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YOUR BUSINESS WITH PERSONALITY FROM DON DRAPER TO DROIDS COULD ROBOTS WRITE BETTER ADVERTS THAN HUMANS? SQUEAKY BUM REGULAR MONDAY 5 AUGUST 2019 TIME ISSUE 3,428 ENGLAND FACE TENSE FIGHT P17 TO AVOID DEFEAT REMAIN MPCITYAM.COM P20 TERROR IN US FREE PAPER after two separateAt leastmass 29 shootings dead WE CAN STILLS: INSIDE → BLOCK BORIS

ALEXANDRA ROG ERS @city_amrogers BUSINESS WITH PERSONALITY assemble a so-called government of REMAIN-supporting MPs rejected re- national unity. They ports yesterday that they hav were ongoing about selectingsaid discussions a a dictatorship and that pa the chance to block a no-deal . e missed programme that could unite were irrelevant, but ’m afra Dominic C Tories and Labour, and th relevant,” he told rliament of the Vote Leaveummings, campaign the architect wh both the id it is ’s withdraw at a form of However, LabourCity MP A.M. Stephen Kin- the Prime Minister’s t coupled with a confirmatory referen- o is al agreement, nock said the only way to pr is believed to have told ministersop adviser, th dum, were at the hea deal was by backing the w MPs have run out of time to “The key is not a vo rt of the talks. agreement negotiated by Theresaevent no at ithdrawal the UK leaving the EU withou dence, the question is tewh of no confi- May. “It pains on 31 October, even if Boris John prevent t a deal is any point to a vote of noether confi- there Dominic Cummingsme to is say co this, but loses a vote of no confidence. dence,” the source said. even a general election can p son rrect: not repor “For there to be a point, there needs catastrophic no-deal crash Cummings had briefed minister revent a ted that to be a pro October. Regardless of w the fixed term parlia along wit gramme to -out on 31 s that h an alternative be Prime agreed, ment wishes to preventhether no deal, parlia- leav JAMES BOOTH Johnson “broad legalment discretion” act granted to Minister. It is entirely up to th the EU with a deal or hav choose wh Labour lea en an election should take dership to play ball. They referendum, the withdrawale a agree-seconde @Jamesdbooth1 place, thereb will have to agree to have a leader e ment bill is the only show in town.” arrested without being harmed. ule a poll aftery allowing the exit deadline.him to sched- AT LEAST 29 people were kil that isn’t .” Brexiter Tor The suspect in the El Paso sh many more wounded in two separate has been identified in media reports However, MPs from Streatham MP Chuka Umunna, who MPs looking toy avoid MP Nigel a no-deal Evans exit said led and ooting argue that parliament various still has parties ways joined the Libera were “batting for Brussels, not mass shootings in Ohio and Texas as Patrick Crusius, a 21-year-old from to block such an said a no-confidencel Democrats vote in Johnson’ in June, Britain… Labour and th over the weekend. Allen, Texas, a Dallas s One senior Tory exit rebel from told the EU. premiership could be held in the A gunman killed nine people and miles east of El Pasouburb 650 the last election on deliveringe Tories Brexitfought that Cummings had “downplayed”City A.M week of September – when parlia- s and that is what they have to do wounded at least 26 oth Texas governor Greg. Abbott said the 14-day period after a no . ment retur first shooting in Da ers in a the mass shooti The tussle ov yton, Ohio yesterday, ng appeared to be a dence vote in which MPs could general electionns from sc recess – with a er a no-deal Brexit.” according to local hate crime, and police cited a -confi- comes as new da police. Halloween. “I know Borisheduled Johnson before Treasury by the Liberalta obtained Democ from The suspected gunman, named as manifesto they attributed to Connor Betts suspect as evidence th would rather this country were run as indicate that fewer tha the , 24, was shot dead by the police on a routine patrol nea bloodshed was raciallyat them exporters to the EU are readyn three for in arats 10 no-deal Brexit. On Saturday, 2 rby. US President Donald Trumpotivated. dead in a W 0 people were shot tweeted: “I sta Heathrow workers call off strike at the last minuteTexas, withalmart at least assto 26 wounded. talksthis rumble country tond cond with everyone on in re in El Paso The suspec , hateful act. There areemn no today’s reasons or ted gunman was excuses that will ever justify killing AUGUST GRAHAM innocent peopl e.” @AugustGraham walk out from midnight, threat - TRAVEL chaos at Heathrow was ening services at one of the busiest mitigated last night as Unite of the year. airlines that had already announ union calle d off today’s planned Talks are set to continue today ced cancellations would get b strike in order t through concili their regul - in a stat ne o co i h i

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SQUEAKY BUM FROM DON DRAPER TO DROIDS TIME ENGLAND COULD ROBOTS WRITE BETTER FACE TENSE FIGHT ADVERTS THAN HUMANS? P17 TO AVOID DEFEAT P20 MONDAY 5 AUGUST 2019 ISSUE 3,428 CITYAM.COM FREE TERROR IN US At least 29 dead REMAIN MPS: after two separate mass shootings WE CAN STILL BLOCK BORIS ALEXANDRA ROGERS assemble a so-called government of a dictatorship and that parliament national unity. They said discussions were irrelevant, but I’m afraid it is @city_amrogers were ongoing about selecting a relevant,” he told City A.M. REMAIN-supporting MPs rejected re- programme that could unite both the However, Labour MP Stephen Kin- ports yesterday that they have missed Tories and Labour, and that a form of nock said the only way to prevent no the chance to block a no-deal Brexit. Theresa May’s withdrawal agreement, deal was by backing the withdrawal Dominic Cummings, the architect coupled with a confirmatory referen- agreement negotiated by Theresa of the Vote Leave campaign who is dum, were at the of the talks. May. “It pains me to say this, but now the Prime Minister’s top adviser, “The key is not a vote of no confi- Dominic Cummings is correct: not is believed to have told ministers that dence, the question is whether there even a general election can prevent a MPs have run out of time to prevent is any point to a vote of no confi- catastrophic no-deal crash-out on 31 JAMES BOOTH arrested without being harmed. the UK leaving the EU without a deal dence,” the source said. October. Regardless of whether parlia- The suspect in the El Paso shooting on 31 October, even if “For there to be a point, there needs ment wishes to prevent no deal, leave @Jamesdbooth1 has been identified in media reports loses a vote of no confidence. to be a programme to be agreed, the EU with a deal or have a second AT LEAST 29 people were killed and as Patrick Crusius, a 21-year-old from The Sunday Telegraph reported Cum- along with an alternative Prime referendum, the withdrawal agree- many more wounded in two separate Allen, Texas, a Dallas suburb 650 mings had briefed ministers that the Minister. It is entirely up to the ment bill is the only show in town.” mass shootings in Ohio and Texas miles east of El Paso. Fixed-Term Parliaments Act granted Labour leadership to play ball. They Brexiter Tory MP Nigel Evans said over the weekend. Texas governor Greg Abbott said Johnson “broad legal discretion” to will have to agree to have a leader MPs looking to avoid a no-deal exit A gunman killed nine people and the mass shooting appeared to be a choose when an election should take that isn’t Jeremy Corbyn.” were “batting for Brussels, not wounded at least 27 others in a hate crime, and police cited a place, thereby allowing him to sched- Streatham MP Chuka Umunna, who Britain… Labour and the Tories fought shooting in Dayton, Ohio yesterday, manifesto they attributed to the ule a poll after the exit deadline. joined the Liberal Democrats in June, the last election on delivering Brexit according to local police. suspect as evidence that the However, MPs from various parties said a no-confidence vote in Johnson’s and that is what they have to do.” The suspected gunman, named as bloodshed was racially motivated. argued that parliament still has ways premiership could be held in the first The tussle over a no-deal Brexit Connor Betts, 24, was shot dead by US President Donald Trump to block such an exit from the EU. week of September – when parlia- comes as new data obtained from the police on a routine patrol nearby. tweeted: “I stand with everyone in One senior Tory rebel told City A.M. ment returns from recess – with a Treasury by the Liberal Democrats On Saturday, 20 people were shot this country to condemn today’s that Cummings had “downplayed” general election scheduled before indicate that fewer than three in 10 dead in a Walmart store in El Paso, hateful act. There are no reasons or the 14-day period after a no-confi- Halloween. “I know Boris Johnson exporters to the EU are ready for a Texas, with at least 27 wounded. excuses that will ever justify killing dence vote in which MPs could would rather this country were run as no-deal Brexit. The suspected gunman was innocent people.” Heathrow workers call off strike at the last minute as talks rumble on

AUGUST GRAHAM walk out from midnight, threat- airlines that had already announ- in a statement. “We’re pleased that planned ening services at one of the busiest ced cancellations would get back to Earlier yesterday, Virgin Atlantic industrial action at Heathrow @AugustGraham times of the year. their regular schedules. said it was moving some of its airport has been suspended,” TRAVEL chaos at Heathrow was Talks are set to continue today “Airlines may choose to reinstate services to Gatwick from Virgin said in a statement. mitigated last night as Unite the through conciliation service Acas, impacted flights. We regret that Heathrow, and changing some Heathrow said it will “continue union called off today’s planned the union said. passengers have been inconven- departure times. talks with Unite and we remain strike in order to continue The parties will try to reach a ienced by this and urge them to The carrier confirmed yesterday hopeful that we can find a negotiating with the airport. resolution before the second day of contact their airline for up to date evening that four flights scheduled resolution and stop this disruptive Firefighters, security guards and action tomorrow. information on the status of for today will still fly from Gat- and unnecessary threat of other staff had been scheduled to It was unclear last night whether their service,” Heathrow said wick, and not return to Heathrow. strike action”.

FTSE 100▼ 7,407.06 -177.81 FTSE 250▼ 19,253.17 -381.14 DOW▼ 26,485.01 -98.41 NASDAQ▼ 8,004.07 -107.05 £/$▲ 1.216 +0.003 £/€▲ 1.095 +0.001 €/$▲ 1.110 +0.002 02 NEWS MONDAY 5 AUGUST 2019 CITYAM.COM

VIVA ZAPATA Flying French daredevil successfully crosses the Channel in second attempt at using his jet-powered hoverboard THE CITY VIEW ’s finance sector must stand up for itself

HEN John McDonnell graces boardrooms or City events with his presence, he is admirably honest. W“There’s nothing up my sleeve,” he tells business leaders, and vows that he’ll be upfront and truthful about his plans and policies when it comes to the financial sector. So far, he seems to be true to his word. There is no ambiguity about Labour’s position. McDonnell can move effortlessly from shouting about fat cats through a megaphone outside the Royal Exchange into a meeting with asset managers where he’ll tell them the same thing, only in a softer voice. When Jeremy Corbyn says that bankers are right to be worried about a Labour government (that they should view it as a threat) nobody can accuse his party of a slick attempt to woo the City into a false sense of security. Little wonder a Labour government DAREDEVIL inventor Franky Zapata yesterday became the first person to cross the English channel on a jet-powered hoverboard. The flight took just 20 minutes, and Zapata reached speeds of over 100 miles per hour before touching down in Saint Margaret’s is consistently ranked in investor or C-suite surveys as a higher Bay, near Dover. The platform had five jet engines, and Zapata carried fuel in a rucksack. He invented the craft three years ago. threat or greater cause for alarm than any form of Brexit. The two sides understand each other very well. The latest twist in this relationship is McDonnell’s announcement that he would hold a formal public inquiry into the financial services sector “to reveal and root out corruption”. He has set out plans for a 12-month inquiry, taking evidence under oath, shining a light on regulators, banks, advisers, private equity, hedge funds, UK’s stuttering economy pension funds and associated professional services. The idea comes from Professor Prem Sikka, a socialist academic and Corbyn supporter. It looks as if any such inquiry would start with a guilty verdict in mind and work back from there. One must concede that the prosecutors of this show trial would have hitting listed firm profits no shortage of evidence to present: dodgy audits, mis-selling, JAMES BOOTH Libor rigging, the list goes on. The individuals and institutions reported lower profits and a third of become increasingly dependent on a @Jamesdbooth1 reported lower sales. narrower group of companies over involved in these scandals will bear responsibility for any day of The top 40 managed to grow rev- the last year. reckoning that arrives. Never mind that in response to such UK-LISTED companies posted the enues slightly, but those outside the “The increasingly sharp divergence sorry episodes, billions have been levied in fines and people weakest set of results in three years in group were hit by a slump in revenues between the multi nat ionals and the second quarter of 2019. for the first time in five years. those more dependent on the domes- have gone to prison. McDonnell, and many others, want more. Analysis from the Share Centre Poor revenue performance was par- tic UK market is part of this picture. In their quest to deliver true justice, it’s likely that many shows revenues for UK public compa- tially driven by a lower oil price which Stone said market expectations for unfortunate, but perfectly permissible (indeed, necessary), nies increased 1.6 per cent in the hurt turnover at energy firms, but a earnings growth this year were “still examples of market failure, corporate collapse and investor second quarter. number of others sectors also strug- achievable, but for the year after opti- Profits rose 3.1 per cent, driven by gled to grow their revenues, including mism seems too high in our view losses will be thrown into the mix. If the time comes, the City the top 40 multinationals which per- food producers, telecoms, retailers given the current slowdown in the can make a good case for its own defence. But will it? It hasn’t formed strongly. and the leisure industry. world economy and uncertainty in done a very good job of doing so in recent years and the Profits for those outside the top 40, Companies made £2.04 trillion in the UK over Brexit”. which tend to have a greater exposure sales over the last 12 months, generat- He added a recovery in sterling would consequences of that can now be seen in McDonnell eyeing up to the UK, dropped by a third, the ing profits of £192.5bn on those sales, be a “significant drag on growth”. people for jury duty. fifth consecutive quarter of declines. a margin of 9.5 per cent. “The longer-term perspective shows The fall in the value of the pound This profit margin is in line with the how UK plc has endured a painful boosted the translated sterling value average for the past 18 months, but margin squeeze. Part of this reflects of overseas sales. below the seven-year high it reached the structurally tougher economic Without the fall in the value of the just under a year ago, and well behind conditions experienced since the pre- pound, both sales and profits would 2007-levels of performance. crash boom years ended in 2007, but have been slightly lower year-on-year. Richard Stone, chief executive of the it also reflects regulatory change, par- Follow us on Twitter @cityam More than half of companies Share Centre, said: “Profit growth has ticularly in the financial sector.”

FINANCIAL TIMES THE TIMES THE WALL STREET JOURNAL FCA RAISES HOPES FOR WHAT THE QATAR ACCUSED OF USING PENSION POT RIP-OFF FEES TRUMP WENT AGAINST €33BN RENAULT MERGER OTHER BRITISH BANK FOR ISLAMISM ‘COULD WIPE OUT SAVINGS’ ADVISERS ON CHINA TARIFFS The chief executive of Fiat Chrysler A British bank controlled by the Qatari Rip-off pension funds must be forced to US President Donald Trump overruled Automobiles says the company is open PAPERS SAY state is providing financial services to disclose hidden fees because too many advisers to ramp up tariffs on China to restarting merger talks with Renault British organisations linked to Islamists. are making a “fat living” off people’s after a heated exchange in which he in a sign that the aborted €33bn THIS Some of Al Rayan’s clients have had savings, MPs have said. A report by the insisted levies were the best way to (£30.2bn) tie-up could yet go ahead. their western bank accounts frozen or Work and Pensions Committee has make it comply with US demands, Despite significant hurdles to a deal, MORNING closed in a security clampdown. It called for the government to take according to people familiar with the Mike Manley told the counts among its customers a charity urgent action against funds that fail to matter. The US is poised to impose 10 that the Italian-American carmaker was banned in the US as a terrorist entity. disclose how much they charge savers. per cent tariffs on roughly $300bn still “interested in hearing” from its (£246.8bn) in Chinese imports. French rival, adding a combination STERLING DEPOSITS CUT AS PM CAN ‘TURN SPENDING offers “significant synergies”. FEARS RISE OVER NO DEAL TAPS ON’, IMF EXPERT SAYS WARREN BUFFETT SHOWS Companies have switched a near- One of the world’s top economists, GROWING PILE OF CASH KPMG THREATENED WITH last year, over allegations the Big Four record amount of sterling deposits into Olivier Blanchard, the former chief Warren Buffett’s Berkshire Hathaway CARILLION LAWSUIT accountancy group’s audit of the firm foreign currency as part of contingency economist of the International said second-quarter earnings rose due KPMG faces the threat of legal challenge was negligent. US legal firm Quinn plans before a no-deal Brexit as it Monetary Fund, has backed Boris to unrealised investment gains, while from the UK agency unwinding Emanuel has been hired to pursue a emerged that the government has built Johnson to turn on the spending taps in the company’s cash pile grew to Carillion, the outsourcer that collapsed legal case by the official receiver. up a war chest to protect the pound. order to boost the economy after Brexit. a rec ord. CITYAM.COM MONDAY 5 AUGUST 2019 NEWS 03 Uber investors Greg Clark eyes awaiting end of tech cash burn role as Treasury EMILY NICOLLE @emilyjnicolle RIDE-HAILING giant Uber is set to reveal the results of its first quarter as a publicly-listed committee boss company on Thursday, as investors look to an end in sight of the tech AUGUST GRAHAM The chair, who is normally a mem- firm’s significant losses. ber of the ruling party, is tasked with Uber’s share price has slowly @AugustGraham scrutinising the Treasury. recovered after its initial public TWO CONSERVATIVE MPs yesterday The role involves grilling City offering in May stalled, having threw their hats in the ring to be- figures. While the committee can listed at the lower end of its $44 to come the next head of the Treasury compel witnesses to attend its hear- $50 price range. Its stock dropped Select Committee as the race for one ings, this is rare. as low as $36 per share, before of parliament’s top jobs heats up. In , Hollinrake Mike Ashley is close to striking a deal to buy retailer Jack Wills ending last week at $40.40. Former business secretary Greg said if appointed, he would go after “Whatever the reasons for the Clark, and Kevin Hollinrake, a busi- Lloyds chief executive Antonio Horta- recovery the numbers don’t lie and nessman-turned-MP, both said they Osorio and Andrew Bailey, the head of show that the company is a long were keen to replace Nicky Morgan. the Financial Conduct Authority. He Ashley’s Sports Direct emerges way from being profitable,” said The former chair of the committee accused them of mistreating HBOS CMC Markets chief market analyst stepped down after being appointed whistleblower Sally Masterton. Michael Hewson. culture secretary by new Prime “I don’t see that anybody is properly as preferred buyer for Jack Wills Second-quarter losses are Minister Boris Johnson. holding Antonio Horta-Osorio to ac- expected to reach $2.33 per share, Clark, who was sacked in the same count,” he said. The MP, who founded JESS CLARK today, reported last night. following a total loss of $3bn in the reshuffle, said he would look into the estate agent Hunters, said fund man- Sources told the broadcaster that 2018 financial year. impact on the economy of Johnson’s ager Neil Woodford is on his hit-list. @jclarkjourno the deal was expected to be a pre- While the business is growing, its Brexit policies. “I absolutely think we need to see a RETAIL tycoon Mike Ashley’s Sports pack administration. woes have also increased, laying off “We will need to be very robust,” the change of culture in our banking Direct has emerged as the favourite An insider warned that a sale had 400 staff in the past month. It has no-deal critic told the Financial Times sector. And if you simply put the same to buy struggling British fashion not yet been finalised. been investing heavily amid fierce yesterday. person in charge of a different, brand Jack Wills. However, if it goes ahead, a competition with rivals such as Lyft, “The job will require a certain inde- arguably more important, side of our Sports Direct is the preferred restructuring of the business could which will report on Wednesday. pendent mindedness. I think I am on banking sector, will anything change? bidder for the retailer and a deal put some of Jack Wills’ 1,800 the record as having displayed that.” I fear not,” he told the paper. could be announced as soon as employees and 110 stores at risk. £ UBER’S TFL LICENSING ISSUES: P5

