BUSINESS WITH PERSONALITY

NO REST FOR THE WICKET SATAN AND SCARY STORIES ENGLAND AND AUSTRALIA INDULGE IN THE DARK SIDE OF HEAD STRAIGHT INTO THE FILM THIS BANK HOLIDAY P19 THIRD TEST P20 THURSDAY 22 AUGUST 2019 ISSUE 3,441 CITYAM.COM

NOT SO FAST Government puts MERKEL TELLS High Speed 2 project under review JOHNSON: YOU

HAVECATHERINE NEILAN Noting 30 that the backstop hadDAYS been “The scenario that is becoming the intended as a last resort, only to be most likely is one of no deal,” said the @CatNeilan used if no solution could be found, official, who asked not to be named. GERMAN Chancellor Angela Merkel Merkel added: “Maybe we can find [a “The idea of saying ‘there’s not a gave the UK a 30-day deadline to solution] in the next two years, maybe deal, so I won’t pay’ does not work,” devise an alternative to the Irish we can find it in the next 30 days.” the official added, regarding the backstop last night ahead of a dinner Johnson clenched his fist and so-called divorce bill. with Prime Minister Boris Johnson mouthed: “Yes, come on.” “There’s no magic wand that makes in Berlin. Reiterating his view that the back- this bill disappear,” they said. Johnson said he was “very glad” that stop should be dealt with as part of Meanwhile, yesterday, Macron said Merkel had “set a blistering timetable the future relationship, Johnson a no-deal Brexit would be of Britain’s of 30 days”. stressed that he felt the issue could own making and not the European He added: “I am more than be solved through an alterna- Union’s, adding that any trade deal happy with that.” tive arrangement involving London cut with Washington would Merkel said she sees a trusted trader not mitigate the cost of crashing out “possibilities” for a scheme and electronic of the bloc. solution to the dead- “Can [the cost of no deal] be offset by lock surrounding the Boris Johnson and the US? No. And even if it were a ALEXANDRA ROGERS government as to whether it should Irish border, with little Angela Merkel had a strategic choice, it would be at the press ahead with the railway that will more than two months working dinner last night cost of an historic vassalisation of @city_amrogers boost links between London and the to go until Johnson has Britain. I don’t think this is what… BUSINESS groups leapt to the north of England. said the UK will leave the pre-clear ing. He told Johnson wants. I don’t think it is what defence of the controversial High The anticipated announcement European Union with or reporters there were the British people want,” Macron said. Speed Two (HS2) rail line yesterday comes after months of speculation without a deal. “abundant” options. Separately, the UK government will after Boris Johnson officially kicked about the scheme’s rising costs. The “I see possibilities [to solve the Johnson’s dinner with Merkel today sign a continuity free trade off a review that could see the project official HS2 price tag is £56bn, but backstop impasse] through, for exam- comes ahead of a lunch with French agreement with South Korea, which altered or even scrapped. Johnson said last month that it was ple shaping the future relationship in President Emmanuel Macron today. it said replicated as far as possible the Transport secretary Grant Shapps “probably north of £100bn”. such a way as to address this point in However, the mood in Paris was quite current EU-Korea trade deal. said the review would be overseen by The review will conclude in autumn. a sustainable manner, and a firm different yesterday. The government said it had now former HS2 chair Douglas Oakervee manner,” she told reporters. A no-deal Brexit was seen as the signed continuity agreements cover- and prominent HS2 critic Lord £ CONTINUES ON P3 It would require “hard work”, most likely outcome now, a French ing trade worth £89bn, up from £39bn Berkeley, who would advise the THE CITY VIEW: P2 Merkel added. presidential aide told AFP. in March, the UK’s original exit date.

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Flights from £269 rtn

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HOT LAPS Elon Musk’s own Tesla Roadster blasted into orbit with spaceman on board completes its first loop around the sun THE CITY VIEW It still makes sense to put the brakes on HS2

POLICY may be considered well-balanced if it is attacked fiercely by two opposing extremes in the surrounding Adebate. Perhaps this is not always the case, but it is a reasonable rule of thumb, and it sprung to mind yesterday after the government announced a quick review of the exciting yet eye-wateringly expensive High Speed 2 project. Former infrastructure tsar and Remain-fanatic Lord Adonis said the review was “as stupid as you can get”, while campaign group Stop HS2 screamed that existing work on the link must be stopped immediately “because irreparable damage is being done right now to unique habitats and ancient woodlands”. Opponents of HS2 pointed fingers at members of the review and adjoining advisory panel who have traditionally supported the scheme, while supporters bemoaned the inclusion of HS2 A TESLA Roadster blasted into space by Elon Musk’s Space X has completed its first solar orbit 18 months after its launch. The car was playing David Bowie’s Life on Mars at lift-off. If the car’s battery is still working, it will have played the song over 150,000 sceptics. For those of a pragmatic perspective, the inclusion of times by now. The sports car was launched into space on 6 February 2018 aboard the maiden flight of the Falcon Heavy rocket. both suggests balance and a sensible way of ensuring a The prospect of a robust review takes place – ballooning budget neither a whitewash nor a towards £100bn hatchet job. The list of people involved in the review cannot be ignored US Fed considered further includes rail gurus, engineers, former business lobbyists and central bankers, and even ex-John Lewis boss Andy Street (who is now mayor of the West Midlands). Some opponents of the review have fallen for what economists call the interest rate cuts in July sunk cost fallacy, a belief that one must push ahead with a plan in light of previously invested resources. While billions have JAMES BOOTH already been thrown at HS2, the prospect of a ballooning budget and that avoided any appearance of ing its main federal funds target rate @Jamesdbooth1 following a preset course,” the July by 25 basis points (0.25 percentage expanding towards £100bn cannot be ignored. Each part of the minutes said. points) to between two and 2.25 per programme must be fiscally justified and if there are reasonable THE US FEDERAL Reserve debated cut- Baird investment strategist Willie cent, making borrowing cheaper in efficiencies to be found, then so be it. Taxpayers deserve nothing ting interest rates more aggressively Delwiche said: “The Fed clearly wants the world’s largest economy. at its last meeting, according to min- to be flexible. They are clearly worried US President Donald Trump has less. Westminster’s cynics believe the review is a convenient way utes published last night. about some of the global tensions called for deeper cuts, eschewing a for Boris Johnson to sideline a divisive issue during an The Fed cut rates by 25 basis points that are out there, whether it is trade convention that the sitting president upcoming election campaign. They may be right – who knows? – at its 30-31 July meeting, amid or Brexit or some of those interna- does not comment on the actions of but either way, this review is a good outcome. Impulsively concerns about a global economic tional developments.” the Fed. slowdown and trade tensions. Market reaction to the minutes was Yesterday evening, before the release scrapping the project would be irresponsible given the UK’s However, two participants called for muted with stocks holding earlier of the Fed minutes, Trump tweeted desperate need for new infrastructure, yet it cannot be allowed a greater cut of 50 basis points. gains after their release. that Powell was “like a golfer who to continue with a blank cheque. The review won’t take long, “A couple of participants indicated The Dow Jones Industrial Average, can’t putt”, adding: “Big US growth if that they would have preferred a 50 the S&P 50 and the Nasdaq Composite he does the right thing, BIG CUT – but and will hopefully allow the government to make a more basis point cut,” the minutes said, all edged up between 0.8 per cent and don’t count on him! So far he has detailed and practical decision on how to proceed. with bankers in favour of the move 0.9 per cent by market close. called it wrong, and only let us down. worried that inflation was too low. Fed chair Jerome Powell is set to give “We are competing with many coun- At the same time, policymakers a closely watched speech tomorrow tries that have a far lower interest were united in the desire not to sug- on challenges for monetary policy at rate, and we should be lower than gest they were heading for more cuts. an annual meeting of central bankers them. Yesterday, ‘highest Dollar in US “Participants generally favoured an in Jackson Hole, Wyoming. History.’ No inflation. Wake up Fed- approach in which policy would be In July, the Fed cut rates for the first eral Reserve. Such growth potential, Follow us on Twitter @cityam guided by incoming information… time since the financial crisis, lower- almost like never before!”

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL COBHAM DEAL TO REWARD WHAT THE US WARNS OF TURMOIL IF UN GOOGLE’S DEEPMIND CO- ATKINS MAKER TO ACQUIRE BANKS WITH £200M PAYDAY OTHER LIFTS IRAN ARMS EMBARGO FOUNDER PLACED ON LEAVE QUEST NUTRITION FOR $1BN Banks and other advisers are set to Mike Pompeo, the US secretary of state, The co-founder of Google’s London- Simply Good Foods, the maker of make more than £200m in fees if the PAPERS SAY has warned that Iran will unleash “new based artificial intelligence lab Atkins-branded food products, is buying £4bn takeover of Britain’s aerospace turmoil” if the UN lifts its arms Deepmind has been placed on leave. a privately held food company for $1bn and defence contractor Cobham is THIS embargoes next year. Speaking at a Mustafa Suleyman is taking a period of (£825m). The companies said that successfully completed by private security council meeting, Pompeo absence, the company confirmed last Simply Good will buy Quest Nutrition in equity group Advent International. The MORNING accused Tehran of launching “a night. Deepmind is seen as a leading an all-cash $1bn deal that is expected to fee arrangements were set out in docu- campaign of extortion diplomacy”. force in AI research but has been complete by the end of the year. ments released yesterday ahead of a criticised over its work with the NHS. shareholder vote on the deal next MILLENNIALS GET MORE FOR SALES AND PROFIT FALL month. TAXES THAN OLDER PEOPLE MORE WOE FOR WOODFORD AGAIN AT NORDSTROM Older people are paying more in tax and WITH GUERNSEY DELISTING Sales and profit at Nordstrom slipped MANCHESTER CITY TO BUILD receiving a falling share of public spen- The delisting of Sabina Estates from the again in the company’s latest quarter. NEW VENUE NEXT TO ETIHAD arena operator. The English Premier ding, research has found. Millennials Guernsey stock exchange has exacerb- Nordstrom last night reported total Manchester City FC is looking to build a League champions want to further and people approaching middle age are ated embattled fund manager Neil quarterly revenue of $3.87bn (£3.2bn), large music and events venue next to its boost revenues to support their enjoying more benefits-in-kind from the Woodford’s breach of fund rules around down five per cent compared with the football stadium in partnership with on-pitch ambitions and announced state than their predecessors despite a the proportion of unquoted or “illiquid” year earlier and weaker than Wall Street Oak View Group, a fast-growing US a feasibility study yesterday. decline in the rate of pay rises. stocks held in the portfolio. targets. CITYAM.COM THURSDAY 22 AUGUST 2019 NEWS 03 Ryanair fails to Lobbyists warn that inquiry could lead to even more delays to HS2 win court bid to CONTINUED FROM FRONT PAGE already been spent by HS2 Limited on it, benefit from it… The debate has early construction and property gone round the houses too many The review will inquire whether works, including major demolitions times”, adding that phase one of the project manager HS2 Limited is still and site clearances at London Euston railway had already created 7,000 jobs able to deliver the project, whether and Old Oak Common. in Birmingham. stop pilot strike the line should terminate in London Lobbyists including the CBI and the The Federation of Small Businesses at Old Oak Common rather than Federation of Small Businesses said chair Mike Cherry said it was “vital” Euston, and whether the railway the review of HS2 could lead to more that HS2 remained on track. should be stopped at Birmingham. delays and further uncertainty. “The stop-start approach to major ALEXANDRA ROGERS (Balpa) over issues such as pensions, It will also assess the potential for The CBI’s infrastructure director transport investment that has held licence insurance, maternity benefit, savings and the cost of pulling the Tom Thackray said the business case our economy back for decades has to @city_amrogers allowances and the airline’s pay scheme. Approximately £7.4bn has for HS2 was “clear cut: back it, build end,” he added. RYANAIR yesterday lost a legal bid to structures. prevent its UK pilots from striking Ryanair said it was “unreasonable” this week, but insisted its passengers that the pay of captains “should be would suffer little disruption. doubled from a current £170,000 per The budget airline applied for a annum to over £375,700 just nine High Court injunction that would weeks before Brexit, which could have stopped its UK pilots from strik- severely damage Ryanair’s business ing today and tomorrow, meaning the and UK pilot jobs”. industrial action will go ahead. Balpa general secretary Brian Strut- However, it said the “vast majority” ton said: “Ryanair was foolish to bring of its pilots had volunteered to work this into the High Court rather than on the strike days, allowing it to oper- the negotiating room. We offered to ate a full schedule from its UK air- meet Ryanair management at Acas to ports. But it warned there could be negotiate a resolution, but instead some delays and changes to flights. they attempted a legal bludgeon. “We do not expect significant dis- That’s backfired. However, we are ruptions on Thursday or Friday, how- clear that we want to settle the dis- ever we cannot rule out some small pute and bring about a change in flight delays and/or flight changes,” Ryanair for the better. the airline said. “In the event that Ryanair rejects “We are working hard with our pilot our overture and therefore the action teams to minimise any such delays for over the next two days does go ahead, our customers and their families.” we apologise to the passengers who Ryanair has been locked in a dispute will be affected. Such action could with pilots who are members of the have been avoided if Ryanair adopts a British Airline Pilots’ Association different approach.”

SPURRED ON Tottenham planning to refinance debt for new £1bn stadium

TOTTENHAM Hotspur Football Club is said to be planning to refinance roughly £400m of its stadium debt through bonds issued via a private placement, according to media reports. The club’s holding company took out the five-year loan in 2017. UK to review no-deal tariff plans amid oil refining impact worries

JAMES BOOTH products refined in Britain less competitive. @Jamesdbooth1 Michael Gove, who is in charge of THE UK GOVERNMENT is no-deal planning, told the BBC it was re-examining plans to remove tariffs re-examining the former govern- on a range of imports in a no-deal ment’s tariff decisions. Brexit amid worries about the “The tariff schedule was prepared country’s oil refining sector. under the old government of In the event of a no-deal Brexit, Theresa May, we now have a new the government currently plans to Prime Minister and it is being lift tariffs on the import of petrol reviewed and will be published because of fears prices could jump. shortly in its full form,” Gove said. However, the EU has said it will However, he warned that the apply a tariff of 4.7 per cent to UK review may not result in any changes exports, making petrol and other to the planned tariffs. 04 NEWS THURSDAY 22 AUGUST 2019 CITYAM.COM

NEVER TOO OLD IMF bosses recommend China confirms the detention of a scrapping age bar for Kristalina Georgieva THE INTERNATIONAL Monetary Fund said yesterday its UK Hong Kong consulate employee executive board has recommended the ANNA MENIN The British government has said was an internal Chinese matter and removal of the age that it is “extremely concerned” by not a diplomatic issue. limit of 65 for its @annafmenin reports that Cheng had been “As for Britain’s comments,” Geng managing director, a CHINA confirmed yesterday that an detained. continued, “we’ve made stern move needed for employee of Britain’s Hong Kong Chinese Foreign Ministry representations to Britain for the European nominee consulate is being detained in the spokesman Geng Shuang confirmed series of comments and actions Kristalina Georgieva Chinese border city of Shenzhen for at a daily news briefing that Cheng they’ve made on Hong Kong. to be approved for reportedly violating the law. had been detained for 15 days for “We request they stop making the job. Georgieva, Simon Cheng, a Hong Kong citizen, violating public security these irresponsible statements, stop who has taken a leave had failed to report back to his office management regulations, but gave meddling in Hong Kong’s affairs and of absence as the on 9 August after visiting mainland no more details about the case. stop interfering in China’s internal World Bank’s chief China for a meeting. Geng said that Cheng’s detention affairs,” he added. executive officer, turned 66 last week. Protests prompt Alibaba to delay upcoming float

