BUSINESS WITH PERSONALITY

THE GUVNOR UK’S A FORD — BUT NOT AS PUBS BOSS LOOKS YOU KNOW IT TESTING A TO KEEP FIZZ IN SOUPED-UP FIESTA P22 THE INDUSTRY P15 TUESDAY 3 DECEMBER 2019 ISSUE 3,513 CITYAM.COM FREE

Top lawyer TRUMP OPENS UP NEW in drunken ‘kiss’ case JAMES BOOTH @Jamesdbooth1 FRONT IN TRADE WAR FORMER Baker McKenzie London managing partner HARRY ROBERTSON Gary Senior propositioned a junior lawyer at 3am after @henrygrobertson asking her to stay behind in US PRESIDENT Donald Trump rattled his hotel room, a tribunal global stock markets yesterday by heard yesterday. announcing he will slap tariffs on steel The incident took place in and aluminium imports from Brazil and 2012 but was hushed up by Argentina, published as part of a Twitter the firm, with Senior keeping outburst before he was pictured arriving his job and the junior lawyer in London for a Nato summit last night. (Person A) leaving with a Trump’s commerce secretary Wilbur payoff after signing a non- Ross then further shook investors’ nerves disclosure agreement. by threatening to ramp up tariffs on Andrew Tabachnik QC, China if Beijing does not strike a trade prosecuting for the Solicitors deal with the US by 15 December. Regulation Authority, said: On Twitter, Trump savaged Brazil and “The first respondent [Senior] Argentina for “presiding over a massive while managing partner of a devaluation of their currencies” which he leading UK and global firm said was hurting US farmers. propositioned Person A, a six- The tariffs could further damage the months-or-so qualified countries’ fragile economies. Brazilian associate solicitor in the early President Jair Bolsonaro said he would hours…having asked her to personally call to plead with Trump “so stay behind in his hotel room that he doesn’t penalise us”. He added: when all others left.” “I hope that he understands.” Senior “offered an Investors rushed to sell equities after inappropriate compliment Trump’s announcement. The mad dash about her appearance and soon became a stampede when Ross told the S&P 500 dropped 0.86 per cent and a number of countries. than DOUBLED, and Nato spending gave her an unwanted kiss on Fox Business that if China does not sign a the Dow Jones fell 0.96 per cent. Michael Hewson of CMC Markets said increased by $130bn!” he tweeted during the neck,” Tabachnik said. trade deal soon, “the President has made US markets were also hit by weaker- Trump “seems to have missed the point his flight to London. The incident took place quite clear he’ll put the tariffs in — the than-expected manufacturing data that the reason the currencies of both British politicians will be watching after a night of drinking. increased tariffs”. yesterday, which showed that the Brazil and Argentina are weak is not Trump’s visit closely after his previous In an apology conveyed to Germany’s Dax index and France’s Cac country’s factory sector shrank for the down to any deliberate or cunning plan,” forthright interventions. Person A, which was read out 40 led European stocks downwards, both fourth month in a row in November as but is instead due to “bad governance”. The US President will hold a press to the tribunal, Senior said: falling two per cent. The FTSE 100 trade tensions took their toll. The US President is expected to repeat conference tomorrow, following a series of “I was drunk and it was a finished the day 0.8 per cent lower, while Trump’s decision to impose tariffs on demands that Nato partners meet the meetings and a reception at Buckingham moment of madness”. the Eurostoxx 600 index had its worst day Brazil and Argentina scraps the organisation’s target of spending two per Palace to mark the 70th birthday of the He added: “If I get drunk I in two months. exemptions both countries secured last cent of GDP on defence. increasingly strained alliance. get tactile, affectionate, but I In the US, the trade-sensitive Nasdaq year, in which the US President slapped “Since I took office, the number of Nato don’t get unpleasant.” index finished 1.12 per cent lower, while punitive steel and aluminium levies on allies fulfilling their obligations more £ US MULLS TARIFFS ON FRANCE: P3 Senior denies wrongdoing. The case continues.

