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BANK READIES FOR CHANGE CITY LOOKS New boss to take keys in January FORWARD TO BOJO BOOM STEFAN BOSCIA Martin Gilbert said the election re- in the north, the midlands @Stefan_Boscia sult gave the wider financial industry and Wales. “real relief”, given Johnson’s previous It appears the government is already CITY heavyweights have lined up to attitude towards the City. looking to shore up these seats for the express bullish excitement about the “I think Boris when he was mayor of long-term as it has started to publicise Square Mile’s prospects after the Con- London was supportive of the City, its plans to invest more in these servatives’ landslide election win. and I think he will continue that as regions and make a break from the Boris Johnson’s self-proclaimed Prime Minister,” Gilbert said. austerity years of David Cameron. “stonking” majority means the UK Toscafund Asset Management chief Hedge fund manager and promi- will leave the EU by 31 January, economist Savvas Savouri said there nent Brexiter Crispin Odey said this which pundits say will provide was now a “real prospect a new wave spelled trouble for the City. desperately needed clarity for the of financial service firms arrive to “If you leave London, in the main financial sector. make London their secondary home”. you see it’s a world of universal EDWARD THICKNESSE The end of the election purdah Sterling rose to as much as $1.35 He added: “The City can breathe credit... It’s a stagnant pond. Boris @edthicknesse period means the Treasury is free to last Friday, its highest level since May healthy air now that the Corbyn/ now will say ‘how do I get that cur- announce his successor — perhaps last year, thanks to newfound Brexit McDonnell nonsensical policies have rent going?’... He has always been a SPECULATION about the before Christmas. certainty and the knowledge that Je- been kicked into the Neverland believer in big government. Eventu- appointment of the new governor of Former deputy governor Dame remy Corbyn’s manifesto of renation- grass.” ally we’ll all run out of money and the Bank of England (BoE) stepped Minouche Shafik has emerged as alisation and market intervention Dean Street Advisers managing interest rates will have to go up.” up over the weekend, following the favourite in the race over recent had been rejected at the ballot box. director Mervyn Metcalf echoed those Johnson will address the 109 newly landslide Conservative victory. weeks, but other names — such as The domestically-focused FTSE 250 sentiments, and said a substantial elected Tory MPs today to run them The Bank is expected to hold BoE stalwart Sir Paul Tucker — index will start trading today at its number of deals were put off due to through the government’s agenda for interest rates at 0.75 per cent this remain in the frame. highest point all year, while the FTSE the UK’s political uncertainty. Thursday’s Queen’s Speech. The week, with the Monetary Policy Despite gossip about the new 100 rose 1.1 per cent last Friday as However, not everyone agrees. government’s first piece of legislation Committee’s announcement incumbent of Threadneedle Street’s banks, housebuilders and utilities all Johnson’s win came thanks to an will be his Brexit deal, but the PM will scheduled to arrive on Thursday. biggest chair, government sources joined in the post-vote “relief rally”. avalanche of votes from traditional also soon enshrine in law a £33.9bn The current governor Mark Carney were keen to play down the idea that City grandee and Revolut chairman Labour working class constituencies yearly increase in NHS funding. is due to step down on 31 January. final decisions have been made. McLaren gets much-needed sales boost from rise in supercar purchases

CHRISTIAN SYLT £125,000 up to £750,000 for the The filings said: “There were just 4.5 per cent to 3,306 units. Almost mix is deliberately skewed towards 211mph Senna. It is one of 99... delivered [year to date in the half of the deliveries were in the the higher-end models, as they BRITISH supercar manufacturer McLaren’s Ultimate series of cars third quarter of] 2018, whereas US, where sales increased by 20.8 generate more profit. This helped McLaren has revealed its revenue and according to its latest there were 278 delivered per cent. However this wasn’t it to narrow its pre-tax loss from rose 19.1 per cent to £1bn over the filings, it sold three in the same period enough to offset a 29.9 per cent £104.4m in the first nine months of nine months to the end of times more cars in this in 2019.” It explains decline in Europe. 2018 to £68.2m this year. September, driven by a boost in the range over the first nine why McLaren’s McLaren said it is on track to McLaren is expecting underlying sales of its most expensive models. months of the year revenue rose, deliver the same number of cars profit for 2019 to be between McLaren has four product lines, compared to the same despite its total this year as it did in 2018, when it £165m and £180m, on as much as which range in price from around period in 2018. sales volume falling sold 4,829 units. It added the sales £1.45bn in revenue.

FTSE 100▲ 7,535.44 +79.97 FTSE 250▲ 21,507.79 +714.76 DOW▲ 28,135.38 +3.33 NASDAQ▲ 8,734.88 +17.56 £/$ ▼ 1.335 -0.014 £/€ ▼ 1.199 -0.006 €/$ ▼ 1.113 -0.004 02 NEWS MONDAY 16 DECEMBER 2019 CITYAM.COM ELECTION 2019 SEDGEFIELD? THAT’S BARKING! Johnson celebrates Tories taking Blair’s old seat from Labour for the first time since 1935 THE CITY VIEW What will Johnsonism look like in practice?

HE RAMIFICATIONS of last week’s General Election will be felt far and wide. Politically, the size and nature of the Tnew Tory majority poses questions for all parties. Labour is in its worst position for more than 80 years, and the shock of its defeat appears to have affected the party’s ability to confront reality. While John McDonnell says he takes responsibility for the loss, he maintains that the biggest reason for it was a hostile media. This is like the captain of a stricken ship taking responsibility for its sinking while blaming the rock for being in the wrong BUSINESS WITH PERSONALITY FRIDAY 13 DECEMBER 2019 ISSUE 3,522 CITYAM.COM 3 A.M. EDITION: place. It seems a leadership contest will take several months, TORIES STUN WESTMINSTER AS EXIT POLL PREDICTS MAJORITY OF 86FREE prolonging the agony and exposing, again, the deep divisions that exist on the left. TOP Boris Johnson, meanwhile, plans to hit the ground running. A PRIME Minister Boris Johnson continued his nationwide tour of the country’s canines with a weekend trip to Sedgefield, the north-east constituency which his Conservative party won for Queen’s Speech this week will shine some light on what he the first time since 1935 in last Thursday’s election. Will Number 10’s dog Dilyn be jealous? DOG TORIES REDRAW THE intends to do with the biggest Tory majority since Margaret POLITICAL MAP AS LABOUR COLLAPSES BREXIT BILL SET TO Thatcher. Advice is coming in thick and fast, not least from COMETOTHECO right-leaning think-tanks which have for years attempted to make the case for various strands of Conservatism, while the EXCUSES, EXCUSES? Conservative party itself has been negotiating coalitions, hung parliaments and minority government. Race is on to take John McDonnell told Andrew Marr that the catastrophic election result was “on Now the Tories have a clear run at things, everyone from the me” and Jeremy Corbyn said he was free-marketers to the social reformers will be clamouring for an “sorry that we came up short” in the audience. There is a simple question to which they will all Observer. But that didn’t mean taking attempt to provide an answer: what is Johnsonism? complete responsibility for the historically the Labour reins bad result. The manifesto doesn’t provide much of a clue, other than an appetite for more public spending. The document was designed “The media did a number on Jeremy to avoid making waves, but now much of the country is under a for four years, every day.” STEFAN BOSCIA sea of blue the task of formulating a legislative and if you are upset with the party, you John McDonnell need to join,” she said. philosophical narrative becomes urgent. @Stefan_Boscia Former spin doctor Alastair Camp- “The attacks on us from some in the Speaking to his closest aides as the scale of his win became clear, LABOUR’s post-election period of re- bell issued a similar call. However, it media have been more ferocious than Johnson stressed the need to recognise the priorities of his new flection has already turned into a fac- is Corbyn ally Rebecca Long-Bailey we’ve ever known.” tional race to succeed Jeremy Corbyn. who is now the bookies’ favourite to Jeremy Corbyn electorate, comprised as it is of many people who had only ever Both sides of the divide have made be next leader. She got a boost yester- voted Labour before. He said: “We must deliver, we must deliver calls for people to join the party be- day after shadow chancellor John “In 2017 with the same leader and a for these people... we can’t go back to being the Tory party of the fore the leadership election — which McDonnell gave his strongest indica- similar manifesto we gained 3m votes. old days.” According to the Sunday Times, he added: “This is a will begin at the start of January — to tion yet he would endorse her. “Becky What changed? This became a Brexit try and shore up the vote for their [Long-Bailey] is brilliant and she could election.” totally different party.” David Cameron once said something respective sides. be a brilliant leader,” he said. Shadow justice secretary Richard Burgon similar, but he was trying to make the party more liberal. Labour’s 500,000-person member- Former leadership favourites Sir Keir Johnson’s stunning victory was, to a large extent, in spite of ship is dominated by those from the Starmer and Emily Thornberry took a “Too many policies being trumpeted Corbynite left of the party, with pres- hit as they were chided for their roles means that it’s hard for any one thing Cameron’s successes. How he recognises and responds to this sure group Momentum holding sway. in formulating the party’s decision to to cut through.” will define much more than the Queen’s Speech on Thursday. In a social media post, Corbyn urged support a second Brexit referendum. Novara Media and prominent Corbyn people to join Labour in what was Ousted Caroline Flint said neither supporter Ash Sarkar seen as an attempt to strengthen should be leader and that Thornberry those closest to the leader. Potential had called Doncaster voters “stupid”, “Brexit eclipsed all Labour’s popular challenger and Corbyn critic Jess which Thornberry later denied. domestic policies.” Phillips also made a plea for those Left-wing author and Corbyn supporter who have left the party to return. £ THIS LABOUR HAS NO CHANCE OF Owen Jones Follow us on Twitter @cityam “If you are upset with the result or EVER WINNING AGAIN: P20

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL LONDON STOCK EXCHANGE WHAT THE BRITISH BUSINESSMAN SHOT NEW LIB DEM DAISY COOPER CHINA PULLS PREMIER TO REVAMP MANAGEMENT OTHER DEAD IN BUENOS AIRES HINTS AT RUN FOR LEADER LEAGUE GAME OFF-AIR The London Stock Exchange Group is to A wealthy British businessman was shot Liberal Democrat MP Daisy Cooper has China’s main state broadcaster, CCTV, tackle underperformance at its trading PAPERS SAY dead in front of his stepson outside hinted she will run for the party abruptly pulled an English Premier technology subsidiary with a shake-up their five-star hotel just hours after leadership, despite only being elected League game involving Arsenal from its that will see the departure of the THIS arriving in Buenos Aires on Saturday three days ago. The new parliamentary airwaves yesterday, putting Beijing in group’s chief operating officer. The morning. Matthew Gibbard, 50, was representative for St Albans said she conflict with a second major global exchange is set to reshuffle top MORNING shot through his armpit as he tried to would “not rule anything out” and sports league. Arsenal club star Mesut management in a bid to turn around fend off armed robbers thought to have claimed she had “big ambitions”. Ozil had criticised China’s internment of the unit, which supplies technology to pursued them from the airport. Gibbard ethnic-minority Muslims. other exchanges and electronic was the director of Tingdene. CAFFE NERO TO RUN CLINICS marketplaces around the world, FOR OVERSEAS STAFF INVESTORS EXIT HAVENS AS according to two sources with GENERAL ELECTION TO Caffe Nero is running drop-in clinics to TRADE WORRIES EASE knowledge of the plans. BOOST UK HOUSE PRICES help staff fill in right-to-remain forms Investors are pulling back from stake of nearly 12 per cent in troubled The housing market is expected to be amid the “ongoing challenge” of being positions in haven assets like gold, the TOSCAFUND SCOOPS UP retailer Ted Baker, intensifying boosted by Boris Johnson’s decisive able to hire and retain overseas staff as Japanese yen and dividend-paying STAKE IN TED BAKER speculation about its future. Toscafund election victory, but property experts Brexit nears. Britain’s third-biggest stocks, a sign of mounting optimism as A hedge fund run by one of the City’s Asset Management emerged as a fear that it will not fully recover until coffee chain has also set up an internal recent developments ease long-held most aggressive managers has taken a significant shareholder last week. Brexit is “well in the past”. helpline to soothe concerns. worries about trade and global growth. CITYAM.COM MONDAY 16 DECEMBER 2019 NEWS 03 Boris Johnson set People’s Vote campaign pivots to focus on ‘issues of social inequality’ to push on with STEFAN BOSCIA The party will now be able to pass vulnerable, removing citizens’ Boris Johnson’s Brexit deal by 31 rights, undermining the NHS and @Stefan_Boscia January, however negotiations will reducing job security in pursuit of a THE CAMPAIGN group for a second then begin with Brussels on a free destructive Brexit” he said. EU referendum has admitted defeat trade agreement. The campaign was wracked with Whitehall shuffle and will instead lobby the People’s Vote campaign director dysfunction over the past two government on social issues related Stuart Hand said the group would months, after its two most senior to phase two of Brexit negotiations. now concentrate on pursuing “social staff members were sacked. This Any chance of a second Brexit inequality” in these negotiations. plunged the group into public STEFAN BOSCIA immigration will be taken out of the referendum slipped away last “We will put pressure on the turmoil, which resulted in a staff Home Office to become its own Thursday, after the Tories won the government to stop them sacrificing strike, sexual harassment allegations @Stefan_Boscia department as well. largest election majority since 2001. opportunities for the poor and and mass resignations. BORIS Johnson is planning a radical A senior government figure told the overhaul of Whitehall, with plans to Sunday Times: “It will be pretty big. It abolish departments, sack a third of will be finding the people who can do the cabinet and reform how civil ser- the jobs and not worry about media vants are hired. and short-term things. Work has begun by Number 10 on “We’re drawing up a very detailed abolishing or merging several depart- and very revolutionary plan and then ments, including scrapping the we are going to implement it.” Department for Exiting the European Johnson is expected to make a Union. The department’s best civil minor reshuffle next week, before servants will instead be sent to making wholesale changes in Febru- work alongside former chief Brexit ary, which could include one-in-three negotiator David Frost, the Sunday cabinet members moved on. Times reported. Changes at Whitehall are also re- Plans are reportedly being drawn up ported to include reform of how civil to merge the Department for Interna- servants are recruited, including tional Trade and the Department for making it easier for high-ranking GET THIS Business, Energy and Industrial positions to be filled by external Strategy, while the Department for experts instead of lifelong civil International Development will be servant mandarins. absorbed by the Foreign Office. Johnson’s chief adviser Dominic Climate change and energy will be Cummings once called the idea of a taken out of the business department permanent civil service as “one for UNLIMITED and become a separate portfolio and the history books” in a 2014 lecture. BUSINESS BROADBAND AND LINE RENTAL NO WAY, NICOLA Tories tell Sturgeon the government will not allow second Scot vote FROM

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Forget about price rises: the price will stay the same throughout your contract. MICHAEL Gove said the Tory government will “absolutely” not allow another Scottish independence referendum during the course of this government. SNP leader Nicola Forget about your contract too: Sturgeon said that Scotland was being “imprisoned” by Westminster after a strong result in the election. It is five years since Scotland voted to remain part of the union. we’ll be in touch before it ends. Forget about us: Former trade bosses question focus on running your own business. plan for deal by December 2020 HARRY ROBERTSON not yield a good deal for financial services firms. @henrygrobertson Former Liberal Democrat leader FOUR former trade and business Cable said: “There is a big gap in secretaries have suggested the Prime expectations between what the City Minister’s plan to negotiate a new would like and what’s likely to come deal with the EU by the end of next out of a trade agreement that was year is too ambitious. negotiated quickly.” In interviews with City A.M., Sir However, former trade secretary Vince Cable, Lord Michael Heseltine, Lord Peter Lilley said a free-trade Offer ends 17th Dec. Lord Peter Mandelson and Lord John agreement is “eminently doable” in Hutton — all ex-presidents of the the timeframe. He said Britain Call: 0800 731 7517 Visit: plus.net/business Board of Trade — raised a number of would simply have to let go of the New customers only. Unlimited Business Broadband – Offer ends 17/12/19. £23.50/mth from mth 13. Outside low-cost areas £23/mth, then £28.50/mth from mth 13. Fixed issues that could scupper the Prime idea of “a perfect deal”. price applies to broadband and line rental monthly price only (excludes other services, such as call plans, call charges and add-ons). Prices excludes 20% VAT. 12 month min term. Minister’s plans. Subject to availability. New line install £50 (subject to survey). Terms apply, visit plus.net/business for more details. One was that rushed talks would £ TRADE BOSSES TALK: P13 04 NEWS MONDAY 16 DECEMBER 2019 CITYAM.COM British Steel deal could fall through as Chinese suitor Jingye hesitates ALEX DANIEL The same happened with Turkish Johnson in the industrial heartlands @alexmdaniel suitor Ataer earlier in the autumn, that catapulted him to a landslide when the two sides could not come election win at the end of last week. THE TAKEOVER of British Steel by to an agreement before an Officials are said to be holding Chinese giant Jingye is said to be in exclusivity period ended. informal talks with Liberty Steel, jeopardy, as the government lines up One government source said this one of Jingye’s rivals in the race to alternative buyers. time there was no “arbitrary” buy the steel maker. If the talks between the Official deadline that has been placed on The government has kept British Receiver and Jingye collapse, it will this stage of the sale process. Steel’s running since May at a cost of be the second time the government’s But if it fell apart it would provide half a billion pounds to the taxpayer. chosen buyer for the stricken firm an immediate headache for newly The news was first reported by the has fallen through. re-elected Prime Minister Boris Sunday Telegraph.

Business secretary Andrea Leadsom said she was “optimistic” about the deal Ofwat ruling set to spark water firm complaints

ALEX DANIEL Investors that control suppliers @alexmdaniel including Anglian, Yorkshire, Affin- ity, South East and South Staffs are BRITAIN’s water companies are understood to have complained to the getting ready to launch a deluge of Treasury in October in a bid to head complaints against Ofwat, after the Ofwat’s ruling off at the pass. regulator publishes its final financial They complained to officials that demands for the industry over the the regulator was reacting too next five years. strongly to political pressure. The regulator stunned the industry Nevertheless, they remain on colli- in July, when it rejected all but three sion course with Ofwat chief execu- leading suppliers’ proposed business tive Jonson Cox, who previously led plans for 2020 to 2025, in a bid to Anglian Water and is now ploughing clean up the firms’ acts. ahead with his attempt to force the Ofwat demanded that water compa- industry to put customers first. nies pay their debts faster, become The sector has received billions of more efficient and treat customers pounds in investment from around better. It is due to publish its final the world since a number of former ruling today. state-owned firms were privatised In response, at least five companies throughout the 1980s and 1990s. are expected to complain to the Com- However, investors have also over- petition and Markets Authority. seen a litany of scandals such as Yorkshire, Anglian, Northumbrian, sewage spills and water leaks, while Southern and Thames Water are taking big dividends, paying minimal thought to be facing the toughest hit corporation tax and piling debt onto from the settlement. companies. It comes after the industry cleared a It comes after ratings agency potential hurdle posed by Labour in Moody’s said the industry could suf- last week’s election, after the party fer the steepest fall in credit quality had pledged to renationalise firms. in three decades after the ruling.

IN BRIEF

BOOST FOR THE HUT GROUP IFF SEES OFF KERRY TO WIN AS IT RECEIVES NEW EQUITY DU PONT NUTRITION UNIT Online beauty retail giant The Hut International Flavors & Fragrances Group (THG) is said to be lined up for a revealed a blockbuster merger with Du major new boost in equity from Pont’s $26.2bn (£19.6bn) nutrition and Blackrock as it uses a €1bn (£830m) biosciences unit late last night. The capital raise to fuel its expansion. agreement is the biggest ever for New Existing shareholder Blackrock and York-based IFF, which makes flavours Belgian investor Sofina are injecting and fragrances for food, beverages, £66m in new equity into THG, according personal care and household products. to reports from Sky News last night. Under the terms of the deal, Du Pont The injection comes alongside a new shareholders will own 55.4 per cent of €600m capital market term loan, a five- the shares of the new company and year £150m revolving credit facility and existing IFF shareholders will own 44.6 a £200m package provided to a new per cent, IFF said in a statement. IFF THG subsidiary comprising the saw off competition from Ireland’s company’s substantial property assets. Kerry Group. The deal, which has been The new financing for the firm, which unanimously approved by both boards, owns Lookfantastic and Myprotein, will values the combined company at be announced today. The Manchester- $45.4bn on an enterprise basis. Du Pont based business smashed past the £1bn will also receive a one-time cash sales mark this year. payment of $7.3bn. OUR CLIENTS THINK AT A SPEED VERY SIMILAR TO OUR OWN. FAST.