AUGUST GRAHAM Seng index hit a seven-month low. Alibaba is also said to be worried @AugustGraham about how the Chinese government CHINESE e-commerce giant Alibaba is might react to its listing during the said to have delayed a $15bn (£12bn) time of upheaval. Hong Kong listing, scared off by Last week, Cathay Pacific’s chief protests that have rocked the city for executive stepped down after facing more than two months. pressure from China over staff mem- There is no formal timetable for bers who joined the protesters. when the listing will happen, but the “It would be very unwise to launch company may go to market in the deal now or anytime soon,” one October, sources told Reuters. source told Reuters. “It would cer- The completion of the listing, which tainly annoy Beijing by offering Hong will raise between $10bn and $15bn, Kong such a big gift given what’s will depend on if protests die down going on in the city.” and market conditions become more Preparations for Alibaba’s listing, favourable. potentially the world’s biggest equity Protesters took to the streets over deal this year and the largest follow- 11 weeks ago, after the local govern- on share sale in seven years, have ment proposed a bill which would been underway for some time. allow Hong Kong citizens to be extra- Earlier this year, Altaba, the Yahoo dited to mainland China. offshoot holding the company’s stake After the bill was dropped the in Alibaba, announced plans to sell protest morphed into a general up to its entire 11 per cent stake. anti-government, pro-democracy Alibaba would want to see this movement. Police have used tear gas completed ahead of its float to against protesters, and arrested more stabilise its US trading volumes before than 700 people. investors need to adjust to the two Hong Kong’s international airport prices that would be available follow- was closed last week, and the Hang ing a Hong Kong listing. Deutsche Bank clamps down on hiring amid restructuring effort JAMES BOOTH positions that are viewed as critical to the bank’s success and future @Jamesdbooth1 growth, with a greater emphasis on DEUTSCHE Bank is tightening its internal mobility and identifying procedures for new hires as it tasks we can discontinue,” the undergoes a major restructuring and memo said. headcount reduction. The move is a shift from previous According to an internal memo policy when subordinates had seen by news agency Reuters, any greater say over external hires. new hires would need explicit In July, the German banking giant approval from the bank’s chief announced plans to cut 18,000 jobs executive Christian Sewing, his as part of a €7.4bn (£6.7bn) deputy Karl von Rohr and finance restructuring programme. boss James von Moltke. Deutsche Bank did not respond to “Hiring will be restricted to a request for comment last night. CITYAM.COM THURSDAY 22 AUGUST 2019 NEWS 05 UK government Shares slide but loan books grow at Onesavings and Charter Court spending surplus SEBASTIAN MCCARTHY uncertainty in the market dented “By and large, the bank had a investor confidence. good first half… but the guarded @SebMcCarthy Pre-tax profits at Onesavings outlook weighed on the stock,” said ONESAVINGS Bank and Charter Bank were flat during the first six David Madden, market analyst at Court Financial have both reported months of the year, but rose six per CMC Markets UK. narrows in July higher loan books for the first half cent on an underlying basis to “The share price has been in a of this year, as they gear up for a £96.9m. downtrend for four months, and a £1.6bn merger aimed at creating a A boost from the professional break below the 320p region, leading specialist lender. buy-to-let segment and some more might bring 300p into play,” he HARRY ROBERTSON proceeds from the Bank of England’s Shares in both groups tumbled specialist businesses helped to added. asset-purchasing programme. by roughly five per cent in trading, deliver a 10 per cent rise in the net The size of Charter Court’s loan @henrygrobertson It means the government is set to miss as lower net margins and Brexit loan book. book jumped 23.8 per cent to £7bn. THE UK GOVERNMENT earned £1.3bn the spending forecasts set by its budget more than it spent in July, official watchdog. In its analysis of the figures, figures showed yesterday, a smaller the Office for Budget Responsibility surplus than economists had expected. (OBR) said central government sending Analysts predicted a £2.7bn surplus in was up 6.3 per cent for the year to date, public borrowing in the first figures well above its full-year forecast of a under new chancellor Sajid Javid, but 3.3 per cent rise. higher spending and lower tax receipts “Given the relatively small deficit last reduced the gap. It was also considerably year, that translates into a 60 per cent lower than the £3.5bn surplus seen in rise in year-to-date borrowing,” the OBR July 2018. said. The surplus was reduced by rising Government spending is set to rise purchases of goods and staffing costs further when new chancellor Sajid Javid following the lifting of the one per cent presents his Budget this autumn. Javid pay cap for public sector workers. has already announced £2bn of extra Receipts were dampened by lower funding for a no-deal Brexit.

City of London update A Beastly Adventure: animals top the bill at Smithfield HIS Sunday (25 August) from T 11am, Culture Mile presents Street Party: A Beastly Adventure, a FREE family event at Smithfield Market where animals top the bill.

All London’s animals - past, present or future, large and small, rare and familiar - will be taking over the streets around the historic Market for one day only to teach humans the secret ways of their world. care for the animals that live alongside Learn how to dance like a bee, look up us, all for free! and watch extraordinary aerialists fly through the sky, go wild with playful www.culturemile.london/festivals/ animal amusements, or explore how to smithfield-street-party Tap for change The City of London Corporation is launching an alternative giving campaign to help the City’s homeless and rough sleeper population, by donating money through four new contactless card points.

You can donate £3 a time to homelessness charity Beam by tapping debit and credit cards on contactless devices at the City of London Information Centre (St Pauls You can also donate online and City Churchyard), Barbican Library, Tower firms can sign up to put devices in their Bridge Engine Room and Guildhall West premises at Wing reception window. www.cityoflondon.gov.uk/tapforchange

News, info and offers at www.cityoflondon.gov.uk/eshot 06 NEWS THURSDAY 22 AUGUST 2019 CITYAM.COM Government admits flawed tracking Summer house of EU citizens entering UK since 2000 AUGUST GRAHAM ments, announced yesterday, the ONS The revised data shows that deals dip amid said. However, the rise is largely 296,000 EU citizens entered Britain in @AugustGraham counterbalanced as the ONS said it 2015-16, the last year on record, comp- MORE people may have entered the might have over-estimated the ared to 267,000 in past estimates. UK between 2000 and 2016 than number of non-Europeans entering Meanwhile, 89,000 Europeans left. previously thought, it was revealed the country. The revisions mean 288,000 people today, as the Office for National It is set to reclassify its migration came to the UK from outside the EU, Brexit volatility Statistics (ONS) admitted its net data as “experimental statistics” and 95,000 left in the year ending migration figures were flawed. meaning it is still reviewing the new March 2016. The 13 per cent drop is Net EU migration in the year methods. The new figures push up largely put down to Asian students, TEDDY COWARD agent and former Rics chairman. ending March 2016 would be 16 per net migration figures from around who stayed for less time than they The data comes amid growing spec- cent higher under new measure- the world by around one per cent. said they would in surveys. BRITAIN’s property market suffered a ulation of a possible no-deal Brexit, sharp fall in the number of transac- with Prime Minister Boris Johnson tions made between June and July, as vowing to take Britain out of the EU the traditional summer slowdown by the end of October with or without and growing uncertainty over Brexit an agreement. dented activity. The figures were presented on the Figures released by HMRC yesterday same day as a poll conducted by showed a marked reduction in the Reuters showed house prices in Lon- number of property transactions over don would likely slip by as much as the summer months, with a drop of 10 per cent in the ensuing six months 8.5 per cent in residential transac- following a disorderly exit from the tions between June and July 2019, as European Union. well as a 12.4 per cent decrease since Kevin Roberts, director of Legal & July last year. General Mortgage Club, said that Property experts warned that the “to stimulate the market, the govern- dip in deals was in large part down ment needs to build more housing to the mounting uncertainty over across all types of tenure. Britain’s imminent departure from “This will provide second steppers the EU, with buyers and sellers show- and last-time buyers with more ing signs of reluctance over moving choice and in turn, families can up- or house. down-size accordingly.” “These numbers, though a little On Saturday, The Times reported historic, are disappointing but not that chancellor Sajid Javid was consid- surprising bearing in mind the ering whether to make house sellers, degree of political uncertainty, de- rather than buyers, pay stamp duty spite improving affordability and tax. He has since dismissed the idea, record low unemployment,” said but says he still plans “bold measures Jeremy Leaf, a north London estate on housing”.

BULLISH MOVE Shopping centre owner Hammerson appoints a new finance chief

HAMMERSON, which owns a series of shopping centres across the UK – including Birmingham’s Bullring – has drafted in a new finance chief. James Lenton, a charter - ed accountant, will take on the role from the start of October. Germany sells negative-yielding 30-year bond but demand weak

HARRY ROBERTSON yield – the interest investors receive from the bonds, which moves @henrygrobertson inversely to prices – to minus 0.11 THE GERMAN government yesterday per cent. sold 30-year bonds with a negative Investors will lose money, yield for the first time, but failed to therefore, if they hold the bond drum up as much interest in the debt until it matures in 2050, showing as it had hoped. how high demand is for safe assets The country’s finance ministry at a time when trade tensions and a put €2bn (£1.83bn) of ultra-long global slowdown are rattling nerves. bonds up for sale with no coupon, or Michael Hewson, chief market annual payout. analyst at CMC Markets, said it was a It sold €869m of the bonds at an “failed auction”, which showed average price of €103.60, which is there was low investor appetite for higher than face value. This took the negative-yielding long-term debt. CITYAM.COM THURSDAY 22 AUGUST 2019 NEWS 07 IN BRIEF YOPA NAMES NEW CHAIR AS IT BAGS $16M FUNDING Online estate agency Yopa has BA owner slams named industry veteran Grenville Turner as its chairman, as it unveiled a new funding round worth £16m. The hybrid agency received the cash injection from existing investors Savills and DMG Ventures, Heathrow plans the venture capital arm of the Daily Mail Group. Turner is former chief executive of Countrywide and director at Rightmove. STARTUP UHURU TO LIST for expansion IN LONDON THIS YEAR Japanese software startup Uhuru is to go public in London later this ALEXANDRA ROGERS be completed for £14bn, but critics year, after opening an office in the AND ALEX DANIEL have questioned that price tag, saying city in 2018. The company raised the cost could balloon to as much as ¥500m ($3.9m) from Softbank last @city_amrogers @alexmdaniel £30bn. year, and also counts Salesforce, BRITISH Airways’ parent company has Pre-planning permission costs were Dentsu and Mitsui & Co as investors. accused Heathrow of “continuing to originally pencilled in as £915m, but Uhuru, a startup that helps to conn- mislead people” over the costs of have risen to £3.3bn, IAG said. ect products to the cloud, said it will expansion, in an escalation of a war IAG chief Willie Walsh said: “Heath- Knotel is attempting to set itself apart from rival Wework be the first Japanese listing on the of words between the airport and its row’s on a massive gravy train and junior market in more than 10 years. largest customer. will do everything to protect that. International Airlines Group (IAG) “The airport is treating customers LONDON’S DEMAND FOR yesterday said it would welcome an with contempt and the CAA [Civil Avi- Wework rival Knotel becomes a TECHIES IS GROWING independent assessment of Heath - ation Authority] like puppets.” London has more demand for those row’s expansion costs, saying the total But a Heathrow spokesperson said with emerging technology skills infrastructure costs promised to the IAG was using “misleading rhetoric”. unicorn after $400m funding than 10 other UK cities combined, Airports Commission “bears no rela- “What will change in the future is new research has found. The UK tion to what Heathrow is now plan- the huge increase in competition JAMES WARRINGTON Kuwait’s sovereign wealth fund. currently has 422,000 professionals ning to spend, which is significantly amongst airlines and choice for Knotel has attempted to set itself with skills in emerging technologies higher and delivers less”. passengers that we will deliver by @j_a_warrington apart from Wework by offering including data analytics, artificial Earlier in the day, IAG accused expanding Heathrow. We can’t be KNOTEL, the flexible workspace rival flexible space to large businesses, intelligence (AI), and quantum Heathrow of “treating customers held up by IAG simply looking to to Wework, has achieved “unicorn” rather than co-working spaces for computing, according to research with contempt,” saying plans to spend protect their dominant position and status after securing a fresh round of freelancers and small firms. by Accenture. Of those profession - billions on its expansion before record profits.” funding worth $400m (£329m). The series C round takes Knotel’s als, 37 per cent (155,000) are based getting planning permission Heathrow launched its expansion The New York-based startup bagged total funding to $560m and makes it in London. The report warns of the amounted to a “heist”. “masterplan” in June, which said the the bumper cash injection in a round the newest so-called unicorn – a risk of a north-south divide in the Heathrow has claimed the plans can project would be complete by 2050. led by Wafra, the investment arm of company valued at more than $1bn. location of tech talent emerging.

NOT ALL S T E A K S ARE CRE ATED EQUAL

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CITYAM.COM THURSDAY 22 AUGUST 2019 NEWS 09 Costain on track Astrazeneca set back in lung despite repair cancer drug trial AUGUST GRAHAM @AugustGraham ASTRAZENECA took a blow yesterday as it revealed that trials job profit dent of a lung cancer drug had not lived up to expectations. Patients given Imfinzi with ALEX DANIEL expected because of several contract tremelimumab did not show better delays on building motorways. overall survival rates than those on @alexmdaniel Later start dates for projects such as standard chemotherapy, it said. ORDERS have flooded in during the the M6 smart motorway and the The drugs were tested on pati- first half at infrastructure group southern section of HS2 were set to Your ability to make a PPI claim won’t be back after the 29 August deadline ents in 29 countries with stage four Costain, despite a historic Oxfordshire push revenue “lower than antici- cancer, a late stage. “We are fully project coming back to bite it more pated”, Costain said. committed to a deep analysis of the than a decade on from its completion. Chief executive Alex Vaughan said: vast clinical and biomarker data The London-listed construction firm “While, as previously announced, de- Watchdog: Make PPI claim now from this trial to gain further was forced to pay £9.7m to repair the lays to certain contract start dates and insights to improve immuno- roof of a high-tech science centre, the new awards… we are pleased that the oncology approaches for patients National Synchrotron facility, which group has continued to secure signifi- as 29 August deadline looming with metastatic non-small cell lung it finished building in summer 2006. cant new work during the first half.” cancer,” said Jose Baselga, Shares rose 11.42 per cent to 162p Astrazeneca’s head of research and yesterday, however, as the firm COSTAIN ANNA MENIN total paid out since 2011 to £36bn. development in oncology. announced it had gained momentum The final deadline for making a PPI Lung cancer is the deadliest form P in winning new work, with more 165 @annafmenin claim is 29 August. of the disease, account ing for than £1bn of contract awards in the 160 THE FINANCIAL Conduct Authority PPI was designed to cover loan around one fifth of all deaths. first half. 162 (FCA) is urging consumers not to repayments if the consumer became Imfinzi belongs to the immuno- Pre-tax profit was £8.4m for the first 155 21 Aug leave making PPI claims to the last unable to do so, due to circumstances therapy class of treatments that six months of the year, a 55 per cent 150 minute ahead of next week’s such as being made redundant or boost the body’s own immune drop on the same period in 2018. Rev- 145 deadline. being unable to work. system, and tumours with high enue was £594.1m, a 21.7 per cent Figures released by the FCA show a According to the FCA, as many as levels of tumour mutational drop year-on-year. 140 total of £340.4m was paid to cons- 64m PPI policies were sold in the UK– burden may be more visible to the Costain had already warned full- umers who had complained about the majority between 1990 and – but immune system. Shares closed up year earnings would be worse than 15 Aug16 Aug 19 Aug 20 Aug 21 Aug being mis-sold PPI in June, taking the they were often mis-sold. 1.9 per cent at 7,412p. 10 NEWS THURSDAY 22 AUGUST 2019 CITYAM.COM Travellers have reservations about Hostelworld as cancellations soar TEDDY COWARD Gross bookings for the company Morrison told City A.M.that 2019 fell four per cent, as chief executive should be regarded as a “transition HOSTELWORLD, the hotel- 9.52% Gary Morr ison cited “lower than year”, with improvements in the focused online booking anticipated demand over the summer company’s booking experience likely platform, has reported a period”. “to bear fruit” by 2020. drop in revenue for the first half of He claimed the nine per cent It also announced a $3m (£2.5m) the year, as summer appetite from reduction in revenue was a result of strategic investment in Tipi Pty, a holiday-goers disappointed. “higher than anticipated inflation” tech solutions company exclusive to Revenues tumbled from €42.6m and the “full global rollout of the free the hostel market that allows guests (£39m) in the first half of 2018 to cancellation product”, which led to to check-in and download their keys €38.8m during the first six months of its number of cancellations reaching prior to arrival. Shares closed down 2019. 250,000. 9.52 per cent at 146.4p. Bookings for Hostelworld fell four per cent and revenue tumbled to €38.8m Stelios seethes as bidders get Easyhotel deal

JAMES WARRINGTON which values the hotel chain at £139m and represents a 35 per cent @j_a_warrington premium on its last closing price. REAL estate investors Ivanhoe Cam- However, this view is not shared by bridge and Icamap have secured Haji-Ioannou, who has argued the their takeover of Easyhotel, despite offer undervalues the firm. protests from founder Sir Stelios The Greek-Cypriot tycoon said he Haji-Ioannou. has attempted to increase his The bidders, who have stake in Easyhotel from formed a joint venture 27.5 per cent to just under named Citrus UK, said 30 per cent, but failed to they hold or have received acceptances Easygroup founder Sir for more than 50 per Stelios Haji-Ioannou has cent of the company’s opposed the takeover voting rights. But in a statement find sellers at 95p. released moments before “This is proof that the the deal was confirmed, real value of an Easyhotel Haji-Ioannou, the billionaire share today is well above founder behind Easygroup, accused Icamap’s offer,” he said. “My message the pair of trying to “steal the com- to my fellow shareholders is to do the pany from under the noses of other same as me and reject the offer at investors”. 95p and hang on in there.” Easyhotel has previously recom- Shareholders have until 17 Septem- mended Citrus’ bid of 95p per share, ber to submit acceptances of the offer.

