YOUR BUSINESS WITH PERSONALITY PARADISE FOUND INTO THE SPECTACULARDIVE IN THE MALDIVES HEAR IT’S GOING REGULAR MONDAY 2 MARCH 2020 WELL ISSUE 3,567 P24–25 FOR THEWHERE PODCAST NEXT ADS MARKET? CITYAM.COM P14 PAPER FREE Entrepreneur relief change stirs backlash HARRY ROBERTSON → AND STEFAN BOSCIA @harrygrobertson @Stefan_Boscia INSIDE A ROW broke out yesterday between the government and ALL EYES businesses over reported plans to scrap the entrepreneurs’ relief tax scheme, which small firms warned will “destroy retirements”. BUSINESS WITH PERSONALITY Separately, a report out today said the use of the scheme is growing more than twice as fast in the north of ON THE OPEN the country than in London, questioning the new chancellor Rishi Sunak’s purported rationale for axing CITY READIES FOR JITTERY START AFTER CORONA CORRECTION the relief. Plans have been drawn up HARRY ROBERTSON for Sunak to scrap entrepreneurs’ relief in the 11 @harrygrobertson than 1,690 cases while 12 new UK cases March Budget, the Sunday TRADERS are this morning braced for were reported yesterday, including the Times reported, in a move another volatile week after coronavirus first in Scotland. “The equity market in the US from its that would give the UK’s fears caused UK and US equities to suffer FTSE 100 stocks lost £200bn across five intraday high to intraday low already fell coffers a £2.7bn annual boost their worst five days since the 2008 trading sessions last week. In the US, 15 per cent.” and free up cash for spending. financial crisis. Lori Calvasina, head of US equity Wall Street’s S&P 500 index has slumped Investors are increasingly fearful of the strategy at RBC Capital Markets, said The scheme, launched by The spread of the virus, which wiped then-Prime Minister Gordon 13 per cent since 19 February. effect containment efforts will have on more bad news could set up the US nearly $6 trillion (£4.7 trillion) from Brown in 2008, cuts the Some analysts have warned that the global economy. Incoming data has S&P 500 index for a “total drop of 14 to global markets last week, showed no amount of capital gains tax global stocks could tumble into bea been gloomy, with an index of Chinese 20 per cent”. sign of slowing over the weekend. In Italyterritory — a drop of 20 per cent from factories hitting a record low over the paid when business-owners — Europe’s worst-affected country — it r Russ Mould, investment director at sell their firms from the usual recent highs. weekend. The port of Los Angeles, the broker AJ Bell, said that in the UK has claimed at least 34 lives from more 20 per cent to 10 per cent on “The likelihood (of a bear market) is largest US gateway for Chinese imports, “mathematically we’re not a million up to £10m of lifetime gains. reasonably high,” said Erik Norland, is expecting a 25 per cent fall in containermiles away” from a bear market. senior economist at CME Group. volumes in its February data. The Federation of Small Travel stocks and luxury goods Businesses’ chief Mike Cherry There have been over 85,000 cases of companies have been particularly hard- FTSE 100 said getting rid of the relief M 6,580.61 -215.79 the virus and almost 3,000 deaths. hit by a slump in demand. FTSE 250 would “make a mockery” of M 19,330.92 -452.53  ITALY RESPONDS: P15 those who invest in DOW businesses rather than other M 25,409.36 -357.28 asset classes. NASDAQ L 8,567.37 +0.89  CONTINUES ON P3 £/$M 1.278 -0.010 £/€M1.182 -0.011 €/$ L 1.100 +0.002

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Entrepreneur relief change stirs backlash HARRY ROBERTSON AND STEFAN BOSCIA @harrygrobertson @Stefan_Boscia A ROW broke out yesterday between the government and businesses over reported plans to scrap the entrepreneurs’ relief tax scheme, which small firms warned will “destroy retirements”. Separately, a report out today said the use of the scheme is growing more than twice as fast in the north of the country than in London, questioning the new ALL EYES chancellor Rishi Sunak’s purported rationale for axing the relief. Plans have been drawn up for Sunak to scrap entrepreneurs’ relief in the 11 March Budget, the Sunday Times reported, in a move that would give the UK’s coffers a £2.7bn annual boost ON THE OPEN and free up cash for spending. CITY READIES FOR JITTERY START AFTER CORONA CORRECTION The scheme, launched by then-Prime Minister Gordon HARRY ROBERTSON than 1,690 cases while 12 new UK cases “The equity market in the US from its Lori Calvasina, head of US equity Brown in 2008, cuts the were reported yesterday, including the intraday high to intraday low already fell strategy at RBC Capital Markets, said amount of capital gains tax @harrygrobertson first in Scotland. 15 per cent.” more bad news could set up the US paid when business-owners TRADERS are this morning braced for FTSE 100 stocks lost £200bn across five Investors are increasingly fearful of the S&P 500 index for a “total drop of 14 to sell their firms from the usual another volatile week after coronavirus trading sessions last week. In the US, effect containment efforts will have on 20 per cent”. 20 per cent to 10 per cent on fears caused UK and US equities to suffer Wall Street’s S&P 500 index has slumped the global economy. Incoming data has Russ Mould, investment director at up to £10m of lifetime gains. their worst five days since the 2008 13 per cent since 19 February. been gloomy, with an index of Chinese broker AJ Bell, said that in the UK The Federation of Small financial crisis. Some analysts have warned that factories hitting a record low over the “mathematically we’re not a million Businesses’ chief Mike Cherry The spread of the virus, which wiped global stocks could tumble into bear weekend. The port of Los Angeles, the miles away” from a bear market. said getting rid of the relief nearly $6 trillion (£4.7 trillion) from territory — a drop of 20 per cent from largest US gateway for Chinese imports, Travel stocks and luxury goods would “make a mockery” of global markets last week, showed no recent highs. is expecting a 25 per cent fall in container companies have been particularly hard- those who invest in sign of slowing over the weekend. In Italy “The likelihood (of a bear market) is volumes in its February data. hit by a slump in demand. businesses rather than other — Europe’s worst-affected country — it reasonably high,” said Erik Norland, There have been over 85,000 cases of asset classes. has claimed at least 34 lives from more senior economist at CME Group. the virus and almost 3,000 deaths. £ ITALY RESPONDS: P15 £ CONTINUES ON P3

FTSE 100▼ 6,580.61 -215.79 FTSE 250▼ 19,330.92 -452.53 DOW▼ 25,409.36 -357.28 NASDAQ▲ 8,567.37 +0.89 £/$▼ 1.278 -0.010 £/€▼1.182 -0.011 €/$▲ 1.100 +0.002 02 NEWS MONDAY 2 MARCH 2020 CITYAM.COM

SO LONG, MAYOR PETE Democratic rival Pete Buttigieg pulls out of 2020 US presidential race after poor performance in primary THE CITY VIEW Home Office chaos is looking none too Priti

HE PERPETUAL conflict between Eastasia, Oceania and Eurasia’ in Orwell’s 1984 is a warning, not a how-to. Yet TNumber 10 and Boris Johnson’s government seem to be creating their own version of permanent war, finding enemies real and imagined right across the ranks of the civil service, the backbenches and Britain’s oldest institutions. The latest extraordinary row broke came to a head this weekend, with Sir Philip Rutnam quitting as permanent secretary at the Home Office and suing the government for constructive dismissal after a vicious briefing war and what Rutnam alleges counts as “bullying” behaviour from home secretary Priti Patel, which she denies. Sir Philip is not beyond reproach and, in a sense, it is something of a surprise he was in the top job. He has PETE Buttigieg, the first openly gay major US presidential candidate and a former small-town mayor in Indiana, dropped out of the race to be the Democratic candidate in the 2020 election late last night. The decision followed a significant loss at a primary been within touching distance of all sorts of government in South Carolina over the weekend, at which Buttigieg came in fourth place. He secured a narrow victory in the Iowa caucuses clangers, from the West Coast and second place in New Hampshire last month, but failed to appeal to non-white communities to secure a broad voter base. rail franchising debacle to the shocking treatment of the Windrush generation. In the furore around the latter, two Self-inflicted senior officials and the then- home secretary Amber Rudd wounds do not Big Four firms dominate all received the heave-ho; help a government Rutnam sailed on regardless, govern and then memorably complained in a select committee that it was frightfully rude of FTSE 100 auditor ranking MPs not to tell him what they were going to ask in advance. In the private sector, rather than the pleasantly coddled world of the civil service, he’d have been lucky not to be out on his ear. ANGHARAD CARRICK KPMG from 38 to just 18 clients in count from the previous quarter to 11. Nonetheless, it is another day of the government having to clean three months. Meanwhile Numis Securities up after a self-inflicted wound. We can add it to the @angharadcarrick The challenger firm was helped by a remained the City’s most popular appointment of “weirdo” Andrew Sabisky, briefings that the THE DOMINANCE of the Big Four migration within the FTSE 250. A suc- stockbroker despite its first large serving the FTSE 100 continued in the cession of client wins, including Hyve decline in client numbers for more licence fee was for the chop, the departure of a chancellor, the first quarter despite growing regulato- Group, AJ Bell and Galliford Try, than a decade. kite-flying of a mansion tax, being too slow to respond to the ry pressure. nearly doubled the auditor’s index The stockbroker has lost net six The Big Four were the only auditing clients since last quarter but retained coronavirus outbreak and the apparent lack of concern shown TOP AUDITOR IN THE CITY to flood victims as examples of the government finding itself in firms to serve the FTSE 100 last its top position with 221 clients, quarter with PwC retaining the top NUMBER OF STOCK MARKET CLIENTS according Adviser Rankings. possession of a firearm and pointing it squarely towards its feet. spot with 27 clients, closely followed PwC 336 Despite Numis’ popularity, Morgan If entrepreneurs’ relief is indeed scrapped in addition to the by KPMG’s 26. Deloitte and EY KPMG 299 Stanley has moved into the lead by cancellation of the corporation tax cut, a scrap with the served 25 and 22 firms respectively, BDO 281 aggregate client market-cap in the according to Adviser Ranking’s latest EY 236 stockbroker rankings. It boasted the business community seems inevitable too. All the while, Britain figures released today. Deloitte 220 highest client market cap of £632.4m is attempting to redraw its immigration system, sign a deal with PwC has retained a clear advantage among stockbrokers after adding the world’s largest (and most inflexible) trading bloc, come to a over the field with 336 overall clients, AND THE BEST BROKER HSBC to its client roster. pact with an unpredictable US President and “level up” the UK down from 353 in the last quarter. NUMBER OF STOCK MARKET CLIENTS Morgan Stanley’s rise in overall However challenger firm BDO added Numis Securities 215 client market cap came on the back of economy. It’s hard to see how a government that keeps giving the most clients in the last quarter, JP Morgan Cazenove 178 its dominance in the FTSE 100, in itself black eyes will manage it. increasing its net overall client figures Peel Hunt 144 which it has a client market cap of by seven to 281. Taken together with Investec Bank 121 £593.4m. Bank of America, taken on as KPMG’s losses of 13 clients, BDO have Finncap 109 joint broker to HSBC, moved up to sec- Follow us on Twitter @cityam narrowed the gap on second-placed Source: Corporate Advisers Rankings Guide ond place in the stockbroker index.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL CRITICISM MOUNTS FOR WHAT THE FIRMS CUT STAFF ABSENCES DEPARTMENT OF HEALTH IN AMEX STAFF MISLED SMALL RBS-FUNDED BANK SCHEME OTHER BY BOOSTING WELLBEING ROW WITH DOWNING STREET BUSINESS OWNERS Senior bankers are pushing the Employers are increasingly embracing Downing Street and the Department of American Express employees used government, MPs and the EU to PAPERS SAY staff wellbeing, with new data revealing Health are locked in a row over post- questionable sales tactics to mislead intervene in a “farcical” government- a huge rise in the number of job adverts Brexit access to an EU pandemic small business owners in a push to designed scheme to boost business THIS offering mental health support. Nearly warning system in the wake of the retain cardholders after Costco ended a banking after a series of setbacks, one in 200 jobs advertised in January coronavirus outbreak. Number 10 has long-running partnership, the Wall including news that the biggest winner MORNING offered a support — from mental health pushed back against the department’s Street Journal can reveal. Salespeople was handing back almost half of its support to dance classes — as a benefit, plans to retain membership of the Early have misrepresented card rewards £120m prize. Executives at several according to the jobs site Indeed.co.uk. Warning and Response System (EWRS) and fees, and checked credit reports banks have criticised Banking Five years ago the figure was nearly one as part of the EU-UK future relationship. without consent. Competition Remedies for its secrecy in every 5,000. and reluctance to take responsibility for FEARS OF FOOD PRICE SURGE WALMART AND VERIZON IN the programme’s slow progress. TURKEY SHOOTS DOWN TWO AS RAIN RUINS UK CROPS TALKS TO TEST IN-STORE 5G by the government as a symbol of post- ASSAD JETS OVER IDLIB Extreme rainfall which has left parts of Walmart and Verizon are in discussions UK’S SPACE PROJECT FACES Brexit independence — has been Dogfights raged over north-west Syria Britain underwater may push up food to outfit the retailer’s stores with DELAY AMID RISING COSTS delayed for at least six months amid yesterday, with two Assad regime prices and pile pressure on farmers’ antennas and other equipment to Britain’s plan for a new sovereign disagreements about the scope and fighter jets shot down by Turkey and finances as crops are washed out, create 5G wireless service, a high-profile satellite navigation system — pushed costs of the multi-billion-pound project. Turkish drones targeted in return. agriculture experts have warned. test of the next-generation networks. CITYAM.COM MONDAY 2 MARCH 2020 NEWS 03

PLANE AND SIMPLE Metro Bank to revoke private jet access for new chair in switchup Business body Salary Finance slams PM plans lays ground for CONTINUED FROM FRONT PAGE Entrepreneurs’ relief was set up with the intention of encouraging people to start businesses. But Sunak is set to scrap it on the grounds that it helps richer people Neyber’s rescue in the south of England. The government is planning an expansionary Budget that it says will address regional inequality and ANGHARAD CARRICK Neyber has been beset by issues in “level up” spending across the UK. recent weeks as it sought options to But Cherry said: “Everyday @angharadcarrick stay afloat. METRO Bank will not allow its new leadership to take private jet flights. The previous entrepreneurs throughout the THE GOLDMAN Sachs-backed lender Last month it was reported that the arrangement for founder Vernon Hill to expense private jet flights to the company country who are about to retire Neyber will reportedly sell its assets to consumer lender was in talks with was “specific to him” and unlikely to be repeated, the Telegraph first reported. will be left permanently poorer by rival Salary Finance. accounting firm BDO about a range of this change.” Neyber is expected to appoint options, including a pre-pack sale. A separate report found that use administrators this week, according to If completed the takeover will of the scheme is growing much Sky News. The broadcaster said create a lender with more than 500 faster in the north than in London. yesterday that the consumer finance corporate partners, according to Sky Law firm Boodle Hatfield said provider will offload its assets includ- News, including Asda, BT, the Co-oper- BoE gave audio scandal firm the the value of capital gains against ing its blue-chip customer contracts to ative Group, Dixons Carphone and which entrepreneurs’ relief was Salary Finance. Virgin Active. claimed rose 23 per cent in the Sky News sources said the deal was It will also create a customer base of green light on three occasions north in 2017/18, increasing to almost certain to happen in the com- nearly 3m people. £5.1bn from £4.2bn in 2016/17. The ing days and would result in Goldman Salary Finance offers a raft of “finan- HARRY ROBERTSON hired the firm as a technology firm said this compared to a seven Sachs becoming a small shareholder cial wellness” programmes including partner — and 2019. per cent increase in London over in the business. The bank’s current loans and financial education, while @harrygrobertson Encoded’s status as a technology the same period, rising to £4.1bn. shareholding is said to be less than Neyber allows employees to borrow THE BANK of England scrutinised a supplier was ended by the Bank after Hayden Bailey, a partner at the five per cent. against their salaries. company three times before it was the Times revealed that a “third firm, said: “Entrepreneurs’ relief Goldman Sachs backed Neyber via Salary Finance may end up paying subsequently found to have provided party” had been providing an audio does not just benefit billionaires as one of its private capital funds in 2017. just a six-figure sum for Neyber’s early access to the Bank’s press stream of a back-up to the main video some commentators have recently The investment included a small assets, according to Sky News sources. conferences to paying clients. feed of press conferences, the suggested. The relief is a vital amount of equity and £100m of debt Goldman Sachs, Salary Finance and Threadneedle Street carried out Guardian reported yesterday. incentive for small business owners drawn down by the Neyber vehicles BDO declined to comment. Neyber diligence on Encoded Media three An official investigation into the to continue to grow their that issue loans to consumers. could not be reached for comment. times between 2008 — when it first audio scandal is ongoing. businesses with a view to an exit.” Government outlines US–UK trade deal objectives as talks set to start this week STEFAN BOSCIA trade flows by £15.3bn. growth in all four nations.” Objectives for the talks will Priority will also be given to @Stefan_Boscia include increasing the flow of goods, protecting food safety and the NHS. THE GOVERNMENT will today services and investment; future Commenting on the plans, CBI publish its objectives for a UK–US proofing the deal for technological chief Dame Carolyn Fairbairn said: trade deal, with negotiators aiming developments; and facilitating “The UK is beginning a brand new for an “ambitious and “greater choice and lower prices”. chapter in its global future, and a comprehensive” agreement. International trade secretary Liz good trade deal with the US is vital. The Department for International Truss said: “This deal with our “The US and UK already share the Trade has advised that official talks biggest single trading partner will world’s largest bilateral investment will begin this week, with new cut red tape for our small businesses, relationship; now is the time to use analysis revealing the trade deal is cut tariffs for our great products it as a springboard for new jobs and expected to increase transatlantic from dairy to cars and increase investment here at home.” International trade secretary Liz Truss said the deal would “cut red tape” 04 NEWS MONDAY 2 MARCH 2020 CITYAM.COM New John Lewis boss Sharon White to unveil strategic review this week JESS CLARK commercial development director The retailer is set to announce @jclarkjourno Nina Bhatia are preparing to write-downs on the value of its unveil the review on Thursday, properties on Thursday, according to STRUGGLING department store chain according to reports. the Sunday Times. John Lewis is expected to launch a In January the partnership said The newspaper also reported that strategic review in a bid to rescue the full-year profit will be “substantially White is in talks with several business as it announces its full-year down” on last year and indicated consultancies, including McKinsey. results later this week. that it could scrap its employee A strategic plan to closer align the Former Ofcom boss Sharon White, bonus. The strategic review is John Lewis and Waitrose businesses who took over as chairman of John expected to probe the retailer’s is already underway after being Lewis and Waitrose last month, and Never Knowingly Undersold pledge launched by White’s predecessor Sir newly appointed strategy and and its store portfolio. Charlie Mayfield.

