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BUSINESS WITH PERSONALITY ARSENE WENGER LAUNCH INTO THE BANK TURNS HIS HAND HOLIDAY WEEKEND WITH TO TECHNOLOGY OUR FILM REVIEWS P34-5 INVESTMENT P38 FRIDAY 24 MAY 2019 ISSUE 3,378 CITYAM.COM FREE HAIN v GREEN Peer accuses Sir CHINA STEPS Philip of groping female workers UP DEFENCE OF HUAWEI JAMES WARRINGTON security meeting last month revealed pany’s links to China’s communist the UK will ban Huawei from core government. @j_a_warrington parts of its 5G network, though the “To say that they don’t work with CHINESE officials ramped up their government is yet to issue a formal the Chinese government is a false rhetoric against western governments verdict on the issue. statement. He is required by Chinese yesterday amid a deepening dispute The threats came as China told the law to do that,” Pompeo told CNBC. over Huawei, warning that attempts US to correct its “wrong actions” in Trump late last night described to block trade with the tech giant order for trade talks to continue, after Huawei as “very dangerous”, but sug- could backfire. President Donald Trump signed an gested the dispute could be resolved A senior Chinese diplomat executive order blacklisting through a trade deal between China Lord Hain, deploying said there could be “sub- Huawei due to fears its and the US, as he unveiled plans to parliamentary privilege stantial” repercussions equipment could be used meet President Xi Jinping at the G20 in Westminster yesterday for the country’s invest- for spying. summit in Japan next month. ment in the UK if the Tensions between the two countries government decided to The US ban on Huawei have hit fever pitch in recent days as OWEN BENNETT It is the second time Hain has used ban Huawei from 5G has sent shockwaves the trade ban sends shockwaves @owenjbennett his position in parliament to confront networks. through its supply chain through the supply chain. Green, with the peer naming him as Chen Wen, China’s A string of smartphone and equip- TOPSHOP tycoon Sir Philip Green the businessman at the centre of an charge d’affairs in ment manufacturers, including repeatedly groped his female investigation by the Telegraph into London, told the BBC a “If the United States British chip designer Arm, have said employees, a Labour peer claimed inappropriate behaviour last October. ban on the telecoms firm wants to continue trade they are suspending business with yesterday. Green accused Hain of a conflict of would not send a positive mes- talks, they should show sincer- Huawei to comply with US rules. Lord Hain used parliamentary interest following the first allegations, sage to Chinese companies and would ity and correct their wrong actions,” Japanese tech giant Panasonic privilege to reveal a list of accusations related to Hain’s role as an adviser to damage the UK economy. Chinese commerce ministry sparked confusion yesterday after of inappropriate behaviour by the the Telegraph’s law firm. Hain was When asked how severe the impact spokesperson Gao Feng told reporters. initially announcing it had halted retail magnate, including that Green later exonerated by a parliamentary would be, Chen said: “It’s hard to pre- Meanwhile, US secretary of state trading with Huawei. It later said it grabbed women’s breasts and standards commissioner. dict at the moment, but I think it’s Mike Pompeo launched a fresh attack was not in breach of US regulations slapped their bottoms. Green has going to be quite substantial.” on Huawei, saying its founder Ren and would continue to trade denied allegations of harassment. £ CONTINUES ON P3 Details leaked from a top-secret Zhengfei was lying about his com- normally with the Chinese firm. FTSE 100▼ 7,231.04 -103.15 FTSE 250▼19,031.21 -276.06 DOW▼ 25,490.47 -286.14 NASDAQ▼7,628.28 -122.56 £/$▼1.265 -0.001 £/€▼1.132 -0.003 €/$▲1.118 +0.003 SEE PAGE 34 FOR OUR PARTNER SPOTLIGHT 02 NEWS FRIDAY 24 MAY 2019 CITYAM.COM OBITUARY TIGERISH PERSONALITY Children’s author Judith Kerr, who fled the Nazi persecution of Jews to reach Britain, dies aged 95 THE CITY VIEW British Steel’s fate turns up heat on Whitehall RITISH Steel may have entered insolvency proceedings, but there is some way to go before it can be considered Bscrap metal. Next week, the Official Receiver will hold meetings with MPs to discuss where the company goes from here. The hope, for the 25,000 people whose jobs British Steel supports, is that Whitehall finds a buyer. Fast. Meanwhile, former owner Greybull Capital will be left to reflect on what went wrong. Since buying British Steel three years ago for £1, the private equity firm has pumped in more than £500m. It claims to have “helped the business open up new markets and reduce costs while addressing long-term underinvestment”. Ultimately, Greybull claimed, it was “Brexit-related