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10 The Sunday Times August 19, 2018 BUSINESS Liam Kelly LETTERS example” to fellow bosses. into London in the 1950s, Send your letters, including Hair of the dog? We don’t Midlands and Crewe for the Noel tweaks tail of Black Horse He does, however, say he has Schroders got close to the SIGNALS full name and address, need it at Majestic first time in decades on the felt the squeeze, but “won’t Japanese. In a tale from his AND NOISE . to: The Sunday Times, Last week’s Inside the City back of the project, with Noel Edmonds has been ably implores Lloyds staff to call win any votes or sympathy if history of the City, David 1 London Bridge Street, column was probably right exciting economic assisted in his career by a his whistleblowing hotline, I admit that”. Like his saintly Kynaston recounts that in London SE1 9GF. Or email about my palate, but not development plans being succession of sidekicks, from lawyers at Keystone have namesake, Peter is a martyr. 1952, Yosuki Ono (father of [email protected] about the business I run (“A drawn up. shrieking polka-dot monster helped him score a small Yoko Ono) was rebuffed Letters may be edited Majestic hangover in store for The issue regarding the Mr Blobby to the faceless victory. The law firm has had when he asked to see the Gormley”). It is wrong to Spanish manufacturer Talgo Banker on Deal or No Deal. a complaint accepted by the Walk in the park balance sheet. Instead, WTO will be of little comfort claim that our plans assume highlights the fact that Britain The TV host has now Advertising Standards Helmut Schroder — Bruno’s when we’re on our own the Naked Wines model is is playing catch-up with many found a new one to aid him Authority. It is investigating for Schroders father — invited Ono for David Smith’s article last “infinitely scalable”. Our other countries on high- in his war with Lloyds Bank whether the Black Horse With rumours swirling that lunch and a tour of his week (“No-deal Brexit: the model works by ensuring we speed rail because of a lack of over the fraud scandal at its bank can truly tell customers Schroders will replace country pile, Dell Park, near silliest of silly season ideas”) scale appropriately to attract depth in our heavy HBOS Reading division. it is “By your side”, or 85-year-old banking scion Windsor. After lunch, Ono brilliantly summed up the and retain loyal customers by construction and Edmonds, 69, blames the whether it has trampled on Bruno Schroder on the board told Helmut: “I have seen dangers and fallacies of a providing superior wines, manufacturing capabilities. lender for his company’s too many for the slogan to with his daughter, Leonie Schroder orchids — no need hard Brexit. service and value. Belatedly, we are putting in collapse a decade ago and is ring true. Edmonds has the Fane, Prufrock is reminded to see the balance sheet.” It should be made You failed to mention that the time and resources suing for £60m. bit between his teeth with that corporate governance If investors kick up a fuss Helena Morrissey on asking compulsory reading for the the loss-making company I needed to boost our depleted Hot on the heels of this one, so watch this space. has never been the venerable in the event that Fane, 44, is for a pay rise: “We never Brexiteers who think that flogged to Majestic has engineering professions, and launching radio station funds giant’s strong suit. appointed to the board, discuss money in the UK, but World Trade Organisation doubled in sales over the past showing genuine global Positively Noel, which As foreign banks moved perhaps she can take them I think women should get rules will somehow protect us three years and is now ambition. Saintly example for a walk in the garden. into the habit of comparing from the effects of a complete making millions of pounds Also, the East Coast and notes with their colleagues, break with the EU. of profit. West Coast main lines are JUST SAYING . of Cheese paring FUNNY BUSINESS even if it’s embarrassing.” He was also right to point That doesn’t sound like a already full. HS2 is the project Amid the row over chief Daks vs Topshop out that Liam Fox’s trade business that is suffering to rectify this acute problem. There were times executive pay — a report STYLE, PAGE 50 deals (if they ever materialise) from any form of hangover! Nigel Davies, London W8 found that FTSE 100 bosses in copy coat row could open our borders to an Rowan Gormley, chief when I didn’t earned an average of £5.7m Typical. As soon as the uncontrolled influx of cheap executive, Majestic Wine, Lesson from Jaguar: focus