Former Ofcom boss Sharon White took over the reins at John Lewis last month Private equity firms race to bid for stake in Asda

JESS CLARK after receiving “inbound interest” @jclarkjourno from a small number of firms. A person close to the talks said the PRIVATE equity firms are vying to buy interested parties were private equity a majority stake in Asda after its US firms, but last Wednesday said the owner Walmart began exploring an discussions were “informal”. offload of the supermarket. “Together, we are in discussions The potential sale follows the with a small number of interested competition watchdog’s decision to parties who share Walmart and block Asda’s merger with Sainsbury’s Asda’s commitment and passion to last year. growing the business,” Walmart and US buyout firm Lone Star has report- Asda said.“No decisions have been edly made an offer for a stake in the made and we will not be commenting grocer, with private equity firms further on these discussions.” Apollo and TDR also in the running. They said Walmart would maintain Lone Star is interested in Asda’s a significant minority stake in any property portfolio, as the grocer deal. Walmart last year said it was owns 75 per cent of the freeholds weighing up listing Asda on the stock to its supermarkets, the Sunday market. Times reported. The US retail giant last week said it It is unlikely that a sale to a private “firmly believes that an initial public equity firm would attract a valuation offering (IPO) is an attractive long- as high as the £7.3bn price tag under term objective for Asda. Asda is a the failed Sainsbury’s merger. great business with a clear strategy TDR and Apollo declined to com- for the future”. A sale to a private ment. Lone Star did not respond to a equity firm would still leave the door request for comment. open for a public listing of the Asda Last week Walmart said it was in business at a future date, although as early-stage talks about selling a con- a minority stakeholder, an IPO would trolling stake in the UK supermarket no longer be Walmart’s decision. Debenhams insists lenders back critical debt restructuring plans JESS CLARK Any additional closures are not @jclarkjourno expected to happen until at least 2021 over a two- to three-year period, DEBENHAMS yesterday denied that and numbers are still expected to the commitment of its lenders to a be in line with the original guidance debt for equity swap is wavering, as of 50 stores. the beleaguered retailer responded to The Sunday Times reported that reports that securing a debt the department store has warned restructuring is dependent on landlords that its lenders may refuse landlords granting steep rent cuts. to back a debt restructuring plan The high street chain could be unless rent reductions can be forced to close further stores if agreed. However the retailer said it is unable to negotiate lower rents yesterday that lenders’ commitment and rate bills with landlords and to the debt for equity swap is “not in local councils. question”. OUR CLIENTS THINK AT A SPEED VERY SIMILAR TO OUR OWN. FAST.

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RAISING A RUCK-US Terrestrial joint bid Tech firm Thought Machine rakes in for Six Nations could be sent to the sin bin $83m funding led by Draper Esprit ANGHARAD CARRICK cloud-native technology for banks. the firm, said: “We first backed Thought Machine’s banking Thought Machine at seed stage in @angharadcarrick platform Vault counts Lloyds 2016 and have seen it grow from a TECHNOLOGY company Thought Banking Group, Standard Chartered, startup to a 300 person-strong Machine has today raised $83m SEB and Atom Bank as clients. global scaleup with a global (£64.74m) in series B funding led by All of Thought Machine’s existing customer base and potential to listed fund Draper Esprit. investors — Lloyds Banking Group, IQ become one of the most valuable The venture capital firm, which Capital, Backed and Playfair Capital European fintech companies.” has invested in a number of fintech — participated in the round. The technology firm said that businesses, contributed £26.5m to IQ Capital contributed £15m from the funding will be used to drive the funding for Thought Machine, a its new scaleup fund. its expansion into the Asia technology company that builds Max Bautin, founding partner of Pacific region.

SKY IS said to be closing in on a £300m deal for Six Nations broadcast rights in a move that could wipe the tournament from terrestrial TV. The BBC and ITV will not be allowed to launch another joint bid for the rights, the Rugby Paper reported. Activist Elliott in stake bid to oust Freeze Twitter founder JAMES WARRINGTON slumped by a fifth in the third quarter after it missed expectations for both @j_a_warrington profit and revenue due to bugs in its ACTIVIST Elliott Management has advertising technology. But the com- built up a stake in Twitter in a bid to pany last month bounced back, post- oust the social media site’s founder ing more than $1bn (£780m) in Jack Dorsey as chief executive. quarterly revenue for the first time. your card. The New York-based hedge fund, Dorsey raised eyebrows last year founded by billionaire Paul Singer, has when he revealed plans to spend as nominated four directors to Twitter’s much as six months in Africa in 2020, board, Bloomberg first reported. as the firm tries to be more global. Elliott is also said to be plotting the Elliott, which has a track record of removal of Dorsey, to be replaced by a clashing with some of the world’s more dedicated chief executive. largest companies, has recently taken Dorsey has come under scrutiny for a three per cent stake in Softbank. his dual role as chief executive of Twitter shares have fallen almost 21 Easy as. Square, the payments company he co- per cent in the last six months. founded in 2010. It is not clear exactly how large TWITTER Elliott’s stake is, nor who it has nomi- 45 $ +ȉ1Ɯ+!6,2/&0!" &1 /!Ȅ nated to the board. Twitter declined to comment. Elliott did not respond to a 40 request for comment. 33.20 ,+1/,)&14&1%1%" )&#5*, &)"--ǽ 28 Feb Dorsey, who holds a two per cent 35 stake in Twitter, returned to Twitter in 2015 after boss Dick Costolo 30 stepped down. He is one of the only people to run two public companies at 25 the same time. Shares in the social media platform Oct 19Nov 19 Dec 19 Jan 20 Feb 20 NMC Health hires Moelis bank to advise on its debt restructuring ANGHARAD CARRICK just hours after trading in its shares was suspended. @angharadcarrick The company’s shares have lost NMC HEALTH has hired investment more than half of their value since bank Moelis to advise on a debt the end of last year when shortseller restructuring, in the latest turn Muddy Waters questioned its of events for the embattled financial statements. healthcare operator. News of the probe came just after Three sources familiar with the the hospital operator fired its chief matter said NMC had hired the bank executive and placed its finance in relation to its ability to meet debt chief on extended sick leave Please be aware you can only freeze certain card transactions. Mobile banking app only. Minimum operating systems apply, check your app store for details. Our app does obligations, Reuters reported. following an ongoing investigation not work on jailbroken or rooted devices. Terms and Conditions apply. This information is correct as of December 2019 and is relevant to Halifax products and services only. Last week the Financial Conduct of its finances. Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by Authority announced it was Shares rose 6.6 per cent to 1,000p the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. launching an investigation into NMC last Friday. CITYAM.COM MONDAY 2 MARCH 2020 NEWS 07 Private sector UK firms would fails to recover accept tax rise if after election JACK RICHARDSON @JackRich93 ACTIVITY in the private sector fell again in the quarter to February, rules simplified new figures have shown. Research by the CBI published today demonstrated the 16th HARRY ROBERTSON “It is promising that businesses are consecutive quarter of falling looking to the future and appear to business volumes in the UK. @harrygrobertson support our view that tax simplifica- However, it pointed to variation TWO-THIRDS of UK businesses would tion is needed to help organisations across different sectors and some accept a tax rise in exchange for a sim- tackle the challenging landscape.” cause for business optimism. pler tax system, a survey from law “Now is the time for the govern- The report, based on a survey of firm BDO has found. ment to make business easier by sim- 631 businesses, showed a fall in The survey comes ahead of the plifying tax. It requires progressive Germany’s car industry is facing a slew of global economic challenges private sector activity of seven per 11 March Budget, in which new steps to be taken and an end to back cent. This was an improvement on chancellor Rishi Sunak is expected to door tax increases engineered by the previous month, however, increase spending and cut entrepre- changing the rules for tax reliefs and where it fell by 16 per cent. neurs’ tax relief, a tax rise equivalent allowances,” he added. German car industry in line for Total services went down by nine to £2.7bn a year. The survey also showed that busi- per cent and consumer services by It showed that the UK’s businesses nesses are divided over how to boost 17 per cent, against previous falls want the tax system to be simpler and investment, which has suffered dur- tough time amid virus spread of 12 and five respectively. less cumbersome. A significant major- ing the Brexit impasse. “The decline in private sector ity — 66 per cent — of respondents Almost a third of businesses sug- JACK RICHARDSON from minus 5.2 from minus 15.4 in activity is slowly easing, but we're indicated they would accept a rise in gested making equity investment tax the same period. The personnel not seeing a more substantial taxes in exchange for a simplification deductible for individuals, whilst just @JackRich93 planning index also fell from minus bounce. Nonetheless, businesses programme, a rise of 18 per cent since over a quarter believed that up-front THE GERMAN car industry will face 31.9 to minus 41.8 over the period. are hopeful of growth returning the 2018 Budget. income tax relief could encourage serious challenges over the coming Car production has traditionally over the coming quarter,” said CBI Only 12 per cent of the more than business investment. months, according to a new report. been one of Germany’s strongest lead economist Alpesh Paleja. 600 respondents to the survey said Falvey said: “Businesses are looking The Ifo Business Climate Survey industries but it is now facing The fall in business and they did not find tax cumbersome, for the government to show that it demand index fell to minus 11.8 for challenges including supply chain professional services was six per BDO said. will deliver on its promises to make February, down from minus 2.1 in disruption from coronavirus and the cent, compared to a previous drop Paul Falvey, tax partner at BDO, said: the economy prosper post-Brexit.” January and export expectations fell need to avoid tariffs with the UK. of 14 per cent.

CITYAM.COM MONDAY 2 MARCH 2020 NEWS 09

A LUMP OF COAL Norwegian wealth fund could blacklist four major climate culprits Schroders set UK’s consulting to move to five division model market slows its ANGHARAD CARRICK @angharadcarrick SCHRODERS is changing how it reports results in a bid to highlight growth in 2019 individual parts of its business to analysts, according to reports. The Sunday Times yesterday reported that the move could LIAM ROCHE The volume of public sector consult- result in a revaluation of the fund ing work grew by only one per cent in manager’s shares. It currently GROWTH in the UK consulting market 2019, down from 4.5 per cent in 2018, NORWAY’s $1 trillion (£781.8bn) wealth fund will exclude four companies for their trades on a price-to-earnings almost halved in the three years as uncertainty caused by the Brexit high carbon emissions, or at least put them on probation to force them to change, multiple of 17 times, compared to between the 2016 EU referendum and vote caused upheaval and delays to the chairman of its ethics watchdog told Reuters. They will be named at a later date. fellow wealth manager St James’s 2019, a new report has shown. decision making around policies. Place, which trades on 37 times. Britain’s consultancy growth slowed However, clarity brought about by Schroders has split out its from 7.5 per cent in 2016 to four per Boris Johnson’s Brexit stance could performance between retail and cent in 2019, according to a study by foster an environment for investment, institutional fund management but Source Global Market Research. allowing the consulting industry to will now list the performance of Similar growth rates are expected in recover, according to Zoe Stump from Government ramps up backing five divisions separately. 2020 as the industry will benefit from Source Global Research. The FTSE 100 company will some Brexit changes, but this is likely “At face value, the UK consulting report wealth management, to come into full effect in 2021, once market looks set to bounce back from for British ad sector after Brexit investment in illiquid or private the UK and the EU have settle a deal. the paralysis that affected some parts assets, retail fund management, The largest markets — public sector of the market in 2019. Hoping that the JAMES WARRINGTON Japan and North America. institutional fund management and financial services — both endured country will now ‘Get Brexit Done’, The UK has secured a reputation as and risk management separately. challenging years, with the latter’s there’s a willingness to invest... espe- @j_a_warrington one of the top global advertising The Sunday Times reported that growth of seven per cent per cent in cially in areas where digital technolo- THE GOVERNMENT has teamed up hubs, with the sector’s value Schroders will adopt the model in 2017 falling to 4.1 per cent last year. gy can transform productivity.” with industry bodies to launch a new expected to top £26bn this year. The its annual results this Thursday. “Regulatory-driven work in the UK’s UK consulting received a boost in campaign aimed at promoting the latest figures from the Advertising At the end of last year Schroders financial services sector — for so long a the last year from clients’ growing UK’s advertising industry after Brexit. Association showed the industry now embarked on a restructuring foundation of the UK’s consulting interest in sustainability, as The UK Advertising Export Group exports £6.9bn per year. drive which could lead to 200 job market — is on the wane, as clients try businesses increasingly consider will seek to boost the profile of the However, trade bodies have warned cuts globally. to use internal resources to do the sustainability a key principle of how British ad sector and generate more about the potential negative impact Schroders did not respond to a work that’s needed,” the report said. they operate. deals in key territories such as China, of leaving the EU. request for comment. Lloyds Banking Group faces fresh police probe following new fraud allegations ANGHARAD CARRICK his loans and appointed a receiver to revaluation reflected the decline of sell his assets in 2009. the property market. @angharadcarrick Lloyds has dismissed claims of A spokesman for Lloyds said that LLOYDS Bank is said to be facing a misconduct at its unit in Bristol the allegations have been reviewed fresh police investigation over made by Shabir and others over a and have “been found to be allegations of fraud against small decade, who have claimed the bank completely baseless”. businesses. had their businesses revalued “Concerns in relation to a Bristol The Sunday Telegraph first downwards, forced into receivership unit have been raised by third reported that Avon and Somerset and then sold. parties in the past. In each instance Police are investigating allegations Lloyds reportedly believed it had these concerns have been made against the bank by property no alternative but to repossess thoroughly investigated and we have investor Kashif Shabir. Shabir lost his Shabir’s property after he failed to not found any evidence to support business after Lloyds foreclosed on make repayments and that the them,” they added. Lloyds boss Antonio Horta-Osorio said he had personally looked into the claims

Move your money with moneycorp and make your international dream a reality Call 0808 256 5754 or visit www.cityam.com/talk/moneycorp-talk for foreign exchange and international payments. 10 NEWS MONDAY 2 MARCH 2020 CITYAM.COM CITYPAGES EDITED BY JESS CLARK @JCLARKJOURNO Steven Levy’s Facebook tome offers unparalleled insight into the BOOK REVIEWS: WHAT TO READ social media giant’s rise, but fails to hold Zuckerberg to account THIS MONTH TECH GEOPOLITICS MEMOIR one of the most definitive books on data of billions. FACEBOOK: THE Google, was given unprecedented levels of Facebook: The Inside Story provides GOING DARK: THE UNCANNY VALLEY INSIDE STORY SECRET SOCIAL LIVES access to Zuckerberg and senior company unparalleled insight into one of the BY ANNA WIENER executives over three years to achieve world’s most prominent tech companies, OF EXTREMISTS BY STEVEN LEVY this goal. and is required reading for anyone AS A DISILLUSIONED IN THE past four We follow Zuckerberg and the team as he seeking to understand Facebook or its BY JULIA EBNER twenty-something, Anna years, Facebook almost gets expelled from Harvard for infamous founder. MOST of Going Dark: The Wiener abandoned her founder Mark stripping its servers for college student But the exposure to Facebook’s top Secret Social Lives of publishing job in New Zuckerberg’s world data to create Facebook’s earlier brother, players given to Levy in the writing of this Extremists plays out York, swapping silk has been turned Facemash. Later, we see a more human book has ultimately forged a saccharine online. Assuming a blouses for hoodies and upside down. From a side to Zuckerberg as he gets upset at view of the social network’s transformation variety of identities, Julia Ebner reports from high-tops as she headed for the rapidly simple social media having to turn down a favoured investor. into a company for which scandals have the frontline of far right messageboards, mobilising oasis of Silicon Valley. Wiener platform that he created while studying at But the narrative that runs through the become the norm. jihadi forums and anti-feminist managed to land jobs at a string of startups Harvard university first blossomed a entire work is one of a tech founder’s Attempts to remind the reader of communities, in a thorough and shocking and gently winged her way into a world of networking supersite, that later became a lust for control, having fallen in love the consequences of Facebook’s exploration of how the internet has coding and customer support. The result is a regulatory and ethical data minefield with strategy computer games such power are briefly passed over, in facilitated the spread of extremism. wry and intelligent reality check for startup which holds a terrifying amount of power as Civilisation as a teenager and favour of depicting Zuckerberg as a However, the book is the most unsettling culture written from an outsider’s over the way we communicate and form developed an awe of the teenager with good intentions who when Ebner shows the physical perspective. As much a critique of millenial decisions. (questionable) empire tactics of was awarded too much power at an manifestation of online extremism. Ebner, consumerism as the tech world, Wiener At the centre of this, Zuckerberg Roman leader Augustus. early age with no one to hold him who by day is a senior research fellow at the paints SIlicon Valley as the male version of maintains a significant amount of The young entrepreneur regularly accountable. Be careful not to come Institute for Strategic Dialogue, visits a neo smoothies and yoga. With a fine balance of influence that has most certainly dictated shouted “Domination!” at the away from Levy’s writing with Nazi music festival and goes undercover at a comedy and caution, she prises open a world Facebook’s trajectory — owning nearly 60 end of company meetings at a sense of pity for the man far right meeting in a London pub. If those where sexism is rife — where women are per cent of the company’s voting shares, Facebook, as the tech firm for whom it all seemingly events are unsettling, then more harrowing is discouraged from asking for a raise and despite having raised billions of dollars in absorbed smaller rivals accidentally when Ebner’s research demonstrates how encouraged to “trust karma”. Uncanny private and public investment. such as Instagram and happened to, online extremism can transform into real Valley is a fable for the digital age. Though Steven Levy’s Facebook: The Inside Story ignored the warning signs rather than world violence that readers will recognise brilliantly sardonic, it ultimately serves as an aims to chart one man’s rise from a coder of misusing the personal tech’s next from recent news headlines. Ebner depicts interrogation of a world teetering on the with a voracious appetite for challenging calculating the vast and rapid spread of online edge of illegality — a world whose computer projects to the head of a global Zuckerberg’s desire for megamind. extremism, and the challenge we face in consequences we are only just starting to feel. empire. Levy, having previously written empire led to Facebook EMILY NICOLLE fighting it. JESS CLARK POPPY WOOD

12 NEWS MONDAY 2 MARCH 2020 CITYAM.COM Switzerland files criminal complaint American Airlines over alleged use of company by CIA JACK RICHARDSON Swiss company Crypto AG was German and Swiss media, waives fees as US @JackRich93 secretly owned by US and German claimed the technology, sold to spy agencies and allowed them to governments under the name THE SWISS government has filed use its software. Operation Rubicon, had flaws for a criminal complaint over US The attorney general’s office the spy agencies to exploit. spies allegedly using a Swiss confirmed it had received a The Swiss government has braces disruption crypto firm to gain information complaint from the branch of the appointed a former Supreme on foreign governments. Economy Ministry which oversees Court judge to investigate and his The complaint is against sensitive exports. The latter report is due at the end of June, unnamed persons for alleged confirmed the complaint but while pressure is building in the DAVID SHEPARDSON wake of sagging demand because of the breaches of the law governing would not comment further. Swiss parliament for its own coronavirus outbreak, the airline con- export controls, Reuters reported. Last month’s revelations by US, investigation into the matter. AMERICAN Airlines said late last night firmed yesterday. In an email late on Sat- it was waiving change fees on all newly urday to employees, Munoz noted the purchased tickets amid declining air carrier had cut flights to Asia and sus- travel demand because of the new coro- pended service to mainland China and navirus outbreak. Hong Kong through 30 April. The largest US airline said it would “Based on current trends, it is likely waive change fees up to 14 days before that additional schedule reductions will travel for customers who purchase tick- be necessary,” Munoz said. i ets from now until 16 March. On Friday, United cancelled its investor Jet Blue Airways said last week it day that was set for 5 March, saying it is OF CANARYCANARY WHARF PREPRESENTSSENTS would suspend change and cancellation not “practical to expect that it can have TheT Definitive fees for new flight bookings between 27 a productive conversation focused on its February and 11 March. long-term strategy next week.” It will American Airlines shares have fallen reschedule for September. 37 per cent since 13 February. Chicago-based United already with- United Airlines chief Oscar Munoz told drew its 2020 guidance last week be- employees the US airline would likely cause of uncertainty over the duration Reuters MON 1313 JUL-THUJUL-THUHU 13 AUGAUG need to cut additional flights in the and spread of the virus.