CITYAM.COM MONDAY 5 AUGUST 2019 NEWS 05 Government bid Ride-hailing giant Uber’s drive for long London licence facing TfL snub ALEXANDRA ROGERS Uber has been running on a its refusal to report criminal to strike down temporary licence ever since its incidents to the police. @city_amrogers permanent licence was revoked by Uber appealed against the decision LONDON’s transport bosses are set to Transport for London (TfL) in 2017. in June last year and was granted a snub Uber’s bid for a long-term TfL took away Uber’s licence on the 15-month probationary licence – licence in London when its prob- grounds it was not a “fit and proper which runs out next month – that ationary period runs out next month. person” to hold a licence in the forced it to make a number of rail ruling fails The ride-hailing giant has been . changes to its business model. seeking a five-year licence to operate The transport body took issue with TfL recently awarded Indian ALEXANDRA ROGERS an operator for the West Coast in the capital but is instead likely to Uber’s approach to safety and startup Ola a 15-month licence while franchise, which is currently run by be granted a shorter, less than two- regulation, including insufficient car-sharing service Via Van was given @city_amrogers Virgin and Stagecoach. year licence, Sky News reported. background checks on its drivers and a three-year licence renewal. THE GOVERNMENT has lost a bid to The three firms argue that the strike out legal challenges from three Department for Transport’s (DfT) rail firms that are contesting its han- decision to disqualify them from the dling of controversial franchise bids. franchise was unlawful. They are Last week, the High Court gave seeking an injunction to revoke the Virgin, Stagecoach and Arriva Trains decision, damages, and a restarting of the green light to challenge former the competition. transport secretary Chris Grayling’s At the time the DfT defended the decision to ban them from bidding decision, saying Stagecoach and for the East Midlands, West Arriva knowingly submitted non- Coast and South Eastern compliant bids and so should be franchises. held responsible for their own The three firms were disqualification. excluded from the compe- A DfT spokesperson said: “We tition for their refusal to do not comment on legal accept open-ended pen- proceedings. However, we have sion liabilities with the total confidence in our franchise government. competition process and will Dutch rail firm Abellio robustly defend decisions that was awarded the East were taken fairly following Midlands franchise, while a thorough and Govia won an extension impartial evalua- to the Southeastern tion process,” franchise. they added. The government is yet to appoint Chris Grayling

FLYING HIGH London City Airport breaks a 32-year record for the busiest summer

JULY was the busiest month on record for London City Airport, with 490,819 passengers either arriving at, or departing from, its gates. The number is a four per cent increase on July last year, which previously held the 32-year record. Bailey stresses importance of Bank of England independence

JAMES BOOTH despite a series of City scandals during his time heading the FCA. @Jamesdbooth1 The Bank and its governor Mark A FRONTRUNNER in the race to Carney have been criticised by pro- become the next governor of the Brexit politicians for their gloomy Bank of England has warned predictions about Brexit. politicians not to meddle with its Bailey stressed the importance of independence. the independence of the Bank for Financial Conduct Authority (FCA) the economy. chair Andrew Bailey said the Bank’s “Central bank independence is a independence was a “core under- very important underpinning that pinning” of economic stability, the has to be there all the time,” he said. Sunday Times reported. “You have to be ready to defend it Bailey is among the favourites to and advocate it in different take over as governor at the Bank, contexts.” 06 NEWS MONDAY 5 AUGUST 2019 CITYAM.COM owners consider splitting up company after ditching £6bn float JAMES WARRINGTON Sunday Telegraph reported. after the Hampshire-headquartered Spanish towers firm Cellnex, one of company scrapped plans to float on @j_a_warrington Europe’s largest telecoms the London Stock Exchange. THE INVESTMENT firms behind infrastructure firms, has been Arqiva operates roughly 8,000 telecoms mast giant Arqiva are said suggested as a potential buyer. towers across the UK, providing to be planning a breakup of the Arqiva’s investors, which include mobile services for operators such as business, two years after they ditched Canada Pension Plan Investment Vodafone, O2 and Three. a £6bn float. Board and private equity firm It also has a monopoly over The move would see Arqiva’s TV Macquarie, are also said to be national TV and , and radio towers business split from exploring potential listings of one or as well as digital and satellite services its mobile masts division, which rents both the divisions. for international clients, including space to telecoms operators, the The move would come two years Canal+ and Freeview.

Cobham is the third largest defence firm in the United Kingdom Cobham family urges ministers to stop takeover

JESS CLARK research and development (R&D). A government spokesperson said: @jclarkjourno “While this is a commercial matter THE FOUNDING family of British for the companies involved, the defence firm Cobham has asked the government is closely monitoring government to intervene in the £4bn the deal.” takeover of the company by US private Advent’s bid for Cobham – the third equity giant Advent International. largest defence firm in the UK – comes Lady Nadine Cobham has reportedly less than 18 months after centuries- written to defence secretary Ben Wal- old British engineering firm GKN was lace and business secretary Andrea acquired in a hostile takeover by turn- Leadsom urging them to block the around group Melrose Industries. deal, saying the takeover could Lady Cobham highlighted GKN’s threaten the national interest. takeover in the letter, the newspaper Lady Cobham, whose husband Sir reported Michael Cobham was the son of the Cobham’s board has unanimously firm’s founder, has warned that the backed the takeover bid, which needs sale could put security at risk and to secure 75 per cent shareholder weaken the defence industry in the approval in order to pass. UK, reported. However, some investors have In the letter, Lady Cobham, whose spoken out against the bid, including family owns 1.5 per cent of the FTSE Cobham’s largest shareholder 250 company’s shares, reportedly said Silchester International Investors, she was sceptical on assurances given which controls an 11.83 per cent hold- by Advent that it will retain British ing and said it did not view the offer skills and jobs. as “compelling”. Ministry of Defence contracts make It was speculated last week that up around five per cent of Cobham’s other companies are poised to make business. The company has said it will rival offers for the company. protect UK jobs, factories and Cobham declined to comment. Russian opposition plans new protest following 1,000 arrests ANDREW OSBORN OVD-Info, an independent monitoring group, said that police RUSSIA’s anti-Kremlin opposition said had detained 1,001 people on yesterday it was planning a Saturday, up from its earlier estimate nationwide protest next weekend, of just over 800 people. despite police forcibly detaining over Many but not all of those detained 1,000 people on Saturday for were later released by police, but attending what they said was an OVD-Info said 19 were kept in custody illegal march in Moscow to demand overnight. free elections. Faced with a wave of summer Saturday’s protest, a peaceful walk protests, authorities have opened to protest against the exclusion of criminal proceedings for what they their candidates from a Moscow term mass civil unrest, an offence election next month, was sometimes that is puni shable with up to 15 years violently dispersed by police. in jail. CITYAM.COM MONDAY 5 AUGUST 2019 NEWS 07 Quick EU-Swiss Ashtead to slash treaty deal needs ‘miracle’ pensions for its MICHAEL SHIELDS IT WOULD take a “miracle” for Switzerland and the to clinch a quick deal over a stalled partnership treaty that has top executives disrupted cross-border share trading and strained bilateral ties, JAMES BOOTH Companies awarding large salary Swiss foreign minister Ignazio @Jamesdbooth1 entitlements to their bosses include Cassis said. holiday company Tui, whose chief Cassis’ comments in an interview FTSE 100 plant hire firm Ashtead has executive Friedrich Joussen received in the Sonntagsblick newspaper axed pension entitlements worth up 51 per cent last year, and materials yesterday underscored pessimism to 40 per cent of salary for its senior supplier CRH which awarded boss over prospects for ending a executives as pressure grows on UK Albert Manifold pension contribu- political logjam over the pact, public companies to cut excessive tions worth 47 per cent of his salary. Modular homes are constructed using methods from manufacturing industries which Brussels has sought for a pension packages. In March, Lloyds Banking Group decade but the Swiss have failed to Ashtead has cut pension perks for its chief executive Antonio Horta-Osorio endorse after more than four years senior staff from up to 40 per cent of agreed to cut his pension package to of negotiations. salary to a maximum 15 per cent of 33 per cent of salary from 46 per cent Legal & General modular homes European Commission president salary. New directors’ pension contri- of salary in the face of criticism. Jean-Claude Juncker has urged butions will be aligned with the aver- Appearing before the Work and Pen- Bern to wrap up the accord before age UK employee’s contribution, the sions Committee, he was asked by venture suffers mounting losses his term is due to end on 31 Sunday Telegraph reported. Frank Field MP, to justify his “greed”. October. German defence minister The move follows pressure from Horta-Osorio responded: “It is very JESS CLARK L&G invested £23.2m in the Ursula von der Leyen is set to advisers such as the Investment Asso- difficult to accept the word ‘greed’ @jclarkjourno modular homes venture during the replace him as commission head. ciation (IA) and Glass Lewis to cut the when my total fixed compensation is year. It has injected more than £90m “An agreement with the current disparity between pensions awarded lower than the group chief executive LEGAL & General (L&G) reported a loss into the business since it was commission would be a miracle,” to bosses and average staff members. of HSBC.” of more than £20m in its modular established in 2015. Cassis said. “I don’t know where The IA has campaigned for firms to In its annual report, Ashtead said it home building division last year. The company aims to build 3,000 [she] stands on the treaty. The EU’s limit pension contributions for top recognises “the desire of shareholders L&G Homes Modular reported an homes a year using construction position will probably stay the executives to 25 per cent of salary. to see the alignment of pension operating loss of £20.6m last year. In methods utilised in manufacturing same, but the tone could change. Glass Lewis has calling for payouts to contributions with that of the average 2017, the firm reported an annual industries such as aerospace and And with a bit of serenity it will be be limited to 16 per cent of salary. employee”. loss of £46.2m. automotive. easier to agree.” Reuters

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This information is correct as of August 2019 and is relevant to Halifax products and services only. Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. 08 NEWS MONDAY 5 AUGUST 2019 CITYAM.COM Naked Wines hopes US float will be recipe for success after Majestic sale JAMES WARRINGTON Majestic last week announced it shareholders understand the will sell its retail stores to US business better,” a City source told @j_a_warrington investment management firm the newspaper. ONLINE wine retailer Naked Wines is Fortress in a £95m deal. Naked would become a dual-listed said to be preparing for a US listing The mooted listing comes as company, as there are no plans to following the sale of sister company Gormley seeks to boost Naked’s delist from the London Stock Majestic. presence in the US market and Exchange, according to the Sunday Boss Rowan Gormley has told attract more American shareholders. Times report. investors he plans to list the firm on Sales in the US jumped 21 per cent in Naked boasts roughly 200,000 the tech-heavy Nasdaq exchange once the last financial year to become the subscribers – known as angels – who the sale of Majestic goes through, the company’s largest division. pay £20 a month for access to Sunday Times reported. “He’s repositioning it because US exclusive wines.

London hotels won out over those in Paris or Berlin due to the weak pound Weaker sterling TIMEINTER-COMPANY GIVEN PEOPLEGOLF TOURNAMENT SUPPORTED boosts profit for UK hotel groups

JESS CLARK hotel chains increased seven per cent in the year, from £1.7bn to £1.9bn. @jclarkjourno The “staycation” trend is being THE TOP 100 UK hotel groups saw driven by millennials attracted to profit break the £1bn barrier last year affordability, city centre locations and as the weaker pound encouraged the environmental benefits of avoid- Brits to holiday at home. ing plane travel. Profit rose 83 per cent year-on-year Joshi added: “Improving hotel stan- from £583m as overseas tourists were dards and consistently warmer sum- also encouraged to visit the UK due to mers mean that staycations in the UK the weak exchange rate. are becoming increasingly popular. Revenue was up 1.5 per cent from “Twenty years ago, a ‘staycation’ £6.8bn to £6.9bn in 2019, according to would have been chosen mainly on a the research published today by law cost basis but it’s now an increasingly firm Boodle Hatfield. fashionable choice.” Visiting the UK has become cheaper “Over the past year, London also for foreign tourists and the weak seems to have won over many Euro- exchange rate has seen UK citizens pean tourists who may have other- choose breaks in cities such as Lon- wise visited other cities such as Paris, don, Edinburgh and York rather than which has suffered from the high pro- Sponsored by: other European cities, including file ‘gilets jaunes’ protests. Barcelona or Berlin. “Last year, the UK also benefited “UK hotels are thriving as the coun- from events such as the royal wed- try fast becomes a staycation nation,” ding, which has boosted the status of Boodle Hatfield real estate partner UK in key markets like the US.” Rajeev Joshi said. He added that hotel profits have The budget hotel sector is also also been boosted by one-off asset growing at a faster rate than the rest sales, meaning that companies need Friday of the market. to continue to increase revenue and Turnover at the five leading budget keep costs under control. Woldingham Golf Club, 6 September 2019 Surrey Only 24 team places BT mulls offloading legal tech available (4 people 020 7332 3177 [email protected] per team) firm Tikit amid broadband push @LMAppeal #CGD JAMES WARRINGTON The planned sale comes as chief All abilities welcome executive Philip Jansen doubles down @j_a_warrington on the telecoms giant’s efforts to BT IS SAID to be lining up a sale of its build Britain’s new superfast £80m legal software business as it broadband network. in partnership with: looks to focus its efforts on rolling Prime Minister Boris Johnson has out full-fibre broadband in the UK. accelerated the government’s Tikit, which provides time timeline for full-fibre coverage, recording and case management moving the target completion date software for lawyers, has been added forward from 2033 to 2025. to a list of fringe BT businesses up for Last week, Jansen said BT was ready FOR INFORMATION AND TO REGISTER VISIT: sale, the Sunday Times reported. to meet the new target, but warned BT bought Tikit for £64m in 2012, his firm needed to make a fair return lordmayorsappeal.org/citymasters boosting its ability to sell its own IT on the £30bn investment across the services to the legal sector. industry. CITYAM.COM MONDAY 5 AUGUST 2019 NEWS 09 Almost half of UK business confidence remains negative but showing improvement KEKE LIANG minus 10.3, an improvement from Among all the business sectors, firms fear post- the second quarter’s minus 16.6. The retail and wholesale, property, and UK BUSINESS confidence remains downturn in the third quarter was transport and storage are the most negative across every sector, reversed after Article 50 was affected. according to the latest survey by the extended. Izza said challenges such as late Institute of Chartered Accountants in The confidence level is almost the payments and regulatory burden England and (ICAEW). same as it was in the quarter cannot be ignored. “Robust govern- Brexit skills gap ICAEW, a professional accountancy following the 2016 EU referendum. ment action on these issues could organisation, noted in its business Michael Izza, ICAEW chief make a real difference to the business JAMES BOOTH on their ability to hire staff, with 41 confidence monitor report yesterday executive, said “a good deal” with the environment, especially for SMEs, per cent thinking it will have a nega- that business confidence is still European Union “will give business and would help to restore confidence @Jamesdbooth1 tive effect and 40 per cent unsure of negative in the third quarter at the stability it is crying out for”. and momentum,” he added. TWO-FIFTHS of UK employers are con- what the impact will be. cerned that Brexit will decrease their Half of employers in the banking ability to access talent and skills, sector think Brexit will have a nega- according to new research out today. tive impact on their recruitment, A survey of 31,500 respondents by compared to 27 per cent of employers recruiter Hays found that although 80 in the construction industry. per cent said Brexit had not affected Over a third of staff think Brexit will their ability to hire staff over the past have no impact on their future year, many are apprehensive about its employment opportunities, with 20 impact on recruitment. per cent unsure of its possible impact. Over half of employers in London Simon Winfield of Hays said: expect Brexit to decrease their access “Whilst a good proportion of employ- to talent, compared to only 23 per ers believe the outlook for UK employ- cent of employers in the north east. ment will be negative post-Brexit, Three-fifths of employers in the there is still some cause for optimism science and research sector think given that the majority of employers recruitment of top talent will be say the prospect of Brexit hasn’t yet made harder by Brexit, compared to impacted their recruitment. just under a third of employers in the “The time lag following the referen- Tailor-made construction sector. dum has undoubtedly impacted this. Nearly two-thirds of employers think The employers we work with realised Brexit will decrease their ability to that they can’t put off hiring indefi- attract EU talent, with a quarter nitely and even now they are contin- trading expecting it to significantly decrease. uing to hire where there is a specific Fewer than one-fifth of employers need and to support their investment think Brexit will have a positive effect in technology.” Our industry-leading charting package has over 115 technical indicators and drawing tools, plus more than 70 chart patterns and 12 chart types, for expert technical analysis.

