters — may also be and more than €3m in Spain. It March. The change of chancellor has ditched before the big day. EU hints at Elgin Marbles’ return follows a similar move from France thrown into doubt whether mooted that prompted threats of retaliation fiscal changes and tax tinkering will MANSION TAX by the US. come to fruition. Here are things The touted mansion tax is amid ongoing Brexit trade talks to keep an eye on on the big day: thought to have been disbanded FRANKLIN TEMPLETON TO even before Javid’s resignation, CATHERINE NEILAN Barnier is expected to use when talks BUY RIVAL LEGG MASON AIR PASSENGER DUTY after sparking fury among @CatNeilan resume next week, the EU Council Franklin Templeton is set to acquire Sunak is reportedly mulling a backbench Tories. A planned yesterday made clear that it expects a rival asset manager Legg Mason in U-turn on the controversial revaluation of homes, resulting THE EU is fighting back over level-playing field — meaning rules the latest sign of consolidation in overhaul of air passenger duty, in higher council tax bills for Downing Street’s rejection of so- around competition, state aid and the asset management industry. the reduction of which potentially millions of people, is called level-playing field rules — and tax among others — that will “stand The investment manager yesterday was seen as a bid to thought to have been parked. hinted that it may call for “cultural the test of time”. It also called for announced that it had entered into help embattled objects” to be removed from the UK. “the return or the restitution of an agreement to acquire Legg airline Flybe stay Rishi Sunak was named In a revised version of the unlawfully removed cultural objects Mason for $50 per share in an all- solvent. chancellor last week negotiating mandate that Michel to their countries of origin”. cash transaction of $4.5bn (£3.5bn).

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BRIGHT LIGHTS Ocean Outdoor increases revenue amid strong European expansion City watchdog Asda sales slide warns investors due to cautious over risky buys ANNA MENIN @annafmenin RETAIL investors are being pushed into purchasing higher risk festive gifting MEDIA company Ocean Outdoor’s products that expose them to more acquisition strategy and expansion into six risk than they can afford, the new countries last year has paid off as the Financial Conduct Authority (FCA) JESS CLARK Asda said it would continue to sign firm yesterday posted a double-digit rise in has warned. @jclarkjourno up in-store partners throughout the revenue. The group, which recently In its annual report on the areas year, following trials with Sushi Daily extended its contract with Piccadilly Lights, that could harm consumers, the ASDA sales slumped over the crucial and Claire’s Accessories in a number said revenue increased 13.5 per cent to City watchdog said that the sale of festive trading period due to “cau- of stores. £141.3m over the last year. “unsuitable or fraudulent tious” consumer spending, as shop- Burnley said: “We know that our cus- products” represents the most pers reined in their Christmas lists. tomers mind sets during the quarter significant harm in the retail The supermarket giant yesterday were cautious.” investment sector. But the FCA said said like-for-like sales excluding petrol “Whilst customers were enthusiastic yesterday that some of the highest dropped 1.3 per cent in the three for Christmas, they were more risk products are offered by months to the end of December. mindful in their spending — with companies that are not regulated, The sales drop was driven by many choosing to pare back gift Intercontinental Hotels’ Hong while others are being marketed by “challenging market conditions”, lists and focus presents on kids firms that are only regulated for particularly in Asda’s clothing rather than adults and extended fami- other activities. division George. ly,” he added. Kong sites suffer under protests There has been a series of Asda boss Roger Burnley also said Other major UK supermarkets were regulatory clampdowns on high- shoppers were holding back on also affected by challenging trading ANNA MENIN risk investments in the wake of buying presents for adults and extend- conditions. Tesco’s UK and Ireland @annafmenin hotels in greater China under scandals including the collapse of ed family, focusing instead on like-for-like sales jumped 0.4 per cent various brands, said comparable London Capital & Finance (LCF). children’s gifts. However, the in the 19 weeks to 4 January, but INTERCONTINENTAL Hotels has revenue per available room dipped The government was criticised in Walmart-owned company’s core food group sales were down 0.9 per cent. reported a slight dip in revenue per 0.3 per cent globally, and fell 4.5 per October for refusing to back a business was “more stable”, it said. In the 22 weeks to 5 January, room in 2019, with the Holiday Inn- cent in greater China. policy that would allow the FCA to The grocer’s upmarket brand Extra Morrisons’ sales fell 1.7 per cent, and owner hit by a fall in bookings in Intercontinental cited unrest in recommend changes to its remit, Special reported a five per cent sales Sainsbury’s reported a like-for-like Hong Kong due to the unrest in the Middle East and weaker after its chairman Charles Randell rise year on year, while home shop- sales growth drop of 0. 7 per cent in the territory. corporate demand in the UK as warned that “bad people” were ping jumped 10.3 per cent. the 15 weeks to 4 January. The group, which operates 443 factors behind the global slowdown. exploiting regulatory loopholes.

10-13 MARCH 2020 CHELTENHAM CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 NEWS 09 Investors buddy Female chair at up with Amigo as suitors circle Cenkos signals a EDWARD THICKNESSE @edthicknesse 8.40% SUBPRIME loans company Amigo saw its shares rise 8.4 new era for City per cent yesterday as the firm revealed that several companies had expressed interest in buying the lender. ANGHARAD CARRICK at a stockbroker in the UK. At the end of January the firm Last January Lorna Tilbian was announced that it was up for sale @angharadcarrick 6.39% named as City broker Dowgate after founder James Benamor’s CITY firm Cenkos yesterday Capital’s new chair. Richmond Group said it was open announced the appointment of The news coincided with a positive to divesting its 60.7 per cent stake Lisa Gordon as its new chairman, trading update for the firm as a strong in Amigo. making her the second female of 2019 represented 15 years of unbroken RIval Democratic candidates have claimed Bloomberg is trying to “buy the election” The deadline for submitting all time to be appointed as chair of a full-year profitability. expressions of interest passed was UK stockbroker. Cenkos said that despite concerns 17 February, and the lender has Gordon was the youngest woman to around Brexit and the election, the now entered into non-disclosure be made director of a listed com- latter part of the year saw an Bloomberg qualifies for today’s agreements with several parties. pany when she joined the improvement in revenues. Amigo has seen shares lose board of media group Chief executive Jim Durkin said: nearly 80 per cent of their value Chrysalis at the age of 28. “It is testament to the quality of US Democratic debate in Nevada since its £1.2bn float in 2018, She is currently a non- our staff... that we maintain our and has come under increasing executive director of record of having been JASON LANGE Republican President Donald Trump pressure from regulators. Aim-listed Alpha FX profitable every year since in the 3 November election. The Financial Conduct Authority Group and artificial incorporation... We have start- FORMER New York mayor Mike A late entry to the race, 78-year-old is currently reviewing the firm as it intelligence business ed 2020 well and we look for- Bloomberg yesterday qualified for Bloomberg — who is the founder and is concerned that those people who Albert Technologies. ward to the year ahead.” today’s Democratic presidential owner of the Bloomberg media are named as guarantors for the It marks the sec- Cenkos shares rose 6.4 debate in Nevada, putting him on the empire —has risen in public opinion loans do not fully understand the ond time in less per cent to 64.9p on the same stage as his rivals for the first polls as he pours money from his risks when agreeing to Amigo’s than a year that a news yesterday. tie in the race for the party’s estimated $60bn (£46.2bn) personal repayment plans. female has been nomination. fortune into a national campaign. He Amigo offers loans of up to appointed to a New Cenkos chairman The debate today will be the ninth has spent hundreds of millions of £10,000 with a representative chairman role Lisa Gordon in the contest for who will challenge dollars on television ads. Reuters interest rate of 49.9 per cent APR. Reach 4 Entertainment shares surge as West End hits help lift trading forecasts JAMES WARRINGTON market expectations. delivering revenue ahead of The trading boost follows a long- expectations, the company said. @j_a_warrington running turnaround strategy at the Dewynters — another of the SHARES in Reach 4 Entertainment entertainment giant, which is group’s marketing agencies — was (R4E) jumped 30 per cent yesterday chaired by veteran media executive also lifted by a string of client wins after the theatre marketing firm Lord Michael Grade. over the year, including & Juliet and upped its forecasts for full-year R4E has also been propelled by a Dear Evan Hansen. trading. string of recent acquisitions such as While R4E’s core business is R4E, which runs marketing advertising agency Sold Out, which it theatre, the media company has also campaigns for West Ends shows snapped up last year in a deal ramped up its focus on live such as Hamilton and The Lion King, reportedly worth up to £10m. entertainment, working on events said it expected to report revenue Sold Out made a significant such as the Tutankhamun exhibition and profit “significantly” ahead of contribution to overall trading after and Winter Wonderland. Reach 4 Entertainment runs marketing campaigns for plays such as Hamilton 10 NEWS WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM Jingye set to axe 400 jobs as part of BHP fails to hit Chinese firm’s British Steel takeover EDWARD THICKNESSE solutions. The Telegraph reported bringing in new elements like targets despite yesterday that Jingye had begun parental leave instead. @edthicknesse sending new contracts out to Jingye are looking to pump £1.2bn JINGYE will cut a tenth of British employees, but around 10 per cent of into the firm, and as part of this are Steel’s workforce at its Scunthorpe its 4,000-person workforce would not reportedly considering reopening one plant as the Chinese firm gears up to receive one. of the plant’s blast furnaces. take over the embattled Since it failed last May, British Steel Although the firm is hoping that iron ore prices manufacturer. has been run by the Official Receiver the takeover will be complete by early The company, which is in the and is being propped up by taxpayers. March, it is still in negotiations with process of finalising its £50m deal for The new contracts will not cut pay, the French government, who are the insolvent firm, is looking to but will bring an end to job perks opposing the deal, as British Steel JACK RICHARDSON “If it extends beyond that, of course, implement a range of cost saving such as excessive holiday allowances, owns a plant in northern France. then we’d be back in looking at what @JackRich93 the implications are.” BHP reported strong half-year profit BHP also disappointed investors by yesterday on the back of robust iron delivering an interim dividend of ore prices but warned of the threat of $0.65, an increase of $0.10 on last year ’ the coronavirus outbreak for 2020. but below the $0.71 forecast. JOOLS HOLLAND IS BOISDALES PATRON OF MUSIC Underlying profit jumped 39 per Free cash flow was $3.7bn compared cent to $5.28bn (£3.9bn) for the six to $3.6bn in 2018. months to the end of December, its Coronavirus has knocked industries best profit figure in five years. including the automotive and airline However, profit fell below expecta- sectors, which have suffered supply tions of $5.2bn profit. BHP saw its chain hits and flight cancellations share price slip 1.3 per cent to 1,669.6p respectively. as it also flagged the threat of the China, which imported record coronavirus outbreak, which is being amounts of iron ore last year, is trying deemed one of the current global eco- to stimulate its economy to mitigate LONDON’S GREATEST LIVE MUSIC RESTAURANTS AND BARS nomic climate’s “key uncertainties”. against the coronavirus. BHP said it hoped international Henry stressed efforts by the compa- efforts to contain the coronavirus will ny to future-proof its business model prevent a hit to profit in the current in light of the global trend towards quarter. decarbonisation. “As long as coronavirus is... better So-called social value commitments contained within this quarter, on bal- could include early-stage acquisition ance, we think that for the remainder and exploration of copper and nickel of the half, the overall market in addition to selling thermal coal demand and the economy will hold assets, if a buyer can be found. up,” new chief executive Mike Henry Other mining firms are also expect- told investors. ed to report strong results.

HIGHLIGHTS MARCIA GRIFFITHS 8 MAR THE THREE DEGREES 18 MAR JOOLS HOLLAND 1 APR & 13 OCT ALEXANDER O’NEAL 29 APR-1 MAY THE REAL THING 6-8 MAY ALBERT LEE 3 JUN

HORACE ANDY 18 JUN The fishing tackle firm reported a 41 per cent increase in in-store sales for the period MICA PARIS 1, 2 JULY THE MANFREDS 8-9 JUL Angling Direct posts strong sales BONEY M 3 SEP as bad weather blows 2019 profit ANGHARAD CARRICK The company added 10 new stores THE BLACKBYRDS 8-12 SEP last year, including two acquisitions, @angharadcarrick 12.58% which takes its total number of ANGLING Direct yesterday 4.21% stores to 34. posted strong sales growth However, Angling Direct warned for the past year, but warned that that “a disappointing post-Christmas recent bad weather hurt its profit. trading period influenced by DINNER & SHOW FROM £69.50 In a trading update the retailer exceptional winter flooding, has announced a 41.3 per cent increase impacted profits”. SHOW ONLY FROM £44.50 in in-store sales to £27.9m, and “The lower levels of fishing expects to report revenue of £53.1m. activity meant that the higher Online sales grew 13.3 per cent to margin, consumable products, were BOISDALE, CABOT PLACE, E14 4QT I I 020 7715 5818 £25.2m as Angling Direct focused hit disproportionally,” it added. 7,&.(76Ɵ%2,6'$/(&28.   more on its German, French and Shares fell 12.6 per cent to 59.88p Netherlands websites. on the news yesterday. CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 NEWS 11 TRIG welcomes Deutsche Boerse rise in profit as portfolio grows looks for growth JACK RICHARDSON @JackRich93 THE RENEWABLE Infrastructure Group (TRIG) yesterday reported an in ‘good deals’ increase in profit for 2019 as the clean energy trust continued to expand its portfolio. TRIG announced profit before tax HANS SEIDENSTUECKER business, where revenues rose 2.2 per has risen by to £162m last year, a cent to €957.1m. £39m increase from 2018. DEUTSCHE Boerse, the German stock At a press conference yesterday The investment trust said the exchange, is aiming to grow through Weimar stressed that this improve- strong results were thanks to acquisitions and has €2bn (£1.66bn) ment had come despite “quite adverse expansion across its capacity on hand to spend, the company’s market conditions — market volatility and portfolio. chief said yesterday. was very low, and low interest Consumer spending on live music shows could surge thanks to new technology “We have been well supported by Theodor Weimer, chief executive of- rates are giving all financial our shareholders with two ficer, said the company could envi- services providers a hard time, and successful fund raises during sion even bigger takeovers should the extremely so”. the year enabling us to make right target emerge and could poten- Chief financial officer Gregor UK live entertainment sector set further attractive investments,” tially turn to investors to raise fresh Pottmeyer added: “We said we have al- chairman Helen Mahy told capital to finance them. ready made major progress, we have the board. “My ambition is to grow — with a market share of 18 per cent now and to receive £2.3bn boost from 5G The generating capacity of TRIG’s good deals,” he told reporters, adding we are moving towards 20 per cent to portfolio increased 50 per cent over that he would spell out his vision in 25 per cent in 2020, as planned. JAMES WARRINGTON and sports events could surge in the the period, with directors more detail in May. “The good news is that, not just in next decade due to new technology. increasing its valuation from It came as Deutsche Boerse on the short-term area, but also in cus- @j_a_warrington The next-generation network will £1.2bn in 2018 to £1.7bn as it Monday reported a 21 per cent gain tomer clearing, we have been growing THE UK’s live entertainment industry provide the infrastructure for both currently stands. in pre-tax profit to €1.4bn for 2019, considerably to 12 per cent of cus- could be given a boost of as much as virtual reality and augmented reality, Directors attributed the growth up nine per cent once adjusted for tomer clearing. That is good news be- £2.3bn over the next 10 years thanks both of which can be deployed at live to new acquisitions, in particular “exceptional effects.” cause this is where our focus is, to a raft of benefits brought by 5G, events, according to the research. wind farms, which have become Group revenue rose 5.8 per cent to because this is long-term business.” new research has revealed. The report predicted that 78 per more attractive as their cost has €3.3bn for the year, with the biggest Deutsche Boerse’s shares rose as Figures compiled by O2, seen cent of live entertainment consumer fallen and countries around the contribution coming from Eurex, much as 0.5 per cent yesterday before exclusively by City A.M., showed spend will be driven by 5G-enabled world look for low carbon methods the bourse’s financial derivatives settling flat at €155. Reuters consumer spending on live music sports experiences by 2028. for generating electricity. Sadiq Khan calls on Brussels to make British residents EU ‘associate citizens’ STEFAN BOSCIA proponent of the idea. “heartbroken” Londoners. The mayor of London will also “As the UK and EU start their next @Stefan_Boscia lobby chief Brexit negotiator Michel phase of negotiations, I want this SADIQ Khan has called for Brussels to Barnier and European Parliament issue of associate citizenship to be at continue to allow British citizens David Sassoli to consider the idea. the heart of talks about our future freedom of movement within the EU However, the proposal is unlikely to relationship,” he added. with “associate citizenship” status. get much traction as it would be The idea quickly attracted scorn Khan met with Belgian MEP Guy anathema to the EU’s principles to from the other candidates for the Verhofstadt in Brussels yesterday to allow freedom of movement for upcoming 7 May mayoral election. discuss the possibility of allowing British citizens without EU citizens Conservative candidate Shaun British nationals to travel and work in having the same right in the UK. Bailey said the mayor’s Brussels trip EU countries visa free. Khan said the idea would be showed his priorities were out of Verhofstadt has been a long-time popular with “millions” of order, after several London stabbings. The London mayor met with Belgian MEP Guy Verhofstadt in Brussels yesterday 12 FEATURE WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM

IN PARTNERSHIP WITH

This year we launch our very first Crypto A.M Awards to identify and applaud those companies and individuals championing London and the UK as the epicentre of the Crypto industry. 2020 has been a fantastic year for all our nominees, from the hundreds of submissions received, we have now shortlisted the final few, and they will be announced in City A.M. today and tomorrow. The winners will be announced at our inaugural Awards Lunch on Wednesday 11th March where we will welcome guest speakers, the Rt Hon The Lord Mayor of London, Alderman Peter Russell and Christian May, Editor, City A.M. SOCIAL IMPACT & COMMUNITY ENTERPRISE SUSTAINABILITY ENHANCEMENT BLOCKCHAIN AWARD AWARD AWARD

This award will recognise those This award will recognise an This award will recognise the company organisations that have achieved a organisation or industry association that has contributed the most to meaningful and sustainable social that has made the biggest contribution corporate blockchain adoption with a impact through partnership, to development and improvement of system or platform it has designed, investment, pro-bono work, or the Fintech/Crypto ecosystem. developed or deployed demonstrating through employee-led initiatives. real value. THE NOMINEES THE NOMINEES THE NOMINEES WORLD MOBILE DACS CRYPTO COMPARE CEO, Micky Watkins Co-founder, Neil Fillary www.worldmobile.io Co-founders, Vlad Cealicu and Charles Hayter www.securedacs.com www.cryptocompare.com

CUDO VENTURES

CEO & Founder, Matt Hawkins www.cudoventures.com

ELECTRONEUM CRAFT COIN COMPANY PEGASYS CEO, Richard Ells www.electroneum.com CEO, Florian Krueger Co-founder, Shahan Khatchadourian, Ph.D. www.craftcoin.company www.pegasys.tech

