BUSINESS WITH PERSONALITY THE BORED ROOM A DIFFERENT BALL GAME HOW TO LIVEN UP WHY ENGLAND’S FAVOURED THE MOST TEDIOUS DUKE IS YET TO WORK P18 OF MEETINGS P13 WEDNESDAY 14 AUGUST 2019 ISSUE 3,435 CITYAM.COM FREE

CHEESED OFF Watchdog blocks TRUMP LIFTS Philadelphia ad over gender roles STOCKS WITH

HARRYCLIMBDOWN ROBERTSON video game consoles, certain trade concerns and China, jumped 1.71 toys, computer monitors, per cent and 1.96 per cent respectively. @henrygrobertson and certain items of European stock markets were US PRESIDENT Donald Trump footwear and clothing”, dragged out of the red, where they had lit a rocket under Wall Street APPLE while other items would languished for most of the day. yesterday after backtracking be removed from the Germany’s Dax index rose 0.8 per cent, on his threat of immediate tariff list altogether. the FTSE 100 climbed 0.5 per cent, and tariffs on technology and 4.23% Wall Street opened the pan-European Euronext 100 rose consumer products from China, lower yesterday but imme- 0.9 per cent. offering global markets some diately rallied following the Gold retreated from its record high to relief from Washington’s trade war announcement, with the tech- $1,502 an ounce amid a respite in the with Beijing. heavy Nasdaq leading the drawn-out trade war between the The Trump administration GOLD way to close up 1.95 per world’s two biggest economies. has now delayed fresh tariffs cent at 8,016.36. The yield on 10-year US Treasuries on Chinese imports such as The Dow Jones rose 5.3 basis points (0.053 percentage laptops and mobile phones $1,502 Industrial Average points) to 1.693 per cent. Yields move until 15 December. They had increased 1.44 per cent inversely to prices. The Japanese yen, a JAMES WARRINGTON cheese sparked complaints over the been due to begin next month. and the S&P 500 closed up famous so-called safe haven asset, fell suggestion that men were incapable At the start of the month the 1.5 per cent. 1.26 per cent against the dollar so that @j_a_warrington of caring for children. US announced it would apply 10 Shares in American tech $1 bought ¥106.66. THE ADVERTISING watchdog has The ASA banned the ad, ruling the per cent tariffs to $300bn (£248.6bn) companies surged, with Apple “The consumer facing piece of the banned two adverts in its first humour derived from the use of of Chinese goods, meaning nearly gaining five per cent in as tariff exemptions boosted the tech crackdown on campaigns that harmful gender stereotypes. all imports from China are many minutes after the sector, especially companies like feature harmful gender stereotypes. The watchdog also banned an levied following a ramping up announcement and clos- Apple,” said Alfonso Esparza, senior In landmark rulings published advert for the Volkswagen eGolf of tariffs in May. NASDAQ ing out the session in market analyst at foreign exchange today, the Advertising Standards following complaints that it Yet the US trade representa- New York up 4.23 per firm Oanda. Authority (ASA) censured Mondelez portrayed men engaged in tive’s office said yesterday in a cent. Industrial bell- Neil Wilson, chief market analyst at and Volkswagen for portraying adventurous activity and women in statement that tariffs would be 1.95% wethers 3M and trading website Markets.com, said gender roles and characteristics in a care-giving roles. delayed for products such as Caterpillar, traditionally Trump had acted “to grease the wheels way that caused offence. “cell phones, laptop computers, among the most sensitive to of this market”. An advert for Philadelphia cream £ THE CITY VIEW: P2 Protesters and police clash for second day running at Hong Kong airport

JAMES WARRINGTON pepper spray, while medics took an said operations at the airport had The clashes mark the latest gas illegally against protesters. injured person – accused of being been “seriously disrupted” and that escalation in tensions as thousands “Take a minute to look at our @j_a_warrington an undercover policeman – out of departing passengers had been of residents protest against a city, our home,” said Hong Kong’s HONG Kong International airport the main terminal. unable to reach immigration perceived erosion of freedoms and leader, Carrie Lam. “Can we bear to was plunged into violence last Protesters blocked several police counters. a tightening of control by Beijing. push it into the abyss and see it night as protesters clashed with vehicles and barricaded A spokesperson said: “Members The United Nations High smashed to pieces?” riot police during a second passageways inside the airport of the public are advised not to Commissioner for Human Rights The violent protests have taken consecutive day of chaos in the city. using luggage and trolleys as come to the airport. The airport urged authorities in Hong Kong to their toll on Hong Kong’s economy, Scuffles broke out as police tensions rose. emergency centre has been act with restraint and investigate pushing the Hang Seng Index to its pushed back protesters using Hong Kong’s airport authority activated.” media reports that police used tear lowest level in seven months.

FTSE 100 ▲ 7,250.90 +24.18 FTSE 250 ▲ 19,008.18 +95.18 DOW ▲ 26,279.91 +372.54 NASDAQ ▲ 8,016.36 +152.95 £/$ ▼ 1.206 -0.002 £/€ ▲ 1.079 +0.001 €/$ ▼ 1.117 -0.005 02 NEWS WEDNESDAY 14 AUGUST 2019 CITYAM.COM

KINDER SURPRISE Boris Johnson shell-shocked by prisoner’s body scan as he continues push for Tory crackdown on crime THE CITY VIEW Ad watchdog takes on social harm at its peril

IMES are changing for the advertising watchdog. Founded in 1962, the Advertising Standards Authority (ASA) was Tbuilt on the principle of keeping ads legal, decent, honest and truthful, providing scrutiny to dubious claims made by brands. In recent years, however, the ASA has seen its jurisdiction expand. In 2004, the regulator added TV and radio to its roster of non-broadcast mediums. New online advertising formats have further added to its workload, and the regulator has now been left to navigate the murky waters of sponsored social media posts. But this is not the only development in the ASA’s work. No longer restricted to anodyne rulings on technical infractions, the watchdog is beginning to strike the gavel on matters of social responsibility. In a particularly notorious case in 2015, the ASA received hundreds of complaints that a weight- PRIME Minister Boris Johnson yesterday visited a prison in Leeds as he continued his push for a crackdown on crime, further fuelling speculation the Tory leader is on an election footing. Johnson appeared unsettled after being shown a body scan image loss ad featuring a bikini-clad model amounted to of a prisoner who tried to smuggle contraband into jail using a Kinder Egg hidden inside his body, normally used to hold toys. body-shaming. The regulator deemed that the billboard ad did not objectify women. In the latest iteration of this change of direction, the ASA has today handed down its first ad bans under new rules against harmful gender stereotypes. The regulator ruled that campaigns by Mondelez and Volkswagen portrayed men and women in stereotypical gender roles in a way that could be deemed offensive. The new measures are well- Wage growth highest in intentioned. An ASA review into advertising showed that harmful stereotypes can have a significant impact on both children and adults, which in turn can contribute to gender inequality. Reinforcing tired cliches in advertising is neither clever nor funny. However, these first rulings lay bare the 11 years despite GDP dip tightrope that the ASA must now tread. There is a risk that the HARRY ROBERTSON regulator starts to clamp down on creativity in a way that is growth in May. It also beat economists’ although “employment continues to expectations of a 3.8 per cent rise. increase” the “number of vacancies draconian and illiberal. Where do you draw the line between @henrygrobertson The rise means real wages – with has been falling for six months, with harmful stereotypes and innocuous ones? What role can BRITONS’ wages grew faster than at inflation taken into account – fewer now than there were this time humour play in mitigating harm? The regulator has become an any time since the financial crisis in climbed at an annual rate of 1.9 per last year”. the three months to June, official fig- cent in the second quarter excluding “Excluding bonuses, real wages are arbiter of taste, and so these are issues it must clarify. Moreover, ures showed yesterday, despite the UK bonuses. growing at their fastest in nearly four an imbalanced approach to this issue risks harming advertising. economy shrinking over the same Yet unemployment rose slightly to years, but pay levels still have not If there is a lack of clarity over what is deemed harmful, period. 3.9 per cent of the working age popu- returned to their pre-downturn peak.” agencies may adopt a risk-averse approach, sucking the lifeblood Meanwhile, the number of UK work- lation between April and June, figures Average regular pay before tax and ers without a job rose slightly in the from the ONS showed. other deductions was estimated at out of one of the country’s booming creative industries. three months to June, although it The score was above the 3.8 per cent £469 per week in real terms in June Navigating the intersection of social responsibility and creative stayed close to record lows, the Office seen in May and above predictions of 2019. This was lower than the pre- freedom is an unenviable task for a regulator. As the question of for National Statistics (ONS) said. the same figure again. It was lower recession peak of £473 per week. The figures are the latest sign that than the four per cent unemployment However, PwC chief economist John decency becomes ever more central to its remit, the ASA must be the UK jobs market remains robust rate of a year earlier, however. Hawksworth said “productivity sure to tread carefully. despite an economy stalling under the Work and pensions secretary Amber growth remains very weak”, with out- weight of Brexit and a global slow- Rudd said: “Households across the UK put per hour down 0.6 per cent in the down. Official figures last week are earning a regular income, and mil- second quarter of 2019 compared with showed British GDP shrank 0.2 per lions more receiving a pay boost a year earlier. cent in the second quarter of the year. thanks to wages rising at their fastest “Weak productivity growth reflects Wage growth reached an annual rate in a decade – outstripping inflation subdued corporate investment growth of 3.9 per cent in the second quarter of for a 17th month in a row.” over the past three years as businesses Follow us on Twitter @cityam the year, higher than the 3.6 per cent Matt Hughes from the ONS said that wait for greater clarity on Brexit.”

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL VETERAN CANARY WHARF WHAT THE HAMMOND: NO 10’S NO-DEAL BERCOW VOWS TO STOP PM BOEING DELIVERIES TUMBLE BOSS SET TO STEP DOWN OTHER PLANS RISK BETRAYAL OF UK FROM CLOSING PARLIAMENT AFTER 737 MAX ISSUES George Iacobescu, the man who led Boris Johnson risks betraying the EU John Bercow said yesterday that he Boeing delivered fewer planes in July Canary Wharf’s transformation from PAPERS SAY referendum result by allowing would refuse to let Boris Johnson take than in any month for the past decade, derelict dockyards in east London to a “unelected people” intent on wrecking Britain out of the EU by suspending furthering the financial blow to the financial centre larger than Frankfurt, is THIS any chance of a deal to “pull the strings” parliament. The Commons speaker said aerospace giant brought by the stepping down as chief executive of the of his government, Philip Hammond he would fight any attempt to prorogue grounding of its 737 Max jetliner. site’s owner after more than two MORNING has warned. Hammond has accused parliament “with every bone in my Deliveries for the year through July decades. The 73-year-old, who fled Johnson aide Dominic Cummings of body”. totalled 258 planes, the smallest communist Romania in 1975, is trying to force through a no-deal Brexit number for that time frame since 2007. currently both chief executive and by making demands that Brussels INDUSTRY GROUPS ASKED chairman of the Canary Wharf Group. “cannot, and will not, accede to”. TO PREPARE FOR NO-DEAL BUSINESSES IN HONG KONG He will move to executive chairman The government has asked industry OPEN CONTINGENCY PLANS later this year. LORD WOLFSON: NO-DEAL groups to come up with “creative and Western companies with large selling a company, earning $123m WILL NOT CAUSE CHAOS practical” ways to help businesses operations in Hong Kong are activating JP MORGAN BAGS RECORD (£102m) for advising Botox-maker A no-deal Brexit would not lead to prepare for a no-deal Brexit. It has also plans for employees to work remotely, FEE FOR ALLERGAN SALE Allergan on a planned $63bn sale to US disorder and chaos, the chief of Next invited them to bid for funding to help and considering how to respond to a JP Morgan is poised to collect the pharmaceutical group Abbvie. The fee has claimed after being encouraged by tell firms how to brace for the impact of variety of possible scenarios, as protests largest individual fee to a bank for would be the largest ever disclosed. Boris Johnson’s contingency planning. the UK crashing out without a deal. in the city become more widespread. CITYAM.COM WEDNESDAY 14 AUGUST 2019 NEWS 03 IN BRIEF WOODFORD TO SELL STAKE IN ARGENTINE PESO FALLS AS SOLARPLICITY HITS OUT AT STARTUP SUPPORTER ADV MACRI FEARS HURT MARKETS OFGEM AS IT POWERS DOWN Beleaguered fund manager Neil Argentina’s peso closed weaker again Failed energy supplier Solarplicity hit out Woodford is set to offload his firm’s stake yesterday following a second day of at regulator Ofgem yesterday, blaming it PM responds to in Accelerated Digital Ventures (ADV), market turmoil triggered by opposition for its collapse. Ofgem yesterday said it which has backed startups including GP candidate Alberto Fernandez’s landslide was taking charge after Solarplicity was on-demand service Push Doctor. victory in a primary election that dealt a forced to abandon its energy supply busi- Woodford Investment Management is severe blow to President Mauricio ness. The business only had 7,500 house- expected to strike a deal this week to sell Macri’s re-election chances. The peso hold customers left after an earlier deal its 40 per cent stake in ADV to fellow closed 4.3 per cent lower at 55.90 per US where Toto took over the bulk of its cus- Trump trade deal shareholder Legal & General, Sky News dollar after touching 59 to the dollar tomers. Solarplicity blamed a series of reported. The deal would make Legal & earlier. The currency had hit an all-time Ofgem orders for the decision. The Energy General by far ADV’s largest investor. The low on Monday of 65 to the dollar, a drop Ombudsman received 3,324 complaints British Business Bank and ADV’s of 30 per cent, on fears that a Fernandez against Solarplicity so far this year. The management also hold small stakes. government could take Argentina back firm is the 12th domestic energy compa- ADV, launched in 2016, has pumped to interventionist economic policies. The ny to collapse in the last two years. “The charm offensive money into startups including home central bank has sold a total $255m collapse of these firms revealed a major ownership platform Unmortgage. The (£211m) of its own reserves since gap in consumer protections,” said ALEXANDRA ROGERS European Union. The possibility of the value of the deal is unclear, but is likely Monday in an effort to help steady the Citizens Advice chief executive Gillian Guy. AND CATHERINE NEILAN two countries’ leaders signing a road to be in the tens of millions of pounds, currency. Fernandez pulled off a “The government must take action and map declaration toward a trade deal according to the report. stunning upset in the primary election. fix this problem.” @city_amrogers @CatNeilan was raised, which could take place at PRIME Minister Boris Johnson yester- this month’s G7 summit meeting in day called negotiations with the US a France, the official said. “tough old haggle”, as he responded to A “series of agreements” could comments made by US national secu- be struck “very quickly, very straight- rity adviser John Bolton that the UK forwardly”, Bolton said on Monday. will be “first in line” for a trade deal “To be clear, in the Trump adminis- after leaving the EU. tration, Britain’s constantly at the “In my experience, the Americans front of the trade queue, or line as we are very tough negotiators indeed and say. We want to move very quickly. we will do a great deal with them and “We wish we could have moved it will open up opportunities for busi- further along in this with the prior nesses, particularly services government.” companies in the US,” Johnson told “Both President Trump and I were Sky News. “It will be a tough old hag- leavers before there were leavers,” gle but we’ll get there.” the national security adviser Bolton, who was in London for meet- added, attacking the EU for its ings with Johnson yesterday, said treatment of the UK since the 2016 Trump would “enthusiastically” sup- referendum. port a no-deal Brexit, while ensuring Bolton said: “The fashion in the trade deals were quick to follow. European Union when the people vote They would be carried out on a sec- the wrong way from the way that the tor-by-sector basis, he said, leading elites want to go is to make the peas- with manufacturing. ants vote again and again until they A senior Trump official later told get it right.” reporters Bolton had also yesterday However, Johnson also said yesterday discussed a partial trade accord with that the biggest trade deal the UK international trade secretary Liz Truss needed to strike after Brexit was with that could take effect on 1 November, its “friends and partners over the the day after Britain is due to leave the Channel”.

The airline said the routes were no longer commercially viable Norwegian cuts routes between Ireland and US amid Boeing saga ALEX DANIEL returning to profitability. The airline said all six routes it @alexmdaniel operates from Dublin, Cork and BUDGET airline Norwegian Air will Shannon to airports in the US and stop flights between Ireland and the Canada would stop running on 15 US in September, after its finances September. were hit by the grounding of the Any customers who already have Boeing 737 Max. flights booked will be rerouted to It said: “We have concluded these other Norwegian services, the airline routes are no longer commercially said. Other services will continue as viable.” normal, it said. Norwegian has struggled to make The airline said if it made any a profit in recent months, and said redundancies as a result of the in July the grounding of the Boeing decision, they would be “a last jet could scupper its hopes of resort”. 04 NEWS WEDNESDAY 14 AUGUST 2019 CITYAM.COM

SQUARING UP CBS and Viacom sign deal US inflation picks up in July amid for merger as they enter streaming battle presidential pressure for rate cuts HARRY ROBERTSON Month on month, price inflation probably be reversed in August,” said excluding the volatile energy and Andrew Hunter, senior US economist @henrygrobertson food sectors rose 0.3 per cent in July at Capital Economics. US INFLATION picked up in July as after the same rise in June. The rise might scupper the chances the cost of gasoline and housing rose, Economists had predicted a 0.2 per of US President Donald Trump raising the possibility the Federal cent increase. getting the deeper interest rate cut he Reserve will hold back from rate cuts Higher gasoline and housing costs desires. in the near future. were the main drivers of the growth Neil Wilson of trading platform The US consumer price index (CPI) of the all-sector inflation gauge, the Markets.com said: “The CPI numbers picked up to 1.8 per cent from 1.6 per US Labor Department said. could well drag on expectations for cent in June, and beat predictions of “With global crude oil prices since the Fed to imminently cut rates as 1.7 per cent price growth. dropping back, that move will aggressively as the market expects.”