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14 NEWS MONDAY 2 MARCH 2020 CITYAM.COM

US podcasts such as the Joe Rogan Experience have capitalised on this LISTENING nascent market IN DEMAND The City may be on the brink of realising the true value of the British podcast industry, writes James Warrington

ITH podcasts steadily monetise this audience is limited. o shoring up their Currently, podcast advertising is sold position as a mainstay of on a CPM (cost per mille) basis, mean- Wthe modern media land- ing a slot is paid for per thousand lis- scape, canny distributors teners. As a result, podcasts need to have been biding their time. secure hundreds of thousands of lis- But now Aim-listed podcast platform teners to make a significant return. Audioboom seems ready to cash in on The main argument against this the booming popularity of on- metric is that podcast listeners are not demand listening. Last month the the same as radio listeners. Podcast Nicky Candy-backed audio firm, fans have a longer dwell time, while which distributes podcasts including almost all listen on their own — mean- nerdy QI favourite No Such Thing As A ing they are highly engaged. Fish and Sue Perkins: An Hour Or So “A formula that recognises that With..., said it had hired Raine impact is different to a 30 second spot Advisers to explore a sale. in traditional broadcast advertising or Yet for some in the industry, podcast- digital eyeball cost per transaction is ing remains undervalued compared to key,” says Kosky. the more mature US market. Despite Persuading media buyers to adopt successive quarters of sharp revenue these metrics — and fork out more for growth, Audioboom’s shares have podcast ad spots — will be a challenge. suffered turbulent trading. After a Many podcast firms, including spike on takeover talks, the firm is Audioboom, are producing more of now valued at roughly £30m. their own shows in a bid to sidestep Howard Kosky, chief executive of this issue. podcast consultancy 4DC, says this Jamie McGowan Stuart of Enders TIME GIVEN, PEOPLE SUPPORTED falls short of Audioboom’s true value. Analysis says that despite high CPMs “It’s a business where revenue was for top shows, monetising the long booming and yet its value was not tail of the market is difficult. moving where it should do,” he says. “As downloads dominate podcast “They had to do something to realise measurement, the possibilities for the value.” This value, Kosky suggests, targeting and attribution are limited,” is at least £50m. he says. Among the media giants mooted for Spotify last month unveiled stream- REGISTER 22 SEPT a possible takeover are Talksport ing ad insertion, allowing it to run owner News UK and Global, which targeted ads within shows in real NOW runs stations such as Capital and LBC. time. This technology may go some 2020 But as the majority of Audioboom’s way to addressing these challenges. revenue comes from the US, Texas- However, the UK market is also based iHeartMedia or New York-listed skewed by the BBC, which does not Spotify may be a more suitable fit. run ads on its shows domestically. Join the Lord Mayor and the Spotify splashed out at least €300m “That’s a sizeable chunk of podcast last year on three podcast startups, listening — 100m plays of podcasts rest of the City to showcase the and recently snapped up sports- or listen again audio on [BBC’s fantastic charity and community [email protected] based network The Ringer. The Sounds app] alone last quar- incentives are clear. Insatiable ter — without ads,” says work that businesses across the lordmayorsappeal.org/cgd demand means there are now McGowan Stuart. City support throughout the year. an estimated 850,000 podcasts Despite these barriers, a @LMAppeal #CGD worldwide. In the fourth quar- bumper takeover deal for ter, Spotify’s podcast listening Audioboom could spark a hours rose almost 200 per cent. rethink of the British podcast- LATEST COMPANIES TO REGISTER But as US media groups pour ing industry’s valuation, and cash into podcasts, the UK for major players such as has lagged behind. Global — and even the AllianceBernstein Nexere Consulting While the popular- BBC — this can only ity of podcasts is be a good thing. Coverys Managing Agency Limited PitchBook Data well document- ed, the ability Perkins hosts an Cubico Sustainable Investments Skills Builder Partnership of producers to Audioboom show Event Llama Enterprises CIC The Chartered Accountants’ Company Great Place to Work The Fishmongers’ Company LICENSING ACT 2003 APPLICATION TO VARY PREMISES Holman Fenwick Willan (HFW) The Horners’ Company LICENCE (Section 34) Notice is hereby given that Thomas Jeffrey Paget has applied to The City of London Council to vary IFF Research The Law Family Charitable ENTREPRENEURS the Premises Licence in respect of George & Vulture, 3 Castle Court London EC3V 9DL to remove some conditions. This application is only JLL - Perception Foundation Natasha Bowes to remove out of date conditions which were grandfathered across from the Licensing Act 1964 and associated legislation and to allow Morten Consultancy & Training The Woolmen’s Company alcohol to be purchased directly by patrons from on her successful the small bar at the rear of the premises. A record of this application is held by the City of London Services Limited WHF and can be viewed by members of the public range of bio- online by visiting www.cityoflondon.gov.uk or by appointment at the offices of City of London licensing authority, Walbrook Wharf 78-83 Upper yoghurts Thames Street London EC4R 3TD. Any person REGISTER BY 30 APRIL FOR YOUR CHANCE TO JOIN THE LORD MAYOR wishing to make a representation in relation to this application must give notice in writing to the licensing authority at the address shown above, AT THE LONDON STOCK EXCHANGE ON 22 SEPTEMBER giving in detail the grounds of objection by 24 PAGE 22 March 2020. The licensing authority must receive representations by the date given above. The licensing authority will have regard to any such CELEBRATING VOLUNTEERING AND representation when considering the application. It is an offence knowingly or recklessly to make a false statement in connection with an application PHILANTHROPY IN THE CITY punishable on summary conviction by a maximum fine that is unlimited. JOELSON JD LLP Solicitors T579038 CITYAM.COM MONDAY 2 MARCH 2020 NEWS 15 Arm offloads cybersecurity division to Tory donor’s private equity firm JAMES WARRINGTON for mobile devices and apps. ambitious plans for a float in 2023. Its platform, which provides a Despite its success at winning @j_a_warrington secure area to store and process clients, Trustonic has failed to turn a BRITISH chipmaker Arm has sold its sensitive data, is embedded in more profit and the firm most recent cybersecurity division Trustonic to a than 2bn devices worldwide. accounts show an €8.6m (£7.4m) pre- private equity firm run by Tory party Arm’s plans to offload the joint tax loss on revenue of €9.7m in 2018. donor Edmund Lazarus. venture, first reported last year by the EMK Capital was founded in 2017 EMK Capital last week said it has Sunday Telegraph, comes amid a by Lazarus, who is friends with snapped up the cyber firm from Arm shakeup by Softbank following its cabinet minister Michael Gove and a and Gemalto, a Dutch cyber company £24bn takeover in 2016. major donor to the Tory party. now owned by Thales Group. Softbank founder Masayoshi Son In December it bought a majority Trustonic, which was founded in has said he plans to re-list Arm stake in Williams Advanced 2012 as a joint venture between Arm within the next five years, while Arm Engineering, the tech division of the and Gemalto, specialises in security boss Simon Segars has outlined more Williams Formula One team. Edmund Lazarus became friends with Michael Gove at Oxford University Italy prepares a deficit increase to wrestle virus

GIUSEPPE FONTE said public finances were solid and predicted the 2019 budget deficit ITALY will this week introduce meas- would come in at between 1.6 per ures worth €3.6bn (£3.1bn) to help the cent and 1.7 per cent of GDP against economy withstand the largest out- an original target of 2.2 per cent. break of coronavirus in Europe, the The official data for 2019 is due to country’s economy minister Roberto be released today. Italy had forecast a Gualtieri said yesterday. deficit of 2.2 per cent for this year, In an interview with La Repubblica based on the assumption the econ- newspaper, Gualtieri said this omy would grow 0.6 per cent in 2020. amounted to 0.2 per cent of GDP and It came as Germany made a similar Increasing numbers of migrants have crossed the Aegean from Turkey to the Greek island of Lesbos in recent days would come on top of an aid-package announcement over the potential worth €900m that was unveiled last effects of the coronavirus over the Friday for the worst-impacted areas. weekend. Finance minister Olaf Gualtieri said the new bill would in- Scholz yesterday said Germany would Migrant crisis deepens after Turkey opens borders clude tax credits for companies that be in a position to enact a fiscal stim- reported a 25 per cent drop in rev- ulus package should the coronavirus LIAM ROCHE from crossing over to Europe, assist migrants in crossing . enues, tax cuts and additional funds spark a global economic crisis. reneging on a deal reached with the “Not only are they not stopping for the health service. In Germany there have been 66 con- HUNDREDS of migrants have entered EU in 2016. The declaration resulted them, but they are helping them,” Italy has registered more than 1,100 firmed cases, and a government crisis Greece as Turkish President Tayyip in a rush to the border, where the Stefanis told Skai. confirmed cases of coronavirus since committee last Friday widened cross- Erdogan relaxed restrictions on International Organization for The deal was agreed between the the contagion came to light in border travel guidelines and can- movement between the two nations Migration estimated 13,000 people EU and Turkey in the aftermath of wealthy northern regions on 20 Feb- celled major international events. in an act of defiance against the EU. have gathered. the migrant crisis in 2015, whereby ruary and at least 29 people have died. “Should it come to major turmoil in At least 600 people arrived by boat Athens is maintaining a firm the number of migrants entering The economy minister said he was the global economy because world on three Greek islands within a few stance, firing tear gas at migrants Europe would be controlled by confident the EU would approve the markets and production centres be- hours yesterday morning, joining seeking entry and sending Turkey in exchange for funds from necessary hike in Italy’s official come affected, we have all the means upwards of 40,000 already there, automated text messages to phones the EU and its member states. deficit target, adding eurogroup min- to act fast and decisively,” Scholz told living in overcrowded camps. in the northern region warning of Turkey’s rebellion could pose isters would talk mid-week by tele- Welt am Sonntag newspaper. “Our fis- The Turkish government maximum security measures. Greece’s toughest test since the phone about the situation. cal policy is built on a solid footing so announced it would no longer Greek deputy defence minister Eurozone crisis and draws attention Italy has the biggest debt pile in the that we can deal with a major eco- prevent hundreds of thousands of Alkivadis Stefanis said Turkey was to the ongoing tensions between the Eurozone after Greece, but Gualtieri nomic crisis with full force.” Reuters asylum seekers within its borders engaging in a deliberate strategy to two neighbours. France set to push pension reform through by decree to avoid a vote

LEIGH THOMAS system since the Second World War, government’s responsibility on the prompted weeks of public sector bill creating a universal retirement THE FRENCH government said over strikes and street protests before system, not to put an end to debate the weekend it would push President opponents of the legislation took the but to end this period of non-debate,” Emmanuel Macron’s contested battle to parliament. prime minister Edouard Philippe told pension reform through parliament Macron loyalists, who hold a the lower house of parliament. by decree, avoiding the need for a majority in the National Assembly, Catching politicians off-guard vote after the opposition filed branded the mountain of during the latest parliamentary more than 40,000 amendments to amendments a cynical ploy to stall session on the reform, Philippe’s the draft law. the pension bill’s passage through announcement was met with howls The reform, which is the single parliament. of protest from members of the far- President Emmanuel Macron has met months of protest over his pension reforms greatest overhaul of France’s pension “I have decided to engage the left France Unbowed party. Reuters 16 NEWS MONDAY 2 MARCH 2020 CITYAM.COM Ex-Barclays bankers are Box office: The Invisible Man in cleared of £4bn Qatari lead with $29m REBECCA RUBIN fraud after SFO inquiry UNIVERSAL and Blumhouse’s The Invisible Man materialised at the top EDWARD THICKNESSE a second of £2.05bn in November of box office charts after debuting to @edthicknesse 2008 as the bank sought to avoid a $29m (£22.6m) in North America and government bailout. $20m elsewhere over the weekend. A JURY last Friday cleared three for- The prosecution alleged that the Sir Keir Starmer is leading current polling for the Labour leadership contest The film is Universal’s latest mer Barclays executives of commit- trio cooked up the two advisory serv- attempt to remake its classic monster ting financial crisis-era fraud to save ices agreements (ASAs), which were properties, an effort that failed the bank from a bailout. worth £322m, to funnel the extra fees Labour leadership favourite in spectacularly with 2017’s The Roger Jenkins, Thomas Kalaris and to Qatar. Mummy starring Tom Cruise. Richard Boath were all acquitted of Jenkins denied that the ASAs with The Elisabeth Moss-led thriller The charges of conspiracy to commit Qatar were shams, describing them as bullying row with local party Invisible Man cost $7m to make, not fraud by false representation in a “tremendous boost” to the bank. including marketing fees, meaning connection with the 2008 Qatar The decision is a severe blow for the it’s already a financial hit for the fundraisings. They had all denied SFO, which has been investigating the STEFAN BOSCIA left-faction members to “hostility and studio. It also launched overseas, the charges, which the Serious Fraud financiers for over seven years. @Stefan_Boscia abuse”. The 31 Corbynistas earning $20.2m from 47 Office (SFO) brought against the A spokesperson for the SFO said: complained Starmer “has not tried to international territories, bringing its bankers in October. “Our prosecution decisions are always SIR KEIR Starmer has been accused of foster unity within our CLP” and had global opening weekend haul to an The SFO had alleged that the three based on the evidence that is being complicit in the bullying of shut out the left-faction members, impressive $49.2m. used phoney advisory services agree- available, and we are determined to local party members. according to the Sunday Telegraph. Elsewhere, Paramount’s Sonic the ments to hide undeclared payments bring perpetrators of serious financial A complaint has been made by the Allies of the shadow Brexit Hedgehog slid to the number two made to Qatar to induce two invest- crime to justice. Wherever our Holborn and St Pancras Constituency secretary said the letter is an attempt spot after two consecutive weeks as ments in the bank. evidential and public interests tests Labour Party (CLP) to party general to undermine Starmer and prop up box office champ. The family friendly The Qataris made an investment of are met, we will always endeavour to secretary Jennie Formby, claiming the left’s preferred candidate — film added $16m to its worldwide £1.9bn into Barclays in June 2008 and bring this before a court.” Starmer’s allies had subjected Corbyn ally Rebecca Long-Bailey. total of $265m in sales. Reuters Car import pricing cartel will face UK class action

JACK RICHARDSON means all affected motorists and former court of appeal judge and @JackRich93 businesses in the UK are included in executives from across industry. the claim automatically. The cartel affected several FIVE shipping companies who ran a Consumers must have purchased passenger cars and light cartel for importing cars to the UK or leased their vehicle between commercial vehicles from well- will face a class action lawsuit. October 2006 and September 2015 known brands including Ford, Leading firms MOL, K Line,NYK, in order to take part in the action. Volkswagen, Peugeot and Toyota. WWL/EUKOR and CSAV are being “When UK consumers and Specialist law firm Scott & Scott sued for overcharing UK customers businesses purchased or leased a will act on the case. and businesses. new car, they paid more for the “We are pleased to have this The European Commission ruled delivery of that car than they opportunity to act on behalf of U in 2018 they had breached should have done, as a result of a consumers — both individuals and competition rules by coordinating long-running cartel by five of the businesses — to help them recoup rates and capacity. world’s leading maritime shipping the losses they have suffered as a Brussels imposed a €395m companies,” said the class action’s result of this long running cartel,” (£336m) fine and the investigation it representative Mark McClaren. David Scott, of Scott & Scott said. carried out was one of many from McClaren worked at consumer The claims have been filed to the around the world into this practice. rights publisher Which for nine UK’s Competition Appeal Tribunal Bringing the case through the years and is supported by an under the terms of the Consumer Competition Appeals Tribunal advisory committee comprising a Rights Act 2015.

Help #BreakTheCycle and join us US agrees Afghanistan peace agreement with Stage One - Valencia to La Envia - 21-27 June 2020 Stage Two - La Envia to San Lucar - 27 June - 3 July 2020 the Taliban to bring end to 18 years of conflict Join Lawrence Dallaglio for a Spanish cycling adventure this summer in aid of Dallaglio RugbyWorks. MICHAEL SEARLES Zalmay Khalilzad and Taliban commitment to free 5,000 Taliban Join now to support Dallaglio RugbyWorks empower marginalised @michaelsearles_ chief Mullah Abdul Ghani prisoners," Ghani told reporters teenagers, at risk of being left behind, to achieve a better future. Baradar signed the agreement. in Kabul, a day after the deal was THE US signed an agreement with The agreement means the signed in Qatar to start a political Your registration includes: the Taliban over the weekend in militants are not allowed al-Qaeda settlement aimed at ending the • All flights, transfers and accommodation an effort to bring peace to or other extremist groups to US's longest war. • All meals Afghanistan following 18 years operate in the areas they control. The US initially invaded the • Expert medical care of conflict. It will see the withdrawal of country in 2001 following the 9/11 • Routes designed by professional cyclists The agreement will see the US around 12,000 US troops still terror attacks in New York by and its Nato allies remove all stationed in Afghanistan. al-Qaeda. • Chance to ride with Lawrence Dallaglio OBE, Andrew Ridgeley and troops from the country within However, Afghan President “The road ahead will not be Austin Healey amongst others! 14 months if militants uphold Ashraf Ghani yesterday rejected a easy. Achieving lasting peace in the deal. The signing in Doha, Taliban demand for the release of Afghanistan will require patience For more info or to book your place: Qatar, was attended by Taliban 5,000 prisoners as a condition for and compromise among all www.dallagliocycleslam.com leaders and US Secretary of State talks with Afghanistan’s parties,” said Pompeo. or email [email protected] Mike Pompeo. government and civilians. He said the US would continue Registered charity numbers 1130353 (England & Wales) SC046140 (Scotland) Pompeo was in attendance as a “The government of to support the Afghan witness as US special envoy Afghanistan has made no government. CITYAM.COM MONDAY 2 MARCH 2020 NEWS 17

CHEERS TO THAT British Honey Company Distillers call on announces firm’s intention to float on Nex Louvre shuts as staff walk out UK chancellor to over virus risk LEIGH THOMAS