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Britbox subscribers will be able to stream BBC shows such as Killing Eve BBC ‘pulling a fast one’ on indie producers over Britbox changes Spread betting & CFDs: JAMES WARRINGTON meaning Britbox may get a six-month head start on rivals such as . FX | Indices | Cryptos | Commodities | Shares @j_a_warrington “It appears the BBC is pulling a fast THE BBC has been accused of “pulling one as there is no guarantee better a fast one” on independent producers phasing of content between linear, Spread bets and CFDs are complex instruments and come with a high risk of losing money over new rules that could give Britbox broadcaster video on-demand services rapidly due to leverage. 75% of retail investor accounts lose money when spread betting and/or an advantage over streaming rivals. and Britbox will help content retain trading CFDs with this provider. You should consider whether you understand how spread bets The broadcaster has proposed new its value,” Teresa Potocka, chief and CFDs work and whether you can afford to take the high risk of losing your money. regulations meaning producers can executive of Sensethefuture Pictures, sell their rights to streaming services told City A.M. after 12 months, but only subject to The BBC said: “Britbox will be an *Awarded Best Platform Features, Best Mobile Phone/Tablet App, ranked highest for Charting, based on highest user conditions that would be tougher for additional investor in the market, satisfaction among spread betters, CFD and FX traders, Investment Trends 2018 UK Leverage Trading Report. competitors to meet than Britbox. and there’s nothing in our approach The rights would only be available that will stop producers getting a fair without conditions after 18 months, market rate for their content.” 10 NEWS MONDAY 5 AUGUST 2019 CITYAM.COM CITY TALK PARTNER CONTENT Starling to break even as bank customers double

EMILY NICOLLE depositing their salaries into retail board its first institutional investor accounts – a metric coveted by Merian Global Investors. Prior to that @emilyjnicolle challenger banks seeking consistent round, the bank had been solely STARLING Bank is set to break even in revenue – has reached 32 per cent. funded by Austrian billionaire the UK by the end of 2020, its founder Boden said the business reported a Harald McPike. The bank also won a and chief executive has said, after 150 per cent increase in its £100m grant from the RBS revealing that its user numbers have annualised revenue run rate Remedies Fund that doubled in the past eight months. since November last year. month. In her annual letter, Anne Boden Meanwhile, its workforce Boden said Starling is said the fintech firm’s account has grown 170 per cent, now targeting a total – spanning both business and topping 600 staff across FUND SPOTLIGHT: RATHBONE retail users – had risen to 775,000, the UK. Boden was formerly up from 385,000 at the end of 2018. Starling is in the operations chief at AIB The bank is now on track to reach process of securing a ETHICAL BOND FUND 1m accounts by the end of this year, second bank licence in market share of 6.7 per while deposits are expected to Ireland, in order to retain cent in business surpass £1bn over the same period. financial passporting rights banking within five years. It reported a loss before tax of across Europe post-Brexit. “Lots of companies INTERACTIVE INVESTOR TALK £26.9m last year. Boden said the bank will soon pursue growth and don’t care Starling, which is one of the open offices in , the about profitability,” she said. Dzmitry Lipski, discusses ethical digital banking sector’s three largest Netherlands, France and Germany, “What we’re doing now is players alongside Monzo and in addition to existing locations in expanding our product range and investing and looks at the aims of Revolut, has now entered “hyper London, Southampton and Dublin. innovation hand-in-hand with the Rathbone Ethical Bond fund growth”, according to Boden. The fintech firm secured £75m in growing our businesses, with a clear The amount of active customers funding in February, bringing on path to reaching profitability.”

raditionally, ethical investing meant WHAT'S IN IT? buying stocks of companies that are The fund will invest in at least 80% Tnot involved in alcohol, tobacco, investment grade bonds, with the other ROCK SOLID New Fast and Furious franchise movie Hobbs armaments or gambling, or investing in 20% in high-yield and unrated, however businesses that helped the environment or this is usually at a minimum. It is & Shaw wins the weekend box office battle with a $60m bounty supported positive social causes. benchmark agnostic and well diversified But lately, the idea has spread to bonds, with over 200 holdings. and a growing segment of the fixed income The fund does not invest in gilts, as they universe are so-called green, climate or do not pass the ethical screen – meaning social bonds, which reflect the increasing the fund may lag when gilts outperform. importance being placed on environmental The sector exposure of the fund is driven and social sustainability. by themes leading to banks and insurance These bonds are used by companies for a bonds making up over two-thirds of the specific social or environmental purpose portfolio. such as initiatives for clean water or The social housing sector accounts for renewable energy, community investment 8.7% of the fund and is where the team find and employee welfare. Such bonds provide a lot of opportunities, as the companies are investors not only with income but also usually well managed with strong credit with the satisfaction of knowing that the ratings and environmental, social, and proceeds of their investment will be used governance (ESG) ratings. for a positive cause. HOW DOES IT PERFORM? THE FUND The fund has been one of the best performers Rathbone Ethical Bond fund aims to in the IA Sterling Corporate Bond sector. It also provide a regular, above-average income by has a higher income target than most of its investing in a range of sterling- peers and currently yields 4.4%. denominated bonds with strict ethical criteria. The managers predominantly II VIEW invest in investment-grade bonds using an Rathbone Ethical Bond Fund features in the approach that considers economic and ii Super 60 list of high-conviction active and political trends, company analysis and passive funds as a Global Bonds thematic ideas. Adventurous recommendation. Managed When assessing which companies' bonds by highly experienced managers, the fund UNIVERSAL’s Fast & Furious Presents: Hobbs & Shaw crossed the box office finish line in first place, debuting with $60.8m (£50m) to buy, the managers use their 'four Cs plus' provides exposure to high-quality, from 4,253 North American locations. Starring Dwayne “The Rock” Johnson (left) and British actors Jason Statham (right) and process to help them make selections. This investment-grade credit with ethical Idris Elba, the movie features many London landmarks. The Fast & Furious series has generated over $5bn across eight films. includes: Character - management's ability criteria. It has a higher income target than to react to events; Capacity - sources of most of its peers while still taking an liquidity and cash-flow analysis; Collateral - average level of risk. assets that are pledged and, lastly, However, the flexible and unconstrained Covenants. The 'plus' is Conviction — to nature of the portfolio means its returns Iran seizes another achieve long term, above average can deviate from the index and peers. In Britain’s small businesses face performance, investors must think addition to combining a good level of differently to the market. income with ethics, the fund can offer tanker in Gulf over After applying these techniques, the investors the benefits of diversification 10,000 cyber attacks each day managers look at the opportunity set from away from their equities allocation in a alleged smuggling a valuation perspective to identify assets well-diversified portfolio. which they believe to be undervalued. KEKE LIANG malware, fraudulent payment AUGUST GRAHAM Following this, Rathbone Greenbank, the £Dzmitry Lipski is an investment analyst at requests and ransom-ware. company's separate ethical investment interactive investor. This article is provided SMALL firms are hit with about An absence of network security @AugustGraham unit, then applies an ethical overlay for information purposes only and is not 10,000 cyber attacks a day accord- measures are responsible to small IRANIAN authorities have boarded consisting of a negative screen and then a intended to be a personal recommendation ing to a survey released today. businesses vulnerable to cyber another oil tanker after weeks of ten- positive screen. Rathbone Greenbank have to adopt any investment strategy. The latest research revealed by attacks. Around 35 per cent of the sions in one of the world’s most a veto right on any investment put forward Federation of Small Businesses firms have not had security important shipping routes. by the credit team. (FSB) noted that more than 7m software in the past two years and The Revolutionary Guard said yester- As a result, the fund will avoid bond individual cyber attacks were more than half do not have a strict day that it had seized an Iraqi tanker issuers involved in armaments, reported in the two years to password policy. in the Persian Gulf on Wednesday environmentally unsustainable activities, January 2019, equivalent to 9,741 Martin McTague, FSB policy and night, according to Iran’s Press TV. animal testing, tobacco, nuclear power, attacks a day. advocacy chair, said: “More small “The foreign vessel was receiving alcohol, pornography, gambling and READ MORE ONLINE It costs small companies £4.5bn firms are waking up to the threat fuel from other ships and was trans- predatory lending. annually to tackle them, with each of cybercrime. It’s a threat that’s ferring it to the Arab countries of the In addition, all positions must have at Read more at: individual attack costing an evolving rapidly, but too many Persian Gulf,” said commander least one positive environmental, social or cityam.com/talk/interactive- estimated £1,300. small businesses still lack access to Ramezan Zirahi. “700,000 litres of corporate governance quality. investor The survey showed more than 1m the resources and budgets needed fuel have been seized and seven small firms suffer from phishing, to contain it.” sailors… have been detained.” CITYAM.COM MONDAY 5 AUGUST 2019 NEWS 11 Events app Fever books $35m in a funding round driven by Rakuten JAMES WARRINGTON round, as well as former Alibaba The London- and Madrid-head- Investment chair Michael Zeisser, quartered company also owns viral @k_a_warrington who will join Fever as a non-executive social media channel Secret Media EVENTS platform Fever has secured board member. Network, which reaches half the $35m (£28.8m) in fresh investment “The investment comes at an population of London each week following a funding round led by important time for Fever, as we through its Secret London site. Japanese internet giant Rakuten. expand our platform, enter new Fever last year expanded to Fever, which lists entertainment markets, and shape the experience Manchester, Paris, Los Angeles and events in more than a dozen cities landscape with our Fever Originals,” Lisbon. worldwide, said the cash injection said co-founder and chief executive The latest funding round, which will fund investment in technology Ignacio Bachiller. “The round will Fever said is the largest to date for an and expansion in new markets. cement Fever’s position as the go-to entertainment discovery platform, Existing investors Altresmedia and platform for consumers looking to will take the firm’s total backing to Accel also participated in the funding discover new urban experiences.” more than $70m. Fever is a hot ticket for listing entertainment events around the world Aluminium firm Online retailer seeks advice on US crime charge sales boosted TOM DALY CHINA Zhongwang Holdings said yesterday it was seeking legal advice after the company and its controlling shareholder, Liu Zhong- by fast fashion tian, were indicted on charges they evaded $1.8bn (£1.5bn) of tariffs by JESS CLARK easier returns services and increased smuggling aluminium into the US. investment in social media influ- Zhongwang said in a statement @jclarkjourno encers in order to accelerate growth. to the Hong Kong stock exchange SALES at the UK’s largest online retail- RPC co-head of retail Jeremy Drew that it and Liu had still not been ers have risen 16 per cent to £8.2bn in said: “Speed to market and perceived served with any notice in relation a year as the popularity of e-com- value remain some of the most to the legal proceedings. merce-only brands soared. important factors for consumers and “The company takes seriously Fashion retailers that only trade the most successful online fashion any allegations that it may have online reported a 31 per cent businesses are clearly hitting the Anti-government protests have been going on for weeks in Hong Kong violated any law, and is seeking increase in sales, rising to sweet spot. legal advice in relation to the £3.4bn in the year to 30 “Fast fashion online retail- alleged proceeding,” it said in the June from £2.7bn the ers will continue to statement, adding it would keep previous year. reshape how retailers do Hong Kong government: riots shareholders informed of further Designer fashion plat- developments. form Farfetch grew the Online-only fashion retail Zhongwang is based in northeast fastest in the period, sales for firms such as pushing city to ‘dangerous edge’ China’s Liaoning province and and increased sales Asos rose 31 per cent makes aluminium products for the 76 per cent to £247.7m TONY MUNROE the city to a halt is planned for today, automotive and construction from £140.8m the previ- business as consumers including by aviation workers which industries. ous year, according to the increasingly favour shop- HONG Kong’s government said that will bring the airport to a standstill. US prosecutors have alleged that latest research published ping electronically. violence and illegal protests were Late yesterday, hundreds of masked companies affiliated with Liu used today by law firm RPC. “Through fast turnover of pushing the city to an “extremely protesters blocked major roads, set ports in the Los Angeles area to Online retailers benefit from agile products, these retailers are able to dangerous edge”, as police yesterday fires and stopped transport from import aluminium from China that business models that allow them to maintain high levels of demand fired multiple rounds of tear gas to ent ering the Cross-Harbour Tunnel was disguised as a finished product respond quickly to consumer demand through constantly creating, emulat- disperse hundreds of anti-govern- linking Hong Kong and Kowloon. not subject to duties, before and track trend performance. ing and reinventing trends.” ment protesters and Beijing said it China’s official news agency making bogus sales. Sales growth has also been boosted Karen Hendy, RPC co-head of retail, would not let the situation persist. Xantha said: “The central govern- Zhongwang has described by innovation within the online retail added: “Expect more innovation from Police said more than 20 people ment will not sit idly by and let this allegations as “misleading” and sector. both online-only retailers and bricks had been arrested since Saturday for situation continue. We firmly believe “without any factual basis... If the Brands have launched initiatives and clicks in everything from easy offences including unlawful that Hong Kong will be able to allegations were proven in court, such as “try before you buy” payment credit to bespoke clothing. It’s great assembly and assault. overcome the difficulties and the company could face monetary methods, subscription retail services, news for the online consumer.” A general strike aimed at bringing challenges ahead.” Reuters penalties”. Reuters Only 200 Bangladeshi garment factories passed safety inspections

SERAJUL QUADIR European fashion brands to improve Exporters Association, accused the factory safety in Bangladesh after as accord’s members of unilaterally ONLY 200 out of 1,600 garment garment factory complex collapsed in imposing new require ments which factories in Bangladesh have met the 2013 killing more than 1,100 people. were hurting the sector. She said she requirements of an international The five-year pact was originally had met their inspectors on Saturday accord on worker safety, and 400 due to expire in May 2018, but the to urge them to consult with factories have been barred from transition period has been extended. manufacturers on their decisions. taking international orders, the The pact’s factory oversight team will “We had an agreement with industry body’s president said then hand over to a government body Accord in May this year that it will yesterday. set up for that purpose. not take any decision unilaterally but The Accord on Fire and Building Rubana Huq, president of Bangla- that has not been honoured,” added The 2013 collapse of a garment factory in Bangladesh killed more than 1,100 people Safety in Bangladesh was set up by desh Garment Manufacturers and Huq. Reuters 12 MARKETS MONDAY 5 AUGUST 2019 CITYAM.COM

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DIRECT LINE Trump’s tweet 330 P Wall St sinks 325 to one-month