CBS AND Viacom last night agreed terms for a merger that will create a media giant with more than $28bn (£23bn) in revenue. The deal will give CBS access to Viacom divisions such as Nickelodeon, as the group looks to take on streaming rivals. Investor fears of recession rise to eight-year high SEBASTIAN MCCARTHY rates since 2008 as trade war concerns send recession risk to an eight-year @SebMcCarthy high,” said Michael Hartnett, chief MORE than one in three investors are investment strategist. forecasting a global recession in the He added: “With global policy stim- next 12 months, marking an eight- uli at a 2.5-year low, the onus is on the year high as trade war worries linger Fed, European Central Bank and over markets across the world. People’s Bank of China to restore In the highest recession probability animal spirits.” level since October 2011, 34 per cent of The 10-year US Treasury will not investors surveyed by Bank of America trade below one per cent in the next Merrill Lynch have said they think 12 to 18 months, according to 71 per two consecutive quarters of negative cent of respondents. growth are likely in the year ahead. A record net 50 per cent of investors Over half of investors (51 per cent) also said that they were concerned said that the current tit-for-tat about corporate leverage, while 46 per tariff war between China and the cent said that they want corporates to US was the biggest tail risk, while use cash flow to improve balance 15 per cent cited monetary policy sheets. impotence. “Given the current course of central According to the US bank’s fund bank policies, the asset class most manager survey for August, a net 43 vulnerable to a classic investment per cent of investors also expect lower bubble is corporate bonds, according short-term rates while only a net nine to 33 per cent of respondents,” the per cent expect higher long-term rates report added. over the next 12 months. Wall Street was spooked earlier this Such an outlook makes the survey month when US President Donald the most bullish view on bonds since Trump vowed over Twitter to impose a November 2008. 10 per cent tariff on a final $300bn “Investors are the most bullish on (£248bn) worth of Chinese imports. Investment morale nosedives as German economic woes worsen MADELINE CHAMBERS safer assets like government bonds. Economic sentiment among THE MOOD among German investors investors fell to minus 44.1 from plummeted in August to its most minus 24.5 in July, its lowest since pessimistic since the peak of the December 2011 and way short of Eurozone debt crisis, a leading survey expectations for a dip to minus 28.5. showed yesterday, heightening Uwe Burkert, chief economist at concerns that Europe’s biggest LBBW Research, said the survey “gives economy is heading for recession. a further clear warning signal of The sharp drop in the monthly recession for the German economy”. ZEW survey, blamed on trade Traditionally driven by strong sales conflict and uncertainty over of its products abroad, Germany’s Brexit, sent German blue-chip economy has this year increasingly shares to an intra-day low as it relied on domestic demand to spur prompted investors to switch into growth as exports have fallen. Reuters CITYAM.COM WEDNESDAY 14 AUGUST 2019 NEWS 05 Burford accused ENRC blasts legal claim of having ‘same against UK fraud squad illness’ as Enron JAMES BOOTH in long-running battle @Jamesdbooth1 MUDDY Waters redoubled its assault AUGUST GRAHAM the same ground, the SFO said. on litigation funder Burford Capital Speaking yesterday, a spokesperson yesterday, accusing the company of @AugustGraham for the SFO said that to “allow having the “same illness” that ENRC has fired a new legal salvo the review to continue parallel to Exxon pumps 80,000 barrels of oil and 441m cubic feet of gas a day from the basin brought Enron down. against Britain’s fraud watchdog over a the civil proceedings would be an The activist shortseller accused long-running investigation into the unwarranted use of public resources”. Burford of “addiction to mark-to- miner. It will decide after the case whether model gains financed by debt”. The case stems from a Serious Fraud to re-open the review. Exxon Mobil prepares its exit In mark-to-model or fair value Office probe, which was launched in In its filing, the miner has said there accounting, unrealised gains are 2013, into allegations of fraud. are “serious concerns” that the SFO included on a company’s balance ENRC filed papers with the High colluded with ENRC’s former lawyers, from the British North Sea sheet. Court in London this month, chal- and leaked confidential information US energy company Enron used lenging the SFO’s plans to pause an to the press. AUGUST GRAHAM the basin, which could sell for up to aggressive mark-to-market investigation into its handling of the ENRC also said it has “grave concerns $2bn (£1.65bn), sources told Reuters. accounting, as well as false and ENRC case. about the legality, propriety and pro- @AugustGraham The meetings have been taking fraudulent accounting, and went In June the fraud office told Sir portionality” of the decision to stop EXXON Mobil is poised to end a place in recent weeks, and involve bust in 2001. David Calvert-Smith to stop his review the review. decades-long love affair with the all or some of Exxon’s assets. Muddy Waters said it was not of the SFO’s behaviour, and whether it “What has the SFO to fear from the British North Sea, becoming the The North Sea has faced a double- accusing Burford of any illegal broke its own rules. findings of an independent and latest US oil major to pull back and whammy hit as reserves dwindle activities or fraudulent accounting. It said it halted the review after impartial investigator being dis- re-group on home soil. alongside new discoveries in the US. A Burford spokesperson said: “This ENRC opened up a separate legal front closed?” the filing asks. The company has been sounding Amid a US shale boom, majors are further report repeats factual in the case. Both the inquiry and the ENRC was listed on the London Stock out fellow North Sea operators to selling off, or scaling back their inaccuracies... that we have already litigation would have covered much of Exchange until 2013. find a suitable buyer for its assets in foreign investments to re-invest. comprehensively addressed.” Rival Silvertown bidder begins legal challenge

ALEXANDRA ROGERS Silver Thames Connect is a further details about the claim and consortium consisting of Hochtieff, will respond to them in due @city_amrogers Dragados and Iridium Concesiones course.” A RIVAL bidder for the proposed de Infraestructuras. The project will connect the Silvertown Tunnel has launched Sources told the Greenwich peninsula to legal action against Transport for magazine that Silver Silvertown through an London (TfL), preventing it from Thames Connect under-the-water tunnel. signing the £1bn contract. believed it offered TfL has said the new TfL awarded the contract to build better value for and design the tunnel in east money. TfL awarded the London to Riverlinx, a consortium A TfL spokesperson contract to Riverlinx that includes Aberdeen Standard said: “We are Investments (ASI), Cintra and disappointed that our tunnel will reduce Macquarie Capital. reserve bidder, STC, congestion at the New Civil Engineer reported that has decided to challenge Blackwall Tunnel, which one of the losing bidders, Silver the outcome of our sits under the Thames and Thames Connect, has launched procurement process for the links Tower Hamlets with the legal action against TfL, which design, build, finance and Royal Borough of Greenwich. prevents it from physically signing maintain contract for the It was closed more than 700 the contract with Riverlinx. Silvertown Tunnel. We are awaiting times in 2017-18.

Senior MP hits back at City watchdog confirms delay Facebook over firm’s to new online payment rules ‘disingenuous’ letter

JAMES WARRINGTON The delay came after industry JAMES WARRINGTON groups warned that card issuers, @j_a_warrington payments firms and online @j_a_warrington THE CITY watchdog has agreed to retailers would not have time to THE CHAIR of the parliamentary delay new rules on online implement the changes and that committee probing Facebook’s payments for 18 months after customers could be affected. alleged contradictory evidence to industry bodies called for more Eric Leenders, managing MPs has branded the tech giant’s time to adapt to the changes. director of personal finance at UK response “disingenuous”. The new rules, known as strong Finance, said: “Fighting fraud Facebook has been accused of giv- customer authentication (SCA), must be a priority for everyone ing inconsistent evidence about the will create an additional layer of and these new rules will be an Cambridge Analytica scandal. Asked verification for online payments important tool in protecting to explain, Facebook said its testimo- to help reduce fraud. customers, helping keep them ny related to two separate incidents. The measures will come into safe when they shop online.” Damian Collins, chair of the effect on 14 September, but the Earlier this year the European Digital, Culture, Media and Sport Financial Conduct Authority has Banking Authority said more time Select Committee, yesterday said businesses will be granted a was needed to implement the described the explanation as “typi- grace period until March 2021. complex changes. cally disingenuous”. 06 NEWS WEDNESDAY 14 AUGUST 2019 CITYAM.COM Watches of Switzerland keeps in time with rising demands of sport SEBASTIAN MCCARTHY for its recent sales growth. a great association between watches Boss Brian Duffy told City A.M. that and excellence in sport.” @SebMcCarthy there has been a trend away from The group, which listed on the THE RETURN of the Premier League classic watches to sport watches, London Stock Exchange in May, season has put a smile on many faces, with the group cashing in on the posted revenue of £209m for the but none more so than Watches of shift through its marketing of some quarter to 28 July, rising 17.8 per Switzerland, the UK’s biggest seller of of the UK’s largest sporting events. cent from the same period last year. Rolex watches. “With Formula One, golf, tennis, The firm said the luxury watch The newly-listed luxury retailer, and now the Premier League, markets in the UK and US “remain which reported a double-digit rise in marketing and sponsorship has strong… We do, however, note the revenue yesterday, has hailed an resonated well for us”, said Duffy. ongoing wider macro-economic increased appetite for sport watches He added: “There has always been uncertainty in the UK and US.”

The newly listed luxury retailer reported a double-digit rise in revenue Plus500 profit tanks but trade site shares jump

HARRY ROBERTSON can borrow from brokers to bet on market movements. @henrygrobertson Shares in the trading firm rose sig- TRADING website Plus500 said yester- nificantly, however, after it day pre-tax profit plunged over 80 per announced share buyback plans and cent in the first half of the year, com- said it would distribute 60 per cent of pared to a year earlier. net profit to shareholders. It blamed a lack of volatility in Chief executive Asaf Elimelech said: global markets, providing its cus- “Our first-half performance, and trad- tomers with fewer opportunities to ing to date in the third quarter 2019, make money. is consistent with current expecta- Yet shares in the company rocketed tions for 2019. Underlying operational nearly 21 per cent after it announced performance and new customer an equity buyback of up to $50m acquisition metrics remain robust.” (£41m). Shares in the firm have fallen over Profit before income tax slumped to 60 per cent since February, following $63.9m in the first half of the year a controversial accounting error. from $346.4m in the same period a year earlier. PLUS 500 Plus500’s revenue fell 68 per cent to P $148m in the first half, down from 750 $465.5m in 2018. The firm’s earnings per share tum- 700 690 13 Aug bled to $0.45 from $2.30 in the first 650 half of the previous year. In the firm’s interim results yester- 600 day it noted that Australia has received powers similar to those in the 550 EU which have cracked down on the amount of money amateur traders 7 Aug8 Aug 9 Aug 12 Aug 13 Aug Gibraltar denies Iranian report of plan to free seized oil tanker GUY FAULCONBRIDGE Gibraltar authorities as saying that the tanker would be freed yesterday A HIGHLY placed Gibraltarian evening. government source denied an Iranian However, a senior Gibraltarian news agency report that the Iranian government source said that the oil tanker Grace 1 would leave the report was not correct. Earlier, British overseas territory yesterday. Gibraltar said it was seeking to de- British Royal Marines seized the escalate the situation. tanker on 4 July off the coast of the “We continue to seek to de- British Mediterranean territory of escalate issues arising since the Gibraltar on suspicion of violating lawful detention of Grace 1,” a EU sanctions by taking oil to Syria, spokesman for the Gibraltar which Tehran denies. government said. The current Iran’s semi-official Fars news detention order on the vessel expires agency quoted unidentified on Saturday night. Reuters CITYAM.COM WEDNESDAY 14 AUGUST 2019 NEWS 07

LAST ORDERS IN HEDGIE TOWN Mayfair Mears Group profit declines despite Balls Brothers restaurant to shutter doors new contract wins boosting orders ALEX DANIEL months ending 30 June fell 10 per invest more and reduce its presence cent to £17.1m. Revenue rose 10 per in the development business @alexmdaniel cent to £480.8m. In early 2019, Mears snagged PROFIT at Mears Group declined in Mears had acquired assets and contracts worth $3.7bn (£3.1bn) from the first half of the year as it scaled contracts from support services firm the government along with Serco to back its home development Mitie’s property maintenance provide homes for asylum seekers. business, but its order book business in 2018 and has been in the Mears said the contract would add remained strong thanks to a process of integrating it into its own about £100m a year to its annual government contract win and business. revenue for the next decade. contributions from acquisitions. The company, founded in 1988 as When asked about the impact of The company, which provides a maintenance company with a the recent fall in value of the pound support services to the social single van in western England, on Mears, chief executive David A POPULAR watering hole for hedge funds in the West End served up dishes for the housing and care sectors, said decided to exit new build activities Miles said that he did not see any final time last night, City A.M. has learned. The owner of Balls Brothers, which also adjusted pre-tax profit for the six that would require the company to impact. has several outlets in the City of London, has sold back the site to its landlord. UK lawyers get Steinhoff to sell EU passports on Brexit fears off assets in bid JAMES BOOTH @Jamesdbooth1 UK LAWYERS in Brussels are taking Belgian citizenship in order to keep practising before the European to cut debt pile courts post-Brexit. Trevor Soames, a Brussels-based SEBASTIAN MCCARTHY financial years, a summary of the partner with US law firm Quinn findings posted on the Steinhoff com- Emanuel who recently obtained @SebMcCarthy pany website showed. Belgian citizenship, told City A.M.: EMBATTLED global retailer Steinhoff In July the company reported a “Everybody I know either has done said yesterday that it will sell off assets €356m (£330m) loss from continuing it or is in the process of doing it. I in the wake of a $7bn (£5.8bn) operations during the first half of the can’t think of anybody who hasn’t accountancy scandal. year, compared with a loss of €392m – they’d be silly not to.” In a bid to slash its debt pile, the in the same period in the previous A competition partner at another troubled South African giant revealed year. Frontline and Golden Ocean will own a combined 25 per cent of the venture US law firm said: “It is a trend that plans to slim down into a Excluding tax, the loss came in at began soon after the Brexit retail-focused investment holding €243m. referendum… It obviously makes company. In its annual report the company, good sense if you are working with Chief executive Louis du Preez told which owns Mattress Firm in the US, Trafigura partners up ahead of European law.” investors that its current debt of over partly blamed the “severely negative” In the event of a no-deal Brexit, $10bn was “too high”, adding that the consequences of the financial scandal British lawyers practising in the EU firm’s current strategy was its “only for its results. ban on polluting shipping fuel will lose their right to lawyer-client way to survive”. It said that a number of additional privilege where any legal advice Steinhoff’s management team said it factors, such as asset disposals and a AUGUST GRAHAM credit will provide increasingly given remains confidential. would aim to sell off its non-retail wider slowdown within the global competitive bunkering supply British lawyers will also lose assets and slash jobs at its French economy, dragged on net sales. @AugustGraham services to our customers,” it said. their rights of audience before furniture chain Conforama as part of Philip Dieperink, the group’s outgo- TRAFIGURA has said it plans to link It comes as the International European courts. an effort to cut its debt. ing finance chief, said that a core part up with two Norwegian-owned Maritime Organisation (IMO) plans “A significant part of my work is In March this year the group said an of the restructuring would take place shipping firms to start supplying to introduce new emissions arguing cases before the European independent report had discovered in France, confirming the possibility shipping fuels. standards in fuel from next year. courts; as of 31 October my rights that the firm overstated profits for of closures at Conforama. The commodity trader said it was They will ban most ships from of audience cease,” Soames said. several years in a $7.4bn fraud that The firm’s financial results for 2018 launching a joint venture with using shipping fuel with more than “Taking another nationality is shocked investors. and 2018 were repeatedly set back as it Frontline and Golden Ocean as the 0.5 per cent sulphur, without not something I have done lightly,” A probe by Big Four accountancy waited for the results of PwC’s industry prepares for tough new fuel mitigation measures. The limit is Soames said. firm PwC found that the company had accountancy probe and for audits standards from the start of 2020. currently 3.5 per cent. “I’m very happy to be living in recorded fictitious or irregular trans- from external auditor Deloitte, which “We believe… the joint venture’s The crackdown is part of the IMO’s Belgium and grateful but I never actions adding up to $7.4bn over a kept missing deadlines due to the increased base volumes and greater plans to halve emissions by the imagined it would ever be necessary period covering the 2009 and 2017 complexity of the fraud. access to both infrastructure and middle of the century. and, when doing it, I was sad.” Europe antitrust chief urged to crack down on Google’s job search tool