TOURISTS and art lovers were unable to visit the Louvre in Paris yesterday as workers staged a cut spirits duty walkout at the world’s most-visited museum after a staff meeting about the coronavirus outbreak. EXCLUSIVE from product to product, with spirits Long lines of disgruntled tourists STEFAN BOSCIA producers charged £28.74 per litre of snaked outside the museum pure alcohol. yesterday morning as management @Stefan_Boscia Spirits duty has been frozen three held a staff meeting about the A COALITION of British distillers has times since 2014, leading to tax rev- outbreak to reassure workers that written to Rishi Sunak to urge him enues from these products increasing the risk was contained. to stick to his party’s election mani- by £734m — a 23 per cent rise. But the home of Leonardo da festo and cut spirits duty in this However, Boris Johnson’s General Vinci’s Mona Lisa and the Venus de month’s Budget. Election manifesto pledged to cut the Milo sculpture remained closed The letter — drawn up by the UK rate even further. afterward. Workers refused to Spirits Alliance and signed by 40 of its Among those calling for a return to work after the meeting members — asks the chancellor to reduction in the current rate of failed to reassure them, BFM “reduce the excise duty burden” to spirits duty is Mason’s Yorkshire TV said. give spirit producers “the stability and Gin, which is located in Sunak’s “Despite talks with management confidence we need to plan effectively Richmond constituency in North and the staff doctor, the Louvre for the coming years”. Yorkshire. Museum was unable to open in the It added: “Unlike many other alcohol Mason’s founder Karl Mason said: absence of sufficient personnel,” a categories, whose products are largely “Mr Sunak recently visited our distill- spokeswoman for the museum said imported, our products are making ery and was keen to hear how we man- after the meeting. She added that greater contributions to the economy aged to rebuild our business after a there would be another meeting than ever before. devastating fire destroyed the old dis- today, but it was unclear when the “[A reduction in excise duty] would tillery last year. Louvre would reopen. allow us to build on the significant “To allow us to further invest and Museums are not covered by a contributions we already make to the grow, we urge the new chancellor to ban on large public gatherings with UK economy — and deliver further cut our excessively high duty rates at more than 5,000 people announced growth, investment and revenues to the Budget.” A GIN company backed by MP Sir Hugo Swire and billionaire Wafiq Said will today by the government over the the Treasury.” Tory backbencher Tim Loughton also announce its intention to seek admission to the Nex exchange. The British Honey weekend as it tries to contain the Alcohol duty rates in the UK vary urged Sunak to get behind the tax cut. Company recently bought the assets of the London Distillery Company. virus spread in France. Reuters HUNGARYGUEST OPINION FOR UK GROWTH

always made it very clear that we Hungary’s main regretted the UK leaving, because it is a huge loss for the union. But we man in London will continue to be a reliable and predictable counterpart in the coming Kristof Szalay- turns of this unprecedented and complex process. Bobrovniczky And indeed despite those challenges, I believe the UK now stands at the confirms why, as gates of its greatest opportunity for generations. With its economic, secu- he leaves his role, rity, intelligence, scientific and cultur- al power and influence on world he forecasts a affairs, the UK can now enter in a truly global phase of her development. bright future for And the British government, busi- nesses and people will surely appreci- our two countries ate like-minded countries and their businesses to be partners in this with them. Hungary has now grown to a AST Friday, after four years, I point where many Hungarian busi- stepped down as the ambassa- nesses can enter the global stage and dor of Hungary to the Court of where better do it than in London, the St. James’s. I arrived just days centre of world business. before the Brexit referendum — London will always attract the best La referendum that, of course, minds, sitting at the centre of time shaped almost everything I did in zones with the world’s most spoken the role here. language as its own. The experience of It became apparent that the two pri- living and working in London is sec- orities for me would be the represen- ond to none. Despite coming to the tation of Hungarians as EU citizens end of my time as ambassador, I will living in the UK, and to help business be keeping a base in London as a pri- run smoothly between our two coun- vate citizen and travelling extensively tries. Indeed, with our shared values, to Hungary and other places to forge our shared commitment to Nato, and Since 2010, when Hungary’s current than €100bn annually. We now have business opportunities which will shared cultural heritage as fellow ben- government came into power, the the most competitive tax system in arise from the cooperation of a truly eficiaries of Western civilisation for economy has become one of the Europe with a 15 per cent flat global and independent Britain and millennia, it was also a priority for fastest growing in Europe. Last year’s personal and nine per cent corporate the growing and ever more confident that trade to prosper. GDP growth of 4.9 per cent out- tax rate — something the rest of central European region. I’m delighted that — “despite Brexit” stripped most of our friends on the Europe could certainly learn from. As A wise person once said that a — the UK is now the fourth largest continent. Unemployment has fallen for tourism? Budapest and the won- marriage is not held together by a sin- investor in my home. BP, BT, Tesco, from 12 per cent to 3.6 per cent over We have sought to ders of the Hungarian countryside are gle chain, but by a thousand silken Glaxosmithkline, Vodafone and those years, with around 800,000 new be a pragmatic no surprise to the hundreds of thou- threads; and that is our partnership others, with whom we founded the jobs created in a country of 10m. sands of Brits who have visited. with the UK. UK-Hungarian Business Council, are Hungary has attracted record FDI in partner in the Perhaps because of our trade links, all reinvesting in their successful oper- recent years, and has joined an exclu- Hungary has sought to be a pragmatic £ Szalay-Bobrovniczky was Hungarian ations in our country. sive club of nations exporting more Brexit process partner in the Brexit process. We have ambassador to the UK from 2016 to 2020 18 MARKETS MONDAY 2 MARCH 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 London shares NATIONAL EXPRESS 440 P S&P suffers its 430 423.60 420 28 Feb worst weekly dented by fears 410 dip since 2008 400

390 HE S&P 500 fell for the seventh Tstraight day last Friday and the 24 Feb 25 Feb 26 Feb 27 Feb 28 Feb benchmark index suffered its biggest weekly drop since the 2008 of virus impact Coach and bus operator National Express last week reported results in line with “the global financial crisis on growing fears usual pattern of steady underlying growth, topped up by acquisitions and contract the fast-spreading coronavirus could wins”, including the purchase of We Drive U in the US. The company also announced push the economy into recession. plans to drive forwards with “bold” targets to cut emissions in its UK bus division to The Dow and the Nasdaq also ONDON’s FTSE 100 dropped to would trigger a global recession in zero by 2030, and in its UK coaches business by 2035. As part of the proposals the registered their deepest weekly its lowest level since June the first half of the year. group has committed to not buy another conventional diesel bus. Liberum issued a percentage losses since October 2008. 2016 last Friday as investor “It really does look like we have fur- “buy” recommendation and a target price of 480p. The Nasdaq managed to eke out a Lfears that the coronavirus ther tough times ahead of us, growth 0.01 per cent gain after plunging as outbreak could spark a global wise,” said Chris Beauchamp, chief much as 3.5 per cent during the recession intensified. market analyst at IG. PERSIMMON session. After falling as much as 4.2 The blue-chip FTSE 100 fell 3.4 per Bank of England governor Mark Car- 3,200 per cent — more than 1,000 points — cent, while the mid-cap index shed 2.1 ney said that it was likely the econ- P the Dow ended the day down per cent. Both marked their worst omy would take a hit. Traders are 1.4 per cent. week since the 2008 financial crisis. counting on the US Federal Reserve to 3,000 Equities found some support after British Airways-owner IAG fell cut interest rates next month to 28 Feb US Federal Reserve chair Jerome nine per cent to a four-month prop up growth. 2,839 Powell said the fundamentals of the low after it said it would London’s main index has 2,800 American economy remained strong cut flights to Italy, Singa- lost about 13 per cent and that the central bank would act as pore and South Korea, from a peak hit on 12 appropriate to provide support. reflecting a drop in pas- 2,600 But investors had spent most of the senger numbers. Rolls-Royce climbed day dumping equities for the safety of The fall pushed the after posting a strong 24 Feb 25 Feb 26 Feb 27 Feb 28 Feb US Treasuries, pushing 10-year yields stock to the bottom of 2020 forecast to their fourth record low last week. the FTSE 100 and led the Persimmon delivered a strong set of results last week, underpinned by its well The virus spread further on Friday, wider travel and leisure February, as the coron- invested land bank that has been built up over a number of years, which analysts with cases reported for the first index down 3.3 per cent to avirus continues to spread said “supports sector leading margins and returns for the foreseeable future”. The time in at least six countries across its lowest level since 2016. outside China, the epicentre housebuilder also made the shock announcement that chief executive Dave four continents, battering markets World stocks were hammered of the outbreak. Jenkinson will step down after just 15 months, with Canaccord Genuity analysts and leading the World Health across the board last week, with the British aerospace engineer Rolls- saying he has “done a very good job of steering the emphasis to cutomer care and Organization to raise its impact risk MSCI world index losing about $6 tril- Royce HLG was among a handful of product quality”. The broker issued a “buy” rating and a 3,460p price target. alert to “very high”. lion (£4.68 trillion) in value, as wide- stocks in the black on the main index, Some investors voiced concerns spread disruptions to the supply rising more than three per cent as its about heading into a weekend where chain prompted analysts to cut their chief executive said the company was RIGHTMOVE they could not trade on new reports forecasts for economic growth and looking forward to 2020 with some 680 about the virus. corporate earnings in 2020. degree of conviction and confidence. P “To get an all-clear sign, the market On Friday, Citigroup predicted the Biotechnology firm Novacyt soared 660 needs evidence it's under control, no corporate sector would see no earn- 30 per cent after signing its first flaring up in new countries and that ings growth at all this year, while rat- major distribution agreement to sup- 640 we don’t get a significant outbreak in ings agency Moody’s said a pandemic ply its coronavirus test. the United States,” said Jack 620 28 Feb 619 Janasiewicz, chief portfolio strategist 600 for Natixis Investment Managers. TOP RISERS FTSE Janasiewicz saw the spread of the 7,400 P 580 virus as a prompt to reduce exposure 1. Rolls-Royce HLG Up 3.23 per cent to riskier assets, and said the next 2. Kingfisher Up 1.77 per cent 7,200 24 Feb 25 Feb 26 Feb 27 Feb 28 Feb milestone for further risk cuts would 3. Carnival Up 1.59 per cent 7,000 be a US outbreak. Online property platform Rightmove has suffered a decline in membership The Dow Jones Industrial Average TOP FALLERS 6,800 28 Feb 6,580.61 numbers, falling by a further 400 users in the second half of last year with additional fell 357.28 points, or 1.39 per cent, to 6,600 losses expected in the first six months of 2020. However, average revenue per 25,409.36; the S&P 500 lost 24.54 1. Tui Down 8.51 per cent advertiser (Arpa) was up and is expected to continue to grow following investment in points, or 0.82 per cent, to 2,954.22; 2. IAG Down 8.42 per cent 6,400 new digital tools. Peel Hunt analysts said Rightmove is a “fabulous brand with a and the Nasdaq Composite added 3. Polymetal Int Down 7.76 per cent commanding position in the industry it serves” and issued a “reduce” 0.89 point, or 0.01 per cent, to 28 Feb 24 Feb25 Feb 26 Feb 27 Feb recommendation with a 570p target price. 8,567.37. CITY MOVES WHO’S SWITCHING JOBS Time to Rebalance.

PUBLICIS GROUPE UK commented: “David is one of the leading strategists in that Rupert has agreed to join the board of LONDON’S PRECIOUS METAL BROKER Publicis Groupe UK has our industry. He has been instrumental in some of our Onthemarket. Rupert has extensive executive and announced that David recent Power of One pitches and I know his experience non-executive experience in and beyond the UK TAILORED INVESTMENT SERVICES Hackworthy, Saatchi & will be invaluable in helping further grow our client’s property sector.” ALLOCATED AND SEGREGATED STORAGE Saatchi’s global chief strategy businesses.” CTS INDEPENDENTLY AUDITED officer, has been promoted to ACCESSIBLE AND TRANSPARENT the newly created role of chief ONTHEMARKET Cloud Technology Solutions (CTS) has appointed Tom strategy officer of Publicis Property firm Onthemarket has announced the Ray as chief operating officer. Tom joins CTS from Groupe UK, in addition to his appointment of Rupert Sebag-Montefiore to its board cloud computing consultancy Cloudreach, where he existing remit. He started his of directors as independent non-executive director. worked for nine years and held roles including global career client-side and has Rupert is currently a non-executive director at Clarion head of operations, head of Cloudreach USA and since worked in senior strategy Housing Association — the UK’s largest housing general manager of Microsoft Azure. James Doggart, roles for TBWA Chiat/Day, DDB, Fallon, Saatchi & association) — and Pigeon Land Limited. Prior to this chief executive at CTS, said: “Tom has a unique depth Saatchi and also founded The Red Brick Road in he was on the Savills main board for 21 years. and breadth of experience and has proven that he SHARPSPIXLEY.COM London. Annette King, Publicis Groupe UK chief, Executive chairman Chris Bell said: “I am delighted knows how to grow a business.” 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 MONDAY 2 MARCH 2020 MARKETS 19