320 2 Aug sends FTSE to 318.60 low on trade 315 ALL Street extended its sell-off Won Friday on renewed trade 29 Jul 30 Jul 31 Jul 1 Aug 2 Aug fears as the benchmark S&P 500 index and Nasdaq saw their worst Direct Line has been on call to deliver better-than-expected results for the first half of weekly percentage plunges since worst 2019 day this year, thanks to weather losses coming to zero and a focus on profitability over December. growth. While broker Peel Hunt does not anticipate a special dividend this year, it The Dow Jones Industrial Average does say this cannot be ruled out. “Whilst DLG is showing discipline, we see the fell 98.41 points, or 0.37 per cent, to HREATS by US President companies will publish figures, combined operating ratio slipping to the top end of the target range next year and 26,485.01, the S&P 500 lost 21.51 Donald Trump to hit China including HSBC, Standard Life have lowered our adjusted earnings per share by three per cent in 2020/21E,” the points, or 0.73 per cent, to 2,932.05 with more trade tariffs Aberdeen and William Hill. broker said. Peel Hunt maintains its “Add” rating, with a target price of 350p. and the Nasdaq dropped 107.05 Tplunged to UK shares to their Analysts at Jefferies see a 50/50 points, or 1.32 per cent, to 8,004.07. lowest in a over a month on chance that HSBC will announce a The sell-off wrapped up a Friday, while a Brexit-induced warn- share buyback at the first-half report GVC HOLDINGS tumultuous week, which saw the US ing on targets knocked shares in Royal today. Federal Reserve cut interest rates for Bank of Scotland (RBS). In the first-quarter results, chief 640 P the first time since 2008 and a renewal The FTSE 100 index slumped 2.3 per financial officer Ewen Stevenson said of trade war fears following a tweet by cent, to 7,407.06 points, on its worst HSBC would announce its decision on 620 US President Donald Trump day so far this year, while the FTSE 2019 share buybacks at the half announcing plans to impose 250 midcap index weakened year. Jefferies said it finds 600 additional tariffs on $300bn (£247bn) by 1.7 per cent to 19,253.17. HSBC’s hesitation a sur- 2 Aug of Chinese imports on 1 September. RBS plummeted 6.5 per prise given that it gener- 580 578.60 “The irony is that these trade cent to a seven-month ated $2bn (£1.7bn) excess policies are creating an environment low as it warned that 560 for the Fed to lend itself to further rate deteriorating economic Royal Bank of Scotland cuts,” said Matthew Keator, managing conditions before Brex- took a dive after a Brexit 29 Jul 30 Jul 31 Jul 1 Aug 2 Aug partner at the Keator Group in Lenox, it were likely to derail warning on profits Massachusetts. “But Trump is next year’s profitability It’s a bit of a waiting game for GVC which is up against new regulations in Europe, tweeting about hawkish trade policies and cost targets. capital to a self-imposed and Germany in particular. One treaty notionally bans online casino and poker, and and the market is going down British Airways owner common tier equity 1 imposes stake limits, but Peel Hunt believes GVC has a chance of being on the because of it.” IAG, however, jumped 8.4 per ratio of 14 per cent in the winning side, if Germany asserts rights under EU law. “We are a little less confident Meanwhile, in the coming week, cent – its biggest one-day gain in first quarter. than management of a good outcome for GVC, but we believe the shares are quarterly reports from Walt Disney, eight years – after reporting strong Ahead of its first-half results on undervalued nonetheless,” it said, adding that investors should receive an update CBS and Viacom will likely highlight profit numbers for the first half of its Wednesday, Standard Life Aberdeen later this month. The broker confirms its “Buy” rating with a 900p target price. increasing competition in video key summer period. has settled a dispute with Lloyds over streaming and could spark volatility in In the UK in the coming week, there a contract to manage £100bn worth of the so-called communication services will be a barrage of data, including a assets. IAG sector, which has outperformed since preliminary reading on second-quar- Meanwhile, the clever money is on it was overhauled last year. ter gross domestic product, as well as William Hill’s results on Friday show- 450 P “There is an analysis that has been industrial output and foreign trade ing the impact of the crackdown on going on among investors, looking at data for June, all on Friday. fixed-odds betting terminals in 440 448.20 the number of subscribers Netflix has The summer reporting season will betting shops and its efforts to 2 Aug and the growth that Disney’s service start to cool down a bit, but some big expand overseas. 430 could put up in the next three or four years, and the huge disparity in the 420 two companies’ valuations,” said TOP RISERS FTSE Chuck Carlson, chief executive officer 410 P at Horizon Investment Services in 1. IAG Up 8.39 per cent 7,700 Hammond, Indiana. 2. Fresnillo Up 0.86 per cent 29 Jul 30 Jul 31 Jul 1 Aug 2 Aug Beyond streaming, investors 3. Flutter Ent Up 0.74 per cent 7,600 watching Disney’s report tomorrow IAG’s valuation is, according to broker Liberum, is “absurdly inexpensive”, despite the will focus on its recent run of box TOP FALLERS 2 Aug 7,500 challenges facing the airline sector. “While IAG does face considerable uncertainty, office hits, including The Lion King, 7,407.06 most notably relating to Brexit and ownership restrictions, we believe this is more which has increased Disney’s lead 1. RBS Down 6.54 per cent than priced into the current rating,” Liberum said. “In contrast, we believe IAG’s position at the US box office. Disney 2. Antofagasta Down 6.25 per cent 7,400 strong margins and return on invested capital, which we believe reflect structural owns the five-highest grossing movies 3. Melrose Down 6.17 per cent improvements more than cyclical tailwinds, are far from reflected in the current of 2019, led by Avengers: Endgame 29 Jul 30 Jul 31 Jul 1 Aug 2 Aug valuation.” The broker confirms its “Buy” rating with an 875p target price. and Captain Marvel. CITY MOVES WHO’S SWITCHING JOBS

WILLIS TOWERS WATSON WTW, Matthew worked as a broker in the M&A distribution team to help promote the Morningstar Posterscope, the out-of-home and location marketing Global advisory, broking and insurance space where he helped generate new managed portfolio service to financial advisers. Martin specialist. Claire was most recently head of strategy solutions company Willis business and provide insurance solutions on some of has more than 20 years of experience in the financial and board birector at out of home agency Rapport Towers Watson (WTW) has the largest and most complex corporate real estate services industry, primarily concentrating on where she was responsible for strategy, creativity and announced the appointment transactions across Europe. A qualified solicitor, he Investment and platform solutions, having worked innovation on clients including Sky, 20th Century Fox Matthew Gooden to the role of started his career as a commercial property lawyer at across both the Australian and UK markets. He joins and Amazon. She was previously senior creative director and head of sales what is now Gowling WLG, dealing with a full range of from Aegon UK where he served first as head of strategist at Future Fusion and has also worked at across its professional real estate matters for institutional clients. platform distribution and strategy before his most John Ayling Associates and MEC. Claire will report into indemnity (PI) team. Matthew recent role as distribution director for platform and Nick Halas, Posterscope’s global head of strategy. will be tasked with driving new MORNINGSTAR investments. Prior to this, he held senior positions at Claire is also an Ocean Outdoor digital creative judge. business leads for the firm, in a Morningstar Investment Management Europe, part of Axa Wealth and Prudential in the UK. She will lead Posterscope UK’s multiply innovation hire which reflects the the Morningstar Investment Management group, has department, delivering pioneering creative solutions increasing demand for PI cover the firm is experiencing announced that Martin Coyle has been appointed POSTERSCOPE across the company’s entire client base. This will range from organisations in the legal, professional, financial head of business development in the UK effective Claire Kimber has been appointed to the newly- from working with current and new data partners to services and construction sectors. Prior to joining immediately. In this role, Martin will lead the UK created role of group innovation director at delivering award-winning work.

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM MONDAY 5 AUGUST 2019 MARKETS 13

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.0950 0.0018 €/$ 1.1105 0.0025 7407.06 19253.17 4039.53 26485.01 8004.07 2932.05 /$ 1.2163 0.0046 €/£ 0.9128 0.0015 177.81 381.14 92.70 98.41 107.05 21.51 /¥ 129.62 0.3963 €/¥ 118.36 0.5546

                               