AUGUST GRAHAM some of their market share. looking into Google for Jobs since it The letter, seen by Reuters, urged launched in Europe last year. @AugustGraham regulators to move against Google’s Google’s new function places a bar A GROUP of almost two dozen allegedly unfair practices. at the top of the search engine, European job sites have heaped It said that EU competition circumventing the need for a user to pressure on Google for allegedly commissioner Margrethe Vestager, click into a traditional job site. using its search engine to unfairly who has a record of fining the “Google is attempting to favour its own results. search giant, should issue an interim circumvent and ultimately serve as a In a letter sent to EU antitrust order for Google to stop anti- substitute for other job boards,” the regulators, 23 online job search sites competitive behaviour while she letter said. said that Google’s own jobs search, investigates the issue. Google said it has already made Commissioner Margrethe Vestager has levied more than €8bn in fines against Google which launched last year, had stolen The antitrust office has been changes in Europe. 08 NEWS WEDNESDAY 14 AUGUST 2019 CITYAM.COM Late holiday bookings cause slump in Getlink’s Channel Tunnel traffic ALEXANDRA ROGERS 144, 990 in July 2018 to 130,936 last the previous year. Getlink said it had month, which the company said was been “penalised by an unfavourable @city_amrogers “mainly due to the lack of recovery calendar effect with later holiday GETLINK, the Channel Tunnel in the automotive market, and a departures”. operator, reported slumps in its truck slowdown in UK consumption”. In June, Getlink blamed dwindling and car traffic figures in July, which Since the beginning of the year, passenger traffic numbers on the it blamed on a slowdown in UK more than 940,000 trucks have political uncertainty caused by consumption and later holiday crossed the Channel on its Le Brexit. It reported an 11 per cent departures. Shuttle Freight services, down five drop in truck traffic in May after Getlink, which used to be called per cent on the same period a year British businesses de-stocked the Eurotunnel, transports passenger earlier. items they had initially built up in vehicles and commercial vehicles Last month, 294,044 passenger preparation for the UK to leave the across the Channel. vehicles were transported across the EU on the scheduled departure date Truck traffic decreased from Channel, down seven per cent on of 29 March. Getlink is the parent company of Eurotunnel, which operates the Channel Tunnel Ban hands-free Boeing jet pain mobile devices in cars, say MPs pushes Menzies CATHERINE NEILAN @CatNeilan PEOPLE could be banned from using hands-free devices on their mobile phones while driving, under to first-half loss fresh recommendations by a group of MPs. HARRY ROBERTSON and a slowdown in the global Despite the “misleading economy. impression” that using hands-free @henrygrobertson Chief executive Giles Wilson said: devices is safe, it actually carries AIRPORT services firm John Menzies “The first-half result was impacted by “the same risk of collision”, yesterday became the latest company the loss of exclusive licences in the members of the Transport Select to suffer from the grounding of second half last year and generally Committee said. Boeing’s 737 Max jets, as weak cargo weaker markets. While criminalising hands-free volumes helped to push it to a first- “We continue to drive a company- phone use and enforcing the ban half loss. wide focus on cost reduction, cus- The car maker’s share price has fallen 73 per cent since its flotation last October would be challenging, “this does Shares in the London-listed firm fell tomer engagement and operational not mean that we should not do it”, 3.4 per cent yesterday to 401p. discipline, with profitable growth at the MPs’ report published John Menzies recorded a pre-tax loss the forefront of our agenda.” yesterday said. of £4.4m in the six months to the end He added: “Looking forward, I con- Hedge fund shortsellers target “The evidence shows that using a of June, after making a profit of £8.3m tinue to see clear opportunities to hands-free device creates the same a year earlier. grow profitably.” risks of a collision as using a hand- The company’s revenues grew, how- The profit fall took its basic earnings debt at struggling Aston Martin held device, and it is therefore ever, to £649.9m from £627.2m in the per share from continuing operations inappropriate for the law to first half of 2018. down to minus 5.8p in the first half ALEX DANIEL denominated bonds that back the condone it by omission,” it said. The grounding of the Boeing jets – from 6.7p a year earlier. 3.95% group have rocketed in price, Using hand-held phones while since March, after two fatal accidents @alexmdaniel becoming the most costly of any UK driving was banned in 2003, and – has had implications for the whole JOHN MENZIES HEDGE funds have taken corporate debt for new borrowers, carries a maximum punishment of aviation sector, reducing traffic and P record short positions in Aston according to IHS Markit data, with six penalty points and a £200 fine. costing airlines dearly. 430 Martin’s debt and equity, betting that an annualised borrowing fee of up to However, the report noted it was It came at a bad time for John the company’s recent stock market 550 basis points. “still troublingly widespread and Menzies, which has been going 420 struggles are far from over. The firm has two sets of debt which can have catastrophic through a turnaround programme 410 The car maker has suffered a 73 can be invested in: a £285m bond consequences”, pointing to the 773 aimed at boosting profit. 13 Aug per cent decline in its share price which matures in three years, and a casualties in 2017 where use of a It warned earlier this year that earn- 400 401 since its October float, cutting more $400m (£331.4m) bond with the same mobile phone was “a contributory ings would stay flat in 2019. than £3bn from its market value. maturity. IHS said the limited supply factor”. The aviation industry has also had 390 As a result, hedge funds have of sterling bonds on offer to borrow The MPs recommend a to deal with stiff competition from started shorting something other indicated demand among government review and public budget airlines, volatile fuel costs 7 Aug8 Aug 9 Aug 12 Aug 13 Aug than its shares – its debt. Sterling shortsellers to bet against the group. consultation by the end of the year. Rail fares have risen at twice speed of British wages during past decade

ALEXANDRA ROGERS 23 per cent. The findings come as the overcrowded and understaffed trains.” government is set to announce a three Robert Nisbet, at the Rail Delivery @city_amrogers per cent fare hike today. Group, which represents the train RAIL fares have risen twice as fast as Campaigners have long called for operators, said: “No one wants to pay wages in the past decade, fresh analy- rail fares to hinge on the lower con- more to get to work but, by holding sis by the TUC trade union organisa- sumer price index, which generally rises down to no more than inflation, tion has found. grows at a slower rate. government is ensuring that money The figures show that rail fares, TUC chief Frances O’Grady said: from fares continues to cover almost which are pegged to the retail price “The last thing UK commuters need is all of the day-to-day costs of running index inflation measure, have risen by another hefty fare increase. We’re rail services.” 46 per cent since 2009, while nominal already paying the highest ticket The government is also launching a The government is set to announce a three per cent increase in the cost of rail travel weekly earnings have only grown by prices in Europe to travel on railcard for 16 and 17 year olds today. CITYAM.COM WEDNESDAY 14 AUGUST 2019 NEWS 09

ROLLS-ROYCE P 1,100 1,000 752.60 Italian incident 13 Aug 900

800 spells fresh pain 700 Dec 2018 Apr 2019 Aug 2019

complex interactive systems… you really are pushing the physics to the limit and there are always going to be for Rolls-Royce some uncertainties.” That was before what happened in Italy at the weekend. The engine maker just can’t shake the For investors, it’s not pretty. It is arguably this issue which has most same old issues, reports Alex Daniel hampered Rolls-Royce shares from returning to a historic 2013 high of N A SUNNY, 30-degree after- Royce, whose Trent 1000 engine Engine issues 1,271p. The company closed yesterday noon in Fiumicino, near model powered the jet. have proved at 752.6p, way down from 1,033p this Rome last weekend, resi- The blue-chip firm, long seen as one hard to fix time last year. dents of the airport town of the jewels in the crown of Britain’s CMC Markets analyst Michael thought they were experi- manufacturing industry, has been Hewson told City A.M. the latest events Oencing a sudden hail storm. tussling with reliability issues in the jets fitted with the Trent 1000, and Chief executive Warren East said “a would “also raise the question as But when witness Paola Di Lazzaro engines for three years. Yesterday, that Rolls-Royce acted swiftly to develop a significant portion” of that sum to whether this malfunction was part looked outside she saw “a storm of battle culminated in ratings agency more resilient part. It spent £170m would involve compensating airlines of the same problem, or an entirely steel and iron”, she told Italian news- Moody’s downgrading its outlook for fixing the problem in 2017, which was whose flight schedules had been dis- separate issue, related to the same paper Il Messaggero. the company from stable to negative. limited to the so-called Package C rupted by the issue. These included engine”. Hundreds of shards of incandescent But where did it all begin? version of the engine. British Airways, Virgin and ANA. At Fortunately, the faulty plane made a metal were falling down to earth from The first signs of the Trent 1000 But problems persisted, and in mid- one stage in late 2018, 44 planes were safe landing on Saturday. Even more a passing Boeing 787 Dreamliner jet engine problem emerged in 2016, five 2018 emerged on the newer, so-called stuck on the tarmac, out of service. miraculously, nobody below was bound for Los Angeles from the years after the model launched. Package B version too. This meant one After another six months of issues, harmed, apart from a 54-year-old man nearby international airport. They That summer, a routine inspection in every 10 of all engines Rolls-Royce East committed an extra £100m to fix- who was reportedly hit by a fragment smashed car windows, set clothes on of jets operated by All Nippon Airways had installed on commercial planes ing the problem last week, saying he but not badly hurt. He said he felt fire and damaged buildings, (ANA), Japan’s largest airline, found were exposed to the problem. hoped he would be able to draw a line “lucky to be alive”. according to reports. blades in five of the £34m-a-piece In its full-year results for 2018, the under it in early 2020. “But I can’t But the incident will do little to reas- In London, 891 miles away, the news engine’s turbines had started cracking company said it expected the Trent guarantee that,” he told City A.M.. sure Rolls-Royce shareholders that has injected new pain into a long-run- prematurely. 1000 repair programme to cost rough- “It is still possible that there will be they too will be home and dry in the ning headache for executives at Rolls- ANA replaced the engines of all 50 ly £1.5bn in total, until 2021. some other issue. These engines are imminent future.

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Conversely, around reinvestment. troughs in markets (and sentiment), pessimistic investors can often This article is provided for information depress trust prices well below the purposes only and is not intended to be a NAV, leading to excessive discounts – personal recommendation to buy or sell a term known as discount risk. any financial instrument or product, or to “This discount risk tends to adopt any investment strategy. be correlated with how underlying assets. As always when it the Trump tariff-inspired mini-sell-off volatile markets are, so a Rebecca O’Keeffe, comes to investing, caveat emptor.” over the past week? We looked at short period of correction head of Investment at So much for the theory – how have some of ii’s most popular Super 60* will sometimes offer interactive investor Investment Trusts behaved during investment trusts. investors a window in which to take advantage. 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Trust 5.9% Discount 3.8% Discount 0.2% Discount For terms and more information, in losses from both falling NAV and NAVs are either estimated or based Henderson Sml Cos 12.7% Discount 10.6 % Discount 9.8% Discount go to: www.ii.co.uk/ii-super-60 widening discount. on out of date prices for some of the Sources: Winterflood & Morningstar @ 7 August 2019 10 NEWS WEDNESDAY 14 AUGUST 2019 CITYAM.COM Card Factory delivers sustained sales growth as it expands store portfolio JAMES BOOTH target of around 50 new UK and said: “We believe we have the right @Jamesdbooth1 Republic of Ireland stores. ranges and products to deliver a 3.52% Card Factory said it incurred good performance, although we are GREETINGS card retailer additional costs related to the cognisant of the economic and Card Factory yesterday said storage of increased stock, which political uncertainty and weaker sales grew 5.5 per cent in the six included stockpiling to mitigate the consumer confidence.” months to 31 July, despite a potential impact of Brexit. Hannah Thomson, senior retail “challenging consumer The company said it expects full- analyst at Globaldata, said: “Looking environment”. year profit to be in line with market ahead to the inevitable point when The company said like-for-like sales expectations. Card Factory is unable to rely on new were up 1.5 per cent and total group It also expects a return of surplus UK store openings to drive top line sales up 5.5 per cent. It opened 26 cash to shareholders towards the growth, focusing on growing its Irish net new UK stores in the period and end of the 2020 financial year. business and on diversifying its non- said it was on track for a full-year Chief executive Karen Hubbard card offer is sensible.” Storage has been an extra cost for the company amid stockpiling ahead of Brexit Henkel reports Tui says Boeing lowest revenue rate in a decade grounding bill EMMA THOMASSON PERSIL maker Henkel cut its full- year outlook yesterday after posting its first fall in sales in a decade as the popularity of its could hit €300m beauty products waned and weaker industrial production hit its JAMES BOOTH programme. Turnover for the quarter adhesives business. € € @Jamesdbooth1 climbed to 4.7bn, up from 4.5bn in Shares fell 7.1 per cent as the the same quarter the previous year. German consumer goods group ANGLO-GERMAN travel firm Tui said However, pre-tax profits fell to experienced another disappointing yesterday that the grounding of the €47.3m from €104.8m in the same quarter under chief executive Hans Boeing 737 Max could cost it up to quarter in 2018. van Bylen. €300m (£278m) for the current finan- The company said its balanced busi- The maker of Schwarzkopf cial year. ness model allowed it to compensate shampoo and Loctite glue has In its results for the third quarter, for the weakness in its markets and Superdry has been rocked by a boardroom battle and in May warned again on profit underperformed rivals such as the firm’s markets and airlines busi- airlines business. Procter & Gamble and Unilever in ness posted a €103.9m loss, compared “Our holiday experiences continue recent years. with a profit of €37.2m in the same to deliver a strong performance, It warned in January that quarter the year before. despite the challenges we currently Superdry appoints retail veteran earnings would fall as it ramps up Tui said its markets and airlines face in our markets and airlines busi- marketing to try to revive growth. business had “continued to see a weak ness, demonstrating the strength of In the second quarter, sales fell demand environment leading to a our integrated business model,” it to be permanent finance chief by a like-for-like 0.4 per cent to later booking behaviour by our cus- said. €5.1bn (£4.8bn), the weakest since tomers, reflecting the ongoing knock- Tui reiterated its underlying earn- SEBASTIAN MCCARTHY Dunkerton drafted in Gresham to the third quarter of 2009. Earnings on impact of the summer 2018 ings before interest, tax and amortisa- @SebMcCarthy the embattled company several per share dropped 9.5 per cent to heatwave and Brexit uncertainty”. tion guidance for 2019, guiding for a months after returning to the firm €1.43. Both figures were below It said the number of customers was fall of 26 per cent compared with the BRITISH fashion retailer Superdry himself after a dramatic boardroom average analyst forecasts. “marginally ahead of prior year” and €1.1bn it posted in 2018. said yesterday that its interim finance battle. “Could it get any worse? It just that the segment “delivered a stable Richard Hunter, of Interactive chief will take up the role on a Dunkerton’s return, which was did,” said Bernstein analyst Andrew underlying result outside of the 737 Investor, said: “Tui is making valiant permanent basis. decided in a tense shareholder vote Wood. “All businesses missed Max grounding impact”. efforts to regain its previous growth... Nick Gresham was poached as in the Square Mile, prompted expectations and saw medium-term The company said the third quarter The road to recovery is visible given chief financial officer by founder Superdry’s entire board to resign in or long-term lows.” was “negatively impacted by the 737 the group’s diverse model and the Julian Dunkerton in May, having protest. Analysts have suggested Henkel Max aircraft grounding”. It added it market consensus of the shares as a previously worked at retailers In May the firm issued a fresh should consider selling or spinning had secured replacement aircraft leas- buy reflects optimism that the compa- including Wiggle, Homebase and profit warning in the wake of flat off its struggling beauty business, es to the end of its summer 2019 ny will come through.” Debenhams. full-year sales. but it seems unlikely. Reuters Technical errors should prove to be warning signal to Monzo IGITAL bank Monzo has seen Stephan among this demographic fell 9.1 shows that over two thirds (67 per transparency will be influential in spectacular growth since it was Shakespeare points to plus 8.4 after they revealed cent) who stopped using a brand retaining its customers’ trust. Dfounded in 2015 and is already the PIN issue. Buzz scores among the because of a scandal or negative valued at £2bn. Some two per cent of general public remained relatively press have never gone back to using £ Stephan Shakespeare is chief executive the nation now have a Monzo steady, only falling 0.8 points. that company. Monzo’s continued of YouGov account, according to previous Comparatively, Buzz scores after YouGov research. Monzo cards failed in July moved MONZO BUZZ SCORE DROPS AMONG KEY CUSTOMER DEMOGRAPHIC However, Monzo recently much less so, decreasing only 4.8 experienced technical problems points among 18 to 34-year-olds and Over the past two weeks have you heard anything positive or negative about Monzo? % net measure of positive and negative which have left some questioning accessible to staff. by two points among the general 30 UK 18-34 the security of their business model. YouGov data shows Monzo’s most public, demonstrating the difference 25 In May and July, Monzo customers recent technical issue may have when the issue is just an annoyance experienced problems due to affected brand perception among its rather than a security risk. 20 technical issues, leaving many most important demographic. The People with a Monzo account are 15 unable to pay for goods, withdraw majority (72 per cent) of Monzo’s generally more trusting, with over 10 cash, or receive inbound transfers. customer base is aged between 18 half (54 per cent) agreeing they trust This month, Monzo urged nearly and 34 – Buzz scores (a net measure banks and building societies – 5 480,000 customers to change their of whether consumers have heard slightly more than the 49 per cent of Source: YouGov BrandIndex PIN after discovering some were anything positive or negative about the general public. 0 stored in files accidentally made the brand in the last fortnight) Despite this, previous research 21 Jul 26 Jul 31 July 05 Aug 10 Aug CITYAM.COM WEDNESDAY 14 AUGUST 2019 MARKETS 11

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HARGREAVES LANSDOWN P Lessening of Shares rebound 2,100 2,000 trade tensions

13 Aug after US delays 1,900 1,955 lifts Wall Street 1,800 S STOCKS closed higher Uyesterday after an announced 7 Aug 8 Aug 9 Aug 12 Aug 13 Aug delay of planned tariffs on some Chinese imports brought buyers Investors were on tenterhooks ahead of final results for Hargreaves Lansdown, back to the equities market. Chinese tariffs which has become embroiled in the saga surrounding Neil Woodford’s suspended Tech stocks, headed by Apple, led fund. But the investment firm steered clear of any drama, with strong net inflows all three major US indexes into the and revenue and costs largely in line with expectations. Brokers at Shore Capital said black following the announcement, HARES bagged gains yesterday, surged 21 per cent, erasing one third the company has “handled a difficult situation well”. However, Shore Capital said it which calmed fears over the US-China reversing earlier losses, after of its year-to-date losses, after its new does not currently see value in Hargreaves Lansdown and would wait for a better trade war and growing signs of the US said it would delay tar- share buyback plan offset a more than opportunity. The brokers kept their “hold” rating at 1,965p. imminent recession. Siffs on some Chinese products, 50 per cent slump in first-half Apple, a likely beneficiary of the offering respite to investors earnings. tariff delay, rose 4.2 per cent on fearful of the trade dispute. Luxury car maker Aston Martin lost JPJ GROUP Nasdaq, while the Philadelphia SE The FTSE 100, which had started the four per cent after Credit Suisse down- Semiconductor Index gained three session in the red amid Hong Kong graded its rating and slashed its price 680 P per cent. protests and the US-China trade wor- target by more than two thirds. A In economic news, US consumer ries, ended 0.3 per cent higher. The Financial Times report also said hedge 670 prices accelerated in July, with core midcap index rose 0.5 per cent. funds had taken short positions in CPI, which strips out volatile food The US delayed imposing a the company. 660 and energy prices, growing at 2.2 per 10 per cent import tariff on Blue-chip retailers Next, cent year on year, its largest gain in laptops, mobile phones, Marks & Spencer and Tesco 650 657 six months and well above the video game consoles and lost 1.2 to two per cent a 13 Aug US Federal Reserve’s two per cent some other products 640 target. made in China sched- Next shares fell the day The healthy inflation reading is uled to start next after data highlighted 7 Aug 8 Aug 9 Aug 12 Aug 13 Aug unlikely to change market month. empty shops in Britain expectations for another interest rate That took the focus off Bingo operator JPJ Group made a bold move in June when it snapped up gaming cut from the Fed next month. the worries over protests day after data showed group Gamesys for £490m. Brokers at Peel Hunt branded the move “unusual”, as by The Dow Jones Industrial Average in Hong Kong, which have 10.3 per cent of shops in reuniting the firms it reduces execution risk. But JPJ appears to have hit the jackpot rose 372.54 points, or 1.44 per cent, to weighed on shares in the Britain were vacant, the with the deal, which will allow the enlarged firm to optimise revenue and put an 26,279.91, the S&P 500 gained 42.48 FTSE 100’s Asia-focused finan- highest rate in four years. experienced management team at the helm. Peel Hunt said the company will be points, or 1.47 per cent, to 2,926.23 cials such as HSBC and Standard More than 50 retailers, including much better placed to thrive. The brokers are upgrading their recommendation to and the Nasdaq Composite added Chartered. Sainsbury’s and M&S, have urged the “buy”, with a target price of 1,000p. 152.95 points, or 1.95 per cent, to Still, the Hong Kong protests’ impact government to freeze business rates to 8,016.36. on Asia-focused financials including help out the struggling sector. All 11 major sectors in the S&P 500 HSBC, as well as pressure from US- London-listed shares of tour operator VOLUTION closed in the black, with technology China trade tensions, have placed the Tui, which earlier rose as much as 4.4 and consumer discretionary seeing FTSE 100 on track for its biggest per cent, ended the day slightly lower 184 P the biggest percentage gains. monthly fall since October 2018. after reporting a 46 per cent decline Toys and footwear were among the 182 13 Aug Online trading platform Plus500 in core earnings amid problems with 177.50 Chinese goods temporarily spared soared on a buy-back plan. the grounding of Boeing’s 737 Max 180 from additional tariffs. On the midcap index, the firm jets in the third quarter. Nike rose two per cent, while toy 178 makers Hasbro and Mattel advanced 176 2.7 per cent and 4.6 per cent, TOP RISERS FTSE respectively. 174 P Facebook pared gains following a 1. Anglo American Up 2.56 per cent 7,300 Bloomberg report that the social 2. Antofagasta Up 2.42 per cent 7 Aug 8 Aug 9 Aug 12 Aug 13 Aug media company had hired outside 3. Glencore Up 2.30 per cent 7,250 contractors to transcribe user audio Volution’s full-year results were a breath of fresh air for shareholders, as the clips, ending up 1.7 per cent. TOP FALLERS ventilation products supplier said its trading was on track. Sales rose 16 per cent Shares of CBS and Viacom gained 7,200 thanks to a string of recent acquisitions and organic growth. The firm’s new factory 1.4 per cent and 2.4 per cent, 1. Auto Trader Down 2.60 per cent 7,250.90 in Reading is now complete, with spare capacity to boost further growth. respectively, after sources told Reuters 2. Hargreaves Lans Down 2.05 per cent 7,150 13 Aug Management said they were confident in the outlook, and brokers and Liberum the companies had reached an 3. Next Down 1.98 per cent reckoned this wasn’t just hot air. Liberum reiterated its “buy” rating with an agreement in principle regarding their 7 Aug8 Aug 9 Aug 12 Aug 13 Aug unchanged target price of 235p. impending merger. CITY MOVES WHO’S SWITCHING JOBS