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1618 Ä 0.0112 €/$ 1.0996 à 0.0017 6580.61 19330.92 3673.61 25409.36 85 67. 37 2954.22 /$ 1.2775 Ä 0.0104 €/£ 0.8606 à 0.0082 215.79 452.53 114.36 357.28 0.89 24.54 £ /¥ 138.42 3.4190 €/¥ 119.13 1.7810 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 Temple Bar IT ...... 1192.0 -40.0 1486.0 1162.0 Inchcape...... 577.0 14.5 720.0 545.5 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Advanced Medical ...... 254.0 3.5 354.5 225.0 Tsy 4.750 20 ...... 100.10 0.00 104.0 100.1 Contour Global...... 175.0 -4.0 222.5 163.0 Templeton Em Mkts ...... 747.0 -29.0 876.0 731.0 JD Sports Fashion ...... 737.0 -4.8 881.4 464.5 Games Workshp ...... 6300.0 -80.0 7350.0 2800.0 BP ...... 396.1 -18.0 582.5 396.1 Aggreko ...... 677.2 -8.4 869.2 677.2 Alliance Pharma ...... 75.6 -6.4 87.5 63.0 Vietnam Enterprise .....404.0 -8.0 509.0 404.0 Kingfisher...... 189.3 3.3 266.2 185.9 Tsy 8.000 21...... 109.58 -0.02 116.3 109.5 Drax Gp ...... 270.0 7.6 386.8 251.0 LIFE INSURANCE Cairn Energy...... 139.1 -1.7 213.8 139.1 Ashtead Gp ...... 2389.0 -78.0 2774.0 1805.5 ASOS...... 2997.0 -66.0 4066.0 2107.0 Tsy 2.500 24 ...... 361.99 -0.84 377.9 358.8 SSE ...... 1529.0 -41.5 1686.5 1008.0 VinaCapital Vietna ...... 270.5 -12.5 357.5 270.5 Marks & Spencer ...... 158.4 -0.7 290.1 158.4 Energean Oil & Gas .....654.0 -36.0 1082.0 654.0 Babcock Intl Grp...... 443.5 -11.9 646.6 416.7 Aviva ...... 350.8 -13.9 438.8 350.8 Blue Prism ...... 1446.0 -43.0 1841.0 788.0 Tsy 5.000 25 ...... 123.33 0.07 126.0 122.1 ELECTRONIC & ELECTRICAL EQUIPMENT Witan Invest ...... 196.0 -9.5 235.0 196.0 Next ...... 6082.0 -134.0 7340.0 5086.0 Premier Oil ...... 77.6 -7.1 118.7 65.1 Bunzl ...... 1870.0 -112.0 2551.0 1870.0 Wwide Healthcare ....2905.0 -150.0 3330.0 2495.0 Legal & General ...... 260.0 -9.1 318.4 216.7 Tsy 4.250 27 ...... 130.19 0.15 132.8 125.7 Pets at Home Gp ...... 257.4 -10.8 314.6 140.0 Royal Dutch Shell A....1661.4 -70.2 2612.0 1661.4 Capita ...... 129.3 -5.8 183.0 99.9 Camellia ...... 8325.0 25.0 11350.0 8300.0 Halma ...... 1929.0 -93.0 2244.0 1585.0 Phoenix Gp ...... 691.2 -24.9 803.0 634.2 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 100.0 -0.4 139.0 100.0 Royal Dutch Shell B ....1663.6 -68.8 2622.0 1663.6 DCC ...... 5532.0 -62.0 7496.0 5532.0 Caretech Holdings ...... 447.0 -20.0 502.0 325.0 Tsy 6.000 28 ...... 148.81 0.18 152.1 143.5 Morgan Advanced ...... 278.0 -10.6 324.8 232.4 Prudential ...... 1267.0 -60.5 1790.0 1267.0 Watches of Switz ...... 329.6 -5.4 392.8 270.0 Tullow Oil ...... 33.7 0.8 250.0 32.9 Diploma ...... 1880.0 -41.0 2134.0 1342.0 Tsy 4.125 30 ...... 383.99 -1.71 404.2 367.0 Oxford Instruments ..1390.0 -10.0 1654.0 963.0 BT Gp ...... 141.6 2.1 230.7 139.5 St James Place ...... 1015.5 -29.5 1199.5 913.6 Central Asia Metals .....185.0 1.0 266.5 180.0 WH Smith...... 1927.0 -75.0 2654.0 1896.0 OIL EQUIPMENT & SERVICES Electrocomp ...... 606.2 -1.6 729.8 540.8 Tsy 4.250 32...... 143.88 0.28 146.4 133.2 Renishaw ...... 3494.0 -36.0 4638.0 3232.0 Talktalk Telecom ...... 109.9 -0.3 126.5 99.0 Std Life Aberdeen ...... 276.4 -8.5 336.9 238.1 HEALTH CARE EQUIPMENT & SERVICES Clinigen Group ...... 718.0 0.0 1069.0 718.0 Tsy 4.250 36 ...... 153.10 0.26 155.7 138.7 Telecom Plus ...... 1334.0 -60.0 1552.0 1130.0 Hunting ...... 318.0 -13.0 657.0 290.8 Equiniti ...... 200.8 0.4 236.2 186.2 Spectris ...... 2716.0 -129.0 3005.0 2234.0 MEDIA CVS Group ...... 1066.0 -24.0 1250.0 490.6 Tsy 4.750 38...... 168.87 0.20 171.8 151.5 EQUITY INVESTMENT INSTRUMENTS FOOD & DRUG RETAILERS Convatec ...... 205.0 -1.1 220.4 132.6 Petrofac ...... 318.3 -12.7 527.2 318.3 Essentra ...... 358.6 10.6 449.0 348.0 4imprint ...... 2770.0 -70.0 3500.0 2040.0 Experian ...... 2591.0 -78.0 2898.0 1999.0 Dart Group ...... 1229.0 0.0 1943.0 709.5 Tsy 4.250 46 ...... 178.58 0.15 181.0 1.0 Greggs ...... 2090.0 -40.0 2476.0 1730.0 Mediclinic Intl ...... 339.0 -16.7 415.3 293.4 Wood Gp(J) ...... 366.2 -8.7 598.6 319.6 3i Infrastructure ...... 296.5 1.0 317.5 270.4 Ascential ...... 341.8 -2.4 421.2 319.0 Ferguson ...... 6740.0 -320.0 7602.0 4800.0 AEROSPACE & DEFENCE Morrison (WM) ...... 171.2 1.2 230.0 170.1 NMC Health ...... 1000.0 61.6 3000.0 700.0 PERSONAL GOODS Diversified Gas & Oil ...... 79.6 -5.8 116.5 79.6 Aberforth Smlr Cos .. 1226.0 -80.0 1546.0 1114.0 Auto Trader Gp ...... 519.6 -4.4 607.6 469.1 G4S ...... 171.2 6.5 234.3 164.6 BAE Systems ...... 608.4 -23.4 669.0 443.9 Ocado Gp ...... 1064.0 -16.5 1435.0 1046.0 Smith & Neph...... 1739.0 -89.0 1990.0 1444.5 Draper Esprit ...... 526.0 -52.0 602.0 410.0 Alliance Trust ...... 749.0 -32.0 876.0 730.0 Euromny Inst Inv...... 1080.0 44.0 1498.0 1036.0 Burberry Gp...... 1649.0 -26.5 2345.0 1649.0 Hays ...... 138.3 -2.6 183.5 138.0 Meggitt ...... 542.0 -13.6 697.4 489.9 Sainsbury(J) ...... 195.8 1.7 240.6 177.1 UDG Hlthcare ...... 701.5 -3.0 832.5 551.0 AVI Global Trust...... 695.0 -18.0 802.0 695.0 Future ...... 1156.0 -36.0 1572.0 736.0 PZ Cussons ...... 181.0 -0.6 227.0 178.8 Homeserve ...... 1183.0 -19.0 1340.0 966.5 EMIS Group ...... 1136.0 -16.0 1242.0 942.0 QinetiQ ...... 344.0 -17.6 387.8 267.0 SSP Group ...... 507.0 -28.0 721.0 507.0 HOUSEHOLD GOODS Baillie Gifford Japan ....675.0 -24.0 848.0 675.0 Informa ...... 682.4 -7.6 892.0 682.4 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5270.0 -98.0 6170.0 4643.0 Fevertree Drinks ...... 1262.0 -52.5 2475.0 1262.0 Rolls-Royce ...... 620.0 19.4 941.2 600.6 Tesco ...... 228.5 -2.5 258.9 212.6 Bankers InvTst ...... 903.0 -36.0 1032.0 851.0 Barratt Devel ...... 757.2 -11.6 878.4 552.8 ITV ...... 116.5 -2.5 156.5 103.6 AstraZeneca ...... 6794.0 -348.0 7878.0 5644.0 IWG...... 351.7 -32.3 469.0 231.6 Senior ...... 141.2 -1.3 235.0 141.2 FOOD PRODUCERS First Derivatives ...... 2765.0 -60.0 3555.0 2100.0 BlackRock Smaller ....1484.0 -88.0 1794.0 1298.0 Bellway ...... 3723.0 -98.0 4310.0 2698.0 Moneysupermkt.com ...310.5 0.7 417.7 309.5 Dechra Pharma ...... 2646.0 -24.0 3068.0 2348.0 Network Int...... 537.0 -9.0 650.0 513.0 Ultra Electronics ...... 1945.0 -17.0 2292.0 1279.0 Frontier Devs ...... 1136.0 -34.0 1444.0 866.0 BMO Global Smaller .....126.0 -4.3 150.0 126.0 Assoc British Foods...2255.0 -79.0 2708.0 2106.0 Berkeley Grp Hldgs ...4754.0 -96.0 5474.0 3437.0 Pearson ...... 557.6 -11.8 927.0 556.4 Genus ...... 3158.0 0.0 3294.0 2178.0 Pagegroup ...... 406.4 5.0 539.0 367.8 AUTOMOBILES & PARTS Caledonia Inv ...... 2875.0 -65.0 3180.0 2875.0 Bakkavor ...... 110.2 -1.8 149.6 93.3 Countryside Prop ...... 470.2 -4.8 540.5 277.6 RELX ...... 1867.5 -78.5 2099.0 1606.0 GlaxoSmithKline ...... 1562.2 -67.6 1846.0 1501.6 Paypoint...... 830.0 -37.0 1118.0 830.0 Gamma Comms ...... 1210.0 15.0 1460.0 830.0 Aston Martin...... 338.0 -17.8 1181.0 338.0 City of London IT ...... 382.0 -15.5 448.5 382.0 Cranswick ...... 3330.0 -156.0 3852.0 2488.0 Crest Nicholson ...... 452.0 -1.0 519.0 332.0 Rightmove Group ...... 619.0 -16.0 701.2 495.0 Hikma Pharma ...... 1788.0 -122.0 2200.0 1556.5 Rentokil Initial ...... 484.0 -20.0 508.4 345.2 GB Group ...... 645.0 -7.0 800.0 464.0 Edin Inv Trust ...... 528.0 -18.0 652.0 528.0 Greencore Gp ...... 209.3 -6.3 281.8 193.4 McCarthy & Stone...... 134.0 -3.9 158.8 123.5 WPP ...... 752.8 -8.8 1077.5 752.8 TI Fluid Systems ...... 201.5 -3.5 273.0 155.2 REAL ESTATE Sanne Group ...... 570.0 -34.0 752.0 498.0 Gooch & Housego ...... 1190.0 -50.0 1527.5 954.0 European Opp ...... 774.0 -33.0 926.0 708.0 Hilton Food Gp ...... 1032.0 24.0 1118.0 905.0 Serco ...... 152.6 0.6 167.7 120.3 BANKS Assura ...... 73.7 -0.3 83.5 56.7 Hurricane Energy ...... 14.8 0.2 53.6 14.6 F&C Investment ...... 672.0 -33.0 786.0 672.0 Tate & Lyle ...... 705.6 -24.0 801.4 663.8 MAIN CHANGES UK 350 SIG ...... 63.1 1.8 153.0 61.4 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Big Yellow Gp ...... 1066.0 -47.0 1240.0 955.5 Fidelity China SPE ...... 224.0 -4.0 253.0 205.5 Unilever ...... 4170.0 -151.0 5324.0 3999.5 Travis Perkins...... 1461.0 -54.5 1720.0 1166.0 Impax Asset Mgmt .....346.5 -18.5 405.0 211.0 Barclays ...... 148.7 -5.7 192.5 136.2 % BMO Comm Prop ...... 97.4 -2.8 124.2 97.4 Fidelity Euro Values ....240.0 -8.0 272.0 218.0 FORESTRY & PAPER Risers à Fallers Ä % TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 348.0 -11.5 405.0 316.5 BGEO Group ...... 1692.0 1.0 1818.0 1252.0 Fidelity Spec Val ...... 230.0 -9.0 280.5 230.0 Fisher (James) ...... 1840.00 9.5 Hochschild Mining ...... 159.70 -12.1 British Land ...... 501.0 -4.6 638.8 468.3 Mondi ...... 1562.0 -57.5 1846.0 1510.5 HSBC Hldgs...... 523.9 -5.4 680.6 523.9 Plus500 ...... 949.60 8.8 Fresnillo ...... 603.80 -11.9 Captl & Count Prop ...... 198.0 -8.7 270.5 184.8 Spirent Comms ...... 210.0 -8.0 256.0 140.4 IQE...... 48.0 0.0 98.0 41.8 Finsbury G&I Tst ...... 795.0 -33.0 958.0 795.0 GENERAL FINANCIAL Lloyds Banking ...... 50.2 -0.1 67.2 48.6 GCP Infra Inv ...... 117.6 0.6 134.0 117.0 Finablr ...... 61.10 6.8 IP Group ...... 66.60 -9.8 CLS Hldgs ...... 246.0 -1.5 312.5 212.0 TOBACCO James Halstead ...... 486.0 -44.0 570.0 440.0 NMC Health ...... 1000.00 6.6 Centamin ...... 128.95 -8.9 Royal Bank of Scot ...... 178.7 -4.8 270.4 177.7 Genesis Emerging ...... 718.0 -10.0 818.0 686.0 3i Group ...... 1008.0 -36.5 1184.5 942.2 Daejan Hldgs ...... 7980.0 -40.0 8020.0 4715.0 Br Am Tob ...... 3062.5 -100.0 3507.0 2648.0 Johnson Service Gp .....183.0 -12.4 223.0 128.0 Euromny Inst Inv ...... 1080.00 4.2 Premier Oil ...... 77.64 -8.4 Standard Chartered .... 562.6 -8.0 738.6 562.6 Greencoat UK ...... 140.2 0.8 152.8 133.8 Ashmore Gp ...... 462.2 -26.0 570.0 397.8 Derwent London ...... 3920.0 -94.0 4282.0 2884.0 Imperial Brands ...... 1554.8 -91.4 2648.5 1554.8 G4S ...... 171.15 4.0 Intl Cons Airl ...... 472.00 -8.4 Keywords Studios ...... 1533.0 -38.0 1838.0 1052.0 TBC Bank Group...... 1294.0 0.0 1706.0 1150.0 Harbourvest Glb ...... 1612.0 -78.0 1868.0 1406.0 Brewin Dolphin ...... 304.6 -14.6 375.2 287.6 Grainger ...... 296.4 -15.2 338.0 217.4 Rolls-Royce ...... 620.00 3.2 IWG...... 351.70 -8.4 TRAVEL & LEISURE Virgin Money UK ...... 151.8 -4.3 220.1 104.4 Close Brothers ...... 1283.0 -26.0 1663.0 1227.0 Grt Portland Est ...... 842.6 -41.6 966.0 649.4 Learning Tech Gp ...... 137.6 -6.8 172.2 63.7 Herald Inv Trust ...... 1354.0 -64.0 1530.0 1205.0 Essentra ...... 358.60 3.0 Playtech ...... 250.00 -8.3 Coats Group ...... 59.4 -3.1 87.5 59.4 Hammerson ...... 208.6 0.7 385.0 203.9 Carnival ...... 2435.0 38.0 4246.0 2397.0 BEVERAGES HICL Infr ...... 172.0 0.2 183.0 156.6 Cineworld Group ...... 155.15 3.0 Smithson Inv ...... 1140.00 -8.1 M&C Saatchi ...... 86.8 6.2 394.0 73.4 Land Securities...... 834.6 -29.0 1001.5 735.4 Cineworld Group ...... 155.2 4.5 321.0 150.7 JPM American ...... 444.5 -18.0 524.0 421.0 Finablr ...... 61.1 3.9 215.0 57.2 Sequoia Econ Infra ...... 113.40 2.9 Jupiter Fund Mngt ...... 300.00 -8.1 M.P. Evans ...... 660.0 -38.0 750.0 612.0 Barr (AG) ...... 535.0 -7.0 975.0 526.0 Compass Gp ...... 1710.5 -63.0 2138.0 1682.5 JPM Emerg Mkt ...... 936.0 -26.0 1088.0 878.0 Hargreaves Lans...... 1536.5 -22.5 2433.0 1536.5 LondonMetric Prop ...... 207.2 -5.4 241.2 191.4 Britvic ...... 852.5 -22.0 1068.0 850.0 Dominos Pizza ...... 296.0 -1.4 326.4 221.2 Majestic Wine ...... 208.0 -4.0 318.0 208.0 JPM Indian IT ...... 628.0 -29.0 790.0 628.0 IG Gp...... 673.6 9.4 708.0 474.8 Persimmon ...... 2839.0 -44.0 3298.0 1836.0 MINING NewRiver Retail ...... 155.6 -8.4 246.0 147.6 Coca-Cola HBC AG ...... 2474.0 -132.0 3074.0 2299.0 Primary Hlth Prop ...... 144.8 -3.8 162.8 123.0 easyJet ...... 1100.5 -9.5 1552.0 854.8 Midwich Group ...... 553.0 -5.0 633.0 474.5 JPM Japan IT ...... 383.0 -13.0 477.5 383.0 Integrafin Holdings ...... 479.0 -2.0 529.0 337.0 Reckitt Benckiser ...... 5721.0 -120.0 6688.0 5721.0 Anglo American ...... 1791.8 -59.0 2266.0 1666.6 Diageo ...... 2765.5 -54.5 3625.5 2765.5 Intermediate Capital 1592.0 -80.0 1877.0 999.0 Redrow...... 746.0 -10.0 848.0 533.0 Safestore Hldgs ...... 791.5 -25.5 867.0 586.0 EI Group ...... 284.6 0.0 285.0 194.0 Jupiter Fund Mngt ...... 300.0 -26.3 432.0 300.0 Antofagasta ...... 752.0 -34.0 1022.5 752.0 Mortgage Advice B ...... 721.0 -21.0 800.0 546.0 CHEMICALS Intl Public Prtnshps ...... 161.2 0.4 171.2 146.8 Taylor Wimpey ...... 202.2 -3.1 236.2 142.9 Savills ...... 1082.0 -27.0 1258.0 822.0 FirstGroup ...... 117.8 -1.7 137.5 89.6 Law Debenture ...... 566.0 -6.0 654.0 552.0 Next Fifteen Comm .....478.0 -5.0 658.0 465.0 BHP Group ...... 1418.4 -71.4 2049.0 1418.4 Flutter Ent...... 8266.0 40.0 9456.0 5525.0 Croda International ..4554.0 -66.0 5375.0 4554.0 Mercantile IT ...... 237.0 -7.0 278.5 188.0 Investec ...... 392.1 -29.3 518.6 392.1 Vistry Group ...... 1279.0 -17.0 1478.0 975.0 SEGRO ...... 821.2 -35.8 935.0 653.8 Centamin ...... 128.9 -12.6 153.2 79.8 Nichols...... 1297.5 -12.5 1880.0 1297.5 Elementis...... 101.4 -5.7 184.5 101.4 IP Group ...... 66.6 -7.2 100.4 55.7 INDUSTRIAL ENGINEERING Shaftesbury ...... 797.5 -21.0 979.5 739.5 Go-Ahead Gp ...... 1949.0 -8.0 2278.0 1783.0 Monks Inv Tst ...... 896.0 -31.0 1026.0 809.0 Fresnillo ...... 603.8 -81.4 921.2 539.6 John Laing Gp ...... 336.4 8.0 402.0 328.4 St Modwen Props ...... 479.5 7.5 530.0 373.0 GVC Hldgs ...... 789.6 -23.2 939.0 507.5 Numis Corporation ...... 252.0 -11.0 306.0 212.0 Johnson Matt...... 2511.0 30.0 3454.0 2481.0 Murray Intl Tst ...... 1056.0 -24.0 1286.0 1056.0 Bodycote ...... 764.0 -17.0 971.0 652.0 London Stock Exch ....7576.0 -234.0 8542.0 4538.0 Glencore ...... 193.3 -5.9 340.3 193.3 TR Property IT ...... 433.0 -14.0 497.5 377.0 Intercontl Htls ...... 4302.0 -120.5 5738.0 4302.0 Synthomer ...... 281.6 -10.2 420.8 279.0 Next Energy Solar ...... 117.5 1.0 126.5 114.0 Hill & Smith ...... 1337.0 -31.0 1510.0 1049.0 Polar Capital Hdgs ...... 494.0 -6.0 604.0 490.0 Man Group ...... 146.6 0.6 175.2 130.5 Hochschild Mining ...... 159.7 -21.9 227.0 152.0 Tritax Big Box ...... 130.0 -2.8 159.7 130.0 Intl Cons Airl...... 472.0 -43.4 671.0 413.5 Victrex ...... 2096.0 -28.0 2540.0 1845.0 Pantheon Intl Partn ..2160.0 -80.0 2620.0 2020.0 IMI ...... 1006.0 13.0 1206.0 906.0 Purplebricks Gp ...... 89.5 -3.4 132.0 89.5 Onesavings ...... 401.6 -2.4 452.0 313.6 Kaz Minerals ...... 409.9 -10.8 738.4 380.3 UK Commercial Prop .....79.6 -2.0 92.7 79.6 Just Eat Takeaway.com 6815.0 -15.0 8255.0 6815.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ..282.5 -11.0 342.0 282.5 Melrose Ind ...... 209.4 -7.4 248.5 160.7 Paragon...... 455.0 -14.6 553.5 388.0 Polymet Int...... 1194.0 -100.5 1345.0 772.6 Unite Group ...... 1133.0 -67.0 1339.0 896.5 Marstons ...... 90.0 -2.5 131.4 90.0 Renew Holdings...... 494.0 -18.0 568.0 360.0 Pershing Square ...... 1340.0 -28.0 1578.0 1224.0 RHI Magnesita ...... 2990.0 -62.0 5000.0 2984.0 Balfour Beatty ...... 246.2 -7.6 295.0 194.2 Plus500 ...... 949.6 77.2 949.6 495.0 Rio Tinto ...... 3608.0 -71.0 4976.5 3608.0 Workspace Gp ...... 1132.0 -37.0 1307.0 806.0 Mitchells & Butlers ...... 335.0 -3.0 470.5 238.0 RWS Holdings ...... 525.0 -36.0 670.0 473.5 Personal Assets Tst 41200.0 -1250.0 44050.0 Rotork ...... 281.6 -10.4 341.2 269.8 CRH ...... 2639.0 -56.0 3100.0 2279.0 Provident Fin ...... 401.8 -32.9 599.8 356.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES National Express ...... 423.6 7.6 476.0 387.4 39850.0 Spirax-Sarco...... 8395.0 -310.0 9415.0 6825.0 Scapa Group ...... 168.6 -6.4 403.0 157.0 Galliford Try...... 154.6 -2.2 190.4 102.4 Quilter ...... 146.0 -7.7 174.7 124.2 PPHE Hotel Gp ...... 1740.0 -10.0 2140.0 1630.0 Polar Cap Tech Tst ...... 1478.0 -52.0 1746.0 1220.0 Weir Gp ...... 1305.5 -59.5 1814.0 1250.5 Vodafone Gp ...... 134.4 -6.7 165.2 123.3 Avast...... 393.8 4.8 551.0 282.0 Secure Income REIT ...424.0 -15.0 473.0 394.0 Grafton Group...... 862.0 -12.5 990.0 645.5 Rathbone Brothers ....1660.0 -54.0 2540.0 1660.0 Rank Gp ...... 264.0 -17.0 326.0 144.0 Pollen Street ...... 866.0 -6.0 884.0 802.0 Aveva Gp...... 4388.0 -54.0 5315.0 2962.0 Ibstock ...... 273.8 -14.0 322.2 208.6 Schroders ...... 2854.0 -122.0 3443.0 2541.0 INDUSTRIAL METALS NONLIFE INSURANCE Restaurant Grp ...... 106.0 0.0 166.4 106.0 Serica Energy...... 97.9 -0.1 143.4 97.9 Renewables Infra Gp ...134.0 1.8 139.2 115.4 Computacenter...... 1653.0 -12.0 1920.0 1049.0 Marshalls ...... 727.0 -22.5 876.0 542.5 TP ICAP ...... 364.2 -7.6 417.5 270.0 Evraz ...... 326.3 -10.7 709.4 326.3 Stagecoach Gp...... 130.1 -3.9 167.0 115.5 RIT Cap Partners ...... 1886.0 -76.0 2180.0 1886.0 Admiral Gp ...... 2112.0 -71.0 2330.0 2014.0 FDM Group...... 861.0 -33.0 1100.0 647.0 Smart Metering Sys.....481.8 -6.4 630.0 310.0 Polypipe Group ...... 534.5 -14.0 619.0 372.8 Ferrexpo ...... 129.2 -5.0 301.3 123.0 Wetherspoon (JD) .....1344.0 -25.0 1734.0 1269.0 Schroder Asia ...... 427.5 -11.0 485.5 424.5 GENERAL RETAILERS Beazley ...... 534.5 2.5 628.0 504.5 Kainos Gp ...... 746.0 -26.0 880.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS Whitbread ...... 3894.0 -180.0 5152.0 3894.0 Scottish Inv Tst ...... 715.0 -21.0 843.0 715.0 B&M ...... 333.1 4.0 420.9 315.0 INDUSTRIAL TRANSPORTATION Direct Line Ins ...... 307.0 -6.0 366.5 270.5 Micro Focus Intl ...... 740.7 20.7 2160.0 720.0 William Hill ...... 148.8 -8.7 205.2 132.3 Thorpe (F.W.) ...... 294.0 -17.0 359.0 267.0 Smith (DS) ...... 314.2 -21.2 394.8 307.9 Scottish Mortgage ...... 561.0 -23.5 659.0 472.0 Dixons Carphone ...... 121.7 -3.3 152.4 104.9 Clarkson ...... 2490.0 -55.0 3110.0 2200.0 Hastings Gp Hldgs ...... 163.0 -3.2 231.6 163.0 Playtech ...... 250.0 -22.7 457.7 250.0 Wizz Air Holdings ...... 3415.0 -79.0 4496.0 2880.0 Watkin Jones ...... 255.0 -8.5 286.0 199.6 Smiths Gp...... 1533.0 -59.0 1769.5 1378.0 Sequoia Econ Infra ...... 113.4 3.2 118.6 110.0 Dunelm Gp...... 1088.0 -35.0 1404.0 730.5 Fisher (James) ...... 1840.0 160.0 2260.0 1680.0 Hiscox ...... 1226.0 -32.0 1777.0 1213.0 Sage Group ...... 681.8 -41.4 820.4 655.0 Smurfit Kappa Gp...... 2598.0 -56.0 3010.0 2096.0 Smithson Inv ...... 1140.0 -100.0 1388.0 1105.0 Frasers Group ...... 383.8 -17.4 518.0 214.0 Royal Mail ...... 162.4 -2.1 278.3 162.4 Lancashire Hldgs ...... 724.5 -15.5 807.0 640.5 Softcat ...... 1056.0 -1.0 1260.0 746.0 AIM 50 Young’s Brew NV ...... 1190.0 -35.0 1310.0 1030.0 Vesuvius...... 422.6 -0.8 642.0 341.0 Syncona ...... 245.0 1.0 294.0 203.0 Howden Joinery Gp..... 636.0 -24.8 732.6 478.8 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 518.8 -16.2 597.0 501.6 Sophos ...... 580.4 5.4 580.4 298.2 Abcam ...... 1156.0 -4.0 1500.0 1066.0 Young’s Brew-A...... 1600.0 -20.0 1885.0 1530.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 250.50 -7.40 316.05 204.80 3M ...... 149.24 -0.92 219.50 146.85 AIR LIQUIDE ...... 122.90 -4.90 140.30 109.90 ABBOTT LABORATORIES ...... 77.03 -2.16 91.86 72.88 ALLIANZ AG ...... 195.34 -10.46 232.20 195.88 ADOBE INC ...... 345.12 7.60 383.28 254.74 AMADEUS IT GROUP ...... 63.50 2.02 78.60 42.30 ALPHABET NON VTG-C ...... 1339.33 21.24 1526.69 1036.23 ANHEUSER BUSCH INBEV ...... 50.73 -4.37 92.71 55.10 ALPHABET-A ...... 1339.25 24.30 1524.87 1116.79 AMAZON.COM ...... 1883.75 -0.55 2170.22 1620.80 ASML HOLDING NV ...... 248.10 -7.75 292.95 158.30 AMERICAN EXPRESS ...... 109.93 -2.88 136.93 107.86 AXA ...... 20.95 -0.90 25.50 20.78 APPLE INC ...... 273.36 -0.16 327.20 172.50 BANCO SANTANDER ...... 3.33 -0.09 4.10 3.40 AT&T ...... 35.22 -0.51 39.63 29.81 BASF...... 53.40 -2.93 74.49 56.20 BANK OF AMERICA ...... 28.50 -0.63 35.64 26.25 BAYER AG...... 65.48 -1.93 78.06 52.53 BERKSHIRE HATHAWAY...... 206.34 -1.33 230.20 195.81 BBVA ...... 4.33 -0.21 5.69 4.21 BOEING CO ...... 275.11 -12.65 432.69 287.76 BMW ...... 58.85 -1.10 77.75 58.70 CATERPILLAR INC ...... 124.24 0.97 150.53 113.38 BNP PARIBAS ...... 43.78 -1.60 54.18 39.32 CHEVRON ...... 93.34 -0.79 126.54 94.13 CRH ...... 30.47 -1.09 36.50 26.70 CISCO SYSTEMS ...... 39.93 -0.11 58.05 40.04 DAIMLER ...... 37.38 -1.67 59.31 39.05 CITIGROUP ...... 63.46 -0.99 81.91 60.33 DANONE ...... 63.72 -1.68 82.00 65.40 COCA-COLA CO ...... 53.49 -1.44 60.13 44.84 DEUTSCHE POST AG ...... 27.17 -1.58 34.91 26.38 COMCAST ...... 40.43 -0.62 47.50 38.19 DOW ...... 40.41 0.86 66.65 39.55 DEUTSCHE TELEKOM ...... 14.74 -0.66 16.61 14.45 EBAY INC ...... 34.64 -0.40 41.57 33.56 ENEL ...... 7.58 -0.34 8.57 5.30 EXXON MOBIL ...... 51.44 1.62 83.38 49.82 ENGIE...... 15.03 -0.97 16.64 12.45 FACEBOOK ...... 192.47 2.72 223.23 174.60 ENI ...... 11.16 -0.60 15.94 11.76 GOLDMAN SACHS GROUP ...... 200.77 -4.92 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 217.84 -6.89 247.02 181.14 FRESENIUS MEDICAL CARE ...... 69.26 -1.58 77.66 57.92 HONEYWELL INTERNATIONAL ...... 162.17 2.62 183.23 151.59 IBERDROLA ...... 10.32 -0.45 11.22 6.02 IBM ...... 130.15 -2.96 156.76 126.99 INDITEX ...... 28.13 0.03 32.37 2.55 INTEL ...... 55.52 -0.31 68.47 43.46 ING GROEP NV...... 8.61 -0.22 12.05 8.34 JOHNSON & JOHNSON ...... 134.48 -4.64 153.99 126.95 INTESA SANPAOLO...... 2.20 -0.09 2.60 1.83 JPMORGAN CHASE & CO ...... 116.11 -5.26 141.09 98.93 KERING ...... 505.80 -5.90 610.20 425.05 MASTERCARD INC ...... 290.25 4.43 344.56 221.87 MCDONALD’S ...... 194.17 -6.83 221.15 179.50 KON KPN NV ...... 2.20 -0.10 2.96 2.30 MEDTRONIC ...... 100.67 -0.31 121.30 84.15 L’OREAL ...... 241.00 -5.60 275.30 223.20 MERCK & CO ...... 76.56 -1.52 92.04 73.19 LVMH MOET HENNESSY ...... 370.85 1.00 439.05 305.80 COMMODITIES TOURIST RATES MICROSOFT ...... 162.01 3.83 188.70 110.39 MUENCHENER RUECKVE ...... 230.50 -16.80 282.50 207.50 NETFLIX ...... 369.03 -2.68 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1615.80 -37.05 Copper Cash Official...... 5617.75 +4.00 Canada ...... 1.6468 New Zealand ...... 1.9174 NIKE INC ...... 89.38 0.83 104.58 77.14 ORANGE ...... 12.19 -0.54 15.01 12.61 Silver (Pence) ...... 1805.00 -2.50 Aluminium Cash Official ...... 1670.75 -5.50 Croatia ...... 7.8842 Norway...... 11.62 ORACLE ...... 49.46 -1.32 60.15 50.24 ROYAL PHILIPS ...... 38.72 -0.59 45.61 34.90 Silver (Cents) ...... 1403.00 +6.00 Nickel Cash Official ...... 12277.50 -7.50 Czech Republic ...... 27.30 Poland ...... 4.4574 PAYPAL HOLDINGS ...... 107.99 0.15 123.91 96.64 SAFRAN ...... 124.10 -5.55 150.25 116.90 Krugerrand ...... 1643.64 -26.03 Aluminium Alloy Cash Official ...... 1365.00 +10.00 Denmark ...... 8.3143 Singapore ...... 1.6753 PEPSICO ...... 132.03 -4.34 146.99 118.61 SANOFI ...... 83.93 -4.51 94.00 72.24 Brent Crude ...... 52.18 -1.25 Natural Gas ...... 21.18 -1.88 Hong Kong ...... 9.5143 Sweden ...... 11.92 PFIZER INC ...... 33.42 -0.68 44.40 33.93 SAP SE ...... 110.50 -5.30 129.36 94.68 Platinum ...... 917.00 -2.00 Tin Cash Official ...... 16347.50 -217.50 Iceland ...... 144.19 Switzerland ...... 1.1854 PROCTER & GAMBLE ...... 113.23 -0.27 127.14 98.41 SCHNEIDER ELECTRIC ...... 90.50 -3.24 102.90 67.60 British Sovereign ...... 383.33 -5.95 Zinc Cash Official ...... 1998.50 -15.00 India ...... 81.63 Turkey ...... 7.6122 TRAVELERS COMPANIES ...... 119.81 -4.27 154.83 124.08 SIEMENS AG ...... 93.20 -3.99 119.90 85.00 Lead Cash Official ...... 1869.00 -0.75 White Sugar ...... 398.70 -7.10 Israel ...... 4.0222 United States ...... 1.2279 TWITTER ...... 33.20 0.19 45.42 28.89 UNITED HEALTH GROUP ...... 254.96 1.04 305.31 215.26 SOCIETE GENERALE...... 25.59 -1.13 31.93 21.13 UNITED TECHNOLOGIES ...... 130.59 -1.59 156.83 122.94 TELEFONICA SA ...... 5.36 -0.34 9.18 5.70 WORLD INDICIES VERIZON COMMUNICATIONS ...... 54.16 -0.90 62.07 54.35 TOTAL ...... 38.38 -1.30 52.27 39.68 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 181.76 1.75 213.31 168.86 UNILEVER NV ...... 47.62 -2.25 57.56 47.09 FTSE 100...... 6580.61 -215.79 -3.18 S&P 500...... 2954.22 -24.54 -0.82 CAC 40 ...... 5309.90 -185.70 -3.38 Hang Seng ...... 26129.93 -648.69 -2.42 WALGREENS BOOTS ALLIANCE...... 45.76 -0.48 76.05 46.24 VINCI ...... 90.98 -4.56 106.75 83.52 FTSE 250 ...... 19330.92 -452.53 -2.29 Dow Jones I.A ...... 25409.36 -357.28 -1.39 Swiss Market Index ...... 9831.03 -374.43 -3.67 Nikkei ...... 21142.96 -805.27 -3.67 WALMART ...... 107.68 -2.72 121.28 96.94 VIVENDI ...... 23.02 -1.11 26.42 23.40 FTSE All-Share ...... 3673.61 -114.36 -3.02 Nasdaq Composite ...... 8567.37 +0.89 +0.01 ISEQ Overall Index ...... 6397.37 -172.23 -2.62 STI Index ...... 3011.08 -100.62 -3.23 WALT DISNEY CO ...... 117.65 -0.39 151.64 107.79 VOLKSWAGEN AG ...... 148.98 -0.28 185.52 138.16 FTSE AIM All-Share ...... 856.64 -30.32 -3.42 Xetra DAX...... 11890.35 -477.11 -3.86 FTSEurofirst 300 ...... 1464.48 -55.28 -3.64 ASX All Ordinaries...... 6511.50 -225.90 -3.35 WELLS FARGO & CO ...... 40.85 -1.62 54.46 42.47 20 OPINION MONDAY 2 MARCH 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Will France soon find a German TO THE EDITOR dance partner for EU reform? A load of junk [Re: The TfL junk food ad ban was clearly a recipe for failure.] It’s a shame that Saqib Qureshi didn’t do PARE a thought for the Pres- was the national head. Ignoring her deal over Europe with Macron. some fact-checking before writing his ident of France, the John flaccid entreaties, the local CDU At long last, then, there is a glim- article last week, because it carries some supremely confident Em- Hulsman chose to vote alongside the hereto- mer (and that’s all it is) of hope for major errors. Among them, far from Smanuel Macron, in his up- and fore anathema far-right Alternative Macron’s ambitious and necessary costing the taxpayer £13m, Transport for hill attempt to reform a Brunello fur Deutschland (AfD), favouring a European reform agenda. London has confirmed that its advertising floundering Europe. third candidate for the Thuringia It is true that, before the Elysee revenue has increased by £1m over the Following the great recession of Rosa state leadership. pops the champagne corks, a num- last year. 2008, the lion’s share of European Merkel was forced to condemn ber of caveats are necessary. In mov- Further, Qureshi criticises the mayor of leaders failed to fix the economic both the local Thuringian CDU ing to the right, Merz would have to London for conducting no meaningful roof while the sun shone, eschewing party for casting in its lot with the be mindful of betraying the con- consultation. But in fact, extensive the difficulties of structural eco- make the EU fit for purpose in our AfD, as well as her ineffectual cerns of some of his new euroscep- public consultation took place in 2018, nomic reform in favour of the easier new era: establishing a genuine fi- acolyte AKK for not preventing the tic constituents. including polling, online surveys, prospect of muddling through. nance ministry, having some form mess in the first place. This scolding Even more importantly, German discussion forums and focus groups, Not so Macron, who has seen that of mutualised common debt, and proved to be the final nail in AKK’s governments are habitually coali- which found that 82 per cent of Londoners Europe stands precariously on the working for the continent to move coffin. She dramatically resigned tions. Who the CDU enters into support the policy to ban adverts for junk edge of economic calamity and more in tandem geo-strategically. the national leadership of the party, coalition with will largely deter- food. And an independently funded team geopolitical irrelevance. It seemed that, as long as the do- and with it, scuppered Merkel’s mine its European policy. A deal has been appointed to review and Aware that French fiscal profli- nothing Merkel government re- plans for a stable succession. with the surging centre-left Greens measure the scheme. gacy has been the perennial excuse mained in power, Macron was Two very different candidates is the best-case scenario, but there I am a good food advocate and member for German avoidance of European- bound to remain frustrated — and have since sprung up, contesting are a bewildering array of other of the London Food Board, but most wide reform, Macron bravely set Europe’s dying hopes for reform the party leadership contest, which possible coalition outcomes, almost importantly, a parent. As a result of this about altering this prejudice by would remain quashed. will be held on 25 April. all of which lead to further dead- policy, businesses are replacing adverts changing the facts on the ground. That is, until the shock of Octo- Armin Laschet, regional leader of locks over European reform. for fatty, sugar-filled products with A reformist champion could lead ber’s elections in the German state the populous state of North Rhine However, even with these neces- healthier food and drinks, without losing such an effort; a reformist failure of Thuringia. Westphalia, has emerged as the sary caveats, one thing is surely revenue for the transport network. could not. The outcome of this obscure local compromise candidate, tacitly clear. The long-slumbering German This supports parents in promoting Remarkably and uniquely in the contest saw an increasingly embat- blessed by both Merkel and the giant is at last awakening. What healthier food choices, rather than making history of the French Fifth Repub- tled and over-matched AKK lose party establishment. A victory for comes next will determine whether food a constant battleground. It’s a win- lic, he succeeded in passing serious control of the local Christian Dem- Laschet would signal more of the Macron’s dream of European re- win for everybody. labour market reforms and then ocratic Party (CDU), of which she same, with the CDU hewing to a form — the continent’s last oppor- Let’s not forget, London has one of the weathering the all-too-predictable centrist course domestically, and lit- tunity to avoid absolute decline — highest rates of childhood obesity in abuse of the Parisian street. tle hope for German support for Eu- has a fighting chance. Europe. Our mayor and our city are taking But, shorn of their excuse, the Ger- ropean reform. a range of bold steps to turn the tide on mans did nothing. The diarchy lead- However, the favourite (and long- £ Dr John C. Hulsman is a senior junk food and sugary drinks. Let’s all put ing the country — led by long-serving time Merkel nemesis) Friedrich Merz columnist at City A.M., a life member of children’s health first. time-waster Chancellor Angela is a man cut from an entirely differ- the Council on Foreign Relations, and Kath Dalmeny, chief executive, Sustain Merkel with the support of her ent cloth. Long the standard-bearer president of John C. Hulsman colourless minion and heir pre- At long last, of the right wing of the CDU, Merz Enterprises. He can be reached for sumptive Annegret Kramp-Karren- would amount to a repudiation of corporate speaking and private briefings bauer (known universally as AKK) — there is a glimmer Merkellism. Not only would he take at www.chartwellspeakers.com. BEST OF embarrassedly looked at their shoes. of hope for the party back to its rightwards Brunello Rosa is chief executive at Rosa & TWITTER Instead, the German government home (hopefully hoovering up AfD Roubini Associates, a visiting professor at passive-aggressively refused to fol- Macron and his voters, much as Boris Johnson amal- Bocconi University, a visiting lecturer at 38% of Americans wouldn’t buy low through. It wouldn’t even con- gamated Nigel Farage’s support), but City University, and a research associate Corona beer “under any sider the changes that just might ambitious agenda he would be open to a hard-headed at the Systemic Risk Centre of the LSE. circumstances” because of the coronavirus, according to a recent survey. Just to be abundantly clear: There is no link between the virus and the beer. @cnni If Britain is to hit net-zero, we need the It’s less surprising that 38% of Americans said they won’t buy Corona beer because of the coronavirus when you remember that City to step up its green finance ambitions 30% of Republican voters once said they’d approve of bombing Agrabah, the fictional city in Aladdin. HE UNVEILING of the Conversations on green finance Last week’s COP26 launch high- @OhNoSheTwitnt COP26 Private Finance Catherine are happening here that simply are lighted the need for a colossal un- Agenda at Guildhall last McGuinness not taking place elsewhere. Lon- dertaking of both the public and The survey, it turns, out, does not say Tweek was a landmark mo- don’s talent, depth of capital mar- private sectors. But we know that this! What it says: ment for our climate kets, and scale of innovation mean City firms are highly engaged and -38% of beer drinkers say they change efforts as a nation. The an- that we are ahead of the game in crit- ambitious for September’s event. wouldn't buy Corona (for any reason nual UN conference, this year tak- ical products like transition bonds. That is why the City Corporation at all, including, presumably... they ing place in Glasgow, will convene We are on the way there with our and Green Finance Institute are prefer other beer) global leaders to discuss the world’s efforts. But private sector capital is working tirelessly across govern- -4% of people who usually drink most pressing issue. a big piece of the puzzle that needs ment and industry to advance the Corona say they would stop And as policymakers gear up for Fortunately, the City has form in to be found for our transition to net- role of finance in it. @aedwardslevy the pivotal event, it is welcome that adapting to overcome the biggest zero. London is already leading the The stark truth is that unprece- our own government has put fi- challenges. A new chapter that is way, but investors must do more. dented climate events are happen- Crazy. As every homeopath knows, nance at the heart of the confer- distinctly green needs to be added And with finance as its corner- ing with alarming regularity. Long even a tiny sip of Corona beer would ence for the first time. to our long history of innovation. stone, the COP26 agenda takes heed gone are the days when climate be enough to protect you from the But even with the weight of West- Green finance places climate con- of this. The agenda recognises the change was merely a scientific as- #coronavirus. minster behind our climate efforts, cerns at the heart of financial deci- major financial opportunity green sessment. Today, it is an increas- @julianHjessop more must be done. The private sec- sion-making. It allows us to finance presents, focusing minds ingly evident reality. tor will be crucial to mobilising the mitigate risks and capture the on the potential returns: making The stakes have never been Corona beer company reports £132m monumental amount of capital abundant opportunities that a profit and mobilising capital. higher, but the City’s mission is loss following virus outbreak needed to achieve an orderly transi- green future presents. All parts of the City must play clear: to mobilise capital with pace @Independent tion to a net-zero future. And there is evidence of that al- their part — whether that is through and at scale, financing the domes- Some $90 trillion is needed by ready. The London Stock Exchange structuring transition bonds, devel- tic and global transition to a net- Well this is what happens when you 2030 to realise our international cli- is home to 218 sustainable bonds oping new forms of insurance in an zero future. branch out from making beer into mate ambitions, and we are cur- which have raised over £40bn. Last increasingly uninsurable world, or killing people on a global scale rently only generating billions. The year, London came top in the Z/Yen building climate-friendly invest- £ Catherine McGuinness is policy chair @JimMFelton clock is ticking. green finance global rankings. ment portfolios. at the City of London Corporation. CITYAM.COM MONDAY 2 MARCH 2020 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam First Homes is a flawed solution DEBATE to three very different problems Is there a solid case for the proposed boost to the UK’s HAT do you do when a Ben enjoy a good quality of life. government has all the The government should put an end defence spending? right intentions for solv- Ramanauskas to salary caps and centralised pay bar- Wing the country’s biggest gaining, and give individual organisa- challenges, but is going tions more flexibility. If schools in the It’s time to face up to the reality that we about it in entirely the wrong way? north east, for example, are strug- live in an increasingly dangerous world, That’s a question we should all be ask- gling to attract maths teachers, then with cybercrime, global tensions, and ing, particularly when considering they should have more funds avail- sophisticated terrorist attacks placing a YES huge burden on the security services. the recently announced housing plan. able to increase wages. CHRIS ROSS Optimistically entitled “First We could also tackle the retention In the last few years, hackers have Homes”, the proposal is to offer a 30 ply. The government can do this by lib- issue by introducing performance-re- launched highly disruptive and per cent discount on some new homes eralising the planning system. lated pay so that the highest quality dangerous assaults on the National crucial in order to prepare our armed to local buyers. Part of its aim is to For example, much of the green belt individuals are incentivised to stay in Health Service, breached the security of forces for the inevitable threats posed help so-called “key workers” such as around our cities is of little agricul- their professions. Liberalising immi- leading businesses, and bombarded by the rise of digital warfare, as well as teachers, nurses, and prison officers tural or environmental benefit, so gration would further increase the critical national infrastructure with maintaining our traditional security find housing, as well as ensuring that there should be an audit of this land supply of workers in these fields. countless attacks. A recent FBI report capabilities. Key to this is increasing veterans do not find themselves home- to find the most suitable places in As for veterans, rather than making indicated that cyber criminals made training so that cyber skills can be less when they leave the armed forces. which to build homes while also pro- it slightly easier for them to buy a profits of at least £2.7bn last year, a harnessed to tackle new threats, These are important issues. The UK’s tecting areas of natural beauty. home, it is surely more important to figure which will only serve to encourage without leaving us vulnerable on land, housing crisis is causing misery for Stamp duty should also be scrapped ensure that they receive the help they more attempts to blackmail businesses at sea, or in the digital realm. millions — especially younger people. and replaced with a land value tax to need. Many leave the forces trauma- and governments through ransomware Public services are stretched due to is- increase the rate of house moving. tised by what they have experienced. and email phishing attacks. £ Chris Ross is senior vice president at sues around recruiting and retaining What about helping “key workers”? As such, the government should An increase in defence spending is Barracuda Networks. staff, especially in urban areas where While it is true that housing costs are start by guaranteeing that they have living costs are high. And we can all an issue, this is a symptom of the prob- counselling and support as soon as agree that it is shameful that people lem, not the cause. The main reason they need it and for as long as they are living on the streets in the UK, es- we struggle to attract enough people need it. There should also be more of pecially those who have so bravely into jobs such as teaching, nursing, or a focus on helping former armed serv- With a population of just 66m, it is a served our country. prison work is low pay. Most people ices personnel to readjust to the real- fantasy to believe that the UK can ever But is the government’s First Homes don’t go into these jobs for the money, ities of civilian life, and encouraging compete militarily with Russia, the US, policy really the best way to address but they still need enough to live and businesses to recruit them. Our veter- India and China. Britannia no longer NO these various challenges? ans deserve real help and support, not rules the waves — and spending more LAURIE MACFARLANE The main reason we have a housing empty gimmicks. on defence would be little more than crisis is because supply has failed to There is a housing crisis in this an expensive PR exercise. keep up with demand. The country country, public services are stretched, This does not mean retreating from revolution. has an incredibly restrictive planning and many veterans find themselves the international stage. Today, the Cutting wasteful defence expenditure system which limits what can be built homeless. Rather than trying to fix all biggest threat to our survival is not and reallocating funds towards the and where. Stamp duty land tax also The government that with some tinkering in the hous- hostile neighbours, but climate zero-carbon transition, at home and gums up the market, making people ing market, the government needs to breakdown. The UK gave birth to the abroad, would be a good place to start. reluctant to sell even when their needs to focus on focus on the basic economic principle first industrial revolution, and an Our grandchildren will thank us for it. homes are no longer suitable for the basic economic of supply and demand. economic system based on the burning Will they thank us for buying more them. Like anything in life, when Back to basics, please. of fossil fuels. Rather than wasting bombs to impress Donald Trump? there is a lot of demand for a good principle of supply money on imperial delusions, Britain that’s in short supply, the cost goes up. £ Ben Ramanauskas is a research could demonstrate genuine leadership £ Laurie Macfarlane is economics The solution is simple: increase sup- and demand economist at Oxford University. by leading a global green industrial editor of Open Democracy.