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CITYAM.COM MONDAY 16 DECEMBER 2019 NEWS 07 Board members Boris Johnson puts BBC licence fee in his sights as bias row ramps up at M&C Saatchi JAMES WARRINGTON £154.50 fee, which applies to both live in its election coverage --- something TV and catch-up shows on iPlayer. the broadcaster has denied. @j_a_warrington The move, first reported by the Tory ministers were pulled from BORIS Johnson is said to be ramping Sunday Telegraph, threatens to Radio 4’s Today programme last up plans to decriminalise non- hamstring the broadcaster’s funding Friday and Saturday, and the party ‘blocked probe’ payment of the BBC licence fee, in a and escalate an ongoing dispute may withdraw from all future move that could spark a showdown between Number 10 and the BBC. broadcasts. between the PM and the broadcaster. Johnson last week hinted that he It comes amid speculation over The Prime Minister has asked aides may scrap the licence fee, describing Johnson’s choice of culture secretary. JAMES WARRINGTON However, the company last week to launch an urgent review into it as “effectively a general tax”, while John Whittingdale, former culture admitted the sum had risen to £11.6m whether viewers should face senior aides have ramped up their committee chair and a vocal licence @j_a_warrington following an independent review prosecution for failing to pay the attack on the BBC over perceived bias fee critic, could be in the running. THE BOARD of M&C Saatchi has been by PwC. accused of backtracking on its prom- While the non-executives pushed for ise to hold an investigation into the an immediate probe, Kershaw and firm’s £11.6m accounting crisis. Sinclair are said to have insisted on The advertising stalwart was waiting until the full PwC report plunged into chaos last week when was available. founder Lord Maurice Saatchi and The crisis has had a catastrophic three other directors resigned follow- effect on M&C Saatchi’s shares, ing a fierce row over the scandal. wiping almost two-thirds off the In a resignation letter seen by the company’s value. Sunday Times, the three non-execu- The Financial Conduct Authority tive directors accused M&C Saatchi has made a request for more informa- management of preventing them tion into how M&C Saatchi disclosed from doing their jobs. its accounting problems, the Finan- “Our recommendations have repeat- cial Times reported last week. The ad edly not been accepted,” said the agency could also face a probe by the letter, signed by Lord Dobbs, Sir Financial Reporting Council. Michael Peat and Lorna Tilbian. In the resignation letter the direc- The disgruntled directors accused tors also wrote: “We believe that fol- chief executive David Kershaw and lowing the statement and loss of chairman Jeremy Sinclair of back- shareholder value, changes should be tracking on a promise to set up an made to the board and executive independent committee chaired by management in the short term.” non-executives. It is understood that Kershaw and M&C Saatchi first disclosed the Sinclair have offered to step down, accounting errors in August, which but the firm was advised that an im- it said would lead to a £6.4m one- mediate change of leadership would off charge. be badly received by shareholders.

Britbox has faced criticism over its initial selection of British TV shows, including an advertising campaign featuring Are You Being Served? — last made in 1985 Sky scuppers hopes of Britbox deal in blow for broadcast giants

JAMES WARRINGTON has lost interest in a similar distribution deal with Britbox, as the @j_a_warrington platform would not offer significant ITV AND the BBC have suffered a additional value for its customers. major setback to their plans for Earlier this year Sky signed a Britbox, as the chances of securing a deal with BBC Studios for shows Long-term investment partners highly sought-after distribution deal including The Vicar of Dibley, while with Sky have all but disappeared. the media firm last week penned an The streaming service, jointly run agreement with Channel 5 for a by the public service broadcasters, range of entertainment and has already bagged partnerships with factual boxsets. the likes of BT, Freeview and While Sky has not ruled out a Samsung to deliver its collection of future arrangement with Britbox, it is British boxsets to viewers. understood that a distribution deal is However, it is understood that Sky now highly unlikely. 08 NEWS MONDAY 16 DECEMBER 2019 CITYAM.COM Premier Oil hits back at claims that firm is under pressure to sell assets EDWARD THICKNESSE Premier’s loan book, have tapped drawn-out restructuring process in @edthicknesse investment bankers Lazard and law 2017, throughout the year. firm Akin Gump to push for the In August the firm announced it UK EXPLORATORY firm Premier Oil break up. would sell its Zama field off the yesterday pushed back against media Premier Oil declined to comment, coast of Mexico, which was valued at speculation that it is under pressure but later tweeted that the reports $439m by Jefferies analysts. from its lenders to sell of its assets as were “factually incorrect and Last week it was reported that the repayment date for $2.6bn misleading.” It added that it expects another hedge fund, Hong Kong’s (£1.9bn) worth of loans approaches. to conclude refinancing discussions Asia Research & Capital The Sunday Telegraph reported in the first quarter of 2020. Management, had built a short that a group of hedge funds, which Premier Oil has sought to trim position of £132m against Premier own in total around 40 per cent of its massive debt, the legacy of a Oil, the largest in UK history. TheBosses move follows corporate accounting in scandals sightsincluding at Patisserie Valerie of watchdog in rule change plot

ALEX DANIEL Sunday Times. @alexmdaniel In tandem, accounting firms are fac- ing the potential of being separated THE FINANCIAL Reporting Council into their audit and advisory busi- (FRC) is lining up significant changes nesses to remove the potential for to corporate governance rules after a conflicts of interest. string of scandals at Patisserie Valerie, Roughly one in four FTSE 100 com- M&C Saatchi and Ted Baker. panies already follow the model set by It is understood the accounting reg- the US law, called Sarbanes-Oxley. ulator is writing a British version of This is because they have exposure an American law passed in 2002 after to US markets, where it is mandatory. Worldcom and Enron collapsed. Should the standard come into law Such a move would place the onus in the UK it could present the remain- on directors to vouch for their finan- ing three-quarters with a financial hit cial controls, in a bid to give them in implementing it. more responsibility after numerous In October, Kingman warned that accounting scandals in recent years. lack of government action risks If it were passed into law in the UK, letting the watchdog “drift on, half- it would also open the door to poten- reformed”. tial criminal proceedings against Kingman said it was “disappoint- bosses if they reported misleading ing” that legislation to put the new statements to markets. regulator — the Audit, Reporting and The FRC will likely accelerate its Governance Authority (Arga) — was efforts to bring the measures in now not included in October’s Queen’s the election is out of the way. Speech, setting out the government’s The suggestion is just one of many legislative agenda. recommendations made by Sir John The FRC, which declined to com- Kingman in a wide-ranging review of ment, is chaired by former finance the body earlier this year. boss at Glaxosmithkline Simon The news was first reported by the Digemans. US trade representative: Phase one of new deal is ‘totally done’ SEBASTIAN MCCARTHY Last Friday the world’s two largest @SebMcCarthy economies said they had reached a phase one agreement in a trade deal THE FIRST phase of the US-China that included some tariff relief and tariff deal is “totally done”, according agricultural purchases. Both the US to remarks made by top US trade and China have vowed to make official Robert Lighthizer. changes related to intellectual Last night the US trade property, technology transfers and representative said there would still financial services. be some routine “scrubs” to the text, The early stages of the agreement but that the deal is “totally done, come after two-and-a-half years of a absolutely”. Speaking to CBS, he said tit-for-tat tariff battle between the that a time and place for officials on two sides, with global markets both sides to formally ink the deal is dented by the uncertainty and still to be decided. economic impact of the standoff. Free rides and meals for NHS staff this Christmas

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CITYAM.COM MONDAY 16 DECEMBER 2019 NEWS 11 Sports Direct to Pressure builds on tech giants play down fears over digital ads JAMES WARRINGTON @j_a_warrington THE COMPETITION watchdog is set to publish its initial findings into over Belgian bill the dominance of tech giants in the digital advertising market this week, paving the way for a possible SEBASTIAN MCCARTHY The FTSE 250 company’s share in-depth investigation. @SebMcCarthy price has made gains in the last 12 In July the Competition and months, climbing more than 50 per Markets Authority (CMA) launched SPORTS Direct is expected to play cent to 360p. a market study into Google and down concerns over a hefty Belgian However, Sports Direct’s corporate Facebook, amid concerns the so- tax bill in its trading statement this governance has come under criticism called duopoly could be stifling morning. from investors and analysts, most competition online. Mike Ashley’s sportswear retailer notably in July when it revealed the Veteran housebuilder Tony Pidgley hopes to build 450 homes and several offices The CMA’s initial findings, due to shocked the City in the summer when multi-million-pound tax bill after be published in the coming days, it revealed it faced a last-minute delaying the release of the firm’s will spark a consultation period Belgium tax liability worth €674m results by 10 hours. Ashley has sought that could result in an in-depth (£562m). to elevate the firm’s retail offering by Property boss Pidgley snaps up investigation into the tech giants. However, the tycoon’s firm — which renaming it, and has put his future While the watchdog’s study will is due to be renamed Frasers — is son-in-law Michael Murray in cover a wide range of topics, it is likely to say today that it now ex- charge of directing the new London development for £120m set to raise concerns over the role pects the final financial impact strategy. of Google’s so-called black box to be minimal, according to the The proposed rebrand fol- SEBASTIAN MCCARTHY the Sunday Times yesterday. advertising technology, the Sunday Sunday Times. lows the news that the com- @SebMcCarthy The news comes amid hopes of a Telegraph reported. Sports Direct has had a turbu- pany is planning to launch a rebound in parts of London’s The CMA is expected to lay out a lent year as its billionaire owner chain of luxury high street HOUSEBUILDING giant Berkeley housing market, which has been series of legal and political Ashley waged a number stores named Frasers Group is said to have snapped up a dented by Brexit uncertainty and recommendations to the of corporate battles within the next fi- central London site for £120m. stamp duty in recent years. government on how to counteract and snapped up nancial year. Property tycoon Tony Pidgley, who The purchased site currently harm from a lack of competition in several troubled founded Berkeley Group in 1976, has comes with planning permission for the market, which is likely to be high street Sports Direct owner purchased a Camden store from roughly 450 homes and 100,000 centred around the firms’ use of brands. Mike Ashley Morrisons, according to reports in square feet of office space. personal data.

By the side of business in London

Working with the business, we supported Jude’s Ice Cream with the finance to build a new dairy and increase their expected annual turnover by 50%.

By the side of business 12 NEWS MONDAY 16 DECEMBER 2019 CITYAM.COM Ninety-six per Weaker pound prompted rise cent of top law in hostile bids ARCHIE MITCHELL

HOSTILE bids made up one in six bids for the UK’s public limited companies in the last year as firms fear Brexit Brexit-blighted sterling made British firms cheaper to buy. A takeover is hostile when the JAMES BOOTH Chief executive of listed law firm acquirer approaches the target @jamesdbooth1 DWF Andrew Leaitherland said Brexit company’s shareholders directly. was was already having an impact on The depressed valuations amid a NINETY-SIX per cent of the UK’s top deals. “It already has [had an effect] weak pound made UK companies 100 law firms say that Brexit could hit in that from a transactional perspec- more attractive to foreign buyers their profitability in the coming year, tive we have seen a significant tail The bank’s 69,000 shareholders stand to lose their money in a rescue and led to more opportunistic bids, a survey published today showed. off,” he said. new research by international law The Thomson Reuters poll of The second-most frequently identi- firm Pinsent Masons has shown. finance directors at the law firms fied risk was uncertainty over free The value of hostile bids more showed that 42 per cent were worried trade between the UK and the EU Italian government mulls €1bn than tripled compared to a year that reduced inward investment in post-Brexit. Thirty-eight per cent of earlier from £11.8bn to £36.8bn, the UK could hit law firms’ profits. respondents identified this as a high- making up over half of total bids. Samantha Steer, director of large risk threat to profitability. rescue for ailing bank Pop Bari Julian Stanier, partner at Pinsent law strategy at Thomson Reuters, said: Further Brexit issues identified as Masons, said: “UK shares have been “The concern is less about a slowdown high-risk to law firm profitability GIUSEPPE FONTE that has devastated Italy’s economy, fairly stagnant for a long time so I in deal flow ahead of a final Brexit include the potential negative impact notably in Popolare di Bari’s home think we should expect a wave of — it is more that [mergers and on the UK’s financial services sector, ITALY’s cabinet was expected to meet region in the south. [mergers and acquitisions] activity acquisitions] and other inward legislative and regulatory uncertain- last night to approve a decree that It was placed under special in the coming months as bidders investment does not then snap back ties and law firm access to the would provide a €1bn (£825m) lifeline administration by the Bank of Italy try to snap up a bargain.” to normal levels. EU market. to cooperative lender Banca Popolare last Friday but the government led by In the year to 31 October, 12 out “Transactional work feeds many Twenty-nine percent of respondents di Bari (Pop Bari), two sources with Prime Minister Giuseppe Conte failed of 77 bids for UK businesses were other areas of law firms such as identified each of these threats as knowledge of the matter said. to approve a rescue package as hostile, including the Hong Kong employment, [intellectual property] high-risk. The bank, which said last week it several ministers boycotted a hastily Exchange’s withdrawn bid for the and tax, which is activity in this area Steer said: “The fate of the financial needed an urgent injection of up to convened cabinet meeting. Conte will London Stock Exchange in that is watched very closely by the fi- services sector and of the bigger law €1bn, has struggled to cope with make a fresh attempt to push September. The year before saw nance teams at law firms,” she added. firms is very closely intertwined.” mounting loan losses during a slump through an emergency decree. Reuters nine hostile bids out of 57. CITYAM.COM MONDAY 16 DECEMBER 2019 NEWS 13

Harry Robertson asks whether a UK–EU trade deal is possible by December 2020

O DELAYS, no excuses. That was the mantra of Boris Johnson’s ultimately success- Nful election campaign and one that included, at its heart, a commitment to get a trade deal done and dusted by the end of the transition period — 31 December 2020. But the private view of Brussels bosses is not quite so optimistic. “Eleven months is very unrealistic for such wide-ranging negotiations,” was the verdict of EU negotiator Michel Barnier, revealed in leaked private re- marks. So who’s right? City A.M. asked five former UK trade and business secre- taries — all of whom were president of the Board of Trade — their views. Perhaps unsurprisingly, the group is split along Brexit lines. Remainers Sir Vince Cable, Lord Michael Heseltine, Lord John Hutton, and Lord Peter Mandelson all — with varying levels of gusto — pour cold water on the idea of reaching a satisfactory trade deal by 2021. Brexiter Lord Peter Lilley, on the other hand, deems it “eminently doable”. A deal by (next) Christmas? However, the former cabinet minis- ters touch on a number of the same is- sues. One is the fact that the EU will happily grant Johnson a deal by the he says. Agreements over areas where consequences”. Hutton, business secre- be withdrawn if Britain engaged The UK also faces another, simpler end of the year, replete with the two sides diverge on rules and reg- tary under Gordon Brown, says Britain “in some kind of deregulation”. challenge. Due to EU membership it access to its deep markets, so long as ulations can be “readily done” in a needs a “grown-up debate” about the Former EU finance commissioner hasn’t negotiated a trade deal for itself he abides by its rules. year. sort of deal it wants. and current Tory peer Lord Jonathan in decades. Lilley rates current trade Yet another repeatedly raised issue Yet Cable says it would not be so sim- Another commonly raised issue is Hill has argued that Britain’s financial secretary Liz Truss but, as Hutton is that the PM has no such intentions. ple. Should the UK and EU diverge, financial services, the sector which eminence means it should go its own notes, we’re “the new kids on the His Brexit deal with the EU negotiations over “rules of origin” makes up a whopping seven per cent way and refuse to be rule-takers. Yet he block” when it comes to the nuts and removed the chummier language issues would become much more com- of the UK economy. has said there is a trade-off: worse mar- bolts of negotiations. Theresa May’s had included, saying plicated. For example, if the UK agrees The EU’s outgoing finance commis- ket access has costs. Whether Johnson’s newfound major- the future trade relationship would with, say, the US to cut tariffs on car sioner Valdis Dombrovskis warned ear- Cable worries about the time-frame, ity gives him a stronger hand — be “ambitious” rather than “as close parts, then they would come into lier this month that the UK’s rights to given the complexities of finance. already some hardline Brexiters within as possible”. Britain at a lower rate than into the access the bloc’s markets could “There is a big gap in expectations be- the party are pushing for Johnson to Former Liberal Democrat leader rest of the EU. To make sure it tween what the City would like and keep no-deal on the table to put the Cable was UK business secretary (and isn’t undercut, the bloc would then what’s likely to come out of a trade screws on Brussels — is a matter of de- de facto trade secretary) during tortu- collect duties on British vehicles using agreement that was negotiated bate. He could indulge them; or, with ous trade talks between the EU and those parts. This requires intricate quickly,” he says. the ability to get whatever he’d like US. He says a UK–EU deal could in- agreements, Cable says. Former trade secretary and deputy through parliament, he may go slightly deed be done “in a very short period A major problem is that Britain has PM Heseltine says France, the Nether- softer — as long as that doesn’t negate of time” if it was “just a very simple not worked out how far it wants to di- lands and Germany all “have ambi- the chance of the other promised deal agreement to tariff-free trade in areas verge from EU rules in the hopes of Could the Prime tions for the market that is presently with our cousins across the Atlantic. which are already tariff-free”. securing deals with countries further Minister’s represented in the City of London”. There is one certainty: that Johnson Lilley — trade secretary under Mar- afield, says former EU trade commis- Hutton says market access will “come faces a daunting task when the post- garet Thatcher and John Major — is in sioner Mandelson. He says the govern- majority give him with a quid pro quo: ‘You want access election glow has faded. Whether he agreement. “This trade deal starts ment “rhetorically want to go one way here, we want to do this’”. This will achieves it or not, 2020 will not be an where most other trade deals end up,” but don’t want to face the economic a stronger hand? take time, he says. easy ride for the government.

Boris triumphs in UK election. What’s next for GBP/USD?