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†Iron & folate contribute to the Reduction of Tiredness & Fatigue From Boots, Holland & Barrett, supermarkets, health stores, chemists & vitabiotics.com CITYAM.COM/ * UK's No.1 Iron Supplement Brand, Source: Nielsen GB ScanTrack Total Coverage Value and Unit Retail Sales NEWSLETTER 52 w/e 18 May 2019. To verify please contact [email protected]. CITYAM.COM THURSDAY 22 AUGUST 2019 NEWS 11 Gulf Marine has Nostrum Oil and Gas’ share price takes a battering from analyst note jettisoned boss AUGUST GRAHAM of 25p from 200p. battering after the Berenberg note It came after a disappointing set of reached investors. @August Graham 22.86% results at the company on Tuesday, Analysts said: “Our hope for an NOSTRUM Oil and Gas with revenue hitting $174.2m operational turnaround for Nostrum struggled on the markets (£144m) in the first six months of was based on the 2019 drilling in stormy waters yesterday after taking a hit from an the year, down from $191.5m. The programme in the northern area of analyst downgrade. company’s production also fell to the Chinarevskoye field in Shares took a battering, falling by 31,096 barrels of oil equivalent from Kazakhstan, where the company had 22.86 per cent to 27p. 32,524 in the same period last year. previously made an encouraging AUGUST GRAHAM Gulf Marine was yesterday forced to It came as analysts at Berenberg Shares had fallen 6.6 per cent on discovery. However, one of the two admit its $58m (£48m) earnings downgraded the shares from “Buy” Tuesday on the news of the results. wells has failed to flow at @AugustGraham before interest, taxes, depreciation, to “Sell”, setting a new target price However they took a much bigger commercial levels.” THE BOSS of Gulf Marine Services and amortisation (Ebitda) will likely stepped down yesterday, becoming fall between $45m and $48m this the third major casualty of the firm’s year. It had previously forecast flat pains as it warned on profit. Ebitda for the year. Duncan Anderson resigned with The company said that 2020 looks immediate effect as the chief execu- brighter, but that market conditions tive and director of the board. are still “challenging”. He follows the company’s chairman Tim Summers, the board’s non-exec- and chief finance officer out the door utive chair, will take over as executive at Gulf Marine, after its share price chair until a new candidate is found. plummeted over the last year. Shares closed down 10.22 per cent In December, it lost three quarters of at 8.08p. its value after warning it would not meet obligations to lenders. GULF MARINE The company’s trouble stems from P the 2014 downturn in the price of oil. 10 In the five-year run-up to the col- Indulging in the lapse, Gulf Marine and its competitors 9.5 invested in their fleets of vessels that 9 sweetest holiday service oil rigs. However, after the 8.5 21 Aug 2014 crash the oversupply meant that 8.08 there were too many ships and not 8 ice cream enough work to go round. 7.5 After originally saying that 2019 would reach similar levels as last year, 15 Aug16 Aug 19 Aug 20 Aug 21 Aug

SPEED MERCHANT UK’s first contactless car vending machine unveiled in London

The hidden bank

THE UK’s first car vending machine has been unveiled in Spitalfields Market, allowing motorists to snap up a new car via a contactless payment on their phone. charges making The dispenser, built by Auto Trader, offers buyers a single Renault Zoe for £16,000. you feel sour BP and Glencore struggle to sell off contaminated Russian crude

AUGUST GRAHAM The Druzhba pipeline was stopped, cutting off flows to Germany, Poland @August Graham and Ukraine, among others. BP AND Glencore are still trying to The oil was found to have high offload huge reserves of tainted levels of organic chloride, which Get the Equals currency card to avoid Russian crude oil several months helps to boost extraction, but cannot after problems were discovered. be used in refining equipment. unnecessary bank charges and get more The UK-listed giants have around Glencore is stuck with around from your money abroad. Search Equals. 600,000 tonnes of the oil, which they 500,000 tonnes of oil in three tankers, are struggling to sell off, several Reuters reported. traders told Reuters. Meanwhile, BP unsuccessfully tried A scandal erupted in April this year to sell its oil at a tender. 18+. UK resident only. Must have UK bank account. Terms and conditions apply. when authorities discovered around It means that they cannot claim 5m tonnes of contaminated Russian compensation as Russian law requires oil, lined up for export to Europe. them to sell oil before filing a case. 12 NEWS THURSDAY 22 AUGUST 2019 CITYAM.COM Norway is weighing up shifting its BNP Paribas and sovereign wealth fund from Europe ANNA MENIN North American equity markets are responsible for the fund. Citigroup named growing faster than European ones. “One of the questions is whether @annafmenin “This [regional weighting] is the current weighting, whether NORWAY is considering shifting the exactly the question that we are there are reasons to adjust that,” balance of investments in its considering now, and we are giving Matsen added. $1 trillion (£824bn) sovereign advice to the [finance] ministry News of a possible shift in strat- in Huawei hearing wealth fund away from Europe to about regional weighting of the egy comes after the fund reported focus more on Asia and the equity reference index, by the end strong second quarter results Americas. of this month probably,” said Egil earlier, reporting a three per cent Investor confidence in Europe has Matsen, the deputy governor of return on investment. The fund JAMES WARRINGTON don’t know,” according to the affidavit been faltering recently as the Norges Bank – the country’s central earned 256bn Norwegian krone by the border agent, who then told her region’s economy slows, while bank – and the top public official (£24bn) during the period. @j_a_warrington that it was hard to believe that the CITIGROUP and BNP Paribas have been finance boss of a multi-billion-dollar dragged into an ongoing US court case company wouldn’t know such details. against the chief financial officer of Meng then allegedly said that “her Chinese tech firm Huawei. company does have an office in Iran”, The banks have been named in docu- according to the document. ments published by a Canadian court as The case has proved to be a second part of extradition proceedings against Meng Wanzhou, who is currently under house arrest in the country. Meng, who is the daughter of Huawei founder Ren Zhengfei, has been accused of bank fraud and breaching US sanc- tions against Iran. Citigroup and BNP Paribas are among the financial institutions that had deal- ings with Huawei and were allegedly misled by the finance boss. Two other banks, HSBC and Standard Chartered, had previously been named in the case. The court released the documents, alongside a video of Meng’s arrest at Vancouver airport in December, ahead of a hearing scheduled to begin on Huawei finance chief Meng Wanzhou is the 23 September. daughter of founder Ren Zhengfei Meng’s lawyers have previously argued that the executive was unlawfully front in an ongoing cold war between arrested. In the newly-released docu- China and the US, as tensions rise over ments, they alleged Canadian authori- President Donald Trump’s decision to ties deliberately delayed her arrest to blacklist Huawei. allow them to collect evidence as part of Trump has previously suggested he a “covert criminal investigation”. could intervene in the case to help Meng allegedly told a Canadian border secure a trade deal with China, leading official that the company has an office defence lawyers to argue that Meng’s in Iran, which could potentially support possible extradition was being used for US claims that the Chinese tech giant political purposes. engaged in activities there that violated Meng and Huawei have denied any American sanctions. wrongdoing, while BNP Paribas and When initially asked if Huawei had an Citigroup declined comment on the office in Iran, she initially replied: “I ongoing case.

Transport for London Public Notice ROAD TRAFFIC REGULATION ACT 1984 THE A10 GLA ROAD (NORTON FOLGATE/ BISHOPSGATE/ SHOREDITCH HIGH STREET, LONDON BOROUGHS OF TOWER HAMLETS AND HACKNEY AND THE CITY OF LONDON) (TEMPORARY PROHIBITION OF TRAFFIC) ORDER 2019 1. Transport for London hereby gives until the works has been completed. notice that it has made the above The prohibitions will apply only during named Traffic Order under section such times and to such extent as 14(1) of the Road Traffic Regulation shall from time to time be indicated Act 1984 for the purpose specified in by traffic signs. paragraph 2. The effect of the Order 4. The prohibitions will not apply in is summarised in paragraph 3. respect of: 2. The purpose of the Order is to allow (1) any vehicle being used for the electrical street works and a crane purposes of those works or for fire operation to take place on Norton brigade, ambulance or police purposes; Folgate and Bishopsgate. (2) anything done with the permission 3. The effect of the Order will be to or at the direction of a police prohibit any vehicle from: constable in uniform or a person (1) entering or proceeding on Norton authorised by Transport for London. Folgate between its junctions with 5. At such times as the prohibition is in Worship Street and Primrose Street. force alternative route will be (2) entering or proceeding on indicated by traffic signs via Shoreditch High Street in a Commercial Street, Leman Street, southbound direction between its Prescot Street, Mansell Street, St junctions with Commercial Botolph Street, Dukes Place, Bevis Street/Great Eastern Street and Marks and Camomile Street to normal Worship Street, local access will be route of travel. maintained. (2) entering or proceeding on Dated this 29th day of March 2019 Bishopsgate in a southerly direction between its junctions with Spital Square and Brushfield Street. Andrew Sherry Co-ordination and Permitting Area The Order will be effective between Manager 8:00 PM on 23rd August 2019 and Transport for London, Palestra, 197 11:59 PM on 8th September 2019 or Blackfriars Road, London, SE1 8NJ MAYOR OF LONDON CITYAM.COM THURSDAY 22 AUGUST 2019 NEWS 13

GRUDGE MATCH Trump blasts Danish PM’s Target raises profit target refusal to sell Greenland to the US as ‘nasty’ on pick-up service boost

AISHWARYA VENUGOPAL shoppers collecting their orders becoming the fulfillment choices from stores within a couple of for our guests... Most importantly, TARGET raised its profit outlook for minutes of placing them through because these options leverage our the year yesterday as its investments the mobile app or website. existing in-store infrastructure, in same-day delivery and pick-up “[The second quarter] could not technology and teams, same-day services increased traffic to its have gone better for Target,” fulfillment delivers outstanding website and stores in the second Moody’s vice president Charlie financial performance as well.” quarter. O’Shea said. Margins also benefited from a The retailer has been spending Target’s same-day services also better assortment of its products billions of dollars to build out its drove more than three-quarters of and competitive pricing and comes same-day services with initiatives the 34 per cent increase in compar- at a time when Walmart’s margins such as Shipt, in-store pickup and able digital sales. The robust online dropped 46 basis points in the same Drive-up as customers increasingly sales accounted for more than half period. get used to faster deliveries from of its total same-store sales. “While many… peers struggle to rivals Amazon and Walmart. “These options offer speed, sustain positive traf fic and stable Target said one out of five convenience and reliability,” Target gross margins, Tar get is finding the customers, who used its same-day chief executive Brian Cornell. right balance,” Evercore analyst service in the quarter, was new, with “And as a result, they’re quickly Greg Melich said. Reuters Lowe’s sales beat Uncertain future for retailers US PRESIDENT Donald Trump yesterday lambasted a statement by Danish PM Mette forecast on strong Frederiksen as “nasty” and “inappropriate”, after she called a US plan to buy Greenland as businesses ignore digital demand in spring “absurd”. Trump cancelled a trip to Denmark in two weeks’ time as a result of the spat.

ALEX DANIEL such as a rapid consumer shift to UDAY SAMPATH @alexmdaniel e-commerce, which have upended the industry in recent years. LOWE’S beat quarterly profit esti- IN AN ALREADY turbulent time Moreover, one in five has not mates yesterday, as the home im- for the high street, swathes of the invested anything in the past 12 provement chain took advantage of retail sector are ignoring the need months in developing the digital strong spring demand and stocked to focus on digital technology, side of their business. more equipment geared towards despite consumers increasingly Sam Rutley, managing director high-spending customers. shopping online. of Pushon, which carried out the Its same-store sale rose 2.3 per cent A survey of 100 top retailers research, said investing in digital in the second quarter ended 2 Au- found more than one-third of is “crucial when it comes to gust, above expectations of a 1.8 per businesses have no strategy in keeping up with rapidly changing cent increase, according to IBES place to address developments consumer demands”. data from Refinitiv. Reuters

IN PARTNERSHIP WITH @LMAPPEAL #CGD #GoRed #peoplematter FORUM THE ULTIMATE Supporting City Giving Day We need to build FITNESS CLUB workplaces CRAWL have a presence in Tower Hamlets and Lambeth, these are our priority areas; we want equipped local people to feel the benefits that come IN ASSOCIATION WITH Why are you supporting CGD? from our developments so support projects for a more City Giving Day is a great day to highlight the that support community cohesion, training volatile successful business, community and charity and skills. partnerships that exist. Canary Wharf Group climate partners with many different organisations to How will you celebrate CGD? support the communities close to our We are very pleased to be hosting the very first ELAINE ROSSALL developments and this is the perfect ‘Tour De Wharf’ in Canada Place, Canary ON HOW THE Thursday 10th October opportunity to celebrate these with our own Wharf, a satellite version of the successful ‘Tour OFFICES OF THE 5.45pm - 9.00pm FUTURE CAN BE staff. de City’. The iconic One Canada Square tower Meet: Virgin Active Broadgate will be flashing red, supporting #GORED for the DESIGNED TO Which charities do you support? day – to help the LMA raise funds and TACKLE GLOBAL One Exchange Place, Hackney, London EC2M 2QT Our focus starts in our own community. As we awareness for the day. WARMING Join the Ultimate Fitness Club Crawl with Virgin Active, switch the pub for the PAGE 17 hottest new workouts. Running from Club to Club, Virgin Active will keep heart CHARITY IN ACTION rates up and surprise and delight you on the journey with their new exercise classes. East End Community Foundation helps Canary Wharf Group to direct our support to the areas of Enjoy a boost along the way with refreshing juices from City AM Club partner, the community where it is most needed, through PRESS. training programmes and community events. We are thrilled to join other Complete a surprise challenge for the chance to win a PRESS Weekend Reset, companies, charities and communities the 48-hr detox. to celebrate City Giving Day and hope that this campaign continues to grow Sign up on Eventbrite or email at Canary Wharf over the coming [email protected] to secure your place years.