DUSTAID

Managing Director, Duncan Murray www.dustaid.org

ZERO CARBON PROJECT CHILIZ CYGNETISE CEO, Derek Myers www.zerocarbonproject.com CEO, Alexandre Dreyfus Founder & CEO, Steve Pomfret www.chiliz.com/en/home/ www.cygnetise.com

POLLO POLLO

Founder, Casper Niebe www.pollopollo.org CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 FEATURE 13 UX/UI EDUCATIONAL SERVICE AWARD PLATFORM PROVIDER AWARD AWARD This award will recognise the company with the most unique focus on user This award will be for companies that This award will recognise companies experience, that makes the most effort have either been a leading force to providers that have delivered beyond to understand the real aims and educate the public outside the the basic service for which they are wishes and emotions of the end users – Blockchain industry and or to expand paid, added value for the client and and by doing so creates most the knowledge of industry made a significant impact on the meaningful solutions for actual needs. participants. overall performance of the client’s organisation(s). THE NOMINEES THE NOMINEES THE NOMINEES

ZERION AMAZIX CMS

Co-founder, Evgeny Yurtaev Founding Partners, Paolo Anziano, www.cms.law/en/gbr/ www.zerion.io Jonas Sevel Karlberg, Luke Saunders www.amazix.com

PLUTUS DEFI COINTELLIGENCE EVERSHEDS SUTHERLAND

Founder, Arnie Hill Founder & CEO, On Yavin www.eversheds-sutherland.com/global/en/index.page www.plutusdefi.com www.cointelligence.com

MODE COINSCRUM ISOLAS LLP

CEO, Jonathan Rowland Co-founder, Paul Gordon www.gibraltarlawyers.com www.modebanking.com www.coinscrum.com

MEET THE JUDGES

ERIC VAN DER DANIEL MAYA ZEHAVI ROB GASKELL KLEJJ DOLL-STEINBERG BLOCKCHAIN CONSULTANT CO-FOUNDER, 2030 CHAIRMAN OF CO-FOUNDER, EDEN GROUP ACTIVELEDGER.IO & BUSINESS AND ATARI Maya is a crypto veteran, having COFOUNDER OF TOKEN PROJECTS spent the last few years working on Rob is an investor and advisor in EDENBASE.IO enterprise blockchain, privacy with Zero- the emerging technology sector with over 28 Daniel is co-founder of the Atari Token project Knowledge proofs, & security token models. years of experience in running and expanding Eric is CEO of leading Blockchain, AI and and is launching the eden.business project She was part of the founding team at Coin international financial organisations. He is the Fintech hub - FrontierNetwork.com. Chairman with creator of Level 39, to invest in blockchain Sciences & Qed-it, and founded Ontici, a President of the Pillar Project Foundation and of DLT Activeledger.io and co-founder of the & AI, with global shared spaces for innovators security token platform. She’s a founding currently works for 2030. Rob is a board new Eden.business project, investing in to collaborate with experts and technology board member of the Israeli Blockchain Forum, member of the Blockchain Centre in Vilnius, company transformation using Blockchain & providers. Since 2016 Daniel focused on and an advisor at several crypto companies. Lithuania and a Board Advisor to SupraFin. AI. Eric has created some of the most influential Blockchain & AI, bringing real world companies ecosystems and hubs in the industry such as to these transformative technologies. Level39, Innovate Finance and EMILY NICOLE NAEEM ASLAM ON YAVIN STEVE GOOD TECHNOLOGY EDITOR CHIEF MARKET FOUNDER & CEO, DIGITAL AND BUSINESS ANALYST, AVA TRADE COINTELLIGENCE STRATEGIST, AUTHOR Emily Nicolle is City A.M.'s OF BE LEFT BEHIND Technology Editor, covering all Naeem is a former hedge fund On Yavin is the founder and CEO of things fintech, venture capital and trader with over 10 years of experience Cointelligence. He has extensive Steve consults with companies to help startups. She joined the paper in 2018 as a in investment banking and regular guest experience as a serial entrepreneur and angel drive growth. He also focuses on raising reporter before becoming editor last year. Prior contributor to tier one media. He has spoken at investor, as well as more than 20 years of awareness and adoption in blockchain and to City A.M., she covered fintech and the headquarters of the European Parliament experience in the tech industry. On uses his cryptocurrency. He spent more than 20 years in cryptocurrencies for AltFi. She is a regular guest on the subject of blockchain and its adoption. deep knowledge of online marketing to create Financial Services at Deloitte and Infosys on the 11:FS Fintech Insider podcast, and is the Currently, he is working as Chief Market Analyst winning strategies for crypto and blockchain before dedicating his time to blockchain and host of Finastra's Open Finance podcast series. with AvaTrade and Columnist with Forbes US. companies. cryptocurrency. 14 NEWS WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM PARTNER CONTENT Celebrity footballers help bring in young shavers for razor firm Gillette as firm improves its buzz OLLOWING Gillette’s explo- Stephan old men (up from the 12th spot in ration of toxic masculinity in the two weeks before the advert its successful — if controver- Shakespeare aired). Fsial — advert that aired in Jan- Since the adverts release the uary last year titled The Best a brand’s Purchase Intent score has Man Can Be, the shaving brand has jumped by 11.7 points among men launched a new campaign entitled aged 18 to 34, from 2.6 to 14.3 — Made of What Matters. meaning nearly one in six young This time around, the brand’s ad- men now say Gillette is their first vert, featuring Manchester City and choice product in the sector. England footballer Raheem Sterling, are the most likely age group to Our data suggests that Gillette’s looks at prejudice in the sport — a carry a positive opinion of the foot- switch in focus, as well as popular topic that Sterling has been vocal baller (39 per cent) say they have a celebrity backing, may have helped about in the past — and advocates positive opinion of him compared to the brand to boost in its Purchase people working together to address it. other age groups. Intent scores as it did with its last YouGov Plan and Track data shows This influence could pay off as our advert, but this time around also that since the advert’s release on 6 Purchase Intent data (which shows generated a sharp increase in posi- February, Gillette’s Buzz score has which brand is someone’s first tive Buzz. OUT OF THE WATER risen sharply. choice to buy) finds that Gillette has This is especially true among men become the number one health and £ Stephan Shakespeare is chief executive aged 18 to 34, where the brand’s Buzz beauty brand among 18- to 34-year- at YouGov score peaked at 11.6, increasing by AND INTO THE AIR 9.6 points since the advert first aired. YOUGOV BRAND INDEX BUZZ SCORES GILETTE It was a similar story among men of YouGov BrandIndex Buzz asks whether consumers have heard anything positive or other age groups — scores for those negative about the brand in the last fortnight. (Net score of four week average shown) aged 35 to 49 reached a high of 10.4 (up 5.3 points), while Buzz among 12 Source: YouGov LONDON CITY AIRPORT those aged 50 and over hit 6.7 (an im- provement of 3.9). 10 Chief Development Following the firm’s The Best a Man 8 Peter Adams, Can Be campaign in January 2019, Men aged 35-49 Officer of London City Airport men between 18 and 34 were most 6 Men aged 18-34 likely to have heard something nega- Men aged 50+ tive about the brand. 4 However, this time around sees 2 younger men as most likely to n the last week Britain has regained a have heard something positive about 0 clear sense of purpose when it comes the brand. Gillette’s new advert I -2 was released on to infrastructure investment and This could be in part due the influ- the 6th of February planning for the future. ence of Raheem Sterling, as YouGov -4 For too long arguments raged against Rating data shows that millennials 16 Jan 23 Jan 30 Jan 06 Feb 13 Feb north vs south, train vs plane, upgrade vs Britain has extension. regained a clear The decision in favour of HS2 hopefully puts some of that to bed but the fact is, as sense of purpose we look ahead to a future of increased LEADER OF THE PACK London Tube rated most dog-friendly demand and expectation, we need more when it comes investment in infrastructure. to planning for subway system in the world for its lack of restrictions on pets The Government’s agenda of levelling up the UK economy has rightly been the future. lauded. However, it needn’t be a case of prioritisation. As we have seen over time, summer we will be starting work to investment in significant London projects create our new terminal which will not can create regional growth – whether it only be substantially bigger but, once be on the Routemaster bus, Crossrail or completed, will offer a new experience our own £500m City Airport Development that passengers will love. Programme, which along with creating Over the course of this year we will also long term benefits has also seen be adding new stands. These stands are companies in Scotland, Ireland and critical to our future and will be able to across the South East win contracts. accommodate the new generation of We also have to recognise that you can cleaner, quieter aircraft. start the process of rebalancing the UK Everyone knows that construction economy now by better utilising existing projects are complex, particularly when infrastructure. A great example of which working in a live operational was announced by the Mayor of the Tees environment. But these will be Valley, Ben Houchen, at the end of achievements the airport and our January with a range of new routes from partners can be proud of. Though I can the previously under threat Teesside assure you that we won’t be resting on airport. The jewel in the crown of which – our laurels as there is still much more his words not mine – was a service to work to do. London City Airport which will commence Looking to the future, the new on April 27th. That route will provide Chancellor has a golden opportunity at opportunities for the Teesside business next month’s budget to prioritise community to do business in London infrastructure. Reducing journey times, through fast, reliable connections, while improving conditions on the roads and allowing Londoners the opportunity to trains, making domestic aviation more visit, explore and invest in a beautiful part price competitive, and boosting capacity of northern England. A win-win. across the entire transport network will Closer to home, our development at play well with people right across the City Airport will reach significant country. The knock-on impact of this will milestones this year. After putting one boost the growth prospects of every thousand piles into the King George V region, sending a clear and positive signal dockbed, where we of course discovered to foreign investors that Britain is well an unexploded German bomb 2 years and truly open for business. ago, we will soon be completing the works in the water. For context, these piles will support 74,000m2 of concrete £ To find out more, please visit THE LONDON Underground has been rated as the world’s most welcoming subway system for four-legged locals, coming ahead that provides the foundations on which www.londoncityairport.com or of the Tokyo Metro and Madrid Metro. The Tube is the only network that does not to require carriers or muzzles on dogs, which to build our airport of the future. This @LondonCityAir on social media are allowed on leads throughout the entire system. Paris and Moscow’s metros require dogs to be muzzled before commuting. CONGRATULATIONS TO ALL CRYPTO A.M. AWARDS FINALISTS 2020 FOR MORE INFORMATION EMAIL [email protected]

WWW.CITYAM.COM/CRYPTO/CRYPTO-AM-AWARDS 16 MARKETS WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT FTSE tumbles on AVAST 460 P Dow and S&P 18 Feb 455 443 450 close lower as HSBC cutbacks 445 440 Nasdaq climbs

435 HE DOW and S&P 500 fell Tyesterday after a sales warning 12 Feb 13 Feb 14 Feb 17 Feb 18 Feb from Apple left investors assessing the impact of the and Apple fears Anti-virus software firm Avast announced the discontinuation of its data analytics coronavirus outbreak on US subsidiary Jumpshot in January, leading to downward revisions of its long-run companies. revenue growth. The move was on the back of a report finding data collected by But indexes ended off the day’s lows Jumpshot was at risk of being used to identify individuals’ internet activity. and the Nasdaq ended a touch higher ONDON’s FTSE 100 slid to a would take a hit from the virus Jumpshot generated £27.7m in revnue last year and was projected to grow annually as Apple trimmed its losses in late- two-week low yesterday, after a fall in revenue per room due by two per cent. Peel Hunt has slashed its target price for Avast shares by 128p to session trading. weighed down by a near seven to the impact of the past year’s 322p in light of this lost revenue and retains its “sell” recommendation. The world’s most valuable Lper cent drop in financial protests in Hong Kong. technology firm said it would fall short heavyweight HSBC as traders Utilities Severn Trent and United of its recently announced quarterly sold stocks globally on the back Utilities also outperformed the GLAXOSMITHKLINE sales target because of slower iPhone production and weaker demand in of a earnings warning from tech broader market, climbing about two 1,720 giant Apple due to the coronavirus per cent each after JP Morgan P China due to the virus. Its shares ended epidemic. sounded bullish on the sector 18 Feb down 1.8 per cent at $319, while its low 1,700 The main index shed 0.9 per cent, following a recent price control 1,651.80 of the session was $314.61. with HSBC dragging a sub-index published by Britain's water “Certainly this was not welcome of banks over four per cent regulator. 1,680 news, but I don’t think it’s a debacle lower after its annual NMC Health advanced for either,” said Michael James, managing profit declined and it the second straight 1,660 director of equity trading at Wedbush laid out plans for a session climbing 5.5 per Securities. “In general, investors are major strategic 1,640 not overly concerned by the news overhaul that included Engineering firm Tekmar from Apple as a read through to 35,000 job cuts and shed 25 per cent after 12 Feb 13 Feb 14 Feb 17 Feb 18 Feb technology or the market overall.” the halting of share warning on its results While the exact hit to economic and buybacks. Glaxosmithkline (GSK) is looking to split its consumer health business from its earnings growth from the epidemic in The more cent, a day after its pharmaceuticals arm, according to Liberum. This means the pharma giant is China remains to be seen, hopes that domestically-focussed founder BR Shetty “strengthening the pharma business to ensure it has healthy stand-alone the damage would only be temporary FTSE 250 gave up 0.7 per resigned as co-chairman of credentials”. GSK got some good news on this front, after positive data was released have helped boost confidence on Wall cent but still fared better than the healthcare company amid on its ovarian cancer drug Zejula. The analyst said these results “will help GSK Street in recent sessions. its blue-chip counterpart, doubts about the shareholdings of rebuild its oncology franchise”. Liberum retains its “hold” rating for GSK shares and Still, Apple suppliers, Qualcomm, which was hurt more due to a its major investors. lifted its target price to 1890p. Broadcom, Qorvo and Skyworks larger exposure to commodity prices The company is still worth less Solutions, all ended down between which are under pressure over than half of what it was three one per cent and about two per cent concerns of demand. months ago. WEIR GROUP on the day. Europe’s index of tech stocks fell But Aim-listed engineering firm 1,440 China-exposed chipmakers slipped, one per cent on the back of Apple’s Tekmar sank 25 per cent after it P with the Philadelphia SE statement. warned results would now be 1,420 Semiconductor index shedding 1.4 Holiday Inn-owner Intercontinental worse than previously thought per cent, while the broader S&P Hotels outshined, though, gaining thanks to a halt in shipments to and 1,400 technology sector lost 0.4 per cent. 1.6 per cent despite it saying it from China. 18 Feb The Dow Jones Industrial Average 1,380 1,344 fell 165.89 points, or 0.56 per cent, to 1,360 29,232.19, the S&P 500 lost 9.87 TOP RISERS FTSE points, or 0.29 per cent, to 3,370.29. P 1,340 The Nasdaq Composite added 1.57 1. NMC Health Up 5.53 per cent 7,550 18 Feb points, or 0.02 per cent, to 9,732.74, 2. Vodafone Up 2.77 per cent 7,382.01 12 Feb 13 Feb 14 Feb 17 Feb 18 Feb eking out a record closing high. 3. United Utilities Up 2.57 per cent 7,500 Walmart shares rose 1.5 per cent 7,450 Engineering company Weir Group will report its full-year 2019 results on 26 even after the world’s biggest retailer TOP FALLERS February, with Shore Capital Markets not expecting good news. The company issued forecast slowing online growth for the 7,400 a downgrade of its oil and gas division in its third-quarter results, however Shore year and reported weak results for the 1. HSBC Down 6.57 per cent 7,350 Capital believes shares in the company have not fully adjusted to the change. The holiday quarter. Conagra Brands 2. Glencore Down 4.46 per cent analyst says that Weir could also be adversely affected by the coronavirus due to its shed 6.1 per cent after the packaged 3. Auto Trader Down 4.28 per cent exposure to the Asia Pacific region. On the strength of this, Shore Capital is retaining food company lowered its full-year 18 Feb 12 Feb13 Feb 14 Feb 17 Feb its “sell” recommendation, with a target price of 1408p. profit and sales outlook.

CITY MOVES WHO’S SWITCHING JOBS Time to Rebalance?