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider FCA Register Number: 113942 ZKHWKHU\RXXQGHUVWDQGKRZ&)'VZRUNDQGZKHWKHU\RXFDQD΍RUGWRWDNHWKHKLJKULVNRIORVLQJ\RXUPRQH\ 14 NEWS MONDAY 16 DECEMBER 2019 CITYAM.COM Gold-plated pensions in Whitehall Boss of Lloyds to prompt call to MPs for urgent reform ARCHIE MITCHELL lump sum of almost £150,000. Duncan Simpson, from see HBOS victims Simon McDonald, head of the Taxpayers Alliance, said: THE UK’s top civil servants are Foreign and Commonwealth “Politicians need to put an end to sitting on an average pension pot of Office, has the largest pension pot the Whitehall pensions racket once more than £1m, new data from of the senior civil servants at £2m. and for all by implementing real neoliberal think tank the Taxpayers’ Others are Clare Moriarty, head reforms”. in wake of review Alliance has shown. of the Department for Exiting the Mark Serwotk, head of the PCSU The 23 heads of government European Union, and Mark Sedwill, — the union representing most of departments will earn an average the cabinet secretary. the civil service — said: “In 2015 the pension upon retirement of £57,717 McDonald, Moriarty, and Sedwill government decided civil servants SEBASTIAN MCCARTHY the independent probe, said the a year — almost double the average will earn pensions of at least had to work longer, pay more and @SebMcCarthy bank’s review of the fraud had “serious UK salary in 2018 — and receive a £85,000 to £90,000. get less in retirement.” shortcomings”. LLOYDS Banking Group’s chief executive A group of six fraudsters were jailed in is said to be preparing to meet HBOS 2017 after deliberately wrecking a num- fraud victims, as it seeks to draw a line ber of small businesses and spending under one of Britain’s biggest finan- the proceeds on lavish holidays cial scams in recent years. and prostitutes. In a letter to MP Antonio Horta-Osorio will sit Kevin Hollinrake, Horta-Osorio down with victims of the HBOS apologised for the bank’s Reading fraud this week after a re- recent failings, adding that it will cent review found that the bank’s “reflect, listen to our customers DECODES compensation scheme had been and change” in the wake of “neither fair nor reasonable”. the review. Lloyds declined The news, reported in yester- to comment. day’s Sunday Times, comes days after Sir Ross Lloyds Banking Group Cranston, a former high chief executive WE HAVE TO court judge who ran Antonio Horta-Osorio TALK ABOUT RACE

Tuesday 28th January M Threadneedle Street, 2 - 3 Threadneedle Walk 60 Threadneedle Street, London, EC2R 8HP 8.00am Arrival & breakfast 8.30am - 9.30am Panel & Q&A

Join the City A.M. Club for the next in our City A.M. Decodes: Diversity and Inclusion series - We Have to Talk About Race - hosted by Julia Streets, Founder & CEO of Streets Consulting and Host of DiverCity Podcast.

The 2018 ‘BAME Boss’ report published by the Equality Group found that half of ethnic minority respondents noted no prominent role models of their ethnic profile in professional positions to which they aspire. Yet, on leaving school, 59% aspired to securing a role at senior management, director and/or board level.

Today responsibility for D&I sits very firmly on the shoulders of all leaders, managers and rising stars and they need to understand and embed it in their leadership style, philosophy, business, talent and performance planning. In this series, we will expose the reality, wrestle with the complexity and engage in debate leaving our audience with a whole host of practical ideas designed to drive change and gain an edge.

Dr Miranda Brawn Raphael Mokades CEO, The Miranda Managing Director, Brawn Diversity Rare Recruitment Leadership Foundation

Hephzi Pemberton Bev Shah CEO, The Equality CEO, CityHive Group

Hosted by Julia Streets, Founder Register to attend at and CEO, Streets Consulting & cityam.com/events/city-a-m-decodes-january-2020/ Host of DiverCity Podcast CITYAM.COM MONDAY 16 DECEMBER 2019 NEWS 15 Climate summit France’s union gives ultimatum closes in Madrid to government SYBILLE DE LA HAMAIDE

FRANCE’s CGT union threatened yesterday to double its protests unless the government withdraws amid criticism its pension reform proposal by the end of this week. In a major overhaul of its EDWARD THICKNESSE results of COP25. The international pension scheme, the French community lost an important oppor- government has proposed that @edthicknesse tunity to show increased ambition on people work two years longer to get THE UN climate change summit in mitigation, adaptation and finance to a full pension, drawing a hostile Madrid drew to a belated and acrimo- tackle the climate crisis. But we must response from trade unions. nious end yesterday as a number of not give up, and I will not give up.” “The CGT... says that the large states resisted pressure to boost An earlier draft of the conference’s government has one week to efforts to combat global warming. concluding text attracted widespread Crossrail was supposed to open in December last year but has faced ongoing delays announce the withdrawal of its Activists and delegates from smaller anger, with campaigners arguing that project and the relaunch of real nations were critical of countries its wording was so weak it betrayed negotiations for the improvement such as the US, China, Australia, the spirit of the Paris Agreement. of the current system,” the union Brazil and Saudi Arabia, who were The talks, which finished nearly two Crossrail ‘opens’ but delays still said in a statement. said to have blocked bolder action. days late, stalled amid disputes over “If the Prime Minister persists in In its closing draft, the conference the rules for international carbon affirming that ‘the country is only endorsed a modest declaration trading, with Brazil and Australia plague central London segment disturbed but not blocked’, the on the “urgent need” to reduce the among the main holdouts. employees of the public and the gap between nations’ existing green- A representative from Tuvalu, the STEFAN BOSCIA in December 2018. The project’s private sector will draw the house gas pledges and the tempera- Pacific Island nation at risk of cata- original budget of £15bn is expected conclusion from this that they ture goals of the Paris Agreement. strophic damage from rising sea lev- @Stefan_Boscia to be exceeded by up to £2bn. must redouble their mobilisation, The summit also failed to come to a els, told Reuters: “There are millions COMMUTERS will now be able to It comes amid widespread travel multiply calls to strike in all decision on global carbon markets, of people all around the world travel from Reading to Paddington in chaos yesterday after GWR’s new rail companies and further increase the which had been earmarked as a flag- who are already suffering from the 58 minutes, after a limited section of timetables promising more trains level of protests.” ship issue for the conference. impacts of climate change.” Crossrail opened yesterday. and faster journeys failed to deliver. Prime Minister Edouard Philippe UN secretary-general Antonio Guter- “Denying this fact could be inter- The new line marks the largest Passengers were hit with delays told Le Parisien Dimanche his door res took to Twitter to vent his feelings. preted by some to be a crime against opening of any part of the Crossrail and cancellations that are likely to was open for talks and that he He said: “I am disappointed with the humanity,” they added. project, which was supposed to open continue throughout the week. would meet unions this week. Reuters

PARTNER CONTENT Head basketball coach at TRANSFORMING YOUNGGreenhouse Sports, Jago Streete-Campbell, discusses the charity’s impact LIVES THROUGH SPORTin disadvantaged areas

ncouraging young people to work hard and stay out of trou- ble has never been so important. In London, public concern around violence and crime is in- Etense and there’s demand for safe spaces to keep young people out of trou- ble, and off the streets. At Greenhouse Sports, we mentor and provide sports coaching to engage young people to provide the skills needed for the best start to life. Coaches like me run more than 50 open and inclusive programmes across London, offering pupils of all activity levels the chance to get involved. We work closely with schools to identify who could benefit the most - those with the positive results we deliver. 100% of behavioural difficulties, poor atten- our pupils say they feel more confident dance or low confidence and self-es- in life after the programme, and 76% of teem. sixth form pupils say it makes them We help pupils facing challenges or bar- want to stay in school. riers while trying to develop their social, We’ve been breaking down the barri- thinking, emotional and physical skills. ers that are associated with growing up Our coaches work full-time in second- in disadvantaged or vulnerable commu- ary schools and sixth form colleges. We nities for 15 years. The funding we re- work in special educational needs ceive doesn’t just keep the programme schools and performance sports clubs. running but it also helps us to continue Weekends and holidays - we believe in empowering young people as we help consistency. them realise their true potential. We only work in schools where at least 67% of pupils live in areas of high depri- also keeps kids off the street in a bid to It’s not always about dribbling tech- vation or have high levels of special ed- avoid violence and crime. niques and making baskets. Sometimes ucational needs. We get to the heart of The positive effects of sport don’t hap- kids need to talk and having someone an area to ensure pupils are on, and re- pen overnight. But our programmes pri- like a coach in their corner is an impor- main on, the right track. oritise healthy development and are tant part of helping them to succeed. Coaching is a powerful tool for devel- delivered by coaches in an inclusive way We get to the heart Last year, our coaches delivered 49,000 opment that gives young people the designed to get results. hours of intensive sports coaching and chance to introduce structure, goals, I love what Greenhouse Sports does to of an area to mentoring, and 10,900 hours of one-to- teamwork and a sense of achievement keep kids engaged in school through one sessions. Thanks to players of Peo- READ MORE ONLINE to their lives. It’s also a way to learn mu- sport. The pupils I work with at Harris ensure pupils are ple’s Postcode Lottery, we’ve received tual respect. These skills promote social Academy in Peckham come in, work on, and remain on, £1.7 million through Postcode Sport Keep up to date on our news at: integration, reduces health problems hard and push themselves to reach their Trust. Without this support, we www.postcodelottery.co.uk and improves attentiveness in class. It goals. the right track. wouldn’t be able to continue achieving 16 NEWS MONDAY 16 DECEMBER 2019 CITYAM.COM A GRAND’S FESTIVE LUNCH

to a red at this point. Turkey’s not suited to anything heavy, so I’d sug- BOTTLE gest erring on the side of caution and going for a light one. Perhaps a red burgundy — OPENER or a pinot noir from elsewhere outside of France. City A.M.’s wine For the burgundy I suggest Vieilles Vignes Volnay 2008. This is at the expert spends more intense end of the red bur- his Christmas gundy taste spectrum — but will work perfectly with turkey. Impor- budget tantly it’s not too fruity. Some burgundies can taste a little bit too much like Ribena for my palate. In terms of a decent pinot you can’t go wrong with Main Divide Pinot ND SO, dear reader, the Noir from Canterbury, New Zealand. season of goodwill and It’s similarly complex in its own way merriment is upon us once and not too fruity. again. Offices are full of It’s at this stage that many of us elves distributing secret take a break from gorging. But I’m SantaA details to colleagues, and sure that most of us will tuck into a restaurants are rammed with office sweet course — probably Christmas workers guzzling warm chardonnay pudding — during the late afternoon. and leaden reds from obscure parts Here I’m going to suggest that you of the planet. The days shorten as our try a sweet sherry — a Pedro Ximenez hangovers lengthen and the high — or PX as it is often referred to. The street is no doubt already starting to one I like in particular is Salto al gear up for Easter. Cielo Estate Aged Pedro Ximenez. A few weeks ago I was enjoying a This stuff is a bit like a Christmas very acceptable Albarino (Leira pudding in a glass so it’s definitely Reyero, Pascual 2018) with the editor not a contrast in flavours. It is over lunch at J Sheekey in the West though dark, treacly and absolutely End when he casually lobbed the delicious. conversational hand grenade that he On to costs. All for a case of six was giving me £1,000 to spend on nial” – and he was a huge fan of fam- extremely cold champagne in a very Olivier Leflaive 2017. I’ve researched unless otherwise stated. The Gosset wines for Christmas. Once I’d picked ilies! Adding alcohol in significant tight flute my assumption is that this one particularly thoroughly and Grande Reserve Brut is about myself up off the floor I was effusive quantity to such an event generally both steps have been taken to dis- can pronounce it excellent. As with £240, the Saumur Brut £65 and the and instant with my thanks for such raises the stakes. Indeed, I confess to guise the quality of the liquid — and the Gosset, it’s buttery and as is typ- Cremant de Bourgogne is about £78. unsought generosity. having had one or two disastrous more often than not I’m proven ical of white burgundies it’s subtly A case of the Puligny-Montrachet However, with crushing and delib- Christmas days where we adults may right. Much champagne is far too complex, too. Olivier Leflaive 2017 will set you back erate speed he went on to confirm have overdone it slightly too early in acidic for my taste which I think in On to the main about £375. Vieilles Vignes Volnay that I had misheard and that this the day and had pretty much passed part explains the explosion in Pros- course, which for 2008 seems to be available was to be a fictional amount to be out by lunchtime. It is, therefore, im- ecco sales in recent years. My advice most of us will of for about £210 and the “spent” on recommending wines for portant to ensure that the drinks is to stick with quality and serve it at course be turkey. I’m Main Divide Pinot £135. A the big day. Ah well, maybe next consumed on the big day are all just below room temperature in a a fan of this fowl — as case of PX will cost about year… about quality rather than quantity. tulip shaped glass. indeed I am of £390. Undaunted by my trip on this emo- To my mind, no Christmas lunch is So as a gallic alternative why not sprouts — but I Hopefully that line up tional roller coaster I decided to complete without some fizz. try a Saumur or a Cremant? I’m an couldn’t have ei- gives you plenty of options focus on the task he had set me. I’m We generally have ours with some enthusiastic member of the Wine ther of them too around the £1,000 target. assuming that these recommenda- wild, smoked salmon or sea trout Society and their Saumur Brut is a many times a year. Whatever drinks you go tions need to be sufficient for a table (caught with a rod and line by my crisp, top-notch option. Meanwhile Of course, you with, may I wish you all of people rather than just one or two own fare hands) and some home- when it comes to Cremant, I could easily stick a wonderful Christmas so I’m thinking in terms of cases made brown bread. The obvious thoroughly recommend the Cre- with the Puligny- break with some deli- rather than single bottles. route here is to the Champagne mant de Bourgogne Blanc de Noirs Montrachet, but cious wine waiting, Christmas day itself can be tricky region, and I confess that I have a Marsigny Brut. I’m sure that many I’d rather switch nicely wrapped up for for many reasons. Just spending a fondness for the buttery loveliness of (perhaps even most) people would you, underneath the whole day with one’s relatives can Gosset Grande Reserve Brut. fail to pick these out as not being Keep your guests tree. be potentially problematic. GK I do though think that there is champagnes in a blind taste test. well lubricated with Chesterton said the “family is a good quite a lot of inferior champagne If you prefer a white wine, I urge these quality drops Steffan Williams is a institution because it is unconge- out there. Whenever I’m served you to try Puligny-Montrachet over Christmas partner at Portland

Let’s keep working to #endthestigma 800 92% 87 % 150,000

Close to 800 organisations of organisations who said their of organisations who said Over 150,000 green ribbons are registered for This is Me employees are more confident This is Me had raised awareness worn across the UK during Mental talking about mental health as a around mental health in their Health Awareness Week result of their This is Me campaign workplace

To become part of this infl uential and global community and to see how This is Me @LMAppeal can support your organisation, register now at: lordmayorsappeal.org/thisisme The Lord Mayor’s Appeal CITYAM.COM MONDAY 16 DECEMBER 2019 NEWS 17 Daimler’s China venture PARTNER CONTENT ups stake to unseat Geely

YILEI SUN With the shareholding of around 10 how things develop.” per cent, BAIC is looking to secure a A third source familiar with BAIC’s DAMILER’s main China joint venture seat at Daimler’s supervisory board, thinking said that BAIC wanted to be partner BAIC Group has set in motion which Geely does not currently have, a bigger shareholder than Geely in a plan to double its stake to around 10 the sources said. Daimler in order to be seen as the Ger- per cent and win a board seat in the HSBC, which advised BAIC on its five man car maker’s senior-most partner German luxury car maker, as it aims per cent stake purchase in Daimler in China. to upstage rival Geely, two sources earlier, is helping the Beijing-based BAIC and Geely did not respond to told Reuters. group in the new investment, one of requests for comments made after State-owned Beijing Automobile the sources said. usual business hours. HSBC declined Group (BAIC), which already owns a Daimler said in a regulatory filing to comment. five per cent shareholding in Daimler, last month that HSBC held 5.23 per Reuters reported in November that has started buying the German com- cent in Daimler’s voting rights di- BAIC had signalled intentions to ex- pany’s shares from the open market, rectly as well as through instruments tend its investment in Daimler, citing CLIMATE CHANGE PROTESTS, said the sources who were briefed on such as equity swaps as of 15 Novem- sources familiar with the matter. the matter. ber. BAIC has been Daimler’s main part- BAIC is currently Daimler’s third When asked by Reuters, Daimler ner in China for years and operates largest shareholder but a stake of 10 said it had not received any notifica- Mercedes-Benz factories in Beijing LONDON CITY AND THE per cent will make it the biggest tion about BAIC having raised its through the two car makers’ main shareholder, surpassing its Chinese stake. Daimler’s China chief Hubertus joint venture, Beijing Benz Automo- car making rival Zhejiang Geely Troska said on Friday “we welcome tive. FUTURE OF FLYING which owns 9.69 per cent of the Ger- long-term investors in Daimler”. Two months before its five per cent man car maker and is seeking to ex- Asked about BAIC and its potential to stake purchase was announced in pand its partnership with Daimler in become a larger shareholder, he July, sources told Reuters that BAIC China. added: “We like each other. Let us see wanted to invest in Daimler. Reuters LONDON CITY AIRPORT Alison FitzGerald,Chief Operating BREAKING THE ICE Star-studded Jumanji: Next Level knocks Officer at London City Airport Frozen 2 off box office pole position with $60m debut weekend vents of the past two weeks in While low carbon solutions for aviation London didn’t need to happen for are complex, the prospect of electric Ebusinesses like ours, and yours, to aircraft is not pie in the sky. In Norway, understand the seriousness of the right now, Rolls Royce and the climate change challenge. Indeed, many Norwegian airline Wideröe are Londoners lasting impression will now collaborating on producing an electric, be one of disruption and annoyance zero emission aircraft that could carry rather than the cause Extinction 100 passengers by 2030. That means Rebellion (XR) promotes. hybrid and electric aircraft will fly first on Before discussing these substantive the shorter routes that are our bread and issues, I must first say thank you to the butter. Readers should be assured that Metropolitan Police, police from around London City Airport is doing all we can to the country and the British Transport Police who have come together to steadfastly keep London and Londoners moving and, crucially, safe. XR made London City a target for a three-day shut down but by working closely with the police, we not only kept £10,000 prize to the airport open but connected 17,000 passengers to and from the Capital. a local innovator Thankfully, despite some regrettable if they can develop incidents at the airport, XR actions caused just two cancellations during a sustainable their day-long protest, which ended 48 hours earlier than planned. alternative to So thank you to the Met and colleagues for your professionalism and tireless plastic bags. SONY’s Jumanji: Next Level adventure sequel debuted in first place to $60m (£45m), dethroning Frozen 2 after three consecutive support. That service is not taken for weeks as box office champ. The sales mark a healthy jump from the film’s 2017 predecessor Jumanji: Welcome to the Jungle. It granted. be at the forefront and to lead these also marks the best debut for a December comedy and a live-action movie, which stars Jack Black and Karen Gillan. Now while we might disagree about changes! their tactics, it’s clear that the need to Meanwhile, there are undoubtedly reduce global carbon emissions is now a things we can be getting on with in the mainstream topic of debate. No doubt, short term and incremental change really Extinction Rebellion have played a part, matters. For example, while we invest in making these important issues a genuine new security CT scanners for introduction French shareholders want PSA-Fiat joint matter of civic and societal debate. in 2022, when liquids and laptops can We are under no illusions. UK aviation stay in your bag, passengers will still be industry needs to play its part and we required to use non-recyclable plastic are absolutely alive to the challenge. At security bags for their liquids. board guarantee in $50bn mega-merger City, we have already reduced our own We were the first airport to ban plastic carbon emissions by 30% since 2013 and straws and we want to be the first airport GILLES GUILLAUME (MoU), PSA and Fiat Chrysler would to FCA said the draft agreement like other airports, have committed to to develop and use a truly sustainable each have five seats on the board of over the new group’s governance becoming ‘net-zero’ by 2050. Meanwhile, alternative to plastic bags. FRENCH shareholders in the the merged entity. was not being questioned and our biggest customer, British Airways, We need your help. That’s why we are planned merger of PSA and Fiat An eleventh seat would go to that there was no issue delaying part of one of the world’s largest airline teaming with City AM, to offer a £10,000 Chrysler (FCA) are seeking Tavares, who is chief executive of the deal. groups, IAG, has committed to net zero prize to a local innovator in London if reassurances that they will retain a PSA and is set to take on the same PSA, the maker of Peugeot and operations in the same period. they have or can develop that product. numerical advantage on a role in the new group. Citroen, has called a meeting of its Without question, industry and London City Airport embraces change combined board if chief executive French shareholders view the supervisory board for tomorrow Government needs to work closely and innovation and we are looking Carlos Tavares leaves, two sources seat held by Tavares as giving them which could discuss the FCA deal, together to meet those challenges. But forward to seeing your solutions. close to Peugeot owner PSA said. the de-facto role of senior partners two separate sources had said. rather than singling out particular It is undeniable that uncertain times The two companies are finalising and want to know this advantage Both firms have said they were industries, I believe we will move the dial are upon us, and we need to keep talks after announcing a plan for a would be preserved in the event of confident of reaching a merger by approaching this collaboratively development and innovation firmly and $50bn (£37.5bn) merger of equals in him leaving, the sources told deal by the end of the year, but the across the globe, across sectors and by high on the agenda. October that would create the Reuters last week. sources said the French partners embracing innovation. I’m proud to be world’s fourth-largest car maker. There is no evidence that the were seeking clarification on the part of the Government’s Future Flight £ If you are interested, or want to know Under the terms of the draft issue has surfaced in talks as an issue before a MoU sealing the deal Challenge Advisory Group, which is more, please email Memorandum of Understanding obstacle to the deal. A source close is signed. Reuters looking at doing exactly that. [email protected] 18 MARKETS MONDAY 16 DECEMBER 2019 CITYAM.COM