Marshalls ...... 619.0 -7.5 690.0 412.2 Future ...... 1112.0 -34.0 1248.0 375.0 Derwent London . . . .2930.0 12.0 3328.0 2761.0 Millennium & Copt . . . .680.0 0.0 685.0 436.0 GILTS FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6152.0 -60.0 7155.0 5593.0 Mitchells & Butle ...... 313.0 -3.5 320.0 238.0 Polypipe Group ...... 397.0 -8.0 453.8 307.8 Redrow ...... 543.0 -11.0 674.6 460.8 Goco Group ...... 83.3 -0.6 120.0 64.6 Great Portland Es . . . . .662.6 -2.0 773.6 652.3 Tsy 3.750 19 ...... 100.28 0.00 103.4 100.3 3i Group ...... 1103.0 -23.5 1164.5 756.2 Centrica ...... 73.4 -0.6 155.6 71.3 Haynes Publishing . . . .224.0 0.0 227.8 160.0 National Express . . . . .421.4 -0.2 438.4 361.4 ELECTRICITY Taylor Wimpey ...... 155.5 -5.8 192.3 129.3 Hammerson ...... 214.0 3.0 513.2 207.5 . .1820.0 -40.0 1990.0 1490.0 Tsy 2.000 20 ...... 101.41 0.00 102.5 101.4 3i Infrastructure ...... 281.5 -2.5 303.0 232.5 National Grid ...... 856.6 0.6 889.2 748.7 Huntsworth ...... 100.0 0.6 125.0 81.0 PPHE Hotel Group . Intu Properties ...... 43.1 -1.4 201.5 42.4 Rank Group ...... 148.4 -4.4 187.4 135.0 Tsy 4.750 20 ...... 102.48 0.00 106.4 102.5 Contour Global ...... 167.0 -3.0 246.0 150.1 AJ Bell ...... 405.5 -2.5 477.0 220.0 Pennon Group ...... 728.2 3.8 792.8 684.2 INDUSTRIAL ENGINEERING ...... 850.8 -26.2 892.0 605.8 Land Securities G . . . . .795.2 4.2 943.6 782.4 Tsy 3.750 20 ...... 103.52 0.00 106.3 103.5 Allied Minds ...... 65.0 0.7 87.1 37.3 ITE Group ...... 73.0 -0.6 83.7 56.3 Restaurant Group . . . . .149.8 0.1 221.9 111.9 Drax Group ...... 305.0 0.8 427.2 260.2 Severn Trent ...... 2041.0 9.0 2153.0 1770.0 Bodycote ...... 715.0 -11.5 1024.0 676.0 LondonMetric Prop . . .200.0 -1.4 215.2 172.7 Stagecoach Group . . . . .129.9 -2.5 177.0 115.5 Tsy 2.500 20 ...... 356.02 -0.02 361.4 355.8 SSE ...... 1097.5 -3.5 1280.0 1008.0 Amigo Holdings ...... 145.8 -1.8 297.5 142.6 United Utilities ...... 795.4 -4.2 873.6 682.4 Hill & Smith Hold . . . .1056.0 -19.0 1473.0 902.5 ITV ...... 106.8 -1.3 170.1 102.8 Primary Health Pr . . . . .129.2 -1.8 139.0 106.4 Moneysupermarket. . . .357.0 -9.5 417.7 264.0 TUI AG Reg Shs (D . . . . .816.2 2.6 1582.5 698.0 Tsy 8.000 21 ...... 113.98 -0.01 120.4 113.6 Arrow Global Grou . . . .270.4 2.2 279.4 167.2 GENERAL INDUSTRIALS IMI ...... 998.6 -35.4 1227.0 870.0 SEGRO ...... 750.0 -10.6 789.0 585.2 Tsy 4.000 22 ...... 109.46 0.03 111.3 109.0 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .353.0 -2.0 510.0 320.0 Pearson ...... 830.4 -19.0 1027.5 769.2 Shaftesbury ...... 772.0 -12.0 930.5 771.0 Wetherspoon (J.D. . . . .1501.0 -25.0 1581.0 1066.0 Melrose Industrie . . . . .179.3 -11.8 233.9 146.3 Whitbread ...... 4334.0-176.0 5114.0 3883.0 Tsy 0.500 22 ...... 100.50 0.04 100.6 97.7 Halma ...... 1939.0 -89.0 2094.0 1237.0 Ashmore Group ...... 525.5 -8.0 542.5 337.0 Smith (DS) ...... 338.2 -9.1 513.4 292.2 Reach ...... 91.2 2.0 92.4 54.6 Tritax Big Box Re ...... 150.8 -2.3 159.7 129.0 RHI Magnesita N.V . . .4216.0-196.0 5085.0 3318.0 William Hill ...... 145.4 -5.5 292.3 132.3 Tsy 1.875 22 ...... 117.42 0.07 118.3 115.5 Morgan Advanced M . . .251.0 -2.0 363.0 237.0 Brewin Dolphin Ho . . . .305.8 -8.8 366.0 295.4 Smiths Group ...... 1604.0 -58.0 1666.0 1279.5 Relx plc ...... 1919.0 -44.5 1978.0 1491.5 0 1076.0 797.5 Rotork ...... 296.3 -10.7 360.6 235.7 Unite Group ...... 1015.0 -17. Wizz Air Holdings . . . .3587.0 37.0 3769.0 2329.0 Tsy 2.250 23 ...... 107.81 0.07 107.8 104.7 Oxford Instrument . . .1274.0 -8.0 1424.0 842.0 Charter Court Fin . . . . .282.0 -6.0 375.0 228.8 Smurfit Kappa Gro . . .2520.0 -56.0 3292.0 1934.0 Spirax-Sarco Engi . . . .8790.0-300.0 9400.0 5900.0 Rightmove ...... 514.9 -12.1 585.1 420.9 Workspace Group . . . . .816.5 -10.5 1088.0 789.5 Tsy 2.500 24 ...... 376.70 0.11 377.2 358.7 Renishaw ...... 3624.0-184.0 5520.0 3583.3 City of London In . . . . .420.5 -18.5 442.0 360.0 Vesuvius ...... 491.0 -11.5 662.0 473.2 Weir Group ...... 1376.0 -79.5 1939.0 1240.0 STV Group ...... 373.0 3.0 432.5 318.0 AIM 50 Tsy 0.125 24 ...... 115.47 0.12 115.7 110.9 CMC Markets ...... 92.0 -2.4 193.0 77.4 Tarsus Group ...... 424.0 0.0 438.0 243.0 SOFTWARE & COMPUTER SERV. Spectris ...... 2460.0 -113.0 2898.0 1966.5 Abcam ...... 1253.0 -39.0 1539.0 1017.0 Tsy 5.000 25 ...... 125.68 0.14 126.1 122.1 Coats Group ...... 76.0 -3.1 91.3 69.8 GENERAL RETAILERS INDUSTRIAL METALS & MINING WPP ...... 937.2 -38.4 1301.0 800.4 Avast ...... 327.8 -6. EQUITY INVESTMENT INSTRUM. 2 345.8 228.7 Advanced Medical . . . .293.5 -2.0 370.0 260.0 Tsy 4.250 27 ...... 131.13 0.18 131.3 122.6 Georgia Capital ...... 988.0 0.0 1260.0 941.0 Auto Trader Group . . . .526.2 -11.8 606.0 388.5 Evraz ...... 612.8 -32.4 709.4 442.1 MINING Aveva Group ...... 3900.0 -114.0 4170.0 2284.0 Tsy 1.250 27 ...... 139.03 0.18 139.4 128.4 Aberforth Smaller . . . .1166.0 -12.0 1394.0 1120.0 Hargreaves Lansdo . .2043.0 -70.0 2433.0 1633.0 B&M European Valu . . .355.4 -7.6 426.3 278.6 0 952.0 Alliance Pharma ...... 72.0 0.8 95.6 60.0 Ferrexpo ...... 243.6 -10.8 301.3 143.5 Computacenter ...... 1481.0 -19.0 1572. ASOS ...... 2547.0 -141.0 6222.0 2107.0 Tsy 6.000 28 ...... 149.95 0.19 150.0 140.5 Alliance Trust ...... 813.0 -22.0 838.0 672.0 IG Group Holdings . . . . .567.2 -9.0 935.5 474.8 Card Factory ...... 164.1 -2.5 212.4 162.6 Acacia Mining ...... 226.2 0.4 256.6 96.1 FDM Group (Holdin . . .808.0 -8.0 1000.0 734.0 Tsy 0.125 29 ...... 131.77 0.23 132.1 118.8 Apax Global Alpha . . . .155.0 -2.0 159.0 127.0 IntegraFin Holdin . . . . .383.0 -1.5 406.1 269.0 Dixons Carphone ...... 115.2 -3.1 179.8 107.6 INDUSTRIAL TRANSPORTATION Anglo American . . . . .1884.0 -68.0 2266.0 1464.6 Funding Circle Ho . . . . .110.0 -0.6 440.0 107.2 Blue Prism Group . . . .1274.0 -98.0 2575.0 1040.0 Tsy 4.750 30 ...... 144.66 0.26 144.9 132.1 Intermediate Capi . . . .1338.0 -54.0 1429.0 899.0 Antofagasta ...... 846.0 -56.4 1022.5 727.2 Camellia ...... 10650.0 -50.0 11750.0 9100.0 AVI Global Trust ...... 760.0 -15.0 781.0 660.0 Dunelm Group ...... 890.0 -22.0 981.0 482.8 BBA Aviation ...... 314.6 -10.2 324.8 207.0 Kainos Group ...... 550.0 -6.0 676.0 340.0 CareTech Holding . . . . .377.0 -7.0 406.0 325.0 Tsy 4.125 30 ...... 395.30 0.22 396.5 355.2 ...... 819.0 -17.0 866.0 663.0 International Per . . . . .106.0 -1.2 248.8 101.4 Inchcape ...... 590.5 -13.5 716.5 486.6 BHP Group ...... 1844.0 -92.2 2049.0 1490.6 Baillie Gifford J Clarkson ...... 2465.0 -75.0 2900.0 1878.0 Micro Focus Inter . . . . .1739.8 -40.6 2491.6 1434.4 Central Asia Meta . . . . .199.0 -4.0 266.5 197.4 Tsy 4.250 32 ...... 142.21 0.37 142.2 128.5 Bankers Inv Trust . . . . .943.0 -23.0 970.0 766.0 Investec ...... 448.4 -17.6 561.0 423.4 JD Sports Fashion . . . . .614.2 -25.8 649.8 318.5 Centamin (DI) ...... 129.5 2.2 136.2 79.8 ...... 433.2 -9.9 560.4 361.8 Fisher (James) & . . . .2080.0 -45.0 2260.0 1600.0 Playtech . Clinigen Group ...... 1002.0 -8.0 1069.0 721.0 Tsy 1.250 32 ...... 161.72 0.24 162.4 144.1 BBGI SICAV S.A...... 154.5 0.5 168.0 142.5 IP Group ...... 62.6 -2.4 131.2 61.8 Just Eat ...... 736.4 -21.8 806.4 533.8 Royal Mail ...... 211.1 -1.7 489.0 194.5 Fresnillo ...... 611.0 5.2 1027.5 591.6 Sage Group ...... 723.8 -13.0 820.4 525.6 Tsy 0.125 36 ...... 154.03 0.27 154.7 133.4 John Laing Group . . . . .383.4 -0.6 402.0 283.2 Glencore ...... 242.3 -12.2 341.5 237.0 CVS Group ...... 913.5 -16.5 1023.0 395.0 BlackRock Smaller . . .1370.0 -26.0 1600.0 1160.0 Kingfisher ...... 215.0 -3.7 299.4 202.2 Softcat ...... 929.5 -21.5 993.5 565.0 Dart Group ...... 763.5 -3.0 1017.0 748.0 Tsy 4.250 36 ...... 149.74 0.45 149.9 133.1 BMO Global Smalle . . .1406.0 0.0 1495.0 1220.0 JTC ...... 349.0 1.0 440.0 287.0 Marks & Spencer G . . . .201.0 -6.9 299.1 199.7 Hochschild Mining . . . .202.0 0.8 217.0 149.1 Sophos Group ...... 425.0 -9.0 539.5 298.2 Kaz Minerals ...... 512.6 -38.0 738.4 436.7 Diversified Gas & ...... 107.0 0.0 134.0 100.0 Tsy 4.750 38 ...... 164.21 0.57 164.7 144.9 Caledonia Investm . . .3035.0 -35.0 3110.0 2650.0 Jupiter Fund Mana . . . .355.4 -8.8 433.3 287.6 SUPPORT SERVICES Tsy 0.625 40 ...... 175.27 0.42 176.5 152.8 -8.5 434.0 376.0 Liontrust Asset M . . . . .778.0 -16.0 816.0 532.0 Polymetal Interna . . . .984.8 6.0 1031.0 597.2 Draper Esprit ...... 510.0 -8.0 645.0 458.0 City of London In ...... 413.0 Eland Oil & Gas ...... 123.6 -1.2 134.0 97.0 Tsy 4.500 42 ...... 167.51 0.67 167.7 145.9 Edinburgh Inv Tru . . . . .579.0 -11.0 699.0 571.0 LMS Capital ...... 50.2 -0.1 53.5 44.0 Rio Tinto ...... 4386.5-153.0 4976.5 3486.0 Aggreko ...... 824.6 -18.0 882.0 691.8 Tsy 3.500 45 ...... 149.55 0.79 150.0 128.0 London Finance & . . . . .38.5 0.0 44.5 37.5 EMIS Group ...... 1212.0 -28.0 1242.0 864.0 F&C Investment Tr . . . .709.0 -20.0 741.0 616.0 MOBILE TELECOMS Ashtead Group ...... 2196.0 -92.0 2438.0 1586.5 70.0 Tsy 4.250 46 ...... 169.63 0.82 169.8 145.7 Fidelity China Sp ...... 218.5 -9.5 250.0 182.4 London Stock Exch . . .6814.0-244.0 7124.0 3867.0 BCA Marketplace ...... 241.6 -0.2 247.0 178.5 Fevertree Drinks . . . . .2365.0 -77.0 3956.0 20 Tsy 4.025 49 ...... 176.15 0.87 176.4 150.0 Man Group ...... 162.2 -9.4 183.0 126.8 MAIN CHANGES UK 350 Inmarsat ...... 578.4 4.2 579.8 362.8 First Derivatives . . . . .2905.0 -85.0 4390.0 2050.0 Fidelity European . . . . .249.5 -4.5 257.5 202.0 Bunzl ...... 2142.0 -24.0 2551.0 2059.0 Frontier Developm . . . .928.0 -46.0 1385.0 740.0 Tsy 0.500 50 . . . . .206.68 0.67 208.9 173.7 delity Special ...... 252.0 -9.0 278.0 220.0 OneSavings Bank . . . . .344.0 -8.4 447.4 330.0 Vodafone Group ...... 150.4 -1.3 186.7 123.3 ...... 136.8 0.1 150.2 99.9 Fi Capita . . Gamma Communicati 1080.0 -5.0 1195.0 688.0 Tsy 0.250 52 ...... 203.32 0.75 205.7 168.8 Finsbury Growth & . . . .936.0 -20.0 956.0 740.0 Paragon Banking G . . .399.2 -11.6 502.0 379.2      OIL & GAS PRODUCERS DCC ...... 6644.0-260.0 7390.0 5555.0 . .122.6 -1.8 130.8 122.0 Plus500 Ltd (DI) ...... 575.2 -26.4 2040.0 495.0  loma ...... 1478.0 -23.0 1634.0 1150.0 GB Group ...... 600.0 -7.0 631.0 410.5 GCP Infrastructur . . . . Dip Gooch & Housego . . . .1292.5 -32.5 1880.0 954.0 AEROSPACE & DEFENCE . . .761.0 -16.0 783.0 615.0 Provident Financi . . . . .421.2 -11.2 692.6 394.9 International Cons ...... 448.2 8.4 Hunting ...... 460.0 -8.4 BP ...... 526.9 -11.8 598.3 485.9 Genesis Emerging . Electrocomponents . . .594.4 -23.2 761.6 480.0 Hurricane Energy ...... 43.4 -0.8 60.8 39.0 Greencoat UK Wind . . . .137.0 -1.0 143.2 122.8 Quilter ...... 140.0 -3.8 156.6 110.6 PayPoint ...... 993.0 7.2 Kaz Minerals ...... 512.6 -6.9 Cairn Energy ...... 148.0 -4.9 250.0 140.0 Equiniti Group ...... 211.2 1.6 266.0 186.2 BAE Systems ...... 544.8 -13.2 636.2 443.9 -20.0 1726.0 1300.0 Rathbone Brothers . . .2135.0 -90.0 2634.0 2085.0 4Imprint Group ...... 2890.0 2.5 Royal Bank of Scot ...... 202.9 -6.5 Energean Oil & Ga . . . .1050.0 -32.0 1082.0 510.0 Impax Asset Manag . . .236.0 -2.0 295.0 184.0 Cobham ...... 166.0 0.0 168.3 96.8 HarbourVest Globa . . .1680.0 Essentra ...... 398.6 -22.8 507.0 325.4 Herald Investment . . .1324.0 -20.0 1364.0 1055.0 Real Estate Credi ...... 169.0 1.5 175.5 163.0 Premier Oil ...... 74.8 -4.2 143.6 55.6 ...... 2479.0 -65.0 2544.0 1728.5 Iomart Group ...... 332.0 1.5 475.0 308.0 Meggitt ...... 582.6 -10.2 602.6 458.0 Centamin (DI) ...... 129.5 1.7 Aston Martin Lagon ...... 468.8 -6.4 Experian IQE ...... 63.3 -2.7 112.5 51.6 HGCapital Trust ...... 207.0 -5.0 220.0 175.0 Record ...... 32.6 -0.4 42.1 27.3 CLS Holdings ...... 233.5 1.5 Antofagasta ...... 846.0 -6.3 Royal Dutch Shell . . . .2403.5 -62.5 2666.0 2213.0 Ferguson ...... 6052.0-178.0 6556.0 4749.0 QinetiQ Group ...... 280.2 -4.8 312.4 264.3 HICL Infrastructu ...... 163.8 -0.2 170.1 149.9 River and Mercant . . . .265.0 -4.0 330.0 212.0 Royal Dutch Shell . . . .2408.5 -63.5 2705.5 2227.0 James Halstead ...... 510.0 -2.0 532.0 367.0 ls-Royce Holdi . . . . .828.4 -28.8 1094.0 759.2 Sanne Group ...... 548.0 1.5 TP ICAP ...... 293.5 -6.2 G4S ...... 187.2 -4.5 282.0 175.9 2 113.6 Rol International Pub . . . . .159.6 -1.0 163.4 146.8 S&U ...... 2220.0 -90.0 2605.0 1767.5 Tullow Oil ...... 182.2 -6.5 266.3 165.2 Grafton Group Uni . . . . .701.0 -28.0 937.0 630.0 Johnson Service G . . . . .170.0 -4.8 175. Senior ...... 198.8 -4.6 327.8 185.4 Hammerson ...... 214.0 1.4 Melrose Industries ...... 179.3 -6.2 Keywords Studios . . . .1615.0 -21.0 2065.0 900.0 JPMorgan American . . .479.0 -15.5 494.5 386.5 Sanne Group ...... 548.0 8.0 752.0 450.0 OIL EQUIPMENT & SERVICES Hays ...... 150.8 -5.7 212.0 135.7 Ultra Electronics ...... 1901.0 -23.0 1972.0 1232.0 Schroders ...... 3020.0 -27.0 3210.0 2334.0 Wizz Air Holdings ...... 3587.0 1.0 Prudential ...... 1600.5 -6.1 Learning Technolo . . . . .107.0 -5.8 166.5 62.2 JPMorgan Emerging . .1022.0 -32.0 1066.0 759.0 Homeserve ...... 1106.0 -19.0 1263.0 849.0 aatchi ...... 343.0 3.0 394.0 270.0 BANKS JPMorgan Indian I . . . .725.0 -12.0 790.0 566.0 Standard Life Abe . . . . .291.5 -8.2 378.9 224.9 Fresnillo ...... 611.0 0.9 Elementis ...... 140.8 -5.8 Hunting ...... 460.0 -42.0 849.0 448.8 Howden Joinery Gr . . . .538.2 -15.6 573.4 416.4 M&C S TP ICAP ...... 293.5 -19.5 324.5 267.2 Convatec Group ...... 185.5 0.8 Johnson Matthey ...... 3033.0 -5.5 Petrofac Ltd...... 399.5 -11.1 663.4 381.5 Intertek Group ...... 5642.0-320.0 5962.0 4387.0 M. P. Evans Group . . . . .677.0 0.0 800.0 637.0 Bank of Georgia G . . . .1352.0 -25.0 1878.8 1310.0 JPMorgan Japanese . . .448.0 -9.0 470.0 367.0 Majestic Wine ...... 270.0 11.0 472.0 219.0 Jupiter European . . . . .855.0 -5.0 895.0 666.0 Walker Crips Grou ...... 27.0 0.0 39.0 24.0 Wood Group (John) . . .488.5 -26.3 796.4 389.9 Network Internati . . . . .627.0 -1.0 630.0 500.0 Barclays ...... 153.2 -2.7 193.1 146.1 Law Debenture Cor . . . .576.0 -20.0 636.0 534.0 XPS Pensions Grou . . . . .112.5 -4.5 180.0 95.0 Midwich Group ...... 556.0 20.0 685.0 491.5         PERSONAL GOODS Pagegroup ...... 441.6 -11.0 623.5 415.0 . .570.0 -10.0 720.0 490.0 Close Brothers Gr . . . . .1313.0 -31.0 1660.0 1313.0 Mercantile Invest ...... 197.8 -4.7 219.0 168.0 PayPoint ...... 993.0 67.0 1118.0 748.0 Mortgage Advice B . . CYBG ...... 158.8 -7.2 364.2 157.7 FIXED LINE TELECOMS Burberry Group . . . . .2249.0 -73.0 2345.0 1623.5 Next Fifteen Comm . . .608.0 2.0 658.0 469.0 HSBC Holdings ...... 646.1 -19.9 725.8 600.8 Monks Inv Trust ...... 934.0 -29.0 964.0 710.0 Next ...... 5926.0-128.0 6064.0 3991.0 NON LIFE INSURANCE Rentokil Initial ...... 438.5 -8.5 447.0 284.8 Nichols ...... 1800.0 40.0 1840.0 1240.0 Murray Internatio . . . .1170.0 -30.0 1208.0 1056.0 BT Group ...... 186.0 -7.9 264.7 184.4 Pets at Home Grou . . . .216.2 0.6 229.6 110.0 PZ Cussons ...... 216.5 -2.5 244.0 178.6 Robert Walters ...... 518.0 12.0 475.0 814.0 Lloyds Banking Gr ...... 51.3 -1.6 66.6 50.0 TalkTalk Telecom . . . . .103.8 -1.0 137.0 96.6 Numis Corporation . . . .237.0 -7.0 426.5 221.5 Metro Bank ...... 332.4 -10.2 3050.0 323.0 NB Global Floatin ...... 89.6 -0.3 93.3 87.6 Sports Direct Int ...... 221.2 -3.6 406.7 214.4 Admiral Group ...... 2146.0 -24.0 2300.0 1932.5 PHARMACEUTICALS & BIOTECH Serco Group ...... 143.9 -3.3 148.8 84.1 . . . .116.5 0.5 124.5 108.0 Telecom Plus ...... 1358.0 8.0 1528.0 1010.0 ...... 129.2 -2.5 153.0 102.2 Polar Capital Hol ...... 576.0 18.0 644.0 448.0 Royal Bank of Sco . . . .202.9 -14.2 270.4 201.2 NextEnergy Solar . Ted Baker ...... 903.5 -2.0 2378.0 800.0 Beazley ...... 558.5 -10.5 599.0 492.6 SIG ...... Purplebricks Grou . . . . .115.0 0.0 300.0 90.0 Pantheon Internat . . .2205.0 -60.0 2330.0 1955.0 Vivo Energy ...... 115.2 0.2 154.0 96.0 Direct Line Insur ...... 318.6 -2.7 366.5 304.9 AstraZeneca ...... 7240.0 40.0 7270.0 5325.0 Travis Perkins ...... 1256.5 -68.5 1465.0 970.0 Standard Chartere . . . .672.6 -26.6 736.8 519.8 FOOD & DRUG RETAILERS BTG ...... 838.0 -1.0 853.0 508.5 Redde ...... 118.4 -0.2 196.0 90.0 Perpetual Income . . . .303.5 -8.5 364.5 301.5 WH Smith ...... 2068.0 -56.0 2186.0 1697.0 Hastings Group Ho . . . .192.5 -1.5 274.2 174.0 TOBACCO TBC Bank Group . . . . .1344.0 -22.0 1752.0 1242.0 Pershing Square H . . .1450.0 -30.0 1492.0 990.0 Greggs ...... 2190.0 -70.0 2476.0 1006.0 Dechra Pharmaceut . .2866.0 -90.0 3168.0 2014.0 Renew Holdings ...... 390.0 -18.0 436.5 333.0 Hiscox Limited (D . . . .1650.0 -32.0 1777.0 1418.0 RWS Holdings ...... 638.0 -14.0 652.0 415.5 BEVERAGES Personal Assets T . . .42400.0-250.042800.038900.0 Morrison (Wm) Sup . . .190.8 -1.6 269.4 189.9 HEALTH CARE EQUIPMETN & S. Holdin . . . . .695.5 -3.5 725.5 530.0 Genus ...... 2580.0 -24.0 2890.0 2098.0 British American . . . . .3110.5 -45.0 4222.5 2375.0 Ocado Group ...... 1208.5 -41.5 1435.0 749.8 GlaxoSmithKline . . . . .1691.0 -19.4 1730.0 1418.0 Scapa Group ...... 198.0 -2.5 473.4 157.0 Barr (A.G.) ...... 682.0 -1.0 975.0 610.0 Polar Capital Tec . . . . .1458.0 -42.0 1500.0 1066.0 Assura ...... 64.3 -0.3 66.4 52.4 RSA Insurance Gro . . . .540.4 -20.2 641.0 496.6 Imperial Brands . . . . .2136.0 -13.5 2987.5 1846.8 Secure Income Rei . . . .419.0 1.0 420.0 371.0 RIT Capital Partn . . . .2080.0 -50.0 2150.0 1892.0 Sainsbury (J) ...... 195.4 -0.4 341.5 187.9 Convatec Group ...... 185.5 1.5 239.0 118.6 Sabre Insurance G . . . .266.0 -5.0 294.0 249.0 Hikma Pharmaceuti . . .1815.5 -47.0 2025.0 1510.5 Britvic ...... 905.0 -18.5 956.0 745.0 SSP Group ...... 710.0 -3.0 744.4 615.1 TRAVEL & LEISURE Serica Energy ...... 111.2 1.6 142.0 70.3 Coca-Cola HBC AG . . . .2851.0 -47.0 3074.0 2244.0 Riverstone Energy . . . .804.0 -11.0 1282.0 804.0 Mediclinic Intern ...... 321.3 -8.1 514.2 293.4 REAL ESTATE INVEST. & SERV. Smart Metering Sy . . . .478.2 -4.8 665.0 470.6 Schroder Asia Pac . . . . .447.0 -22.5 469.5 379.0 Tesco ...... 220.7 -3.3 266.2 189.6 NMC Health ...... 2402.0 -61.0 4120.0 2192.0 LIFE INSURANCE Carnival ...... 3611.0 -127.0 5000.0 3412.0 Diageo ...... 3443.0 -83.0 3538.0 2523.5 UDG Healthcare Pu . . . .777.5 -35.5 824.0 551.0 BMO Commercial Pr . . .108.2 -3.6 149.4 108.2 Telford Homes ...... 349.0 0.0 430.0 267.0 Scottish Inv Trus ...... 821.0 -18.0 902.0 748.0 Smith & Nephew . . . . .1883.0 -41.5 1940.0 1258.0 Aviva ...... 400.8 -8.8 502.8 364.6 Cineworld Group . . . . .245.2 -6.7 323.6 244.4 Thorpe (F.W.) ...... 327.0 1.0 340.0 248.0 CHEMICALS Scottish Mortgage . . . .543.0 -25.5 568.5 441.4 FOOD PRODUCERS Legal & General G . . . . .252.0 -7.5 291.2 223.7 Capital & Countie ...... 193.2 -2.8 279.5 193.0 Compass Group . . . . .2055.0 -55.0 2113.0 1483.0 . . .112.8 -0.2 115.2 106.0 HHOLD GDS & HOME CONSTR. CLS Holdings ...... 233.5 3.5 255.0 195.4 Watkin Jones ...... 210.5 -3.5 232.5 192.2 Croda Internation . . . .4676.0 10.0 5447.7 4572.0 Sequoia Economic . Phoenix Group Hol . . . .676.8 -19.0 724.8 544.0 Domino's Pizza Gr . . . .244.8 -4.4 319.7 224.4 Young & Co's Brew . . .1640.0 0.0 1885.0 1322.5 Smithson Investme . .1246.0 -26.0 1278.0 1000.2 Associated Britis . . . . .2416.0 -50.0 2638.0 2041.0 Daejan Holdings . . . . .5510.0 -90.0 6190.0 5420.0 .281.0 -0.2 285.0 152.0 Elementis ...... 140.8 -8.6 247.8 129.8 Barratt Developme . . . .639.2 -6.8 663.0 434.0 Prudential ...... 1600.5-104.5 1824.0 1340.0 EI Group ...... Young & Co's Brew . . .1160.0 0.0 1300.0 1030.0 Syncona Limited N . . . .241.5 -8.5 302.5 213.5 Bakkavor Group ...... 102.6 -3.0 190.0 101.4 Bellway ...... 2921.0 -64.0 3226.0 2419.0 St James's Place ...... 938.4 -32.6 1171.0 914.0 Grainger ...... 222.4 -4.6 278.5 205.8 FirstGroup ...... 114.5 -0.5 116.6 79.3 Johnson Matthey . . . .3033.0 -177.0 3755.0 2574.0 Cranswick ...... 2626.0 -28.0 3454.0 2472.0 NewRiver REIT ...... 162.4 -0.4 278.5 162.0 6.0 48.0 8140.0 5525.0 Sirius Minerals ...... 15.0 0.0 38.5 13.5 Temple Bar Inv Tr . . . .1230.0 -20.0 1366.0 1116.0 Berkeley Group Ho . . .3855.0 -60.0 3981.0 3226.0 Flutter Entertain . . . . .654 CONSTRUCTION & MATERIALS 49.0 Greencore Group ...... 211.1 -4.9 230.0 162.9 MEDIA Safestore Holding . . . . .617.5 -3.0 658.5 499.4 Go-Ahead Group . . . .2070.0 -70.0 2200.0 1480.0 Synthomer ...... 292.8 -8.2 537.2 292.0 Templeton Emergin . . .792.0 -29.0 829.0 6 Bovis Homes Group . .1067.0 -7.0 1177.0 828.0 Hilton Food Group . . . .905.0 -28.0 1088.0 855.0 Savills ...... 953.5 -3.5 961.5 678.5 17.4 704.4 472.8 Victrex plc ...... 1962.0 -84.0 3408.0 1944.0 The Renewables In . . . .124.8 -1.4 133.2 109.3 Countryside Prope . . . .287.6 -8.0 353.2 270.0 4Imprint Group . . . . .2890.0 70.0 2890.0 1800.0 Greene King ...... 615.2 - TR Property Inv T . . . . .420.0 -3.5 433.5 353.5 Tate & Lyle ...... 743.2 -12.6 800.4 630.2 Crest Nicholson H . . . . .356.0 -6.8 404.8 296.4 ...... 384.0 -8.0 434.8 337.2 St. Modwen Proper . . .398.0 -10.0 441.5 365.0 GVC Holdings ...... 578.6 -4.6 1138.0 507.5 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . . .471.5 -1.0 473.0 420.0 Unilever ...... 4939.5 -67.5 5091.0 3931.0 McCarthy & Stone . . . . .137.0 -0.4 142.7 107.1 Bloomsbury Publis . . . .230.0 -2.0 243.0 190.5 UK Commercial Pro . . . .80.2 -0.6 92.7 79.6 InterContinental . . . .5482.0-160.0 5738.0 3958.4 Balfour Beatty ...... 203.8 -4.2 296.5 202.6 VinaCapital Vietn . . . . .349.0 -2.0 353.4 318.0 FORESTRY & PAPER Persimmon ...... 1953.0 -61.0 2501.0 1859.5 Centaur Media ...... 45.5 0.0 56.5 34.7 REAL ESTATE INVEST. TRUSTS International Con . . . . .448.2 34.7 711.4 413.5 Witan Inv Trust ...... 217.5 -6.0 227.6 189.6 . . . . .107.4 -1.1 124.7 89.9      CRH ...... 2631.0 -101.0 2735.0 1971.5 Entertainment One . . .428.2 -10.8 483.4 336.4 Marston's ...... Woodford Patient . . . . .44.7 -2.2 91.0 44.1 Mondi ...... 1630.0 -77.0 2236.0 1584.0 Euromoney Institu . . .1354.0 -12.0 1412.0 1132.0 Big Yellow Group . . . . .981.0 -3.5 1062.0 852.5 Merlin Entertainm . . . .450.5 -2.0 452.5 307.1  Galliford Try ...... 579.5 -18.5 1104.0 512.0 British Land Comp . . . .500.4 -2.0 656.0 495.7 Ibstock ...... 212.8 -11.4 262.0 193.1 Worldwide Healthc . .2770.0 -55.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV ...... 89.88 -2.83 92.71 56.32 3M...... 170.55 -2.81 219.75 159.32 ADIDAS N...... 281.20 -13.80 297.95 178.30 ABBOTT LABORATOR...... 85.82 -0.26 88.76 63.07 AIR LIQUIDE ...... 121.35 -4.90 127.20 101.85 ADOBE ...... 293.71 -4.73 313.11 204.95 AIRBUS BR...... 123.34 -6.08 133.86 77.50 ALPHAB RG-C-NV...... 1193.99 -15.02 1289.27 970.11 ALLIANZ...... 204.95 -4.60 218.70 170.50 ALPHABET-A...... 1196.32 -15.46 1296.98 977.66 AMADEUS IT GRP BR-A...... 69.94 -2.12 82.20 58.06 NEWSLETTERS AMAZON.COM ...... 1823.24 -32.08 2050.50 1307.00 ASML HLDG...... 197.56 -9.99 211.50 130.12 AMERICAN EXPRESS...... 124.31 0.22 129.34 89.05 AXA...... 22.30 -0.87 23.99 18.40 APPLE...... 204.02 -4.41 233.47 142.00 BANCO SANTANDER...... 3.76 -0.12 4.71 3.74 AT&T...... 34.17 0.05 34.64 26.80 BASF N...... 58.48 -1.67 82.44 57.26 BANK OF AMERICA...... 29.38 -0.11 31.91 22.66 BERKSHIRE HATH RG-B...... 202.67 0.96 224.07 86.10 BAYER N...... 58.31 -1.29 96.97 52.00 1 The biggest stories BOEING CO ...... 339.56 5.27 446.01 292.47 BBVA...... 4.52 -0.11 6.19 4.48 CATERPILLAR ...... 124.54 -2.25 159.37 112.06 BMW ...... 64.92 -2.52 86.71 61.31 CHEVRON...... 120.73 -0.01 127.60 100.22 BNP PARIBAS A...... 41.15 -1.70 55.39 38.14 direct to your inbox CISCO SYSTEMS...... 53.25 -2.14 58.26 40.25 CRH PLC...... 28.75 -1.26 34.87 26.53 CITIGROUP...... 67.61 -0.74 75.24 48.42 DAIMLER N...... 45.51 -0.85 59.90 44.54 COCA-COLA CO...... 52.33 0.30 54.82 44.25 DANONE ...... 77.04 -2.10 79.42 59.72 COMCAST-A...... 42.65 -0.23 45.30 32.61 DEUTSCHE POST N...... 28.50 -0.66 32.20 23.43 DOW...... 45.60 -1.25 0.00 0.00 DEUTSCHE TELEKOM N ...... 14.85 -0.24 15.88 13.36 EXXON MOBIL...... 71.75 -0.71 87.36 64.65 ENEL N...... 6.20 -0.04 6.62 4.22 GET THE MORNING UPDATE, FACEBOOK-A...... 189.02 -3.71 208.66 123.02 ENGIE ...... 13.67 -0.19 14.39 11.31 GOLDMAN SACHS GR...... 209.37 -2.23 245.08 151.70 ENI N...... 13.68 -0.42 16.71 13.39 HOME DEPOT ...... 212.15 -0.68 219.30 158.09 ESSILORLUXOTT...... 123.15 -4.55 129.60 95.50 CITY A.M.’S DAILY EMAIL IBM...... 147.25 -3.07 154.36 105.94 FRESENIUS...... 44.77 -1.23 71.00 38.50 INTEL ...... 48.68 -0.82 59.59 42.36 IBERDROLA...... 8.66 0.04 9.13 5.81 JOHNSON & JOHNSO...... 131.07 0.78 148.99 121.00 INDITEX...... 27.04 -0.52 28.86 21.85 JPMORGAN CHASE...... 112.93 -0.01 119.24 91.11 ING GROUP...... 9.25 -0.59 13.28 9.09 MASTERCARD RG-A ...... 269.45 -4.71 283.33 171.89 INTESA SANPAOLO N...... 1.95 -0.05 2.51 1.80 CITYAM.COM/NEWSLETTER MCDONALD'S...... 214.48 3.23 218.96 153.13 KERING...... 450.90 -18.55 539.80 351.70 MEDTRONIC...... 102.33 -0.04 103.95 81.66 KON AH DEL BR...... 20.44 -0.01 24.01 18.60 MERCK...... 84.47 0.78 87.07 64.87 L'OREAL...... 237.60 -7.60 257.80 182.00 COMMODITIES CREDIT & RATES MICROSOFT...... 136.90 -1.16 141.68 93.96 LINDE...... 167.30 -6.75 0.00 0.00 NETFLIX...... 318.83 -0.67 386.80 231.23 LVMH...... 358.40 -20.70 392.65 242.30 NIKE -B-...... 81.14 -1.98 90.00 66.53 ...... 1406.80 -20.75 Copper Cash Official...... 5926.00 -50.50 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 ORACLE ...... 55.84 -0.04 60.50 42.40 MUENCHENER RUECKV N...... 214.00 -3.00 228.70 180.00 Silver...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 16.00 -0.47 Aluminium Cash Official ...... 1777.00 -20.00 PAYPAL HOLDINGS...... 107.09 -3.71 121.48 74.66 NOKIA ...... 4.82 -0.14 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.50 0.00 Brent Crude...... 60.50 -4.55 Nickel Cash Official...... 14350.00 -65.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ORANGE...... 13.40 -0.12 15.25 13.08 Krugerrand...... 1474.10 36.95 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.39 -0.05 Aluminium Alloy Cash Official ...... 1270.00 8.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.407 -0.01 PEPSICO...... 127.92 0.78 135.24 104.53 ROY.PHILIPS...... 41.70 -1.95 43.67 29.05 Palladium...... 1514.00 -15.00 Cocoa Futures...... 2330.00 -7.00 LIBOR Euro - overnight...... -0.465 0.00 The vix index...... 17.61 -0.26 PFIZER...... 38.00 -0.25 46.47 37.68 SAFRAN...... 126.65 -3.90 137.20 99.98 Platinum...... 852.00 -22.00 Coffee 'C' Futures...... 98.45 1.20 LIBOR Euro - 12 months...... -0.354 0.01 The baltic dry index...... 1812.00 -56.00 PHILIP MRRS INT...... 84.17 1.72 92.74 64.67 SANOFI ...... 74.22 -1.27 80.44 71.32 Tin Cash Official ...... 17250.00 25.00 LIBOR USD - overnight...... 2.104 -0.01 Markit iBoxx EUR ...... 247.10 0.48 PROCTER&GAMBLE...... 116.44 -0.29 121.76 78.49 Feed Wheat Futures...... 146.00 1.00 SAP I...... 109.40 -2.64 125.00 84.02 Lead Cash Official ...... 2003.00 -30.00 LIBOR USD - 12 months...... 2.116 -0.12 Markit iBoxx GBP ...... 352.45 1.01 TRAVELERS COS...... 146.92 1.14 155.09 111.08 SCHNEIDER EL...... 74.42 -4.32 81.36 57.54 Zinc Cash Official...... 2395.00 -30.00 Soybeans Futures Continuation Contract...850.60 3.60 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 257.85 1.88 TWITTER...... 42.85 0.77 43.48 26.19 SIEMENS N...... 92.49 -1.44 119.70 90.90 UNITEDHEALTH GRO ...... 250.05 0.80 287.94 208.07 SOCIETE GENERALE...... 22.42 -1.08 35.01 20.81 WORLD INDICES UTD TECHS...... 130.81 -1.03 144.40 100.48 TELEFONICA...... 6.78 -0.10 8.06 6.59                 VERIZON COMM...... 55.59 0.33 61.58 51.43 TOTAL...... 44.73 -1.82 55.39 44.23 VISA RG-A...... 177.42 -1.75 184.07 121.60 UNILEVER...... 51.91 -0.87 55.40 45.30 FTSE 100 ...... 7407.06 -177.81 -2.34 S&P 500...... 2932.05 -21.51 -0.73 CAC 40 ...... 5359.00 -198.41 -3.57 Hang Seng ...... 26918.58 -647.12 -2.35 WALGREENS BOOTS...... 53.68 -0.39 86.31 49.31 VINCI...... 91.28 -2.88 94.96 69.98 FTSE 250...... 19253.17 -381.14 -1.94 Dow Jones I.A...... 26485.01 -98.41 -0.37 Swiss Market Index...... 9803.69 -115.58 -1.17 Shanghai Composite...... 2867.84 -40.93 -1.41 WALMART...... 109.40 0.02 115.49 85.78 VIVENDI...... 24.16 -0.86 26.69 20.80 FTSE All-Share ...... 4039.53 -92.70 -2.24 Nasdaq Composite ...... 8004.07 -107.05 -1.32 ISEQ Overall Index ...... 5978.15 -97.10 -1.60 STI Index ...... 3260.93 -30.98 -0.94 WALT DISNEY ...... 141.71 -0.14 147.15 100.35 VOLKSWAGEN VZ I...... 146.92 -4.54 163.70 131.02 FTSE AIM All-Share...... 921.34 -10.43 -1.12 Xetra DAX...... 11872.44 -380.71 -3.11 FTSEurofirst 300 ...... 1489.18 -37.66 -2.47 ASX All Ordinaries ...... 6846.10 -25.80 -0.38 WELLS FARGO ...... 47.44 0.38 59.53 43.02 14 OPINION MONDAY 5 AUGUST 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS How the Anglosphere ideology TO THE EDITOR Love in the air will fuel the PM’s foreign policy [Re: Was Love Island the biggest advertising opportunity of 2019?] There has been much talk about the sheer power of Love Island’s vast marketing T IS often important to look at a capacity to engage in every sort of plea that the UK partly exclude reach, and quite rightly so. Out of the top leader’s idols for clues as to what military mission from peace-keep- John Huawei, the Chinese government- 40 most-viewed ITV episodes this year, 39 makes them tick. British critics ing to war-fighting. As such, the US Hulsman dominated high-tech company, of them were Love Island, and the series Iof Boris Johnson, rather than dis- and the UK dominate the alliance. from its 5G telecoms market. gathered around six million views. missing him as a cut-rate Win- In Asia, the Anglosphere is also Boris will accept the President’s The show is essentially pure advertising. ston Churchill tribute act, would do alive and well. The Australians, Indi- argument that allowing 5G tele- Contestants were given clothes by fashion far better looking at what it is about ans, and Americans make up three coms networks in the UK to be built brand I Saw it First, and V05 hair care the great man that so impresses the members of the nascent “Quad” with a foundation of Huawei hard- products were strategically placed behind current Prime Minister. (the other being Japan), which over ware and software is an unaccept- the islanders as they got ready. That’s The answer is there for all with time is evolving into the key infor- able national security risk for any before we even consider the commercial eyes to see. While in Australia in mal nexus for balancing China. Anglosphere nation, endangering breaks – UberEats reportedly paid £5m for 2017, Boris gave an impassioned In terms of intelligence gathering, the Five Eyes establishment. a tie-in with the series. speech firmly supporting the “Five Eyes” of the US, UK, Third, Boris understands that the And as millennials become increasingly Churchill’s unwavering belief in Canada, Australia, and New Zealand key to a successful Brexit is ulti- hard to reach through television, Love “the special genius of the English- form the paramount intelligence mately not primarily about what- Island also taps into a new and speaking peoples”. sharing grouping in the world. Boris sees the ever terms the UK laboriously controversial form of advertising: Boris and key aides around him Economically too, the Anglos- reaches with the EU. Instead, the influencer marketing. Once the show has are strong proponents of the Anglos- phere represents the parts of the informal alliance crucial question is whether, in ended, many contestants are left with phere concept, a neglected philoso- world that are actually growing, of English-speaking three to five years, Britain brokers celebrity status. This year, winner Amber phy that sees the informal alliance rather than the sclerotic European free trade deals with such Anglos- Gill has amassed 2.2m followers on of the world’s English-speaking pow- Union. India and the US account powers not as a phere nations as the US, Canada, Instagram, with her fellow islanders ers not as a relic of the UK’s past, but for two of the fastest-growing, relic of the UK’s Australia, New Zealand, and India. following close behind. Brands use these as the key to its future. major world economies. If it does so, Brexit is a success. If mass followings to push their products For Prime Minister Johnson defin- In addition, the 2019 Heritage past, but as the not, then it is a catastrophe. even more through celebrity endorsement. itively sees the world far differently Foundation Index of Economic key to its future Given the strong Anglosphere ad- We saw this last year, with winner Dani from the tired, discredited British Freedom makes for some fascinat- vocates in and around the Trump Dyer reportedly earning six figures through establishment, of which Theresa ing reading. If Hong Kong is administration, expect Boris to a deal with Mark Hill hair products. May was a charter member. counted as a separate entity, as it is strike fast and cut such a free trade There is no doubt that Love Island is I myself was involved in the cre- in the exhaustive report, then fully deal with pivotal America in the lucrative for brands. Companies prey on ation of this notion 20 years ago, as seven of the 10 freest and most Obviously, this very different over- next couple of years. the personal connection that the public it explained to me the reality of open global economies (Hong all philosophy leads organically to a The new Prime Minister’s Anglos- feels with contestants in order to market much of international relations, Kong, Singapore, New Zealand, Aus- very different British foreign policy. phere philosophy amounts to a rad- their products. And now, with the and yet was fascinatingly almost tralia, Ireland, Canada, and the The Prime Minister’s natural ideo- ically different foreign policy from announcement for two seasons of Love never commented upon. UAE) are former colonies of an logical drift away from the hapless the tired old British establishment Island next year, there will be twice as The Anglosphere is vital to under- eighth, the UK. EU is likely to affect the Iranian cri- positions of the past decades – one many opportunities. stand, as it provides an overall America in particular remains ab- sis, with the UK adopting joint fit for purpose in the new era we Lily Ivanov strategic narrative for much that solutely central to the UK economy. naval patrols with the US to protect find ourselves in. the new Prime Minister is about to As a single country, the US is the shipping in the vital Strait of Hor- attempt to do in terms of Britain’s largest export market for British muz, despite the usual German £ Dr John C. Hulsman is senior foreign policy. goods; it is also the largest source non-action. columnist at City A.M., a life member of BEST OF In terms of strategic alliances, in of foreign direct investment. Second, while Prime Minister John- the Council on Foreign Relations, and TWITTER Nato – still the undisputed flagship For all these hard-headed reasons, son will continue to welcome new president of John C. Hulsman of western defence – only the US, Boris and other believers in the An- Chinese investment to the UK, there Enterprises. He can be reached for I realise Twitter is the cockpit of an UK, and France (just about) have full glosphere see it as the future and will be significant caveats. He is corporate speaking and private briefings ongoing culture war and every minute spectrum capabilities, that is, the not the past. likely to agree to the White House’s at www.chartwellspeakers.com. of every day, one should give no truck to “the enemy”, but it wasn’t a “stunning result” for the LDs/Remain. It wasn't terrible either. It was satisfactory – a more “fair-to- middling” word. The Brexit clock is ticking down again, and @rolandmcs Trump offers an interesting historical interpretation of the fall of the Soviet City businesses are crying out for certainty Union: “Remember the Soviet Union? When it was all together. Before they decided, ‘we have to call ourselves Russia.’” ITH the excitement of small and large – must make sure ing future ahead in the long term, @atrupar a new Prime Minister that their contingency plans are Catherine regardless of what comes next. and so many changing up-to-date and thorough. While McGuinness Yes, we know we will lose some It really is amazing that Trump Wfaces across govern- large City firms have been plan- business as we leave the European presents the collapse of the Soviet ment, it is easy to over- ning on a worst-case scenario since Union, but we also know that Lon- Union – one of the biggest geopolitical look that we are now less than day one, questions remain about don has been at the centre of events of the 20th century – as three months away from the next SMEs that perhaps do not have the global trade for centuries and has effectively just a rebranding exercise Brexit cliff edge. resources or capacity to have such built a hub that will be hard to to change the name to Russia. In other words, the risk of a no- stringent plans ready. replicate elsewhere. @brianklaas deal Brexit is drawing dangerously The Bank of England’s own assess- After all, the City’s status as a close. And businesses need to pre- ment is that the UK banking indus- hands tied, reluctant to make every- global financial capital is enshrined Desired: an app that can see pare for that. We know that Lon- try is resilient enough to withstand day decisions on recruitment, ex- by its unique combination of time whenever I am browsing flights to don’s strengths as a global a disorderly Brexit, but there is still pansion, and investment. zone, language, legal system, global somewhere that gets hotter than circa powerhouse stand it in good stead cause for concern. As well as poten- And day by day, as uncertainty per- talent, and financial ecosystem. Peo- 25 degrees and flashes up a message for success and prosperity in the tial market volatility, there remain sists, so does the threat of more ple come here – not just for business reading “you don’t like the heat you long term, but in the short term, cliff-edge issues that need to be ad- businesses moving jobs and opera- – but also for our cultural offer, our idiot, what are you thinking?” the City needs certainty to thrive. dressed urgently, including contract tions away from the UK. heritage, and our open spaces. @DuncanWeldon Nearly every day we are met with continuity and movement of data. The clock is ticking: politicians on We need a resolution to Brexit that reminders of the wider economic The worst impacts of a disorderly all sides must now come together to works for households and business Tons of American news outlets are harm that flirting with a no-deal Brexit can only be mitigated, not agree a pragmatic solution to Brexit on both sides of the channel. But clutching their pearls that Meghan Brexit and sustained uncertainty is avoided, by preparation. In addition and make avoiding a no-deal sce- whatever path we choose to go Markle liked a piece of writing with the causing, whether that is a near-stag- to industry action, there is a real nario the absolute priority. down, we know that we will be em- word “f*ck” in it. Like a 37 year old nant services economy, a slump in need for the government to take But as these debates rumble on barking on a new chapter in this woman in 2019 is meant to be sat the pound, or declining investment steps to prevent cliff-edge damage. and the UK prepares to begin a new City’s long success story. there knitting and watching My Little in British car manufacturing. This should be a wake-up call for chapter, we should not forget Lon- Pony. And as the threat of a no-deal Westminster. Sustained uncer- don’s fundamental strengths, which £ Catherine McGuinness is policy chair @matthaig1 Brexit remains live, businesses – tainty is leaving business with its will mean that the City has an excit- at the City of London Corporation. CITYAM.COM MONDAY 5 AUGUST 2019 OPINION 15