TRIG COLLIERS INTERNATIONAL BENN BRIDGE LONDON’S PRECIOUS METAL BROKER The Renewables Infrastructure Colliers International has increased its presence in the Multi-boutique investment business Benn Bridge has Group (TRIG) has announced City of London with the hire of Jamie Nurcombe as hired experienced asset management leader Doug the appointment of Tove Feld associate director. Jamie joins from Newton Perkins, Stewart as chief executive officer (CEO). In his new role, SPOT GOLD PRICE as a non-executive director. where he spent six years. He has previously worked Doug will lead Benn Bridge in the next phase of its £1,225.99 / OZ Tove has more than 25 years’ with key institutional clients including La Salle IM, European expansion. Doug joins Benn Bridge from (18 FEB, 3:35PM) experience in the renewables Aberdeen Standard, City of London Corporation, Oppenheimer Funds, where he was CEO. During his sector, with a focus on Columbia Threadneedle and DTZ Investors. James three-year tenure, he was the driving force behind the offshore wind. Her previous Walker, head of City agency at Colliers International, group’s international expansion into Europe, the roles include chief technical commented: “The City district is undergoing a real shift Middle East and Africa, including setting up a London officer at Dong Energy Wind as the more traditional occupiers are increasingly being office and building the team and operating model. Power (now Orsted) where she joined by new groups such as tech and media firms. Doug commented on his new role: “I believe in the had a prominent role in preparing the company for its The addition of Jamie to our team better equips us to power of active management and its ability to deliver initial public offering, as well head of engineering be agile in our approach to guide and advise our clients exceptional long-term outcomes for clients, which is SHARPSPIXLEY.COM solutions for offshore wind at Siemens Wind Power. in this fast-changing environment.” why I am thrilled to join Benn Bridge.” T: +44 (0) 207 871 0532 To appear in CITYMOVES please email your career updates and pictures to [email protected] 54 ST JAMES'S STREET | LONDON | SW1A 1JT CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 MARKETS 17