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OW DO you convince the British public to try a whole new food category, especially Hwhen it doesn’t sound very appealing at first glance? That was the challenge facing the FROM Russian-born entrepreneur Natasha Bowes when she decided to try to start selling kefir in the UK. Kefir is a type of fermented milk drink made from grains. It has a tart, slightly sour flavour. Nutritionists do recommend it for its probiotic health RUSSIA properties — it contains more than 40 types of beneficial gut-friendly bacte- ria, as well as being packed with pro- tein, vitamins and calcium — but it is certainly an acquired taste. While very popular in eastern Eu- rope and Russia, kefir is barely known WITH in the UK. Or at least, it wasn’t before 2012, when Bowes launched her Bioti- ful Dairy brand and started introduc- ing kefir to the Brits. Eight years on, Biotiful Dairy is the leading brand in the kefir space, with a 70 per cent market share of a cate- gory predicted to be worth £62m in re- KEFIR tail sales value by the end of 2020. The brand kindly sent a box of its products to the City A.M. office, which were quickly snapped up and proved popu- lar with our journalists. MILKING IT Prior to setting up the company, Bowes had a long career in finance, first at KPMG in Moscow, then moving to Dublin and later London. After a spot Luke Graham finds out how of investment banking with Barclays and running a financial business, she Biotiful Dairy managed to sell decided to do something different. “I had an opportunity after my a totally new food category to daughter was born just under 10 years ago to really think about what I the great British public wanted to do, and where I could make a positive difference,” she recalls. “I thought about what I was passion- ate about. I grew up in Moscow on kefir, a fermented, natural dairy prod- uct, and I’ve missed it here — I left