N26 and chief financial officer Maximilian Tayenthal. FERREXPO AVONHURST N26 has appointed Thomas Thomas’s strong background as a senior executive at Ferrexpo, the Swiss headquartered iron ore company, New advisory law firm Avonhurst has announced it will Grosse as chief banking officer. Google and managing director of a bank reflects N26’s has appointed Fiona MacAulay as an independent be joined by new partner Emmanuel Amos. Since The newly introduced role is DNA of both a highly professional bank and a fast- director and chair of the remuneration committee. She launching six weeks ago, it has already attracted three another step towards realising growing tech company perfectly. Combined with his is a chartered geologist with more than 30 years’ partners who honed their practice at Magic Circle N26’s ambition to be the first strong leadership experience, he is in a prime position experience in the upstream oil and gas sector, firms. Emmanuel joins from asset management truly global and fully digital to support the mobile bank with its global expansion. including key roles in leading oil and gas firms across consultancy MJ Hudson, where he was a partner. He retail bank. Thomas will In his role as industry leader banking at Google the large, mid and small cap space including Mobil, was previously at Jones Day in Singapore and spent six oversee the set-up of Germany, Thomas was responsible for cooperation British Gas, Amerada Hess and Rockhopper. Fiona is years in the London office of Magic Circle firm Allen & regulated N26 banks and bank and partnerships with German banks and fintechs, chair of Independent Oil & Gas where she also chairs Overy. He has extensive experience advising clients on partnerships within the N26 and closely involved in the market rollout of Google the technical, health, safety and environment and a wide range of corporate transactions. Jonathan group to ensure the highest Pay. Maximilian said: “Thomas is an important remuneration committees, having been appointed to Bloom, chief executive of Avonhurst, said: “We are standards in product, processes and customer addition to the team as we look to the future of N26. the board in July 2018. Fiona was chief executive of delighted to be joined by Emmanuel, who exemplifies experience across all markets. He will begin his new With his deep experience and proven track record in Echo Energy from 2017 to 2018 and chief operating the mix of international experience and specialist role in October, reporting directly to N26 co-founder both tech and banking, Thomas is a perfect fit for N26.” officer of Rockhopper Exploration from 2013 to 2017. expertise that Avonhurst offers its clients.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM WEDNESDAY 14 AUGUST 2019 MARKETS 12

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.0790 0.0018 €/$ 1.1172 0.0044 7250.90 19008.18 3961.16 26279.91 8016.36 2926.32 /$ 1.2054 0.0031 €/£ 0.9268 0.0014 24.18 95.18 13.63 372.54 152.95 42.57 /¥ 128.57 1.4853 €/¥ 119.16 1.1517