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Exporters boost ASSOCIATED BRITISH FOODS 2,320 P Upbeat retail 2,300 reports help 2,280 2,277 FTSE ahead of 2,260 21 Aug Wall St’s rally 2,240 ALL Street’s main indices rose Wyesterday as upbeat earnings 15 Aug 16 Aug 19 Aug 20 Aug 21 Aug from retailers pointed to strength in US consumer demand, US Fed minutes Associated British Foods (ABF), owner of brands including Twinings, Patak’s and – and held gains after minutes from last confusingly – Primark, won’t leave shareholders going hungry. Although analysts month’s Federal Reserve meeting have trimmed estimates slightly due to sterling’s weakness, record profits at Primark showed policymakers had debated a and a £15m increase in grocery income have boosted the group. Jefferies analysts more aggressive interest rate cut. HE FTSE 100 rose yesterday as lower interest rates in the near-term say Primark’s tendencies not to change prices in the face of rising costs is “resulting The Dow Jones Industrial Average oil majors tracked gains in to cushion blows from a bruising US- in a widening value advantage relative to peers”, rating ABF as “Buy” with a target rose 240.29 points, or 0.93 per cent, to crude prices and exporters China trade war and quell fears of an price of 2,950p. 26,202.73, the S&P 500 gained 23.92 Tbenefited from a weaker impending recession. points, or 0.82 per cent, to 2,924.43 pound, while markets On US President Donald Trump’s and the Nasdaq Composite added waited for minutes of the US Federal Tuesday comments about con- MITCHELLS & BUTLERS 71.65 points, or 0.9 per cent, to Reserve’s July meeting for signs of fur- fronting China over trade, Spreadex 8,020.21. ther policy easing. analyst Connor Campbell said: “That 360 P Fed chair Jerome Powell is The blue-chip index added 1.1 per kind of talk puts even more pressure scheduled to speak tomorrow at the cent to close at 7,203.97 points, post- on the Fed to safeguard the American 340 Jackson Hole, Wyoming, central ing its largest gains in nearly three economy, meaning investors are bankers’ conference. 320 weeks, with a boost from Shell going to be on high alert for 21 Aug Several market strategists said his and BP helping the index hints.” comments at the conclave would offer recover most of the previ- Merging mid-cap 300 334 greater insight on the course of ous session’s losses. The lenders Onesavings and monetary policy than the minutes mid-cap FTSE 250 also 280 from the July Fed meeting given rose by the same level, BP’s share price boost developments since then, including to 19,207.75 points. helped the FTSE 100 15 Aug 16 Aug 19 Aug 20 Aug 21 Aug US President Donald Trump’s BAT, Astrazeneca and recover early losses announcement of tariffs on an other stocks that book a Glasses will have been raised at pub group Mitchells & Butlers this week following additional $300bn (£247.4bn) worth of major chunk of their Charter Court Financial the news that Greene King had been purchased by Hong Kong’s richest man, Chinese goods. earnings in dollars gained gave up five and 4.6 per Li Ka-Shing, in a deal worth £2.7bn. This deal, and the recent £3bn purchase of pub Shares moved solidly higher from a fall in sterling as cent respectively, after they group Ei by a private equity firm, are “reminders of the latent value of the asset- following better-than-expected results investors took little heart from warned of the Brexit impact on intense pubcos”, say Canaccord Genuity analysts. Mitchells & Butlers, which owns from retailers Target and Lowe’s. hints by German Chancellor Angela housing and credit. brands such as Harvester, had the bar raised by analysts, who upgraded it to a “Buy” Target shares surged 20.4 per cent Merkel that there might be room for “The bank warned it will tighten its rating with an increased target price of 400p. after the big-box retailer raised its Brexit negotiation as chances of no lending criteria on account of the annual earnings forecast. Lowe's deal grow. ‘macroeconomic outlook’ and that shares climbed 10.4 per cent after the NMC Health, a United Arab Emirates- played on traders’ minds,” CMC Mar- PERSIMMON home-improvement chain beat profit based healthcare provider, climbed kets’ analyst David Madden said. estimates. more than four per cent to be among Ryanair slipped one per cent after a 1,900 P Robust US consumer spending has top FTSE 100 gainers ahead of today’s London court rejected the Ireland- helped sto tave off fears of an scheduled trading update. based budget carrier’s application to 1,880 1,859 impending recession. 21 Aug The overall mood was cheery ahead prevent some of its British pilots from Concerns about an economic of the Fed’s minutes with hopes of going on strike later in the week. 1,860 slowdown rose as the yield curve between two- and 10-year Treasuries 1,840 briefly inverted last week. TOP RISERS FTSE Although the yield curve again 1,820 P briefly inverted yesterday, it had little 1. Burberry Up 4.50 per cent 7,250 impact on stocks this time around. 2. NMC Health Up 4.09 per cent 7,200 7,203.97 15 Aug 16 Aug 19 Aug 20 Aug 21 Aug “As long as we have the healthy 3. Flutter Ent. Up 3.89 per cent 21 Aug environment in jobs that we have 7,150 Persimmon is trying to shore up its foundations following concerns about the quality right now, it’s going to be very difficult TOP FALLERS 7,100 of its new-build homes. The housebuilder reported a 1.4 per cent drop in pre-tax to shake people's confidence,” said JJ 7,050 profit for the first half earlier this week after increasing spending on customer service Kinahan, chief market strategist at TD 1. Phoenix Group Down 2.43 per cent and quality control after a series of complaints. Liberum analysts say Persimmon’s Ameritrade in Chicago. 2. RBS Down 1.41 per cent 7,000 outlook remains good as it continues to benefit from a “strong sales rate” and “At the end of the day, if people are 3. L&G Down 1.29 per cent customer satisfaction rates begin to improve. Analysts rated the housebuilder as employed, they’re going to go out and 15 Aug16 Aug 19 Aug 20 Aug 21 Aug “Buy” with a target price of 2,800p. spend some money.” CITY MOVES WHO’S SWITCHING JOBS

BLUE PRISM customer service and support. He will also focus on service technology company Dixa, as it builds HSBC GLOBAL ASSET MANAGEMENT Robotic process automation Blue Prism’s continued global expansion into the momentum in key European markets. Joseph brings HSBC Global Asset Management has appointed Tina firm Blue Prism has North American, European and Asian markets. Eric over 25 years of global go-to-market experience to the Radovic as global head of credit research. Tina will be announced that veteran joins from SAP, where he was chief business officer for role, having held senior positions with high-growth responsible for leading a 44-strong global credit enterprise software executive Europe, Middle East and Asia and China. In this role, he companies such as Hootsuite Media, where he was research team. The platform was established in 2002 Eric Verniaut has joined chief reported to the board to ensure top- and bottom-line general manager international, Qubit, where he served and is the foundation of the firm’s fixed-income operating officer. Eric has growth of the business, maximise efficiencies and as CRO and Emailvision, where he held the post of offering, which currently has $179bn (£148bn) of assets almost 30 years of experience drive the overall performance of regional sales teams. global sales and professional services. He joins Dixa across investment grade, high yield and securitised in technology, specifically in He was previously at Lawson Software, a mid-market, from innovation intelligence, patent search & IP credit across emerging and developed markets. She enterprise software, American-based enterprise resource planning analytics software company, Patsnap, where he was joined HSBC Global Asset Management in 2003 and for professional services and provider, where he oversaw global sales and services. general manager for Europe, Middle East and Asia, the the past 10 years has been head of credit research solution sales. He will take Americas and Australia and New Zealand. Key based in Paris. Prior to joining HSBC, she was a sell- immediate responsibility for overseeing all Blue DIXA learnings from his time include working with side credit analyst at Credit Agricole Indosuez and Prism’s go-to-market operations, including sales, field Joseph Smith has been appointed to the newly enterprise software companies such as BMC Software Credit Lyonnais, covering various sectors in the marketing, partner management, globalisation, created role of chief revenue officer (CRO) at customer and CA Technologies. investment grade and high yield markets.

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM THURSDAY 22 AUGUST 2019 MARKETS 15

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.0936 0.0024 €/$ 1.1087 0.0012 7203.97 19207.75 3946.69 26202.73 8020.21 2924.43 /$ 1.2125 0.0039 €/£ 0.9138 0.0018 78.97 199.66 42.09 240.29 71.65 23.92 /¥ 129.29 0.0562 €/¥ 118.18 0.2443

                               