I grew up in Moscow on kefir, a Above: Natasha Bowes launched Biotiful Dairy in 2012 to bring kefir to the UK ingly popular. These headwinds risk fermented, Left: A bottle of the brand’s flagship fermented probiotic dairy product souring kefir’s place on the supermar- natural dairy ket shelf. And yet Bowes has no intention of product, and I’ve standing still. Her plans for the future include expanding the product range, missed it here The product range has also ex- new things. Living in a globalised, possibly including a cheese range and panded, with various drink flavours multicultural society, the British pub- a frozen dessert. Moscow over 20 years ago now.” as well as yoghurt-style snacks and lic are more than keen to adopt and “We’re expanding beyond liquid Switching from the high-powered products aimed at kids. It’s fairly assimilate products from different kefir, and innovating with flavours. world of finance to effectively selling priced: a 500ml bottle of Biotiful cultures — as long as they’re tasty. Our consumers are saying that they milk might seem like an extreme Dairy kefir costs £1.75 from Sains- The obvious evidence is the plethora want more occasions and more for- change, but Bowes disagrees. bury’s, while the brand’s tub of kefir of Indian and Chinese takeaways on mats to be met by our gut-friendly, “It’s not that unusual, I’ve found. with blackberry compote will set you the average high street, but more re- healthy products.” Particularly in the post-financial cri- back £1. cent examples include our national sis years, there were people in finance Bowes describes kefir as a new obsession with the avocado (a rare HEALTHY BONES with various interests who have gone food category, sitting between sight on supermarket shelves a few If globalisation has encouraged peo- in very different directions.” milk and yoghurt. But how do you decades ago), and even the fermented- ple to try new things from around the Bowes started this new journey by market something new to the UK tea drink kombucha (a product I, per- world, the ongoing health trend has focusing on learning how to make consumer, effectively telling them sonally, cannot stand) which pushed consumers towards becoming the product, ordering Russian text- that they’ve been drinking milk originally came from Asia. more conscious about what they put books and taking courses. She wrong for centuries? into their bodies, and how it’s made. worked with a consultant with 25 “It takes time — unless you have THE WHITE STUFF I ask if Biotiful Dairy has benefited years of experience in the dairy in- multi-million pound budgets to invest The UK dairy industry is massive, from this healthier eating trend? dustry and set up production in Sus- in marketing. You lead with the prod- with 13,000 farmers producing over “Yes and no, because I believe natu- sex. Biotiful Dairy sources its milk uct, you talk to people — word of 14bn litres of milk each year, worth ral health is more than a trend within from British dairies focused on ani- mouth is significant, as well as social around £8.8bn at wholesale level. As food, it’s just that’s the way food is mal welfare, and imports the fer- CREAM OF THE CROP — offering lots and lots of tastings, such, there’s clearly room for growth moving overall,” Bowes argues. mented kefir culture from Russia Soon after launching, Bowes was able and participating in the right trade within this massive category for alter- “As far as the gut health is con- where its producers have been mak- to get her drink sold in high-end and consumer events,” she says, native brands. cerned — which is the biggest trend ing it for centuries. stockists, including Selfridges, Har- adding that it takes “a lot of tenacity”. On the other hand, there are hur- within the health movement in dairy “The pilot stage was when I was rods, and Fortnum & Mason. Fast- And finally, “after a long time, the big dles. Concerns about climate change — we started way before anybody was making, selling and marketing the forward to today, and it now tran- retailers start to listen to you and trial and animal welfare, as well as the talking about it, and were kind of run- product all by myself,” she recalls. scends social class and is available in the products.” growing veganism movement, mean ning ahead of the curve. We never re- “I’m a bit of a do-er — and it’s really retailers such as Sainsbury’s, Tesco Another factor is that consumers in that dairy alternatives like soya, al- ally follow trends, we’re trying to taken off.” and Asda. the UK are often quite willing to try mond, and coconut milk are increas- create them.” CITYAM.COM MONDAY 2 MARCH 2020 FEATURE 23 MARKETING WORKING WITH DINOSAURS? Alex Daniel asks whether the Big Six ad agencies are facing extinction

AVEL-gazing about the fu- Japan’s Dentsu, France’s Publicis and lost its focus on the consumer.” ing cannot. With combined revenue This is a view shared by Fergus Hay, ture is becoming increas- Havas, as well as WPP — suffered de- It is hardly surprising that the stretching well into the tens of bil- chief executive of agency Leagas De- ingly fashionable in clining revenue last year. Only US gi- holding companies have struggled to lions, the companies have also ex- laney, who adds: “If the big networks adland. The last few years ants Omnicom and Interpublic adapt; for 20 years, their strangle- tended their offerings to include can re-align their interests to that of have been tricky for the in- bucked the trend. hold was such that, until recently, it creative services and content market- their clients and keep on innovating, Ndustry, as profits have faltered and This change in scenery has been was unthinkable that new kids on ing — setting up an almighty turf then they have incredible horse- clients have demanded more and driven in part from adverts seeping the block could disrupt the status war between them and the agencies. power at their fingertips.” more of the major players. across the ever-growing profusion of quo. But new challengers are coming Moreover, the Big Six are getting a This cache which the Big Six hold It has led to concerns that the Big digital media, with clients subse- reputation of being oversized for onto is also evident in the fact that, Six, the marketing giants which have quently demanding work of unprece- what they are able to offer. despite the buzz, consultancies are dominated the sector for the last few dented breadth and complexity from In some cases, the smaller scale not poaching their biggest clients — decades, are losing their grip. agencies. and platform-specific expertise of yet. Thomas Singlehurst, an analyst These concerns were reignited last New disciplines such as program- boutique agencies has allowed chal- at Citi, says that so far, Accenture week, when British ad giant WPP re- matic advertising — which auto- lengers to experiment with new and co have had “a pronounced lack ported a 1.6 per cent fall in revenue mates the process of buying and The marketing ways of running campaigns. “Many of success” in winning large ac- for 2019. Shares crashed, losing more selling online ad space — have dis- are able to serve clients flexibly,” says counts held by ad agencies. than one sixth in value to hit their rupted traditional campaign models landscape has Christian Polman, chief strategy offi- Nevertheless consultancy revenue lowest price in eight years. After initi- to the extent that, in some cases, never been more cer of agency Ebiquity, “which is giv- “appears to be growing fast while ating a turnaround plan following his clients have thrown in the towel and ing rise to hybrid models where the agencies’ growth has struggled”, appointment nearly 18 months ago, pulled their marketing operations dynamic and brands own some elements of mar- he adds. The challenge is palpable “2020 was supposed to be the year in-house. Netflix, Kellogg’s, and keting in-house while agencies refo- enough that WPP’s Read admitted when chief executive Mark Read re- Unilever are just a few of them. complex cus on the pieces they can do well.” last week that the industry “has ally started to deliver,” says AJ Bell an- “Most big agencies have maintained Polman does admit that there is never been more dynamic and com- alyst Russ Mould. “But the market’s their traditional methods without from unexpected directions. Firms still significant merit to the holding plex.” However, clients need advertis- patience appears to have snapped.” evolving them, nor investing in peo- like Accenture and the consultancy company model. “Boutique agencies ing expertise “more than ever,” he It is a situation playing out across ple,” says Job Plas, director of indus- arms of PwC, IBM, and Deloitte have cannot as easily scale their opera- maintained. That may be so — but the globe, as the Big Six struggle to try relations at adblocking software muscled in, using their data analyt- tions in the same way the network whether that expertise will continue navigate an increasingly fluid mar- company Eyeo. “As a result, advertis- ics capabilities to solve business agencies can, nor do they offer the to come from the traditional ad keting landscape. Four of them — ing has become too systematic and problems which traditional advertis- same range of capabilities.” agencies is another matter entirely. Boiling over: How Yorkshire Tea contained a crisis ORKSHIRE Tea unwittingly to bury their heads in the sand, management of a tricky situation suicide of Caroline Flack last month, Overall, however, reaction was found itself in the middle of Yorkshire Tea took a calculated risk rang true with the company’s ethos, and served as a timely reminder that largely positive. The tweets drew on a Twitter storm last week, and responded to the criticism. and aligned well with the brand’s even corporate Twitter accounts are a deep knowledge of the brand’s when the new chancellor “On Friday, the chancellor shared family business image and manned by people with thoughts identity and audience, and were Rishi Sunak published a a photo of our tea,” it tweeted. consumer-facing identity. and feelings. executed considerately. Yseemingly innocuous image of him- “Politicians do that sometimes Its reaction resulted in widespread Of course, while well-intended, Obviously, the ultimate measure self “making tea for the team”. The (Jeremy Corbyn did it in 2017). We positive media coverage. Although this may not have gone down well of success in any crisis depends on photo featured the brand like a weren’t asked or involved — and we probably unplanned, this was a great with everyone. Some might feel that how the brand’s long-term image poorly orchestrated influencer mar- said so the same day. Lots of people example of a company making the the reference came too soon after and bottom line are affected — keting campaign. got angry with us all the same.” best of a bad situation, driven by the Flack’s death. Brands have often something which remains to be seen Soon after, the company was Its social media response walked a brand simply being human about it. been accused of adopting a more for Yorkshire Tea. facing a torrent of abuse as the precarious political tightrope, Shortly after, it followed up: “For corporate or human profile online But while the response may not chancellor’s unplanned carefully steering clear of falling anyone about to vent their rage when it suits them most — and have won back all of the keyboard endorsement threatened to boil over. onto one side or the other. The online, even to a company — please Yorkshire Tea’s response may have warriors, Yorkshire Tea has almost A number of trolls took to social company found this balance by remember there’s a human on the seemed opportunistic to some. certainly earned itself some new media to level their abuse at highlighting Corbyn’s past self- other end of it, and try to be kind.” In addition, these tactics may not fans — regardless of their political Yorkshire Tea, under the false affiliation with the brand under This subsequent message was a have been received as warmly had allegiance. impression that Sunak’s tweet was similar circumstances. likely reference to the mental health they come from a business with a sponsored content. Where other Crucially, the tone of its campaign #BeKind, which became more corporate profile than £ Neil McLeod is director of strategic brands may have reasonably chosen communications and its widely publicised following the Yorkshire Tea. communications at the PHA Group. 24 LIFE&STYLE MONDAY 2 MARCH 2020 CITYAM.COM TRAVEL

ny island resort staffer can say “wel- come to paradise”, but when it comes from a seaplane pilot with no shoes on Ait feels more like a religious ritual than a tired cliche. It’s contagious, as the staff at Maldivian island resort Vakkaru can vouch for, guests – certainly me – ditch the for- mality and stress along with their footwear in the first hours of their stay. But there is something more engrossing out- side the window than assessing the pilot’s lais- sez-faire approach to uniforms as we glide above the Baa Atoll. From the sea-plane, we see the contrast of the inky blue Indian Ocean and the electric turquoise rings of coral which pock- mark its surface. The ever-present overwater vil- las – the unofficial logo of the Maldives – spread like tentacles from the islands below, each one stretching further out into the ocean than its neighbouring rival. Our own version of the Maldivian cliche is jaw-dropping: perched at the end of the pier, with its interiors designed by Danish firm O.T Design, it’s Scandi-meets-sandy with a colour palette of oatmeal, white and mustard. It boasts all mod-cons at the touch of an iPad or a call to our butler, Buddy. Despite the high-tech inte- rior I’m always drawn outside, be it by the out- door shower, the lapping lagoon, or the balcony that houses daybeds to sprawl on, and two net hammocks jutting out over the coral. Most overwater villas have their own pools, for those times when you just can’t be bothered descending the dozen steps to the ocean below. With all these options for slothfulness, the only stressful thing was figuring out precisely what order to relax in. Newly opened Vakkaru has 59 overwater vil- las, with the remainder of its 113 suites ringing the island’s beach, but with 2,000 palms dot- ting the small island (it used to be a coconut farm) it never felt busy. Crucially, the relative isolation of Vakkaru’s island means that the views from your seat, whether perched at one of its restaurants or your own balcony, is never obstructed by a rival resort. It’s this far-flung and understated luxury that recently lured Madonna and her troupe of chil- dren to spend a week enjoying Vakkaru, follow- MANTA MAN Josh Martin grabs his snorkel and heads out We dive down below, only to be met by in search of the stars of the Maldivian seas the creature swooping up towards the surface, her mouth ajar ing in my footsteps (as always). And while Madge chartered a yacht to explore the sur- roundings, my low-key yet enduring memory will be watching the late afternoon light change from my hammock over the Indian Ocean. There are more than a few payoffs for those that can prise themselves up from the ham- mock-encrusted balcony though, as newbie Vakkaru has had to reach a high standard of service at its spas and specialty dining to com- pete in this island nation of luxury accommo- dation. Vakkaru is one of 130 resorts now established in the Maldives, and nearly all of them have their own islands – but think of sine, instead drowning in western buffets and it’s what’s lurking underwater that brought us the mantas, and there are little fish which come them as tropical fiefdoms, where your experi- pan-Asian menus. But not at Vakkaru. to this corner of the island state. in and buffer their skin and eat their parasites.” ence can sink or swim based on the facilities, Instead we nibbled huni roshi (bread, similar Maldives’ Hanifaru Bay in the Unesco Bios- Mere minutes after we gracefully flop into the food and friendly staff. to roti), mas huni (shredded smoked tuna, phere Reserve of the Baa Atoll area is world fa- bay and Tatiana is proven correct, a black dia- Choosing one may be the exemplary first- grated coconut, lemon and onions), devoured mous for its visiting manta rays who feed there, mond disc circles below in the slightly murky world-problem but it’s one worth a bit of re- lobster curries, thick with coconut and sinus- and the temperamental weather that welcomed water (gin-clear seas, we’re told, would mean a search beforehand since, once you set foot clearing spice and fish from the reef wrapped in us (perfection exists only on Instagram) has lack of plankton – so the slight murkiness makes ashore, you’re a captive audience. Thankfully banana leaves. hopefully whipped up a buffet of microscopic for great manta-spotting, although bad for pho- Vakkaru’s five restaurants keep things interest- Meanwhile, there’s a wine cellar-turned bar crackling plankton. tographic proof). We dive down below, only to be ing. A traditional private Maldivian feast on the and the cocktail list at the overwater (have you Manta expert Tatiana welcomes us aboard for met by the creature swooping up towards the beach, dubbed ‘destination dining’, brought guessed the theme yet?) Lagoon Bar draws on our speedboat trip to nearby Hanifaru. It’s the surface. Her mouth is ajar, accentuating the fact tears to my eyes – in large part because I in- local flavours, such as pandan, lime, coconut end of the season (roughly July-November) but she’s as wide as a car from fin-to-fin, gulping an- sisted I could handle the spice levels powered and sappan wood. she’s hopeful the remaining mantas will be lurk- other mouthful of this microscopic buffet. It by the native Maldivian chilli loved by the lo- And while the view overwater – whether from ing, lured not only by a plankton feast, but a cou- gracefully backflips, well clear of its impressed cals. I could not. 12,000 feet, through the glass floor while a ple of “cleaning stations” set up in the white audience. You could visit the Maldives and remain com- masseuse attempts to undo a year’s worth of sands below. We’re not the only ones being We are in awe, transfixed by the rhythmic un- pletely unexposed to the island nation’s cui- knots, or from your hammock – is inimitable, treated in the Maldives. “They are like spas for dulating fins as she glides past. Tatiana tells us CITYAM.COM MONDAY 2 MARCH 2020 LIFE&STYLE 25