                                Millennium & Copt . . . .680.0 0.0 685.0 436.0 GILTS Marshalls ...... 633.0 23.0 690.0 412.2 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6128.0 1.0 7155.0 5593.0 Future ...... 994.0 -12.0 1248.0 375.0 Derwent London . . . .2942.0 16.0 3328.0 2761.0 Goco Group ...... 81.0 -0.4 118.4 64.6 Mitchells & Butle ...... 309.5 -2.0 320.0 238.0 Polypipe Group ...... 396.6 -6.8 453.8 307.8 Redrow ...... 554.0 5.0 674.6 460.8 Great Portland Es . . . . .655.2 5.6 773.6 643.8 National Express . . . . .422.6 1.2 438.4 361.4 Tsy 3.750 19 ...... 100.21 0.00 103.3 100.2 3i Group ...... 1086.0 -8.5 1164.5 756.2 Centrica ...... 65.4 -0.1 155.6 64.4 Haynes Publishing . . . .221.0 -2.0 227.0 160.0 ...... 216.1 1.1 494.5 206.8 ELECTRICITY Taylor Wimpey ...... 147.3 -0.6 192.3 129.3 Hammerson . . PPHE Hotel Group . . .1820.0 0.0 1990.0 1495.0 Tsy 2.000 20 ...... 101.36 0.00 102.5 101.3 3i Infrastructure ...... 284.5 1.0 303.0 232.5 National Grid ...... 837.1 -10.3 889.2 748.7 Huntsworth ...... 96.0 -0.2 125.0 81.0 Intu Properties ...... 36.3 1.9 201.5 34.0 Tsy 4.750 20 ...... 102.36 -0.01 106.4 102.0 Contour Global ...... 165.8 1.0 246.0 150.1 AJ Bell ...... 383.0 -3.0 477.0 220.0 Pennon Group ...... 705.0 7.2 792.8 684.2 INDUSTRIAL ENGINEERING Informa ...... 844.2 -2.6 892.0 605.8 Land Securities G . . . . .755.4 -2.4 939.5 751.2 Rank Group ...... 157.2 -1.4 187.4 135.0 Tsy 3.750 20 ...... 103.42 -0.01 106.3 103.4 Allied Minds ...... 58.0 -2.0 87.0 37.3 ITE Group ...... 70.0 0.2 83.7 56.3 Restaurant Group ...... 138.1 1.8 221.9 111.9 Drax Group ...... 275.0 1.4 427.2 260.2 Severn Trent ...... 1960.5 2.0 2153.0 1770.0 Bodycote ...... 673.0 -7.0 1017.0 666.5 LondonMetric Prop . . . .199.4 0.1 215.2 172.7 Stagecoach Group . . . . .128.2 1.1 177.0 115.5 Tsy 2.500 20 ...... 355.42 0.00 361.4 355.2 SSE ...... 1118.5 9.0 1269.5 1008.0 Amigo Holdings ...... 146.4 4.6 297.5 140.0 United Utilities ...... 765.2 5.4 873.6 682.4 Hill & Smith Hold . . . . .1121.0 16.0 1306.0 902.5 ITV ...... 107.4 0.8 167.5 104.7 Primary Health Pr . . . . .129.2 -2.0 139.0 106.4 Moneysupermarket. . . .355.2 2.1 417.7 264.0 TUI AG Reg Shs (D . . . . .810.2 -0.4 1526.5 698.0 Tsy 8.000 21 ...... 113.75 -0.02 120.3 113.4 Arrow Global Grou . . . .195.0 -19.2 273.0 167.2 GENERAL INDUSTRIALS IMI ...... 955.4 12.6 1227.0 870.0 SEGRO ...... 751.4 -5.0 789.0 585.2 Tsy 4.000 22 ...... 109.28 -0.01 111.3 109.0 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .361.0 13.0 510.0 320.0 Pearson ...... 817.4 -2.6 1027.5 769.2 Shaftesbury ...... 739.5 -0.5 928.5 736.0 Wetherspoon (J.D. . . .1500.0 13.0 1581.0 1066.0 Melrose Industrie . . . . .172.9 3.7 233.9 146.3 Whitbread ...... 4215.0 -25.0 5114.0 3929.0 Tsy 0.500 22 ...... 100.45 0.00 100.6 97.7 Halma ...... 1973.5 -14.5 2094.0 1237.0 Ashmore Group ...... 502.0 6.4 542.5 337.0 Smith (DS) ...... 333.0 4.6 510.6 292.2 Reach ...... 90.4 1.4 92.0 54.6 Tritax Big Box Re ...... 142.6 -2.4 159.7 129.0 RHI Magnesita N.V . . . .4114.0200.0 5085.0 3318.0 William Hill ...... 155.3 -2.7 265.5 132.3 Tsy 1.875 22 ...... 116.88 0.01 118.3 115.5 Morgan Advanced M . .255.6 4.6 355.4 237.0 Brewin Dolphin Ho . . . .292.0 4.4 366.0 284.2 Smiths Group ...... 1569.5 19.0 1666.0 1279.5 Relx plc ...... 1938.0 -8.5 1978.0 1491.5 076.0 797.5 Rotork ...... 305.8 0.2 342.8 235.7 Unite Group ...... 1031.0 4.0 1 Wizz Air Holdings . . .3460.0 5.0 3769.0 2329.0 Tsy 2.250 23 ...... 107.72 -0.01 107.9 104.7 Oxford Instrument . . .1290.0 6.0 1424.0 842.0 Charter Court Fin ...... 274.5 4.0 375.0 228.8 Smurfit Kappa Gro . . .2478.0 30.0 3292.0 1934.0 Spirax-Sarco Engi . . . .7855.0 -65.0 9400.0 5900.0 Rightmove ...... 519.0 -3.8 585.1 420.9 Workspace Group . . . .806.0 -3.0 1075.0 789.5 Tsy 2.500 24 ...... 375.30 0.01 377.1 358.7 Renishaw ...... 3722.0 140.0 5520.0 3460.0 City of London In ...... 415.0 -11.0 440.0 360.0 Vesuvius ...... 467.0 -1.0 662.0 458.0 Weir Group ...... 1350.0 29.0 1920.0 1240.0 STV Group ...... 362.0 -8.0 430.0 318.0 AIM 50 Tsy 0.125 24 ...... 115.00 0.00 115.6 110.9 CMC Markets ...... 87.6 -1.2 193.0 77.4 Tarsus Group ...... 424.0 0.0 438.0 243.0 SOFTWARE & COMPUTER SERV. Spectris ...... 2320.0 39.0 2898.0 1966.5 Abcam ...... 1207.0 -13.0 1539.0 1017.0 Tsy 5.000 25 ...... 125.67 -0.03 126.1 122.1 Coats Group ...... 73.5 0.3 91.3 69.8 GENERAL RETAILERS INDUSTRIAL METALS & MINING WPP ...... 976.0 5.0 1301.0 800.4 Avast ...... 327.6 8.4 345.8 EQUITY INVESTMENT INSTRUM. 229.6 Advanced Medical . . . .295.0 3.5 370.0 260.0 Tsy 4.250 27 ...... 131.57 -0.06 131.9 122.6 Georgia Capital ...... 1016.0 -2.0 1260.0 941.0 Auto Trader Group . . . .524.0 -14.0 606.0 388.5 Evraz ...... 556.4 -7.8 709.4 442.1 MINING Aveva Group ...... 3802.0 -32.0 4170.0 2284.0 Tsy 1.250 27 ...... 139.05 0.02 139.5 128.4 Aberforth Smaller . . . .1140.0 0.0 1368.0 1120.0 Hargreaves Lansdo . . .1955.0 -41.0 2433.0 1633.0 B&M European Valu . . .346.0 -1.5 426.3 278.6 Alliance Pharma ...... 73.2 0.4 95.0 60.0 Ferrexpo ...... 233.8 7.9 301.3 143.5 Computacenter ...... 1407.0 -6.0 1562.0 952.0 ASOS ...... 2370.0 90.0 6192.0 2107.0 Tsy 6.000 28 ...... 150.55 -0.06 151.3 140.5 Alliance Trust ...... 807.0 3.0 838.0 672.0 IG Group Holdings . . . .555.6 14.8 915.0 474.8 Card Factory ...... 156.2 -5.7 209.0 150.0 Acacia Mining ...... 249.6 -2.2 256.6 96.1 FDM Group (Holdin . . . .770.0 -6.0 1000.0 734.0 Tsy 0.125 29 ...... 131.98 0.03 132.3 118.8 Apax Global Alpha . . . .155.0 3.0 159.0 127.0 IntegraFin Holdin . . . . .382.0 2.0 406.1 269.0 Dixons Carphone ...... 110.0 -1.0 178.6 107.6 INDUSTRIAL TRANSPORTATION Anglo American . . . . .1864.0 46.6 2266.0 1464.6 Funding Circle Ho ...... 115.4 -4.6 440.0 99.0 Blue Prism Group . . . .1025.0 -75.0 2575.0 1004.0 Tsy 4.750 30 ...... 145.66 -0.07 146.1 132.1 Intermediate Capi . . . .1313.0 -16.0 1429.0 899.0 Antofagasta ...... 844.8 20.0 1022.5 727.2 Camellia ...... 10000.0-250.0 11750.0 9100.0 AVI Global Trust ...... 748.0 2.0 781.0 660.0 Dunelm Group ...... 891.5 -8.5 981.0 482.8 BBA Aviation ...... 301.4 1.0 324.8 207.0 Kainos Group ...... 518.0 2.0 676.0 354.0 CareTech Holding . . . . .367.0 -3.0 406.0 325.0 Tsy 4.125 30 ...... 396.18 0.04 396.8 355.2 0 -1.0 866.0 663.0 International Per ...... 95.2 1.3 240.2 93.9 Inchcape ...... 566.5 -1.0 705.0 486.6 BHP Group ...... 1816.0 18.6 2049.0 1490.6 Baillie Gifford J ...... 800. Clarkson ...... 2350.0 35.0 2900.0 1878.0 Micro Focus Inter . . . . .1615.0 -26.6 2491.6 1434.4 Central Asia Meta . . . . .194.6 -0.8 266.5 187.8 Tsy 4.250 32 ...... 143.52 -0.12 143.7 128.5 Bankers Inv Trust . . . . .936.0 3.0 970.0 766.0 Investec ...... 419.2 1.8 561.0 411.9 JD Sports Fashion . . . .608.6 2.8 649.8 318.5 Centamin (DI) ...... 138.5 -1.7 144.0 79.8 ...... 402.8 2.9 556.8 361.8 Fisher (James) & . . . .1990.0 -2.0 2260.0 1600.0 Playtech . . Clinigen Group ...... 927.5 -2.0 1069.0 721.0 Tsy 1.250 32 ...... 162.35 0.06 162.6 144.1 BBGI SICAV S.A. ( ...... 155.0 1.0 168.0 142.5 IP Group ...... 61.8 1.1 131.2 59.2 Just Eat ...... 812.0 11.6 820.8 533.8 Royal Mail ...... 205.4 0.6 489.0 194.5 Fresnillo ...... 682.2 -5.4 1027.5 601.0 Sage Group ...... 706.8 1.8 820.4 525.6 Tsy 0.125 36 ...... 155.37 0.01 155.7 133.4 John Laing Group . . . . .384.2 -3.8 402.0 285.0 Glencore ...... 236.2 5.3 341.5 227.7 CVS Group ...... 888.0 6.0 1023.0 395.0 BlackRock Smaller . . .1356.0 10.0 1525.0 1160.0 Kingfisher ...... 202.8 -1.4 290.6 201.1 Softcat ...... 926.0 8.5 993.5 565.0 Dart Group ...... 752.5 3.5 1017.0 734.5 Tsy 4.250 36 ...... 151.66 -0.19 151.9 133.1 JTC ...... 355.0 -1.0 440.0 287.0 Marks & Spencer G . . . .184.2 -3.7 299.1 183.3 Hochschild Mining . . . .222.0 -0.6 232.2 149.1 BMO Global Smalle . . .1378.0 22.0 1495.0 1220.0 Sophos Group ...... 387.6 -4.6 539.5 298.2 Diversified Gas & ...... 98.0 -5.0 134.0 94.3 Tsy 4.750 38 ...... 166.55 -0.17 167.0 144.9 Caledonia Investm . . .3050.0 25.0 3110.0 2650.0 Jupiter Fund Mana . . . .337.5 4.0 432.0 287.6 Kaz Minerals ...... 506.2 10.4 738.4 436.7 Tsy 0.625 40 ...... 176.62 0.08 177.3 152.8 Liontrust Asset M . . . . .758.0 8.0 816.0 532.0 Polymetal Interna . . . .1063.5 -8.0 1097.5 597.2 SUPPORT SERVICES Draper Esprit ...... 492.0 -2.0 645.0 458.0 City of London In . . . . .405.0 2.5 431.5 376.0 Eland Oil & Gas ...... 125.0 3.2 134.0 97.0 Tsy 4.500 42 ...... 170.32 -0.22 170.8 145.9 u . . . .545.0 5.0 695.0 530.1 LMS Capital ...... 50.3 0.0 53.5 44.0 Rio Tinto ...... 4117.5 77.0 4976.5 3486.0 Aggreko ...... 840.8 2.8 882.0 691.8 Edinburgh Inv Tr EMIS Group ...... 1168.0 -8.0 1242.0 864.0 Tsy 3.500 45 ...... 152.41 -0.25 152.9 128.0 F&C Investment Tr . . . .708.0 3.0 737.0 616.0 London Finance & . . . . .38.5 0.0 43.5 37.1 MOBILE TELECOMS Ashtead Group ...... 2170.0 -6.0 2438.0 1586.5 Tsy 4.250 46 ...... 173.13 -0.25 173.6 145.7 Fidelity China Sp ...... 213.5 6.5 250.0 182.4 London Stock Exch . . .6748.0 -42.0 7058.0 3867.0 BCA Marketplace ...... 241.8 0.4 247.0 178.5 Fevertree Drinks . . . . .2210.0 50.0 3956.0 2070.0 Tsy 4.025 49 ...... 179.93 -0.28 180.6 150.0 Man Group ...... 158.0 2.6 183.0 126.8 MAIN CHANGES UK 350 Inmarsat ...... 578.0 0.4 585.0 362.8 First Derivatives . . . . .2640.0 5.0 4390.0 2050.0 Fidelity European . . . . .249.5 0.0 257.5 202.0 Bunzl ...... 2090.0 2.0 2551.0 2047.0 Frontier Developm . . . .925.0 -12.0 1385.0 740.0 Tsy 0.500 50 ...... 208.73 0.11 210.3 173.7 . . . . .246.5 1.5 277.0 220.0 OneSavings Bank . . . . .334.2 3.0 447.4 329.0 Vodafone Group ...... 149.7 1.4 181.0 123.3 . . .130.0 -1.0 150.2 99.9 Fidelity Special . Capita ...... Gamma Communicati 1095.0 5.0 1195.0 688.0 Tsy 0.250 52 ...... 205.68 0.16 207.2 168.8 Finsbury Growth & . . . .921.0 -3.0 956.0 740.0 Paragon Banking G . . .395.6 7.6 494.0 379.2      OIL & GAS PRODUCERS DCC ...... 6582.0 58.0 7390.0 5555.0 .125.8 0.2 130.8 122.4 Plus500 Ltd (DI) ...... 690.0 118.6 1858.0 495.0  . . . .1442.0 -18.0 1634.0 1150.0 GB Group ...... 565.0 3.0 631.0 410.5 GCP Infrastructur . . . . . Diploma ...... Gooch & Housego . . . .1145.0 -45.0 1880.0 954.0 AEROSPACE & DEFENCE Genesis Emerging . . . .758.0 7.0 783.0 615.0 Provident Financi . . . . .368.3 -1.9 692.6 354.2 Plus500 Ltd (DI) ...... 690.0 20.8 Syncona Limited NP ...... 220.0 -5.0 BP ...... 506.9 6.1 598.3 485.9 Electrocomponents . . .553.0 12.2 761.6 480.0 Quilter ...... 128.6 -1.8 156.6 110.6 Sirius Minerals ...... 9.5 17.0 Savills ...... 840.0 -4.6 Cairn Energy ...... 170.6 10.7 249.2 140.0 Hurricane Energy ...... 40.8 0.2 60.8 39.0 BAE Systems ...... 555.4 2.0 636.2 443.9 Greencoat UK Wind . . . .137.4 -0.2 143.2 122.8 Equiniti Group ...... 204.0 0.6 266.0 186.2 HarbourVest Globa . . .1720.0 20.0 1726.0 1326.0 Rathbone Brothers . . .2155.0 35.0 2634.0 2085.0 Grafton Group Unit ...... 695.5 7.8 Aston Martin Lagon ...... 490.8 -4.0 Energean Oil & Ga . . .1060.0 4.0 1082.0 510.0 Essentra ...... 405.6 5.2 473.8 325.4 Impax Asset Manag . . .244.5 0.0 295.0 184.0 Cobham ...... 163.4 -0.5 168.3 96.8 omart Group ...... 328.0 1.0 475.0 308.0 Herald Investment . . .1306.0 18.0 1364.0 1055.0 Real Estate Credi ...... 167.0 -1.0 175.5 163.0 Premier Oil ...... 74.4 4.2 143.6 55.6 3.0 -23.0 2558.0 1728.5 I Meggitt ...... 613.0 4.6 615.6 458.0 Cairn Energy ...... 170.6 6.7 Funding Circle Hol ...... 115.4 -3.8 Experian ...... 253 IQE ...... 57.6 -1.0 105.6 51.6 HGCapital Trust ...... 205.5 0.5 220.0 175.0 Record ...... 31.8 0.0 42.1 27.3 Premier Oil ...... 74.4 6.0 Card Factory ...... 156.2 -3.5 Royal Dutch Shell . . . .2398.0 21.0 2666.0 2213.0 Ferguson ...... 6060.0 44.0 6556.0 4749.0 QinetiQ Group ...... 272.0 -3.2 312.4 267.9 HICL Infrastructu ...... 164.8 3.0 170.1 149.9 River and Mercant . . . .265.0 0.0 330.0 212.0 Royal Dutch Shell . . . .2380.5 31.5 2705.5 2227.0 James Halstead ...... 528.0 12.0 532.0 367.0 Royce Holdi . . . . .752.6 0.4 1037.0 726.9 Intu Properties ...... 36.3 5.6 TI Fluid Systems ...... 160.0 -3.3 G4S ...... 173.5 -1.0 252.4 169.8 Rolls- International Pub . . . . .160.4 2.8 163.4 146.8 S&U ...... 2190.0 50.0 2605.0 1767.5 Tullow Oil ...... 212.8 -1.7 266.3 165.2 Grafton Group Uni . . . .695.5 50.0 937.0 630.0 Johnson Service G . . . . .176.0 2.8 177.0 113.6 Senior ...... 201.6 5.6 327.8 185.4 RHI Magnesita N.V...... 4114.0 5.1 Greggs ...... 2040.0 -3.2 Keywords Studios . . . .1542.0 -42.0 2065.0 900.0 JPMorgan American . . .483.0 7.0 494.5 386.5 Sanne Group ...... 537.0 -6.0 752.0 450.0 OIL EQUIPMENT & SERVICES Hays ...... 150.8 1.6 212.0 135.7 Ultra Electronics . . . . .2180.0 2.0 2232.0 1232.0 Schroders ...... 2738.0 -49.0 3210.0 2334.0 Hunting ...... 442.0 4.3 Cineworld Group ...... 231.6 -2.7 Learning Technolo . . . . .110.2 2.2 166.5 62.2 JPMorgan Emerging . .1014.0 8.0 1066.0 759.0 Homeserve ...... 1108.0 3.0 1263.0 849.0 . . .260.0 4.0 394.0 256.0 BANKS JPMorgan Indian I . . . . .718.0 -5.0 790.0 566.0 Standard Life Abe . . . .250.5 3.1 376.7 224.9 Galliford Try ...... 565.0 4.1 Auto Trader Group ...... 524.0 -2.6 Hunting ...... 442.0 18.2 849.0 421.0 Howden Joinery Gr . . .530.2 8.0 573.4 416.4 M&C Saatchi ...... TP ICAP ...... 271.1 1.1 324.5 265.4 Renishaw ...... 3722.0 3.9 Woodford Patient C ...... 43.9 -2.4 Petrofac Ltd...... 399.8 9.8 663.4 380.5 M. P. Evans Group . . . . .677.0 2.0 800.0 637.0 Bank of Georgia G . . . .1346.0 15.0 1878.8 1310.0 JPMorgan Japanese . . .449.5 1.5 466.0 367.0 Intertek Group ...... 5560.0 -16.0 5962.0 4387.0 Majestic Wine ...... 278.0 -9.5 420.5 219.0 Jupiter European . . . . .823.0 -9.0 895.0 666.0 Walker Crips Grou ...... 25.1 -1.4 39.0 23.5 Wood Group (John) . . .473.4 12.6 796.4 389.9 Network Internati . . . .595.0 -3.0 628.0 500.0 Barclays ...... 141.1 -0.4 185.2 140.2 XPS Pensions Grou . . . .115.0 -2.0 180.0 95.0 Midwich Group ...... 520.0 -20.0 685.0 491.5 Law Debenture Cor . . .570.0 4.0 624.0 534.0         PERSONAL GOODS Pagegroup ...... 450.4 0.4 623.5 415.0 Close Brothers Gr . . . .1266.0 4.0 1660.0 1245.0 0 1.6 219.0 168.0 Mortgage Advice B . . .590.0 20.0 720.0 490.0 CYBG ...... 144.2 -2.0 350.0 140.8 Mercantile Invest . . . . .192. FIXED LINE TELECOMS PayPoint ...... 917.0 12.0 1118.0 748.0 Burberry Group ...... 2139.0 -4.0 2345.0 1623.5 entokil Initial ...... 451.9 0.6 453.1 284.8 Next Fifteen Comm . . .578.0 0.0 658.0 469.0 HSBC Holdings ...... 614.3 3.3 716.1 600.8 Monks Inv Trust ...... 934.0 12.0 964.0 710.0 Next ...... 5848.0 -118.0 6064.0 3991.0 NON LIFE INSURANCE R Nichols ...... 1880.0 30.0 1880.0 1240.0 Murray Internatio . . . .1152.0 2.0 1208.0 1056.0 BT Group ...... 172.1 -0.1 264.7 171.2 Pets at Home Grou . . . .227.2 3.0 231.8 110.0 PZ Cussons ...... 209.5 -1.0 244.0 178.6 Robert Walters ...... 546.0 12.0 475.0 814.0 Lloyds Banking Gr . . . . .49.0 0.2 66.6 48.2 TalkTalk Telecom . . . . .102.4 -1.3 137.0 96.6 Numis Corporation . . . .228.5 0.5 422.0 221.5 Metro Bank ...... 298.6 0.8 3050.0 283.7 NB Global Floatin ...... 89.4 -0.1 93.3 87.6 Sports Direct Int ...... 237.8 8.0 399.8 214.4 Admiral Group ...... 2032.0 18.0 2300.0 1932.5 PHARMACEUTICALS & BIOTECH Serco Group ...... 142.3 1.8 147.4 84.1 . . . .119.5 0.5 124.5 108.0 Telecom Plus ...... 1248.0 -26.0 1528.0 1010.0 Polar Capital Hol . . . . .550.0 48.0 644.0 448.0 Royal Bank of Sco . . . . .202.8 1.8 270.4 197.5 NextEnergy Solar . Ted Baker ...... 923.0 9.5 2378.0 800.0 Beazley ...... 587.0 6.0 599.0 492.6 SIG ...... 117.1 0.6 153.0 102.2 Purplebricks Grou . . . . .118.6 2.6 300.0 90.0 Pantheon Internat . . .2290.0 5.0 2330.0 1955.0 Vivo Energy ...... 117.0 1.0 148.6 96.0 Direct Line Insur ...... 292.6 -0.8 366.5 290.6 AstraZeneca ...... 7342.0 12.0 7390.0 5325.0 Travis Perkins ...... 1205.0 20.0 1465.0 970.0 Standard Chartere . . . .622.4 8.2 736.8 519.8 FOOD & DRUG RETAILERS BTG ...... 839.0 0.0 853.0 508.5 Redde ...... 111.0 1.2 196.0 90.0 Perpetual Income . . . .290.0 0.0 364.5 286.5 WH Smith ...... 1982.0 0.0 2186.0 1697.0 Hastings Group Ho . . . .185.5 -1.5 274.2 174.0 TOBACCO TBC Bank Group ...... 1324.0 -22.0 1728.0 1242.0 Pershing Square H . . .1450.0 12.0 1480.0 990.0 Greggs ...... 2040.0 -68.0 2476.0 1006.0 Dechra Pharmaceut . .2904.0 22.0 3168.0 2014.0 Renew Holdings ...... 390.0 0.0 436.5 333.0 Hiscox Limited (D . . . .1582.0 -1.0 1777.0 1418.0 RWS Holdings ...... 589.0 -5.0 652.0 415.5 BEVERAGES Personal Assets T . . .42950.0 50.0 43021.338900.0 Morrison (Wm) Sup . . .183.3 0.3 269.4 178.1 HEALTH CARE EQUIPMETN & S. Lancashire Holdin . . . .695.0 11.0 725.5 530.0 Genus ...... 2590.0 16.0 2884.0 2098.0 British American . . . .3033.0 -20.5 4222.5 2375.0 Ocado Group ...... 1173.5 -19.0 1435.0 749.8 GlaxoSmithKline . . . . .1684.0 14.8 1730.0 1418.0 Scapa Group ...... 217.0 9.5 473.4 157.0 Barr (A.G.) ...... 629.0 -7.0 975.0 610.0 Polar Capital Tec . . . . .1422.0 18.0 1500.0 1066.0 Assura ...... 65.5 0.0 66.4 52.4 RSA Insurance Gro . . . .523.2 -7.0 641.0 496.6 Imperial Brands . . . . .2099.5 16.0 2987.5 1846.8 Secure Income Rei . . . .423.0 2.0 423.0 371.0 RIT Capital Partn . . . .2085.0 15.0 2150.0 1892.0 Sainsbury (J) ...... 187.8 -1.7 341.5 186.9 Convatec Group ...... 183.0 2.0 239.0 118.6 Sabre Insurance G . . . . .261.5 1.5 294.0 249.0 Hikma Pharmaceuti .2002.0 17.0 2025.0 1510.5 Britvic ...... 864.0 0.0 956.0 745.0 SSP Group ...... 700.0 -4.0 744.4 615.1 TRAVEL & LEISURE Serica Energy ...... 109.8 4.4 142.0 74.9 Coca-Cola HBC AG . . .2709.0 -46.0 3074.0 2244.0 Riverstone Energy . . . .730.0 0.0 1282.0 720.0 Mediclinic Intern ...... 311.9 1.9 498.7 293.4 REAL ESTATE INVEST. & SERV. Smart Metering Sy . . . .461.8 9.2 665.0 451.0 Tesco ...... 214.1 -2.7 262.8 189.6 LIFE INSURANCE Carnival ...... 3609.0 25.0 5000.0 3412.0 Diageo ...... 3399.5 -24.5 3526.0 2523.5 Schroder Asia Pac . . . . .442.5 7.5 469.5 379.0 NMC Health ...... 1894.0 -16.0 4120.0 1791.5 Telford Homes ...... 348.0 -1.0 430.0 267.0 Scottish Inv Trus ...... 819.0 5.0 892.0 748.0 UDG Healthcare Pu . . . .780.0 9.0 813.0 551.0 BMO Commercial Pr . . . .110.0 1.0 149.4 106.0 Cineworld Group ...... 231.6 -6.5 323.6 231.6 Smith & Nephew . . . .1895.0 -2.5 1924.5 1258.0 Aviva ...... 380.2 0.3 499.3 364.6 Thorpe (F.W.) ...... 327.0 -2.0 340.0 248.0 CHEMICALS Scottish Mortgage . . . .540.0 11.0 568.5 441.4 FOOD PRODUCERS Legal & General G . . . . .236.1 0.6 291.2 223.7 Capital & Countie ...... 187.4 2.6 279.5 181.4 Compass Group . . . . .2050.0 -23.0 2110.0 1483.0 onomic . . . .115.4 1.0 115.4 106.0 HHOLD GDS & HOME CONSTR. CLS Holdings ...... 222.0 -2.5 255.0 195.4 Watkin Jones ...... 213.0 3.0 232.5 192.2 Croda Internation . . .4694.0 -14.0 5447.7 4576.0 Sequoia Ec Phoenix Group Hol . . . .693.0 3.9 724.8 544.0 Domino's Pizza Gr . . . . .232.9 1.4 297.2 224.4 Young & Co's Brew . . .1645.0 -5.0 1885.0 1322.5 Smithson Investme . .1248.0 4.0 1278.0 1000.2 Associated Britis . . . . .2305.0 -28.0 2638.0 2041.0 Daejan Holdings . . . .5490.0 -10.0 6190.0 5420.0 1.2 0.0 285.0 155.8 Elementis ...... 141.0 1.6 247.8 129.8 Barratt Developme . . . .637.6 0.6 663.0 434.0 Prudential ...... 1495.5 18.5 1814.5 1340.0 EI Group ...... 28 Young & Co's Brew . . .1150.0 -10.0 1275.0 1030.0 Syncona Limited N . . . .220.0 -11.5 302.5 213.5 Bakkavor Group ...... 100.4 1.4 190.0 97.2 Bellway ...... 2826.0 14.0 3226.0 2419.0 St James's Place ...... 933.0 3.4 1164.5 914.0 Grainger ...... 226.6 3.8 278.5 205.8 FirstGroup ...... 115.0 1.5 116.6 79.3 Johnson Matthey . . . .2900.0 27.0 3677.0 2620.0 Cranswick ...... 2620.0 8.0 3454.0 2472.0 NewRiver REIT ...... 157.6 -2.8 269.0 156.8 290.0 5525.0 Sirius Minerals ...... 9.5 1.4 37.0 7.8 Temple Bar Inv Tr . . . .1198.0 2.0 1366.0 1116.0 Berkeley Group Ho . . .3861.0 13.0 3981.0 3226.0 Flutter Entertain . . . .6640.0 40.0 7 CONSTRUCTION & MATERIALS Greencore Group . . . . .205.8 0.0 230.0 162.9 MEDIA Safestore Holding . . . . .591.5 -4.0 658.5 499.4 Go-Ahead Group . . . .2032.0 12.0 2200.0 1480.0 Synthomer ...... 295.6 4.6 532.1 279.8 Templeton Emergin . . .782.0 7.0 829.0 649.0 Bovis Homes Group . .1042.0 10.0 1177.0 828.0 e Renewables In . . . .126.8 -0.2 133.2 109.3 Hilton Food Group . . . .959.0 35.0 1088.0 884.0 Savills ...... 840.0 -40.5 957.0 678.5 8 Victrex plc ...... 1892.0 16.0 3408.0 1828.0 Th Countryside Prope . . . .284.8 -0.2 353.2 270.0 4Imprint Group . . . . .2890.0 20.0 2950.0 1800.0 Greene King ...... 581.0 8.2 704.4 472. TR Property Inv T . . . . .418.5 -1.0 431.5 353.5 Tate & Lyle ...... 731.6 1.8 800.4 630.6 Crest Nicholson H . . . . .345.4 1.2 404.8 296.4 Ascential ...... 363.0 -3.4 434.8 337.2 St. Modwen Proper . . .380.0 7.0 441.5 365.0 GVC Holdings ...... 557.4 0.6 1115.0 507.5 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .472.0 4.0 474.5 420.0 Unilever ...... 4907.0 -20.5 5091.0 3931.0 McCarthy & Stone . . . . .132.9 0.7 142.7 108.8 Bloomsbury Publis . . . .230.0 -1.0 243.0 190.5 UK Commercial Pro . . . .84.7 0.0 92.7 80.2 InterContinental . . . .5303.0 -75.0 5738.0 3958.4 Balfour Beatty ...... 201.8 6.6 296.5 194.1 VinaCapital Vietn . . . . .355.5 1.0 356.5 318.0 FORESTRY & PAPER Persimmon ...... 1907.0 -5.5 2489.0 1859.5 Centaur Media ...... 41.5 0.0 56.5 34.7 REAL ESTATE INVEST. TRUSTS International Con . . . . .444.4 -4.4 711.4 413.5 Witan Inv Trust ...... 213.0 -0.5 226.4 189.6 . . . .107.0 1.9 124.7 89.9      CRH ...... 2699.0 48.0 2735.0 1971.5 Entertainment One . . . .414.6 -2.4 483.4 336.4 Marston's ...... Woodford Patient . . . . .43.9 -1.1 91.0 40.1 Mondi ...... 1627.0 35.0 2200.0 1553.5 Euromoney Institu . . .1320.0 0.0 1412.0 1132.0 Big Yellow Group . . . . .958.0 2.5 1062.0 852.5 Merlin Entertainm . . . . .451.5 -0.1 452.5 307.1  Galliford Try ...... 565.0 22.0 1104.0 512.0 British Land Comp . . . .477.5 2.9 641.8 470.6 Ibstock ...... 218.6 3.6 262.0 193.1 Worldwide Healthc . .2805.0 45.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 85.73 -0.49 92.71 56.32 3M ...... 164.88 2.78 219.75 158.04 ADIDAS N...... 262.05 0.20 297.95 178.30 ABBOTT LABORATOR...... 86.89 2.23 88.76 63.07 AIR LIQUIDE...... 125.00 1.65 127.20 101.85 ADOBE...... 293.17 4.52 313.11 204.95 AIRBUS BR...... 126.58 1.38 133.86 77.50 ALPHAB RG-C-NV...... 1197.27 22.56 1289.27 970.11 ALLIANZ...... 202.20 2.56 218.70 170.50 ALPHABET-A...... 1196.73 22.23 1296.98 977.66 AMADEUS IT GRP BR-A...... 67.94 -0.80 82.20 58.06 NEWSLETTERS AMAZON.COM ...... 1824.34 39.42 2050.50 1307.00 ASML HLDG...... 195.50 3.50 211.50 130.12 AMERICAN EXPRESS...... 126.32 2.37 129.34 89.05 AXA...... 21.63 0.03 23.99 18.40 APPLE ...... 208.97 8.49 233.47 142.00 BANCO SANTANDER ...... 3.59 0.04 4.68 3.48 AT&T...... 34.86 0.38 34.96 26.80 BASF N...... 58.84 0.89 81.73 56.20 BANK OF AMERICA...... 27.72 0.08 31.49 22.66 BERKSHIRE HATH RG-B...... 198.78 1.58 224.07 186.10 BAYER N...... 65.12 0.97 87.93 52.00 The biggest stories BOEING CO ...... 332.86 -0.08 446.01 292.47 BBVA...... 4.35 0.08 5.79 4.23 CATERPILLAR...... 119.01 2.29 159.37 112.06 BMW...... 61.25 0.13 86.71 59.71 CHEVRON...... 122.39 0.84 127.60 100.22 BNP PARIBAS A...... 40.37 0.71 55.34 38.14 direct to your inbox CISCO SYSTEMS...... 52.72 1.18 58.26 40.25 CRH PLC...... 29.15 0.60 34.87 26.53 CITIGROUP...... 64.83 0.59 75.24 48.42 DAIMLER N...... 43.10 0.80 59.90 41.47 COCA-COLA CO ...... 53.50 0.30 54.82 44.25 DANONE...... 77.86 0.08 79.42 59.72 COMCAST-A...... 43.46 1.00 45.30 32.61 DEUTSCHE POST N...... 29.16 0.56 32.20 23.43 DOW...... 46.85 1.16 0.00 0.00 DEUTSCHE TELEKOM N...... 14.59 0.09 15.88 13.36 EXXON MOBIL...... 70.49 0.86 87.36 64.65 ENEL N...... 6.08 0.01 6.62 4.22 GET THE MORNING UPDATE, FACEBOOK-A...... 188.45 3.08 208.66 123.02 ENGIE...... 13.48 0.18 14.39 11.31 GOLDMAN SACHS GR...... 204.11 2.59 245.08 151.70 ENI N...... 13.42 0.25 16.67 13.10 HOME DEPOT...... 208.33 1.32 219.30 158.09 ESSILORLUXOTT...... 131.10 2.60 131.80 95.50 CITY A.M.’S DAILY EMAIL IBM...... 135.79 1.67 154.36 105.94 FRESENIUS...... 43.21 0.80 69.76 38.50 INTEL ...... 46.84 1.24 59.59 42.36 IBERDROLA...... 8.93 0.04 9.02 5.81 JOHNSON & JOHNSO...... 133.42 1.49 148.99 121.00 INDITEX ...... 26.24 -0.10 28.86 21.85 JPMORGAN CHASE ...... 109.34 1.66 119.24 91.11 ING GROUP...... 8.64 0.15 12.14 8.39 MASTERCARD RG-A...... 274.53 4.53 283.33 171.89 INTESA SANPAOLO N...... 1.89 0.05 2.47 1.80 CITYAM.COM/NEWSLETTER MCDONALD'S...... 219.73 2.57 221.93 156.56 KERING...... 439.95 -8.85 539.80 351.70 MEDTRONIC...... 102.40 1.40 103.95 81.66 KON AH DEL BR...... 20.31 -0.12 24.01 18.60 MERCK...... 86.08 0.35 87.07 66.07 L'OREAL...... 233.50 -1.00 257.80 182.00 COMMODITIES CREDIT & RATES MICROSOFT...... 138.60 2.81 141.68 93.96 LINDE...... 173.65 1.15 0.00 0.00 NETFLIX...... 312.28 1.45 386.80 231.23 NIKE -B-...... 83.32 1.67 90.00 66.53 LVMH...... 359.55 3.00 392.65 242.30 Copper Cash Official...... 5744.00 14.00 Euro Base Rate ...... Gold...... 1504.70 7.00 BoE IR Overnight...... 0.750 0.00 ...... 0.000 0.00 ORACLE...... 53.97 0.72 60.50 42.40 MUENCHENER RUECKV N...... 218.20 1.00 228.70 180.50 Silver...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 16.95 -0.05 Aluminium Cash Official...... 1745.50 -3.00 PEPSICO ...... 118.61 0.56 119.74 101.06 NOKIA...... 4.78 0.04 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.50 0.00 Brent Crude...... 57.38 1.15 Nickel Cash Official...... 15610.00 20.00 PEPSICO...... 129.93 1.58 135.24 104.53 ORANGE...... 13.46 0.21 15.25 13.08 Krugerrand...... 1498.60 34.15 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.15 0.01 Aluminium Alloy Cash Official...... 1250.00 -7.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor ...... -0.404 0.00 PFIZER...... 35.20 -0.19 46.47 34.78 ROY.PHILIPS...... 41.60 0.14 43.67 29.05 Palladium...... 1424.00 -5.00 LIBOR Euro - overnight...... -0.467 0.00 The vix index...... 17.52 -3.57 PHILIP MRRS INT...... 83.95 1.57 92.74 64.67 SAFRAN...... 127.90 0.75 137.20 99.98 Cocoa Futures ...... 2192.00 -19.00 Platinum ...... 855.00 -8.00 LIBOR Euro - 12 months...... -0.384 0.00 The baltic dry index...... 1774.00 26.00 PROCTER&GAMBLE ...... 117.25 1.22 121.76 78.49 SANOFI...... 75.40 1.58 80.44 71.32 Coffee 'C' Futures...... 95.83 2.08 Tin Cash Official ...... 16925.00 100.00 LIBOR USD - overnight ...... 2.103 0.01 Markit iBoxx EUR ...... 248.31 3.54 SALESFORCE.COM...... 143.88 3.16 167.56 113.60 Feed Wheat Futures...... 142.00 -1.00 SAP I...... 108.32 1.88 125.00 84.02 Lead Cash Official ...... 2085.00 18.50 LIBOR USD - 12 months...... 1.991 0.00 Markit iBoxx GBP...... 356.03 0.82 TRAVELERS COS ...... 148.22 1.92 155.09 111.08 SCHNEIDER EL...... 74.30 1.24 81.36 57.54 Zinc Cash Official...... 2262.00 -24.00 Soybeans Futures Continuation Contract....871.20 9.60 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 261.80 1.79 TWITTER...... 41.81 1.33 43.48 26.19 SIEMENS N...... 89.46 0.97 114.10 87.00 UNITEDHEALTH GRO...... 249.22 6.02 287.94 208.07 SOCIETE GENERALE...... 22.38 0.59 35.01 20.81 WORLD INDICES UTD TECHS...... 128.95 0.93 144.40 100.48 TELEFONICA...... 6.25 -0.00 8.06 6.16                 VERIZON COMM...... 56.37 0.68 61.58 52.20 TOTAL...... 44.22 0.99 55.39 42.65 VISA RG-A ...... 178.61 2.27 184.07 121.60 UNILEVER...... 51.27 -0.03 55.40 45.30 FTSE 100...... 7250.90 24.18 0.33 S&P 500 ...... 2926.32 42.57 1.48 CAC 40 ...... 5363.07 52.76 0.99 Hang Seng ...... 25281.30 -543.42 -2.10 WALGREENS BOOTS...... 53.07 1.07 86.31 49.31 VINCI...... 94.96 0.96 95.38 69.98 FTSE 250 ...... 19008.18 95.18 0.50 Dow Jones I.A...... 26279.91 372.54 1.44 Swiss Market Index ...... 9786.24 26.22 0.27 Shanghai Composite ...... 2797.26 -17.73 -0.63 WALMART...... 107.41 2.19 115.49 85.78 VIVENDI...... 25.38 0.17 26.69 20.80 FTSE All-Share...... 3961.16 13.63 0.35 Nasdaq Composite ...... 8016.36 152.95 1.95 ISEQ Overall Index ...... 5851.08 8.76 0.15 STI Index...... 3138.03 -30.43 -0.96 WALT DISNEY...... 137.01 1.26 147.15 100.35 VOLKSWAGEN VZ I...... 143.60 2.62 163.70 131.02 FTSE AIM All-Share ...... 876.99 0.39 0.04 Xetra DAX ...... 11750.13 70.45 0.60 FTSEurofirst 300...... 1466.26 8.47 0.58 ASX All Ordinaries ...... 6648.10 -22.00 -0.33 WELLS FARGO...... 45.96 0.53 59.53 43.02 CITYAM.COM WEDNESDAY 14 AUGUST 2019 FEATURE 13 OFFICE POLITICS