issues” that proved insurmountable. FAMED children’s author Judith Kerr has died at the age of 95. Kerr, who wrote the Mog But this is not the first calamity the buyout firm has presided series of books, The Tiger who Came to Tea (right, illustrated by Kerr herself) and the semi-autobiographical When Hitler Stole Pink Rabbit, fled Germany for Britain with her over. In 2012, it lifted the UK sports bar chain Rileys out of parents when the Nazis came to power and introduced anti-Jewish laws. administration. After an attempted restructuring, it This is not the first went under again in 2014. calamity that Then, in 2015, Greybull Greybull has backed a £25m buyout of convenience store firm presided over Crude oil prices slide as Mylocal. Less than a year later, that too collapsed. Most notably, Monarch Airlines went bust under Greybull’s stewardship in 2017, after it paid £50m for a 90 per cent stake in the firm three years before. The operator’s demise cost 1,800 trade war fears deepen people their jobs, and forced the Foreign Office to rescue more than 100,000 Brits stranded abroad without a ride home. AUGUST GRAHAM Now, British Steel’s insolvency throws the future of its extensive Enquest all among the biggest fallers market and higher oil prices will now on the London Stock Exchange only be vindicated when US oil inven- network of suppliers into doubt, as well as the fate of its native @AugustGraham yesterday. tories start drawing.” Scunthorpe. Understandably, this most recent failure has placed BRENT crude prices dropped below Meanwhile, oil majors BP and Shell The plunge in oil prices reflected Greybull under intense scrutiny. $68 per barrel for the first were also down, by 3.2 per cent jitters in other markets, as concerns time in almost two and 3.3 per cent respectively. mount over the escalating hostility in Business secretary Greg Clark will likely be keen to find a buyer months yesterday, putting Crude inventories rose in the US the ongoing trade war between China with a better track record. But given reports the business needs pressure on FTSE-listed by 4.6m barrels last and the US. access to £400m to £500m of working capital plus £75m in cash, explorers, after US invento- week to highs not “Again, we’re seeing the effect of he may not have the luxury of being picky. ries surged to their highest point seen since the middle worries about the trade issue on in nearly two years. of 2017, the Energy demand,” said Gene McGillian, vice Labour MP for Scunthorpe Nic Dakin yesterday told City A.M. this The international standard lost Information Administration president at Tradition Energy. process “may take months”, and that it “depends on the more than $3 over the day, a 4.75 said on Wednesday. Funds and money managers who strength of the political will of the government”. With the all- per cent drop, trading at $67.77 “The headline figures had built up long positions are “head- in the mid afternoon, before set- are depressing enough ing to the exits” as trade concerns consuming furnace of Brexit burning up most of Westminster’s tling just below $68 late last and scratching the sur- dim the demand outlook, he added. resources, the extent of this strength remains to be seen. night. Meanwhile, US standard face does not paint a The fall comes after pressure over re- West Texas Intermediate fell rosier picture either,” oil cent months reversed a massive more than five per cent to broker PVM said in a note. slump in oil prices at the end of 2018. roughly $58.20. “The prevalent opti- The price of Brent crude fell to The move put pressure on mism for a tighter global nearly $50 per barrel in December as London oil stocks, with Premier US shale flooded the market, causing Oil, Gulf Marine Services, Tullow Benchmark Brent crude oil producing cartel Opec to strangle Follow us on Twitter @cityam Oil, Nostrum Oil and Gas, and prices fell more than $3 supply in January. FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL CASINO PARENT PUT UNDER WHAT THE GROWTH FEARS HELP FACEBOOK SHOULD SET UP DOORDASH’S VALUATION CREDITOR PROTECTION OTHER TREASURY RAISE £1.6BN ‘PARLIAMENT’ OF USERS SOARS TO $12.6BN Rallye, the parent company of French Investors have lent money to the An independent panel set up by Doordash said it has raised $600m retailer Casino, has entered into the PAPERS SAY government at record low rates as they Face book to scrutinise its own behaviour (£474m) in a deal that values the San protection of the French courts in order chase safe havens amid new fears for has said it should consider creating an Francisco-based delivery startup at to freeze its debts and avoid THIS global growth against a backdrop of elected “parliament” of users with the $12.6bn, as investors clamour to get bankruptcy for up to 18 months, the intensifying political risk.