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.2038 Ã 0.0029 €/$ 1.0815 Ä 0.0022 7382.01 21678.46 4118.84 29232.19 9732.74 3370.29 /$ 1.3018 Ã 0.0005 €/£ 0.8308 Ä 0.0020 51.24 147.8 8 28.26 165.89 1.57 9.87 £ /¥ 142.95 0.0740 €/¥ 118.76 0.3480 ÄÄÄÄ Ã Ä ÄÄ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise ...... 453.0 1.5 509.0 421.5 Kingfisher...... 221.0 -1.0 266.2 185.9 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Advanced Medical ...... 277.0 6.5 354.5 225.0 Tsy 4.750 20 ...... 100.19 -0.01 104.1 100.2 Contour Global...... 182.0 0.0 222.5 163.0 VinaCapital Vietna ...... 313.0 -0.5 357.5 310.5 Marks & Spencer ...... 180.9 -2.9 303.2 163.9 Games Workshp ...... 6965.0 30.0 7350.0 2800.0 BP ...... 457.5 -3.5 582.5 452.7 Aggreko ...... 759.0 -13.6 869.2 707.2 Alliance Pharma ...... 84.5 -0.5 87.5 63.0 Witan Invest ...... 227.5 -1.5 235.0 201.6 Next ...... 7066.0 -96.0 7340.0 4985.0 Tsy 8.000 21...... 109.61 0.03 116.6 109.6 Drax Gp ...... 293.8 -1.4 386.8 251.0 LIFE INSURANCE Cairn Energy...... 175.8 -3.4 213.8 143.1 Ashtead Gp ...... 2701.0 -18.0 2719.0 1805.5 ASOS...... 3311.0 -51.0 4066.0 2107.0 Tsy 2.500 24 ...... 361.37 0.20 377.9 358.8 SSE ...... 1684.5 10.0 1684.5 1008.0 Wwide Healthcare ....3285.0 -15.0 3300.0 2495.0 Pets at Home Gp ...... 309.0 -1.0 314.6 140.0 Energean Oil & Gas ...... 765.0 -6.0 1082.0 648.9 Babcock Intl Grp...... 493.0 -4.1 646.6 416.7 Aviva ...... 409.2 -3.6 438.8 352.3 Blue Prism ...... 1602.0 -2.0 1841.0 788.0 Tsy 5.000 25 ...... 122.55 0.19 126.0 122.1 ELECTRONIC & ELECTRICAL EQUIPMENT FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 110.8 -0.2 139.0 105.0 Premier Oil ...... 104.6 -0.8 118.7 65.1 Bunzl ...... 1911.5 -24.5 2551.0 1911.5 Legal & General ...... 315.5 -2.0 318.4 216.7 Camellia ...... 8650.0 0.0 11350.0 8350.0 Watches of Switz ...... 379.0 1.0 392.8 270.0 Royal Dutch Shell A.... 1914.2 -19.2 2612.0 1914.2 Capita ...... 148.6 -2.5 183.0 99.9 Tsy 4.250 27 ...... 128.71 0.29 132.8 125.5 Halma ...... 2200.0 5.0 2244.0 1496.0 BT Gp ...... 155.8 2.1 230.9 153.0 Phoenix Gp ...... 790.0 -5.8 796.8 634.2 WH Smith...... 2384.0 -32.0 2654.0 1896.0 Royal Dutch Shell B ....1921.6 -16.0 2622.0 1921.6 DCC ...... 6228.0 -32.0 7496.0 6132.0 Caretech Holdings ...... 500.0 6.0 500.0 325.0 Tsy 6.000 28 ...... 146.95 0.32 152.1 143.3 Morgan Advanced ...... 298.8 -10.6 324.8 232.4 Talktalk Telecom ...... 115.2 0.1 126.5 98.0 Prudential ...... 1478.5 -15.0 1790.0 1279.5 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 42.5 -1.5 250.0 39.9 Diploma ...... 2040.0 -22.0 2084.0 1342.0 Central Asia Metals .....210.0 -4.0 266.5 180.0 Tsy 4.125 30 ...... 380.65 0.68 404.2 364.5 Oxford Instruments ..1640.0 12.0 1654.0 963.0 Telecom Plus ...... 1542.0 12.0 1552.0 1130.0 St James Place ...... 1154.5 -16.0 1199.5 913.6 OIL EQUIPMENT & SERVICES Electrocomp ...... 697.4 -7.4 729.8 540.8 Tsy 4.250 32...... 141.26 0.49 146.4 132.7 Renishaw ...... 4066.0 -76.0 4638.0 3232.0 FOOD & DRUG RETAILERS Convatec ...... 215.3 -5.1 220.4 126.5 Std Life Aberdeen ...... 322.5 -0.2 336.9 234.0 Clinigen Group ...... 883.5 -12.5 1069.0 787.5 Equiniti ...... 212.8 -0.2 236.2 186.2 Tsy 4.250 36 ...... 149.66 0.57 155.7 137.9 Spectris ...... 2691.0 -74.0 2962.0 2234.0 Greggs ...... 2370.0 24.0 2476.0 1730.0 Mediclinic Intl ...... 395.5 1.4 415.3 293.4 MEDIA Hunting ...... 300.4 -7.8 657.0 297.0 CVS Group ...... 1185.0 -14.0 1250.0 447.6 Tsy 4.750 38...... 164.87 0.70 171.8 150.5 Essentra ...... 405.6 -7.6 449.0 376.8 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 181.4 -2.0 235.0 176.9 NMC Health ...... 844.2 44.2 3000.0 700.0 Petrofac ...... 369.0 4.0 527.2 344.4 Dart Group ...... 1926.0 -9.0 1935.0 709.5 4imprint ...... 3350.0 -10.0 3500.0 1950.0 Experian ...... 2826.0 2.0 2826.0 1960.0 Tsy 4.250 46 ...... 173.09 0.88 181.0 1.0 Ocado Gp ...... 1130.5 -30.5 1435.0 886.2 Smith & Neph...... 1827.0 -1.5 1990.0 1424.5 Wood Gp(J) ...... 399.3 -14.0 598.6 319.6 3i Infrastructure ...... 313.0 -1.5 317.5 269.8 Ascential ...... 361.4 -5.2 421.2 319.0 Ferguson ...... 7514.0 -84.0 7598.0 4800.0 Diversified Gas & Oil ...... 86.8 -1.0 116.5 84.2 AEROSPACE & DEFENCE Sainsbury(J) ...... 206.8 -1.6 240.6 177.1 UDG Hlthcare ...... 769.5 -8.0 832.5 551.0 PERSONAL GOODS Aberforth Smlr Cos ...1422.0 -16.0 1546.0 1114.0 Auto Trader Gp ...... 577.0 -25.8 607.6 461.6 G4S ...... 201.3 -0.5 234.3 168.3 Draper Esprit ...... 582.0 12.0 582.0 410.0 BAE Systems ...... 637.0 -1.2 661.8 443.9 SSP Group ...... 668.0 -1.0 721.0 608.0 HOUSEHOLD GOODS Burberry Gp...... 1978.5 -27.5 2345.0 1695.0 Alliance Trust ...... 864.0 -7.0 873.0 730.0 Euromny Inst Inv...... 1158.0 -10.0 1498.0 1152.0 Hays ...... 161.7 -3.9 183.5 138.0 EMIS Group ...... 1210.0 12.0 1242.0 938.0 Meggitt ...... 633.2 -2.2 697.4 489.9 Tesco ...... 256.5 -0.9 258.9 212.6 AVI Global Trust...... 770.0 -13.0 802.0 713.0 Barratt Devel ...... 870.8 0.4 870.8 552.8 Future ...... 1346.0 54.0 1572.0 678.0 PZ Cussons ...... 191.0 -0.6 227.0 178.8 Homeserve ...... 1315.0 -2.0 1340.0 953.0 QinetiQ ...... 377.0 1.0 383.8 267.0 FOOD PRODUCERS Fevertree Drinks ...... 1430.0 30.5 2475.0 1365.0 Baillie Gifford Japan ....783.0 -12.0 848.0 735.0 Bellway ...... 4225.0 -18.0 4243.0 2698.0 Informa ...... 772.8 -8.6 892.0 700.0 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5882.0 68.0 6170.0 4643.0 Rolls-Royce ...... 675.0 -8.0 988.4 636.6 First Derivatives ...... 2950.0 30.0 3555.0 2050.0 Bankers InvTst ...... 1020.0 -10.0 1032.0 843.0 Assoc British Foods....2611.0 -62.0 2708.0 2106.0 Berkeley Grp Hldgs ...5362.0 26.0 5412.0 3437.0 ITV ...... 132.2 -3.4 156.5 103.6 AstraZeneca ...... 7521.0 144.0 7878.0 5644.0 IWG...... 452.2 -1.8 469.0 227.0 Senior ...... 161.3 0.2 236.4 160.0 BlackRock Smaller .....1774.0 -12.0 1786.0 1298.0 Bakkavor ...... 138.8 -0.2 170.0 93.3 Countryside Prop ...... 518.0 -7.5 525.5 277.6 Moneysupermkt.com ... 316.9 -10.5 417.7 309.5 Dechra Pharma ...... 2826.0 -10.0 3068.0 2348.0 Network Int...... 632.0 0.0 645.0 513.0 Frontier Devs ...... 1294.0 4.0 1444.0 844.0 Ultra Electronics ...... 2126.0 -2.0 2292.0 1232.0 BMO Global Smaller ...... 143.7 -1.3 150.0 127.5 Cranswick ...... 3852.0 2.0 3852.0 2472.0 Crest Nicholson ...... 511.0 -3.5 517.0 332.0 Pearson ...... 573.6 1.6 927.0 556.4 Genus ...... 3186.0 -10.0 3260.0 2178.0 Pagegroup ...... 458.2 -3.0 539.0 367.8 Gamma Comms ...... 1320.0 5.0 1460.0 830.0 AUTOMOBILES & PARTS Caledonia Inv ...... 3125.0 10.0 3180.0 2910.0 Greencore Gp ...... 248.7 0.8 281.8 193.4 McCarthy & Stone...... 156.2 -2.2 158.8 123.5 RELX ...... 2081.0 8.0 2095.0 1606.0 GlaxoSmithKline ...... 1667.0 5.4 1846.0 1497.4 Paypoint...... 951.0 1.0 1118.0 844.0 GB Group ...... 687.0 -5.0 800.0 464.0 City of London IT ...... 431.0 -4.0 448.5 396.5 Hilton Food Gp ...... 1070.0 -6.0 1118.0 905.0 Persimmon ...... 3243.0 -4.0 3247.0 1836.0 Rightmove Group ...... 685.6 -3.4 701.2 471.9 Rentokil Initial ...... 498.4 6.3 506.4 329.0 Aston Martin...... 430.6 -19.7 1374.4 399.3 Hikma Pharma ...... 1920.0 37.5 2200.0 1556.5 Gooch & Housego ...... 1280.0 -85.0 1527.5 954.0 TI Fluid Systems ...... 230.5 -5.0 273.0 155.2 Edin Inv Trust ...... 602.0 -2.0 652.0 535.0 Tate & Lyle ...... 796.0 7.2 801.4 663.8 Reckitt Benckiser .....6400.0 78.0 6688.0 5767.0 WPP ...... 974.0 -6.4 1077.5 801.0 REAL ESTATE Sanne Group ...... 643.0 -4.0 752.0 498.0 Hurricane Energy ...... 15.4 0.0 53.6 15.4 European Opp ...... 907.0 5.0 926.0 705.0 Unilever ...... 4633.0 3.0 5324.0 3983.0 Serco ...... 156.3 -1.8 167.7 115.0 BANKS Assura ...... 81.8 -0.7 83.5 56.7 F&C Investment ...... 777.0 -6.0 783.0 675.0 FORESTRY & PAPER MAIN CHANGES UK 350 SIG ...... 88.3 -1.4 153.0 88.3 Impax Asset Mgmt .....390.5 -1.0 405.0 201.0 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Fidelity China SPE ...... 241.0 -2.0 253.0 205.5 Big Yellow Gp ...... 1214.0 7.0 1214.0 946.5 Mondi ...... 1643.5 -18.5 1898.0 1510.5 Travis Perkins...... 1686.5 -33.5 1720.0 1166.0 Iomart Group ...... 394.0 -1.0 405.0 316.5 Barclays ...... 175.1 -2.6 192.5 136.2 Fidelity Euro Values ....268.0 -1.5 269.5 218.0 Risers % Fallers % BMO Comm Prop ...... 107.0 -1.6 124.2 106.0 GENERAL FINANCIAL Ã Ä TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 57.1 -3.9 98.0 41.8 BGEO Group ...... 1701.0 -12.0 1818.0 1252.0 Fidelity Spec Val ...... 268.0 -2.0 280.5 240.5 NMC Health ...... 844.20 5.5 HSBC Hldgs ...... 551.90 -6.6 British Land ...... 567.2 -13.4 638.8 468.3 HSBC Hldgs...... 551.9 -38.8 680.6 551.8 Finsbury G&I Tst ...... 911.0 4.0 958.0 795.0 3i Group ...... 1163.0 -5.5 1184.5 935.4 Future ...... 1346.00 4.2 Vesuvius...... 438.00 -6.0 Captl & Count Prop ...... 238.9 -6.0 270.5 184.8 Spirent Comms ...... 250.0 4.0 251.5 140.4 James Halstead ...... 560.0 10.0 570.0 440.0 Lloyds Banking ...... 55.9 -1.0 67.2 48.6 GCP Infra Inv ...... 125.8 0.2 134.0 122.6 Ashmore Gp ...... 562.0 -8.0 570.0 397.8 Puretech ...... 332.00 3.8 Jupiter Fund Mngt ...... 390.10 -5.1 CLS Hldgs ...... 277.0 -3.0 312.5 212.0 TOBACCO Johnson Service Gp .....214.0 -2.0 216.0 128.0 Fresnillo ...... 688.00 3.4 Finablr ...... 75.10 -4.6 Royal Bank of Scot ...... 206.9 -2.1 270.4 177.7 Genesis Emerging ...... 786.0 -4.0 818.0 686.0 Brewin Dolphin ...... 359.8 -2.8 375.2 287.6 Daejan Hldgs ...... 5120.0 -30.0 6160.0 4715.0 Br Am Tob ...... 3308.0 -23.5 3507.0 2648.0 Keywords Studios ..... 1552.0 -38.0 1838.0 1052.0 Syncona ...... 245.50 3.2 Weir Gp ...... 1344.00 -4.5 Standard Chartered .... 630.6 -4.6 738.6 575.7 Greencoat UK ...... 145.8 0.8 152.8 133.8 Close Brothers ...... 1436.0 -26.0 1663.0 1227.0 Derwent London ...... 4240.0 14.0 4280.0 2884.0 Imperial Brands ...... 1803.2 4.6 2713.5 1668.2 Vodafone Gp ...... 155.30 2.8 Glencore ...... 226.10 -4.5 Learning Tech Gp ...... 154.2 -4.2 172.2 63.7 TBC Bank Group...... 1320.0 0.0 1706.0 1150.0 Harbourvest Glb ...... 1866.0 0.0 1866.0 1406.0 Coats Group ...... 73.5 0.8 91.2 68.1 Grainger ...... 335.8 -1.4 337.2 217.4 FirstGroup ...... 133.70 2.6 Aston Martin ...... 430.60 -4.4 TRAVEL & LEISURE M&C Saatchi ...... 89.8 -4.0 394.0 79.0 Virgin Money UK ...... 179.8 -4.6 220.1 104.4 Finablr ...... 75.1 -3.6 215.0 71.5 Grt Portland Est ...... 960.0 2.0 965.2 649.4 Herald Inv Trust ...... 1492.0 -2.0 1530.0 1205.0 United Utilities ...... 1036.50 2.6 Auto Trader Gp ...... 577.00 -4.3 Hargreaves Lans...... 1680.0 -10.5 2433.0 1604.5 Hammerson ...... 226.9 -8.0 388.4 203.9 Carnival ...... 3083.0 -20.0 4371.0 3044.0 M.P. Evans ...... 688.0 -2.0 750.0 612.0 BEVERAGES HICL Infr ...... 183.0 1.0 183.0 156.6 Centamin ...... 136.80 2.5 Micro Focus Intl ...... 786.30 -4.2 Land Securities...... 970.0 -12.0 1001.5 735.4 Cineworld Group ...... 176.3 -3.5 321.0 176.0 JPM American ...... 514.0 -4.0 518.0 421.0 IG Gp...... 691.0 1.8 708.0 474.8 Intercontl Htls ...... 4929.00 2.1 Tullow Oil ...... 42.50 -3.5 Majestic Wine ...... 218.0 2.5 318.0 210.0 Barr (AG) ...... 583.0 5.0 975.0 526.0 Compass Gp ...... 1945.0 0.5 2138.0 1665.0 JPM Emerg Mkt ...... 1044.0 -8.0 1088.0 878.0 Integrafin Holdings .....520.0 7.0 520.0 337.0 LondonMetric Prop ...... 235.0 -0.8 241.2 189.3 Britvic ...... 918.0 -0.5 1068.0 850.0 Midwich Group ...... 570.0 -16.0 633.0 474.5 Intermediate Capital 1840.0 3.0 1840.0 999.0 Redrow...... 830.0 -4.0 834.0 533.0 MINING NewRiver Retail ...... 190.0 -0.4 246.0 147.6 Dominos Pizza ...... 321.0 2.3 326.4 221.2 JPM Indian IT ...... 728.0 -3.0 790.0 633.0 Mortgage Advice B .....780.0 24.0 795.0 546.0 Coca-Cola HBC AG .....2834.0 -18.0 3074.0 2299.0 Primary Hlth Prop ...... 162.0 0.2 162.0 118.2 easyJet ...... 1492.0 -17.5 1552.0 854.8 JPM Japan IT ...... 438.5 -10.0 477.5 383.0 Intl Public Prtnshps .....171.0 2.0 171.2 146.8 Taylor Wimpey ...... 231.7 -0.2 231.9 142.9 Anglo American ...... 2054.5 -49.0 2266.0 1666.6 Diageo ...... 3107.5 17.5 3625.5 2913.5 Investec ...... 441.4 -4.2 518.6 395.3 Safestore Hldgs ...... 859.5 3.0 859.5 586.0 EI Group ...... 284.6 0.0 285.0 194.0 Next Fifteen Comm .....500.0 -5.5 658.0 465.0 Jupiter Fund Mngt ...... 390.1 -21.1 432.0 314.0 Vistry Group ...... 1458.0 -11.0 1469.0 975.0 Antofagasta ...... 848.6 -28.6 1022.5 779.6 CHEMICALS IP Group ...... 75.6 0.6 104.8 55.7 Savills ...... 1222.0 -15.0 1258.0 822.0 FirstGroup ...... 133.7 3.4 137.5 89.3 Nichols...... 1385.0 -12.5 1880.0 1322.5 Law Debenture ...... 618.0 -8.0 654.0 552.0 INDUSTRIAL ENGINEERING BHP Group ...... 1667.6 -24.0 2049.0 1600.0 Croda International .5080.0 -10.0 5375.0 4564.0 John Laing Gp ...... 365.6 1.0 402.0 345.6 SEGRO ...... 924.0 17.4 935.0 636.6 Flutter Ent...... 8618.0 92.0 9456.0 5525.0 Mercantile IT ...... 273.0 -3.0 276.0 188.0 Centamin ...... 136.8 3.4 152.3 79.8 Numis Corporation ...... 285.0 -6.0 306.0 212.0 London Stock Exch ....8350.0 50.0 8350.0 4489.0 Bodycote ...... 872.0 -25.0 971.0 652.0 Shaftesbury ...... 909.5 -8.5 979.5 739.5 Go-Ahead Gp ...... 2214.0 4.0 2278.0 1783.0 Elementis...... 121.7 -3.3 197.9 121.7 Monks Inv Tst ...... 1010.0 -8.0 1018.0 808.0 Polar Capital Hdgs ...... 540.0 8.0 604.0 482.0 Fresnillo ...... 688.0 22.6 1027.5 539.6 GVC Hldgs ...... 824.2 -10.2 939.0 507.5 Johnson Matt...... 2659.0 -16.0 3454.0 2605.0 Murray Intl Tst ...... 1206.0 -16.0 1286.0 1114.0 Man Group ...... 148.8 -4.2 175.2 130.5 Hill & Smith ...... 1466.0 18.0 1510.0 1049.0 St Modwen Props ...... 517.0 -8.0 530.0 373.0 Glencore ...... 226.1 -10.6 340.3 216.9 Intercontl Htls ...... 4929.0 99.5 5738.0 4499.5 Purplebricks Gp ...... 105.0 -3.0 132.0 96.0 Synthomer ...... 332.2 -5.4 420.8 279.0 Next Energy Solar ...... 120.0 0.5 126.5 114.0 Onesavings ...... 431.4 -5.8 452.0 313.6 IMI ...... 1060.5 -16.0 1206.0 906.0 TR Property IT ...... 494.0 -1.0 495.0 377.0 Hochschild Mining ...... 160.5 -1.2 227.0 152.0 Intl Cons Airl...... 632.0 -8.0 671.0 413.5 Redde...... 104.4 -0.6 127.6 98.0 Victrex ...... 2284.0 -42.0 2540.0 1845.0 Pantheon Intl Partn .2500.0 0.0 2620.0 2020.0 Paragon...... 526.5 -8.5 553.5 388.0 Melrose Ind ...... 236.8 -5.2 248.5 160.7 Tritax Big Box ...... 146.5 -1.6 159.7 137.9 Kaz Minerals ...... 506.0 -5.4 738.4 380.3 UK Commercial Prop .....86.3 -0.5 92.7 79.9 Just Eat Takeaway.com 7550.0 -150.0 8255.0 7350.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...324.5 -1.0 342.0 284.5 Plus500 ...... 868.8 -9.8 949.6 495.0 RHI Magnesita ...... 3102.0 -88.0 5000.0 3102.0 Renew Holdings...... 542.0 -12.0 568.0 360.0 Provident Fin ...... 463.2 -1.8 610.0 356.0 Polymet Int...... 1290.0 24.0 1294.0 772.6 Unite Group ...... 1330.0 -6.0 1338.0 896.5 Marstons ...... 105.8 0.0 131.4 95.0 Pershing Square ...... 1560.0 -2.0 1578.0 1224.0 Rotork ...... 302.6 -5.4 341.2 269.8 RWS Holdings ...... 598.0 1.0 670.0 461.5 Balfour Beatty ...... 287.6 -5.0 295.0 194.2 Quilter ...... 168.5 -2.1 174.7 124.2 Rio Tinto ...... 4172.0 -40.5 4976.5 3924.5 Workspace Gp ...... 1285.0 -8.0 1304.0 806.0 Mitchells & Butlers ...... 416.5 1.5 470.5 238.0 Personal Assets Tst ....43900 0.0 43900 39800 Scapa Group ...... 195.6 1.6 403.0 157.0 CRH ...... 2915.0 -30.0 3100.0 2279.0 Spirax-Sarco...... 9200.0 -75.0 9400.0 6655.0 National Express ...... 439.2 -3.2 476.0 387.4 Polar Cap Tech Tst ...... 1720.0 -16.0 1736.0 1218.0 Rathbone Brothers .... 1962.0 -12.0 2540.0 1962.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES Galliford Try...... 175.5 -2.5 190.4 102.4 Schroders ...... 3359.0 -25.0 3443.0 2541.0 Weir Gp ...... 1344.0 -64.0 1814.0 1261.5 PPHE Hotel Gp ...... 2120.0 0.0 2120.0 1630.0 Secure Income REIT ..464.0 1.0 473.0 394.0 Renewables Infra Gp ....137.8 0.8 139.2 115.4 Vodafone Gp ...... 155.3 4.2 165.2 123.3 Avast...... 443.0 -5.0 551.0 282.0 Grafton Group...... 985.5 -4.5 990.0 645.5 TP ICAP ...... 397.2 -1.0 417.5 270.0 INDUSTRIAL METALS Rank Gp ...... 320.0 -3.0 324.0 144.0 Serica Energy...... 105.2 -5.4 143.4 103.6 RIT Cap Partners ...... 2080.0 0.0 2180.0 2005.0 Aveva Gp...... 5245.0 15.0 5315.0 2962.0 Ibstock ...... 311.4 -5.2 322.0 208.6 NONLIFE INSURANCE Restaurant Grp ...... 130.3 1.7 166.4 111.9 Schroder Asia ...... 470.5 -5.0 485.5 424.5 GENERAL RETAILERS Evraz ...... 377.2 -10.9 709.4 341.4 Computacenter...... 1860.0 -4.0 1920.0 1049.0 Smart Metering Sys.....527.0 9.5 635.0 310.0 Marshalls ...... 845.0 0.5 876.0 521.0 Admiral Gp ...... 2310.0 -3.0 2330.0 2014.0 Stagecoach Gp...... 138.7 1.7 167.0 115.5 Scottish Inv Tst ...... 785.0 -12.0 843.0 769.0 B&M ...... 380.0 -2.0 420.9 315.0 Ferrexpo ...... 150.2 0.5 301.3 123.0 FDM Group...... 1014.0 -2.0 1100.0 647.0 Telford Homes ...... 349.5 0.0 358.0 267.0 Polypipe Group ...... 611.0 10.5 611.0 372.8 Beazley ...... 581.5 7.5 628.0 504.5 Wetherspoon (JD) ..... 1522.0 -2.0 1734.0 1269.0 Scottish Mortgage ...... 638.5 -1.5 641.5 472.0 Dixons Carphone ...... 134.9 -3.5 152.4 104.9 Kainos Gp ...... 848.0 -2.0 880.0 430.0 Thorpe (F.W.) ...... 319.0 -2.0 359.0 267.0 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Whitbread ...... 4779.0 59.0 5152.0 3988.0 Sequoia Econ Infra ...... 114.8 0.6 118.6 110.0 Dunelm Gp...... 1342.0 -8.0 1404.0 730.5 Direct Line Ins ...... 344.4 -2.5 366.5 270.5 Micro Focus Intl ...... 786.3 -34.2 2160.0 766.8 William Hill ...... 180.7 0.5 205.2 132.3 Watkin Jones ...... 278.0 8.0 278.0 199.6 Smith (DS) ...... 349.2 -9.4 394.8 307.9 Smithson Inv ...... 1366.0 -8.0 1374.0 1105.0 Frasers Group ...... 487.2 3.6 518.0 214.0 Clarkson ...... 2900.0 -55.0 3110.0 2200.0 Hastings Gp Hldgs ...... 185.0 0.0 231.6 167.9 Playtech ...... 334.2 -5.8 457.7 334.2 Wizz Air Holdings ...... 4412.0 -80.0 4496.0 2880.0 Young’s Brew NV ...... 1245.0 0.0 1310.0 1030.0 Smiths Gp...... 1734.0 -12.0 1769.5 1378.0 Syncona ...... 245.5 7.5 294.0 203.0 Howden Joinery Gp...... 727.4 -5.2 732.6 478.8 Fisher (James) ...... 1880.0 -32.0 2260.0 1810.0 Hiscox ...... 1322.0 -18.0 1777.0 1213.0 Sage Group ...... 781.8 -1.0 820.4 655.0 Smurfit Kappa Gp...... 2784.0 -86.0 3010.0 2096.0 Temple Bar IT ...... 1356.0 -8.0 1486.0 1162.0 Inchcape...... 640.5 -5.0 720.0 545.5 Royal Mail ...... 179.4 -4.8 286.7 175.4 Lancashire Hldgs ...... 793.5 -2.0 795.5 640.5 Softcat ...... 1207.0 -1.0 1260.0 733.0 AIM 50 Young’s Brew-A...... 1625.0 -30.0 1885.0 1520.0 Vesuvius...... 438.0 -27.8 642.0 341.0 Templeton Em Mkts .....841.0 -11.0 876.0 731.0 JD Sports Fashion ...... 850.0 -13.4 881.4 464.5 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 568.2 -2.4 597.0 501.6 Sophos ...... 567.2 -0.4 577.0 298.2 Abcam ...... 1300.0 -11.0 1500.0 1066.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 285.80 -5.65 316.05 202.10 3M ...... 158.88 -2.13 219.50 150.74 AIR LIQUIDE ...... 139.75 -0.05 140.00 108.20 ABBOTT LABORATORIES ...... 88.88 -0.78 91.86 72.88 ALLIANZ AG ...... 231.70 -0.50 232.20 192.00 ADOBE INC ...... 378.85 -0.82 379.67 254.74 AMADEUS IT GROUP ...... 72.90 -0.06 78.60 42.30 ALPHABET NON VTG-C ...... 1519.67 -1.07 1520.74 1036.23 ANHEUSER BUSCH INBEV ...... 67.85 0.42 92.71 65.77 ALPHABET-A ...... 1519.44 0.71 1518.73 1116.79 AMAZON.COM ...... 2155.67 20.80 2160.00 1619.44 ASML HOLDING NV ...... 286.15 -2.30 292.95 158.30 AMERICAN EXPRESS ...... 135.60 -0.27 135.87 106.61 AXA ...... 25.43 -0.07 25.50 20.78 APPLE INC ...... 319.00 -5.95 327.20 171.06 BANCO SANTANDER ...... 3.89 -0.08 4.19 3.40 AT&T ...... 38.26 0.01 39.63 29.81 BASF...... 61.01 -0.93 74.49 56.20 BANK OF AMERICA ...... 34.27 -0.58 35.64 26.25 BAYER AG...... 75.06 -1.60 78.06 52.53 BERKSHIRE HATHAWAY...... 226.77 -0.03 230.20 195.81 BBVA ...... 5.17 -0.06 5.69 4.21 BOEING CO ...... 338.88 -1.61 432.69 309.00 BMW ...... 65.20 -1.22 77.75 58.70 CATERPILLAR INC ...... 136.58 -1.41 150.53 113.38 BNP PARIBAS ...... 53.67 -0.51 54.18 39.32 CHEVRON ...... 110.24 0.16 126.54 106.28 CRH ...... 35.08 -0.34 36.50 26.70 CISCO SYSTEMS ...... 46.59 -0.38 58.05 43.52 DAIMLER ...... 42.50 -1.23 59.31 40.53 CITIGROUP ...... 77.58 -1.21 81.91 60.33 DANONE ...... 71.96 -0.30 82.00 65.88 COCA-COLA CO ...... 59.53 -0.42 59.95 44.69 DEUTSCHE POST AG ...... 32.20 -0.81 34.91 26.38 COMCAST ...... 46.15 0.06 47.50 37.79 DOW ...... 47.74 -0.89 66.65 40.71 DEUTSCHE TELEKOM ...... 15.79 0.09 16.25 14.45 EBAY INC ...... 37.87 -0.27 41.57 33.56 ENEL ...... 8.47 0.07 8.39 5.23 EXXON MOBIL ...... 59.88 -0.77 83.38 59.96 ENGIE...... 16.55 0.23 16.32 12.45 FACEBOOK ...... 217.80 3.62 223.23 174.60 ENI ...... 12.91 -0.12 15.94 12.61 GOLDMAN SACHS GROUP ...... 233.21 -3.87 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 243.94 -1.09 245.03 181.14 FRESENIUS MEDICAL CARE ...... 73.94 -0.54 76.32 57.92 HONEYWELL INTERNATIONAL ...... 179.42 -1.39 183.23 151.59 IBERDROLA ...... 11.12 0.06 11.06 6.02 IBM ...... 151.10 0.40 156.76 126.99 INDITEX ...... 31.70 0.22 32.37 2.55 INTEL ...... 66.14 -1.13 68.47 43.46 ING GROEP NV...... 10.42 -0.31 12.05 8.34 JOHNSON & JOHNSON ...... 149.14 -0.99 153.99 126.95 INTESA SANPAOLO...... 2.60 0.06 2.54 1.83 JPMORGAN CHASE & CO ...... 135.64 -1.82 141.09 98.93 KERING ...... 569.70 -10.30 610.20 425.05 MASTERCARD INC ...... 341.24 0.29 340.95 219.31 MCDONALD’S ...... 216.15 -0.94 221.15 179.50 KON KPN NV ...... 2.54 0.02 2.96 2.46 MEDTRONIC ...... 112.66 -4.67 121.30 84.15 L’OREAL ...... 268.30 0.80 275.30 220.30 MERCK & CO ...... 82.46 -0.19 92.04 73.19 LVMH MOET HENNESSY ...... 408.85 -5.55 439.05 296.60 COMMODITIES TOURIST RATES MICROSOFT ...... 187.23 1.88 188.70 107.15 MUENCHENER RUECKVE ...... 281.40 -1.10 282.50 205.90 NETFLIX ...... 387.78 7.38 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1589.76 +8.61 Copper Cash Official...... 5801.00 +65.00 Canada ...... 1.6433 New Zealand ...... 1.8859 NIKE INC ...... 102.00 -1.54 104.58 77.14 ORANGE ...... 13.43 0.04 15.01 12.61 Silver (Pence) ...... 1780.00 +9.50 Aluminium Cash Official ...... 1678.25 -26.00 Croatia ...... 8.0916 Norway...... 11.48 ORACLE ...... 55.45 -0.02 60.15 50.24 ROYAL PHILIPS ...... 44.78 0.06 45.61 34.66 Silver (Cents) ...... 1368.00 +9.00 Nickel Cash Official ...... 13067.50 +37.50 Czech Republic ...... 27.47 Poland ...... 4.4885 PAYPAL HOLDINGS ...... 122.27 -0.72 122.99 96.64 SAFRAN ...... 143.35 -1.50 150.25 116.90 Krugerrand ...... 1604.74 +6.83 Aluminium Alloy Cash Official ...... 1370.00 -5.00 Denmark ...... 8.5449 Singapore ...... 1.6883 PEPSICO ...... 145.60 -1.39 146.99 118.61 SANOFI ...... 93.71 1.40 93.93 72.24 Brent Crude ...... 57.67 +0.35 Natural Gas ...... 22.16 +1.30 Hong Kong ...... 9.6028 Sweden ...... 12.08 PFIZER INC ...... 36.32 -0.19 44.40 34.24 SAP SE ...... 127.12 -0.22 127.34 93.81 Platinum ...... 967.00 -5.00 Tin Cash Official ...... 16627.50 +115.00 Iceland ...... 146.33 Switzerland ...... 1.2191 PROCTER & GAMBLE ...... 124.87 -1.27 127.14 98.41 SCHNEIDER ELECTRIC ...... 97.00 -1.18 98.18 67.60 British Sovereign ...... 374.42 +1.56 Zinc Cash Official ...... 2153.25 +16.25 India ...... 81.95 Turkey ...... 7.4936 TRAVELERS COMPANIES ...... 135.88 -1.88 154.83 128.93 SIEMENS AG ...... 106.72 -1.16 119.90 85.00 Lead Cash Official ...... 1910.50 +36.50 White Sugar ...... 409.50 -2.70 Israel ...... 4.0276 United States ...... 1.2441 TWITTER ...... 38.06 1.15 45.42 28.89 UNITED HEALTH GROUP ...... 302.14 3.36 303.48 215.26 SOCIETE GENERALE...... 31.78 -0.15 31.93 21.13 UNITED TECHNOLOGIES ...... 151.28 -2.18 156.83 122.94 TELEFONICA SA ...... 6.53 0.15 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 57.91 -0.60 62.07 54.35 TOTAL ...... 44.70 -0.51 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 211.20 0.91 210.29 168.86 UNILEVER NV ...... 55.05 0.05 57.56 47.05 FTSE 100...... 7382.01 -51.24 -0.69 S&P 500...... 3370.29 -9.87 -0.29 CAC 40 ...... 6056.82 -29.13 -0.48 Hang Seng ...... 27530.20 -429.40 -1.54 WALGREENS BOOTS ALLIANCE...... 51.86 -0.99 76.05 49.29 VINCI ...... 106.15 0.40 105.80 81.04 FTSE 250 ...... 21678.46 -147.88 -0.68 Dow Jones I.A ...... 29232.19 -165.89 -0.56 Swiss Market Index ...... 11146.28 -22.17 -0.20 Nikkei ...... 23193.80 -329.44 -1.40 WALMART ...... 119.63 1.74 121.28 96.94 VIVENDI ...... 25.25 0.01 26.42 23.40 FTSE All-Share ...... 4118.84 -28.26 -0.68 Nasdaq Composite ...... 9732.74 +1.57 +0.02 ISEQ Overall Index ...... 7155.88 -1.33 -0.02 STI Index ...... 3196.63 -16.37 -0.51 WALT DISNEY CO ...... 139.14 -0.40 151.64 107.79 VOLKSWAGEN AG ...... 169.76 -2.80 185.52 138.16 FTSE AIM All-Share...... 964.54 -4.42 -0.46 Xetra DAX...... 13681.19 -102.70 -0.75 FTSEurofirst 300...... 1677.46 -6.27 -0.37 ASX All Ordinaries...... 7208.30 -12.90 -0.18 WELLS FARGO & CO ...... 46.99 -1.23 54.46 43.38 18 OPINION WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Freedom of expression is being TO THE EDITOR HSBC you later sacrificed to offence culture [Re: Profit plunges as HSBC plans 35,000 job cuts] Without a doubt, banks are having to do ARRY Miller never consid- Freedom of speech has always been tivists are not the only people at- more with less budget in this punishing ered that he might be na- Alan a staple of our liberal and demo- tempting to shut down discussion low-rate environment. Some have tional news-worthy. A Mendoza cratic society. We have, over the of ideas in contemporary Britain. persevered by slashing costs through staff Hformer police officer years, accepted some curbs on our The All-Party Parliamentary reductions — but is that the most effective turned businessman, dur- right to say absolutely anything for Group on British Muslims has, for strategy? While it's important to run the ing late 2018 he posted a series of the greater good. It is widely agreed, example, drawn up a definition of lightest ship possible, cutting staff may tweets which questioned the biolog- for example, that we are better off Islamophobia that would prevent result in cutting the bone rather than ical sex of transgender individuals. for having safeguards against the the discussion of aspects of Islam’s trimming the fat, which could damage a One of his musings stated “I was victimisation of individuals and the texts and traditions, as well as his- bank’s operations in the long term. assigned mammal at birth, but my incitement of violence against them. toric episodes of the Islamic world. Instead, to stay within reasonable budget orientation is fish. Don’t mis- son who is transgender or per- But we have always drawn a clear The grounds cited as relevant are constraints, banks of all different sizes species me.” ceived to be transgender”. distinction between people and “expressions of Muslimness or per- should prioritise adjustments to their What should have been an emi- Unlike most victims, however, ideas. The former have a right to ceived Muslimness”. But as different technology strategy. The spoils will nently forgettable entry on a social Miller went to court to prove that protection. The latter have no rights Muslims will have different ideas of ultimately go to those who can improve media platform no stranger to far he had not broken any law. Last Fri- to an avoidance of criticism. what “Muslimness” actually is, the cost efficiencies, manage operations viler exchanges of views quickly day, he secured an important par- Instead, we have accepted that impact of such a definition would intelligently, and quickly expand their took an unexpected turn. Miller’s tial victory. even abhorrent ideas like Holocaust be to take the maximalist position reach to optimally engage clients. One tweets were reported to Humber- The police guidelines were denial should not be criminalised. of offence, which would ultimately such way would be through a cloud-based side Police as “transphobic”. deemed to have been acceptable In so doing, we have acknowledged protect the most radical of Muslims system which brings the opportunity to Rather than consigning the com- practice, but Humberside Police that there is no right to not be of- from scrutiny of their religious maximise profits while using high-quality plaint to the same dustbin that po- were decried for their excessive ap- fended within our society. As long views under the guise of racism. technology. If banks don’t do this, they risk lice these days appear to reserve for proach to Miller. Scathing in his as the criticism is about ideas rather From here, it is only a short hop to pursuing the blunt instrument of across- all manner of real crimes apparently condemnation, Justice Julian than people, we have agreed that a world where political views end the-board job cuts, which often means too trivial to take seriously, Humber- Knowles pointed out: “In this coun- one person’s expression of an idea up being protected from scrutiny. letting go of talent and experience that side’s finest sprang into action. try we have never had a Cheka, a may offend another who disputes it. Could anyone, for example, have may be difficult to replace. Miller was visited by the police at Gestapo or a Stasi. We have never But this red line has been thin- been certain that a Corbynista gov- Vikas Srivastava, Integral his workplace and informed that lived in an Orwellian society.” ning rapidly in recent years. ernment would not have tried to his social media use had been Miller will now continue his case How has this has been allowed to muzzle free discussion of Cor- recorded as a “non-crime hate inci- against the guidelines themselves happen? The clue is in the police bynista thinking? BEST OF dent”. A police officer issued the in the Supreme Court. For the rest guidelines applied in Miller’s case. This madness in allowing for TWITTER chilling warning that “I am here to of us, the case throws open some By placing the onus of what con- amorphous “victim-led” definitions check your thinking.” important considerations for the stitutes a “non-crime incident” on must cease. It is perfectly possible Employees’ regular earnings have The effect of this intervention was future of debate in this country. the perception of a “victim or any to codify hate incidents to protect finally passed their 2008 levels, after to leave Miller with a police record other person”, we have enshrined a individuals, without according sim- taking inflation into account, but real that will appear every time an en- right to not be offended into our ilar protection to the ideas that total pay remains below pre- hanced check is performed on him. legal lexicon. may animate them. downturn levels It turns out that Miller’s experi- In the absence of a proper defini- It must not be for the police to de- @ONS ence is not uncommon. Police tion of what constitutes “hostility or termine the limits of free speech, forces have recorded nearly 120,000 prejudice”, we are engaging in a but our politicians, who now need Today’s UK jobs news is “non-crime” hate incidents, defined It must not be for race to the bottom where the views to act. Their failure to do so thus far breathtakingly good: by the College of Policing Guide- of the most offended individual in risks eroding the very basis of - Employment rate up to 76.5%: by far lines (in the transgender case) as the police to any particular incident count the British society that the institution the highest ever “any non-crime incident which is most — indeed, are the only views of parliament has always upheld. - 381,000 more full-time jobs in the perceived, by the victim or any define the limits that appear to count at all. last year and now 3.1 million more other person, to be motivated by a This is an extremely dangerous sit- £ Alan Mendoza is executive director of full-time jobs than in 2010 hostility or prejudice against a per- of free speech uation to be in, because trans ac- the Henry Jackson Society. - Average wages up 3.2% in the last year: well over twice the rate of inflation @OliverCooper