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT UK shares hail CODEMASTERS P Wall St steady 350

260 as China and Boris Johnson’s 300 13 Dec US agree deal 250 HE S&P 500 and the Dow industrials ended little changed 9 Dec 10 Dec 11 Dec 12 Dec 13 Dec T on Friday, hitting record highs in the session, as the United States and massive victory Videogame producer Codemasters has announced it will make a game based on the China announced an initial trade Fast & Furious movie franchise — and shareholders had better fasten their seatbelts. agreement, cooling tensions that have Shares rose 5.2 per cent on the news at the end of the last week to 260p, and rattled markets. Liberum analysts think they will keep gaining speed, giving it a “buy” rating and a The S&P 500 technology sector and K SHARES focused on the Cau, head of European equity strategy whopping 370p target price. They say: “Owing to the widespread success of the Fast the tech-heavy Nasdaq finished domestic economy surged at Barclays. & Furious franchise, we believe this new game could bring both global appeal and solidly in positive territory, with gains last Friday after Prime Min- “The banking sector, real estate, major revenue potential.” Codemasters’ stock could be in for a wild ride. in Apple providing a boost. Uister Boris Johnson’s ruling construction, utilities, all these sec- Trading was choppy following Conservatives convincingly tors are expected to benefit from the announcement of the agreement, won the General Election, reassuring ‘feel-good’ factor,” he said. GYM GROUP which reduces some US tariffs in markets that Britain is likely to be Johnson’s victory lifted nationalisa- exchange for increased Chinese headed for an orderly exit from the tion fears hanging over utility stocks, P purchases of American farm goods. European Union. boosting National Grid and United Util- 274 The United States has agreed to The FTSE 100 index rose 1.1 per cent ities, which rose 4.5 per cent and 6.7 274 suspend tariffs on $160bn (£120bn) as a rally in utilities, retailers, per cent respectively. Opposition 270 13 Dec in Chinese goods that were due to housebuilders and banking Labour leader Jeremy Corbyn take effect on 15 December, a stocks offset the drag from had announced plans to na- 265 deadline that had been closely sterling, which surged to tionalise utilities in his watched by investors. a 19-month high against election manifesto. 260 Investors were also digesting Prime the US dollar. Minister Boris Johnson’s commanding Housebuilders soared, Virgin Money gained a victory in the British election, which with Taylor Wimpey, whopping 18.7 per cent 9 Dec 10 Dec 11 Dec 12 Dec 13 Dec could bring more clarity to the Berkeley and Persim- on Friday country’s planned exit from the mon all up about 14 per Directors at the Gym Group have clearly been drinking their protein shakes, and European Union. cent, reaching record Corbyn said on Friday shareholders will be beefing up too over the coming months if Liberum analysts’ Utilities led gains among the S&P highs and topping the he would step down as predictions of a significant value increase are correct. They say the firm “continues to 500 sectors along with tech, while blue-chip index. Labour leader . That decision flex its model to broaden its addressable market and keep costs low”. Shares have energy and materials lagged. The FTSE 250 index, home to is likely to be the biggest factor been up and down this year, but are 4.1 per cent up compared to the start of 2019 — The Dow Jones Industrial Average many companies with high UK expo- driving banks and utilities higher, by currently valued at 274p. Liberum brokers reckon that could swell to as much as rose 3.33 points, or 0.01 per cent, to sures, surged as much as 5.2 per cent affirming nationalisation is now “off 330p, and give it a “buy” rating. Better get started on those press-ups... 28,135.38, the S&P 500 gained 0.23 to record highs, before easing slightly the table,” said Citi analyst Andrew point, or 0.01 per cent, to 3,168.8 to end up 3.4 per cent. Coombs. and the Nasdaq Composite added Trading volumes on the FTSE 100 Among financials, RBS and Virgin RENTOKIL 17.56 points, or 0.2 per cent, to index surged to nearly three times Money stood out, rising 8.4 per cent 8,734.88. P their daily average. and 18.7 per cent. 440 Improving sentiment about trade Stocks were benefiting from the JP Morgan’s basket of London-listed tensions, interest rate cuts from the Conservative victory and reports companies that make their cash in 435 US Federal Reserve and encouraging of a trade deal between China and domestic markets rose 6.3 per cent on economic data have fuelled records 430 the United States, said Emmanuel Friday to record highs. 13 Dec for the major US stock indexes. The 425 benchmark S&P 500 has gained 26 per 426.50 cent so far in 2019. TOP RISERS FTSE 420 Earlier this week, the Fed signalled borrowing costs will not change 7,400 P 1. Taylor Wimpey Up 14.68 per cent anytime soon. 2. Barratt Up 14.01 per cent 7,353.44 9 Dec 10 Dec 11 Dec 12 Dec 13 Dec Adobe shares rose 3.9 per cent after 3. Berkeley Up 13.99 per cent 7,300 13 Dec it beat Wall Street estimates for Rat-catcher extraordinaires at Rentokil have had a good year. The stock has risen 28 fourth-quarter revenue and profit. TOP FALLERS 7,200 per cent, but it could suffer after the Conservatives’ General Election win, according Broadcom shares dropped 3.8 per to analysts at Jefferies. They say that of the firms likely to be most negatively cent after the company provided a 1. Polymetal Down 3.24 per cent affected, “staples, miners and global industrials stand out”— and that includes lukewarm revenue forecast for 2020. 7,100 2. Fresnillo Down 3.05 per cent Rentokil. “With more than 40 per cent revenues from the US, Rentokil is highly Oracle shares fell 3.5 per cent after 3. Rolls-Royce Down 2.56 per cent 9 Dec10 Dec 11 Dec 12 Dec 13 Dec exposed to the pound-to-dollar exchange rate,” they say. Jefferies give Rentokil a its revenue fell short of quarterly “hold” rating and a 425p target price. estimates. CITY MOVES WHO’S SWITCHING JOBS

CENTAMIN insight and a deep understanding of the mining venture arm of Boston Consulting Group, has new hyper-growth businesses into the FTSE 250 firm Centamin has industry. Between 1997 and 2013 Jim was a denior announced that Nathalie Gaveau is joining the market is an extremely exciting opportunity.” announced the appointment vice president of Capital International Investors, a company as managing director and partner. Natalie of James “Jim” Rutherford as division of the US-based investment management firm has extensive experience building successful SQUIRE PATTON BOGGS non-executive chairman and Capital Group Companies. Prior to that, he was vice transactional marketplaces, including Shopcade and Legal firm Squire Patton Bogg has announced that interim chief executive officer. president of equity research at the investment bank Priceminister, which was sold to Japan’s Rakuten for Peter F. Stewart has joined the firm’s London office as a Jim is currently a non- HSBC James Capel in New York. Josef El-Raghy, chair over $230m (£172.6m) in 2010. She also is an expert in partner. He joins from Clyde & Co, with a practice executive director on the of Centamin, commented: “We are delighted to digital growth, turnarounds, and exits and has spanning energy and infrastructure projects and boards of Anglo American and welcome Jim to the Centamin board. His appointment extensive international experience, including six years international arbitration, with a specialty representing Anglo Pacific. He has over 25 comes after an extensive search, and with his in Asia. Commenting on her appointment, Nathalie sovereign entities in Africa, South America and years’ experience in considerable understanding and knowledge of the said: “I’m incredibly proud to be joining BCGDV at a elsewhere. Lisa Henneberry, the firm’s global practice investment banking and resource sector.” time when there is unprecedented opportunity in group leader for energy and natural resources, investment management, specialising in the corporate innovation space. Joining one of the commented: “I am delighted to welcome Peter to the the global mining and metals sector. Jim brings to the BCG DIGITAL VENTURES world’s most experienced business builders firm. His global perspective and diverse practice board considerable financial and capital markets BCG Digital Ventures (BCGDV), the global corporate on the heels of them launching more than a hundred orientation make him a great fit for our firm.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM MONDAY 16 DECEMBER 2019 MARKETS 19