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Britain can unlock investment DEBATE opportunities across the world Should we be worried about police use of facial recognition TOOD in a power plant in economic potential for countries technology? Lagos, Nigeria, I heard how UK Alok across Africa. aid has helped supply electric- Sharma UK aid is already supporting the ex- Sity to 300,000 people. It is pow- pansion of Nigerian infrastructure. A society where we’re watched, tracked, ering street lights, schools, The Viathan Independent Power Plant and identified by facial recognition hospitals. It is critical to Nigerians re- is a great example of where UK aid cameras was once the stuff of ceiving healthcare, an education, ac- goes beyond money. As well as finan- dystopian fiction – and for good reason. YES In a free society, citizens aren’t cessing jobs, and lifting themselves cial support, British engineers pro- SILKIE CARLO out of poverty. vided technical assistance and policy subjected to arbitrary identity checks. Last week, I travelled to Nigeria in advice for the building of the plant. In a country watched by facial my new role as the international de- sector development projects in India The plant is now a tremendous suc- recognition cameras, our identities rights groups back our campaign. velopment secretary to see first-hand have been financed through the cess, showing that UK aid, whether fi- would be checked all the time – and we In the US, three cities have passed how UK aid is changing people’s lives. bonds, including the first green nancial or technical, makes a real wouldn’t even necessarily know about legislative bans on their authorities British support is helping Nigeria masala bond which is now supporting difference on the ground. it. We’d become walking ID cards using facial recognition surveillance. In move beyond aid through investing in the deployment of solar energy – pro- Gridworks is another example of tracked by a shadow surveillance state. contrast, China has embraced facial infrastructure like the Viathan Inde- viding clean, renewable energy to our ambitions for Africa. Supported But UK police are now using live facial recognition to police its population – pendent Power Plant. While I was homes and businesses across India. by the UK government, it will invest recognition, despite the lack of any law and to persecute its minorities. Britain there, I took the opportunity to en- While I was in Nigeria, I discussed more than $300m in Africa’s electric- permitting this. We’re bringing a legal should be a beacon of liberal democracy courage British businesses to invest in with vice president Osinbajo the idea ity network over the coming years. challenge against the Metropolitan – not an imitation police state. this incredibly young, dynamic, entre- of doing the same thing with a range Sustainable, affordable and reliable Police and home secretary for their preneurial country. But currently, of African currencies, such as the power is one of Africa’s largest infra- lawless use of this dangerously £ Silkie Carlo is director of privacy Nigeria’s burgeoning potential is con- Nigerian naira, and creating a jollof structure challenges – I am proud to authoritarian surveillance. Over 15 campaign group Big Brother Watch. strained by infrastructure and barri- bond – named after the well-known say that we are helping countries ers to private investment. west African rice dish. He was enthu- meet that challenge head on. Before I entered politics, I worked in siastic about the opportunity for these As the international development corporate finance and the City for 15 bonds to support Nigeria’s growth secretary, my job – as it has been for The question of human rights does years, so I understand the value of for- and infrastructure. my predecessors – is to lead the UK’s hold merit; today’s citizens have an eign investment. My conversations with British busi- work to end extreme poverty around increasingly heightened sense of the When I was the PM’s infrastructure nesses operating in Nigeria and Niger- the world. We have made a lot of value of their personal data, including NO envoy to India, I was part of the team ian entrepreneurs was a reminder of progress, but there is more to do. biometrics. Perhaps the real failure GUS TOMLINSON that helped develop the masala bond the great appetite for investment in By using my experience and British here has been communicating the market in London. These have been a Africa. This appetite will be turbo- expertise in countries around the benefits of the technology to the real success, enabling India to raise charged by the UK-Africa Investment world, we can use private sector in- public, with our safety in mind. I believe fundamentally that much-needed finance on the London Summit in London next year. vestment to realise the potential of But as our digital identity trails technology can be used to make our Stock Exchange without assuming The summit will bring together in- countries like Nigeria. fragment and tracking crime becomes world a safer place to live in. So surely the significant risk associated with stitutions like the City of London, Lon- Securing long-term, sustainable more complex, it’s hard to imagine a the constructive question to ask is not borrowing in foreign currencies. don Stock Exchange Group, World prosperity across Africa will help future where these technologies are not “how can we stop facial recognition Since they’ve been introduced, Bank, African Development Bank, and countries to end their reliance on aid used widely. from happening?”, but rather, “how can masala bonds are showing their po- the IMF with African governments and build their trading relationship The private sector already embraces we ensure that it is used safely, and in tential to mobilise long-term funding and businesses. with us. The case for a truly Global biometrics verification, and it benefits the hands of organisations we trust?”. for infrastructure in India, as well as Using London’s unique and world- Britain is hugely compelling. consumers every single day. From sending a clear signal of the demand leading ability to attract significant checking a bank balance to ordering a £ Gus Tomlinson is head of strategy at for high-quality investments within private sector investment, we can £ Alok Sharma is secretary of state for food delivery, services are vastly more GBG, a company specialising in identity the country. Now a number of private identify those barriers and realise the international development. flexible, convenient and secure for it. data intelligence.