is alarming. The negativity surround- ing meetings is not only bound to af- fect their efficiency, but also company Earth to all morale outside the meeting room. Meeting Recovery Syndrome, or MRS, is the theory that a poor meeting negatively affects an attendee’s pro- ductivity for long periods afterwards. leaders: You’re GAME- Our study found that over 54 per cent CHANGER of British workers agreed with this. Boring meetings are painful at the Bored Button time, and painful afterwards. This can doing meetings Free be seriously harmful for businesses. The obvious starting point for com- You stifle a yawn. batting this is instilling in managers Another day, the importance of creating a compre- totally wrong another boring hensive plan for every meeting. With meeting. And a decent plan, instead of simply trying today, your boss to remember the points you wanted Workers widely consider this the ultimate Barry is harping to raise, you can actively engage your on about attendees and include the whole form of corporate procrastination, but why? business targets, room’s thoughts and opinions. company DNA, Inclusivity is the key. If everyone feels and blah blah part of the discussion, they will feel AST month, on World UFO Day, Meeting Recovery They will argue that the importance blah. You more involved with what’s being dis- conspiracy theorists around the Johnny Syndrome is of meetings is self-evident. But it’s not stealthily unlock cussed, more connected to colleagues globe gathered to raise aware- Warström the theory that the meeting leaders who need con- your phone and and clients, and more positive about Lness of their belief that extrater- a poor meeting vincing: it’s the rest of the attendees. tap the Bored their own place in the company. restrial life has long been trying negatively affects Our recent study of British workers, Button. The app But this must be adopted throughout to meet with our species – and that an attendee’s conducted with the preeminent features 100 the business, with those in manage- such a meeting may have already hap- productivity for American academic Professor Steven addictive games ment positions allowing all attendees pened, covered up and redacted by se- long periods Rogelberg, found that only 13 per cent that are ready for the same voice as they give themselves. cretive governmental agencies. afterwards believe that meeting leaders always you to play in The concerns of the UFO conspiracy This got me thinking about a differ- appropriately plan their meetings. To seconds. The theorists are driven by the desire to ent conspiracy theory surrounding time to implement any strategy. compound our corporate misery, over puzzles and meet and speak freely, as equals; the meetings, one less sensational but Meeting sceptics are as misguided as a third feel that meeting leaders are arcade-style scepticism of their meeting counter- more deserving of concern: that meet- their UFO counterparts, albeit a lot poor at including participants’ input. games are parts is similarly encouraged by the in- ings should be considered useless more common. But why is the value No wonder people are so critical of far more equality that they experience. By forms of corporate procrastination. of meetings questioned like this? Why meetings: if you sit through one that intellectually addressing this head-on, everyone will The corporate conspirators who pro- are meetings the butt of watercooler drifts on without a clear structure, stimulating than once again see meetings in their right- pose this theory will tell you that meet- jokes around the world? with no opportunity to contribute, Barry’s meeting. ful place: at the heart of business. ings are a friendly time-sink, bringing People who regularly lead meetings your cynicism is more than justified. people together just to go in circles dis- will attest to the crucial role of such For such a commonplace business £ Johnny Warström is founder of interactive cussing tasks, and then running out of gatherings in conducting business. activity to draw this level of criticism presentation platform Mentimeter. 14 OPINION WEDNESDAY 14 AUGUST 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS The reality behind the benign TO THE EDITOR China myth has been laid bare Girl Power [Re: Is Caroline Lucas’ all-female ‘emergency cabinet’ a good idea for avoiding a no-deal Brexit?] OR SOME time now, the based Permanent Court of Adjudi- utive, and through the repeated The all-female emergency cabinet British people have been sold cation ruled that China’s historic Alan use of police brutality. proposed by Caroline Lucas has been met a lie. It is a whopper of epic and contemporary territorial Mendoza As repeatedly hinted at by official with scepticism, cynicism, and almost Fproportions, and as signifi- claims, pursued by force in the Chinese sources, the unthinkable certainly scorn. However, this cant a distortion of reality as South China Sea, had no validity. now appears possible: a full-scale revolutionary political move could was the mythology in the 1930s At a stroke, the unlawful nature military intervention to quieten the potentially change things for the better – that Adolf Hitler’s territorial de- of China’s military posturing had protests once and for all. Three and is that not what the public want? mands and desire to re-arm Ger- been laid bare for all to see. decades after the bloody massacre The idea here is not to chart female many were somehow normative, Subsequently, we have learned at Tiananmen Square, such a move domination and usurp the Prime Minister, justifiable, and containable by the that China’s interest in increased would demonstrate once and for all nor is it a grand political move aimed at policy of Appeasement. economic ties is not purely linked to that China cannot be trusted. gaining more prestige and power. It is This contemporary lie centres benign mutual prosperity, but that It would be naive to assume that simply a move to try to rebuild the trust in around China. significant strings are attached. values should constitute the en- parliament for and to the public, by Over the years, we have been told Sri Lanka found this out to its tirety of our approach to foreign establishing a group of strong female by successive leaders that China’s cost in 2017 when, weighed down policy. There will always be a need leaders and focusing their positive political rise in the world is without draw- by the burden of cumulative Chi- Hong Kong stands on to engage with authoritarian states energy and skill into fixing our broken backs, that we have nothing to fear nese investment debt, it was forced in pursuit of national interests. democracy. It places the positive attributes from a country with fundamentally to cede the strategic port of Ham- the brink of disaster, But when the strategic and moral upheld by our women at the forefront of different values to the west when it bantota in an egregious case of eco- view begins to coincide, as it has our politics: their patience, their strength, comes to democracy, freedom and nomic colonialism. with a British-signed done in the case of China, there can their power at reconciliation, and their human rights. Meanwhile, it has been discovered treaty in tatters be no excuses for not making our ability to find solutions. We’ve also been told that China is that Chinese business behemoths displeasure with the course of Lucie Spicer, head of educational entitled to flex its muscles in its like Huawei have significant links events known – even if reprisals fol- technology, Shout Out UK neighbourhood as befits a putative to the Chinese state that could lead low, as the Chinese have threatened superpower re-ordering a regional to the security of the network infra- (in a sadly typically bullying man- set of alliances that had been estab- structure they are busy building the die is cast in the path of regres- ner) over investment. lished to suit the selfish needs of the worldwide being compromised. sion and repression. Britain today stands on the verge BEST OF US, and that we should welcome the The Chinese state itself stands ac- For 11 weeks now, mass protests of Brexit and a new diplomatic age TWITTER influx of foreign direct investment cused by the US of being a currency have rocked the territory. What where we can remake our global that a rapidly growing China could manipulator that keeps the price of started as a demonstration against posture and strategy to suit the One of the underlying tensions provide to our economy. its exports artificially cheap. an extradition law has turned into a needs of a 21-century power. exposed by Brexit in a nutshell: This tendency reached its public In the far west of China, the full-scale demand for greater demo- At the same time, Hong Kong 80% of MPs think they are elected to apogee under the Cameron pre- world is now aware that Muslim cratic accountability in a city-state stands on the brink of disaster, with exercise their own personal miership, when the most fawning Uighurs have been subject to ex- that was promised preservation of its a British-signed treaty in tatters. judgement of state visits was put on for Presi- treme surveillance, with an esti- own way of life when it was returned It would be a grand statement in- 63% of Britons think MPs are elected dent Xi Jinping to inaugurate a mated one million people in to Chinese rule by the UK in 1997. deed if Boris Johnson’s govern- to act according to their constituents’ “golden era” of trade that included Xinjiang province now held in de- The Joint Declaration signed by ment broke with its predecessors wishes official collusion in the hiding of tention centres in conditions that China pledged to support the free- and made its response to China’s @YouGov protests that might offend the UK’s demonstrate the value placed on dom of expression, guarantee of treatment of Hong Kong a defence distinguished despotic visitor. human life by Beijing. human rights, and rule of law for of the rules-based international If this doesn’t show the problem with But, surprisingly quickly, the But it is what will happen next in 50 years. Yet in the past weeks, order, as well as a symbol of Britan- our current political system then not wheels have come off the China Hong Kong that is likely to prove China has shown its contempt for nia resurgent. much else will. MPs see themselves as public relations wagon. In 2016, the defining moment in revealing such values by ignoring the a block to ideas which they deem barely a month after David the true face of China, and whether strength of public feeling about the £ Alan Mendoza is executive director of irresponsible. But this country is built Cameron left office, the Hague- there is hope for redemption or if misrule of Hong Kong’s Chief Exec- the Henry Jackson Society. as a representative democracy. MPs are meant to represent the wishes of their constituents. @GetBritainOut