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COLD WAR THAW Thirtieth anniversary of Malta summit that brought an end to post-war tensions between the US and Russia THE CITY VIEW Corbyn can’t fix your miserable commute EREMY Corbyn is well and truly getting into the Christmas spirit — he’s making a list, checking it twice, gonna find Jout who’s naughty or nice, Jeremy is coming to town. Momentum activists could turn that into a Christmas number one. But who’s on the Labour leader’s list? Well, he’s pretty clear about who’s been naughty. Indeed, he revels in pointing the finger at bad bosses, fat cats, bankers, hedge funds, polluters, privatisers, Tories (obviously) and of course, billionaires. Corbyn sees billionaires everywhere. He claims they wrote the Tory manifesto, and that they paid for it. This seems like a poor deal, but Corbyn knows what he’s talking about. The other side of Father Corbyn’s list is also pretty clear: nurses, teachers, factory workers, students and — as of yesterday — rail commuters. This is an understandably sensitive subject, not TODAY marks 30 years since reforming Soviet premier Mikhail Gorbachev and US President George HW Bush met on a Russian least as so many commuters spend their mornings crammed on cruise ship moored in the Maltese harbour of Marsaxlokk to signal an end to the Cold War. Over the weekend Gorbachev warned platforms waiting to cram into an over-crowded train. And that’s a “new Cold War must not be allowed” and criticised American and Russian decisions to pull out of long-standing nuclear pacts. without strike misery compounding the problems. You may pay thousands of pounds a year to endure this journey into the capital and if, having been carried along by the throng you stumble out of Waterloo station to find a Labour activist promising to cut your rail fare by a third, you may very well consider it a tempting offer. However, beware of politicians promising a stocking full of freebies. Firstly, Labour’s pledge to Brexit chaos could spark slash the cost of a season ticket cannot be separated from its other pledge to renationalise the rail network. This raises the question of whether a Whitehall department is capable of delivering a better and cheaper service than the current system activist investor interest of (admittedly complex) franchises. It’s also worth remembering (and this can be hard to do on a rammed-commuter service into JESS CLARK disruption because in disruption companies are now at risk from London) that most people don’t use trains. The most recent AND SEBASTIAN MCCARTHY some management teams don’t activists, rising from 52 in April. statistics from the Department for Transport show that 62 per @jclarkjourno @SebMcCarthy manage so well, and a good company However, the UK’s dominance is becomes poorer. eroding as activism across continen- cent of all journeys are made by car, with rail coming in at three DISRUPTION from Brexit could spark “That gives activists an opportunity, tal Europe gathers momentum. per cent — below walking and buses. Just 11 per cent of people an increase in activist investors target- when the share price doesn’t “As activism becomes more en- commute to work by train, with nearly 70 per cent of people ing public companies in the UK, a represent the value of the company. trenched in European markets, share- relying on their car. This matters because Labour says it will pay new report has warned. Brexit is a disruption, and some holders are increasingly employing The UK, which is already Europe’s companies won’t manage their way activist tactics against boards they for a fare cut by cashing in on the amount raised by Vehicle largest market for activists, is at risk through that well.” disagree with, with traditional insti- Excise Duty — currently around £6.5bn a year. The Tories have of drawing more attention from Paul Kinrade, senior adviser at A&M tutional investors also taking more earmarked this pot for road improvements. Labour would investors looking to pile the added: “When markets suffer any vocal stances,” the report said. therefore tax car-owners in order to subsidise relatively well-off pressure on management over the kind of disruption, people react very The European market for activism is coming year. differently... it is easier for activists to set to grow next year, with 158 coun- commuters who largely live and work in London and the south- Professional services firm Alvarez see who is not responding well. tries on the continent braced for east. It is not a progressive policy, and it probably wouldn’t make and Marsal (A&M) has said that “Activists are not looking for the activists, rising from 