Sorry to be repetitive, but headlines like this need wider context: Time for higher public spending, and the 1. A return to pre-crisis wage levels is only that: a return to where we already were 12 years ago. Wages should’ve grown by over 20% across Treasury should get with the programme this time 2. We’ve only returned by the ONS's N THE days of the old Soviet chief economist at the Bank, and Moreover, after sharp rises during very favourable measure Union, so-called Kremlinologists Paul Gerard Lyons, a distinguished Brex- the financial crisis of the late 2000s, @Alex__Collinson would pore over every utterance Ormerod iteer economist, lost out. the ratio of public sector debt rela- Iof the Politburo, every sentence But this particular game seems to tive to GDP was stabilised and has A warning to young people eyeing job in Pravda, to try to work out be the best of three — and it looks now been flat at some 85 per cent vacancies in Parliament — it’s not as what was really going on. like the Treasury will lose. for the past six years. True, there glamorous as you imagine it is. If your Sajid Javid’s defenestration from Political economy demands that must be some risk that the markets MP is anything like mine, about 90% the Treasury has led to an upsurge spending in the newly blue north of will eventually lose confidence and of your day will be spent rescuing in similar types of intellectual effort England not only be increased, but interest rates rise as a result. But them from diary clashes they created here. What was it really all about? be seen to increase. Javid subse- here, it is perception and narrative themselves... The Treasury, as the guardian of total public spending was only 2.0 quently proved somewhat reluctant which matters at least as much as @Samuel_Betz the public finances, has had a con- per cent after inflation. But even to open the spending taps too far, objective economic statistics. servative line on spending since this meant that public spending and has now been replaced by Rishi Boris Johnson’s election victory One MP I worked for asked me mid- time immemorial. Keynes railed was envisaged to grow faster than Sunak, a close ally of the Prime Min- not only moved the nation on from speech if he was on twitter (it was against it way back in the 1930s. the economy as a whole. ister, with his team expected to Brexit wrangling, but inflicted a 2011). When I said yes he started But the more orthodox thinkers If that was a win for the govern- work more closely with Number 10. punishing defeat on the forces of speaking again, then turned back to within the Treasury suffered a sub- ment, the Treasury then won a big In principle, a substantial relax- socialism personified by Jeremy me and said “Do I say anything on it?” stantial defeat last September, victory by slipping its chosen man in ation of the controls on infrastruc- Corbyn. In image terms in the mar- to which I arched my eyebrow and when Javid himself introduced the as governor of the Bank of England. ture spending seems justified. kets, the government is riding high. said “of course not” and he carried on. autumn Spending Review. The in- Despite the smokescreen of alter- Interest rates are now so low that A big increase in spending will be Reader: it is not glamorous. crease planned in 2020/21 for what native names put out during the the British government can borrow greeted with equanimity. The Treas- @LaurenMaeve the Treasury calls “day-to-day de- long process of selection, it is un- for 20 or 30 years at a one per cent ury has lost this one. partmental spending” (which cov- likely that the Treasury ever had rate. Even taking a reasonably pes- My 5 year old has just made a hands ers the running costs of public any intention of allowing anyone simistic view, this is lower than the £ Paul Ormerod is an economist at free iPad viewer out of an empty services) was the highest for 15 other than Andrew Bailey, a career sustainable annual growth rate of Volterra Partners LLP, a visiting professor box.Disturbing Blue Peter / Black years, at 4.1 per cent in real terms. public servant, into the Threadnee- the real economy in the longer term. in the Department of Computer Science Mirror crossover True, by keeping the squeeze on dle Street job. More innovative So extra spending can indeed be at UCL, and author of Against the Grain: @Konnie_Huq benefits, the planned increase in thinkers such as Andy Haldane, paid for by the proceeds of growth. Insights of an Economic Contrarian. CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam The immigration system is in DEBATE Should we be concerned about dire need of an overhaul if the rumours of potential Chinese UK is to be open for business involvement with building HS2? The government’s decision to permit HREE weeks ago we deliv- And in line with our clear Huawei to be involved in building our ered on our promise when Alok manifesto commitment, there will 5G network has exposed the acute lack the United Kingdom Sharma be no specific route for low of an overarching strategy around YES became a sovereign nation skilled workers. Britain’s engagement with China. T SOPHIA GASTON for the first time in 50 In order to support businesses, we No doubt, this authoritarian state is years. Today we are setting out the will be introducing world leading also an economic powerhouse, and biggest shake-up of the United technology, streamlining visa there are plenty of opportunities for incompatible with our own. Kingdom’s immigration system for processes and scrapping the meaningful links through business, Most importantly, we must take care a generation. requirement to advertise here culture, and education. But we cannot that any relationships with China are in For the first time businesses will before employing a migrant. afford to be naive about how starkly line with our long-term interests — by be able to recruit the most talented international students. This will cut the time it takes to different its values and objectives are to first defining the scope of our “critical people from around the world Our new system will enable those bring a worker into the United King- our own. infrastructure”, and then ensuring all using a single streamlined points- studying here to more easily con- dom by up to eight weeks. The appeal of a cut-price, rapid within it remains firmly off the table. based immigration system. tinue to work and contribute after Although I have only been busi- delivery for the embattled HS2 project No short-term gain can offset such Since the dawn of the industrial they have graduated. ness secretary for less than a week, is obvious, but China’s enviable grave risks to our national sovereignty. revolution British business has been In addition to this, our Global this government has collectively infrastructure record is often made global. It is only right that the Talent visa will provide a fast track spoken with businesses of all sizes, possible by standards on workers’ £ Sophia Gaston is director of the British United Kingdom’s immigration route for the world’s best and drawing on their expertise to help rights and planning consent utterly Foreign Policy Group. system reflects the international di- brightest scientists and researchers design the new system. I will con- versity of our economic ties across to take advantage of the billions this tinue to do so as it is rolled out. the globe. government is investing to turn I am certain businesses share our Our new fairer system will boost Britain into a science superpower. vision to transform and level up If HS2 is going ahead, taxpayers should innovation and grant businesses every region of the United Kingdom relish the opportunity for it to be built at access to the best and brightest by adapting and investing in domes- a lower cost by Chinese providers. from around the world. tic skills and technology. Unlike the controversy surrounding NO It will prioritise the skills people This is vital if we are to deliver a Huawei managing the UK’s 5G network, have and how they will contribute high-skill, high-wage and highly building a high-speed rail network does ALEXANDER HAMMOND to the United Kingdom’s economy, productive economy that benefits not hold the possibility for China to not where they come from. all, and ensures the United King- access any sensitive information. If the government’s preliminary And it will help restore public Today we are dom remains one of the best place A recent government review has discussions with the China Railway trust in our immigration system. in the world to work, start and grow found that HS2 could cost upwards of Construction Corporation do result in Additional points will be awarded setting out the a business. £106bn, which means each kilometre of Chinese contractors building HS2 at a to people who have the most to biggest shake-up Our new, fair system will send a track would cost the UK taxpayer a lower cost and in a faster time than is offer, including those working in message to the whole world that whopping £199m. By international currently forecast, the British taxpayers occupations where there are real of the UK’s Britain is open for business. standards, this figure is gargantuan. should breathe a sigh of relief that no skills shortages. Look to France as an example: for their more of their money will be wasted on With four of the top 10 universi- immigration £ Alok Sharma is the secretary of state eight previous high-speed rail projects, this bloated government project. ties in the world, the United King- system for a for the Department for Business, Energy each kilometre of track averages just dom is a powerhouse of academia and Industrial Strategy, and the £12.3m, which equates to 16 times less £ Alexander C. R. Hammond is a policy and already attracts half a million generation Conservative MP for Reading West. than the projected costs of HS2. adviser at the Institute of Economic Affairs.

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This is Me is a pioneering mental Raise awareness through the Green To join our growing movement health initiative that aims to change Ribbon Campaign, wearing ribbons to of organisations, and register attitudes towards mental health show solidarity and commitment to ending stigma for This is Me, head to: in the workplace and support Open up the conversation through This Is lordmayorsappeal.org/thisisme organisations to create healthier and Me storytelling, sharing lived experience to more inclusive workplace cultures, end the stigma and make it ok to talk If you’d like to speak to a member of team to fi nd out improving employee wellbeing. We Build employees skills through Wellbeing do this by providing employers with in the Workplace, an online wellbeing more, contact us: thisisme@ the tools they need to: programme giving the skills to manage thelordmayorsappeal.org emotional health @LMAppeal The Lord Mayor’s Appeal 20 FEATURE WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM PERSONAL FINANCE YELLOW BRICK ROAD Luke Graham explains the benefits of investing in gold — and the best way to add it to your portfolio

NVESTING can often feel like a tion trade’ into major government FAMILY TREASURE director of BullionRock, when asked but does incur storage fees. rollercoaster, with the value of debt and so-called ‘safe haven’ curren- Still, gold can clearly be a useful in- how much of an investor’s portfolio A third method is to invest in a gold- stock investments rising and cies like the Swiss franc and Japanese vestment for hedging against risk, as should be gold. based exchange traded fund (ETF). Ifalling sharply based on breaking yen,” explains Adrian Ash, director of well as adding another asset to a port- “We certainly don’t advocate re- These are listed on stock markets and news and geopolitical events. research at BullionVault.com. folio of stocks and bonds which can mortgaging your house and selling all traded like shares, but often derive Certainly, the last few months “Because gold pays no interest, but rise when the others fall. But how your bonds and equities to invest into their value from gold prices using de- may have felt bumpy. From the build- also can’t go bust or be created at will, much should you hold? precious metals — we wouldn’t want rivatives such as future contracts. up to the UK General Election in De- bullion prices are very sensitive to According to the World Gold Coun- to put even all our golden eggs in one “ETFs typically solve the cost prob- cember, to the tit-for-tat missile changes in bond yields, most espe- cil, holding between two per cent basket. We do find however that, once lem compared to buying and selling volleys between the US and Iran, to cially after you account for inflation.” and 10 per cent in gold in an average bought, gold tends to form a part of coins or small bars, because they the outbreak of the coronavirus, it’s With government bond yields at investor’s portfolio over the past investors’ portfolios ‘for life’ — and in carry a much narrower spread,” ex- understandable if investors feel a lit- record lows, and in some cases nega- decade would have produced higher fact, even longer: we often see gold plains Ash. “ETFs also solve the stor- tle shaken. tive, gold has become comparatively returns than none at all, so picking passed down through generations.” age problem, charging ongoing fees of During moments such as these, in- more attractive. between these levels is a good rule of between 0.2 per cent and 0.5 per cent vestors often move their money into Looking ahead, gold’s price is likely thumb, depending on how much risk PRECIOUS METALS per year. You don’t however own any “safe-haven assets” — investments that to continue to climb. Analysts predict you want to protect against. Once you’ve decided you want to in- actual gold. Instead, you become a can weather whatever is affecting that the commodity’s value will rise “The numbers from the World Gold vest in gold, the next question is: shareholder in a legal trust whose global markets. The most traditional by 12 per cent in dollar terms by the Council are as good a place to start, as how? It is not necessarily straight- debts are denominated in bullion.” safe haven is gold, which is still prov- end of the year due to investors and any,” says Robin Newbould, managing forward, and there are various ways. A better alternative to an ETF may be ing widely popular. central banks adding to their gold po- One way is to buy physical gold bars a physically-backed exchange traded “Gold is widely viewed as a port in a sitions as a way of spreading risks. and coins through online sites, and commodity (ETC), the value of which storm, with many investors dedicat- “Last year, gold gave its best show- keep it at home. This gives you more is based on owning gold held in a ing a small portion of their portfolio ing since 2011,” adds Ash. control, and UK investors also benefit vault. The government-owned coin to the precious metal to hedge against “Consensus forecasts for 2020 see from being exempt from paying capi- maker, the Royal Mint, launched an uncertainty in the world economy,” another year of solid gains thanks to tal gains tax on Britannia and Sover- ETC product this week. explains Dzmitry Lipski, head of the outlook for weak economic eign gold coins. However, the dealer “One of the easiest, cheapest and funds research at Interactive Investor. growth, low interest rates, a possible costs can be quite high. more liquid ways to invest in gold is turn in the stock market, plus contin- “Holding physical gold in your hand through an ETC that tracks the price 24 CAROT ued geopolitical uncertainty.” can be reassuring, but very costly” of the asset,” says Lipski. “This means The value of gold has rallied in recent However, not everyone is a fan of The commodity is says Ash. “Coins or small bars kept at that they can follow the price of gold months, from a low of $1,450.41 per gold. Edward Park, deputy chief in- widely viewed as a home or even in a safe-deposit box down as well as up. We think ETCs are ounce in November, hitting a peak of vestment officer at Brooks Macdon- carry a danger of emotional over- the best mechanisms to gain exposure $1,611.25 in early January. Gold is cur- ald, says his company is cautious port in a storm. investment and thus inertia when to the precious metal.” rently trading around the $1,587 towards gold at the moment. you should take profit. Also, check Lipski recommends the iShares Phys- level, up nearly nine per cent over the “We believe the price of the metal Many investors your home insurance: depending on ical Gold ETC, which has returned last three months. has become disconnected with the your insurer, keeping more than 18.45 per cent over one year and has But why? Despite recent geopoliti- total stock of negative-yielding debt dedicate a small £3,000 of any ‘high value’ item might an ongoing cost of 0.19 per cent. cal uncertainty, global stock markets which has been a reliable predictor of portion of their invalidate your policy.” With stock markets trading at are also trading around record highs, prices in the past,” he explains. Alternatively, you could buy physical record highs and uncertainty over so what has driven the price of the “We do not have a strategic alloca- investment to it to gold, but keep it stored in a vault. Bul- how the global economy will per- precious metal? tion to gold, as its fair price is notori- lionVault, for instance, looks after form in the future, it may be a wise “Gold’s price surge since mid-2019 ously hard to determine, with pricing hedge against £1.5bn of physical gold, silver, and plat- investment to add a little bit of gold has been driven by the plunge in bond influenced more by investor demand uncertainty inum for 75,000 customers around the as insurance against the next dip of yields, with bullion joining the ‘defla- than fundamentals.” world. This approach is more secure, the rollercoaster. CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 FEATURE 21 OFFICE POLITICS How to beat your workphone addiction