Marshalls ...... 678.5 23.5 690.0 412.2 Future ...... 1074.0 30.0 1248.0 410.0 Great Portland Es . . . . .679.2 13.6 773.6 649.4 Mitchells & Butle ...... 334.0 -16.0 354.0 238.0 GILTS FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6225.0 55.0 7155.0 5593.0 National Express . . . . .427.0 -2.0 438.4 361.4 Polypipe Group ...... 380.8 -0.8 453.8 307.8 Redrow ...... 557.0 4.0 674.6 460.8 Goco Group ...... 80.0 -0.2 108.0 64.6 Hammerson ...... 209.0 3.0 492.4 202.9 Haynes Publishing . . . .220.0 0.0 227.0 160.0 PPHE Hotel Group . . .1770.0 -20.0 1990.0 1495.0 Tsy 3.750 19 ...... 100.14 0.00 103.2 100.1 ELECTRICITY 3i Group ...... 1098.0 11.5 1164.5 756.2 Centrica ...... 64.8 0.3 155.6 64.2 Taylor Wimpey ...... 146.3 1.4 192.3 129.3 Intu Properties ...... 33.9 -0.9 201.5 33.3 Tsy 2.000 20 ...... 101.31 0.00 102.4 101.3 3i Infrastructure ...... 292.0 2.0 303.0 237.2 National Grid ...... 856.5 6.2 889.2 748.7 Huntsworth ...... 94.8 0.2 125.0 81.0 Rank Group ...... 152.2 -2.2 183.6 135.0 Land Securities G . . . . .753.0 13.0 939.5 735.4 .146.0 1.0 221.9 111.9 Tsy 4.750 20 ...... 102.26 -0.01 106.3 102.2 Contour Global ...... 176.2 3.4 231.4 150.1 AJ Bell ...... 383.0 -1.0 477.0 220.0 Pennon Group ...... 725.2 7.6 792.8 684.2 INDUSTRIAL ENGINEERING Informa ...... 866.8 16.6 892.0 605.8 LondonMetric Prop . . . .202.4 1.4 215.2 172.7 Restaurant Group . . . . Tsy 3.750 20 ...... 103.34 -0.02 106.2 103.3 Allied Minds ...... 57.0 -2.0 84.2 37.3 ITE Group ...... 70.9 -0.3 83.7 56.3 Stagecoach Group . . . .129.0 0.8 177.0 115.5 Drax Group ...... 270.0 -0.6 427.2 260.2 Severn Trent ...... 2025.0 22.0 2153.0 1770.0 Bodycote ...... 692.5 28.5 996.0 654.0 Primary Health Pr . . . . .133.8 1.8 139.0 106.4 TUI AG Reg Shs (D . . . .789.0 28.4 1474.0 698.0 Tsy 2.500 20 ...... 355.42 -0.01 361.4 355.3 ...... 1097.0 -0.5 1268.5 1008.0 Amigo Holdings ...... 166.2 14.0 297.5 140.4 United Utilities ...... 777.8 2.2 873.6 682.4 ITV ...... 110.6 1.7 167.5 103.6 .761.8 9.6 789.0 585.2 SSE . . . . Hill & Smith Hold . . . . .1130.0 0.0 1306.0 902.5 SEGRO ...... Wetherspoon (J.D. . . . .1567.0 22.0 1582.0 1066.0 Tsy 8.000 21 ...... 113.52 -0.03 120.1 113.2 Arrow Global Grou . . . .208.0 4.6 273.0 167.2 IMI ...... 961.8 22.2 1227.0 870.0 Moneysupermarket. . .365.6 6.5 417.7 264.0 Shaftesbury ...... 801.5 15.0 928.5 739.5 Tsy 4.000 22 ...... 109.10 0.00 111.1 109.0 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .373.0 14.0 510.0 320.0 GENERAL INDUSTRIALS Pearson ...... 829.0 10.0 1027.5 769.2 Whitbread ...... 4240.0 3.0 5114.0 3969.0 Melrose Industrie . . . . .167.6 3.8 233.9 146.3 Tritax Big Box Re ...... 145.0 2.4 159.7 129.0 William Hill ...... 161.1 2.2 265.5 132.3 Tsy 0.500 22 ...... 100.34 0.01 100.5 97.7 Halma ...... 2001.0 44.0 2094.0 1237.0 Ashmore Group ...... 481.6 4.8 542.5 341.2 Smith (DS) ...... 332.6 10.4 510.6 292.2 Reach ...... 94.0 1.0 96.1 54.6 RHI Magnesita N.V . . .4390.0 82.0 5000.0 3318.0 Unite Group ...... 1047.0 12.0 1076.0 797.5 Wizz Air Holdings . . . .3421.0 0.0 3769.0 2329.0 Tsy 1.875 22 ...... 116.76 -0.02 118.3 115.5 Morgan Advanced M . .248.6 2.4 354.0 237.0 Brewin Dolphin Ho . . .300.0 0.4 366.0 287.6 Smiths Group ...... 1594.0 29.0 1666.0 1279.5 Rotork ...... 308.9 8.1 342.8 235.7 Relx plc ...... 1958.5 30.0 1978.0 1491.5 Workspace Group . . . . .834.5 12.5 1075.0 789.5 Tsy 2.250 23 ...... 107.48 0.02 107.9 104.7 Oxford Instrument . . .1290.0 -10.0 1424.0 842.0 Charter Court Fin . . . . .278.0 -13.5 375.0 228.8 Smurfit Kappa Gro . . .2468.0 64.0 3292.0 1934.0 Spirax-Sarco Engi . . . .8055.0 205.0 9400.0 5900.0 Rightmove ...... 532.7 12.7 585.1 420.9 AIM 50 Tsy 2.500 24 ...... 375.92 -0.02 377.1 358.7 City of London In . . . . .420.0 8.0 440.0 360.0 STV Group ...... 377.0 17.0 412.0 318.0 SOFTWARE & COMPUTER SERV. Renishaw ...... 3630.0 48.0 5520.0 3460.0 Vesuvius ...... 468.2 6.8 662.0 456.4 Weir Group ...... 1319.0 24.5 1920.0 1240.0 Abcam ...... 1191.0 -6.0 1539.0 1017.0 Tsy 0.125 24 ...... 115.19 -0.01 115.6 110.9 Spectris ...... 2330.0 34.0 2898.0 1966.5 CMC Markets ...... 88.0 -1.0 188.4 77.4 WPP ...... 956.2 13.6 1301.0 800.4 Avast ...... 379.0 12.6 379.0 229.6 GENERAL RETAILERS INDUSTRIAL METALS & MINING Advanced Medical . . . .317.5 4.5 358.0 260.0 Tsy 5.000 25 ...... 125.38 0.06 125.9 122.1 EQUITY INVESTMENT INSTRUM. Coats Group ...... 74.5 1.8 91.3 69.8 MINING Aveva Group ...... 3944.0 122.0 4170.0 2284.0 Tsy 4.250 27 ...... 131.60 0.12 132.2 122.6 Georgia Capital ...... 1018.0 -14.0 1260.0 941.0 Auto Trader Group . . . .533.4 8.4 606.0 388.5 Computacenter ...... 1438.0 38.0 1546.0 952.0 Alliance Pharma ...... 69.6 -0.1 95.0 60.0 Evraz ...... 492.4 -0.6 709.4 442.1 ASOS ...... 2268.0 -50.0 6192.0 2107.0 Tsy 1.250 27 ...... 139.93 -0.08 140.1 128.4 Aberforth Smaller . . . .1152.0 10.0 1362.0 1114.0 Hargreaves Lansdo . . .1944.5 29.5 2433.0 1633.0 B&M European Valu . . .350.0 1.9 426.3 278.6 Ferrexpo ...... 215.8 -3.9 301.3 143.5 Acacia Mining ...... 253.2 0.0 256.6 96.1 FDM Group (Holdin . . . .762.0 3.0 1000.0 734.0 Tsy 6.000 28 ...... 150.79 0.13 151.4 140.5 IG Group Holdings . . . .540.8 7.4 915.0 474.8 Card Factory ...... 154.6 1.9 209.0 151.0 Anglo American . . . . .1723.0 6.6 2266.0 1464.6 Blue Prism Group . . . . .941.0 32.5 2575.0 906.0 Alliance Trust ...... 803.0 4.0 838.0 672.0 Funding Circle Ho . . . . .112.0 -2.0 440.0 99.0 9750.0-150.0 11750.0 9100.0 Tsy 0.125 29 ...... 133.30 -0.09 133.4 118.8 Apax Global Alpha . . . .156.5 -0.5 160.0 127.0 IntegraFin Holdin . . . . .394.5 12.0 406.1 269.0 Dixons Carphone . . . . .106.9 0.2 178.6 104.9 INDUSTRIAL TRANSPORTATION Antofagasta ...... 819.2 5.0 1022.5 727.2 Kainos Group ...... 491.0 -17.0 676.0 360.0 Camellia ...... Tsy 4.750 30 ...... 146.10 0.19 147.0 132.1 Intermediate Capi . . . .1350.0 16.0 1429.0 899.0 Group ...... 870.0 4.0 981.0 482.8 BHP Group ...... 1713.8 -21.0 2049.0 1490.6 Focus Inter . . . . .1621.6 44.6 2491.6 1434.4 CareTech Holding . . . . .362.0 -1.0 406.0 325.0 AVI Global Trust ...... 739.0 2.0 781.0 660.0 Dunelm BBA Aviation ...... 310.0 7.2 324.8 207.0 Micro Central Asia Meta ...... 187.2 2.2 266.5 180.0 Tsy 4.125 30 ...... 400.10 -0.04 400.3 355.2 Baillie Gifford J ...... 791.0 -4.0 866.0 663.0 International Per ...... 92.6 -2.3 240.2 91.2 Inchcape ...... 575.0 18.0 701.0 486.6 Clarkson ...... 2390.0 -65.0 2900.0 1878.0 Centamin (DI) ...... 139.9 1.3 141.6 79.8 Playtech ...... 384.9 -0.3 532.0 361.8 Tsy 4.250 32 ...... 144.18 0.31 145.3 128.5 Bankers Inv Trust . . . . .940.0 10.0 970.0 766.0 Investec ...... 413.9 6.1 561.0 400.7 JD Sports Fashion . . . . .616.2 15.8 649.8 318.5 Fresnillo ...... 667.0 11.4 1027.5 601.0 Clinigen Group ...... 881.5 -10.0 1069.0 721.0 Fisher (James) & . . . .2100.0 -5.0 2260.0 1600.0 Sage Group ...... 707.8 10.2 820.4 525.6 0.5 1023.0 395.0 Tsy 1.250 32 ...... 165.27 0.09 165.4 144.1 BBGI SICAV S.A. ( ...... 154.5 1.0 168.0 142.5 IP Group ...... 58.0 -0.9 131.2 57.5 Just Eat ...... 788.4 16.4 812.0 533.8 Glencore ...... 232.5 2.7 341.5 222.2 Softcat ...... 991.5 36.5 993.5 565.0 CVS Group ...... 892.0 Royal Mail ...... 191.1 1.5 489.0 188.4 Dart Group ...... 746.5 6.5 1017.0 709.5 Tsy 0.125 36 ...... 160.14 0.32 160.5 133.4 BlackRock Smaller . . .1390.0 28.0 1490.0 1160.0 John Laing Group . . . . .380.8 -2.6 402.0 290.0 Kingfisher ...... 190.8 2.8 280.0 186.2 Hochschild Mining . . . .203.0 0.0 226.0 149.1 Sophos Group ...... 395.0 8.6 539.5 298.2 Tsy 4.250 36 ...... 153.20 0.41 154.5 133.1 JTC ...... 358.0 13.0 440.0 287.0 Marks & Spencer G . . . . .187.1 1.7 299.1 180.4 Kaz Minerals ...... 403.2 -6.8 738.4 389.2 Diversified Gas & ...... 97.8 0.6 134.0 96.9 BMO Global Smalle . . .1354.0 -8.0 1495.0 1220.0 Draper Esprit ...... 449.0 -13.0 625.0 441.0 Tsy 4.750 38 ...... 168.68 0.50 170.4 144.9 Caledonia Investm . . .3035.0 0.0 3110.0 2650.0 Jupiter Fund Mana . . . .343.1 2.7 432.0 287.6 Polymetal Interna . . . .1105.5 10.0 1107.5 597.2 SUPPORT SERVICES Tsy 0.625 40 ...... 182.93 0.49 183.5 152.8 Liontrust Asset M . . . . .730.0 -4.0 816.0 532.0 Rio Tinto ...... 3990.0 -19.5 4976.5 3486.0 Aggreko ...... 793.0 14.6 882.0 691.8 Eland Oil & Gas ...... 120.2 -0.4 134.0 97.0 City of London In . . . . .408.5 5.0 431.5 376.0 EMIS Group ...... 1120.0 4.0 1242.0 864.0 Tsy 4.500 42 ...... 173.29 0.59 175.2 145.9 Edinburgh Inv Tru . . . .548.0 6.0 695.0 535.0 LMS Capital ...... 53.8 0.8 54.6 44.0 MOBILE TELECOMS Ashtead Group ...... 2178.0 60.0 2438.0 1586.5 Tsy 3.500 45 ...... 155.68 0.69 157.5 128.0 London Finance & . . . . .38.5 0.0 43.5 37.5 Fevertree Drinks . . . . .2300.0 93.0 3956.0 2070.0 F&C Investment Tr . . . .705.0 7.0 737.0 616.0 BCA Marketplace ...... 241.4 0.0 247.0 178.5 First Derivatives . . . . .2390.0 -5.0 4330.0 2050.0 Tsy 4.250 46 ...... 177.01 0.72 179.2 145.7 Fidelity China Sp ...... 218.5 1.0 250.0 182.4 London Stock Exch . .6900.0 20.0 7058.0 3867.0 Inmarsat ...... 579.8 1.6 588.4 362.8 Bunzl ...... 2050.0 11.0 2551.0 2025.0 Tsy 4.025 49 ...... 184.41 0.74 186.8 150.0 Man Group ...... 168.4 3.8 183.0 126.8 MAIN CHANGES UK 350 Vodafone Group ...... 150.9 2.7 176.1 123.3 Frontier Developm . . .906.0 -27.0 1385.0 740.0 Fidelity European . . . . .247.5 1.5 257.5 202.0 Capita ...... 124.0 3.6 150.2 99.9 Gamma Communicati 1040.0 15.0 1195.0 688.0 Tsy 0.500 50 ...... 219.32 0.77 220.6 173.7 Fidelity Special ...... 251.0 0.0 277.0 220.0 OneSavings Bank . . . . .337.8 -17.6 447.4 326.6 OIL & GAS PRODUCERS DCC ...... 6782.0 198.0 7390.0 5555.0 Tsy 0.250 52 ...... 217.30 0.86 218.8 168.8 Finsbury Growth & . . . .931.0 5.0 956.0 740.0 Paragon Banking G . . . .413.4 0.6 490.0 379.2      Diploma ...... 1489.0 36.0 1634.0 1150.0 GB Group ...... 571.0 11.0 631.0 410.5 Plus500 Ltd (DI) ...... 744.4 14.4 1797.0 495.0  BP ...... 498.9 5.5 598.3 485.9 Gooch & Housego . . . .1050.0 0.0 1880.0 954.0 GCP Infrastructur ...... 126.2 0.2 130.8 122.4 Electrocomponents . . .576.4 9.0 761.6 480.0 Hurricane Energy ...... 40.9 0.4 60.8 38.9 AEROSPACE & DEFENCE Genesis Emerging . . . .761.0 3.0 783.0 615.0 Provident Financi . . . . .376.0 5.9 692.6 356.0 Amigo Holdings ...... 166.2 9.2 OneSavings Bank ...... 337.8 -5.0 Cairn Energy ...... 167.0 4.3 244.0 140.0 Equiniti Group ...... 201.6 5.1 266.0 186.2 Quilter ...... 127.2 1.0 156.6 110.6 Ted Baker ...... 960.0 6.1 Wood Group (John) ...... 410.4 -4.7 Energean Oil & Ga . . . .1030.0 14.0 1082.0 515.0 Impax Asset Manag . . .233.5 2.5 295.0 184.0 BAE Systems ...... 565.0 14.4 636.2 443.9 Greencoat UK Wind . . . .139.2 0.0 143.2 124.0 Essentra ...... 405.8 5.2 473.2 325.4 HarbourVest Globa . . .1694.0 -6.0 1726.0 1326.0 Rathbone Brothers . .2240.0 20.0 2634.0 2085.0 Entertainment One ...... 438.2 6.0 Charter Court Fina ...... 278.0 -4.6 Premier Oil ...... 72.3 2.1 143.6 55.6 Experian ...... 2565.0 59.0 2569.0 1728.5 Iomart Group ...... 353.5 10.5 475.0 308.0 Cobham ...... 162.2 -0.3 168.3 96.8 4.0 51.6 Herald Investment . . .1274.0 -2.0 1364.0 1055.0 Real Estate Credi ...... 168.0 0.0 175.5 163.0 Royal Dutch Shell . . . .2323.5 35.5 2666.0 2213.0 . . . .6062.0 146.0 6556.0 4749.0 IQE ...... 57.5 2.3 10 Meggitt ...... 621.8 10.2 621.8 458.0 Victrex plc ...... 1998.0 5.4 Mitchells & Butler ...... 334.0 -4.6 Ferguson ...... James Halstead ...... 508.0 22.0 532.0 367.0 175.0 Record ...... 31.2 0.1 42.1 27.3 Royal Dutch Shell . . . .2309.5 40.0 2705.5 2227.0 G4S ...... 169.2 0.9 252.2 168.1 QinetiQ Group ...... 278.6 2.6 312.4 267.0 HGCapital Trust ...... 201.0 -0.5 220.0 Burberry Group ...... 2204.0 4.5 Woodford Patient C ...... 42.0 -4.0 Johnson Service G . . . . .169.8 2.4 176.0 113.6 HICL Infrastructu ...... 167.0 2.4 170.1 149.9 River and Mercant . . . .265.0 5.0 330.0 212.0 Tullow Oil ...... 215.6 4.3 Kainos Group ...... 491.0 -3.4 Tullow Oil ...... 215.6 8.9 266.3 165.2 Grafton Group Uni . . . . .715.5 27.5 937.0 630.0 Rolls-Royce Holdi . . . . .784.2 15.2 1023.5 730.0 S&U ...... 2000.0 -90.0 2605.0 1767.5 Hays ...... 148.2 3.5 212.0 135.7 Keywords Studios . . . .1565.0 82.0 2065.0 900.0 Senior ...... 202.2 3.6 327.8 185.4 International Pub . . . . .165.4 2.8 165.6 146.8 Bodycote ...... 692.5 4.3 TBC Bank Group ...... 1280.0 -2.9 OIL EQUIPMENT & SERVICES rgan American . . .478.0 -0.5 494.5 386.5 Sanne Group ...... 537.0 0.0 752.0 450.0 . . . . .1107.0 15.0 1263.0 849.0 Learning Technolo . . . .125.6 7.6 166.5 62.2 Ultra Electronics . . . . .2210.0 24.0 2232.0 1232.0 JPMo Homeserve . . . . . M&C Saatchi ...... 215.0 -2.0 394.0 215.0 JPMorgan Emerging . .1010.0 4.0 1066.0 759.0 Schroders ...... 2727.0 42.0 3210.0 2334.0 NMC Health ...... 1936.0 4.1 PureTech Health ...... 284.0 -2.7 Hunting ...... 442.6 4.8 849.0 414.2 Howden Joinery Gr . . . .535.6 6.0 573.4 416.4 BANKS JPMorgan Indian I . . . . .718.0 -6.0 790.0 566.0 Standard Life Abe . . . . .239.8 0.5 376.7 224.9 Grafton Group Unit ...... 715.5 4.0 Clarkson ...... 2390.0 -2.7 Petrofac Ltd...... 401.0 1.9 663.4 381.5 Intertek Group ...... 5526.0 110.0 5962.0 4387.0 M. P. Evans Group . . . . .672.0 4.0 800.0 637.0 TP ICAP ...... 291.0 -1.9 324.5 267.2 Flutter Entertainm ...... 6684.0 3.9 Intu Properties ...... 33.9 -2.6 Wood Group (John) . . .410.4 -20.0 796.4 389.9 Midwich Group ...... 510.0 20.0 685.0 490.0 Bank of Georgia G . . . .1377.0 40.0 1878.8 1310.0 JPMorgan Japanese . . .451.5 0.0 465.0 367.0 Network Internati . . . .605.0 8.0 628.0 500.0 Mortgage Advice B . . .590.0 42.0 720.0 490.0 Jupiter European . . . . .845.0 6.0 895.0 666.0 Walker Crips Grou . . . . .25.0 0.0 39.0 24.0 Pagegroup ...... 444.2 3.2 623.5 415.0 Barclays ...... 139.2 0.7 185.2 137.2 XPS Pensions Grou . . . . .117.5 4.5 178.5 95.0 PERSONAL GOODS Naked Wines ...... 266.0 -2.5 420.5 219.0 Law Debenture Cor . . .562.0 0.0 624.0 534.0         PayPoint ...... 907.0 -2.0 1118.0 748.0 Close Brothers Gr . . . .1286.0 15.0 1660.0 1227.0 Mercantile Invest ...... 195.2 2.6 219.0 168.0 Burberry Group . . . . .2204.0 95.0 2345.0 1623.5 Rentokil Initial ...... 457.7 8.0 459.5 284.8 Next Fifteen Comm . . .590.0 -14.0 658.0 469.0 CYBG ...... 140.1 -1.5 344.0 132.7 FIXED LINE TELECOMS Nichols ...... 1780.0 0.0 1880.0 1240.0 Monks Inv Trust ...... 923.0 4.0 964.0 710.0 Next ...... 5760.0 112.0 6064.0 3991.0 PZ Cussons ...... 206.0 1.5 244.0 178.6 Robert Walters ...... 526.0 2.0 475.0 814.0 HSBC Holdings ...... 598.3 1.4 692.5 591.3 BT Group ...... 161.8 -1.1 264.7 160.9 NON LIFE INSURANCE Numis Corporation . . . .229.0 3.0 422.0 221.5 r . . . . .49.5 -0.2 66.6 48.6 Murray Internatio . . . .1168.0 6.0 1208.0 1056.0 Pets at Home Grou . . . .224.2 0.6 231.8 110.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 142.1 -0.2 147.4 84.1 Lloyds Banking G NB Global Floatin ...... 88.4 0.1 93.0 87.6 TalkTalk Telecom . . . . .100.4 0.3 137.0 96.6 SIG ...... 120.0 1.4 153.0 102.2 Polar Capital Hol ...... 528.0 2.0 644.0 448.0 Metro Bank ...... 274.4 0.8 3050.0 262.8 Sports Direct Int ...... 242.2 2.8 389.1 214.0 Admiral Group ...... 2175.0 0.0 2300.0 1932.5 Purplebricks Grou . . . . .128.8 3.6 300.0 90.0 NextEnergy Solar . . . . .120.5 0.0 124.5 108.0 Telecom Plus ...... 1216.0 -10.0 1528.0 1010.0 Ted Baker ...... 960.0 55.0 2378.0 800.0 Beazley ...... 598.0 14.0 599.0 492.6 AstraZeneca ...... 7412.0 143.0 7437.0 5325.0 Travis Perkins ...... 