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we should also acknowledge that Here’s why drinking should no longer be a many of our people abstain from drinking for personal, cultural or re- non-avoidable part of the working world ligious reasons, and that they should not be stigmatised for doing so. ANY of the key moments of Matt To be clear, I’m not arguing for a our working lives are punc- blanket ban on booze. I just want to tuated or fuelled by alco- Adams highlight what I believe is an often- hol. From leaving drinks to QUIT IT dangerous reliance on drink in the boozy client lunches where workplace. Mimportant business conversations are Leaf Should every celebration or social re- had and relationships forged, drink Free volve around alcohol? Would our has become an integral part of the clients really desert us if we opted out culture of most organisations and in- If you’re looking of our annual all-dayers in favour of dustries – perhaps none more so than to reduce the something more sober? the ad industry, where I’ve spent the my choice and told me that they’d amount of Having spoken to many who feel the last 20 years. love to do the same, but feel they just alcohol you pressure to get involved in these activ- So given the massive role that drink- can’t due to the pressure to entertain consume, Leaf’s ities, it seems like drinking has be- ing often plays in every aspect of busi- and socialise. tracking features come so ingrained in our working ness, what happens when you choose It seems like even when we want to, keep a record of cultures that we’re all too scared not to say no? we can’t actually say no. your intake in to take part – or we’ve become so re- As the chief executive of a major Having spent the last seven months order to create liant on alcohol as a social lubricant media agency group, drinking is alcohol-free, I’m feeling great. My trends, as well as that we can’t imagine work functions practically in my job description. In mind is clearer, my health has im- We’ve become and physical wellbeing. The National calculating the without it. fact, when I attempted to abstain proved, and I’m a better husband, fa- so reliant on Advertising Benevolent Society (NABS) cost, calories, I believe that leaders have a respon- from alcohol a few years ago, my ther, and business leader. It’s ironic, alcohol as a – the employee support organisation and units of sibility to their people to ensure that clients and colleagues had plenty to given that alcohol has often been a social lubricant for the advertising and media indus- what you drink. drink is no longer a non-negotiable say on the matter – and not a lot of it crutch for me during difficult times that we can’t try – agrees with me on this, which is The app also lets part of business culture – and recog- was positive. at work, as I know it is for many. imagine work why I’m using my year-long challenge you set goals and nise that, due to the negative impact Now, over half way through a year of Indeed, it was starting my current functions as a way to raise funds for it. gives you alcohol can have on mental and phys- no drinking, I’m finding that while role at 39 – a hugely challenging posi- without it Like me, NABS believes that business challenges, tips ical wellbeing, the hangover often the benefits I’m seeing are huge, the tion to take on at a relatively young leaders should be addressing the way and puzzles in isn’t worth it. responses of others are indicative of a age – that led to me drinking more, in which alcohol can dominate the order to help you work culture with a seriously un- and then questioning my relationship culture of a company and affect its minimise your £ Matt Adams is chief executive UK & healthy relationship with booze. with booze. people in a negative way, particularly intake. Ireland for Havas Group Media, and is Since taking on my latest challenge, There’s no doubt that, when used to in times of high stress. raising money for NABS. To sponsor him, I’ve been overwhelmed by the num- excess, alcohol has the potential to In an era when many businesses are visit justgiving.com/fundraising/matt- ber of industry peers who’ve praised have a huge impact on our mental striving for diversity and inclusion, adams-dry-2019. CITYAM.COM MONDAY 5 AUGUST 2019 FEATURE 17 MARKETING