understand our usage and track Always-on culture can be a double-edged screen time. However, whether these extreme measures will be successful sword — here’s what we can do about it in minimising longer impacts on device users is debatable. HE RIGHT to ignore work Carolyn The UK workforce’s dependence on emails at home recently Lorian communicating out-of-hours makes made headlines during the an all-out ban on their use unlikely. A Labour leadership race. It has TRACK YOUR more sustainable halfway house been mooted that workers TIME would be to encourage a culture that Tshould be given the right to ignore does not make work communications work messages outside of hours in Toggl after hours the norm. order to end the 24/7 work culture and Free Small behavioural nudges, such as protect mental health. adding a simple email signature, can Smartphones have made emails and It is one thing to be effective, for instance stating that work messages omnipresent. For employees aged 18–24 who said they manage your while it suits the sender to sometimes many, this is a godsend — particularly check work emails outside of hours time well — but email out of hours, they do not expect if you are working around childcare very often has almost doubled in the to track it is a response before the start of the next needs, in a flexible role, or spending a last year, from 12 per cent to 21 per another matter working day. large part of the day in meetings. cent. Around one in six workers aged entirely. That is Ultimately, the solution requires However, for many others, access to 18–24 check work emails every hour, where Toggl educating and empowering people to work communications around the compared to just one in 20 workers comes in. When manage their relationship with their clock has had a detrimental impact, aged over 55. you finish a task, devices. What may be helpful to one adding to the always-on, high-pressure With 73 per cent of young people A sustainable health problems to employers and the app will person may be damaging to another; workplace culture. People are continu- now doing work outside of their con- halfway house more likely to use their holiday crunch the one size does not fit all. ing to work when they are not at their tracted hours, the concern is that this would be to allowance instead of taking days off. numbers and In past generations, the detrimental most productive, with leaveism (using will set the precedent of managing encourage a How can the problem be tackled? show you how impact of reading, homework, and annual leave when you are actually the work-life balance for generations culture that Smartphone makers, businesses, and your time was even crosswords has been suggested, too unwell to go to work) and presen- to come. Not only could this lead to does not make device users will all be responsible for spent. For and in future the debate over the teeism enabled by technology. Among huge productivity issues, but it could working after ensuring that the technology helps anyone billing harms of smartphone use for working young people in particular, it seems to pose serious threats to both mental hours the norm rather than hinders our working lives. clients by the out-of-hours may be mocked too. But be a growing problem. and physical health down the line. Some organisations and govern- hour, the we need to establish a working culture Research from Deloitte’s Mobile Research published last month ments are switching off access to sys- findings could be that ensures that the devices have a Consumer Survey highlights that the reflects how poor mental health costs tems entirely between certain times. a pleasant positive impact on productivity, rather use of smartphones for business pur- UK employers up to £45bn a year. In France, it is illegal to expect employ- surprise. than cause office burnout. poses outside of working hours is ris- Young people were found to be the ees to email after hours. ing, especially among the UK’s most vulnerable, with workers aged Most smartphones now have built-in £ Dr Carolyn Lorian is a workplace youngest workers. The proportion of 18–29 less likely to disclose mental tools to monitor use that can help to wellbeing consulting lead at Deloitte. 22 LIFE&STYLE WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM FOOD&DRINK

It’s the world’s most popular workout, but everyone’s doing it wrong, says Harry Thomas

IIT has been a popular style of training for the last decade, commonly referred to as the best way to get fit quick. I was introduced to it Hjust before it became the fitness in- dustry’s buzzword, and was taken through a brutal workout to demon- strate the concept. Back then it was still a niche thing for elite athletes: now it’s the main event on the sched- ule in gyms across the world. I love HIIT and I believe many people would benefit from introducing it into their training routines. That being said, people need to understand what it actually is and know how to implement it properly. SO WHAT IS HIIT? It stands for High Intensity Interval training. There are many benefits to training this way, including burning a lot of calories in a short amount of time; boosting your metabolic rate after exercise; helping you to lose fat; reducing your standing heart-rate and blood pressure; and reducing your blood sugar levels. Great, right? The problem is, lots of people are doing it wrong. The key is in the name, especially intensity and interval. When I see people doing what they believe to be “HIIT” workouts – even with dedicated “HIIT trainers” – I very rarely see any HIIT actually hap- HIIT THE GYM pening. What I see is circuit training, which has its place, but is a different, less intense style of workout. that’s close to something you could your heart rate. It’s about working is basically essential in order to keep groups or movement patterns. HIIT essentially condenses a chal- only safely lift once; throwing a 3kg with your body’s recovery times. So track. An easy way to get started with your lenging workout into a short amount dumbbell around for 30 minutes does when you’re in the “work phase”, Time is always a big factor in peo- own HIIT workout is using the rower of time. Within this time you need to not count as intense. your heart rate should be at 90-100 ple’s fitness journeys, which makes and a pair of dumbbells. Row as hard really push yourself to see the benefits. Have you ever pushed yourself to this per cent of your maximum effort for HIIT particularly effective. Instead of as you can for 20 seconds. Rest for 50, High intensity doesn’t just mean get- intensity? It’s extremely uncomfort- a period of around 20 seconds. You working longer, you can work smarter, then perform dumbbell thrusters for ting a bit sweaty and out of breath, it able, which means people often shy should then take an interval until taking advantage of short intervals of 20 seconds. Select a weight that’s chal- means pushing yourself to around 90- away. It puts a huge amount of stress your heart rate comes right back high intensity exercise. But don’t lenging; you should struggle to finish 100 per cent of your maximum effort, on the body, and it’s something I down. overdo it: you should only schedule in 10 reps. Repeat this format five times for no more than 20 seconds at a time. would only recommend for people This is usually along the lines of 1:3 two or three HIIT sessions a week, – the workout should take no longer You then repeat this a number of with a bit of experience in the gym. or 2:5. In practice this might be 20 sec- with at least 48 hours between ses- than 20 minutes. Do it properly and times, with a longer rest between The “interval” part is also crucial. A onds of burpees followed by a 50 sec- sions to allow your energy stores to re- regularly and you’ll really start to see each interval. If you’re incorporating common training technique is “20 ond rest. Your heart rate should be a plenish and muscle tissue to repair. results. weights into a HIIT workout, you need seconds on, 10 seconds off”, and peo- series of spikes throughout your You can still train the day after a to think carefully about the volume ple mistake this as interval training. workout, and if you’re just getting HIIT session, but it should be moder- £ To book a session with No1 Fitness, visit being lifted, aiming for a weight In fact, the “interval” in HIIT refers to started, wearing a heart rate monitor ate intensity using different muscle no1fitness.co.uk or call 0207 403 6660

THIS WEEK’S RECIPE: thin things we were brought up DROP SCONES WITH ICE CREAM METHOD MARK HIX with – they can be whopping great AND RHUBARB (SERVES 4-6) £ Bring the sugar, apple juice and Kingston Next Tuesday is things often called drop black to the boil, dilute the cornflour in a little pancake day – do it right Chef and scones (or ‘dropped’ INGREDIENTS water and stir into the sugar and water restaurateur scones as they call £ A couple of sticks of mixture. Simmer for 2-3 minutes to form a with these expert tips them in Scotland). rhubarb (150-180g), thick liquid. Add the rhubarb, bring back to These can be ei- trimmed and cut into the boil then remove from the heat, cover hrove Tuesday, for those who ther hot or cold, rough 1cm dice with a lid and leave to cool, giving it an remember their bible studies sweet or £ 100g sugar occasional stir. classes, is the feast before the savoury, filled £ 150ml apple £ To make the dropped scones, gently whisk start of Lent, a period of fast- the case in most homes. There’s noth- or topped – juice the flour, egg, sugar and buttermilk to form a ing that begins on Ash ing wrong with that, of course, but it they can even £ 60ml Kingston thick, smooth batter that drops off the spoon. SWednesday and lasts for the 40 days does mean that pancake day is basi- be turned black (optional) £ Heat a non stick frying pan and rub it with leading up to Easter. The name comes cally over before you know it (I have a into a crepe £ 2tsp cornflour a little butter. Drop spoonfuls of the mixture from Anglo Saxon Christians who hazy memory of pancake races, but soufflé. £ 4 scoops of into the pan and let them cook for a couple of went to confession and were they were sporadic at best, and I And if you quality vanilla ice minutes until bubbles rise, then turn them ‘shriven’ – basically absolved from don’t think I ever won one). can’t make a cream over with a palette knife or spatula and cook their sins. Well, I’m here to add to These days I make a bit more of an big effort next for another couple of minutes. yours. effort, showcasing both sweet and week, don’t FOR THE DROP £ Serve them warm with a scoop of ice When I was growing up, Shrove savoury pancakes on the menu in my worry about it – SCONES cream and the rhubarb and sauce. Tuesday was celebrated with the restaurants, along with variations on pancakes can (nay, £ 150g self-raising flour obligatory pancakes, served with a the classic, thin pancakes we’re all should) be an all-year £ 30g caster sugar no-nonsense combination of sugar used to. It wasn’t until I was in my thing, not just appearing £ 1 egg, beaten and lemon. We’d eat them when we late teens that I realised pancakes once a year. So you have plenty of £ 150-200g buttermilk got home from school, as I think was don’t necessarily have to be gossamer time to indulge. £Butter for frying CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 LIFE&STYLE 23

but to create something truly delicious, with perfectly balanced flavours, is a complex process. YOU COME HOME DRUNK – WHAT DO YOU COOK? Scrambled eggs. It’s so quick and easy to make but delicious. I use three eggs, chives, parmesan and lots of black pepper and salt. It’s perfect on top of a slice of toasted brown bread. WHAT’S YOUR EARLIEST FOOD MEMORY? Pasta! From the age of five I can remember having spaghetti vongole on Saturdays and lasagne on Sundays. Always the same, without fail. Coming from Naples, this is a typical weekend family meal. I used to only eat the cheesy, crispy topping of the lasagne, a trait that’s stayed with me to this day. TELL US ABOUT THE BEST MEAL YOU’VE EVER HAD It was at Gastrologik in Sweden. The flavours, freshness, service and atmosphere is something I will never forget. They served 20 courses, each one flowing perfectly to the next. It was a truly inspiring experience. WHAT’S THE WORST THING YOU’VE EVER PUT IN YOUR MOUTH? Mealworms. Gross. WHAT SHOULD YOU ALWAYS HAVE IN YOUR CUPBOARD? An array of spices and seasonings. WEEKLYGRILL Salt and pepper, of course, but also a strong mix of spices. They enhance Carlo Scotto, chef owner at Xier | XR in the flavour of any dish and without a well-stocked spice cupboard your Marylebone tells us about his life in food cooking will lack true flavour.

WHO ARE YOU AND a menu designed for sharing with YOU’RE MAYOR FOR A DAY – WHAT DO YOU DO? large dishes suitable for two to four WHAT FOOD LAW WOULD YOU Carlo Scotto, chef owner at Xier | XR people, such as a whole roasted INTRODUCE? in Marylebone. lemon sole with capers and lemon I would limit the amount of sugar, butter; and a 1kg grilled T- dairy, sucrose and salt in foods. I’m WHAT’S NEW? bone steak. also passionate about being more Xier | XR is a dual- allergy friendly so I think we should CASA DO FRANGO concept restaurant. WHAT FOOD MAKES be more conscious of the number of SHOREDITCH Xier offers fine- YOU HAPPY AND allergens in our food. We must look dining in the WHY? after our bodies and promote health form of a 10- I love baguettes. as the number one objective. WHAT IS IT? If I were to say the words course tasting They’re one of my “authentic Portuguese piri-piri WORKING menu, as well as a favourite things to WHAT’S THE MOST chicken”, chances are you’ve started newly launched à make. I like to play OUTRAGEOUS THING salivating, like one of Pavlov’s greedy LUNCH la carte set lunch. around with different YOU’VE SEEN A CHEF DO? dogs, over the thought of a lovely, Xier is where I flavours and fillings Lick the blades of a plugged-in cheeky Nando’s. It doesn’t matter that really showcase my from all around the blender, and then immediately use it Nando’s neither sells piri-piri chicken (it creativity, with dishes world. One of my favourite again. His tongue could have ended specialises in peri-peri chicken), or that such as rose cured fillings is onion and pepper up in the soup. it’s not even from Portugal (it’s South salmon with foie gras, stew with beef fillet and some African). But Nando’s is to spicy chicken mandarin, hazelnuts and apple; and lettuce for garnish, but the £ Xier | XR London, 13-14 Thayer Street what Greggs is to pastries, a ubiquitous, British organic beef with Muscat possibilities are endless. A lot of W1U 3JR; xierlondon.com; universally-enjoyed cornerstone of the Steve Dinneen on grape, blueberry salsify, ceps and people think baguettes are a simple [email protected]; British casual dining scene, a place onion hash. XR is more casual, with food, which they of course can be, 0207 486 3222 frequented by pop stars (Ed Sheeran’s a the best places to holder of the fabled Black Card), politicians (the ill-fated Independent wine and dine your Group went there for a PR-opp) and favourite clients your mum. So anyway, Casa do Frango isn’t Nando’s but you could think of it as WINES OF THE WEEK Nando’s posher, more delicious cousin. sure it’s all evenly cooked, and The Shoreditch restaurant is the second everything is prepared over wood- Stefano Barbarino, head sommelier at The Chucs site after the original in London Bridge. charcoal to give it a deep, smoky taste. Restaurant & Café Collection, picks two bottles It’s owned by Jake Kasumov and Marco It’s not all chicken, though – I had an Mendes, who share a passion for the excellent octopus salad with pickled 2013 VINO DI MONTEPULCIANO, 2015 AUXEY-DURESSES, VIEILLES food of the Algarve – especially it’s potatoes; some banging little kale and RISERVA, SOTTO CASA, VIGNES, VINCENT GIRARDIN, grilled chicken. caramelised onion empanadas; and BOSCARELLI, TUSCANY, ITALY BURGUNDY, CÔTE D’OR, FRANCE some green rice with peas, plantain WHERE? Right in the heart of and pickled peppers, which Peter Piper Mainly Sangiovese with a small An elegant and balanced Chardonnay, this Shoreditch, round the corner from went to pick earlier that afternoon. percentage of Canaiolo grapes, offering vintage is an excellent pale yellow colour. Dishoom and Pizza East, a quick flavours of fresh red fruit such as Complex and interesting on the nose, it saunter from Smokestak. Decent part WHAT ELSE? There’s a twist in the tail. strawberries and cherries. Herbal, earthy offers a ripeness of green apple and pear, of town to get lunch, these days. You might come for the piri-piri chicken, notes are followed by tart liquorice, while as well as hints of oak and sweet spices but you’ll come back for the pastel, a fruity aromas have a slightly smoky, such as coconut and vanilla. A gentle oily ORDER THIS... Well, you should traditional Portuguese custard tart, woody note on the palate. A rich wine texture on the palate, this bottle is a great probably order, I don’t know, the piri- which is probably the single nicest with a velvety texture, this bottle is the pairing for our organic seabass, served piri chicken? Yeah, order the piri-piri thing I’ve put in my mouth so far this perfect accompaniment to steak. with turnip and shrimp butter. chicken. This should go without saying decade. £110, bibendum-wine.co.uk £100, berkmann.co.uk for a restaurant that specialises in piri- piri chicken, but it really is excellent. WHERE ETC? I2 King John Court, EC2A £ To reserve a table at one of Chucs’ collection go to chucsrestaurants.com They only use little chickens to make 3EZ, 020 7654 3020, casadofrango.co.uk 24 PUNTER WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM THE PUNTER IronHONG KONG RACING KingTRADER set to rule on the dirt at Sha Tin Iron King will be minds of professional local gamblers, ridden by jockey Wally Pyrah and it’s easy to see why. Joao Moreira There are always so many variables previews today’s to consider before placing a wager in dirt contests. the last three seasons. reins on Iron King, this points to Den- sate both connections and supporters card from Sha Tin Is it a front-running track, or are The gods of fortune have smiled nis Yip’s galloper being capable of bet- for that unlucky defeat. horses favoured coming from behind favourably on Moreira’s mount IRON tering his current handicap mark. On paper, there appear to be no HA TIN hosts an eight-race with strong late challenges? KING, who is housed in stall two in the Moreira could also be in the win- front-runners and the early pace is card on the all-weather today Is the best place to be tight on the Po Lam Handicap (12.15pm). ners’ circle again when he is reunited likely to be pedestrian at best. and like so often in Hong far rail, or do horses have an advan- This lightly-raced four-year-old has with RIGHTEOUS DOCTRINE in the Righteous Doctrine and Moreira are SKong, ‘Magic Man’ Joao Mor- tage racing down the centre of the been knocking on the door in recent competitive Lan Tin Handicap ideally drawn in stall four, which sets eira is the jockey to follow. track in the home straight? races, notably when a close-up fifth to (2.15pm) over 1m1f. them up for a dream journey just be- Moreira has been in a league of his If that’s not bad enough, the draw subsequent winner Mighty Giant over The Michael Chang-trained five-year- hind the leaders, allowing them to own on the dirt surface this season will always play an important part in seven furlongs in December, and old is still looking for his first win in then hopefully kick for glory after having ridden 11 winners compared the majority of results in the territory. when fourth after suffering a tough HK but has had a number of near turning into the home straight. to his nearest rivals’ five, as well as 12 It’s worth mentioning that races journey over a similar trip last month. misses this season. places from 41 rides. over the extended mile start very His only trial on the dirt back in No- None more so than earlier this POINTERS With his card marked in every race, close to the first bend, and horses vember saw him race up near the pace month, when finding his passage it would be a brave bettor to antici- drawn with double-figure numbers from the off and then quicken away blocked at a crucial stage and then Iron King 12.15pm pate him coming away empty-handed. start with a big disadvantage. in convincing fashion. seeing no daylight near the finish. Sha Tin When the words ‘all-weather racing’ This is borne out by the fact that With Moreira jumping off Excel De- With half the field from that contest Righteous Doctrine 2.15pm are mentioned in Hong Kong, it al- horses drawn from stalls 10 to 14 have light, whom he partnered to victory lining up again, this looks a gilt-edged Sha Tin ways sows seeds of doubt into the just under a five per cent win-rate in earlier this month, and taking the opportunity for Moreira to compen- Mr Croissant can help punters get their hands on the dough OUGLAS Whyte’s impressive to the racetrack fully tuned up and need some luck from their pace with a couple of speedballs like mapped to get the run of the race Dform has been one of the high- ready to go. respective draws and could be over Ugly Warrior and Moment In Power and can make the most of the lights of the season so far in Whyte saddles a couple of exciting bet against more experienced vying for the lead, but likely to burn weight he receives from major Hong Kong. prospects at Sha Tin today, with opposition. each other out. threats and AW specialists Big Time The former 13-time champion Party Genius, making his debut in A more attractive betting Mr Croissant, who is making his Baby and Gunnison. jockey turned trainer already has 24 the 12.45pm over six furlongs, and proposition could be the well- race debut on the surface, is ideally winners to his name, with more to Will Power seeking a hat-trick in the handicapped MR CROISSANT, who drawn on the inside rail and has POINTER come. 1.45pm. lines up in the best race of the day, won his last three dirt trials in With a stable of 60 horses, Whyte Both are likely to go off short- the £200,000 Class2 handicap impressive style. Mr Croissant e/w 2.50pm has proved adept at producing either priced favourites, but there are (2.50pm) With in-form Matthew Poon Sha Tin newcomers or lightly-raced gallopers reasons to believe they are going to This will be run at a blistering claiming a vital 2lb allowance, he is