150 in April. your commute any more tolerable. Sorry. disruption caused by Britain’s ex- weakest companies, what they want is Industrials remain a significant pected departure of the EU will “lead a company whose share price has sector for activists, but interest in to greater opportunities for activists fallen away. consumer companies continues to in the UK, and a weakening of sterling “If they can see a better route to decline. A number of activist cam- could prompt greater interest in buy- bringing that change they buy in, paigns have mounted in the last year, outs and public-to-private deals”. they become active and push for that with Ferguson, Imperial Brands and A&M managing director Malcolm change.” Domino’s Pizza all being targeted Follow us on Twitter @cityam McKenzie told City A.M: “Activists like A&M’s report showed that 54 UK in the UK.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL QUESTIONS RAISED OVER WHAT THE INVESTORS TO LOSE OUT IN BOVIS HOMES SUFFERS US TREASURY TO EASE LABOUR’S NHS DOSSIER OTHER LENDY PLATFORM CRASH SHAREHOLDER REVOLT BUSINESS TAX BURDENS Classified documents detailing UK-US People who invested in businesses via a Bovis has been stung by a shareholder US-based multinationals will be less trade talks that were used by the PAPERS SAY failed peer-to-peer platform have revolt at plans to hike bosses’ bonuses. exposed to certain US taxes after the Labour party to claim Prime Minister discovered their money was not ring- The housebuilder suffered a rebellion Treasury Department issued new rules Boris Johnson was putting the NHS “up THIS fenced as promised. Lendy investors, by more than 30 per cent of implementing two major pieces of the for sale” were first leaked online in a who are owed more than £150m, were shareholders over proposals which will 2017 tax law. The regulations will help way that mirrored a recent Russian MORNING told a significant proportion will pay let chief executive Greg Fitzgerald earn ease the burden of two minimum taxes disinformation campaign, according to insolvency practitioners and creditors. up to £4.1m a year if he hits targets. that were designed to put a floor under US researchers. Graphika, a company corporate tax collections. that has analysed the document, BRANSON SCRAPS VIRGIN CARNEY’S ENVIRONMENTAL suggested it could point to potential ATLANTIC STAKE SALE CREDENTIALS SCRUTINISED HOSTESS BRANDS BUYS foreign interference in the election. Virgin Atlantic is set to remain in British Bank of England governor Mark Carney TWINKIES WAFER MAKER hands after Sir Richard Branson could face questions over his jet-set The maker of Twinkies wants to expand MI5 TO REVIEW HANDLING OF attack, which left two Britons dead and abandoned plans to sell a significant lifestyle when he becomes the United its portfolio with a new bet on wafers, LONDON BRIDGE ATTACKER three more injured. Alongside an stake in the company to Air France-KLM. Nations special envoy on climate and sugar-free treats. Hostess Brands MI5, is assessing whether the risk from internal inquiry into the management Branson said he intended to retain his change. Carney has racked up about said it struck a deal to buy Voortman Islamist terror networks has increased of the attacker, MI5 will review the wider 51 per cent stake instead of selling 31 65,000 air miles this year on official Cookies for about $320m (£246.2m) in in the wake of Friday’s London Bridge effect on UK jihadi groups. per cent of the company. business. cash from Swander Pace Capital. CITYAM.COM TUESDAY 3 DECEMBER 2019 NEWS 03

DIESELGATE REVS UP British drivers launch major lawsuit against Volkswagen US to hit France UK should not with tariffs over digital tax plan be a ‘ruletaker’, EMILY NICOLLE @emilyjnicolle THE US vowed to slap tariffs of up to 100 per cent on $2.4bn (£1.6bn) of French goods late last night, in says City body retaliation over findings that a new digital services tax in the country HARRY ROBERTSON become an automatic ruletaker with would harm US tech companies. no say over its own rules.” The US trade representative @henrygrobertson Nonetheless, he said “close regula- Robert Lighthizer said its BANKING body The City UK hit back tory and supervisory cooperation will investigation found that the French at the European finance commis- be essential to minimise unwarranted TENS of thousands of motorists have accused Volkswagen of fitting its cars with proposal was “inconsistent with sioner yesterday, saying Britain can- fragmentation of financial markets”. software to cheat emissions tests, as the UK’s biggest class action case kicked off at prevailing principles of not be allowed to become a financial