1212.0 13.5 1465.0 970.0 Royal Bank of Sco . . . . .181.9 -2.6 270.4 177.7 Dechra Pharmaceut . .2986.0 82.0 3128.0 2014.0 Redde ...... 111.4 0.0 196.0 90.0 Standard Chartere . . . .623.0 6.0 736.8 519.8 Pantheon Internat . . .2290.0 10.0 2330.0 1955.0 FOOD & DRUG RETAILERS Vivo Energy ...... 117.2 -0.2 148.6 96.0 Direct Line Insur ...... 292.4 -0.6 366.5 290.5 TOBACCO Renew Holdings ...... 382.0 -8.0 436.5 333.0 . . .291.0 0.5 364.5 284.5 Genus ...... 2598.0 26.0 2884.0 2098.0 TBC Bank Group . . . . .1280.0 -38.0 1728.0 1242.0 Perpetual Income . WH Smith ...... 1930.0 13.0 2186.0 1697.0 Hastings Group Ho . . . .177.6 -1.3 274.2 174.0 RWS Holdings ...... 608.0 13.0 652.0 415.5 Pershing Square H . . . .1518.0 28.0 1520.0 990.0 Greggs ...... 2004.0 24.0 2476.0 1006.0 Hiscox Limited (D . . . .1603.0 20.0 1777.0 1418.0 GlaxoSmithKline . . . . .1685.0 18.6 1730.0 1418.0 British American . . . .3024.5 44.5 4122.5 2375.0 Morrison (Wm) Sup . . . .181.7 1.5 269.4 176.9 HEALTH CARE EQUIPMETN & S. Hikma Pharmaceuti .2064.0 37.0 2064.0 1510.5 Scapa Group ...... 227.0 -1.0 473.4 157.0 BEVERAGES Personal Assets T . . .42950.0-200.043200.038900.0 Lancashire Holdin . . . .699.5 1.5 725.5 530.0 Imperial Brands . . . . .2103.0 21.5 2923.5 1846.8 Secure Income Rei . . . .438.0 7.0 438.0 371.0 Polar Capital Tec . . . . .1416.0 12.0 1500.0 1066.0 Ocado Group ...... 1242.5 28.0 1435.0 749.8 Assura ...... 69.9 0.6 70.0 52.4 RSA Insurance Gro . . . .535.6 10.8 641.0 496.6 PureTech Health ...... 284.0 -8.0 296.0 154.8 Barr (A.G.) ...... 619.0 -3.0 975.0 610.0 Sainsbury (J) ...... 195.8 1.9 341.5 177.1 TRAVEL & LEISURE Serica Energy ...... 111.6 0.0 142.0 74.9 Britvic ...... 871.0 13.5 956.0 745.0 RIT Capital Partn . . . . .2120.0 5.0 2150.0 1892.0 Convatec Group ...... 178.7 -1.8 239.0 118.6 Sabre Insurance G . . . .269.0 1.5 294.0 249.0 REAL ESTATE INVEST. & SERV. SSP Group ...... 710.0 14.0 744.4 615.1 . . . .3579.0 33.0 5000.0 3412.0 Smart Metering Sy . . . .448.8 -5.2 665.0 448.2 Coca-Cola HBC AG . . .2738.0 47.0 3074.0 2244.0 Riverstone Energy . . . .650.0 4.0 1282.0 635.0 Mediclinic Intern ...... 313.1 10.1 498.7 293.4 Carnival ...... Telford Homes ...... 349.0 0.0 430.0 267.0 79.0 Tesco ...... 214.3 -1.4 258.2 189.6 LIFE INSURANCE BMO Commercial Pr . . .107.8 -1.2 149.4 106.0 Diageo ...... 3485.5 42.5 3526.0 2523.5 Schroder Asia Pac . . . .443.0 -5.0 469.5 3 NMC Health ...... 1936.0 76.0 4058.0 1801.5 Cineworld Group ...... 232.5 4.4 323.6 212.0 Thorpe (F.W.) ...... 321.0 -2.0 340.0 248.0 Scottish Inv Trus ...... 807.0 5.0 888.0 748.0 UDG Healthcare Pu . . . .817.5 5.5 831.5 551.0 Capital & Countie ...... 197.4 5.7 279.5 184.9 4.0 16.0 2110.0 1483.0 Smith & Nephew . . . .1945.0 28.5 1945.0 1258.0 Aviva ...... 358.5 0.4 497.0 356.9 Compass Group . . . . .208 Watkin Jones ...... 217.5 0.5 232.5 192.2 CHEMICALS Scottish Mortgage . . . .539.5 5.5 568.5 441.4 FOOD PRODUCERS Legal & General G ...... 221.1 -2.9 291.2 220.3 CLS Holdings ...... 234.5 -1.5 255.0 195.4 Domino's Pizza Gr . . . . .234.2 6.1 297.2 221.2 Economic . . . . .117.6 0.6 117.8 106.0 HHOLD GDS & HOME CONSTR. Daejan Holdings . . . .5490.0 0.0 6190.0 5420.0 -1.2 285.0 155.8 Young & Co's Brew . . .1625.0 2.5 1885.0 1322.5 Croda Internation . . . .4728.0 92.0 5447.7 4576.0 Sequoia Phoenix Group Hol . . . .643.5 -16.0 724.8 544.0 EI Group ...... 280.8 Young & Co's Brew . . . .1130.0 0.0 1275.0 1030.0 Smithson Investme . . .1252.0 10.0 1278.0 1000.2 Associated Britis . . . . .2277.0 14.0 2638.0 2041.0 Barratt Developme . . . .625.2 2.6 663.0 434.0 Prudential ...... 1416.5 4.5 1814.5 1340.0 Grainger ...... 237.4 2.6 278.5 205.8 FirstGroup ...... 127.6 2.1 128.6 79.3 Elementis ...... 143.4 4.9 247.8 129.8 Syncona Limited N . . . .231.0 2.0 302.5 213.5 Bakkavor Group ...... 102.6 1.4 189.6 93.3 NewRiver REIT ...... 153.8 1.6 265.5 147.6 845.0 52.0 3673.0 2620.0 Bellway ...... 2849.0 39.0 3226.0 2419.0 St James's Place ...... 944.8 4.2 1164.5 914.0 Flutter Entertain . . . . .6684.0 250.0 7290.0 5525.0 Johnson Matthey . . . .2 Temple Bar Inv Tr . . . . .1176.0 8.0 1366.0 1116.0 Cranswick ...... 2636.0 42.0 3454.0 2472.0 Safestore Holding . . . .643.0 12.5 658.5 499.4 Go-Ahead Group . . . .2040.0 2.0 2200.0 1480.0 Sirius Minerals ...... 9.3 0.1 37.0 8.1 Berkeley Group Ho . . .3874.0 47.0 3981.0 3226.0 MEDIA CONSTRUCTION & MATERIALS Templeton Emergin . . .779.0 2.0 829.0 649.0 Greencore Group . . . . .208.8 2.9 230.0 162.9 Bovis Homes Group . .1033.0 5.0 1177.0 828.0 Savills ...... 844.5 0.5 957.0 678.5 Greene King ...... 840.6 -0.2 850.0 472.8 Synthomer ...... 297.4 2.4 532.1 279.8 Hilton Food Group . . . .950.0 7.0 1088.0 884.0 St. Modwen Proper . . . .401.5 1.5 441.5 365.0 Victrex plc ...... 1998.0 102.0 3408.0 1845.0 The Renewables In . . . .129.0 0.0 133.2 109.3 Countryside Prope . . . .300.0 9.4 353.2 270.0 4Imprint Group . . . . .2860.0 -10.0 2940.0 1800.0 GVC Holdings ...... 590.2 3.4 1110.0 507.5 TR Property Inv T . . . . .419.5 0.5 428.0 353.5 Tate & Lyle ...... 701.4 5.2 800.4 633.4 Crest Nicholson H . . . . .352.4 7.2 404.8 296.4 Ascential ...... 374.6 4.2 434.8 337.2 UK Commercial Pro . . . .82.0 -0.2 92.7 80.2 InterContinental . . . . .5214.0 49.0 5738.0 3958.4 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .484.0 4.0 484.0 421.5 Unilever ...... 5117.0 47.0 5121.0 3931.0 McCarthy & Stone . . . . .135.5 0.0 142.7 110.0 Bloomsbury Publis . . . .231.0 1.0 243.0 190.5 REAL ESTATE INVEST. TRUSTS International Con . . . . .420.3 4.4 711.4 413.5 . . . .122.6 4.2 124.7 89.9 Balfour Beatty ...... 218.0 6.0 296.5 194.2 VinaCapital Vietn . . . . .353.0 1.0 356.5 318.0 FORESTRY & PAPER Persimmon ...... 1859.0 12.5 2489.0 1802.5 Centaur Media ...... 39.5 1.5 56.5 34.7 Marston's ...... Witan Inv Trust ...... 214.0 2.0 226.4 189.6 Big Yellow Group . . . . .990.5 19.5 1062.0 852.5      CRH ...... 2670.0 65.0 2735.0 1971.5 Entertainment One . . .438.2 24.6 483.4 336.4 Merlin Entertainm . . . .453.4 0.9 453.4 307.1 Woodford Patient . . . . .42.0 -1.8 91.0 40.1 Mondi ...... 1609.0 42.0 2200.0 1510.5 Euromoney Institu . . .1320.0 14.0 1412.0 1132.0 British Land Comp . . . .490.3 10.3 641.8 468.3 Millennium & Copt . . . .685.0 5.0 685.0 436.0  Galliford Try ...... 566.0 8.5 1104.0 512.0 Derwent London . . . . .3120.0 46.0 3328.0 2761.0 Ibstock ...... 211.4 1.0 262.0 193.1 Worldwide Healthc . .2810.0 0.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 86.64 0.98 92.71 56.32 3M...... 161.15 0.14 219.75 155.63 ADIDAS N...... 266.25 5.20 297.95 178.30 ABBOTT LABORATOR...... 84.90 0.36 88.76 64.48 AIR LIQUIDE ...... 124.95 2.25 127.20 101.85 ADOBE ...... 291.53 5.82 313.11 204.95 AIRBUS BR...... 128.00 1.80 133.86 77.50 ALPHAB RG-C-NV...... 1191.25 8.56 1289.27 970.11 ALLIANZ...... 202.05 1.50 218.70 170.50 ALPHABET-A ...... 1191.58 8.05 1296.98 977.66 AMADEUS IT GRP BR-A...... 68.54 1.36 82.20 58.06 NEWSLETTERS AMAZON.COM ...... 1823.54 22.16 2050.50 1307.00 ASML HLDG...... 196.00 1.74 211.50 130.12 AMERICAN EXPRESS...... 122.50 1.08 129.34 89.05 AXA...... 21.58 0.10 23.99 18.40 APPLE...... 212.64 2.28 233.47 142.00 BANCO SANTANDER ...... 3.48 -0.01 4.68 3.42 AT&T...... 35.16 0.18 35.44 26.80 BASF N...... 59.14 1.20 81.73 55.72 BANK OF AMERICA...... 26.93 0.21 31.49 22.66 BERKSHIRE HATH RG-B...... 199.24 1.09 224.07 186.10 BAYER N ...... 67.15 1.00 84.35 52.00 The biggest stories BOEING CO ...... 339.99 8.24 446.01 292.47 BBVA...... 4.23 0.02 5.79 4.19 CATERPILLAR ...... 117.68 1.01 159.37 112.06 BMW...... 60.88 0.98 86.71 58.10 CHEVRON...... 117.88 1.75 127.60 100.22 BNP PARIBAS A ...... 40.61 0.08 55.34 38.14 direct to your inbox CISCO SYSTEMS...... 48.77 0.84 58.26 40.25 CRH PLC...... 29.23 0.71 34.87 26.53 CITIGROUP...... 63.25 -0.17 75.24 48.42 DAIMLER N...... 42.05 0.60 59.90 40.35 COCA-COLA CO...... 54.10 0.22 54.82 44.25 DANONE...... 80.60 0.66 81.16 59.72 COMCAST-A ...... 44.11 0.17 45.30 32.61 DEUTSCHE POST N...... 29.14 0.50 32.20 23.43 DOW...... 43.28 0.12 0.00 0.00 DEUTSCHE TELEKOM N...... 14.84 -0.13 15.88 13.36 EXXON MOBIL...... 69.72 0.69 87.36 64.65 ENEL N...... 6.32 0.08 6.62 4.22 GET THE MORNING UPDATE, FACEBOOK-A...... 183.55 -0.26 208.66 123.02 ENGIE ...... 13.55 0.06 14.39 11.31 GOLDMAN SACHS GR...... 200.68 0.70 245.08 151.70 ENI N...... 13.35 0.21 16.67 12.92 HOME DEPOT...... 220.40 3.31 220.88 158.09 ESSILORLUXOTT...... 131.25 2.20 132.30 95.50 CITY A.M.’S DAILY EMAIL IBM ...... 134.25 1.25 154.36 105.94 FRESENIUS...... 44.03 0.46 69.76 38.50 INTEL...... 47.15 0.55 59.59 42.36 IBERDROLA ...... 9.34 0.05 9.36 5.68 JOHNSON & JOHNSO...... 131.53 0.93 148.99 121.00 INDITEX...... 27.14 0.81 28.86 21.85 JPMORGAN CHASE...... 107.61 0.30 119.24 91.11 ING GROUP...... 8.41 -0.08 12.14 8.20 MASTERCARD RG-A...... 282.01 4.97 283.33 171.89 INTESA SANPAOLO N...... 1.92 0.02 2.47 1.80 CITYAM.COM/NEWSLETTER MCDONALD'S...... 220.71 2.24 221.93 156.56 KERING...... 439.05 4.25 539.80 351.70 MEDTRONIC...... 107.79 0.88 109.70 81.66 KON AH DEL BR...... 20.89 0.20 24.01 18.60 MERCK...... 86.91 1.26 87.25 66.10 L'OREAL...... 241.10 4.70 257.80 182.00 COMMODITIES CREDIT & RATES MICROSOFT...... 138.79 1.53 141.68 93.96 LINDE ...... 170.95 0.70 0.00 0.00 NETFLIX...... 297.81 -1.18 386.80 231.23 NIKE -B-...... 82.74 2.21 90.00 66.53 LVMH...... 369.10 13.40 392.65 242.30 Copper Cash Official...... 5755.00 -57.00 Euro Base Rate ...... Gold...... 1504.55 7.95 BoE IR Overnight...... 0.750 0.00 ...... 0.000 0.00 ORACLE...... 53.24 0.26 60.50 42.40 MUENCHENER RUECKV N...... 220.60 1.20 228.70 180.50 Silver...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 17.02 0.10 Aluminium Cash Official...... 1762.00 -6.00 PAYPAL HOLDINGS...... 109.82 2.45 121.48 74.66 NOKIA...... 4.66 0.04 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.50 0.00 Brent Crude...... 60.03 0.29 Nickel Cash Official...... 16000.00 -150.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ORANGE ...... 13.53 0.03 15.25 13.08 Krugerrand...... 1532.40 11.90 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.07 0.03 Aluminium Alloy Cash Official...... 1250.00 8.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor ...... -0.406 0.00 PEPSICO...... 132.34 0.28 135.24 104.53 ROY.PHILIPS...... 42.35 0.34 43.67 29.05 Palladium...... 1484.00 29.00 LIBOR Euro - overnight...... -0.464 0.01 The vix index...... 15.80 -1.70 PFIZER...... 34.87 0.26 46.47 33.97 SAFRAN...... 130.10 3.60 137.20 99.98 Cocoa Futures ...... 2200.00 71.00 Platinum...... 854.00 10.00 LIBOR Euro - 12 months...... -0.420 0.01 The baltic dry index...... 2059.00 -8.00 PHILIP MRRS INT...... 83.05 0.05 92.74 64.67 SANOFI...... 77.93 0.87 80.44 71.74 Coffee 'C' Futures...... 96.43 1.18 Tin Cash Official...... 16380.00 45.00 LIBOR USD - overnight ...... 2.097 0.00 Markit iBoxx EUR ...... 249.91 -0.16 PROCTER&GAMBLE...... 119.20 0.30 121.76 78.49 Feed Wheat Futures...... 136.00 0.85 SAP I...... 109.68 2.38 125.00 84.02 Lead Cash Official ...... 2045.00 -2.00 LIBOR USD - 12 months...... 1.949 -0.01 Markit iBoxx GBP...... 359.71 0.46 TRAVELERS COS...... 147.04 0.53 155.09 111.08 SCHNEIDER EL...... 74.36 1.40 81.36 57.54 Zinc Cash Official...... 2238.00 -12.00 Soybeans Futures Continuation Contract...860.40 4.00 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 263.02 0.61 TWITTER...... 42.80 0.51 43.48 26.19 SIEMENS N...... 89.38 2.04 114.10 84.72 UNITEDHEALTH GRO...... 240.35 0.19 287.94 208.07 SOCIETE GENERALE...... 22.12 0.02 35.01 20.81 WORLD INDICES UTD TECHS...... 127.33 0.65 144.40 100.48 TELEFONICA...... 5.97 0.02 8.06 5.86                 VERIZON COMM...... 56.59 0.32 61.58 52.28 TOTAL...... 44.39 0.72 55.39 42.65 VISA RG-A...... 180.94 1.70 184.07 121.60 UNILEVER...... 54.94 0.54 55.40 45.30 FTSE 100 ...... 7203.97 78.97 1.11 S&P 500 ...... 2924.43 23.92 0.82 CAC 40 ...... 5435.48 90.84 1.70 Hang Seng...... 26270.04 38.50 0.15 WALGREENS BOOTS...... 50.90 0.23 86.31 49.12 VINCI...... 98.52 1.30 98.52 69.98 FTSE 250 ...... 19207.75 199.66 1.05 Dow Jones I.A...... 26202.73 240.29 0.93 Swiss Market Index...... 9848.11 77.72 0.80 Shanghai Composite...... 2880.33 0.33 0.01 WALMART ...... 112.02 -0.03 115.49 85.78 VIVENDI...... 25.76 0.24 26.69 20.80 FTSE All-Share...... 3946.69 42.09 1.08 Nasdaq Composite ...... 8020.21 71.65 0.90 ISEQ Overall Index ...... 5795.22 101.84 1.79 STI Index...... 3123.90 -14.26 -0.45 WALT DISNEY...... 135.76 0.63 147.15 100.35 VOLKSWAGEN VZ I ...... 142.34 1.18 163.70 131.02 FTSE AIM All-Share...... 871.49 5.79 0.67 Xetra DAX ...... 11802.85 151.67 1.30 FTSEurofirst 300...... 1478.69 16.74 1.15 ASX All Ordinaries ...... 6572.60 -54.80 -0.83 WELLS FARGO...... 45.00 0.32 59.50 43.02 16 OPINION THURSDAY 22 AUGUST 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Ending free movement is more TO THE EDITOR Devil fines work complicated than Priti realises for idle engines [Re: Stamp Duty contortions and eco- warriors with private jets – silly season] REEDOM of movement will side the EU, is the existence of This solution has been binned – I have always admired the work of Paul end” if the UK leaves the EU those EU citizens already here – Jonathan promises made by the “previous Ormerod. But yesterday, he claimed that without a deal on 31 Octo- the same ones who Boris Johnson Portes government” are, apparently, no Bright Blue recently proposed higher fines Fber, according to the gov- and Patel promised would not see longer binding. for engine idling, and that citizens can ernment. At one level, this any change at all in their status as So what’s the answer? report those idling to the police. Both are is a statement of the obvious – in a result as Brexit. The Home Office statement straightforwardly incorrect. a legal sense, free movement is an These EU nationals had already rushed out Monday in an attempt We propose citizens receiving 25 per cent EU concept. been told that, in order to preserve to reassure pointedly dodged the of any fine issued for engine idling in Clean Under Theresa May’s deal, which their rights in Britain, they need to question – presumably because civil Air Zones if they provide photo and video provided for a transition period apply for the government’s “settled servants are currently as clueless as evidence of it to the local council, which is until December 2020, free move- status” scheme sometime before the rest of us. Or perhaps it’s be- what happens in New York. This should sit ment would, like other provisions the end of 2020. So far about a mil- cause those responsible have been alongside new powers for traffic officers to of EU law, have continued. But a no- lion – of the three million or more dispatched to Singapore, where, ac- instantly apply fines for idling, rather than deal Brexit means no transition, who are eligible – have done so. cording to news sources, they’ve having to issue a warning first. and therefore no free movement. When that deadline bites, and ap- been tasked with discovering how Ormerod claims that participating in this But that tells us nothing about plications have been processed, Patel, in contrast, we can better “count people in and citizen-based reporting scheme would beat what actually happens to EU citi- there will be a clear distinction