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Mr Croissant holds a good each way chance today

BETTING: 2 Will Power, 5 Red Desert, 6 Silver Fig, 8 Handsome Rebel, 10 Baltic SHA TIN Success, Nordic Warrior, 12 Frustrated, 14 California Archer, 16 Ambitious Heart, Momentum Galaxy, 20 Others Going: AW - GOOD LAM TIN HANDICAP (CLASS 3) (3YO+) (ALL WEATHER TRACK) 2.15(DIRT) 1m1f 3yo plus 14 dec. TSEUNG KWAN O HANDICAP (CLASS 5) (3YO+) (ALL WEATHER

11.15TRACK) (DIRT) 6f 3yo plus 12 dec. 1 328-32 HOLY HEART (17) (HTB) (A) (11) K Lui 5-9-5 ...... C Y Ho 95 1 00710- STRIKING MR C (60) (TB) (CD) (A) Runs: 12 Wins: 2 Places: 7

(6) T Yung 6-9-7 ...... K Leung
64 2 505-78 HAPPY SEBRING (11) (ET) (D) (G,GF) Runs: 17 Wins: 1 Places: 2 (6) A Cruz 6-9-3 ...... C Schoˆeld 94 2 /0-406 PLEASANT GUY (11) Runs: 23 Wins: 4 Places: 3

(3) L Ho 6-9-6 ...... G Van Niekerk 58 3 0008-0 LAOS ENLIGHTENMENT (28) (TP) (G) Runs: 6 Wins: 0 Places: 0 (5) John Moore 4-9-3 ...... A Badel 94 3 50470- HAPPY HAPPY STAR (70) (B) (CD) Runs: 9 Wins: 1 Places: 1

(10) J Ting 7-9-5 ...... J Moreira 58 4 09-0 WIND GLIDER (23) (B) Runs: 27 Wins: 2 Places: 2 3 0 ALL FOR ST PAUL’S (23) (HB) 2 488-40 DEFINING MOMENT (11) (GF) (10) P O’Sullivan 5-9-3 ...... N Callan 83 4 00000- VICTORY SONG (233) (1) F Lor 4-9-3 ...... M Yeung 48 (14) C Fownes 6-9-6 ...... N Callan 78 Runs: 3 Wins: 0 Places: 0 (7) P O’Sullivan 5-9-4 ...... B Shinn 51 Runs: 1 Wins: 0 Places: 0 Runs: 22 Wins: 1 Places: 2 5 584-53 VOLPINO (17) (HT) Runs: 5 Wins: 0 Places: 0 4 WINS ALL 3 06-080 CHUNG WAH SPIRIT (21) (ET) (CD) (A) (1) T Yung 7-9-1 ...... K Teetan
93 5 0350-3 ROYAL CHOCOLATE (35) (TB) (3) Richard Gibson 5-9-3 ...... A Badel - (12) C Yip 7-9-5 ...... C Schoˆeld
78 Runs: 23 Wins: 0 Places: 5 (5) W So 7-9-2 ...... K Teetan 64 Runs: 0 Wins: 0 Places: 0 Runs: 40 Wins: 3 Places: 6 6 043-23 RED ELYSEES (23) (B) (D) (G) Runs: 24 Wins: 0 Places: 8 5 509-97 SHIMMER AND SHINE (7) (P) (CD) (G,A) 4 6 JOYFUL CHEERS (17) (T) (7) K Man 7-9-0 ...... T Piccone 93 6 34400- CORRE RAPIDO (52) (B) (CD) (A) (6) C Fownes 6-9-2 ...... N Callan 78 (8) C Shum 4-9-4...... G Van Niekerk 65 Runs: 38 Wins: 3 Places: 12 (1) Richard Gibson 8-9-1 ...... M Poon(2) 61 Runs: 14 Wins: 2 Places: 2 Runs: 1 Wins: 0 Places: 0 7 116-45 ENFOLDING (17) (V) (C,D) (A) Runs: 30 Wins: 2 Places: 5 6 3-63 WONDER BRAHMA (21) (H) 5 00060- TANG FLEMING (52) (TB) (CD) (12) C Fownes 6-8-12 ...... Z Purton 87 7 9000-3 SUPER FUN (45) (H) (D) (8) D Hall 5-9-1 ...... M Poon(2) 73 (1) C Chang 7-9-3 ...... K Leung 74 Runs: 28 Wins: 4 Places: 11 (2) C Yip 6-9-0 ...... N Callan 57 Runs: 3 Wins: 0 Places: 2 Runs: 41 Wins: 3 Places: 10 8 160-50 MONGOLIAN LEGEND (17) (E/S) (C) (A) Runs: 27 Wins: 1 Places: 3 7 23-271 EXCEL DELIGHT (11) (H) (CD) (A) 6 244-13 THIS ONE’S FOR YOU (17) (B) (CD) (A) (2) Y Tsui 7-8-12 ...... H Lai 92 8 0090-0 TARGET FINDER (23) (7) J Size 5-8-12 ...... C Schoˆeld 68 (11) K Lui 5-9-0 ...... C Y Ho 76 Runs: 25 Wins: 2 Places: 1 (8) C Chang 4-9-0 ...... M Yeung 52 Runs: 11 Wins: 1 Places: 3 Runs: 16 Wins: 1 Places: 3 9 863-26 RIGHTEOUS DOCTRINE (17) (D,BF) (A) Runs: 10 Wins: 0 Places: 0 8 780-89 VIVA COUNCIL (17) (V) (CD) (G,Y,A) 7 539-00 SUPREME PATROL (14) (4) C Chang 5-8-12 ...... J Moreira 89 9 80000- WINNERS BROTHER (60) (B) (9) L Ho 7-8-12 ...... H T Mo(3) 78 (6) D Ferraris 6-8-12 ...... K Teetan 75 Runs: 23 Wins: 3 Places: 5 (9) K Man 5-8-12 ...... K H A Chan(10) 57 Runs: 44 Wins: 4 Places: 8 Runs: 16 Wins: 0 Places: 2 10 0-098 SMILING CITY (17) (E/S) Runs: 8 Wins: 0 Places: 0 9 5191-7 AFTER ME (35) (D) (GF,G) 8 71-895 MISTER MONTE (17) (B) (C,D) (GF,A) (9) D Whyte 5-8-11 ...... B Shinn 86 10 7346-7 EXPONENTS (14) (P) (CD) (G,SW) (4) P Yiu 5-8-11 ...... K H A Chan(10) 68 (3) C Chang 7-8-10 ...... K H A Chan(10) 75 Runs: 4 Wins: 0 Places: 0 (4) Y Tsui 7-8-11 ...... H T Mo(3) 62 Runs: 24 Wins: 3 Places: 2 Runs: 41 Wins: 3 Places: 7 Runs: 32 Wins: 2 Places: 7 11 30-646 I DO (11) (TB) (G) 10 000-00 HARBOUR ALERT (39) (TP) (CD) (A) 9 033-41 FOODIE PRINCESS (17) (T) (CD) (A) (3) W So 6-8-10 ...... K Leung 92 11 80-475 TRIUMPHANT LORD (14) (T) (5) C Chang 9-8-10 ...... L Hewitson 74 (9) W So 5-8-9 ...... J Moreira 74 Runs: 14 Wins: 1 Places: 5 (12) C Shum 5-8-4...... C Y Ho 61 Runs: 34 Wins: 2 Places: 8 Runs: 10 Wins: 1 Places: 2 Runs: 12 Wins: 0 Places: 0 12 5795-8 OWNERS’ STAR (42) (TB) (D) (G) 10 0-000 CHUNGHWA JINGSHEN (11) (H) 11 0035-4 IRON KING (23) (H) (13) C Shum 5-8-10 ...... G Van Niekerk 95 12 953-03 NASHASHUK (14) (ET) (D) (2) C Yip 5-8-9 ...... J Moreira 75 (10) L Ho 4-8-6 ...... M Yeung 71 Runs: 20 Wins: 3 Places: 3 (11) J Size 8-8-1 ...... A Badel 61 Runs: 10 Wins: 0 Places: 1 Runs: 4 Wins: 0 Places: 0 Runs: 34 Wins: 1 Places: 5 13 8-007 UNITE SPIRIT (17) 11 859-89 GOOD FIT (17) (ET) (CD) (A) 12 725-09 THE ABRAXAS (23) (8) D Ferraris 5-8-9 ...... M Poon(2) 87 13 046-45 ALL BEST FRIENDS(21) (B) (CD) (A) (5) F Lor 10-8-6 ...... H N J Wong(3) 78 (12) Y Tsui 6-8-7 ...... M Chadwick 78 Runs: 4 Wins: 0 Places: 0 (13) K Man 7-9-6 ...... RESERVE 55 Runs: 17 Wins: 0 Places: 2 Runs: 41 Wins: 6 Places: 4 Runs: 47 Wins: 3 Places: 4 14 0340-0 GENERAL DINO (17) (B) (CD) (A,SW) (39) (CD) (A) 12 716-32 MEGATRON (17) (TB) (CD) (G,GF,A) 14 7441-5 FIRE AND GOLD (23) (E/S) (D) (G) 13 6050-0 GOLDIE FLANKER (14) D Ferraris 6-8-6 ...... M Chadwick 92 (2) P Yiu 8-8-6 ...... M Chadwick 77 (13) K Man 8-9-7 ...... RESERVE 76 Runs: 41 Wins: 4 Places: 8 (14) C Yip 7-8-13 ...... RESERVE 60 Runs: 47 Wins: 6 Places: 6 €7,590 Runs: 20 Wins: 1 Places: 1 Runs: 30 Wins: 4 Places: 5 15 000-57 GAYSON (23) (E/S) 13 76-864 CURLING LUXURY (17) (C,D) (G,A) 14 87430- FLYING NOBLE (122) (TP) (G) (15) John Moore 5-8-9 ...... RESERVE 95
BETTING: 3 Happy Happy Star, 5 Pleasant Guy, 6 Exponents, Super Fun, 7 Royal (4) Y Tsui 8-8-5 ...... L Hewitson 76 (14) T Yung 7-8-5 ...... RESERVE 75 Runs: 5 Wins: 0 Places: 0 Chocolate, 8 Nashashuk, 10 Corre Rapido, Striking Mr C, 16 Triumphant Lord, 20 Others Runs: 50 Wins: 6 Places: 5 Runs: 30 Wins: 2 Places: 3 16 9672-0 TRAVEL FIRST (17) (TB) (CD) (A,G) 14 80-00 MERIDIAN TALENT (28) (HB) YAU TONG HANDICAP (CLASS 5) (3YO+) (ALL WEATHER
BETTING: 11/4 Iron King, 9/2 Excel Delight, Wonder Brahma, 10 After Me, (16) C Chang 9-8-10 ...... RESERVE 89 TRACK) (DIRT) 1m 3yo plus 14 dec. (7) Richard Gibson 4-8-5 ...... M Poon(2) 75 11.45 Strathclyde, Viva Council, 12 All For St Paul’s, Shimmer And Shine, Wins All, 20 Others Runs: 55 Wins: 5 Places: 8 Runs: 4 Wins: 0 Places: 0 (60) (C) (SW) 1 74000- HAY RUN PO LAM HANDICAP (DIV II) (CLASS 4) (3YO+) (ALL WEATHER 15 655-09 SPLENDID TIMING (28) (D)
BETTING: 5/2 Righteous Doctrine, 9/2 Holy Heart, 13/2 Enfolding, 15/2 Volpino,

(1) L Ho 8-9-7 ...... K Leung
60 12.45TRACK) (DIRT) 6f 3yo plus 12 dec. (15) C Yip 6-9-1 ...... RESERVE 76 14 Happy Sebring, Mongolian Legend, Unite Spirit, 16 Red Elysees, 18 Laos Enlighten- Runs: 37 Wins: 1 Places: 6 ment, 20 Others Runs: 12 Wins: 1 Places: 0 2 67452- SUPER RED DRAGON (52) (HTB) 1 427-94 LADY FIRST (21) (T) (BF) 16 086-10 EVER STRONG (21) (E/S) (C) (A) CHA KWO LING HANDICAP (CLASS 2) (3YO+) (ALL WEATHER (11) W So 5-9-7 ...... Z Purton 61 (5) J Ting 7-9-7 ...... G Van Niekerk 78 Runs: 26 Wins: 0 Places: 8 (16) K Man 7-8-5 ...... RESERVE 76 2.50TRACK) (DIRT) 6f 3yo plus 12 dec. Runs: 8 Wins: 0 Places: 1 Runs: 28 Wins: 4 Places: 3 3 790-00 GOOD RUNNERS WAY (31) (TB) (CD) (G,SW) 2 419-57 DREAM WARRIORS (17) (HTP) (GF,G) 1 12412- BIG TIME BABY (52) (CD) (A)

(6) C Shum 6-9-6...... G Van Niekerk 61 (9) A Cruz 5-9-6 ...... C Y Ho 75
BETTING: 11/4 Foodie Princess, 5 This One’s For You, 7 Mister Monte, (6) K Man 6-9-7 ...... M Chadwick
116 Runs: 14 Wins: 2 Places: 1 8 Best Alliance, 9 Megatron, 10 Curling Luxury, 12 De¢ning Moment, 14 Others Runs: 20 Wins: 2 Places: 3 Runs: 31 Wins: 7 Places: 6

4 000-66 KA YING BRILLIANCE (17) (HE) (G) 3 7-1 UNDEFEATED (31) (B) (D) (G) HANG HAU HANDICAP (CLASS 3) (3YO+) (ALL WEATHER TRACK) 2 2287-0 CALIFORNIA WHIP (31) (HTB) (CD) (GF,G) (2) T Yung 6-9-5 ...... T Piccone 61 (10) K Lui 5-9-5 ...... H N J Wong(3) 78 1.45(DIRT) 6f 3yo plus 12 dec. (2) A Cruz 7-9-2 ...... C Schoˆeld 119 Runs: 17 Wins: 1 Places: 1 Runs: 2 Wins: 1 Places: 0 Runs: 46 Wins: 5 Places: 17 1 002-30 RED DESERT (21) (D) (GF) 4 2265-2 ZERO HEDGE (11) (E/S) (D) (G) 5 0009-0 GREAT SMART (28) (B) (G) (5) J Size 4-9-7 ...... J Moreira
99 3 10690- UGLY WARRIOR (52) (CD) (A,SW) (4) J Size 7-9-5 ...... J Moreira 74 (8) L Ho 5-9-2 ...... H Lai 62
Runs: 15 Wins: 3 Places: 4 (8) Y Tsui 6-8-13 ...... G Van Niekerk 117 Runs: 32 Wins: 4 Places: 4 Runs: 15 Wins: 1 Places: 0 2 0/06-0 BEAUTY AMIGO (21) (P) (D) (GF) Runs: 15 Wins: 6 Places: 2

6 05-510 SKY GEM(11) (ET) (G) 5 100-80 COOLCELEB (23) (TB) (CD) (A) (12) John Moore 5-9-6 ...... C Y Ho 95 4 19100- MOMENT OF POWER (91) (B) (G,GF)

(7) C Fownes 5-9-2 ...... C Y Ho 60 (2) T Yung 5-9-2 ...... M Yeung 75 Runs: 12 Wins: 3 Places: 2 €88,730 (5) P O’Sullivan 8-8-12 ...... K H A Chan(10) 109 Runs: 15 Wins: 2 Places: 2 1 Runs: 18 Wins: 1 Places: 3 3 1385-7 SILVER FIG (45) (B ) (CD) (GY,A) Runs: 27 Wins: 5 Places: 2 1 6 PARTY GENIUS 7 07008- WINNING WARRIOR (60) (V ) (4) A Millard 6-9-3 ...... G Van Niekerk 98 5 699-07 GUNNISON (21) (CD) (GF,A)