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1992 ÃÃ0.0178 €/$ 1.1127 0.0013 7353.44 21507.79 4095.03 28135.38 8734.88 3168.80 /$ 1.3348 Ã 0.0217 €/£ 0.8339 Ä 0.0126 79.97 714.76 61.62 3.33 17.56 0.23 £ /¥ 145.87 2.4600 €/¥ 121.62 0.2200 ÃÃÃÃÃÃ ÃÃ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Temple Bar IT ...... 1424.0 56.0 1424.0 1116.0 Inchcape...... 688.5 8.0 688.5 519.5 Royal Mail ...... 236.5 4.3 304.3 188.4 Hastings Gp Hldgs ...... 178.1 0.8 231.6 167.9 Sage Group ...... 732.4 7.4 820.4 567.0 AIM 50 Templeton Em Mkts .....801.0 -1.0 829.0 670.0 JD Sports Fashion ...... 782.8 41.6 807.0 318.5 Signature Avi ...... 324.9 0.0 406.0 258.8 Hiscox ...... 1370.0 26.0 1777.0 1213.0 Softcat ...... 1112.0 18.0 1176.0 565.0 Tsy 4.750 20 ...... 100.94 -0.03 104.8 100.9 Contour Global...... 208.0 6.0 222.5 159.1 Abcam ...... 1381.0 4.0 1500.0 1017.0 Vietnam Enterprise ...... 472.5 4.5 509.0 421.5 Just Eat...... 790.0 5.0 812.0 570.6 LEISURE GOODS RSA Ins Gp ...... 570.2 26.0 597.0 496.6 Sophos ...... 551.0 -6.6 577.0 298.2 Tsy 8.000 21...... 110.97 0.01 117.9 111.0 Drax Gp ...... 313.4 18.2 413.8 251.0 Advanced Medical ...... 267.0 -0.5 354.5 225.0 VinaCapital Vietna ...... 331.5 5.0 357.5 323.0 Tsy 2.500 24 ...... 359.78 -2.83 377.9 359.8 SSE ...... 1415.5 106.0 1415.5 1008.0 Kingfisher...... 221.9 3.9 266.2 185.9 Games Workshp ...... 5690.0 190.0 5845.0 2800.0 OIL & GAS PRODUCERS SUPPORT SERVICES Witan Invest ...... 223.0 2.0 225.5 189.6 Marks & Spencer ...... 223.6 14.3 303.2 163.9 Alliance Pharma ...... 79.1 3.3 80.4 60.0 Tsy 5.000 25 ...... 122.68 0.13 126.0 122.5 ELECTRONIC & ELECTRICAL EQUIPMENT LIFE INSURANCE BP ...... 462.4 -6.9 582.5 462.4 Aggreko ...... 830.0 2.0 855.2 693.2 Wwide Healthcare ....3030.0 0.0 3030.0 2325.0 ASOS...... 2990.0 80.0 4066.0 2107.0 Tsy 4.250 27 ...... 128.08 0.22 132.8 125.2 Next ...... 7190.0 354.0 7190.0 3991.0 Cairn Energy...... 187.0 6.7 213.8 140.0 Ashtead Gp ...... 2313.0 -25.0 2450.0 1586.5 Halma ...... 2074.0 -5.0 2151.0 1297.0 Aviva ...... 415.8 9.7 438.8 352.3 Tsy 6.000 28 ...... 146.17 0.32 152.1 143.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 280.0 -3.0 283.0 113.3 Energean Oil & Gas ...... 923.0 7.0 1082.0 580.0 Blue Prism ...... 974.5 -18.5 1472.0 788.0 Morgan Advanced ...... 315.6 12.6 315.6 232.4 Lancashire Hldgs ...... 752.5 19.0 752.5 561.5 Babcock Intl Grp...... 631.4 34.0 631.4 416.7 Tsy 4.125 30 ...... 375.78 -4.23 404.2 364.2 BT Gp ...... 201.7 12.4 250.1 158.9 Sports Direct Intl ...... 360.0 14.4 360.0 214.0 Premier Oil ...... 95.0 6.3 106.2 55.6 Camellia ...... 8950.0 -75.0 11750.0 8600.0 Oxford Instruments ...1516.0 16.0 1626.0 853.0 Legal & General ...... 305.3 17.8 305.3 216.7 Bunzl ...... 2061.0 -9.0 2551.0 1943.0 Tsy 4.250 32...... 139.03 0.42 146.4 132.4 Talktalk Telecom ...... 105.0 3.8 126.5 96.5 Vivo Energy ...... 129.0 9.2 139.5 111.4 Royal Dutch Shell A....2152.5 -32.5 2612.0 2144.5 Caretech Holdings ...... 398.0 9.0 405.0 325.0 Renishaw ...... 3984.0 184.0 4670.0 3232.0 Phoenix Gp ...... 729.2 1.8 745.5 551.6 Capita ...... 175.5 15.7 175.5 99.9 Tsy 4.250 36 ...... 146.70 0.81 155.7 137.5 Telecom Plus ...... 1486.0 152.0 1528.0 1130.0 Watches of Switz ...... 320.0 10.0 338.8 270.0 Royal Dutch Shell B ....2135.5 -30.5 2622.0 2126.5 Spectris ...... 2914.0 87.0 2914.0 2188.0 Prudential ...... 1388.0 19.0 1790.0 1279.5 DCC ...... 6470.0 172.0 7496.0 5750.0 Central Asia Metals ....220.0 6.0 266.5 180.0 Tsy 4.750 38...... 161.25 1.11 171.8 150.0 FOOD & DRUG RETAILERS WH Smith...... 2510.0 94.0 2510.0 1697.0 Tullow Oil ...... 67.8 7.1 250.0 39.9 EQUITY INVESTMENT INSTRUMENTS St James Place ...... 1148.5 29.0 1148.5 913.6 Diploma ...... 1975.0 27.0 1975.0 1150.0 Clinigen Group ...... 865.5 16.5 1069.0 721.0 Tsy 4.250 46 ...... 167.79 1.63 181.0 151.7 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Electrocomp ...... 671.4 29.8 729.8 480.0 3i Infrastructure ...... 295.0 3.0 306.5 250.0 Greggs ...... 2172.0 98.0 2476.0 1257.0 Std Life Aberdeen ...... 315.0 4.9 322.3 231.1 CVS Group ...... 1063.0 28.0 1105.0 395.0 AEROSPACE & DEFENCE Convatec ...... 191.2 3.8 202.8 118.5 Equiniti ...... 211.0 5.4 236.2 186.2 Aberforth Smlr Cos ..1484.0 66.0 1484.0 1114.0 Morrison (WM) ...... 195.8 1.9 245.8 176.9 MEDIA Hunting ...... 402.0 13.8 657.0 363.8 Dart Group ...... 1579.0 79.0 1579.0 709.5 Ocado Gp ...... 1239.5 29.5 1435.0 749.8 Mediclinic Intl ...... 403.8 8.5 403.8 293.4 Petrofac ...... 393.3 -4.2 559.0 381.5 Essentra ...... 443.0 10.0 443.0 325.4 BAE Systems ...... 574.6 4.6 588.2 443.9 Alliance Trust ...... 818.0 2.0 838.0 672.0 4imprint ...... 3060.0 20.0 3130.0 1800.0 Diversified Gas & Oil ....102.0 1.0 116.5 97.0 Sainsbury(J) ...... 223.2 5.7 293.9 177.1 NMC Health ...... 2464.0 -64.0 3000.0 1801.5 Wood Gp(J) ...... 373.2 9.8 598.6 319.6 Experian ...... 2447.0 -11.0 2631.0 1843.0 Cobham ...... 163.4 5.9 168.3 96.8 AVI Global Trust...... 766.0 0.0 781.0 660.0 Ascential ...... 360.8 15.0 411.0 319.0 Draper Esprit ...... 486.0 -1.0 548.0 410.0 SSP Group ...... 660.0 15.0 721.0 608.0 Smith & Neph...... 1734.5 37.5 1990.0 1396.0 PERSONAL GOODS Ferguson ...... 6652.0 2.0 7004.0 4800.0 Meggitt ...... 657.0 6.6 660.0 458.0 Baillie Gifford Japan ....819.0 -11.0 840.0 663.0 Auto Trader Gp ...... 573.8 36.8 606.0 436.2 Tesco ...... 251.3 9.5 253.0 189.6 UDG Hlthcare ...... 802.5 20.5 832.5 551.0 G4S ...... 215.9 7.9 234.3 168.3 Eland Oil & Gas ...... 165.4 0.0 165.4 101.0 QinetiQ ...... 354.0 15.6 354.0 267.0 Bankers InvTst ...... 966.0 6.0 970.0 766.0 Entertainment One ...... 557.0 -0.5 589.0 336.4 Burberry Gp...... 2120.0 60.0 2345.0 1623.5 FOOD PRODUCERS HOUSEHOLD GOODS Hays ...... 177.4 9.0 177.4 135.7 EMIS Group ...... 1106.0 22.0 1242.0 864.0 Rolls-Royce ...... 686.4 -18.0 988.4 686.4 BlackRock Smaller ....1650.0 68.0 1650.0 1160.0 Euromny Inst Inv...... 1288.0 30.0 1498.0 1132.0 PZ Cussons ...... 196.6 4.2 227.0 178.6 Homeserve ...... 1245.0 11.0 1266.0 849.0 Fevertree Drinks ...... 2090.0 -8.0 2475.0 1732.5 Senior ...... 181.8 -3.0 239.2 174.0 BMO Global Smaller ...... 142.1 0.8 143.1 122.0 Assoc British Foods...2599.0 166.0 2599.0 2041.0 Barratt Devel ...... 765.0 94.0 765.0 434.0 Future ...... 1362.0 -52.0 1572.0 465.0 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5510.0 10.0 5962.0 4602.0 Ultra Electronics ...... 2106.0 46.0 2252.0 1232.0 Caledonia Inv ...... 3150.0 70.0 3150.0 2740.0 Bakkavor ...... 148.0 10.0 170.0 93.3 Bellway ...... 3831.0 404.0 3831.0 2447.0 First Derivatives ...... 2735.0 85.0 3555.0 2050.0 Informa ...... 805.0 29.6 892.0 605.8 AstraZeneca ...... 7217.0 -58.0 7580.0 5325.0 IWG...... 411.6 9.6 421.9 199.8 AUTOMOBILES & PARTS City of London IT ...... 430.0 8.0 431.5 376.0 Cranswick ...... 3260.0 120.0 3408.0 2472.0 Frontier Devs ...... 1228.0 42.0 1254.0 740.0 Berkeley Grp Hldgs ....5142.0 631.0 5142.0 3319.0 ITV ...... 152.6 8.4 152.6 103.6 Dechra Pharma ...... 2690.0 30.0 3036.0 2022.0 Network Int...... 588.0 9.0 628.0 513.0 Edin Inv Trust ...... 617.0 14.0 652.0 535.0 Greencore Gp ...... 274.2 18.0 274.2 162.8 Gamma Comms ...... 1235.0 30.0 1275.0 730.0 Aston Martin...... 556.8 -58.4 1374.4 399.3 Bovis Homes Gp ...... 1360.0 109.0 1360.0 828.0 Moneysupermkt.com ...309.7 0.2 417.7 267.0 Genus ...... 3246.0 138.0 3246.0 2146.0 Pagegroup ...... 519.5 27.9 539.0 367.8 European Opp ...... 819.0 16.0 875.0 666.0 Hilton Food Gp ...... 1052.0 28.0 1088.0 884.0 TI Fluid Systems ...... 242.5 3.5 242.5 155.2 GlaxoSmithKline ...... 1725.0 -19.2 1782.0 1436.0 Paypoint...... 986.0 47.0 1118.0 748.0 GB Group ...... 738.0 16.0 738.0 420.0 F&C Investment ...... 736.0 0.0 745.0 616.0 Tate & Lyle ...... 749.8 12.8 800.4 658.4 BANKS MAIN CHANGES UK 350 Hikma Pharma ...... 1890.5 -37.5 2200.0 1510.5 Rentokil Initial ...... 426.5 -8.4 467.8 319.0 Gooch & Housego ...... 1325.0 10.0 1527.5 954.0 Fidelity China SPE ...... 219.0 -1.0 250.0 183.4 Unilever ...... 4545.0 15.5 5324.0 3941.0 REAL ESTATE Sanne Group ...... 728.0 36.0 752.0 450.0 Hurricane Energy ...... 33.2 3.0 53.6 29.8 Barclays ...... 182.5 10.6 182.5 136.2 Fidelity Euro Values .....251.0 -0.5 257.5 202.0 FORESTRY & PAPER Risers % Fallers % Ã Ä Serco ...... 157.6 11.2 160.0 94.5 BGEO Group ...... 1573.0 17.0 1755.0 1252.0 Fidelity Spec Val ...... 270.5 6.5 271.5 220.0 Virgin Money UK ...... 216.60 18.7 Aston Martin ...... 556.80 -9.5 Assura ...... 78.0 2.1 79.3 52.5 Impax Asset Mgmt ...... 362.5 32.5 362.5 184.0 Mondi ...... 1696.5 30.5 1898.0 1510.5 SIG ...... 127.4 5.4 153.0 99.3 HSBC Hldgs...... 574.6 -1.9 680.6 552.3 Finsbury G&I Tst ...... 890.0 5.0 958.0 741.0 Stagecoach Gp ...... 154.20 16.6 Future ...... 1362.00 -3.7 Big Yellow Gp ...... 1175.0 55.0 1192.0 858.5 Iomart Group ...... 363.5 16.5 398.0 308.0 GENERAL FINANCIAL Travis Perkins...... 1625.0 83.0 1625.0 1012.0 Lloyds Banking ...... 64.3 3.2 66.6 48.6 GCP Infra Inv ...... 131.8 0.6 132.2 122.6 Taylor Wimpey...... 199.65 14.7 Polymet Int ...... 1165.00 -3.2 BMO Comm Prop ...... 118.0 3.6 132.8 106.0 IQE...... 49.4 0.2 98.0 41.8 Barratt Devel ...... 765.00 14.0 Fresnillo ...... 572.40 -3.0 TECHNOLOGY HARDWARE & EQUIPMENT Royal Bank of Scot ...... 251.8 19.5 270.4 177.7 Genesis Emerging ...... 761.0 8.0 785.0 628.0 3i Group ...... 1071.5 26.5 1184.5 756.2 British Land ...... 622.2 24.0 638.4 468.3 James Halstead ...... 530.0 8.0 532.0 420.0 Berkeley Grp Hldgs ...... 5142.00 14.0 Rolls-Royce ...... 686.40 -2.6 Standard Chartered ....704.8 -13.2 736.8 575.7 Greencoat UK ...... 149.2 1.8 149.8 124.4 Ashmore Gp ...... 492.0 7.0 542.5 356.0 Captl & Count Prop ...... 253.8 2.8 270.5 184.8 Spirent Comms ...... 223.5 7.0 223.5 112.8 Savills ...... 1152.00 13.5 NMC Health ...... 2464.00 -2.5 Johnson Service Gp .....196.0 8.0 196.0 114.0 TBC Bank Group...... 1340.0 36.0 1706.0 1150.0 Harbourvest Glb ...... 1728.0 30.0 1786.0 1326.0 Brewin Dolphin ...... 363.6 25.2 363.6 287.6 CLS Hldgs ...... 298.0 0.0 298.0 204.0 TOBACCO Intl Cons Airl ...... 629.40 13.1 Hochschild Mining ...... 156.30 -2.3 Keywords Studios .....1400.0 81.0 1838.0 900.0 Virgin Money UK ...... 216.6 34.1 220.1 104.4 Herald Inv Trust ...... 1478.0 68.0 1478.0 1055.0 Close Brothers ...... 1625.0 92.0 1625.0 1227.0 Daejan Hldgs ...... 5520.0 240.0 6160.0 4715.0 Persimmon ...... 2816.00 12.0 Hikma Pharma ...... 1890.50 -1.9 Br Am Tob ...... 3039.0 39.0 3197.5 2375.0 Learning Tech Gp ...... 122.4 3.4 130.0 62.2 HICL Infr ...... 169.4 8.6 174.0 156.6 Coats Group ...... 71.5 1.9 91.3 68.1 Derwent London ...... 3938.0 206.0 3938.0 2779.0 BEVERAGES Bellway ...... 3831.00 11.8 Rentokil Initial ...... 426.50 -1.9 Imperial Brands ...... 1765.2 81.2 2713.5 1668.2 JPM American ...... 468.0 -4.0 494.5 386.5 Finablr ...... 209.4 1.4 215.0 140.2 Grainger ...... 297.8 19.0 297.8 205.8 M&C Saatchi ...... 110.0 1.0 394.0 79.0 Barr (AG) ...... 575.0 17.0 975.0 540.0 Tullow Oil ...... 67.80 11.8 Standard Chartered ...... 704.80 -1.8 TRAVEL & LEISURE JPM Emerg Mkt ...... 1004.0 -2.0 1066.0 834.0 Hargreaves Lans...... 1953.0 45.0 2433.0 1633.0 Grt Portland Est ...... 863.4 20.0 863.4 649.4 M.P. Evans ...... 725.0 46.0 725.0 612.0 Britvic ...... 918.5 8.0 1068.0 786.0 JPM Indian IT ...... 740.0 5.0 790.0 633.0 IG Gp...... 696.0 26.8 696.0 474.8 Countryside Prop ...... 468.8 42.6 468.8 277.0 Pearson ...... 660.0 13.6 1027.5 628.0 Hammerson ...... 295.8 5.8 388.4 203.9 Carnival ...... 3312.0 6.0 4430.0 3056.0 Coca-Cola HBC AG .....2478.0 11.0 3074.0 2299.0 Majestic Wine ...... 215.0 2.0 318.0 213.0 JPM Japan IT ...... 471.0 -3.0 476.0 367.0 Integrafin Holdings ..... 420.5 20.5 420.5 271.8 Crest Nicholson ...... 433.8 34.2 435.2 310.8 RELX ...... 1804.5 -9.5 2011.0 1581.5 Land Securities...... 1001.5 69.5 1001.5 735.4 Cineworld Group ...... 206.1 -0.7 321.0 191.0 Diageo ...... 3051.0 -9.0 3625.5 2701.0 Midwich Group ...... 600.0 20.0 633.0 474.5 Jupiter Fund Mngt ...... 400.3 13.8 432.0 289.3 Intermediate Capital 1562.0 23.0 1564.0 918.5 McCarthy & Stone...... 146.5 8.0 158.8 123.5 Rightmove Group ...... 641.0 26.2 641.0 420.9 LondonMetric Prop ..... 229.0 6.2 241.2 172.7 Compass Gp ...... 1838.5 12.0 2138.0 1583.0 CHEMICALS Mortgage Advice B ...... 716.0 4.0 726.0 546.0 Law Debenture ...... 622.0 12.0 622.0 534.0 Intl Public Prtnshps .....163.6 7.8 165.4 146.8 Persimmon ...... 2816.0 302.0 2816.0 1836.0 WPP ...... 1023.0 37.8 1038.0 800.4 NewRiver Retail ...... 195.0 1.2 246.0 147.6 Dominos Pizza ...... 305.9 5.0 309.8 221.2 Next Fifteen Comm ...... 491.0 21.0 658.0 465.0 Croda International ..4876.0 0.0 5375.0 4564.0 Mercantile IT ...... 260.0 13.0 260.0 168.0 Investec ...... 442.0 8.6 518.6 395.3 Reckitt Benckiser ...... 6037.0 8.0 6688.0 5593.0 MINING Primary Hlth Prop ...... 151.4 5.4 152.0 108.4 easyJet ...... 1470.0 108.0 1470.0 854.8 IP Group ...... 67.7 5.4 122.0 55.7 Redrow...... 716.0 32.0 716.0 460.8 Safestore Hldgs ...... 772.5 33.5 778.0 506.5 Nichols...... 1582.5 7.5 1880.0 1350.0 Elementis...... 171.5 3.1 197.9 129.8 Monks Inv Tst ...... 937.0 -3.0 964.0 710.0 Anglo American ...... 2134.0 -24.0 2266.0 1666.6 EI Group ...... 283.2 0.2 285.0 176.8 John Laing Gp ...... 364.6 9.6 402.0 321.2 Taylor Wimpey ...... 199.7 25.6 199.7 131.0 Savills ...... 1152.0 137.0 1152.0 678.5 Johnson Matt...... 2881.0 22.0 3454.0 2665.0 Murray Intl Tst ...... 1226.0 12.0 1248.0 1074.0 Antofagasta ...... 929.0 1.2 1022.5 738.0 FirstGroup ...... 118.4 4.4 137.5 79.4 Numis Corporation ...... 289.0 32.5 289.0 212.0 London Stock Exch .....7172.0 222.0 7514.0 3908.0 SEGRO ...... 868.0 26.4 894.0 585.2 Synthomer ...... 325.2 12.6 420.8 279.0 NB Glbl Fltg Rate Inc ...... 91.4 0.6 91.4 87.6 INDUSTRIAL ENGINEERING BHP Group ...... 1738.2 -5.4 2049.0 1563.0 Flutter Ent...... 8882.0 12.0 8924.0 5525.0 Polar Capital Hdgs ...... 536.0 -4.0 604.0 450.0 Man Group ...... 156.8 7.2 175.2 127.7 Shaftesbury ...... 951.0 44.0 979.5 739.5 Victrex ...... 2448.0 42.0 2522.0 1845.0 Pantheon Intl Partn ..2465.0 65.0 2465.0 1955.0 Bodycote ...... 941.5 41.5 941.5 652.0 Centamin ...... 119.7 -2.1 152.3 79.8 Go-Ahead Gp ...... 2126.0 175.0 2278.0 1480.0 Purplebricks Gp ...... 115.0 10.0 132.0 96.0 Onesavings ...... 445.0 43.0 447.4 313.6 St Modwen Props ...... 480.0 24.5 480.0 373.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...328.5 10.0 339.0 284.5 Hill & Smith ...... 1487.0 137.0 1487.0 1049.0 Fresnillo ...... 572.4 -18.0 1027.5 539.6 GVC Hldgs ...... 869.2 34.2 897.4 507.5 Paragon...... 534.5 45.3 534.5 379.2 TR Property IT ...... 470.0 11.5 470.0 353.5 Redde...... 106.6 2.0 127.6 100.6 Pershing Square ...... 1392.0 4.0 1570.0 990.0 IMI ...... 1186.0 31.0 1186.0 899.0 Glencore ...... 225.8 -0.6 340.3 216.9 Intercontl Htls ...... 4890.0 -16.5 5738.0 4230.4 Balfour Beatty ...... 254.4 14.0 295.0 194.2 Plus500 ...... 836.2 -2.2 1647.0 495.0 Tritax Big Box ...... 144.5 0.4 159.7 130.0 Renew Holdings...... 495.0 38.0 495.0 333.0 Personal Assets Tst 41850.0 -150.0 43150.0 Melrose Ind ...... 234.3 2.6 237.9 155.1 Hochschild Mining ...... 156.3 -3.7 227.0 155.0 Intl Cons Airl...... 629.4 72.8 667.6 413.5 CRH ...... 2985.0 -5.0 3014.0 1971.5 Provident Fin ...... 444.6 14.6 658.6 356.0 UK Commercial Prop .....89.2 3.9 92.7 79.9 RWS Holdings ...... 622.0 -15.0 670.0 450.0 38900.0 RHI Magnesita ...... 3838.0 148.0 5000.0 3420.0 Kaz Minerals ...... 534.8 5.6 738.4 380.3 Marstons ...... 130.0 6.0 131.4 90.5 Galliford Try...... 831.5 66.5 831.5 512.0 Quilter ...... 159.3 7.1 159.3 112.2 Unite Group ...... 1200.0 25.0 1251.0 797.5 Scapa Group ...... 234.0 0.0 403.0 157.0 Polar Cap Tech Tst .....1500.0 10.0 1514.0 1066.0 Rotork ...... 332.8 8.8 341.2 235.7 Polymet Int...... 1165.0 -39.0 1272.0 772.6 Mitchells & Butlers .....466.0 33.5 470.5 238.0 Grafton Group...... 888.5 58.5 937.0 630.0 Rathbone Brothers ....2085.0 25.0 2540.0 2045.0 Workspace Gp ...... 1177.0 49.0 1177.0 789.5 Renewables Infra Gp ....131.4 2.0 133.2 109.6 Spirax-Sarco...... 8600.0 -90.0 9400.0 5900.0 Rio Tinto ...... 4320.5 -28.5 4976.5 3643.0 National Express ...... 462.0 14.2 473.0 361.4 Secure Income REIT ..420.0 4.0 454.0 371.0 Ibstock ...... 282.8 13.8 282.8 193.1 Schroders ...... 3360.0 94.0 3360.0 2366.0 SOFTWARE & COMPUTER SERVICES RIT Cap Partners ...... 2155.0 10.0 2180.0 1892.0 Weir Gp ...... 1521.5 41.5 1814.0 1240.0 Sirius Minerals...... 3.5 0.1 24.3 2.9 PPHE Hotel Gp ...... 1940.0 80.0 1990.0 1620.0 Serica Energy...... 123.0 6.0 143.4 103.6 Marshalls ...... 821.0 42.0 821.0 438.2 TP ICAP ...... 401.1 3.7 403.3 270.0 Riverstone Energy ...... 409.0 0.5 1126.0 403.5 Avast...... 433.2 11.2 450.8 259.6 Rank Gp ...... 270.0 23.5 270.0 135.0 Polypipe Group ...... 519.5 23.1 519.5 315.2 INDUSTRIAL METALS MOBILE TELECOMMUNICATIONS Smart Metering Sys....580.0 9.0 665.0 310.0 Schroder Asia ...... 454.0 2.0 469.5 389.0 GENERAL RETAILERS Aveva Gp...... 4542.0 120.0 4572.0 2284.0 Restaurant Grp ...... 155.0 8.0 160.2 111.9 DIVERSIFIED INDUSTRIALS Evraz ...... 376.3 6.8 709.4 341.4 Vodafone Gp ...... 146.2 1.9 165.2 123.3 Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Inv Tst ...... 832.0 13.0 843.0 748.0 B&M ...... 409.7 18.3 409.7 278.6 Computacenter...... 1597.0 68.0 1605.0 952.0 Stagecoach Gp...... 154.2 22.0 167.0 115.5 Ferrexpo ...... 151.3 3.9 301.3 123.0 Thorpe (F.W.) ...... 323.0 12.0 340.0 248.5 Smith (DS) ...... 386.5 4.0 388.1 292.2 Scottish Mortgage ...... 523.0 -4.0 568.5 441.4 Card Factory ...... 163.3 9.8 209.0 150.0 NONLIFE INSURANCE FDM Group...... 996.0 27.0 996.0 647.0 Wetherspoon (JD) ...... 1616.0 134.0 1624.0 1066.0 Smiths Gp...... 1619.5 9.5 1692.0 1342.0 Sequoia Econ Infra ...... 116.0 1.8 117.6 108.5 Dixons Carphone ...... 145.0 3.8 150.0 104.9 INDUSTRIAL TRANSPORTATION Admiral Gp ...... 2202.0 60.0 2300.0 1958.0 Kainos Gp ...... 692.0 72.0 692.0 430.0 Whitbread ...... 4961.0 341.0 5114.0 3988.0 Watkin Jones ...... 235.5 1.0 243.0 199.0 Smurfit Kappa Gp...... 2760.0 22.0 2774.0 2002.0 Smithson Inv ...... 1276.0 -4.0 1304.0 1000.2 Dunelm Gp...... 1137.0 61.0 1137.0 482.8 Clarkson ...... 2850.0 95.0 2900.0 1878.0 Beazley ...... 543.0 10.0 628.0 492.6 Micro Focus Intl ...... 1052.6 24.6 2160.0 1004.0 William Hill ...... 182.7 12.6 205.2 132.3 Young’s Brew NV ...... 1260.0 35.0 1260.0 1030.0 Vesuvius...... 484.0 14.6 642.0 341.0 Syncona ...... 214.0 11.0 294.0 203.0 Howden Joinery Gp...... 683.8 38.8 683.8 416.4 Fisher (James) ...... 2095.0 109.0 2260.0 1672.0 Direct Line Ins ...... 313.6 13.2 366.5 270.5 Playtech ...... 386.1 5.6 457.7 360.5 Wizz Air Holdings ...... 4013.0 143.0 4013.0 2722.0 Young’s Brew-A...... 1640.0 70.0 1885.0 1322.5 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 278.60 0.40 296.35 180.10 3M ...... 168.79 0.23 219.50 150.74 AIR LIQUIDE ...... 123.75 0.90 130.80 102.40 ABBOTT LABORATORIES ...... 86.35 0.38 88.74 65.56 ALLIANZ AG ...... 219.70 1.45 223.80 172.16 ADOBE INC ...... 317.94 11.98 311.27 205.16 AMADEUS IT GROUP ...... 72.66 1.14 72.76 42.30 ALPHABET NON VTG-C ...... 1347.83 -2.44 1350.27 976.22 ALPHABET-A ...... 1346.87 -1.62 1348.49 1116.79 ANHEUSER BUSCH INBEV ...... 70.21 0.11 92.71 57.35 AMAZON.COM ...... 1760.94 0.61 2020.99 1343.96 ASML HOLDING NV ...... 259.85 4.40 255.45 130.88 AMERICAN EXPRESS ...... 124.72 2.08 128.57 89.50 AXA ...... 24.78 0.02 25.38 18.54 APPLE INC ...... 275.15 3.69 271.46 142.19 BANCO SANTANDER ...... 310.25 -2.05 402.00 295.05 AT&T ...... 38.26 -0.09 39.63 27.36 BASF...... 68.38 0.29 74.49 56.20 BANK OF AMERICA ...... 34.44 -0.24 34.68 22.73 BAYER AG...... 71.01 1.21 72.81 52.53 BERKSHIRE HATHAWAY...... 225.37 -0.55 225.92 187.76 BMW ...... 75.87 1.06 77.75 58.70 BOEING CO ...... 341.67 -4.62 432.69 294.16 BNP PARIBAS ...... 52.05 0.40 51.65 38.55 CATERPILLAR INC ...... 145.53 -1.25 148.16 113.38 CRH ...... 2985.00 -5.00 3014.00 1971.50 CHEVRON ...... 117.96 -0.85 126.54 100.99 CISCO SYSTEMS ...... 45.30 -0.37 58.05 40.28 DAIMLER ...... 50.63 0.71 59.31 40.53 CITIGROUP ...... 76.39 -0.66 77.05 49.26 DANONE ...... 73.38 0.02 82.00 60.28 COCA-COLA CO ...... 54.42 0.28 55.77 44.69 DEUTSCHE POST AG ...... 34.62 0.40 34.44 23.72 COMCAST ...... 43.58 0.57 46.97 33.07 DEUTSCHE TELEKOM ...... 14.76 -0.02 16.25 14.10 DOW ...... 53.28 -1.17 66.65 40.71 ENEL ...... 6.92 0.08 6.98 5.01 EBAY INC ...... 35.48 0.17 41.57 26.14 ENGIE...... 14.59 0.09 15.12 12.02 EXXON MOBIL ...... 69.23 -1.11 83.38 65.51 ENI ...... 13.60 -0.05 15.94 13.04 FACEBOOK ...... 194.11 -2.64 204.87 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 225.00 -1.05 226.05 156.35 FRESENIUS MEDICAL CARE ...... 65.96 0.62 76.32 56.64 HOME DEPOT INC ...... 214.08 2.04 238.85 158.14 HONEYWELL INTERNATIONAL ...... 176.98 -0.41 182.01 124.83 IBERDROLA ...... 9.00 0.09 9.54 6.02 IBM ...... 134.21 -1.11 151.36 107.57 INDITEX ...... 30.55 0.39 32.37 2.55 INTEL ...... 57.79 0.24 58.90 43.46 ING GROEP NV...... 10.70 0.06 12.05 8.34 JOHNSON & JOHNSON ...... 141.38 0.04 144.24 122.84 INTESA SANPAOLO...... 2.33 -0.02 2.38 1.83 JPMORGAN CHASE & CO ...... 136.81 -1.21 138.02 92.14 KERING ...... 562.00 10.00 552.00 380.70 MASTERCARD INC ...... 296.09 3.88 292.23 174.65 KON KPN NV ...... 2.61 -0.01 2.96 2.47 MCDONALD’S ...... 197.12 0.81 221.15 170.28 L’OREAL ...... 256.30 0.00 265.00 195.25 MEDTRONIC ...... 113.52 1.14 113.09 82.45 LVMH MOET HENNESSY ...... 403.80 5.60 408.65 243.65 MERCK & CO ...... 89.19 -0.38 89.57 71.15 MUENCHENER RUECKVE ...... 263.90 0.10 263.80 186.25 COMMODITIES TOURIST RATES MICROSOFT ...... 154.53 1.29 153.24 94.13 NETFLIX ...... 298.50 0.06 385.03 233.88 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1472.40 +6.18 Copper Cash Official...... 6096.00 +13.25 Canada ...... 1.6822 New Zealand ...... 1.8874 NIKE INC ...... 97.77 0.05 97.72 67.53 ORANGE ...... 13.28 -0.10 15.01 13.15 Silver (Pence) ...... 1686.50 +20.50 Aluminium Cash Official ...... 1754.75 +3.50 Croatia ...... 8.0744 Norway...... 11.57 ORACLE ...... 54.51 -1.96 60.15 42.69 ROYAL PHILIPS ...... 42.52 0.04 44.34 29.10 Silver (Cents) ...... 1280.00 +13.00 Nickel Cash Official ...... 13805.00 +272.50 Czech Republic ...... 28.18 Poland ...... 4.5276 PAYPAL HOLDINGS ...... 107.65 1.98 121.30 96.64 SAFRAN ...... 144.75 -0.90 149.90 100.70 Krugerrand ...... 1483.64 -17.49 Aluminium Alloy Cash Official ...... 1385.00 -15.00 Denmark ...... 8.5432 Singapore ...... 1.6922 PEPSICO ...... 137.94 0.76 140.28 118.61 SANOFI ...... 89.15 0.64 88.51 72.24 Brent Crude ...... 64.20 +0.48 Natural Gas ...... 38.14 +2.14 Hong Kong ...... 9.934 Sweden ...... 11.99 PFIZER INC ...... 38.33 -0.21 44.40 34.24 SAP SE ...... 124.16 2.04 124.38 85.79 Platinum ...... 940.00 +14.00 Tin Cash Official ...... 17180.00 -242.50 Iceland ...... 145.38 Switzerland ...... 1.2545 PROCTER & GAMBLE ...... 125.47 0.90 124.94 87.36 SCHNEIDER ELECTRIC ...... 92.50 0.48 92.02 57.58 British Sovereign ...... 346.71 -4.00 Zinc Cash Official ...... 2228.50 +7.00 India ...... 83.56 Turkey ...... 7.381 TRAVELERS COMPANIES ...... 135.66 0.05 154.83 112.63 SIEMENS AG ...... 117.78 -0.10 117.94 85.00 Lead Cash Official ...... 1919.00 +16.50 White Sugar ...... 354.30 +2.40 Israel ...... 4.2018 United States ...... 1.2808 TWITTER ...... 30.39 0.09 45.42 28.89 SOCIETE GENERALE...... 30.30 0.19 30.21 21.13 UNITED HEALTH GROUP ...... 285.48 1.87 283.61 215.26 UNITED TECHNOLOGIES ...... 149.07 -0.34 149.41 102.06 TELEFONICA SA ...... 6.73 0.03 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 60.81 -0.36 61.23 53.05 TOTAL ...... 47.82 0.20 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 185.14 2.50 185.74 168.86 UNILEVER NV ...... 54.18 0.41 57.56 46.03 FTSE 100...... 7353.44 +79.97 +1.10 S&P 500...... 3168.80 +0.23 +0.01 CAC 40 ...... 5919.02 +34.76 +0.59 Hang Seng ...... 27687.76 +693.62 +2.57 WALGREENS BOOTS ALLIANCE...... 57.88 -0.70 76.05 49.29 VINCI ...... 98.26 0.00 102.40 70.50 FTSE 250 ...... 21507.79 +714.76 +3.44 Dow Jones I.A ...... 28135.38 +3.33 +0.01 Swiss Market Index ...... 10429.27 -22.09 -0.21 Nikkei ...... 24023.10 +598.29 +2.55 WALMART ...... 120.29 0.53 120.98 85.82 VIVENDI ...... 25.21 0.23 26.42 20.97 FTSE All-Share ...... 4095.03 +61.62 +1.53 Nasdaq Composite ...... 8734.88 +17.56 +0.20 ISEQ Overall Index ...... 7189.03 +113.39 +1.60 STI Index ...... 3214.05 +19.38 +0.61 WALT DISNEY CO ...... 146.38 -1.38 151.64 100.35 VOLKSWAGEN AG ...... 183.30 3.72 183.46 136.26 FTSE AIM All-Share ...... 917.71 +18.38 +2.04 Xetra DAX...... 13282.72 +61.08 +0.46 FTSEurofirst 300 ...... 1607.54 +14.16 +0.89 ASX All Ordinaries...... 6844.60 +33.80 +0.50 WELLS FARGO & CO ...... 53.79 -0.57 54.46 43.38 20 OPINION MONDAY 16 DECEMBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS This iteration of Labour has no TO THE EDITOR What’s next for chance of ever winning again the markets?