E’RE ALL aware that arti- ficial intelligence (AI) is predicted to transform HOW ROBOTS ARE Wevery sector of the econ- omy, and marketing is no exception. Already, the industry is using this new technology to analyse data or give product recommenda- tions to customers. TAKING OVER ADLAND Of course, as adoption of the tech- nology increases, so too is anxiety over the future of jobs. Many workers fear that AI-powered robots might re- Copywriters beware, this AI marketing company is set place them. Luke Graham But what about the actual creation to change the way you work, reports of ads? Surely that will remain the preserve of humans? Not necessarily, as I find out when I sit down with the co-founder and chief executive of Phrasee, Parry Malm. His company has developed a technology that can write marketing copy for email subject lines, push no- tifications, and Facebook ads – and this AI-generated text outperforms copy written by humans. Phrasee’s platform consists of two parts. First, it has a natural language generation system that can write nat- ural-sounding marketing copy. Sec- ond, it has a deep-learning engine which can take this generated copy and – using years’ worth of data that the company has accumulated – pre- dict which phrases will be most effec- tive at getting people to open an email or click on an ad. “What you want is a small amount of copy that’s highly effective,” ex- plains Malm. “This is an area that humans are quite poor at. If you’re given a set of, say, 10 different ways of saying the same thing, humans – at scale – can- not predict what’s going to be good and what’s going to be bad. With Phrasee, you click a button and the machine produces a whole bunch of copy and then says ‘use this one, it will work the best’.” Malm compares his tech to Photo- shop, which had a massive impact on the design profession when it became widespread in the 1990s. “It was a technology which helped designers to be much more effective at their jobs. Something that was in- nately human was enabled by ad- vanced technology to allow humans to become better at it,” he says. “Fast-forward to 2015 (when Phrasee was founded) and copywriting was thought to be uniquely the domain of humans. But we disagreed. We started Phrasee to be to copywriting what Photoshop is to designers.” Phrasee boasts a range of high-pro- file clients. It has worked with brands such as Virgin Holidays and Dominos for several years, and helped the web- site Gumtree increase the engage- ment rate of its email marketing campaign by 35 per cent. In fact, it’s over that content,” he explains. Could Phrasee put them out of a job? most of them don’t do anything, they highly likely that you’ve read copy ”Our generation model uses some Malm doesn’t think so. don’t have any actual AI. There’s created by Phrasee’s AI. neural elements, but we inject levels “Back in the day, designers were de- going to be a lot of snake oil salesmen, “Over a billion people worldwide of human control into it also, to re- crying the adoption of photoshop, who’ll make a lot of money in the have experienced our technology turn a language which is outputted saying that this was going to make short term,” he warns. without knowing it,” Malm claims. that’s on-point and accurate to a We started them redundant. And now there’s “In the long term, there will be a When I first read about the com- brand’s value.” more designers than ever before, di- few companies who offer real trans- pany, I was reminded of Tay, a Mi- Malm adds that while someone Phrasee to be rectly because of Photoshop and simi- parent added value who’ll stand the crosoft chatbot released in 2016. It could use Phrasee to send outrageous to copywriting lar technology,” he reflects. test of time. Knock on wood, we’re was meant to learn and evolve by in- messages to provoke engagement, this “This technology is coming and you that company.” teracting with Twitter users, but strategy would only deliver a short- what Photoshop can either fight it and be a luddite, or Certainly, AI is having a major im- shortly after it was launched it was term boost at the expense of long- accept it and make sure that you’re an pact on marketing, but tools like manipulated via some trolls into term trust and reputation. is to designers expert in using it, because in 20 years’ Phrasee seem designed to enhance spreading hateful, toxic messages. “If we were short-termist, if we had time we’re going to be talking about what copywriters and creators are I ask if Phrasee’s tech could be ma- technological myopia, then we would Phrasee the same way we talk nostal- doing, rather than replace them. nipulated in a similar way, but Malm just find the most click-baity thing gically about Photoshop in the 90s.” By automating certain tasks, like assures me that this is not the case. possible to get you as many email Looking at the rest of the sector, writing email subject lines, copywrit- “Tay was a pure, straight-through, opens as possible, but then brands what is Malm’s prediction for the fu- ers can focus on making the email’s neural-network-based system. While like Virgin and Dominos wouldn’t ture of AI in marketing? content more engaging. Instead of that sounds good in principle, its ben- have been using us for as long as they “If you look today, what you will imagining that robots will replace efit is you can produce all sorts of have,” he adds. find is that every marketing technol- workers in the ad industry, perhaps content at scale, but the main down- Copywriters reading this article ogy firm under will have AI we should imagine cyborgs – a fusion side is that you don’t have any control might feel a chill down their spine. on their website somewhere – but of marketer and machine. 18 LIFE&STYLE MONDAY 5 AUGUST 2019 CITYAM.COM TRAVEL

HOURS IN... CAMBRIDGE, ENGLAND

WHERE TO STAY The Varsity Hotel in central Cambridge has a superb rooftop with views for miles across the city and the River Cam. There’s even a spa and gym, LIVE IT UP if you’d prefer to just get pampered. Visit thevarsityhotel.co.uk IN LISBON

WHAT TO DO The city is packed with history from the old colleges and university campus to churches and cathedrals. We suggest a walking tour of the city, making sure to pack a picnic to have on the lawn of the stunning Clare College.

Laura Millar mixes traditional and modern in Portugal’s atmospheric capital

THE WEEKEND ASK ABOUT and Technology located in a cutting If you’ve only ever done Lisbon on a Their top tips for the city; the edge structure right on the river- WHERE TO DRINK stag weekend, it’s time to give it an- friendly staff at the reception desk bank. If you’re lucky, you might find Get yourself a coffee at The Larder, other go, and look beyond the pubs, are full of fab insider advice. Hence an exhibition dedicated to robots, or or better yet a cool iced latte, expertly tapas and beer bikes to some sophis- how I found myself spending an an installation condemning global made in this independent coffee shop ticated cuisine, modern art, culture THE LONG evening wandering down Pink Street warming. Hungry? The Time Out and deli. They’ve got fantastic cakes and shopping. Sure, you’ll want to (the road is, literally, pink), the for- Market (timeoutmarket.com) is al- too, so it would be rude not to try one. get lost in the rambling, roller- WEEKEND mer red light district which is lined ways good for quick bites like cheese Visit urbanlarder.coffee coaster-like streets in and around with bars and clubs, some dodgier croquettes or steak sandwiches; and Alfama, and check out the baroque than others; Pensao Amor used to be try dinner at Jose Avillez’ informal churches and fado bars of the Bairro a brothel but is now a cool cocktail taverna, Bairro de Avillez (bair- Alto; but the city has a cool, contem- bar. They also recommend swerving rodoavillez.pt/en) for simple but top porary side, too. the queues for those addictive cus- quality plates of Iberico hams, LISBON tard tarts (pasteis de nata) at the fa- cheeses, salads and sandwiches. THE STAY mous Pasteis de Belem, and walking In the heart of the chic Baixo-Chiado just five minutes to Fabrica da Nata LEG-ACHING FACT district, mere steps away from the PORTUGAL (fabricadanata.com), on Rua Au- Lisbon is built over seven back-break- river Tagus, is the AlmaLusa, a hand- gusta. ing hills: Castelo, Graca, Monte, some, white-walled building in one Penha de Franca, S.Pedro de Alcan- corner of the Praco do Municipio. Its AND AFTER THAT tara, Santa Catarina and Estrela. Why 18th century interiors – all dark tim- THE FOOD Check out LX Factory (lxfactory.com), not try to scale them all? ber ceilings and polished, flag-stoned The hotel has its own restaurant, Del- a complex of formerly abandoned WHERE TO EAT floors – are enhanced by the pretty fina, which specializes in traditional factories which have been trans- NEED TO KNOW It has to be Parker’s Tavern, a great furnishings and scattered antiques. dishes. It’s popular with locals, who formed into independent boutiques, £ Doubles at AlmaLusa Baixa/Chiado addition to the Cambridge food scene with come for the bacalhau bras (dried galleries, restaurants and bars, with start from around £127pn; for info or a menu directed by head chef Tristan WHO GOES? and salted cod with scrambled egg a hip, Shoreditch, street-art vibe. If to book or visit almalusahotels.com. Welch. Sit among shelves of books and Families of Europeans, sophisticated and matchstick potatoes), pica pau you want a dose of culture, head to TAP Portugal has regular flights tuck in to the tandoori baby quail. Americans, younger couples and the (fried beef with pickles) and roasted MAAT (maat.pt/en), the recently from London to Lisbon from around Visit parkerstavern.com odd business traveller. black pork. opened Museum of Art, Architecture £45 one way; visit flytap.com CITYAM.COM MONDAY 5 AUGUST 2019 SPORT 19

Guardiola’s side land the first blow on their title rivals in curtain-raiser, writes Felix Keith

HEY SAY you can’t read too much into the Community Shield, especially when it’s Twon through the lottery of penalties, but Manchester City’s victory over Liverpool at Wemb- ley yesterday still meant something. The two sides returned to action after battling it out last season, matching each other goal for goal and result for result, only for City to clinch the trophy by a single point. Only six of the last 20 Community Shield winners have gone onto win the league in the following season, but you certainly wouldn’t bet against Pep Guardiola’s side doing so. With both managers picking strong teams – Liverpool’s contained nine of those who won the Champions League final in May – it was a keenly fought contest from the start. Both sides scored through well- worked set pieces – City through Ra- heem Sterling and Liverpool through substitute Joel Matip – but Mohamed Salah had more than enough chances to win it for Liverpool, having 10 of his team’s 16 attempts. The worth of the piece of silverware is debatable, but the worth of laying the first punch on your closest com- petitors is undoubtable. STERLING MAKES HIS MARK CITY DRAW FIRST BLOOD Sterling had failed to score against his former club in 10 attempts, but he was in the right place at the right time to turn in from David Silva’s pass Liverpool have concluded their pre- of the match award. ing referee Martin Atkinson for not early on. season having kept just one clean COMMUNITY SHIELD His link-up play with Bernardo Silva spotting a high foot by Joe Gomez on The England forward was unaffected sheet – against Tranmere in the first down City’s right was a thorn in Liv- David Silva. If the City boss picks up by the boos, looking sharp through- fixture – and while Jurgen Klopp LIVERPOOL MAN CITY erpool’s side, with City exploiting the another three yellows this season he out as City dominated the opening won’t be overly worried, it is an area space afforded by Divock Origi, who will get a one-game touchline ban. stages. After enjoying an incredible which clearly needs improvement. was playing slightly out of position on The Catalan coach’s emotional dis- last season, in which he scooped mul- The Reds conceded a league-best 22 the left of Liverpool’s 4-3-3. play came before a goal line technol- tiple individual awards, he picked up goals last season and will hope to If City can keep De Bruyne fit for the ogy check after a strike by Virgil van where he left off at Wembley – a tighten things up when they begin entirety of the coming campaign he Dijk hit the crossbar and bounced stone’s throw from where he grew up. their Premier League campaign can be the creative fulcrum alongside down and a VAR check for a possible against Norwich on Friday. 1 - 1 the two Silvas. red card. RUSTY REDS DEFENCE (CITY WIN 5-4 ON PENS) In the stadium nobody was any the KEVIN’S COMEBACK VAR TASTER MENU As good as Sterling and his City co- Matip (77’) Sterling (12’) wiser as the big screen announced no horts were, the open ebb and flow of Manchester City managed to win the The spectre of new rules – and in par- red card, before a minute later the the game owed a great deal to Liver- Premier League last season without ticular the video assistant referee – screen showed it was Trent Alexan- pool’s creaky defence. one of their best, most influential ture of problems. At Wembley yester- looms large ahead of the Premier der-Arnold who had received a let-off. City ran amok time and again, players for the majority of it. day he was supreme, reminding League season and we were treated to VAR felt the need to delay kick-off sprinting clear only to spurn chances, Kevin De Bruyne suffered a cam- Guardiola and City fans of his talents a taster of what’s to come at Wembley. after Matip’s equaliser too. This sea- or see some last-ditch defending deny paign blighted by injuries, missing 29 by constantly drifting into space and Guardiola became the first manager son, get ready for a different kind of them. matches in 2018-19 through a mix- using the ball well to pick up the man to receive a yellow card after lambast- football. TRANSFERTRRAANSFAN RER NEWS WON’TWWOON’N T WINN YOUYOU ££250K.K052 K Betway’seB ttwwwaay’’ss 4 ttoo ScoreS oc rree might.m .thgi HeeddeeH YourYYoourr HunchHun hc forfor a freeffrree chancec cnah e ttoo winwin ££250K.K052 .

noitceleS s m su be st ettimbu d beffoore the o ninep g t mi of ee ca h s eludehc d r dnuo . W reh e t reh is me ro e t ah n 1 w enni rr,, m ia n p ir ze w li be dl edivi d b eewte n w srenni . F lu l t mre s a ylpp . 18+ B gro.erawAelbmaGe 20 SPORT MONDAY 5 AUGUST 2019 CITYAM.COM FIRST BLOOD Man City beat Liverpool on penalties to win SPORT the Community Shield PAGE 19 HAPPY HAMILTON Mercedes’ gamble reels in Verstappen at the Hungarian Grand Prix SPORT DIGEST INJURED ALLI TO MISS START OF SPURS’ SEASON £ Tottenham manager Mauricio Pochettino admitted he is worried after Dele Alli was ruled out of the start of the season with a hamstring injury. Alli missed Spurs’ pre-season game against Inter Milan yesterday and Pochettino said he would be absent for “a few more weeks”. He said: “We are worried. He is still only 23 and has had many hamstring problems in the last few years.” UNITED CALL OFF DYBALA DEAL WITH JUVENTUS £ Manchester United have ended their interest in Juventus forward Paulo Dybala. United entered talks with the Italian club and had proposed a swap deal with Romelu Lukaku, but yesterday halted the pursuit over the 25-year-old’s wage demands. Meanwhile, Everton have completed the signing of 19-year-old Juve striker Moise Kean for a fee of £25.1m, which could rise to £27.5m. SHIBUNO CLAIMS FIRST MAJOR AT WOMEN’S OPEN £ Japan’s Hinako Shibuno produced a brilliant finish to win her first Major at the Women’s British Open yesterday. The 20-year-old had lead by two shots overnight at Woburn, but American Lizette Salas shot a seven-under-par round of 65 to put the pressure on. Shibuno responded impressively, with five birdies on the back nine to win by one stroke on 18 under-par. EVANS WINS TO REACH ROGERS CUP MAIN DRAW £ Dan Evans has qualified for the main draw of the Rogers Cup in Montreal after beating Spaniard Marcel Granollers yesterday. The British No2 overcame the world No103 6-3, 6-3 in one hour and 21 Lewis Hamilton hailed his Mercedes team’s “big gamble” after he caught Max Verstappen to win the Hungarian Grand Prix yesterday. Hamilton used a second pit stop to his minutes to join compatriots Kyle advantage, closing a 20-second gap to overtake the Red Bull driver with three laps to go and claim an eighth win of the season ahead of Verstappen in second and Ferrari’s Edmund and Cameron Norrie in the Sebastian Vettel. “This morning they [the team] said a two-stop would not happen and when they called for it I wondered if it would work,” Hamilton said. “It felt like a big main draw. Edmund faces Australia’s gamble. It was collectively a bold, risky strategy call, then it was doing the job at the end of the day. I had to do those laps to chew out the gap he had on me.” The British driver Nick Kyrgios while Norrie plays now has a 62-point lead in the championship over his Mercedes team mate Valterri Bottas with nine races left – the next of which is the Belgian Grand Prix on 30 August. Hungary’s Marton Fucsovics. SMITH REPEATS THE TRICK

come – after 144 runs in the first-in- good ones and score from anything themselves at all. Australian batsman nings and 142 in the second – they The ex-captain else. His obsessive compulsive routine Jimmy Anderson’s injury was unfor- grinds England into have been from tired, attacking has scored 286 – the adjustment of both pads, fiddle tunate, leaving the four other bowlers strokes when he has looked to put his runs in the Test with the box, touching of the gloves – with heightened work loads and the dirt with century, foot on England’s throat. helps him ascend into another realm, meaning part-time bowlers Joe Denly If he can be said to have one weak- one in which the next ball is the only and Joe Root were required, but Eng- writes Felix Keith ness, it’s converting scores of 140 into focus. While his technique is utterly land undoubtedly lost their way. 150s; he is the first person to make unique, unlikely to be written into Australia piled on 363 runs in just OW DO you solve a prob- two scores of 140 in a single Test. any coaching manuals or taught to 81 overs yesterday. No bowler man- lem like Steve Smith? Eng- Smith has spent the last 16 months budding batsmen, Smith’s patience is aged to stem the flow of runs, with land may have dismissed not playing first-class cricket. But perhaps his greatest quality. off-spinner Moeen Ali going at 4.48 the former Australian cap- rather than that period causing rusti- It’s the asset which has allowed him runs per over, failing to make the tain twice in the first Test ness to set in, like might be expected, to put together two chance-less in- most of the assistance on offer. Ideas matchH at Edgbaston, but it took them it looks to have recharged his batter- nings at Edgbaston. And it’s the main were thin on the ground. Field plac- 426 attempts, came at the cost of 286 ies and sent him back to the crease as reason England have, over the course ings became negative as England runs and the chance of making a win- some sort of run-scoring cyborg from of three days, moved from a position awaited the inevitable. The declara- ning start to the Ashes. England the future, intent on grinding his op- of dominance to one of fighting for a tion came late, after Pattinson bludg- began day four with hope, with Aus- ponents into the dirt through unre- draw; from a first-innings lead of 90 eoned four dispiriting sixes, but the tralia 124-3, holding a slender lead of lenting run-scoring. to an insurmountable 398 to win. visitors will still be hopeful they can 34. They ended it chastened, on 13-0, Batsmen practice in the nets using a Smith’s unquestioned brilliance become the first Australian side to staring down a nominal target of 398 bowling machine – an automated de- against England is such that his last win in England after conceding a after Australia declared on 487-7. vice which allows its user to select the six Ashes scores now read: 142, 144, first-innings lead in 38 years. Everything the hosts threw at Smith speed, angle and length of delivery. 83, 102 not out, 76 and 239. England now need heroics to scrape was repelled – either extravagantly Operating at the absolute peak of his While the batsman to inflict the a draw. They will hope Rory Burns, left alone, defensively dismissed, powers, Smith looks like the equiva- damage, alongside Matthew Wade, batting for a fifth consecutive day, worked assiduously into a gap or dis- lent for bowlers – a mechanical bats- who made 110, Travis Head (51) and can produce another gritty hundred patched to the boundary. man, programmed to leave alone any James Pattinson (47 not out), must be to ensure Smith’s hard work goes un- When his dismissals have eventually potentially dangerous ball, block the commended, England haven’t helped capitalised upon. Available in store at: Available online at:

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