(5) K Man 5-9-2 ...... B Shinn 57 (8) D Whyte 4-9-0 ...... A Badel - Runs: 11 Wins: 3 Places: 4 (4) J Size 6-8-10 ...... J Moreira 119 Runs: 0 Wins: 0 Places: 0 Runs: 7 Wins: 0 Places: 0 4 088-76 CALIFORNIA ARCHER (17) (HT) (D) (GF) Runs: 26 Wins: 4 Places: 6 7 SO WE JOY (T) 8 0004-5 HIDDEN SPIRIT (21) (TB) (CD) (A,SW) (10) A Cruz 7-8-13 ...... C Schoˆeld 94 6 1536-9 FORTUNE BOOTH (45) (E/S) (CD) (G,A) (7) John Moore 5-9-0 ...... N Callan - (3) P O’Sullivan 6-8-11 ...... N Callan 62 Runs: 23 Wins: 2 Places: 5 (11) John Moore 7-8-9 ...... A Badel 119 Runs: 0 Wins: 0 Places: 0 Runs: 21 Wins: 2 Places: 2 5 200-9 WHISKEY NEAT (39) (T) Runs: 28 Wins: 4 Places: 6 8 7 SUPER POWER MAN (45) 9 0621-8 KEEP WINNING (21) (T) (CD) (A,SW) (9) C Fownes 4-8-12 ...... A Badel 100 7 5134-1 ENCORE BOY (45) (B) (CD) (G,SW,A) (4) C Chang 6-9-0 ...... C Schoˆeld 61 (12) K Man 4-9-0 ...... C Schoˆeld 65 Runs: 4 Wins: 0 Places: 1 (12) P Yiu 7-8-7 ...... K Teetan 117 Runs: 30 Wins: 4 Places: 4 Runs: 1 Wins: 0 Places: 0 1 6 02-70 BALTIC SUCCESS (28) (T) Runs: 29 Wins: 5 Places: 10 9 5-0 DAILY BEAUTY (31) (TB ) 10 24883- MI BLANCO (52) (TB) (CD) (A) (1) C Shum 6-8-11 ...... H T Mo(3) 94 8 214-65 MR CROISSANT (21) (P) (D) (G,GY,GF) (11) C Fownes 5-8-13 ...... Z Purton 74 (12) P O’Sullivan 7-8-3 ...... J Moreira 64 Runs: 4 Wins: 0 Places: 1 (1) W So 5-8-5 ...... M Poon(2) 118 Runs: 2 Wins: 0 Places: 0 Runs: 30 Wins: 1 Places: 8 7 9265-4 FRUSTRATED (45) (B) (G,GF) Runs: 12 Wins: 4 Places: 5 10 84-007 SKY TREASURE (23) (H) (CD) (A,G,SW) 11 02840- WINNING CIRCLE (52) (ET) (7) F Lor 5-8-11 ...... M Yeung 97 9 00080- HIGH FIVE (63) (D) (GF,G) (6) Y Tsui 7-8-10 ...... M Chadwick 78 (9) C Chang 5-8-1 ...... M Yeung 64 Runs: 13 Wins: 2 Places: 3 (9) A Millard 9-8-2 ...... H T Mo(3) 120 Runs: 33 Wins: 4 Places: 7 Runs: 23 Wins: 0 Places: 2 8 1-1 WILL POWER (45) (CD) (A) Runs: 37 Wins: 4 Places: 5 12 08097- OUR GREEN (52) (B) 11 0060-0 GOLDEN EFFORT (11) (B) (CD) (SW,A) (6) D Whyte 5-8-11 ...... K Teetan 100 10 888-00 MR SO AND SO (21) (T) (G) (10) C Yip 5-8-1 ...... K Teetan 62 (1) D Ferraris 6-8-6 ...... M Poon(2) 63 Runs: 2 Wins: 2 Places: 0 (10) C Chang 6-8-1 ...... H Lai 119 Runs: 12 Wins: 0 Places: 0 Runs: 24 Wins: 3 Places: 0 9 5277-5 NORDIC WARRIOR (42) (B) (D) (G) Runs: 23 Wins: 2 Places: 5 13 800-78 SOLAR BILLION (17) (TB) 12 5613-8 ISLAND WINNER (28) (ET) (G) (11) Richard Gibson 5-8-7 ...... M Chadwick 94 11 7985-0 SUPERICH (39) (T) (D) (G,Y) (14) K Man 5-8-13 ...... M Chadwick 60 (3) P Yiu 5-8-6 ...... K Leung 76 Runs: 16 Wins: 2 Places: 3 (7) F Lor 6-8-1 ...... M Yeung 120 Runs: 12 Wins: 0 Places: 1 Runs: 10 Wins: 1 Places: 1 10 82000- AMBITIOUS HEART (63) (TB) (D) (G) Runs: 16 Wins: 3 Places: 5 14 8090-9 ROCKAGE (17) (HTB) 13 0 JIANGXI STAMINA (49) (T) (2) D Ferraris 7-8-3 ...... L Hewitson 96 12 2511-0 ELITE PATCH (45) (HTB) (CD,BF) (A) (13) K Lui 5-8-1 ...... A Badel 54 (13) W So 5-9-0 ...... RESERVE 53 Runs: 37 Wins: 4 Places: 8 (3) K Lui 5-8-3 ...... C Y Ho 112 Runs: 20 Wins: 0 Places: 0 Runs: 1 Wins: 0 Places: 0 11 740-04 HANDSOME REBEL (11) (B) Runs: 13 Wins: 2 Places: 2 14 450-00 MEGA RED (17) (B) (CD) (8) Y Tsui 5-8-3 ...... H N J Wong(3) 99
BETTING: 3 Mi Blanco, 7/2 Super Red Dragon, 7 Hidden Spirit, Ka Ying Brilliance, 13 3365-1 LONE EAGLE (11) (T) (CD) (A) 10 Keep Winning, 12 Sky Gem, Winning Circle, 14 Hay Run, 16 Solar Billion, 20 Others (14) C Chang 9-9-4 ...... RESERVE 78 Runs: 15 Wins: 0 Places: 1 (13) P Yiu 6-8-2 ...... RESERVE 118 Runs: 20 Wins: 2 Places: 1 12 4029-4 MOMENTUM GALAXY (35) (HE) (G) PO LAM HANDICAP (DIV I) (CLASS 4) (3YO+) (ALL WEATHER Runs: 16 Wins: 1 Places: 5
BETTING: 3 Zero Hedge, 7/2 Undefeated, 4 Party Genius, 6 Daily Beauty, (3) J Ting 5-8-4 ...... K Leung 95 12.15TRACK) (DIRT) 6f 3yo plus 12 dec. 14 95474- RAGING BLITZKRIEG (52) (H) (CD) (A) 7 Lady First, 10 Super Power Man, 16 Dream Warriors, 20 Others Runs: 13 Wins: 1 Places: 2 (14) J Size 6-8-4 ...... RESERVE 120 1 800-97 FAIRY TWINS (21) (T) (D) 13 422-23 MEGA HEART (11) (T) (CD) (SW) TIU KENG LENG HANDICAP (CLASS 4) (3YO+) (ALL WEATHER Runs: 35 Wins: 3 Places: 11 (11) W So 8-9-7 ...... T Piccone 70 1.15TRACK) (DIRT) 1m 3yo plus 14 dec. (13) C Chang 8-9-2 ...... RESERVE 94 Runs: 28 Wins: 2 Places: 6
BETTING: 9/4 Big Time Baby, 5 Encore Boy, 7 Elite Patch, 8 Mr Croissant, Runs: 23 Wins: 2 Places: 5 2 74307- STRATHCLYDE (66) (TB) (CD) 1 3552-7 BEST ALLIANCE (39) (BF) (G) 14 250-44 UTOPIA LIFE (17) (B) 10 Gunnison, 12 Fortune Booth, 16 Ugly Warrior, 20 Others (10) A Millard 7-9-6 ...... K Teetan
78 (13) D Whyte 5-9-7 ...... A Badel 77 (14) K Man 5-8-7 ...... RESERVE 100 Runs: 25 Wins: 2 Places: 2 Cards provided by Runs: 24 Wins: 3 Places: 8 Runs: 15 Wins: 0 Places: 4 26 SPORT WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM SPORT

Unbeaten run comes unstuck on frustrating night in Madrid for Klopp, writes Felix Keith

T TOOK five months, but last night Liverpool finally met their match. Before the return to the Wanda Metropolitano – the scene of last season’s Champions League Ifinal triumph – Jurgen Klopp had talked up his opponents. Atletico Madrid were painted as a tough nut to crack. The Liverpool manager’s pre- diction turned out to be spot on. “They give no presents, absolutely no presents,” Klopp had said. “If you work as hard as possible, then you have a chance. If you don’t, then you don’t even have a chance.” Liverpool worked hard in Madrid. They had 73 per cent possession. They moved the ball around. They probed. They threw crosses into the box. But after 92 frustrating minutes they left the scene of their happiest memory in recent times on the re- ceiving end of a 1-0 defeat, having been unable to even draw a save from home goalkeeper Jan Oblak. ROCK SOLID If there is one side in world football you don’t want to go behind to early on, it is Atletico. But that is exactly what happened. REDS DERAILED Diego Simeone’s side took the lead after just four minutes in fortuitous fashion when a corner struck Fabinho and dropped perfectly for CHAMPIONS LEAGUE side have conceded just twice. Jordan Henderson and Georginio Wi- best chances. Alisson had to save from Saul Niguez to tap in. jnaldum in the middle of the pitch. Morata’s low shot after a weak header With an advantage to defend, Liver- ATLETICO LIVERPOOL CREATIVE ISSUES The central midfield duo are excel- from Van Dijk, while left-back Renan pool knew what to expect from Klopp’s side are unique in having lent players, but are not used to tak- Lodi’s crossing caused a few nervy Atletico. The hatches were well and their most creative player at right- ing such responsibility. The fact moments too. truly battened down as the hosts back. So much of Liverpool’s attack- Liverpool failed to muster a single at- Discounting the 5-0 drubbing of made clear their intentions. ing play flows through Trent tempt on target was a reflection of their youth side by Aston Villa in the Look up ‘well drilled’ in the glossary Alexander-Arnold, but last night the Atleti’s defensive prowess but also Liv- Carabao Cup, this was Liverpool’s of a footballing phrase book and you 21-year-old had a rare off-day. erpool’s lack of ideas. first defeat since losing 2-0 to Napoli will find a citation relating to 10Niguez 4’ His set pieces frequently failed to on 17 September – a run of 33 games Atletico. Often in modern football clear the first man. His first touch PRESSING FROM THE FRONT in all competitions. the pre-match line-up graphic means was strangely awry. His crosses from It wasn’t just the usually slick attack- Klopp’s side have the Premier little. Formations are fluid. Players open play were easily dealt with by ing play which was lacking either. Al- League all but sewn up and will back are given licence to drift into space. zones while conceding space down the imposing wall of red and white varo Morata and Angel Correa themselves to overcome Atletico done Simeone’s side, as ever, were billed the flanks. stripes. pressed relentlessly from the front in the return leg at Anfield on 11 as a 4-4-2 – and it was a textbook For once, Liverpool simply didn’t With Sadio Mane off the pace in the for Atletico and on several occasions March. 4-4-2 Liverpool were tasked with have an answer as Simeone extended first half and Mohamed Salah un- forced sloppy concessions of posses- However, with a lead to defend and breaking down. Although not easy on his unbeaten record in home Cham- characteristically wasteful, spurning sion from Liverpool. absolutely no obligation to change the eye, Atleti carried out their game pions League knockout stage games the away side’s best opening from a Despite having barely any of the their patented tactics, Liverpool had plan to a tee, defending the central to 13 – a remarkable run in which his poor Oblak pass, the burden fell onto ball, Atletico fashioned the game’s better know what to expect. Mourinho gives Spurs edge in Champions League race

ANCHESTER United’s win FOOTBALL Spurs have been scrambling for re- platform and I do see improvements. feat of Newcastle and they still have at Chelsea on Monday has sults under Jose Mourinho but Sun- Bruno Fernandes seems to have to play a lot of teams above them so only cranked up the pres- COMMENT day’s 3-2 win at Aston Villa was lifted them and my feeling is they the top five is a lost cause. sure in one of the most typical of their recent habit of graft- will now kick on and contend for the I believe the one or two places on keenly contested races for Trevor ing their way to three points. They Champions League, which is more offer are between three teams – MChampions League qualification in have five wins from an unbeaten run than they have done so far this term. Chelsea, Spurs and Manchester recent years. Steven of seven games, so they have that elu- Wolves, in seventh, are great to United – and this is where the man- Just seven points separate Chelsea, sive momentum. The downside is watch but that can mask the fact agers can show their worth. Mour- in fourth, and Burnley, in 11th, be- that Son Heung-min has now joined they don’t pick up enough points. inho has earned his stripes and I cause – Liverpool aside – there is very Harry Kane in the treatment room. They have drawn 12 of 26 games and expect that to give him and Totten- little consistency and everyone is Liverpool and Leicester. Sheffield United are next in line have just one victory in nine, so I ham the edge over the less experi- beating everyone else. From second Chelsea head the pack but, having and can point to their work ethic, to- don’t see them winning consistently enced Lampard and Ole Gunnar place down, there are no great teams started Frank Lampard’s tenure so getherness and the fact they have enough to break the top five. Solskjaer. If there is one place going, in the Premier League this season, well they have lost their way lately, nothing to lose. A good run of fix- Everton, too, are outsiders. Results I fancy Spurs; if two, I’d take Chelsea only good sides. Momentum, then, is taking just 15 points from their last tures should preserve their position have improved under Carlo Ancelotti to pip United as at least they have all-important as we enter the last 14 league games. Goals have dried up for now, but I think they will strug- but there is much more to do, they had some consistency to rediscover. third of the campaign. and confidence has seeped away. gle to accumulate enough points in have a horrendous run of games Manchester City’s impending ban Suddenly vulnerable, failure to take the run-in to climb higher. ahead and, ultimately, the Italian Trevor Steven is a former England from European competition means at least a point from Saturday’s Manchester United have not gener- has arrived too late for this season. footballer who played at two World Cups that there could be two Champions showdown with Tottenham could ated any real momentum all season, Arsenal also look too far behind. and two European Championships. League places up for grabs, alongside prove a crushing psychological blow. but the win at Chelsea gives them a You can’t read much into their 4-0 de- @TrevorSteven63 CITYAM.COM WEDNESDAY 19 FEBRUARY 2020 SPORT 27

SON OUT FOR REST OF THE SPORT DIGEST BOY WONDER Haaland scores twice as Dortmund overcome PSG SEASON, SAYS MOURINHO £ Tottenham forward Son Heung-min 52-year-old’s permanent departure is expected to miss the remainder of has now been confirmed. Young said the season after fracturing his arm in he was “proud” of his record, but it Sunday’s 3-2 win over Aston Villa. Son was “the right time for both the club scored twice in the game, including and myself” to leave. Lee Blackett, the last-minute winner, but is now set who has worked as attack and backs to join Harry Kane on the sidelines. coach, has been named as interim Spurs’ statement on Tuesday said the head coach of the side, who are 10th in South Korean would be unavailable the Premiership after 10 games. for “a number of weeks”, but Jose Mourinho is less optimistic. “I’m not NEVILLE CHOOSES YOUNG going to count on him again this SHEBELIEVES CUP SQUAD season,” said Mourinho ahead of £ Grace Fisk was called up to the Spurs’ Champions League game England squad for the first time against RB Leipzig this evening. yesterday as head coach Phil Neville named a young side to defend their VUNIPOLA UNAVAILABLE SheBelieves Cup title. The West Ham FOR IRELAND MATCH defender is part of Neville’s 23-player £ England will be without Mako squad for the tournament, which ERLING Braut Haaland Vunipola for Sunday’s Six Nations starts on 5 March in the United States. continued his remarkable game against Ireland after the prop England, who won the title in 2019, goalscoring form as Borussia travelled to Tonga for family reasons. will play the hosts, Japan and Spain. Dortmund beat Paris Saint- Vunipola, who started the 13-6 win Germain 2-1 in their Champions over Scotland after missing the KENNY TO COMPETE WITH A League last-16 first leg last opening defeat by France, has been BROKEN SHOULDER night. Haaland scored both of replaced by Bath’s Beno Obano in £ Laura Kenny has decided not to Dortmund’s goals – the second Eddie Jones’s 33-man squad. have an operation on a broken a stunning 20-yard effort – to shoulder so she can continue her make it 11 strikes in seven YOUNG ENDS NINE-YEAR Tokyo 2020 training at next week’s games for the German side and SPELL AS WASPS CHIEF Track World Championships. Kenny, cancel out Neymar’s equaliser £ Dai Young has left Wasps after nine 27, sustained the injury in a crash in from Kylian Mbappe’s cross. years as the Premiership club’s the omnium at the Track World Cup director of rugby. Young “stepped last month, but will still compete in back” from the role last week and the two races in Berlin from 26 February.

They’re hated in Germany but RB Leipzig are making waves in Europe, writes Felix Keith

B LEIPZIG’S methods may be controversial, but they are certainly effective. Leipzig are widely considered the most hated club in Ger- Rmany. Founded in 2009 by Austrian en- ergy drink manufacturer Red Bull as a marketing ploy, the club have been al- lowed to circumvent the country’s YOUNG 50+1 ownership rule which stipulates that 50 per cent of the shares in a foot- ball club, plus one share, must belong to the club and its members. Their rise has been characterised by success on the pitch but also friction off it, with away games frequently fea- BULLS turing protests from opposing fans. As Leipzig ready themselves for tonight’s Champions League last-16 tie against Tottenham, however, their crit- ics are far from their thoughts. Julian Nagelsmann’s side arrive in north Lon- ON THE don having reached the knockout stages of European football’s premier club competition for the first time in their short history. They are second in the Bundesliga, a point behind tradi- tional powerhouse Bayern Munich. Unsurprisingly, given their back- CHARGE ground, Leipzig’s success is built on al- ternative foundations. Going against in the Bundesliga, who are managed by rated midfielder Dani Olmo (21) and Werner has scored 25 goals in 31 ap- the grain is inherent to their methodol- PLAYERS WHO HAVE the league’s youngest head coach. Manchester City’s loaned-out left-back pearances for Leipzig this season to ogy and the overarching Red Bull brand. A study by the CIES Football Observa- Angelino (23) joined in January. shoot to the top of the shopping list of BEEN GIVEN WINGS tory in April 2019 found the average The work in the transfer market, DIFFERENT APPROACH many sides, including Liverpool. The NABY KEITA age of Leipzig’s signings was 21 years which has been led by former speedy German striker will fancy his While many clubs pride themselves on and 156 days, making them the Southampton and Tottenham head of chances against a Tottenham defence nurturing players through their acad- The Guinean midfielder joined youngest recruiter of any club in Eu- recruitment Paul Mitchell since Febru- which shipped 14 goals in six group emy to supplement the first team, Liverpool in July 2018 for £48m rope’s top five leagues. ary 2018, has given Nagelsmann a games and have only kept three clean Leipzig take a different approach. after impressing in two years at With their first team already based youthful, talented and hungry group sheets under Jose Mourinho. No player produced by their academy Salzburg and Leipzig respectively. around previous finds such as striker of players to mould. “My philosophy is Whether they can end Spurs’s shaky has ever played for them in the Bun- TIMO WERNER Timo Werner (23), centre-back Dayot that you need, year on year, new voices, seven-game unbeaten run or not and desliga. Instead, the club benefits from Upamecano (21) and midfielder Marcel new profiles, just to stimulate the progress to the last eight, this will the far-reaching tentacles of the Red The 23-year-old has developed into Sabitzer (25), Leipzig have bolstered group, just to keep the group competi- surely not be the last time Leipzig Bull conglomerate, which has a pres- Europe’s most sought-after striker their squad in keeping with their re- tive,” Mitchell told The Athletic. reach the Champions League knockout ence in Salzburg, New York, Sao Paulo since his 2016 move from Stuttgart. cruitment philosophy in the last year. Leipzig will certainly be competitive stages. They may not be liked in their and Sogakope in Ghana. DAYOT UPAMECANO Everton forward Ademola Lookman this evening. Although they are inexpe- home country, but with the powerful As well as getting hold of the best tal- (22), Paris Saint-Germain attacking rienced in the Champions League and backing of their owners, a successful ent from their affiliated clubs – like The France Under-21 international midfielder Christopher Nkunku (22), their form had wobbled in a run of youth-orientated transfer strategy in Manchester City do within the City is a Leipzig regular at centre-back Salzburg midfielder Hannes Wolf (20) four games without a win before Satur- place and one of the most exciting up- Football Group – Leipzig focus on sign- and has been linked with Arsenal, and Roma forward Patrik Schick (24) all day’s 3-0 victory over Werder Bremen, and-coming managers at the helm, ing talented young players from Eu- Barcelona and Bayern Munich. arrived in the summer transfer win- Nagelsmann’s side will provide Spurs Leipzig look well set to break into Eu- rope to supplement the youngest team dow, while Dinamo Zagreb’s highly- with a stern test. rope’s elite.