[Re: Top Dog — Tories redraw the WINNING is the small bit a plethora of other culprits: Con- worth mentioning. political map] that matters to political elites servative falsehoods, confusion Rachel Cunliffe McDonnell, meanwhile, has tipped With this result, one big piece of who want to keep power about Brexit, and attacks from the Comment and features shadow business secretary and faith- uncertainty has gone, although a whole “themselves.” These words, billionaire-funded media. editor at City AM ful Corbyn ally Rebecca Long-Bailey cloud of uncertainty still remains. tweeted in July 2016 by Cor- Nowhere does he accept how his as the next leader. She is, according Prospects for the UK are certainly better, bynista activist Jon Lansman, sum- personal unpopularity repelled vot- to reports, the favoured successor when compared to the paralysis we have marise with chilling clarity the ers, even as dozens of Labour candi- for Murphy and McLuskey too, and seen for a number of years. However, it is state in which Labour now finds it- dates and campaigners are coming enjoys the support of the far-left Mo- not one leap and we are free. The result self. forward now to share their conver- mentum group that kept Corbyn- removes the uncertainty over getting Still reeling from its worst elec- sations on the doorstep with for- Those within the mania raging — even as he steadily Brexit done, but the country now faces a tion result since 1935, the buoyancy mer supporters who could not party seem blind to lost the trust of Labour MPs. new set of challenges as we enter an of the Labour campaign has de- stomach the thought of the party In fact, the whispers of Long- intensive period of negotiations over our scended into a scramble. leader heading to Downing Street. how disastrously Bailey paving the way for “Cor- future trading relationship with Europe. Why did the cultish appeal of Je- John McDonnell, who has an- their offering landed bynism without Corbyn” have been The next key date is July 2020 and the remy Corbyn in 2015 disintegrate so nounced that he will stand down as rustling long before this election deadline for requesting an extension to spectacularly? How could a gaffe- shadow chancellor, has taken a was even called. Like him, she is con- the transition period. While it is highly prone, media-dodging Tory Prime clearer-eyed view. On the Andrew sidered to favour maintaining the likely that we will get a free trade Minister redraw the electoral map Marr Show yesterday, he admitted: purity of a socialist project over the agreement, hard negotiations remain, and turn vast swathes of Labour-land “I own this disaster.... If anyone’s to in history (Labour lost 45 seats then, messy business of actually present- especially in key areas such as services, blue? Why didn’t the constant re- blame it is me. Full stop.” compared to 59 this time), those ing a winnable election offering. agriculture, and fishing. frain that the Conservatives would This has been taken as an attempt within seem blind to how disas- Labour does not have to go down Looking at markets, sterling jumped sell the NHS to Donald Trump scare by McDonnell to fall on his own trously their offering landed. Free this road. It has talented, pragmatic immediately following the exit poll, voters into Labour’s arms? sword as the clique that Corbyn broadband, mass renationalisation, MPs who can help it escape from its although we have not seen a dramatic rise It will take a generation to fully has spent four years building turns attacks on business and the City, and echo chamber. Jess Phillips is a fire- to pre-referendum levels, reflecting work out what went wrong, but for on its former figurehead. eye-watering spending splurges all brand who has been standing up fundamental weaknesses remaining in the now, Labour has just one question to Already, there are whispers of failed to have the desired impact. against Corbynism for years, at UK economy. answer: where does it go from here? behind-the-scenes Labour heavy- Maybe the electorate saw through great personal cost, while Yvette The big question for international You might have thought that an weight Karie Murphy and trade the dodgy number-crunching. Maybe Cooper served under two Labour investors is whether they decide to close electoral defeat of this scale would unionist Len McLuskey, until Friday voters understood that ending aus- Prime Ministers (back when such a the gap in underweight positions in the necessitate some full-on existential two of Corbyn’s top cheerleaders, terity and investing in public services thing existed) and would bring two UK. I see a fair wind for this move, with a soul-searching and a top-to-bottom hatching a plan to lay the blame didn’t have to mean a giant power- decades of parliamentary experi- trade deal looking promising and rethink of the party’s agenda. squarely on their erstwhile idol. grab by the state. Maybe most people ence to the party leadership. recession fears receding. Worryingly — for anyone who sup- Why? Because the operation to re- — the vast majority of whom work in It is clearly going to take years for This is a positive end to the year for the ports Labour or who simply believes place him with a “Continuity Cor- the private sector — don’t have the Labour to recover from such a stag- UK, and we could see a short-term rally. in the importance of a robust oppo- byn” candidate has already begun. same visceral distrust of business, gering defeat. But it cannot even However, there remains longer-term sition — such contemplation has What Corbyn’s op-ed, McDon- profit, and the drive for success that begin that journey until the party fundamental weakness in the UK not been forthcoming. nell’s interview, and the Murphy- the Labour agenda assumed. recognises one fundamental fact: in economy, with interest rates on hold and In a rambling post-election op-ed McLuskey rumours have in Yet there is a kind of collective politics, “winning” is not a second- unlikely to change, especially as all eyes for The Observer, Corbyn barely common is that their fingers all delusion at the top of Labour that ary priority, to be pushed aside in will be on who will be the new Bank of even acknowledged that Labour point away from the car crash that the policies themselves were not the favour of ideological purity. England governor. had lost. It took him until the was the Labour platform itself. problem. Read Corbyn’s op-ed (“We Winning is, in fact, all that mat- We expect investors to remain cautious penultimate paragraph to finally While beyond the party jokes have have won the arguments… our poli- ters. It is the height of elitism to with the wall of investment remaining on admit “we have suffered a heavy de- been flying about Michael Foot’s cies are popular”) and you would claim otherwise. And a party that the sidelines over the coming period. feat, and I take my responsibility doomed 1983 manifesto now being think that the small matter of los- doesn’t understand that has no Steven Bell, chief economist, BMO for it”. And that was after naming only the second longest suicide note ing the actual election was barely chance of ever winning again. Global Asset Management

BEST OF Well done, Boris — now it’s time to fix the TWITTER You have to admire the sheer chutzpah of causing Labour’s biggest UK’s infrastructure and access to talent loss since 1935 then writing an article which includes the sentences “there is no doubt our policies are popular” OW THAT the dust has set- breaking the Brexit deadlock to pro- our own skills agenda, making and “patronising [voters] will not win tled on last week’s elec- vide the clarity that people have Catherine sure that no one is left behind then over” in close proximity tion, the new Conservative craved since the 2016 referendum. McGuinness amid unprecedented technological @AdamWagner1 Ngovernment led by Boris It is crucial to remember, though, and social change. Johnson faces the urgent that there is still a long road ahead, Finally, another key priority must I’ve run dozens of user-testing task of getting on with delivering a even if a withdrawal deal is passed. be major investment in infrastruc- sessions for websites / software. We programme that benefits house- For the City, it is vital that the fu- ture across the country — including put people in front of a computer and holds and businesses across the UK. ture framework agreement recog- the capital. The government should ask them to complete tasks. If they Christmas may be around the cor- nises the enormous contribution of reaffirm its commitment to deliver- can’t do the task or say “this website is ner, but the hard work starts now. the services sector, securing maxi- ing Crossrail 2 to reinforce London’s rubbish” we don’t call them idiots. We The City of London Corporation mum market access and developing and recruitment with confidence. position as a world-renowned and take notes to use to improve the will engage with the government a structure for the UK economy to Of course, Brexit is not the only accessible business centre. website/software. and other mainstream political par- prosper in the years ahead. challenge facing the country. Improved connectivity will not @martinxo ties — as well as Nickie Aiken, the Services are the lifeblood of the The UK’s future success depends only strengthen the UK’s position as new Cities of London & Westmin- UK economy and vital to its growth. on attracting, retaining, and devel- a world-leading business hub, but The Lab Right should recognise the ster MP, who is well known to us Politicians across the spectrum oping high-quality talent. also help create greater shared pros- explicit anti-austerity stance advocated from her time as leader of Westmin- should recognise that financial and A critical issue is creating a world- perity across the country. by the Lab Left resonated far better ster City Council — to ensure the professional services make a signif- class visa system that works reliably, Our politics has become increas- than the tepid 2015 manifesto. The prosperity of the Square Mile, Lon- icant contribution, employing 2.3m robustly, and rapidly to meet de- ingly divisive and partisan in recent Labour Left should recognise many don, and the whole of the UK. people across the country — two mand for talented individuals. years. Following this election, I people who agreed with the above For the City, the three key priori- thirds outside of London. The sec- Firms need to get the right people hope that parliament can work to- position refused to vote Labour, mainly ties are Brexit, infrastructure, and tor’s exports across the globe hit a to the right location at the right gether to ensure that this new citing the leadership access to talent. record high of £82bn last year. time, and talented workers from chapter brings some much-needed @jreynoldsMP “Get Brexit done” was a recurring A positive future trading relation- overseas also need to perceive the stability and a positive vision for slogan during the election cam- ship with the European Union, as UK as a welcoming environment. the City, London, and the UK. And here we are, stuck in the middle paign. Putting this into practice will well as other markets across the As well as attracting interna- with you? be easier said than done, but the globe, is vital so that firms can make tional talent, the government must £ Catherine McGuinness is policy chair @youngvulgarian government is right to focus on long-term decisions on investment look closer to home to supercharge at the City of London Corporation. CITYAM.COM MONDAY 16 DECEMBER 2019 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Britain must invest to remain a DEBATE After the Tories’ landslide victory, leader in quantum technology will the next election be about RITAIN has a long and illustri- has acted as a successful accelerator something other than Brexit? ous history in the field of Claudio for a total of 17 cutting-edge technol- computation and informa- Marinelli ogy companies since 2017. Btion processing, dating back and These companies include the likes of The Conservatives fought this election to the great Alan Turing. Yuri FlouretiQ, which some readers may to effect Brexit. With a majority as However, it may miss a unique op- recognise from a recent Ted Talk on strong as this, they will achieve that portunity to build on this great legacy Andersson the battle against superbugs; KETS next month and not fight an election YES unless future governments commit to and Nu Quantum, which are leading for five years — unless they sense maintaining the country’s momen- the way in quantum encryption; and victory in an earlier poll. JOHN OXLEY tum as a global leader in quantum QLM, which is using quantum tech- When that vote does come, we will computing — the next and most excit- of a major $1.2bn, five-year investment nology to detect the lowest concentra- have been out of the EU for years. feel has made them and their families ing technological frontier. programme in US quantum research. tions of natural gas leaks. There will be no politically credible way better off, and who will be the best During the General Election cam- This investment in quantum tech has In fact, QTEC’s unique approach has of reversing that. Unless the Tories guardian of public services. paign, the major parties’ manifestos been mirrored by both the Chinese achieved a 70 per cent success rate in somehow fail to get Brexit done, the Of course, these thoughts cannot be all acknowledged the transformative government and the European Com- translating research-driven ideas into country will have moved on. wholly disentangled from our decision potential of innovation and technol- mission, each of whom have commit- funded or revenue-generating busi- The voters who go to the polls next to leave the EU. The transition will ogy for our economy and society. ted billions to research programmes. nesses within six months of finishing time round will have everything else on affect many areas of life. In general, everyone agrees that in- Britain remains home to world-class our year-long programme. their mind. But we can at least look forward to novation and tech are key to national universities and is a hub for many of QTEC is proud to have already played They will think about whether the the post-Brexit election. progress, and will make aspirations the best and brightest academic minds. a meaningful role in helping to estab- Conservatives delivered the police, for health, education, security, and We must ensure that the talent being lish Britain as a pacesetter in quantum nurses, and hospitals that they £ John Oxley is a Conservative farming infinitely more achievable. developed through our universities technologies. Our achievements, and promised. They will consider who they commentator. But it seems as though quantum continues to have the best opportuni- the development of these cutting-edge and (more specifically) the translation ties for investment and development companies, would not have been pos- of this technology into commercial in the UK. And providing more seed sible without a bold government deci- businesses — which can propel so capital and more commercialisation sion back in 2016 to help establish Simply put, Brexit is now the cockroach many areas of the UK economy — was support to entrepreneurial scientists QTEC with £4.4m of funding. of British politics. left out of the manifestos. and their ventures is also essential. However, with other countries now We may be sick of talking about it, While the UK government was early So far, at least 19 quantum technol- committing increased investment but Brexit was a major reason why NO to understand the importance of this ogy companies have secured funding and resources into this area, it is im- voters invited the Tories behind technology and has committed more or generated revenues in the UK. The perative that we collectively seize this Labour’s so-called red wall to listen to BEN LOEWENSTEIN than a billion pounds to fund re- Quantum Technology Enterprise Cen- once-in-a-lifetime opportunity to cap- what they had to say. search in the field, Britain could fail tre (QTEC) alone has enabled the cre- italise on research breakthroughs. Whether Brexit goes boom or bust, Come the next General Election to fully exploit the commercial poten- ation of more than a third of these. It We urge our new government and in five years’ time those voters will still (presumably in 2024), we will still be tial of British-born quantum tech. policymakers to continue to recognise be Brexiters. negotiating trade deals, the NHS will In October, the White House was the importance of investing to sup- So imagine, if you are Boris Johnson still receive less than the £350m per quick to take credit for its role in help- We urge our new port British science and in particular and your opponent’s supporters week extra that the bus promised, and ing Google achieve the major break- government to its translation to commercial enter- actually agree with you on the most the economic climate we are in will through of using a quantum prises. This will ensure that Britain re- prominent and polarising question of a have been shaped by the political computer to carry out a calculation continue to support mains a global leader in quantum generation. Why would you change decisions made when unshackling far beyond the ability of today’s most British science innovation for decades to come. the subject? ourselves from all those nasty EU laws. powerful supercomputers. This signif- Brexit is also embedded in just about icant landmark came less than a year £ Dr Claudio Marinelli and Yuri Andersson every major challenge that we as a £ Ben Loewenstein is a political after President Trump’s authorisation are entrepreneurs in residence at QTEC. nation are likely to face. consultant.