be- out the country”. working for most people. But the standard zens who seek to move here to work tween EU citizens who arrived be- is no pragmatist – At one level, this may end up fine for idling is £20. The minimum wage or study after the end of October. fore Brexit and those who arrived promises made by being a storm in a teacup. Con- per hour is significantly higher than £5, so it Remember, “free movement” is after. But until then, it will be very fronted with the practicalities, the is nonsense that the scheme would provide not really about what happens at hard – if not impossible – to differ- the ‘previous government may revert to some- an incentive to not work. the borders. entiate between them. government’ are, thing very like the pragmatic Javid It feels like you can’t pick up a newspaper No one is planning to stop EU citi- If EU nationals arriving here after solution, perhaps with a few extra these days without reports of yet more zens with a valid passport from en- 31 October have different rights apparently, no light-touch checks or recording evidence on the harmful effects of air tering the UK, any more than we from those who are already here, longer binding mechanisms at the border. pollution. Research shows that higher stop more than a tiny fraction of what are employers, landlords and But nonetheless, damage will exposure to pollutants such as nitrogen Americans or Australians. The ques- public services – accustomed to re- have been done: to the already frag- dioxide and particulate matter from tion is whether they have the right garding an EU passport as all the ile confidence of our colleagues, vehicles is strongly associated with to work (as now), to access the NHS, documentation they need – sup- neighbours and friends from else- cardiovascular and respiratory diseases, to apply for a National Insurance posed to do? right to work and so on for three where in the EU, and to the ability mental health issues, and even dementia. number, and so on. Imposing extra checks would be years, pending the introduction of a of employers and others to rely on Unnecessary engine idling is an offence. If not, like people from outside practically complex – perhaps im- new system, after which they’d have the government to take seriously The public are sick to the back teeth of the EU who cannot show that they possible – as well as legally dubi- to reapply. During that time, em- the impact of its decisions on busi- people getting away with thoughtless, have the right paperwork, will they ous, while not doing so would ployers wouldn’t have to do any- ness, the economy, and society. illegal activity that is so damaging to our be subject to the “hostile environ- make a mockery of the new policy. thing different. And it will confirm the view of environment and health. Ormerod runs an ment” policy implemented when May herself, and Sajid Javid This would hardly have been per- many, here in the UK and elsewhere economic consultancy. Instead of attacking May was home secretary? when he was home secretary, pro- fect, as it meant introducing new in the EU, that the Johnson govern- my organisation, he should focus on doing This week we learnt that if the new posed a pragmatic approach (the uncertainty for people moving here ment simply doesn’t grasp the prac- basic research and maths properly. home secretary Priti Patel has her polite term for a fudge) to deal for jobs and their employers, not to tical implications of a no-deal Brexit. Ryan Shorthouse, director, Bright Blue way, that is indeed the objective. with this problem. mention obvious issues with the Talk is cheap, but policy by sound- But the problem with ending free Under their scheme, EU citizens many university courses that last bite costs us all. movement, not just in some ab- arriving here after a no-deal Brexit more than three years. But it would stract legal sense but in practice, would be obliged, in due course, to at least have kicked the can down £ Jonathan Portes is professor of BEST OF by making EU citizens subject to apply for “temporary leave to re- the road for now. economics and public policy at King’s TWITTER the same rules as those from out- main”, which would give them the Patel, in contrast, is no pragmatist. College London. So the POTUS has cancelled his visit to Denmark because there was no interest in discussing selling Greenland. Is this some sort of joke? Deeply insulting to the people of Greenland and Denmark. That’s the ticket: From sale to show, fans @HelleThorning_S Trump is tweeting about people deserve a market built on transparency calling him the King of Israel and the second coming of God. Just after he tried to buy Greenland. This has entered Caligula levels of weirdness MAGINE you’ve long wanted to achieve the best results for every- Ironically, many of the industry @ChrisBrosnahan see your favourite band live. one. Without it, consumers lose Wayne players calling for transparency and Then one day, they announce a their money, venues lose their val- Grierson fixed prices in secondary sales are If you could buy a country, which one Itour, with a date in your home- ued customers, nearby restaurants resistant to adopting the same stan- would it be? I don’t think I’d buy town in eight months’ time. and bars miss out on footfall, and dards for themselves. Transparency Greenland. I think Argentina would be This band hasn’t toured in a long your favourite band performs to a in the ticketing industry must be fun to own. But perhaps somewhere time, and you know that they al- smaller crowd. holistic if the true objective is to like São Tomé and Príncipe would be ways draw in the masses. In recent years, the resale of tick- put consumers first. more manageable, as it would really What do you do? Buy the ticket, of ets has come under scrutiny. Trans- Our position is clear. In our ever- only be a weekend place. course – and maybe another for a parency has emerged as the busy lives, choice and transparency @guywalters friend, so you don’t go alone. pinnacle issue in the market, to en- addition to pre-sale opportunities are critical to creating the best pos- Fast-forward six months. Now it’s sure that consumers make in- through fanclub memberships or sible fan experience. Fans should be What you really want is one that spans clear that you will be travelling formed purchasing decisions. having a particular credit card, it is aware of their purchasing options several points of latitude, winter in the with work, or you’ve not been able This is a positive step forward for an established industry practice in when trying to buy a ticket, and warm parts, summer in the cool parts. to find anyone to go with you. What the ticketing industry – the fans many markets to hold back tickets they should have the choice to pur- Coast, too, you don’t want to be should happen? must come first. and release them for sale over time. chase a ticket that is freely transfer- landlocked. Quiet neighbours, so If you can’t make the gig, you Yet what is increasingly clear is Increasingly, those tickets held able to meet their own needs. that’s anywhere that borders Russia should be able to resell the ticket to that transparency with respect to back from initial sale are being We believe that fans are best out. Chile, maybe. someone else, at a mutually agreed the first sale of tickets – how many priced differently from the tickets served by a safe, competitive, and @twlldun upon price, on a secure and trans- tickets are available for sale, at sold previously – not necessarily be- transparent ticket market. Organis- parent marketplace. That gives what price, and at what time – is cause they are better seats, but be- ers across the ecosystem should be Trump cancelled a trip to the Danish other people who weren’t as quick lacking. Recent media reports have cause the demand for the show committed to this standard to sup- Because of them making it plainish off the mark when tickets went on begun to raise valid questions justifies higher prices. port ticket buyers and sustain a That Greenland’s off limits sale the chance to go. about whether fans are getting a While that’s how supply and de- healthy marketplace. And if you are him it’s This is the essence of the second- raw deal. mand works in other markets, the Enraging because he is vainish. ary ticketing market. The transfer- We know that when tickets go on lack of transparency and customer £ Wayne Grierson is general manager @twitmericks ability of tickets is necessary to sale, they are not all sold at once. In awareness around it is concerning. EMEA at StubHub. CITYAM.COM THURSDAY 22 AUGUST 2019 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam How the offices of tomorrow DEBATE can prepare for climate change Should the state pension age increase to 75 by 2035, as proposed NTIL relatively recently, cli- age future workplaces being built on mate change was spoken Elaine plinths, raising workers from the by the Centre for Social Justice? about as an abstraction. Rossall great floods below. Others could be UWe knew it was a serious protected by specially designed sur- problem, but most people rounding landscapes that absorb The happy reality is that we are put it to the back of their minds. It felt flood damage – a sort of mini-version healthier and living longer. In 2017, the too distant, too remote. We would of the “Big U” flood defence system proportion of the UK population aged agree on the need for “action”, nod currently being built in Manhattan. 65 or over was 18.2 per cent, which is YES sagely, then get back to our day jobs. And this isn’t just a challenge for ar- projected to grow to 24 per cent by That time has passed. Climate chitects and engineers. Property in- 2037, when over half of UK adults will be PATRICK SPENCER change is real and it’s here. Tempera- For climate change, the Guide has vestors can no longer blithely ignore above 50. But this poses two problems. tures are rising and the weather is be- many important – and timely – recom- the issues of climate change. Invest- First, older people are more likely to be over 50s, and once that’s done, it is coming more unpredictable. Cast your mendations. Overall, it acknowledges ment should be focused on buildings unemployed, and second, the state reasonable to increase the state mind back to this summer’s extraordi- that we need to build workplaces that are prepared for a new weather pension becomes unaffordable. pension age. nary heatwave, which sent most of Eu- equipped for a more volatile climate. pattern, rather than those that pre- So instead of passing the problem When the state pension age was first rope darting to the nearest public Tomorrow’s Britain is going to be tend change isn’t coming. onto the next generation, why don’t we introduced in the 1940s for anyone fountain or air conditioned building. warm. This is a terrifying thought for Similarly, insurers must begin to do something? Raising taxes won’t be aged 65, life expectancy was 66. Now We need to start asking practical those of us working without air con- award lower premiums to buildings nearly enough, and compelling people people can expect to live into their 80s, questions. How will we cope with a ditioning. Unsurprisingly, newly built that feature proper climate resilience. to have more children sounds and we think the state pension age summer climate that is closer to pres- workplaces must feature new cooling This way, developers are incentivised dystopian. should better reflect that. ent day Barcelona than Barnet? How systems. But these can’t all rely on to plan for our brave new world. At the Centre for Social Justice (CSJ), will we deal with increased flooding draining power from the National This should all be in addition to in- we think that the government can do £ Patrick Spencer is head of the work and extreme weather? What elements Grid – think of the increased fuel use creased work to limit the effects of cli- loads to improve employment rates for and welfare unit at the CSJ. of our society, culture, and infrastruc- and carbon footprint. mate change. We have a duty to do all ture need an overhaul? Instead, buildings will need to em- we can to keep temperatures low. These questions aren’t a thought ex- ploy features like chilled ceilings and Developers are undergoing a drive to periment – they’re urgent, and they beams that use cold water and con- reduce carbon emissions to net zero People who are genuinely not well need answers. And this is particularly sume far less energy. Workplaces by 2050, which can be achieved in all enough to work into their late 60s need true for my industry. must also feature improved ventila- manner of ways. One ingenious ap- their pensions. Increasing the age Workplace architects and developers tion that makes use of the cleaner city proach is for buildings to generate makes no allowance for ill-health, even NO are having to face our future climate air that will follow the (hopefully) their own energy using solar panels though the poorest UK groups have today. The offices we build now will mass adoption of electric cars. and, in less dense environments, wind nearly 20 years less healthy life ROS ALTMANN be expected to stand well into this Depending on their location, some turbines. IT and lighting systems can expectancy than the most advantaged. century, probably the next. The cranes workplaces will also need to prepare be designed to reduce energy con- Further rises would compound the among employers, retraining schemes in the sky are constructing places our for increased flooding risk. We envis- sumption, while buildings can be social injustice and discriminate against are inadequate, and more than one grandchildren will live and work in. built with more sustainable materials. the least well-off. Has Britain suddenly million 50-64 year olds want to work but The new Guide to Specification from Smarter use of energy can help limit become so much poorer that it cannot can’t find employment. Many more are the British Council for Offices (BCO) Investment should be emissions, while better designed pay our meagre state pensions which unfit to work before pension age, but provides an outline for a new way of focused on buildings buildings can help prepare for the are the lowest in the developed world? get nothing. thinking. It sets out recommendations change in climate that is already Those healthy and wealthy enough to Better reforms include raising the for how the UK’s workplaces should be that are prepared for highly likely. And the offices of tomor- wait past pension age have flexibility to qualifying years required for full pension designed, looking at a range of future a new weather pattern row can lead the way. accrue extra pension, and encouraging or allowing ill-health early payments. challenges and opportunities, from working longer can benefit individuals the fourth industrial revolution to £ Elaine Rossall is chair of the research and the economy. But age £ Baroness Altmann is the former new thinking around wellness. committee at the British Council for Offices. discrimination remains embedded minister of state for pensions.