Frederika decided to keep the huge steel vaults, tower, which serves what it describes and convert them into a bar, where you as ‘European’ food at around £10-20 Whitehead can taste some of the world’s rarest per course. cognacs. There is a 70cl bottle of Martell discovers a THE LONG Premier Voyage on the menu – one of AND AFTER THAT: WEEKEND only 300 produced, which can be yours For an alternative walking tour, visit gentler side to for a mere £138,000. A single shot of some of the Czech capital’s slightly Henessy Paradis’s Special Cognac costs bonkers public sculptures. At the time I this stag city £30. Or you can take a wee dram of 18 visited Boris Johnson and Donald Trump year-old single malt for around £20. were having their love-in in New York, THE WEEKEND: I couldn’t imbibe due to the big fat and this gave David Cerny’s sculpture Tell your friends that you are going to CARLO IV pregnancy bump, so I opted for a facial in Piss a special resonance. Cerny’s artwork Prague and their reaction is likely to be the spa instead. features two larger than life men pissing determined by their age. In my 20s PRAGUE on to a map of the Czech Republic. When Prague was the go-to destination for THE FOOD: it was first installed in 2004, for the price friends on boozy stag dos. With my On the castle side of the Charles bridge, of a text message, the two mechanical drinking days long since past, a four-year- lovely 20m pool with sauna, steam room on the right hand side you will find a men would turn and piss on a old in tow, and a massive pregnancy and multiple jacuzzis on the side. great pub called Lokal which serves really destination of your choosing. bump I was pleased to discover that The colossal neoclassical structure has good Czech food: lots of braised or Denis Defrancesco’s giant shiny blue Prague is every bit as much fun stone richly decorated high ceilings, alabaster roasted meats, goulashes and schnitzel’s, monkey reclining, (proper title King cold sober. And it’s easy to fill a weekend columns and polished marble hallways. and an okay, if limited, selection of Kong Balls) in Milos Forman Square is strolling along its picturesque medieval It was originally a bank, and then the vegetarian options. another popular stop, with long queues lanes, shopping, eating and visiting the headquarters of the Czech postal service, It’s a great place to learn the local beer of teenagers wanting a photo of sites with out a beer bike or a man in drag before it was converted into the luxurious customs. I must have looked surprised themselves doing something handcuffed to an inflatable doll in sight. space it is today. when I saw a four-year-old girl being unmentionable to the monkey’s over- that in peak season hundreds can gather in Prague truly is a destination that fits The rooms are spacious, with marble handed a pint, but her dad quickly sized and very shiny brass balls. the shallow waters of Hanifaru for feasts of every age and budget: it still has plenty of bathrooms. The roster of previous guests reassured me “It’s alcohol free. We make plankton, but even spotting two of these gen- cheap options for debauched beer- is not too shoddy either: the Dalai Lama really good alcohol-free beer here.” You TOP TIP: tle giants dancing, swooping and gliding swilling twenty-somethings, but it also stayed in our room before we did. can also order a pint of mliko or ‘milk’ For a chance of seeing the Charles below has us on a high. has a great selection of top-notch hotels, It’s also a regular sight on the silver which is a glass with just one inch of beer Bridge without 3,000 other tourists Vakkaru delivers on another lofty promise shops and restaurants for more screen. Matt Damon sprinted down it’s filled to the top with foam. And if you are get up as early as you can and go – and we’ve only been ashore for 48 hours. discerning visitors. If you want to give checkered hotel corridors before leaping ready to hit the road, but wouldn’t mind before breakfast. your wallet a workout there is a long strip through the glass atrium roof in the first just a little more, you can order a šnyt NEED TO KNOW of high-end fashion outlets on Pařížská, Bourne Identity film. It featured in The (pronounced shnit) – a splash of beer NEED TO KNOW just off the Old Town Square, where you Zookeeper’s Wife alongside Jessica which is just enough to see you on your Exsus Travel offers a 7-night stay at Vakkaru in a can snap up the latest offerings from Chastain in 2017. And it was more journey. £ The Dedica Anthology offers rooms Beach Villa from £2,980pp based on two adults Gucci, Jimmy Choo, Dior, Louis Vuitton recently on show again in Spider-man: Back at the hotel the food in the Inn Ox at Carlo IV from €109/£97 per night travelling in May 2020 on a bed & breakfast basis. and Hublot among others. Far From Home. Lounge & Bar is every bit as good as you based on two people sharing a double Price includes return economy flights with Emirates would expect in a hotel of its calibre. room with breakfast. Visit dahotels.com and return seaplane transfers. Complimentary THE HOTEL: ASK ABOUT: Another high-end option outside the or call +800 8099 8099. British Airways upgrade to half board when you book before 31 We stayed at Carlo IV, a luxurious choice When the building was converted from hotel is the Oblaca restaurant at the top offers return flights to Prague from March 2020. Visit exsus.com or call 0207 563 1303 that’s bang in the city centre and has a Post Office to hotel, the architects of the 216m high Zizkov television Heathrow from £78 per person. 26 FEATURE MONDAY 2 MARCH 2020 CITYAM.COM OFFICE POLITICS You want to breastfeed where, exactly?

cies can make. Where I work now, I ex- It’s time to end the culture of silence when press milk in a WeWork-style booth it comes to ‘women’s issues’ in the office usually used for hangouts, which is booked for me to use twice a day. My company has always had a supportive N JANUARY, House of Commons Nicki culture for women, offering flexible speaker Sir Lindsay Hoyle finally Sprinz working, return-to-work coaches, and overturned a 20-year-old ban on free sanitary products in the loos. Ibreastfeeding in the chamber, say- HUSHABYE But in my old job, after I’d first ing: “If it happens, it happens. I given birth, if I needed to express, I won’t be upset by it.” White Noise Baby had to hide in a corner next to the It’s about time. I have just returned £0.99 stationery cupboard because the only to work after having my second child, other option was the unisex loo. This who I am still breastfeeding. As an em- Wish your baby kind of “will this do?” attitude is still ployer myself, I find it staggering that, would shut up far too prevalent. in 2020, breastfeeding at work is still ging their heels? Why do new mothers and let you get In the UK, 57 per cent of mums say an issue anywhere. still face major hurdles at work, with some sleep? Try that they would be happy to breast- But if it’s still controversial in the no provision of private rooms for ex- White Noise feed at work, but just three per cent centre of government, how can we pressing milk or fridges to safely store Baby. The app said they were provided with the re- hope for it to be normalised in work- breastmilk in? Why is there still a lack features a range sources they needed. Similarly, most places across the country? of support from bosses and colleagues? of ambient menopausal women don’t feel sup- It is well-documented that breast- The answer, sadly, is the lack of sup- tracks — think ported in the workplace, and many feeding-positive workplace policies re- port for women at work, full stop — water fountains, consider leaving their jobs as a result. duce staff turnover, meaning less whether they’re new mums, or Why do new menopause difficulties to their man- car rides, and The question we all need to be ask- money spent hiring and training new women over 50. mothers still agers, particularly if those managers waves against ing ourselves is this: how much great employees, and boost job satisfaction face major are younger than them or are male. the rocks — to female talent is being lost because of and employee morale in general. SILENT SISTERS hurdles at Over half had not disclosed their help your little out-of-date office policies? It’s good for new mothers, for busi- In fact, the menopause is as much a work? Why is symptoms to their manager, and 59 one snooze. It Embracing breastfeeding at work is nesses, and for the economy. Accord- taboo topic in the workplace as breast- there still such a per cent said their work was being also has a rattle a no-brainer — as is implementing ing to the World Health Organisation, feeding. There are no laws to support lack of support? negatively impacted as a result. mode, with fun other female-friendly strategies such even a moderate increase in breast- menopausal women in UK workplaces This kind of silence is so often the sounds to as a menopause policy or flexible feeding across the UK (where breast- — and no policies covering House of case when it comes to what are still distract your working. It won’t just boost women, it feeding rates are among the world’s Commons staff. dismissed as “women’s issues” — and bawling babe will boost your business too — lowest) could save the NHS £50m each There are currently 4.9m women it needs to end. when out and whether that business is running the year, as it would cut the incidence of over 50 in work — the fastest growing about. country or not. common childhood illnesses such as sector of the British workforce. But ac- WILL THIS DO? ear, chest and gut infections. cording to research released last year, I know first-hand the difference that £ Nicki Sprinz is managing director of So why are so many employers drag- they’re not comfortable disclosing well-considered female-centric poli- digital creative agency ustwo. CITYAM.COM MONDAY 2 MARCH 2020 SPORT 27

AST year’s fourth-placed finish in the Formula One construc- tors’ championship saw McLaren end one of the most turbulent decades in the Lteam’s history on a high. While it was a huge step forward – climbing from ninth and sixth in the previous two seasons – maintaining that trajectory this year looks all but in- conceivable. Mercedes, Red Bull and Ferrari are expected to continue their domination and, as a result, the Wok- ing-based outfit already have one eye on 2021 when the sport’s new regula- tions are set to take effect, according to chief executive Zak Brown. “I’m very happy with last season, I think fourth was all we could have hoped for. Now we need to do it again,” Brown tells City A.M. “Closing the gap to the top three is going to be difficult, we aren’t going to take the same step forward again. We are balancing trying to do the best we can in 2020 while trying to be very pre- McLaren face a pared for 2021.” STAYING The majority of next year’s regulation changes are aimed at creating more battle to stand competitive racing, particularly the im- plementation of a $175m per year cost still after year of cap, which is designed to help teams with smaller budgets compete against progress, boss the current frontrunners and the sport’s big spenders. Zak Brown tells But Brown, who is targeting ON TRACK Michael Searles McLaren’s return to the front of the grid in the new era, is sceptical about when the cap will really start to bite. “I would have liked it to be lower and sooner, but at least we have one,” he tent on expanding the race calendar to nating races. If a country wants to have were promoted from within by Seidl to finish in five years, but despite making says. “We want to take another big step new markets and the new regulations a grand prix, that’s good for racing, but complete a three-pronged management “quite a few changes” to this year’s car, forward, but I don’t want to bet all the will allow for up to 25 races in the cal- should you go to 24/25 or should you structure underneath him. McLaren are only looking to make “in- chips on 2021. The cost cap, which I endar, four more than the current stay at 21/22 and rotate markets? That While this will be their first season cremental gains” and stay ahead of the think will really start to level the play- agreement. An exception was made for would keep demand up,” he argues. working together, there is continuity in chasing pack, with Brown citing pit- ing field, won’t start having an im- this season, which is due to start “The Olympics is every four years, so the drivers’ line-up in Carlos Sainz Jr stops and reliability as key areas for im- pact until 2022-23, because people in Australia next week, to in- if you have a grand prix every two years and Lando Norris, who, following suc- provement. are spending now for 2021.” crease it to 22 races, al- in some key markets, I think that cessful debut campaigns, were hailed “We’re just getting started,” Brown though some of those are works. It gives us calendar expansion by Brown as “a risk that paid off”. says. “I’ve got the resources we need, CALENDAR under threat from the without breaking the work demands but it’s going to take time for the team EXPANSION coronavirus outbreak. that go into 24/25 races. But ultimately INCREMENTAL GAINS to work together. It’s one of the reasons Improving the competitive- For Brown, racing 25 we will support whatever direction it “It was the first time we haven’t had a Mercedes are so strong. They are not ness of a sport that has seen weekends of the year is goes in.” world champion in our car for as long only great individuals but they operate the same team – Lewis Hamil- “too much for the peo- Integral to McLaren’s hopes of mov- as I can remember, the first time we’ve really well as a team. That takes time.” ton’s Mercedes – win for seven ple in the current sys- ing up the grid in 2021 will be how well had two new drivers that I can remem- The success of last year has put a limit successive years is just one tem”. the new senior team gels. ber,” the 48-year-old says. “I give Carlos on how much improvement McLaren way F1 owner Liberty “I person- Team principal Andreas Seidl and and Lando a lot of credit for the uplift can make this season, but it will be cru- Media is trying to ally would technical director James Key joined last in our performance, not just on the cial not to let momentum slip ahead of broaden its appeal. be a fan year and racing director Andrea Stella track, but team morale off it too.” a new era in which the British manu- Liberty is also in- of alter- and production director Piers Thynne Sainz claimed McLaren’s first podium facturer is eyeing a return to the front. Portsmouth bask in their return to spotlight for right reasons the 2010 final and the match is symbolic gated three times in four seasons thanks building process. Pompey were initially whom he convinced of his desire to be- Resurgent Pompey of Portsmouth’s upturn, which is in to a string of disastrous regimes that forced to use a blend of academy and come part of the community with a large part down to the relentless work saw the south coast side’s debts to reach non-league players and train at the local charm offensive that included visiting set to host Arsenal of supporters who have brought the £135m. university, and spent four years in local pubs. club back from the brink. It is fitting, League Two before being promoted as Under manager Kenny Jackett, in FA Cup tie, writes then, that this match is in the tourna- HIGH COURT BATTLE champions in 2017. Portsmouth are now third in League Michael Searles ment where they experienced their Facing liquidation, the club was ulti- But under chief executive Mark Catlin One and on course to return to the play- biggest recent high – and against the mately saved by its fans. An acquisition the books had finally been balanced and offs following last year’s semi-final de- competition’s most successful side. scheme was set up to allow supporters the community-owned club were debt feat. They are also set to face Salford in HEN Portsmouth welcome Arse- Harry Redknapp led Portsmouth to a to invest in the club and underwrite the free and on the rise. the EFL Trophy final, having won the nal to Fratton Park tonight first major trophy in 58 years when they ongoing costs, and in April 2013, the Recognising the need for further in- competition last year. Wthere will be a release of emo- lifted the FA Cup in 2008. But despite re- Portsmouth Supporters’ Trust, chaired vestment, in swooped former Walt Dis- Tonight’s FA Cup tie with Arsenal is tions from the almost 20,000 Pompey turning to Wembley two years later, off- by Ashley Brown, won the right to take ney chief executive Michael Eisner. the latest indication of the club’s re- fans present, many of whom are re- the-field financial issues and chronic control of the club – but only after a Pompey fans could have been forgiven vival, then, and an opportunity for the sponsible for the club’s revival. mismanagement had already set in. High Court battle with previous owners for any scepticism about foreign owners, fans, who have worked tirelessly to get The fifth-round tie is the furthest the The club was forced into administra- to retain Fratton Park. but Eisner’s vision of a self-sustaining the club back to this point, to bask in club have progressed in the FA Cup since tion twice in as many years and rele- It was just the beginning of the re- club was shared by the supporters, their achievements.

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Comply or Die - Grand National Winner 2008 28 SPORT MONDAY 2 MARCH 2020 CITYAM.COM MASTERMINDING MCLAREN Chief exec Zak Brown on the SPORT struggle to build on 2019 PAGE 27

A PERFECT WEEK

CARABAO CUP SERIAL TROPHY HUNTERS been had referee Lee Mason not on the right of a front three but Foden stars as City City have made the EFL Cup their own wrongly awarded City a corner from proved his team’s most effective out- follow Madrid win VILLA MAN CITY in recent years; this win not only com- which Rodri nodded their decisive let, running Villa utterly ragged in a pleted a hat-trick but also made it second goal, and had Bravo not dis- superb first half. He stole in at the far with third Carabao four in five seasons. played razor-sharp reflexes to tip a post to head Rodri’s ball back across Previously it has been a mere taster Bjorn Engels header onto the post two goal for Aguero to bury the opener Cup in a row, writes of juicier achievements to come – in minutes from time. and, in one piece of virtuoso skill 2018, a record league points tally; in City’s 70 per cent possession did not after half-time, controlled a long pass Frank Dalleres 2019, a domestic treble – and Pep allow much room for Jack Grealish’s and set off on a dribble while juggling Samatta1 41 Aguero2 20, Guardiola’s team still harbour hopes obvious gifts to flourish and Villa’s the ball. He rightly took the man-of- ATELY has not been the hap- Rodri 30 of adding two more trophies before most dangerous moments came from the-match award. piest of times for Manchester the current campaign is out. crosses by Ahmed Elmohamady or City. The title they have held Liverpool and, yesterday in the Whatever happens between now Anwar El Ghazi – the latter’s centre ROCKY STONES Ldear for two years is being Carabao Cup final at Wembley, a vic- and June, this was a reminder of the was despatched emphatically by John Stones, too, was given a rare wrenched away by Liverpool, tory over Aston Villa and a first trophy obsessive relentlessness with which Samatta. Still, they clung on as City chance to impress having fallen down the title they covet most looks like of the campaign. After everything, Guardiola hunts down silverware. racked up 22 shots. With a relegation the pecking order this term, but did being out of reach until 2022, and the not far off a perfect week. “Three times in a row is a big suc- battle in front of them, Dean Smith’s little to silence his critics. knock-on effect of that has been to This was not plain sailing, even if it cess. It’s the consistency,” he said af- side will need similar fighting spirit. Samatta’s goal came after the raise doubts about the futures of the looked it after half an hour. With Phil terwards. “We’ve won a lot. Every £47.5m centre-back inexplicably fell men who have taken them to new Foden to the fore, Sergio Aguero put game we play we try to win it, every FODEN TO THE FORE over when trying to deal with a hope- heights. City ahead and Rodri swiftly doubled competition we try to win it, and While Grealish only flickered, an- ful ball forward. It was not the as- But the last few days have brought the lead. Mbwana Samatta’s flying three times in a row, being here and other young English playmaker sured display with which to demand cheer. A comeback win at Real Madrid header before half-time kept the con- winning is great.” burned bright in City colours. he adds to his 10 league starts and to seize control of their Champions test alive and the holders needed a With Bernardo Silva and Kevin De may also give England manager League last-16 tie, a long-awaited and fine save by Claudio Bravo to win the GREALISH SHACKLED Bruyne on the bench, Foden, 19, was Gareth Southgate pause for thought unexpected Premier League defeat for competition for a third time in a row. Villa may wonder what might have handed only his 10th start this season as he mulls his Euro 2020 selection.

SCIVER FIRES ENGLAND INTO WOLVES ROAR BACK TO PILE ANCELOTTI SEES RED AFTER FIVE-TRY WASPS BEAT EXILES T20 WORLD CUP SEMI-FINALS SPORT DIGEST MORE MISERY ON TOTTENHAM EVERTON GOAL RULED OUT AND CLIMB INTO TOP HALF £ England eased past West Indies by 46 £ Wolves twice came from behind to win £ Everton manager Carlo Ancelotti was £ Wasps ran in five tries as they came runs in their final group game to reach the MEXICO WIN LIFTS WATSON 3-2 at Tottenham and overtake them into sent off after the final whistle of his side’s from 14-3 down to beat London Irish and semi-finals of cricket’s Women’s T20 World BACK INTO WORLD TOP 50 sixth place in the Premier League 1-1 draw with Manchester United climb to sixth in the Premiership Cup yesterday in Sydney. Natalie Sciver hit £ Britain’s Heather Watson will return to yesterday. Steven Bergwijn and Serge yesterday for protesting the decision to yesterday. Props Biyi Alo and Ben Harris, 57 off 56 balls as England made 143-5 the top 50 of the women’s tennis rankings Aurier put Spurs in front at half-time either disallow a late goal. The Toffees thought full-back Marcus Watson, scrum-half Dan before Sophie Ecclestone (3-7) became the today after she won her first title since side of Matt Doherty’s equaliser, but Diogo they had snatched victory when Dominic Robson and fly-half Jacob Umaga all youngest woman to reach 50 international 2016. Watson overcame 17-year Canadian Jota levelled and then set up strike partner Calvert-Lewin’s shot deflected in off Harry crossed for the visitors. Bristol went third T20 wickets as West Indies were bowled Leylah Fernandez 6-4, 6-7 (8-10), 6-1 in the Raul Jimenez to complete the comeback. Maguire, but Gylfi Sigurdsson was offside as they defeated West Country rivals Bath out with 17 balls remaining. Heather final of the Mexican Open in Acapulco Wolves are just goal difference behind and ruled to be interfering. Everton, who 19-13. Tries from back-row Christopher Vui, Knight’s side join South Africa in the last yesterday. The 27-year-old from Guernsey Manchester United and three points off took the lead through Calvert-Lewin in the wing Alapati Leiua and replacement Harry four, where they will meet either India, said: “It’s been a few years, so I’m just fourth-placed Chelsea. Spurs, who have third minute, remain 11th in the Premier Randall earned Bristol their first win at The Australia or New Zealand. The draw will be really, really happy that I came through now lost three consecutive games in all League. United, for whom Bruno Rec for 14 years, despite Bath hitting back finalised after today’s fixtures. that match.” competitions, lie seventh. Fernandes scored again, stay fifth. through replacement Will Chudley. To find out how we are different, come in and see us at one of our seven Branches across Greater London.

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