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NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 22 FEATURE MONDAY 16 DECEMBER 2019 CITYAM.COM ENTREPRENEURS Katherine Denham meets two women who DOWN quit their City jobs to set up a floral design studio

NSIDE the hustle and bustle of TO A The Ned, I eventually find Lil Cald- well and Mary Wood tucked away in the comparatively quiet Library Bar. The co-founders of floral de- Isign studio Grandirosa are sat on cosy sofas, and Wood, who is currently on maternity leave, has her sleepy three- PINE month-old baby in her arms. Judging by the way they finish each other’s sentences, I can tell immedi- ately that this pair have been friends for a long time. And there is a good reason why we are in The Ned too, be- cause the florists have installed a gi- ART gantic 18-foot Christmas tree in the main hall, having worked through the night so that it was ready for guests when they woke up. It was also at The Ned where the pair got their first big break back in 2017, having quit their City jobs just a few months prior to focus on Grandirosa full-time. Before committing to the new busi- ness, Wood had worked in marketing for Cancer Research UK, while Cald- well had been a lawyer at Freshfields for 10 years. “It is an amazing firm and I worked on extremely high-profile cases, and with top people in the in- dustry,” she tells me. “It was great to be a part of that, and their standards are so high. But I just felt that I wasn’t doing something that I really loved.” So how did they make the leap from these sturdy, rather conven- tional careers to building a firm centred on the fri- volity of flowers? Caldwell tells me that something twigged on her wedding day. “The only time I got remotely Co-founders emotional was Lil Caldwell and when I saw the Mary Wood flowers,” she says, admitting that she The pair even- had always been tually upgraded quite arty, but ended from Wood’s living up taking a more tradi- room to Caldwell’s tional career path. “I even- shed, and they now oper- tually decided to do a floristry ate from a studio in Hackney. course, and my employers were kind In just three years, Grandirosa has enough to let me take a month off. I worked with clients across the hospi- don’t think they were expecting me tality, luxury, and fashion sectors, in- to come back and eventually want to cluding Annabel’s club in Mayfair, do it full-time,” she laughs. Burberry, and Net a Porter. With the seeds now sown, Caldwell The entrepreneurs also won both spent the following 18 months work- the Gold Award and the People’s ing in a floristry shop every Saturday, Champion Award at this year’s while doing her day job during the Chelsea Flower Show for their sus- week. “I mean, you can say that you tainable installation, on behalf of like floristry, but then there is the re- John Lewis and Edinburgh Gin. ality. And I’ll be completely frank: Did they ever have any regrets? Annabel’s Jungle Party at the Berkeley Square club and an installation above the entrance to Fenwick on Bond Street people think you just arrange flowers Wood admits they had some doubts all day, but it is hard graft.” early on, which is partly why they op- such an uncertain time. been particularly helpful when it factor. While there is a lot of smoke Her first big job was to organise the erated out of the shed for such a long Caldwell adds: “We are the most comes to installing the huge facades. and mirrors, it has to be airtight and flowers for a friend’s wedding, but time before committing to a studio. risk-averse people in the whole world, “Even when something steps out- super safe.” working a 60-hour week and travel- “We were leaving our jobs, so there so we wanted to test the water in the side of our comfort zone structurally, Floristry isn’t necessarily known for ling abroad for conferences made it was a big risk. We didn’t think we beginning. There is the safety of hav- he makes us feel like it can be done,” being a disruptive industry, but the all pretty frantic. In the end, Caldwell could take that overhead of a studio ing your career, but there is also says Wood. pair have arguably won these big con- asked for Wood’s help. straight away, as we just didn’t have wanting to build something that you And Caldwell says it has made tracts because they have been bold in “I was like ‘sure, you can put a few the confidence. But in the end, it did- love. Law is an amazing career and I clients feel safe knowing that every- their creations, offering something a flowers in my house’, but I didn’t re- n’t feel like a big decision because we enjoyed it, but for me personally, it thing — even down to the structural bit different. alise my entire living room would be thought it would work out — we had was missing something.” aspects — had been thought through. And for anyone thinking of quitting completely covered in them,” says one big conversation where we de- The risk certainly seems to have “Obviously floristry is about mak- their day job to pursue their side hus- Wood, chuckling. cided to go for it.” paid off, with Caldwell’s husband ing things pretty, but the type of tle, you can take inspiration from “It really went from there, and Wood says that one family friend Stuart quitting his engineering job floristry we do — the big installations these two. They certainly know how to then we just decided to do a few questioned their decision to leave to work full-time with Grandirosa. and events — it’s less about beautiful brighten up a room — with or without more private weddings together.” their secure jobs, particularly during And the pair admit that Stuart has bouquets and more about the wow 4,000 fairy lights. CITYAM.COM MONDAY 16 DECEMBER 2019 FEATURE 23 MARKETING BEST AND WORST ADS OF 2019

Luke Graham take, but the way it handled the fallout was applauded. “Being creative comes with its highs looks back at the and lows, and ideas aren’t always re- ceived in the way they were in- highs and lows of tended,” says James Wood, creative director and co-founder of ShopTalk. campaigns in the “When Innocent launched its joke Conker Milk on social media as part past 12 months of a light-hearted campaign to pro- mote its real alternative milks, it T HAS been a year of highs and found itself in choppy waters. lows for adland. PRs, creative agen- “But Innocent dealt with the back- cies, and brands will be examining lash admirably and in a playful, ‘inno- their advertising efforts this cent’ way, never coming out of month, and while some will be character. The brand said: ‘We made a Ipleased with their work, others will mistake. Now we’re trying to put be looking to improve next year. things right. Please do not eat or milk To help with this process, I asked conkers’. The campaign probably members of the marketing industry reached more people than it could and other experts for their opinions have originally hoped for. Good on In- on the best, worst, and most memo- nocent for pushing creative ideas and rable campaigns of 2019. staying true to its brand.” BIGGEST SUCCESS WOODEN SPOON FOR SEXISM GREGGS’ VEGAN SAUSAGE ROLL PELOTON’S CHRISTMAS AD The bakery brand launched a Quorn- A tough competition this year. It filled sausage roll in January. The new looked like it would be between Volk- product proved wildly popular, and swagen and Philadelphia, after the has helped Greggs’ share price surge Advertising Standards Authority more than 60 per cent year-to-date. banned adverts from both in August But why was this campaign so suc- because they depicted harmful gen- cessful? According to James Douglass, der stereotypes of women and dads. a public relations consultant, it was But Peloton stole the prize with a because Greggs tapped into the zeit- late entry in December. The 30- geist of 2019: manufactured outrage. second ad, which shows a woman re- “2019 has been a year of outrage, and ceiving an exercise bike from her hus- the vegan sausage roll went viral all band, sparked a fierce backlash, and over social media precisely because it was labelled not only sexist but actu- got people frothing at the mouth,” he ally dystopian. says. “Dim carnivores — apparently “Peloton really made a hash of its unaware that they wouldn’t actually latest ad: it’s old fashioned, tone deaf, be held down and force-fed — took to and cringeworthy,” says Ash Bende- Twitter to scream inchoate rage (for low, managing director of creative example: ‘IT’S NOT A ‘SAUSAGE’ ROLL agency Brave. “Some have questioned THEN, IS IT?’), while the mischievous whether the brand intentionally (or simply curious) reviewed them caused controversy with this ad under with varying responses. The bakery the mantra that ‘no news is bad brand’s Twitter feed, gently teasing news’. I find this hard to believe. No detractors rather than offering supine brand would knowingly and deliber- apologies, kept the argument raging. ately cause itself a nine per cent drop “And loads of people tried one, even in share price overnight. Chief execu- those who had never before consid- tives get fired for less than that. ered either vegan food or Greggs.” “The lazy stereotypical interpreta- tion seems to stem from such an DAMPEST SQUIB overzealous salesman’s focus on the GILLETTE’S ‘product’ and ‘gift-giving’ that it ‘THE BEST MEN CAN BE’ failed to see the blindingly obvious Also released in January, razor giant PR-disaster elephant in the room.” Gillette’s advert attempted to chal- lenge sexism and toxic masculinity, WORST SPEND and demanded that its male cus- THE UK GOVERNMENT’S tomers step up and behave better. ‘GET READY FOR BREXIT’ While the ad received praise for its In August, the government unveiled bold stance, it was also divisive, and its “Get Ready for Brexit” campaign did nothing to boost the brand’s sales. urging people and businesses to pre- Shazia Ginai, chief executive at re- pare for leaving the EU on 31 October. search firm Neuro-Insight, has some That date came and went… and the thoughts as to why the ad ultimately UK had not left the EU. Figures re- failed to make a significant impact on leased in October revealed that the its target audience. Cabinet Office had spent almost £5m “Men experienced approach when on the campaign in just one month. watching the ad (which means that Not exactly an efficient use of tax- they liked the message), but personal payer money. relevance levels were low, showing “‘Are you ready for Brexit?’ the bill- that they didn’t actually identify with boards demanded of us. ‘Not really. the issues explored,” she explains. model. To mark the evolution of the harrowing coming out scene, an ill- than a little emotional, to see how far Are you?’ was surely a response felt by “The results bring home the reality car’s design over 30 years, the ad charts advised wedding, through to the joy- we’ve come. I challenge anyone to many,” says Alex Blyth, editorial direc- for advertisers that making an impact a love story between two women. ous happy ending where the couple watch it with dry eyes.” tor and co-founder of Red Setter PR. on your target audience (especially “Less of an advert and more of an reunite and run away together — in a “How many people did it inspire to when it comes to driving bottom-line indie short film, it is impossible to Renault Clio, of course. PRIZE FOR SNATCHING VICTORY review their preparedness? What ex- sales) isn’t as simple as it seems — watch this video without tearing up,” “Will it make me want to buy the FROM THE JAWS OF DEFEAT actly were they meant to have done? even if the ad does get people talking says Rachel Cunliffe, comment and car? Possibly not. But only a few years INNOCENT’S CONKER MILK If the Tories succeed in ‘getting Brexit on social media.” features editor at City A.M. ago, queer relationships like this just In October, smoothie maker Innocent done’ in January, we’re going to need “At just two minutes and 10 seconds, weren’t shown in adverts, certainly got into trouble after promoting a fake every penny we can find — let’s hope BEST ADVERT ‘30 Years In The Making’ manages to not for mainstream products (that, in product called Conker Milk. It was in- that we won’t see a rerun of this total RENAULT CLIO’S pack in three decades of a cross- the case of the Clio, are clearly in- tended as a joke, but users on social waste of public funds.” ‘30 YEARS IN THE MAKING’ border lesbian love story: from first tended to represent ‘the family’). media quickly pointed out that milk So that was the year that was. Let’s In November, Renault released a touch- meeting on a school exchange trip, to “As a queer woman, this advert made from conkers is poisonous. hope we see more great ad campaigns ing video to promote its new Clio heartfelt teenage experimentation, a makes me deeply proud, and more Innocent was forced to admit its mis- next year, and fewer terrible ones. 24 LIFE&STYLE MONDAY 16 DECEMBER 2019 CITYAM.COM TRAVEL CAN YOU TOUR JAPAN WITH A KID IN TOW? HOURS IN... MARGATE, KENT

WHERE TO STAY In the midst of a rapid regeneration, Margate is being called Shoreditch-by- the-Sea. It’s not a totally inaccurate moniker, and The Reading Rooms B&B is ideally situated for discovering why. Visit thereadingroomsmargate.co.uk

WHAT TO SEE The Turner Contemporary spearheads the area’s rejuvenation as a hub for the creative arts. The building sits on the Japan with kids could coast like a stoic behemoth, as though Turner himself transformed into a great be every parent’s travel steel box. Visit turnercontemporary.org nightmare. Julian Harris hops on a 12- hour flight to find out

he looks of incomprehension be- came commonplace, from col- leagues, friends, neighbours and, most severely, my mother-in-law. “You’re taking her… to Japan?” theyT asked, through a variety of similar rhetorical questions. WHERE TO GO A trip to Japan should surprise no one, Many attempts have been made to these days. The island state is undergoing resurrect the amusement park at an eye-watering boom in tourism, with vis- Dreamland, but the latest incarnation itor numbers soaring from 13m four years has stuck, drawing visitors from across ago to more than 30m today. the UK to its wooden rollercoasters and Events such as this autumn’s rugby world popcorn stands. Visit dreamland.co.uk cup and the upcoming Olympic games have added to the feelgood factor, with There is no way to sugar-coat (or matcha- minicabs at every juncture and our hotels Prime Minister Shinzo Abe – who has built coat) a 24-hour round-flight with a toddler, provided a luggage-forwarding service for his reputation on a determination to re- however. It is tough, but achievable. Stack each leg of the trip. You make a plan and verse Japan’s decades-long economic slump up on snacks, toys, books, stickers, down- everything works. Welcome to Japan. – planning to attract 40m tourists in 2020. loaded cartoons and bank on the airline I had only vaguely heard about luggage But while the destination may be increas- granting you an empty seat even if you are forwarding services but they took on a ingly on-trend, most visitors, one suspects, only paying for two. Crucially, of course, whole new significance. As with many do not choose to drag a 20-month-old tod- children travel for free (bar taxes) up until Japanese ideas, it makes you wonder what dler alongside their luggage. their second birthday, so it really is worth on earth we’re doing back home in London First of all there’s the flight eastwards – considering a long-haul trip of a lifetime. In as we tut-tut behind “stupid” tourists on the in this case a 12-hour night journey across our case it saved over £1,000 on the flights. THOMAS Tube with their coffin-sized suitcases. Put Siberia. Our primary fears were realised Japan is ideal for such an adventure, THE TANK simply: your hotel will forward your lug- when the infant in question woke, crying, partly due to all the boring stuff that sud- ENGINE FACT gage to your next hotel, for around £15-£30 WHERE TO EAT with five hours still to go. Thus I was intro- denly becomes important when you have Thomas didn’t depending on weight. Levels of smug as we The best place to shelter from the biting duced to Japan’s famous levels of hospital- kids. Cleanliness, reliability, famously good appear in the first boarded the stunningly beautiful Fuji-ex- winds of the Kent coast, The Greedy ity and sheer politeness while still at 30,000 transport, and an almost total absence of book in the series, press train with just a rucksack each, a Cow serves restorative toasties in what feet; the Japan Airlines crew ushered us petty crime. Thus we were able to plan the ‘The Three Railway pushchair and a child, were combined with looks to be somebody’s front room. into staff-only areas, helping ensure that as entire trip in advance, taking in Tokyo, Engines’. He only the knowledge that there’s no way we could Good vegan options here, too. few passengers as possible were disturbed Mount Fuji, Osaka and finally Kyoto. The came along in have manhandled two massive suitcases in Visit thegreedycow.co.uk by the irritable child. folk at travel agency Inside Japan arranged the second. addition. As well as seeing the awesome and CITYAM.COM MONDAY 16 DECEMBER 2019 LIFE&STYLE 25

when you’re the parents of a Tiger-Who-Came- To-Tea appetite-sized child, this is no laughing matter. A local tip in which we delighted was buying food on the platform of the Shinkansen; freshly made hot bento boxes (when they’re gone, they’re gone) mere steps away from the specifically numbered section of platform where your ticket tells you to wait. The St Regis hotel in Osaka is exceptionally plush, to such an extent that checking in with a toddler felt frankly absurd. Head chef Gian- luca Visani did little to help combat this feel- ing when he insisted on making our spoiled infant spaghetti pomodoro to her exact taste. Thankfully his skills were also present in the adults’ tasting menu. But one doesn’t come to Osaka to indulge in high-end Italian fare, and fortunately the St Regis is located is a lively part of town close to Dotonbori, a canal-side neighbourhood renowned for Japanese street food and in par- ticular, takoyaki (fried octopus balls). Given the effortlessly healthy nature of most Japan- ese food, by now we felt more than justified gorging on takoyaki, karaage (fried chicken) and two or three beers. The most extraordinary meal of the trip, however, came courtesy of Kenny Row at his self-titled restaurant in a suburb of Osaka. This tiny venue, housing just 10 diners with only one service per evening, is a unique one- man-show as Kenny preps, slices, carves, and cooks on the teppanyaki directly in front of you – and then does the washing up. Thoughtfully accommodating, he offers kiddy-friendly meatballs in tomato sauce (also KAKHETI for big kids who can’t quite stomach Japanese GEORGIA sea snails.) The glistening orange ikura were THE LONG lip-smackingly salty and juicy, the tender rare beef doused in the in-house gravy – do take a WEEKEND Angelina Villa-Clarke drinks bottle home with you – accompanied by rich mushrooms and asparagus shavings, this was up Georgian heritage by visiting grown-up food taken seriously, but not with- out humour as chef Kenny practices his Eng- the country’s remote wine region lish jokes learnt while cheffing in Australia. We finished our journey in the ancient city and former capital, Kyoto. Although the orig- inator of many stunningly beautiful images of temples and gardens, you don’t get this im- THE WEEKEND: It’s not quite a midnight for spring, bottle green walls for summer, pression arriving at the modern-ish train sta- plane to Georgia, but the flight to Tbilisi, russet red touches for autumn and smart tion, with the 1960s Jetsons-style Kyoto tower the country’s capital city, is the last flight navy and white hues for winter. A rooftop to greet you. However, a trip to the top of the out of Gatwick. While there is plenty to see spa and pool, three restaurants and three tower reveals Kyoto’s serene position, nestling and do in the capital – from visiting ancient bars, plus a stunning outdoor in a belt of green with temples stretching out churches (Anchiskhati, the oldest amphitheatre, carved out of old ruins, on all sides. Our home was the Hyatt Regency Orthodox Church, dates back to the 6th completes the offering. Hotel, handily situated opposite the Kyoto Na- century) to tasting the local (and lethal) tional Museum and nearby many temples. An brew that is chacha (a ‘vine vodka’) – a side THE FOOD: Georgians are known for their international hotel with strong Japanese mo- trip to Georgia’s wine area of Kakheti is a TOP TIP warm hospitality and feasting culture – tifs, it includes a daily dance performance must. A two-and-a-half hour drive out of Visit the Alaverdi known as ‘supra’. While the all-day diner, given by a Geisha, or Geiko, in the Kyoto way, the city and through picturesque hills and Monastery, an Prince Alexander, serves a range of and the kind of brutal shiatsu massage that valleys brings you to the vineyard covered 11th century international crowd-pleasers – such as will make your back and shoulders feel like foothills of the majestic Caucasus Orthodox pasta and club sandwiches, and Le Bistro, plasticine – in a good way. The in-house Japan- Mountains. Monastery, for a is good for light bites, it is the Kakheti ese food goes far beyond what one expects sublime wine- Restaurant which is the highlight. Typical from hotel fare, and I must give a nod to the WHERE? Found in the historic Tsinandali tasting Georgian dishes from the local region ebi tempura (battered prawns, a phrase which Estate and carved out of a 19th century experience. include crisp shoti bread, piquant does absolutely no justice); you come this far winery is a new Radisson Collection Hotel, mountain cheese, chakapuli (lamb or veal partly to experience better Japanese food than which focuses on the Georgian traditions stewed with herbs), mtsvadi (typical meat you can find in London, and we certainly dis- of winemaking, and is inspired by its skewers roasted over coals) and khinkhali covered it in the unlikely surrounds of the bucolic setting. The estate itself was once (meat dumplings). There’s plenty of wine Hyatt Regency’s Japanese restaurant. home to the aristocratic Georgian poet and to try, of course. Try the smoky and deep Such is the depth of experience offered by wine innovator Prince Alexander ‘Saperavi’, from the estate – a red wine Japan that it is only possible to skim the sur- Chavchavadze. While the area is dotted which goes well with the flavour-some face when faced with the limitations of time with many traditional boutique wineries, dishes. and an ultra-demanding infant. Nonetheless the hotel itself is harnesses the estate’s almost haunting Fujisan – Mount Fuji – from the increasingly-popular destination is long history of winemaking with a ASK ABOUT? The Mystery Room – a the train, we also experienced the equally ex- unique not just for its singular, island culture, vinotheque, vineyard tours, tastings, and a hidden, private dining room, which is citing Thomas Train, a special shuttle to the but also for how exceptionally suitable it bulging wine cellar, with 16,000 bottles – accessed via a secret door, is a dramatic place of joy that is Thomas Land! Exactly as proves for a young family. From the common- the oldest, from the Prince’s collection, space. The long table is by suspended you might imagine, though with far less place, epic playgrounds to the tolerance of dating back to 1841. candles hung on invisible wires as if Ringo, Thomas Land will force you to learn all passers-by, Japan felt like one of the world’s floating in air. It’s the perfect place to of the names of Thomas the Tank Engine’s most child-friendly societies as we meandered THE STAY: The hotel blends the original experience a traditional ‘supra’ – which friends as you feed thousands of yen into the our way across its southern coast. As tourism features of the winery – think bare brick involves an endless array of sharing dishes machine to purchase tickets for little Sebast- booms, expect to see more wide-eyed western walls, metal work and stone arches – with and copious amounts to drink, led by a ian and Imogen to enjoy ride after ride. The infants being whisked around Japan’s major tactile touches – soft velvets, tapestries ‘tamada’ or toastmaster. If you are lucky, kids enjoy it, at least. cities and attractions in the years to come. and statement lighting – and typical your meal will be accompanied by local From the lakes around Fujisan we traveled Georgian furniture. Its façade is covered acapella polyphony singers for a moving west again for the main part of the trip – NEED TO KNOW with a ‘living wall’ and nature is referenced experience. Osaka and Kyoto. Japan seems primed for trav- throughout the interior design. The project elling with children, given the prominence of InsideJapan’s 12 night Mountains and Culture Family was a collaboration between Septiembre NEED TO KNOW: Rooms at Tsinandali food on the go and ubiquitous, spotlessly Activity Holiday costs from £8530 in total for a family Arquitectura, a Spanish architectural Estate are available from $90 per night on clean toilets. Suddenly, train stations become of four (excl. international flights). Call 0117 244 3380 agency, German industrial designer Ingo a room only basis. Flights from Gatwick to a joy as using the loo and getting your lunch or visit InsideJapanTours.com. The Hyatt Regency Maurer and Georgian artist Tamara Tbilisi with Georgian Airways depart twice is actively pleasurable, not something one can Kyoto has rooms available from £245 per night. Kvesitadze. Each of the rooms are themed a week, on Wednesdays and Saturdays, say at Euston or Manchester Piccadilly. And Visit hyatt-regency.kyotohotelspage.com/en/ according to the seasons – pinks and lilacs from £329 return. 26 FEATURE MONDAY 16 DECEMBER 2019 CITYAM.COM OFFICE POLITICS Prison break: Hiring ‘alternative’ talent