This survey result shows the limitations of asking ill-informed What was behind Friday’s National Grid people what they think. But the real shock is that only 80% of MPs understand their role in our constitution. outage? Network theory, not conspiracy @MrHickmott

ATIONAL Grid is getting a from them to businesses and The total number of outages had We had to contend with Meatloaf kicking in the aftermath households via power lines. Paul fallen – when one plant failed, it Remainerism: Corbyn & Lib Dems of last Friday’s electricity A key discovery in the maths of Ormerod was easier to activate a back-up. But claim to be willing to do anything to Nblackout. Potential expla- how things spread across networks the frequency of very large outages, stop no-deal, but they won’t do nations swirl around both is that in any networked system, while still rare, had increased. anything that would actually work, social and mainstream media. The any shock, no matter how small, I collaborated with Colbaugh on such as (a) voting for a deal, or (b) system cannot cope with too much has the potential to create a cas- this seeming paradox. We showed uniting behind a single candidate for wind-generated electricity. The Rus- cade across the system as a whole. that it is in fact an inherent prop- temporary PM sians hacked into the computers. Duncan Watts was at Columbia erty of networked systems. Increas- @JohnRentoul A puzzling aspect is that the initial University when he published a ing the number of connections shock to the National Grid was a groundbreaking paper on this in continued to function well. But oc- causes an improvement in the per- “Meatloaf Remainerism” is my new very small one. The gas-fired station 2002 with the austere title “A sim- casionally, a small shock triggered a formance of the system, yet at the favourite phrase” at Little Barford in Bedfordshire ple model of global cascades on system-wide collapse. same time, it makes it more vulner- @MaryLobomaf went down. Within minutes, a mas- random networks”. He was subse- Watts coined the phrase “robust able to catastrophic failures on a sive power outage had taken place. quently snapped up by first Yahoo, yet fragile” to describe this phenom- system-wide scale. Random, pointless fact for the day: Rebecca Long-Bailey, Labour’s en- then Microsoft. enon. Most of the time, a network is There may still prove to be a sim- Theresa May was the first British ergy secretary, has honed in on this. Watts set up a highly abstract robust when it is given a small ple explanation of the sort loved by Prime Minister since Anthony Eden The fact that a small outage had model of nodes, all of equal impor- shock. But a shock of the same size decision-makers the world over. But who didn’t have a James Bond film such huge consequences is, to her, tance, connected on a network. Ini- can, from time to time, percolate the science of networks may shed released during her premiership. clear evidence of under-investment, tially, all of these were, putting it through the system. more light than theories based on @btharris93 and makes the case for public own- into the Grid context, working well. In the mid-2000s, the academic conspiracy and incompetence. ership. But scientific advances over He investigated the consequences Rich Colbaugh was commissioned Idea for a new game show: put 10 the past 20 years provide a quite dif- of what happens when a very small by the Department of Defense to £ Paul Ormerod is an economist at people on the Northern Line platform ferent perspective. number of them malfunctioned. look into the US power grid. Volterra Partners LLP, a visiting professor at Bank tube station, & whoever finds The National Grid is, by defini- The results were surprising. Most The physical connectivity of the in the Department of Computer Science the exit inside of 24 hours gets tion, a network. Power stations re- of the time, the shocks – made de- network had increased substan- at UCL, and author of Against the Grain: £10,000. ceive supplies from various sources, liberately small by assumption – tially due to advances in communi- Insights of an Economic Contrarian, @StewartWood and then the energy is transmitted were contained and the network cation and control technology. published by the IEA. CITYAM.COM WEDNESDAY 14 AUGUST 2019 OPINION 15

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Full-fibre broadband will drive DEBATE our next industrial revolution In light of the row over alleged bias in the Telegraph’s survey, is N THE campaign trail, Boris Matthew deliver on the vision for future tech- Johnson made a bold pledge nology together. The Prime Minister there any point to polls? to deliver full-fibre digital Fell has signalled his ambition on digital Oconnections to every home infrastructure, but businesses must in the land. As the new gov- do the heavy-lifting on investment, Since the dawn of polling, people have ernment gets down to work, there is shaping the technology and bringing found imaginative ways of getting the no time to waste in turning that rhet- vital delivery know-how to the party. result they want. And the ComRes team oric into reality. The revolution is happening already. who found that a majority of people YES would back Boris Johnson shutting The UK led the way in the first indus- Virgin Media and Vodafone are com- OLIVIA UTLEY trial revolution, and should do the mitting to deliver gigabit speeds to down parliament to deliver Brexit may same again in the fourth. The first was analytics to link food right back to the millions of homes by 2021. A growing have lightly manipulated their subjects driven by easy access to the energy farm it came from in a matter of sec- band of Alt Nets are delivering fibre to give a result favourable to the former – will do their utmost to deliver needed to power steam engines; this onds. Aircraft manufacturers can tap in harder to reach rural areas. Open- star columnist of the Daily Telegraph, accurate results. A well-conducted poll industrial revolution will be under- into vast networks of data across their reach is accelerating its plans too, re- which commissioned the survey. offers valuable insight into the mood of pinned by the lightning-fast connec- supply chains to assess risk and antici- cruiting an extra 3,000 trainee But polling is not useless just because the nation. Instead of slating pollsters, tions that will transform the potential pate maintenance requirements. Infra- engineers to help with the build. pollsters can sometimes be influenced. we should be teaching our citizens of every single home and business. structure providers can predict peaks But there is plenty more to get on Anyone even remotely interested in media literacy to distinguish between a And just as the first industrial revo- and troughs in demand to ensure that with. First, fast-track legislation to UK politics is aware that the Telegraph good poll and a bad one. lution powered every village, town people have the services they need, mandate gigabit connectivity in all is pro-Boris, so will take that particular And don’t shoot the messenger just and city in the country, the fourth when they need them, and not when new-build homes and better access to poll with a pinch of salt. But they should because you don’t like the message. must power every person. they don’t. private land. also know that most pollsters take great Britain should not be a nation But that’s not all. Just as the technol- Next, help all parts of the govern- pride in their work, and – when £ Olivia Utley is deputy editor at where your postcode determines ogy we use in our homes and busi- ment to pull in the same direction commissioned by an independent body TheArticle. whether you can work from home or nesses is developing quickly, so too is and strain every sinew to accelerate your business can sell online. We the connectivity that underpins it. If progress. Ensure that new transport should be a nation where good con- 4G is a torch, 5G is a laser beam pro- infrastructure has world-class digital nectivity is a reality for every person, viding more targeted and powerful connectivity baked in and support in- The Daily Telegraph reported yesterday and every new business is born digi- opportunities. It has the potential to dustry’s Shared Rural Network pro- that a poll showed 54 per cent of the tal, in all corners of the UK. deliver not twice, not 10 times, but posals. Review removing digital electorate in support of proroguing For employers, the opportunities 100 times faster connections. Turning infrastructure investments from busi- parliament to force through a no-deal NO from fast broadband are vast. With- on the 5G tap could unleash a surge ness rates in the next Budget. Brexit. That seems impressive, until you ELIOT WILSON out an internet connection, your of innovations, from driverless cars to And finally, let’s make sure we have realise that the methodology involved phone or your computer isn’t much automated farms. The UK should be the skills needed to get the job done. excluding “don’t knows”, and the actual more than an expensive lump of among the front-runners in this race. Make the apprenticeship levy work to figure of those in favour of this drastic guessing. This came hot on the heels of metal; with a good connection, its ca- Business and the government must support new skills coming into the in- move was only 44 per cent. a bad 2015 General Election for almost pabilities are mind-boggling. dustry and ensure that our new immi- If polls are susceptible to such all the polling companies. Better digital connections unlock gration system is open to the best deliberate, conscious bias intended to It’s time to look at new technology and the potential of advanced analytics, This isn’t about your engineering talent from overseas. generate a news story, what’s the point? new ways of charting intended blockchain, and the industrial inter- kettle talking to your With business and government And it’s not just about how they’re behaviour. It’s what PR and advertising net of things. working together in lockstep, the UK reported, but about pure inaccuracy companies do all the time, and we’re But this isn’t about your kettle talk- fridge – it’s game- will remain at the forefront of the dig- too. Polls have never been perfect, but good at it. Old-fashioned, biased ing to your fridge – it’s a game-chang- changing technology ital revolution. they’re becoming a lottery. The EU opinion polling should be on its way out. ing combination of technologies. referendum was not a red-letter day for Supermarkets can use a combination £ Matthew Fell is UK chief policy director pollsters: only 55 of 168 polls predicted £ Eliot Wilson was a House of Commons of sensors, blockchain technology, and at the Confederation of British Industry a Leave vote – statistically worse than clerk and is chief writer at Right Angles.

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THE CURE T HAS been an unfortunate theme over and calling for the taper to be scrapped recent years that public services have entirely, for public and private sector to reach crisis point before the govern- workers alike. Iment is stirred to take action. And here Steve Webb, former pensions minister we have the mother of all crises (that is, and director of policy at Royal London, the NHS crisis) made worse by a desper- points out that the problem is not unique ately confusing pensions to the NHS nor even to the public sector. system. FOR CRISIS“Any review must be comprehensive and When a tax rule is effectively stopping cover everyone affected by this absurdly doctors from saving lives, you know that complex taper, including in the private something is amiss. But despite the sector,” he says. “The best solution by far repeated warnings about the damaging Katherine Denham would be outright abolition, even if this implications of one specific tax policy – the explains why the new proposals meant a slightly lower annual allowance pensions taper – it is only now senior across the board.” doctors are reducing their workload to to appease the NHS pension row still miss the mark However, while getting rid of the taper avoid being lumbered with hefty tax bills might be the simplest way to deal with this that the government is getting serious of gold-plated pensions, but the issue hit and require NHS members to seek advice pension system that would further problem, it would also leave a huge £1bn about reviewing the rules. the headlines when senior doctors and from their accountants and financial exacerbate the public-private sector hole in the chancellor’s finances that The tapered allowance was introduced consultants started choosing to simply advisers to try to guide them through this,” pension divide. would need to be plugged – hardly an by George Osborne in 2016 to limit the avoid the risk of massive tax penalties by says Gary Smith, chartered financial And there’s another concern with attractive proposition for the Treasury. amount of tax relief available to high turning down overtime, or even retiring planner at Tilney. allowing clinicians to opt out of their earners. While the standard annual early. And there’s a wider issue too. Tapering pension and sending the contribution to SORRY STATE OF AFFAIRS allowance (the amount you can pay into The costs of exceeding the limit can be affects those in the public sector more their salary instead. A doctor who opts out The government hopes that the new rules your pension without being taxed at your huge. In some cases, doctors and nurses (most private sector workers contribute of the pension scheme would incur a 40 will relieve the pressure on hospitals and marginal rate) is £40,000, the pensions have ended up worse-off for doing eight per cent of their salary into their per cent income tax charge on their their mounting waiting lists, but regardless taper means that anyone earning more overtime, and there have been reports of workplace pension scheme, while NHS increase in salary, not to mention a two per of what the final versions look like, it will be than £150,000 a year sees their tax-free people having to remortgage their homes trusts pay in 20 per cent), but it’s the taper cent National Insurance charge. months before they come into force, annual allowance gradually reduced. to foot the tax bills. But while the stakes are allowance in general that’s the problem, Smith also points out that the NHS meaning hospitals face another winter Essentially, for every £2 your adjusted high, the rules are fiendishly complicated not the NHS pension scheme specifically. would have to pay employers National crisis in the meantime. income goes over £150,000, your annual and time-consuming to understand. As The government has pledged to review Insurance of 13.8 per cent on this salary Claudia Paoloni, president of the Hospital allowance for that year falls by £1. former pensions minister Ros Altmann how the tapered allowance system too, representing an increased cost to the Consultants and Specialists Association The general premise sounds relatively points out: “Surely we want the senior NHS “supports the delivery of public services overstretched health service compared to (HCSA), warns that without an urgent simple, but the taper is calculated for each staff to be medical experts, not pension such as the NHS”, but the phrasing making a pension contribution, plus the solution to the pensions crisis, the NHS is individual using additional metrics (a buffs.” suggests that it only plans to look at how additional administrative burden. facing its worst winter on record. “It is tragic mind-bogglingly complex set of rules that the tapered allowance affects public There are questions about whether the that the government has known about this you can find on the HMRC website), which STICKING PLASTER schemes, when really a wider review of this proposal will even work as intended. As AJ growing crisis in the NHS for months, yet it mean that if you’re earning £110,000 a The Department for Health has finally unfairly complex system is needed. Bell’s Tom Selby says: “Many affected by has sat on its hands,” she says. year, you could still be hit. promised to review the system. Last week, it If reform only looks into the public side, the taper will inevitably decide they don’t “Without tax reform, we fear that waiting Defined benefit pensions (which are proposed new rules that would give NHS Smith warns that it would create a two-tier want to jump through hoops, only to end lists will hit five million by next year. We commonplace in the public sector) add staff more flexibility around how much they up with a smaller pension in the end.” need to see action in weeks not months – another layer of complexity, because they contribute into their pensions, allowing that means a firm commitment to tax are based on accrual rates and them to set the exact amount of NO MIRACLE CURE change at the next Budget.” adjustments for inflation, rather than contributions and accrual at the start of So what are the solutions? Baroness Staff shortages are already at critical levels, contributions, and tricky to predict. each financial year. Altmann suggests that problems could be with half of hospital doctors not doing The result is that it is ludicrously difficult By allowing staff to opt out of the NHS addressed by basing the tapered overtime, while 26 per cent have reduced for high earners – particularly those in the pensions scheme mid-year, the idea is that Surely we want allowance on last year’s earnings, not the their extra hours, according to figures public sector, like top doctors – to work out they would then be free to work additional current year, so that staff know what the published by the HCSA last Thursday. Right how much they are putting into their shifts without breaching limits for pensions the senior NHS allowance will be for the year they are in. now, the tax system is incentivising them pension pots, and therefore how close tax relief. “The calculation should also be much to stay away. they are to crossing the tax-free threshold However, experts are dubious about staff to be medical simpler, so it is straightforward to work out The NHS is in dire need of urgent medical and getting caught in the tax trap. whether this is the right solution. experts, not the allowances, without being a pensions attention. And a sticking plaster will The general public doesn’t usually have “Offering the flexibility to reduce pension aficionado,” she says. be no substitute for system-wide much sympathy for high earners in receipt contributions will only create confusion pension buffs But some pension pros are going further pensions reform. CITYAM.COM WEDNESDAY 14 AUGUST 2019 LIFE&STYLE 17 FOOD&DRINK

WEEKLYGRILL Serdar Demir, the restauranteur behind The Mantl, talks about microwaving eggs and the temperature of ice cream

WHO ARE YOU AND that my family used to make from time-to- WHAT’S THE BEST WHAT DO YOU DO? time. I remember it tasting quite creamy THING ABOUT THE My name is Serdar Demir and I’m an with a burnt caramelised taste. Our LONDON FOOD SCENE? entrepreneur mainly involved in smoked sheep’s yoghurt (a cold starter) It’s the competition. London has so many restaurants and property. The Mantl is a was inspired by this early food memory. restaurants in every category, from FATT PUNDIT new restaurant concept that focuses on everyday brunch spots to a fine dining. 77 BERWICK ST, SOHO traditional Turkish cuisine with a twist. It WHAT’S YOUR It means people are always looking to involves traditional cooking over hot coals FAVOURITE DISH? create new experiences and push to prepare modern Turkish cuisine that’s I have a sweet tooth and could easily boundaries to give customers WHAT? A small plates restaurant in the designed to share. substitute my main meal for a dessert. something to go “wow” about. heart of London, Fatt Pundit specialises WORKING I’d been looking for a site in Especially Turkish desserts like sutlac (rice in traditional hakka cuisine, an Indian- Knightsbridge for two years when I caught pudding) or kadayif (made from a noodle- YOU’RE MAYOR FOR A DAY – originated style of cooking from a LUNCH wind of 142 Brompton road. I didn’t like pastry). WHAT FOOD LAW WOULD region of east Kolkata that leans into hesitate, and the rest is history. YOU INTRODUCE? Chinese flavours and ingredients. It’s a WHAT’S THE WORST I would encourage more locally culinary crossover that’s a little more YOU COME HOME DRUNK THING YOU’VE EVER sourced foods to be used special than your typical Asian-fusion AND HUNGRY – WHAT PUT IN YOUR and focus on more food, and while it’s been knocking DO YOU COOK? MOUTH? sustainable ways to around for centuries, Fatt Pundit is It would have to be something quick and I’ve never been a fan of package and deliver bringing it to the Instagram masses. which is so sticky you could hang tasty like an omelette or menemen, which ravioli or dumplings. I food. wallpaper with it. The vegetable is a traditional Turkish dish made from would be WHERE? 77 Berwick Street in Soho, in manchurian is a delight too. A staple of eggs, tomatoes, peppers and spices. exaggerating to say WHAT’S a busy and narrow dining room that hakka street food, it’s crispy veg balls they were the worst THE MOST smells of incense and ginger. with shallots in a spicy curry sauce. WHAT’S THE STRANGEST thing I’ve ever eaten OUTRAGEOUS ENCOUNTER YOU’VE HAD IN but it’s safe to say that THING ORDER THIS... We ordered everything WHAT ABOUT DRINKS? There’s a YOUR RESTAURANT? they don’t work for me. YOU’VE SEEN on the vegan menu, which is about as cocktail menu inspired by Indian fruit I remember serving a mother and her two A CHEF DO? much as two people could reasonably vendors, which all helpfully all correlate children, at the end of their meal we spoke, WHAT SHOULD Many years ago, I caught eat. Momos are the traditional starter of with the classics. The kala kattah and she told me that “the food was lovely... EVERYONE HAVE IN one of my chefs trying to hakka meals, and where the fusion is mojito is a particular treat, mixed with but the ice cream was too cold” I found THEIR KITCHEN boil an egg by putting it in the most on the nose. They’re steamed blackcurrant and pungent black salt. that very strange. CUPBOARD? microwave – with the shell still on! dumplings filled with curried stuff from Sumac. This wonderful spice just adds Ridiculous. across the continent: kid goat, beef and NEED TO BOOK? It gets very busy in WHAT’S YOUR EARLIEST another dimension to so many things from £ The Mantl, 142 Brompton Rd, chicken; or spinach, mushroom, the evenings, so visit fattpundit.co.uk FOOD MEMORY? salads, cold meze and even sprinkled onto Knightsbridge, SW3 1HY; Book at courgette and tofu. A highlight is the or call 020 7287 7900 if you want to Eating burnt yoghurt – this was a delicacy grilled meat. themantl.com or call 020 7584 6677 sesame veg fritters in manuka honey, make a reservation.