Dombrovskis’ comments are an the High Court yesterday. Volkswagen’s diesel customers are seeking compensation. international tax policy, and is “ruletaker” after Brexit. indication of how difficult negotia- unusually burdensome for affected Valdis Dombrovskis, who is set to tions over a post-Brexit trade deal US companies”, such as Google , become a vice-president of the Euro- with the EU could be, especially when Facebook, Apple and Amazon. pean Commission, yesterday warned it comes to financial services. He added the US government was that the City could be cut off from Under Prime Minister Boris Private equity business Cerberus also exploring whether to open continental markets after Johnson’s deal, a free-trade similar investigations into the Brexit if its regulations do not agreement must be digital services taxes of Austria, stay closely aligned. reached before 2021. joins queue for Addison Lee bid Italy, and Turkey. The Latvian said access to Critics say this timeline The move would impact French the EU’s markets will re- is too tight, and argue that ANNA MENIN ahead of a recent deadline for offers, imports of Champagne, handbags, quire Britain not to “engage the EU will demand close but it is unclear how formal the cheese and other products into in some kind of deregula- alignment to its standards, @annafmenin proposal was, according to Sky News. the US. tion” in an interview with the which could make talks US PRIVATE equity firm Cerberus is Addison Lee is currently owned by It followed preliminary Financial Times. with countries such as the said to be among those considering a private equity giant Carlyle, which is investigations begun earlier in the In response to Dombrovskis’ US difficult. bid for Addison Lee as the minicab seeking to offload the company day by the European Commission comments, The City UK’s chief company’s owner tries to secure a before the end of the year. into non-compliance of data use by executive Miles Celic said: “As a European Commission quick sale. Carlyle is reportedly yet to receive Google and Facebook. The body is premier global financial vice-president Valdis Cerberus Capital Management an offer that values the taxi firm at already investigating Amazon over centre, the UK can’t Dombrovskis submitted a bid for the minicab firm more than its £230m debt. similar compliance issues. 04 NEWS TUESDAY 3 DECEMBER 2019 CITYAM.COM IN BRIEF CYBER MONDAY 2019 SALES ROCKETSPACE EXITS BRITISH REPSOL TO LOSE €4.8BN IN SOAR COMPARED TO 2018 CO-WORKING SECTOR 2050 NET ZERO TARGET Transaction volumes on Cyber Monday Wework rival Rocketspace is planning to Spain’s Repsol pledged yesterday to soared yesterday, following an pull out of the UK and will close its reduce net carbon emissions from its “outstanding” Black Friday. The total London co-working office by next year. operations and most of its products to volume of transactions was up 6.9 per The San Francisco-based firm, which zero by 2050 and absorb a €4.8bn cent yesterday afternoon compared to rents out space to London freelancers (£4.1bn) hit to the value of its oil and gas the previous year, according to data and startup businesses at a shared office assets in the process. Describing the collected by Barclaycard. “Cyber in Islington, said it has decided to “cease move as an industry first, Repsol said it Monday got off to a strong start,” Rob operations in the UK”. Filings for wanted to lead a wider transition to Cameron, chief executive of Barclaycard Rocketspace Angel showed that the firm renewable energy, in line with the goals Payments, said. The bumper Cyber had debts of more than £9m due this of the 2015 Paris Agreement to avert Monday comes after Black Friday year. “The directors have decided to catastrophic climate change. Repsol’s transaction values increased 16.5 per cease operations in the UK and close pledge makes it an outlier relative to cent compared to last year, and the total down the company which they larger energy companies, which are still volume of transactions increased 7.2 per anticipate will be completed by 1 April investing in developing oil and gas fields cent. “[It showed] that in a tough 2020,” the company said in a regulatory that are incompatible with Paris goals, economic climate, once again Black filing. Rocketspace chief executive according to financial think-tank Carbon Friday has continued to be a fantastic Duncan Logan told UK staff last month Tracker. Repsol’s new target will cover 95 opportunity for retailers and that they will be made redundant on 20 per cent of the emissions released by the consumers,” Cameron added. December, Bloomberg reported. use of products it sells.