Restaurants and bars can serve up plenty and employers. Every individual is dif- ferent, and the first step is meeting of lessons on why to employ ex-offenders the candidate to better understand their history and interest. A key point is trying to actively put HE HOSPITALITY sector is Neil aside any unconscious bias and look serving up more than at individual skills, regardless of Christmas parties this Pattison backgrounds. Tmonth. In the face of in- SEARCH ’EM To support the industry, we have cre- tense staffing challenges, ated a downloadable toolkit. Central employers in the industry can also Indeed to this is advice on interview serve up a lesson in how to effectively Free processes and how to provide the hire alternative talent. right training. Alongside developmen- Restaurants, bars, and hotels are in Indeed claims tal support, fundamentals like uni- the midst of the biggest skills short- to be the most form or help with accommodation age in decades — almost 80 per cent offender is up to 67 per cent less likely comprehensive can go a long way. are on the hunt for new staff, with a to reoffend than one who is unem- search engine for Hospitality might be a natural fit for staggering 74 per cent struggling to ployed, and that having a job is a key jobs. You can this strategy, but hopefully this trend fill roles. With the dark clouds of step in rehabilitating back into society. find out about will inspire those outside of the sec- Brexit uncertainty and possible Understandably, some offenders of vacancies from tor. The benefits are clear, as it helps tighter immigration criteria drawing more serious crimes will not be suit- thousands of to plug the skills gap. in, the industry could have a 1.3m able for employment, and rehabilita- company Our research shows that the social staff shortfall by 2024. tion is no mean feat. However, with websites, impact of a restaurant is among the But this resilient sector is finding the right tools, there is an opportu- Research this. Only A Pavement Away is a char- save your top priorities when it comes to decid- ways to look beyond traditional work- nity for employers to rethink recruit- shows that an ity that assists ex-offenders and favourite jobs, ing where to eat. forces to talent pools that might have ment and help to plug the skills gap, employed people who have experienced home- and even Around 72 per cent would be more previously been overlooked, including while also enabling ex-offenders to ex-offender is lessness in finding hospitality jobs by follow certain likely to visit a restaurant if they knew those recently out of prison. avoid committing another crime. up to 67 per providing training and guidance to companies. it helped support vulnerable people The stats behind this trend are com- Hospitality is paving the way when cent less likely help them rebuild their lives, confi- And if you see a get onto the career ladder. pelling. In spite of the staff shortages it comes to hiring these groups, and to reoffend dence and self-worth. The charity has job that takes Hiring is never easy for any em- in hospitality — alongside many research from Caterer.com has re- engaged big brands, including The your fancy, you ployer. But in today’s challenging re- other industries — just 17 per cent of vealed that a third of hospitality busi- Ivy, Franco Manca, Honest Burger and just need to cruitment climate, I hope that other the 70,000 ex-offenders released nesses already have support Greene King pubs. upload your sectors take note to help drive change from prison each year are on a pay- programmes in place, while 81 per Elsewhere, Social Pantry, Key4Life, CV and write while stopping staff numbers from roll within 12 months. Most end up cent of employees say that they’ve and The Clink are also helping to a message. going off the boil. reoffending — costing taxpayers up worked alongside ex-offenders and drive change. to £13bn annually. are comfortable doing so. Crucially, these charities act as a £ Neil Pattison is director at UK hospitality Research shows that an employed ex- There are some key catalysts driving conduit between vulnerable groups job board Caterer.com. 2019CITYAM.COM IN SPORTBIZMONDAY 16 DECEMBER 2019 SPORT 27

Industry insiders similar disputes will crop up as these types of clauses have become increas- pick the trends ingly prevalent in sports contracts and are ripe for challenge. that defined the MATTHEW FLETCHER- year. By Frank JONES Director of Dalleres communications at Engine Sport IZZY WRAY Consultant in WOMEN’S SPORT Deloitte’s Sport It’s been a game-changing year for Business Group women’s sport with a huge increase in awareness, rising viewing figures, WOMEN’S FOOTBALL record breaking attendances and The growing popu- sponsors making significant commer- larity of women’s foot- cial investment. ball has been one of the defining There may be no major women’s sports trends of 2019. football tournament next summer, The Women’s World Cup smashed but the domestic product is stronger TV audience records, with a reported than ever before and attendances will 1bn people watching it worldwide continue to grow along with local and over 28m people tuning in to the commercialisation. tournament on the BBC. Numerous Euro 2021 will be hosted in England attendance records have been broken, and brands will want to be estab- including 77,768 people attending lished in the game ahead of the tour- Wembley to see England play Ger- nament. Keep an eye on the big clubs many in November. too – how long before a Premier This rising popularity has not gone Clockwise from above: Megan Rapinoe helped elevate women’s football at the World Cup; League side announces that their unnoticed by major financial service England lock George Kruis has started a CBD business; Japanese fans embraced the Rugby women’s team will play all their organisations and consumer brands, World Cup this autumn; Liverpool won their court case with kit manufacturer New Balance home games at the men’s stadium? who have signed up as sponsors. Three fifths of top flight women’s likes of Megan Rapinoe, some gen- JAPANESE OUTLOOK football clubs globally currently have uinely progressive role models. This autumn’s Rugby World Cup in front-of-shirt sponsors that are differ- Their enthusiasm is well-founded. In Japan will have a significant long- ent to the men’s equivalent, but we the UK alone, the coverage of term impact too, especially on the in- expect this to reach 100 per cent by women’s sport is on the rise. The Tele- ternational game where sponsors will the 2023 Women’s World Cup. graph launched a devoted supple- be more than keen to access the grow- ment, attendances continue to grow ing Asian market and the interna- DIGITAL CONSUMPTION and the popularity of women’s cricket tional calendar might well be Pay-TV has been a key driver of rev- and rugby union are growing apace. restructured accordingly. enue growth for major sports leagues With the Olympics to come next and competitions in the last decade. BET REGRET summer too, Tokyo could join London In 2019-20, revenue from Premier This year saw the first real attempt to as a go-to sporting destination where League domestic rights dipped untangle the relationship between crowds and big viewing figures are slightly to £1.7bn, indicating a cooling betting companies and sport with the guaranteed. of the market and reflecting chang- introduction of a whistle-to-whistle ing consumer demands for live sport ban on gambling advertisements be- GOING OTT content. Fewer people are purchasing fore the 9pm watershed. Football is becoming all about three linear pay-TV subscriptions, with a This comes as part of a concerted ef- letters: not VAR, but OTT. Amazon growing number instead choosing to fort by the industry to urge responsi- working closely with CBD brands, sponsor as New Balance was unable to Prime’s first Premier League games follow sport through online channels ble gambling and is supported by some, such as Saracens duo Dominic show that Liverpool had failed to com- this month promise to show us such as social media. campaigns such as GambleAware’s Day and George Kruis, have even co- ply with a broadly drafted “matching whether UK football fans have the ap- Bet Regret, which found that just 13 founded their own CBD supplements rights” clause in the contract when it petite – and pockets deep enough – ATHLETE INFLUENCERS per cent of football fans are happy for business. This has arisen after the opted to make Nike its new supplier. for another provider. If deemed a suc- The growing dominance of social their club to be sponsored by a gam- World Anti-Doping Agency relaxed its These clauses are common in spon- cess, the broadcast landscape will media has fuelled a trend for athletes bling company. rules, meaning many CBD products sorship agreements and are change forever and quickly. as influencers. To reach fans in a became exceptions to its list of designed to protect exist- Linear TV sports broadcasting is de- crowded digital world in which atten- COKE FLOAT banned substances. ing partners but the pendent on big advertising bucks – a tion spans are waning, athletes are be- Whatever the headwinds facing Given the hype, but also due to strict problem is that often model that OTT providers have cir- coming increasingly important to Britain’s economy as it approaches rules on certain ingredients, it is per- deals are difficult to com- cumnavigated – and in the long term reach and engage with fans. Brexit, it can still boast an undis- haps only a matter of time before we pare. In this case, the there may only be one winner. Athletes’ social media channels pro- puted, world-leading cultural phe- see a high-profile breach of Wada’s court agreed that New Furthermore, we are al- vide leagues and clubs with a low-cost nomenon that was described this year rules, as there are still relatively few Balance was incapable of ready seeing shifts away method to build stories around indi- as its most successful export since The regulations governing the prove- matching Nike’s “offer from exclusivity and rights viduals, bringing fans closer and cre- Beatles. The Premier League has come nance, quality and composition of on marketing”, which in- will be cut differently in ating emotional connections with to define global Britain and its popu- CBD products on the market. cluded the promise of the future, especially their idols. This is not only a powerful larity overseas has added buoyancy to using “three non-football highlights and clips, method in which to build a fanbase, the UK sponsorship market. Nothing A RIGHT TO MATCH? global superstar athletes which are being ac- it also provides an opportunity for else comes close in terms of commer- A major legal talking point was the and influencers of the cali- cessed with im- brands to create authentic and valu- cial value and opportunity. High Court showdown between Liver- bre of” Serena Williams, Le- mediacy by able sponsored content. To underline this, 2019 saw Coca- pool and New Balance. The club Bron James and Drake. younger gen- Cola celebrate its return to UK foot- claimed victory over its current kit Going forward, it is likely that erations. NEIL HOPKINS ball sponsorship for the first time in Global head of a decade as it became a partner of the strategy at M&C Premier League and embarked on a Saatchi Sport and mission to celebrate the game’s inclu- EVER DREAMED OF Entertainment sivity through its Where Everyone Plays campaign. OWNING A RACEHORSE? TIPPING POINT We have been predict- SIMON LEAF Calling all National Hunt horse racing fans! Are you Interested in ing the breakthrough of women’s Sports lawyer, having a Racehorse in Training? Grand National winner? sport for years now but there is no Mishcon de Reya Cheltenham festival winner? A winner at your local track ? doubt that from a marketing and David Pipe can source a horse to suit all owners and budgets. sponsorship point of view 2019 repre- HI TO CBD Contact us now sented the tipping point. This year it has For the first time, the Women’s been impossible to Tel: 01884 840715 World Cup was awash with sponsors, avoid the hype sur- Email: [email protected] including Visa and Adidas, deter- rounding the use of cannabidiol – mined to embrace the diversity and commonly referred to as CBD – in inclusivity of a sport that has, in the sport. Not only have athletes started Comply or Die - Grand National Winner 2008 28 SPORT MONDAY 16 DECEMBER 2019 CITYAM.COM BUSINESS TRENDS Industry insiders pick their stand-out SPORT movements in 2019 PAGE 27 De Bruyne destroys a dispirited Arsenal with a first-half blitz MASTERCLASS at the Emirates, writes Felix Keith

EING torn apart by a player as brilliant as Kevin De Bruyne is not in itself embarrassing. But Bthe ease and speed with which the Belgian playmaker ended Manchester City’s trip to Arsenal as a contest was dispiriting. As the popular refrain goes, Gunners fans arriving at the Emirates Stadium yesterday afternoon expected little and yet still managed to leave feeling let down. Someone as talented, multi-faceted and intelligent as De Bruyne does not always need space and time on the ball to operate, but he was afforded it by Ar- senal’s ramshackle midfield. Matteo Guendouzi against De Bruyne was sim- ply not a fair fight. He blasted a cut-back into the roof of the net after just two minutes before making a mockery of the theory that his left foot is weaker, crossing for Ra- heem Sterling to tap in a second just 15 minutes in. A driving run and precision finish, once again on his left foot, saw the three points gift-wrapped and ready to go by half-time. Arsenal are not many things, but they are certainly accommodating hosts during the festive period. SOFT CENTRE As good as De Bruyne and City were, the fact they managed to launch decisive counter-attacks inside the first quarter of the game told you plenty about the welcoming approach of their oppo- nents. De Bruyne created three chances – as many as the entire Arsenal team – and had four times as many shots on target over the 90 minutes. Arsenal’s lack of leadership and of a clear tactical style was brutally ex- ploited, with Pep Guardiola promoting Phil Foden to the David Silva role on his first league start of the season. Little positional discipline coming up against technically gifted players is only likely to bring one outcome and City re- PREMIER LEAGUE reflexes of goalkeeper Bernd Leno, the FOGGY FUTURE “We accept Freddie, he is doing a sponded to their 2-1 derby defeat by score would have been much uglier. Freddie Ljungberg may have got a first good job. I don’t think the manager is Manchester United in impressive fash- ARSENAL MAN CITY In a season defined by underperfor- win as Arsenal’s interim boss against the problem, everyone has to look at ion. Gabriel Jesus did not score, but mance, Leno has been Arsenal’s stand- West Ham last Monday, but the step up himself and be honest at himself. If played the part of Sergio Aguero well, out player. His full-length diving save in opposition yesterday reminded everyone was giving everything today. while full-backs Benjamin Mendy and from De Bruyne’s effortless yet powerful everyone just how far off the team cur- I think the mentality is the main Kyle Walker stretched Arsenal’s creak- curling attempt to seal a first half hat- rently is. thing.” ing defence to breaking point out wide. trick was exceptional. And his speed and Unai Emery was dismissed as man- Leno is right: the blame can’t be laid decision-making to close down Jesus in ager on 29 November. In the days since at Ljungberg’s door. But with Arsenal DAMAGE LIMITATION 0 De3 Bruyne (2’, 40’), a second-half one-on-one kept the score Arsenal have not enjoyed a new man- flagging and ninth in the Premier Arsenal’s one and only shot on target Sterling 15’ somewhere close to respectable. ager bounce. They have simply contin- League, a full-time manager is desper- came inside the first minute, as bright “After four or five minutes the game ued along the same path. ately needed to provide some stability young forward Gabriel Martinelli gave was done,” Leno lamented. “I think in “It’s good to know what is in the fu- and direction. the pessimistic home fans false hope. erick Aubameyang into the game, City the first half we deserved this result. In ture or in the coming weeks but that is Whether that is Ljungberg, or some- But while the Gunners failed miser- bombarded the hosts’ goal with high- the second half we couldn't touch the not our job. It is the job of the club,” one from outside the current set-up, ably to get the under-served Pierre-Em- quality attempts. Had it not been for the ball and also couldn’t create chances.” Leno added. there is no time like the present.

VERTONGHEN’S LATE HEADER SPORT DIGEST EXETER BREEZE PAST SALE BUT FURY SPLITS FROM DAVISON NGIDI TO MISS BOXING DAY WINS IT FOR TOTTENHAM BATH THRASHED BY CLERMONT AHEAD OF WILDER REMATCH TEST AGAINST ENGLAND £ Jose Mourinho hailed “three incredible £ Exeter moved a step closer to the £ Tyson Fury has split from his long-time £ South Africa fast bowler Lungi Ngidi is points” after Tottenham struck late to earn STOKES SCOOPS BBC SPORTS quarter-finals of the Champions Cup with trainer Ben Davison. The former expected to miss the first Test against a 2-1 win over Wolves in the Premier PERSONALITY AWARD a 35-10 win over Sale yesterday. Sam heavyweight world champion worked England on Boxing Day after suffering a League yesterday. Jan Vertonghen’s £ Ben Stokes was crowned BBC Sports Simmonds’ try put them 10-3 up at half- with Davison for five fights, including hamstring injury. Ngidi, 23, was injured in header in injury-time won it for Spurs at Personality of the Year for 2019 last night. time, and after a hail storm briefly stopped Fury’s draw with Deontay Wilder last year. the warm-up while playing for Tshwane Molineux. Lucas Moura opened the scoring The England all-rounder came out on top play, the hosts ran riot with Simmonds Fury, who is set to fight American Wilder Spartans in a Mzansi Super League play-off early on, but Adama Traore hit back before at the event in Aberdeen, finishing ahead grabbing another, his brother Joe, Ben next year, is expected to join up with Javan on Friday. South Africa said in a statement Vertonghen ended Wolves’ 11-game of Formula One world champion Lewis Moon and Jack Nowell also getting on the “Sugar” Hill. Davison tweeted: “Tyson and that the seamer had suffered a “significant unbeaten streak. Elsewhere, Mason Hamilton and sprinter Dina Asher-Smith. score sheet. Elsewhere, Bath’s winless myself had to both make decisions for our grade one hamstring muscle tear” and Greenwood came off the bench to give Stokes, 28, helped England win the Cricket Champions Cup run continued as they careers which resulted in our working would focus on returning in January. Manchester United a 1-1 draw against World Cup in July, as well as scoring 135 in were thrashed 52-26 by Clermont. The relationship coming to an end, however, England play four Tests in South Africa Everton. Victor Lindelof’s own goal put third Ashes Test triumph against Australia French side ran in eight tries to leave Bath we remain friends.” Fury’s father John had between 26 December and 28 January Everton ahead, but Greenwood fired in at Headingley. He is the first cricketer since bottom of Pool Three with no chance of been critical of Davison following the win before moving onto three One-Day from the edge of the area to claim a point. Andrew Flintoff in 2005 to win the prize. reaching the quarter-finals. over Otto Wallin in September. Internationals and Twenty-20s.