last year, up by 23% — there is heatwave gives way to wet TWITTER POLL goods, which would destroy Watford on makers, not markets leave the factory at least one business leader weather, retailers squabble many British companies. While Ralf Speth has brought for three or four bucking the trend. over coats. Regulate pay Let market decide Once again, the totally HS2 is helping Britain much-needed leadership, the Step forward Peter Daks, the luxury label that negative impact of Brexit has to play catch-up revival of Jaguar Land Rover days — days Cheese, chief executive of kits out the Queen, is suing been laid bare. There are many positive would have been impossible when I didn’t the Chartered Institute of Topshop for allegedly 25% 75% Julian Halsby, Sherborne, aspects to HS2 (“Spanish sue without serious investment Personnel and Development, copying one of its patterns. Dorset High Speed 2 over £2.8bn from Tata (“Jaguar pursues go outside which sponsored the paper The fashion chain sold a £50 train deal”, last week). The electric dream with new with the High Pay Centre. coat with a cream, red and David Smith was right in National College for High models”, last week). The former Accenture black pattern — an apparent saying last week that this, Speed Rail, in Doncaster and JLR has tripled in size and partner saw his own salary copy of a Daks design. being the silly season for Birmingham, is helping output over the past 10 years slashed from £302,000 in Topshop said the mix-up news, is a time when silly apprentices to embark on and shows what can be 2015 to £282,000 the year was a mistake by a supplier, ideas emerge to fill the gap — highly-skilled engineering achieved when we invest in after. It was cut again and and that it had sold only 27 The pay for FTSE 100 especially the notion that careers. Leeds University’s designing and making things, PayPal billionaire Elon ended up at a measly before it pulled the line. bosses soared 23% to an “any deal is better than no Institute for High Speed Rail instead of playing the Musk complains to The £263,000 last year. However, Daks is said to be average of £5.7m last year. deal”. That is exactly what is making strides to become financial markets for gain. New York Times about the Cheese, 60, tells Prufrock persisting with the claim. Do you think we need pay Michel Barnier has been world-class in its field. It’s a pity it takes a German trials and tribulations of he has taken the 13% hit over liam.kelly@ regulation, or should the waiting to hear. Also, there is significant and an Indian to show Britain manufacturing Tesla cars three years to “set an sunday-times.co.uk market decide? Paul Ashton, St Leonards-on- investment pouring into how to do things properly. Sea, East Sussex Birmingham, the West Gil Jones, Hulme, Manchester DATABANK INSIDE THE CITY SABAH MEDDINGS THE WEEK IN THE MARKETS THE ECONOMY Consumer prices index current rate prev. month FTSE 100 FTSE 100 DOLLAR 2.5% 2.4% January and recently key ingredient can help the USD > GBP PureTech, announced positive results treatments survive the harsh 7,800 CPI including housing current rate prev. month from a phase II trial into conditions in a patient’s 7,600 $1.27 2.3% 2.3% respiratory tract infections. stomach. It could be worth up W 0.00 Retail prices index current rate prev. month a portfolio Karuna, which makes to $1bn to PureTech. 12-month high: $1.44 7,400 low: $1.27 treatments for schizophrenia Much of PureTech’s risk in 3.2% 3.4% EURO bet on and pain medications, has portfolio companies is shared 7,558.59 7,200 Average weekly earnings on prev. month on last year just appointed a former Eli with investors such as Baillie 108.42 H:7,903.5 EUR > GBP Lilly research boss as its chief Gifford, Amgen Ventures and 1.41% L:6,866.9 7,000 £518 U0.2% U2.4% Unemployment current rate prev. month pharma executive. The list goes on. the Wellcome Trust. 6,800 €1.11 This business model makes However, PureTech’s share FTSE 250 W 0.00 2017 2018 12-month high: €1.16 1.36m 4.0% 4.2% Senior teachers have often PureTech appear much like price has been volatile since it low: €1.07 expressed alarm about the other portfolio companies floated at 160p in 2015, Source: Thomson Reuters Manufacturing output on the year on last month YEN way the drug Ritalin has been listed in the UK (IP Group, closing on Friday at 154p and RISERS FALLERS YEN > USD U1.3% U0.4% prescribed to children with Mercia Technologies and valuing the company at Marshalls: 481.4p, U 14.8% on dividend Kaz Minerals: 478.5p, V 23.8% on surprise dividend Nanoco: 38.5p, Retail sales on the year on last month attention deficit disorder.