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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 18 FEATURE THURSDAY 22 AUGUST 2019 CITYAM.COM OFFICE POLITICS Learn stand-up to stand out in the office

white-knuckle situation. Whether it is With the Edinburgh Fringe Festival finishing on the open mic circuit or at a confer- ence, everyone is willing you to do well on Monday, can comedy help your career? and to forgive and forget if you falter.

OR YEARS, I have been phobic Vix LIFE AFTER DEATH of public speaking. To be hon- Leyton The liberating thing about stand-up is est, the speaking didn’t even that you cannot predict how you will have to be that public – giving HA HA HA connect with people and there will al- an update at a meeting could ways be those who just don’t get you. Fstart a leg tremor that would take Laugh My Jokes that kill it five times can be dead minutes to abate. App Off air on the sixth. But while you might It was a shameful secret, because as Free feel tumbleweeds, no one will know an otherwise confident PR I knew it that was meant to be your “mic drop” would be hard for people to under- “Whatever you moment unless you give yourself away. stand. And working in successful PRACTISE ACTIVE LISTENING do in life, always If something doesn’t land, plough startups opened up a world of public In a typical panic about my turn to give 100 per on. The same applies with corporate speaking opportunities, which I qui- speak, I’ve often been so fixated on cent. Unless conversations – people don’t even etly excused myself from. what I’m going to say that I’ve inadver- you’re donating have to laugh, they just have to listen. But as a woman working in fields tently stopped paying attention to any- blood...” Once you’ve had crickets chirping in dominated by high-profile male thing else. I’ve missed everything from That’s just one of response to a beloved personal story speakers, I was becoming increasingly minutes of meetings to inspirational the many jokes about your childhood in front of an frustrated at events where panels talks, and it’s a bad habit that I was available from audience of edgy Shoreditch types, if lacked diversity. glad to break out of. I have gone to say is a cheat code to making a this app. It can no one goes wild for your point, you Of course, by declining spots on pan- I’m the first to complain about meet- from being sick strong case – whether it is for a laugh, also send you know you’ve lived through worse. els myself, I knew that I was part of ings, but even the dull ones are better at the thought a pay rise, or sign-off on a project. notifications In the last eight months, I have gone the issue, so tackling my fear became when you actively listen, rather than of speaking in through the day from being sick at the thought of my resolution for 2019. worry about what you’re going to say. front of five PEOPLE WANT YOU with one-liners speaking in front of five people to I alighted on the Stand Up to Stand people to TO SUCCEED to put a smile on making my stand-up debut at my Out workshop, which promised to TELL YOUR STORY WELL making my Public speaking is a deeply emotive your face, and favourite comedian Mark Watson’s teach storytelling techniques that you Knowing how to tell a story is at the stand-up debut thing, and the more I have talked you could always Comedy Marathon show in the Pleas- could use in your career. heart of comedy, but it’s also an amaz- about it, the more I have realised that steal the best ance Theatre, as well as pitching my- The principles were simple but ing tool to get what you want. even the most competent people are ones to use in self professionally for all those events transformative, and while it kick- From how you “set up” and present racked with the same worries as me. your five-minute I’ve regretted not doing – all for the started an interest in performing ac- a problem, to how you propose to The thing to remember is that, by stand-up act. price of a half-day course. Sometimes tual stand-up comedy, it also taught solve it, down to the message you braving the mic, you have automati- your New Year’s resolutions do stick. me lessons that can apply to any pro- want your audience to take away, cally earned respect at what seems to fessional environment. knowing how to frame what you want be universally acknowledged as a £ Vix Leyton is head of PR at Carwow. CITYAM.COM THURSDAY 22 AUGUST 2019 LIFE&STYLE 19 GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen

FILM gruesome urban legends. When the book starts writing new stories about SCARY STORIES TO TELL IN THE DARK the friends, they set out to unravel DIR: ANDRÉ ØVREDAL the mystery before they become BY STEVE DINNEEN urban legends themselves. It all plays out against the backdrop With the recent spate of big-money of the Vietnam War and the election Stephen King adaptations and the of Ronald Reagan, neatly juxtaposing retro-revival following the success of terrors of the imagination with those Netflix’s Stranger Things, it would based firmly in reality. be easy to write off Scary Stories as Directed by Troll Hunter’s André just another algorithmically-gener- Øvredal and produced by that mas- ated, mild-horror cash grab. ter of the horror fable Guillermo del But that would be doing it a dis- Toro, Scary Stories is a solidly built service: it’s a nostalgic, soulful tour machine, its set pieces a meticulous through horror movie cliche that balance between genuinely upset- makes up for its lack of originality ting and joyously over the top. with genuine heart and humour. It’s The problem is, the books are as warm and fuzzy as a movie featur- aimed at braver pre-teens, and with ing spiders erupting from a woman’s its 15 certificate and decidedly un- face can reasonably hope to be. child-friendly frights, Scary Stories is Adapted from Alvin Schwartz’s simply too scary for its own good. As- 1980s tween horror anthology of the suming it’s instead targetting the 30- same name, it’s structured as a series somethings who read the books as of overlapping tales of the macabre, children, it’s likely to pass without set in the grainy 1960s America of much notice in the UK, where the an- our collective consciousness. It’s all thology collection was never really mean jocks and plucky geeks hang- part of the cultural zeitgeist. ing out at drive-in movie theatres Perhaps this explains why it’s and walking home through rustling been cast adrift in the dog days of fields of corn. summer, rather than being granted It follows four nerdy friends as they the Halloween release date it surely attempt to avoid the town football deserves. Given this, it’s hard to rec- hero following a poop-related prank ommend Scary Stories as more than gone horribly right. They end up a notable curio, a film with plenty locked in the basement of the local of grisly charm that seems destined RECOMMENDED herent, magnificent whole. a Jewish woman? Or that she is gay? haunted mansion, where they un- to slip between the fright-night The central conflict arises when Nothing, probably, but that’s not cover a hand-written book filled with cracks. THEATRE Professor Ruth Wolff, the founding the way a vocal chorus of internet physician of a cutting-edge demen- trolls read the situation. THE DOCTOR tia research facility, refuses to allow Muddying the waters further is ALMEIDA a priest to perform the last rites on the play’s blind casting. The priest, BY STEVE DINNEEN a teenager dying from a self-admin- for instance, is played by The Thick istered abortion. She says the deci- of It’s “angriest man in Scotland” Robert Icke approaches a classic play sion was based on her desire to give Paul Higgins (who is white), but is the way a mechanic might approach the girl a peaceful death, but she revealed mid-way through to be a motor, breaking it down to its con- does little to hide her contempt for black. Elsewhere, male actors are stituent pieces, working out what the “outdated” Catholic church, or revealed to be women and vice makes it tick, and then replacing half for religion as a whole. versa. Any prejudices uncon- of it with gleaming new parts. Juliet Stevenson is imperious in the sciously brought to the table are in- This approach paid dubious divi- central role, bringing just a flicker of geniously turned against us. dends in his largely hellish revision warmth to the hard-nosed Wolff, a Icke refuses to say who’s right in of Ibsen’s The Wild Duck last year, formidable intellect who suffers no this whole sorry mess, which de- but here he dissects Arthur Schnit- fools, even if they happen to be med- scends into antisemitic hate crimes zler’s 1912 medical ethics drama ical consultants or hospital board and shamings on national TV, only Professor Bernhardi with the exact- members. Her politically naive re- suggesting that Wolff is perhaps ing hand of a top surgeon. fusal to concede even an inch allows less wrong. It’s a masterful explo- For a play that runs to almost the growing scandal to snowball into ration of some of the most hotly de- three hours (a fact barely worth a nation-wide controversy. bated topics of our time, presented mentioning in this era of inter- Icke obsesses over the role identity in the unmistakable timbre of one minable productions), it’s incredi- politics has to play in the drama. of theatre’s most exciting voices. bly dense, ruminating on issues as How much can we read into the fact This will be Icke’s final play as asso- diverse as ethics, religion, identity that Wolff is a secular Jew? Or that ciate director of the Almeida – he politics and internet culture, yet she is on the cusp of overlooking a will be a difficult man to replace, somehow weaving it all into a co- black Christian doctor in favour of but what a way to sign off.

RECOMMENDED One of the Satanists interviewed describes the group as “the original FILM trolls,” and there are plenty of laugh-out-loud moments as they HAIL SATAN? travel around America upsetting DIR. PENNY LANE the hard right in increasingly in- BY HELEN CRANE ventive ways. The central conflict surrounds The What springs to mind when you Satantic Temple’s attempt to get a think of Satanism? For most peo- statue of Baphomet, a kind of goat- ple, it’s hooded figures in under- devil, installed outside a public ground rooms worshipping idols of building in Little Rock, Arkansas. To the devil, or sects drinking blood get the perfect look, they ask the from goblets and performing ar- sculptor to model the torso on Iggy cane rituals on naked bodies. Pop. Their argument is that, as there There’s plenty of that in director is a statue of a scroll depicting the Penny Lane’s new documentary ex- Ten Commandments there, other ploring The Satanic Temple, the un- religions should have a right to the derground religious organisation space, too. founded by Lucien Greaves in 2013, You can’t help but sympathise which has grown rapidly in the US with this group of well-meaning since the election of Donald misfits as they organise litter-pick- Trump. But this is largely satirical ing drives with pitchforks, deliver window dressing, the documentary socks to the homeless and hold tells us. What Satanists really are is counter-protests against the West- a kind of political pressure group, boro Baptist Church. pushing against the dominance of It’s a genuinely funny and weirdly Christian ideology and campaign- uplifting look at one of the ing for religious freedom and the stranger sources of modern politi- separation of church and state. cal dissent in the US. 20 SPORT THURSDAY 22 AUGUST 2019 CITYAM.COM SPORT ROOT’S SPORT DIGEST T’S hardly a new debate – in fact, it’s one nearly as old as the game itself – CAVALEIRO LEADS FULHAM but Joe Root will still want to nip it in IN MILLWALL THRASHING the bud this week as he returns home £ Ivan Cavaleiro scored twice as to Headingley. Fulham thrashed Millwall 4-0 in the IEngland begin the third Ashes Test BURDEN Championship last night. Wolves against Australia in Leeds today needing loanee Cavaleiro netted in both halves, to win at least two of the final three with goals from Anthony Knockaert and games to regain the urn. Despite the vis- Aleksandar Mitrovic securing Fulham’s itors’ 1-0 lead, the impact of Jofra Archer third successive league win. Brentford and withdrawal of the concussed Steve England captain comes home were beaten 1-0 at Leeds, who went Smith has left England confident of pro- top, while Queens Park Rangers lost 3-1 ducing a turnaround. to Headingley with a problem at home to Swansea and Charlton drew If victory in Yorkshire could come cour- 1-1 with Nottingham Forest. tesy of some weighty runs from their cap- to unload, writes Felix Keith tain that would be the perfect scenario, POPE ON STANDBY IF ROY IS because not for the first time the NOT FIT FOR THIRD TEST doubters – if not yet the internal doubts £ England have called up Surrey – are beginning to nag. batsman Ollie Pope as a potential The words “captaincy” and “burden” replacement for Jason Roy in the third are familiar bedfellows. An internet Ashes Test at Headingley, which starts search returns 262,000 results, with just today. Pope, who struck 221 not out about every modern day captain, and against Hampshire this week, has plenty of previous ones, the subject of travelled up to Leeds after Roy was hit one of cricket’s perennial questions. Root on the head during a net session on has the unwanted distinction of being Tuesday. England captain Joe Root said one of the main focuses of the discussion. he “fully expects” opener Roy to be fit The theory goes like this. Captaincy of to face Australia, who hold a 1-0 lead. a cricket team tends to be bestowed upon the team’s best player – and, most often, TE’O SHUTS ENGLAND DOOR best batsman. But the added strain it BY SIGNING FOR TOULON brings – media duties, player manage- £ Ben Te’o has effectively called time ment, tactics and so on – has the effect on his England career after signing a of taking away from the previous short-term contract with French side strengths of run-scoring. Toulon. Te’o, 32, was left out of Eddie Root, who succeeded Alastair Cook as Jones’s World Cup squad following an England’s Test captain in February 2017, altercation with teammate Mike Brown has endured such questions before, with on an Italian training camp. The former the 4-0 defeat in the 2017-18 Ashes in Aus- Worcester centre yesterday signed a tralia and nine-wicket loss against Pak- deal with Toulon until November, istan in the first Test of the 2018 summer Root is averaging 25.75 making himself ineligible for England, at Lord’s particular flashpoints. in 2019 and is in need of who will not pick foreign-based players. With England behind in a home Ashes some runs before the series and Root averaging 25.75 with the questions grow louder CHELSEA LOAN ZAPPACOSTA bat in 2019, Headingley represents a piv- TO ROMA AFTER NEW DEAL otal Test for both the team and its cap- £ Chelsea right-back Davide tain. Before he was appointed captain in with thousands of variables, with luck Trevor Bayliss is now keen to stick with Zappacosta has joined Roma on a six- February 2017 Root averaged 52.80 in one of them. Only Root himself knows the current combination even though month loan deal. Zappacosta, who OUT OF FORM Tests; since then it is 41.16. It is a notable whether the England captaincy really is it’s not producing, and admitted that joined Chelsea from Torino for £23m in There is no doubt that Root is currently difference – and one which has the a burden to him right now. Roy – who faces a late concussion test – 2017, only made four Premier League struggling for form. He was dismissed tongues of fans and pundits wagging. What’s more likely to have caused Root is “probably” being played out of posi- appearances last season. Roma have first ball by Pat Cummins in the second The records of Root’s predecessors as unnecessary strife is the unsettled state tion. an option to extend the loan until the innings at Lord’s to see the end of a re- captain show it’s far from an exact sci- of those around him in England’s bat- “Just because they’re not scoring runs end of the 2019-20 campaign, although markable run of zero golden ducks in ence. Cook averaged 49.94 as captain, as ting order. doesn’t mean it’s not the right or wrong the 27-year-old has signed a contract 152 Test innings. opposed to 46.34 beforehand, while both After batting at No4 against Ireland in spot for them,” was Bayliss’s explanation extension at Chelsea until June 2022. Such a statistical quirk doesn’t tell the Andrew Strauss (40.76 as captain vs 41.04 the first Test of the summer, Root has on Tuesday. It looks, therefore, like Root whole story, but the fact he is being without) and Nasser Hussain (36.04 vs moved up to No3 to accommodate Joe will continue to make a sacrifice for the JAPAN PIPS CRYSTAL OCEAN trapped lbw more frequently – 19 times 38.10) fared similarly regardless of the Denly. Throughout his career Root has team. IN PHOTO-FINISH AT YORK since August 2016, as compared to seven added responsibility. It is only when we often spoken of favouring No4 and the It’s been six years and three months £ Japan edged out favourite Crystal instances in the preceding four years – look at Michael Vaughan (36.02 with cap- fact that in this series, due largely to since a 22-year-old Root scored his Ocean to take the Juddmonte shows a technical problem to the ball an- taincy vs 50.98 without) and Michael Jason Roy’s failures, he’s been forced to maiden Test century at Headingley International Stakes at York yesterday. gling back into his pads. Atherton (40.58 vs 35.25) where bigger the crease after just 7.2 and 9.5 overs at against New Zealand in just his sixth Aidan O'Brien’s 5-1 shot, ridden by His overall Test average, once proudly discrepancies emerge. Edgbaston, and 1.3 and 4.1 overs at Test. Ryan Moore, won the 10-furlong Group standing above the benchmark of 50 Lord’s clearly makes run-accumulation Considering the balance of the Ashes One event in a photo-finish, with alongside Australia’s Smith, India’s Virat UNSETTLED BATTING ORDER more difficult. and his own form, a 17th Test hundred Elarqam in third. “Japan has not put a Kohli and New Zealand’s Kane Naturally a batsman’s form fluctuates Having continually tweaked the bat- at his home ground this week would be foot wrong his whole life and will just Williamson, has now dropped to 48.34. throughout his career. Cricket is a game ting order previously, England coach just as memorable. continue to get better,” said Moore. Special talent Archer gives England crucial fear factor WAS lucky enough to be at CRICKET third Test in Leeds today. down the slope from the Pavilion End the bowlers won’t have had much Lord’s on Sunday to see the cul- with a nice breeze behind him, so it time to rest. Chris Woakes played in mination of Jofra Archer’s debut COMMENT BOUNCER TACTICS won’t have taken quite as much out of the World Cup, so has had a heavy and watching live it felt like I Headingley’s pitch typically has a him. But on slower surfaces Joe Root workload, while Stuart Broad is 33 was witnessing a once-in-a-gener- Chris good carry and if the groundsman needs to limit him to short, sharp now so it can take more time to re- Iation bowler operate. leaves a bit of grass on the top Archer spells in order to protect him from in- cover. Archer is undoubtedly a special tal- Tremlett will once again be lively to face. jury. But they know the conditions well, ent. People may have scored more I don’t think he, or any of England’s so should be able to assess them, runs or taken more wickets on their other fast bowlers, should get carried MAKE OR BREAK make plans and execute them. Test debuts, but I’d struggle to think away with the bouncer though. It is a Even more so than the last Test, it’s Although the circumstances of his of anyone having such an immediate Like legendary bowlers Michael useful weapon to have, but Test bowl- make or break for England today. absence are sad, the loss of Steve impact. Holding and Andy Roberts, Archer is ing is still mainly about other skills. They have to win, because if Australia Smith is a boost which improves their The 24-year-old came into the match an imposing presence at the crease. Another word of caution: England go 2-0 up then the Ashes are going chances. Take away his runs – 378 of carrying a whole heap of expectation Given a spicy Lord’s wicket he used it need to be careful not to over-bowl back with them. them in just three innings – and Aus- and he dealt with the pressure in the to the best of his ability, striking fear him. Archer bowled 44 overs at Lord’s, England should be full of confi- tralia are not the same side. England best way, picking up where he left off into the Australian batting line-up. which was largely due to the delicate dence, so need to get on the front foot simply must take advantage. in the World Cup. He appears at home Australia have something different match situation – but you can’t ex- early on, keep hold of their emotions on the biggest stage and already looks to think about now and that’s a huge pect him to do that every week. and dictate the match. Chris Tremlett is a former England and England’s best bowler. positive for England going into the He was running on adrenaline, The two Tests are close together so Surrey fast bowler. @ChrisTremlett33