THIS WEEK’S RECIPE: MARK HIX £ Toss the squash in half of the rapeseed oil. Season and cook in a tray in the oven WINES OF THE WEEK Why sensational covered for around 30 minutes or until Chef and tender but not coloured. Wieteke Teppema, wine buyer at squashes are restaurateur £ Meanwhile, put the walnuts on a tray with a little oil and roast in the oven for Gezellig, picks two for the weekend your versatile 10-12 minutes. £ Mix the chilli with a tablespoon or so 2017 PETER LAUER, 2017 PIKE & JOYCE, kitchen buddies of rapeseed oil. RIESLING 'FASS 16', RAPIDE' PINOT NOIR £ Leave to cool for a short while and then SAAR, GERMANY LENSWOOD, ADE- WHIPPED BUTTERNUT LAIDE HILLS, SOUTH quashes are incredibly ver- blend in a liquidiser adding the rest of the AUSTRALIAJ satile vegetables. For one SQUASH WITH GOATS oil and some of the vegetable stock as Riesling fits any occasion, thing, they store well, so you CURD AND WALNUTS (SERVES 4) required until you reach a smooth almost coming in many different Adelaide Hills is can use them long after the hummus like consistency. You may not shades of delicious. This proving be a source of growing season is over. Even INGREDIENTS need to use all of the stock, just pop any one is from an exciting great quality Pinot, Sthe flowers can be put to good use, £ 1500g butternut squash peeled, seeded left over in a bowl in the fridge for your young German without the hefty price just like courgette flowers, simply and roughly chopped next meal. producer and is bone tag. This example is fried in a light batter or torn into a £ 100ml vegetable stock £ To serve, spoon the squash onto dry. It lives up to its everything a Pinot Noir salad. There are over 300 varieties £ 80-100ml rapeseed oil individual plates or one large serving reputation as a palate should be. Bright of squash but be careful – some of £ salt and freshly ground black pepper plate, spoon the goats curd on top, sharpener with zesty crunchy red fruits with the unusual looking ones are all £ 20 walnuts scatter over the walnuts and spoon on citrus fruit, which just a touch of broody skin and seeds and not much flesh. £ 1 red chilli, halved, seeded and chopped the chilli. works well as an savouriness. It’s the Play it safe and go for varieties like £ 100-120g goats curd or labneh aperitif or with perfect wine that can crown prince and butternut, which £ Flat bread to serve anything light and break the rules – try it are my favourite, both having great summery. with fish or shellfish. coloured flesh and fantastic METHOD 6 for £66, £14.50 a bottle, flavour. £ Pre heat the oven to 200ºc/Gas mark 6. howardripley.com eaandsandeman.co.uk 18 SPORT WEDNESDAY 14 AUGUST 2019 CITYAM.COM SPORT HAZARD England can’t rely on their prize weapon to swing OF THE all Ashes games, writes Felix Keith

T’S A mystical, erratic but vital el- ement of Test cricket. Batsmen hate it. Pace bowlers thrive on it. Swing is the backbone of the con- DUKES test between bat and ball – a Isought-after, match-winning com- modity which flits in and out of exis- tence throughout the ebbs and flows of a game. And yet it remains largely misunder- stood. Shine the ball on one side for long enough, bowl with sufficient skill on a conducive pitch and with the perfect overhead conditions and magic can happen. The dark red sphere of leather will change direc- tion right under the batsman’s eye, induce edges and send stumps flying. But sometimes no matter how hard you try without resorting to foul play – sandpaper, mints and other such outlawed tactics – the conventional methods involving saliva and text- book wrist positions, even when cou- pled with all the other intricacies, simply won’t make the ball swing. That was largely the case at Edgbas- tuate swing and play to the strengths SWING IS DWINDLING things happen. If it were that control- plaining about the shape of the ball ton earlier this month when England of the hosts. Dukes did indeed make lable nobody would go and watch in an attempt to get it changed. kicked off their home Ashes series to order some 600 balls for the Ashes Change of direction: According to cricket would they? This is the naivety “All this stuff, people have to take it against Australia. There were patches campaign, but in the first Test it was analytics app CricViz it is seam of it all.” with a pinch of salt,” Jajodia adds. of movement, but nothing extrava- seam movement, not swing, which movement, not swing, which is becoming “The balls are perfectly adequate. gant – nothing like the previous sum- was more prominent. more prevalent in England. NO EXACT SCIENCE They have to deteriorate over 80 overs mer against India, and nothing like Smith’s otherworldly performance, Swing: The last two years have seen the Jajodia says there has been “disinfor- – that’s what cricket is about. When England had hoped for. a lack of exaggerated movement, an lowest percentage of balls swinging mation” about the return of the you get to 80 overs you get a new one. Swing bowling master Jimmy Ander- early injury to Anderson, a strong per- between 0.75 and three degrees since “2018” batch of balls. You can’t come along in the 63rd over son succumbed to a calf injury after formance from Australia’s seamers, records began in 2007. “We don’t suddenly make a new ball and say: ‘The ball is a bit old, I want a four overs. The hosts could not oust and Nathan Lyon’s off-spin came to- Seam: Seam is going the other way, with in 2019,” he says. “It’s the same ball new one’. The umpires have got to be Steve Smith and the first Test was lost gether to decide the contest at Edgbas- 2017 and 2018 providing the two highest and obviously balls vary according to firm and say no.” by a margin of 251 runs. ton. But, in trying to make sense of amounts of average seam movement. the raw materials. They can’t be 100 With the second Test beginning at All of that was despite England sup- what they’d seen, some drew conclu- per cent the same. Lord’s – traditionally a swing-friendly posedly having what was some quar- sions about the equipment – much to “For whatever reason, last year even venue – this morning there is unlikely ters dubbed “the secret weapon that the annoyance of one man who per- that is fit for purpose – that it has the though the weather conditions were to be a break from this discussion. But could decide Ashes series”. haps knows more about cricket balls rudiments that are required: a good not really conducive to swing, it that won’t stop Jajodia, who will be than anyone else. shape, a good seam, a surface which swung a lot. If there was an exact sci- behind the bowlers’ arm for the first SECRET WEAPON Dilip Jajodia, managing director of can be polished,” he tells City A.M. ence then one team, or one company, ball, from setting the record straight. The story went like this: after their British Cricket Balls Ltd, which hand- “Then you have the pitch and the would be sitting on the beach.” “We provide all the aerodynamics 4-1 Test series win over India in the makes the Dukes ball at their weather conditions. Then the most Another talking point at Edgbaston that are right for swing, but I cannot summer of 2018 the England manage- Walthamstow factory, has been frus- important thing of all: the bowler’s was both sides continually pestering guarantee that on any particular day, ment asked ball manufacturer Dukes trated with some of the commentary skills and form. the umpires to change the ball once it that any particular bowler will be able to make another batch to the same around his product. “The best swing bowler in the world had lost its shine in the middle overs. to run up and swing it,” he concludes. specifications, hoping to again accen- “The concept is that you have a ball sometimes can’t swing the ball. These Bowlers were frequently seen com- “That’s got to be understood.” England need classic Lord’s conditions to level Ashes series

PRING-LIKE weather has hit England’s at exploiting them. Lord’s won’t be lost on them. If they who couldn’t be relied upon at Edgbas- London over the last few CRICKET Broad and Woakes enjoyed ex- don’t dismiss him early and the sun ton. His confidence has disappeared days and, with the second COMMENT cessive movement last month comes out, Lord’s can be a completely and his replacement, Jack Leach, will Ashes Test starting this when they combined to different place to bat. play an important role. morning at Lord’s, England Chris bowl Ireland out for 38, Australia will come hard at the left- willS be hoping April showers don’t with overcast weather and SELECTION DILEMMAS arm spinner, like Shane Watson did ruin their chances of levelling the se- Tremlett a fresh pitch providing Mitchell Starc is back in Australia’s against Simon Kerrigan in the 2013 ries. Having been beaten by Australia the perfect platform to squad and he is their best-equipped Ashes, so Leach will have to hold his at Edgbaston, England really need run riot. bowler if the ball swings. I’d ex- nerve in the first innings and wait for the conditions to be on their side You would think Lord’s pect him to bowl from the Pavil- his chance later on to take wickets. over the next five days. their aggressive brand of cricket. I will have saved their ion End where you can use the The other selection question involves If Lord’s provides a green-tinged don’t think it’s all doom and gloom best pitch for an occa- slight downhill slope to generate Joe Denly, who I would drop for Sam pitch – like we saw against Ireland re- for England, but they need to fight sion like the Ashes and momentum and push up the Curran. I don’t know how Denly cently and in some of the World Cup back strongly. it is very unlikely to be speed gun. landed the No4 slot in the first place games – and the overhead conditions The toss is always important in Test a minefield this time. I His left-arm angle, pace and ability and Curran’s all-round game would are just right, the hosts can come back matches and, considering the series don’t expect scores of to swing the ball back into the right- give England another dimension. to make it 1-1 in the Ashes. situation, venue and conditions, this 500, but England prob- handers won’t be the only things Eng- England have gaps in their order and On the other hand, a flat pitch and game is no different. Captain Joe Root ably won’t have it all land have to deal with, as he will also need senior players like Root, Jos But- sunshine would be right up Australia’s would love to win it and give Stuart their own way either. create foot holes for Nathan Lyon to tler and Jonny Bairstow to step up and street because, as they showed in the Broad and Chris Woakes the best op- Steve Smith haunted use later in the match. drag them back into the series. first Test, they are the better team in portunity to take early wickets. England at Edgbaston England have dropped Moeen Ali placid conditions. Like any team, Australia are vulnera- and the fact he scored Chris Tremlett is a former England and The visitors are in the box seat and ble to the swinging ball and I also 215 in the first innings Mitchell Starc could return for Surrey fast bowler. Follow him will arrive confident and ready to play think their bowlers are not as good as of the 2015 Ashes Test at Australia after missing the first Test @ChrisTremlett33 CITYAM.COM WEDNESDAY 14 AUGUST 2019 SPORT 19

CELTIC EXIT CHAMPIONS SHOOT-OUT DRAMA Wimbledon beaten by MK Dons in Carbao Cup LEAGUE AFTER SHOCK LOSS SPORT DIGEST £ Celtic were knocked out of the contest on his record and Fury is not MK Dons beat AFC Champions League qualifiers after taking the bout lightly. “I will be fully Wimbledon on conceding four away goals to lose 5-4 focused to get this job done because penalties to reach the on aggregate to Romanian side CRF the [Wilder] rematch needs to second round of the Cluj last night. Neil Lennon’s side lost happen,” said the 30-year-old, who Carabao Cup after a 4-3 at Celtic Park to slip into the beat Tom Schwarz in June. feisty encounter Europa League play-off round for the ended 2-2 last night. second successive season. Billel KLOPP HAILS ‘HISTORIC’ The Dons, who were Omrani scored twice in the second half FEMALE REFEREEING MOVE controversially to give Cluj the lead on away goals £ Liverpool manager Jurgen Klopp founded in 2004 before George Tucudean’s injury-time has welcomed the decision which will when Wimbledon FC strike rubbed salt into Celtic’s wounds. see Stephanie Frappart become the were relocated to first woman to referee a major men’s Milton Keynes, won CITY AVOID TRANSFER BAN European match this evening. 4-2 in the shoot-out FOR FIFA RULE BREACH Frappart and her two female after Luke O’Neill’s £ Manchester City have avoided a assistants will take charge of 94th-minute transfer ban after admitting breaching Liverpool’s Super Cup match against equaliser forced spot- rules on signing young players. The Chelsea. “I’m happy to be a part of this kicks for Wimbledon. Premier League champions have been historic moment,” Klopp said. “It’s a Elsewhere, Brentford fined 370,000 Swiss Francs (£315,000), smart decision to have women referee were beaten 5-4 on by Fifa but avoided a ban like which a very, very important game. It’s the penalties by Chelsea are currently under. “The club first time, but I hope it’s not the last.” Cambridge United accepts responsibility for the breaches after a 1-1 draw, which arose as a result of MURRAY AND LOPEZ REACH Charlton lost 5-3 to misinterpretation of the regulations in LAST 16 IN CINCINNATI Forest Green Rovers question,” said City in a statement. £ Andy Murray put his singles defeat in a shoot-out The club said they were in relation to behind him by reaching the last 16 of following a 0-0 players under the age of 18 who came the doubles with Feliciano Lopez at stalemate but in on trial and took part in friendlies. the Cincinnati Masters yesterday. Queens Park Rangers Murray lost to Richard Gasquet in his beat Bristol City 5-4 FURY TO FIGHT UNBEATEN first singles match since surgery on after a 3-3 draw. WALLIN IN SEPTEMBER Monday, but he and Lopez responded Millwall overcame £ Tyson Fury will fight Sweden’s Otto with a 3-6, 6-3, 10-3 win over Jean- West Brom 2-1, but Wallin in Las Vegas on 14 September Julien Rojer and Horia Tecau. Leyton Orient were as he gets ready for a potential Meanwhile, American teenager Coco beaten 2-0 away rematch with Deontay Wilder. Wallin, a Gauff has been handed a wildcard to at Plymouth. 6ft 5in southpaw, is unbeaten in his play the women’s singles at the US career with 20 wins and one no Open, which starts on 26 August. CHANCE OR NUISANCE? What does tonight’s European Super Cup represent to Liverpool and Chelsea, ponders Michael Searles Spain have had a ONIGHT’S European Super been involved in. lot of success in Cup between Liverpool and Chelsea suffered defeat at the hands Chelsea in Istanbul is a rarity of Atletico Madrid in 2012 and Bayern the Super Cup, but in that the fixture does not Munich in 2013, while Manchester feature a Spanish side for the United, who have only ever won the the trophy holds firstT time since 2013. trophy once, in 1991, lost to Barcelona less significance In the last 10 years, all but one Super in 2017 and Lazio in 1999 following Cup has been claimed by either their famous treble. in England Barcelona, Real Madrid or Atletico The last English victory came in Madrid, with four of the last five fi- 2005 when Liverpool beat CSKA tition. Spanish sides, on the other nals being all-Spanish affairs. Moscow, and the Reds are – as they are hand, tend to come into this game as It would be fair to say that the tro- in the European Cup – England’s one of, if not the, final match before phy is held in high regard in Spain, most successful side, winning it in La Liga kicks off, where Real Madrid who have 15 winners and 12 runners- 2001 and 1977 as well. and Barcelona are consistently supe- up in the 43 editions since the compe- Chelsea have won the competition rior to the majority of their rivals. tition debuted in 1973. once themselves, but not since 1998 It is a cliche that there are no easy A break in that cycle of success will when they overcame Real Madrid. games in the Premier League, but for come from one of Liverpool or Liverpool even a trip to Southampton Chelsea tonight after they won all-Pre- PRIORITISING THE PREM this weekend has the capacity to pose mier League finals of the Champions This evening one of Liverpool or problems. League and Europa League respec- Chelsea will add another title to their Given they only lost one league tively. list of honours. But there are question match in the entirety of last season marks over how much either side will and still finished second, the impor- END OF SPAIN’S REIGN prioritise it given the Premier League, tance of being at 100 per cent for each It drew to an end a decade of Spain’s where neither can afford to drop Premier League game is evidently European dominance in which Real points, is now under way. paramount. Madrid won four Champions League Chelsea come into the match on the While tonight’s match will cap a titles, including three in a row, and back of a humbling 4-0 defeat to successful 2018-19 campaign for the Sevilla won the Europa League in United, and life at Stamford Bridge winner, both Klopp and Lampard will three successive seasons, among other could not have got off to a tougher ultimately be focused on the new sea- Spanish victories. start for Frank Lampard, who must son and finishing as high up the Pre- But while clubs from Spain have de- galvanise his side for an even harder mier League table as possible. rived a lot of success in the Super Cup, fixture, on paper at least, against Jur- Liverpool will be without goalkeeper the trophy appears to hold less signif- gen Klopp’s Champions League win- Alisson after the Brazilian picked up icance to teams from England. ners. a calf injury in the opening day win Even Italy’s nine winners is more With a game against Leicester City over Norwich. Midfielder Naby Keita than the seven England have pro- this Sunday, and Chelsea needing to is also a doubt following an injury duced – a number aided by the suc- get off the mark domestically, this scare in training yesterday. cess of Liverpool, Aston Villa and match could pose more of an incon- Chelsea, meanwhile, have Antonio Nottingham Forest in the late 1970s venience than anything, given the un- Rudiger and Willian back in con- and early 1980s. paralleled demands of the modern tention, but N’Golo Kante is a doubt In recent years, English teams have Premier League. after picking up a knock at Old Traf- had even less success in the one-off It perhaps explains English sides’ ford. Considering the stakes, neither match, losing the last four they have relative lack of success in the compe- manager can afford more injuries.