The fashion chain has launched an investigation into the accountancy error Ted Baker £25m stock mistake alarms investors

JOE CURTIS investors is that Ted Baker’s weakened @joe_r_curtis share price could make it ripe for a takeover. “If there is any silver lining, TED BAKER’S share price plunged we think it comes in the form of yesterday after the embattled retailer acquisition potential,” he said. warned investors it is set to take a “Ted Baker shares have now lost hit of up to £25m after overstating three-quarters of their value this year the value of its inventory on its and consolidation is already happen- balance sheet. ing in the luxury sector as evidenced The upmarket fashion brand’s by the LVMH purchase of Tiffany. A shares closed down eight per cent at household name is now up for grabs 366p yesterday, after slipping to a at bargain basement levels.” low of 345.2p earlier in the day — at Liberum said the discovery was what analysts suggested could be “indicative... of the very early stage acquisition territory. work that the new and highly re- The retailer has appointed Fresh- garded [chief financial officer] Rachel fields Bruckhaus Deringer to investi- Osborne, is undertaking.” gate the issue and told shareholders that it estimates an impact on the TED BAKER value of its clothing stock to be P between £20m and £25m. 420 The Magic Circle law firm will 400 appoint independent accountants to undertake a “comprehensive review” 380 of the issue, Ted Baker said. 3 Dec The team will report to a sub- 360 366 committee chaired by independent 340 director Sharon Baylay. London Capital Group’s Jasper Lawler said the only good news for 26 Nov27 Nov 28 Nov 2 Dec 3 Dec Black Friday rescues November retail sales in high street boost JESS CLARK took advantage of the Black Friday @jclarkjourno bargains available this year. Without the adjustment for the RETAIL sales increased last month discounting day, like-for-like retail thanks to a bumper Black Friday, as sales declined 4.9 per cent. shoppers made the most of the pre- British Retail Consortium chief Christmas discounting event. executive Helen Dickinson said: November sales figures — adjusted “Once the figures are adjusted to for Black Friday, which fell outside take account of the timing of Black of the British Retail Consortium’s Friday, growth appears stronger in standard recording period — showed November than in previous months.” 0.9 per cent growth compared to “Shoppers appeared ready to take last year. advantage of the great bargains Adjusted like-for-like sales were up available, both online and on the 0.5 per cent on 2018, as shoppers high street,” she added.

06 NEWS TUESDAY 3 DECEMBER 2019 CITYAM.COM Eurozone manufacturing continues UK factory chiefs to shrink but optimism on the rise ANNA MENIN 50-point threshold, indicating a Markit’s Chris Williamson. contraction. The bloc’s factories have Rates of new orders and output @annafmenin slash jobs as the contracted every month since recorded milder falls in November, EUROZONE manufacturing activity February, but last month’s reading but job losses persisted despite an contracted for the 10th straight was the highest in three months and uptick in confidence. Business month in November, but factories in ahead of preliminary estimates. confidence climbed to a five-month the bloc fared slightly better than “Although still signalling a steep high as sentiment continued to expected as optimism rose. rate of decline, the manufacturing recover from its almost seven-year sector struggles IHS Markit’s manufacturing PMI nonetheless brings some low in August, with all surveyed Purchasing Managers’ Index (PMI) encouraging signals which will fuel nations indicating some optimism HARRY ROBERTSON The upcoming General Election on rose to 46.9 for November, better speculation that the worst is over for that output would be higher than 12 December has done little to boost than expected but still below the euro area producers,” said IHS present levels in a year’s time. @henrygrobertson manufacturers’ confidence. Duncan THE UK manufacturing sector shrank Brock, group director at Cips, called for a seventh straight month in No- the combination of the latest Brexit vember, survey data showed yester- delay, slowing global growth and the day, causing factory bosses to cut jobs election a “lethal cocktail”. at the fastest pace in over seven years. He added: “Supply chain managers Output and new orders also fell in cited weakened domestic demand the sector, which makes up around 10 and one of the biggest falls in export per cent of the economy, as another orders for seven years as companies Brexit delay and the looming General unravelled their pre-Brexit stocks, Election brought fresh uncertainty to resulting in one of steepest reduc- British factories. tions in purchasing since 2013.” The manufacturing purchasing “Firms tried to balance their books managers’ index (PMI) gauge from by reducing overheads and improving data firm IHS Markit and the Char- efficiencies quickly, and staff num- tered Institute of Procurement & Sup- bers were the casualties,” he added. ply (Cips) slipped to 48.9 in November, IHS Markit director Rob Dobson said down from 49.6 in October. rising demand for consumer goods The figure was above a previous was one bright spot in November. He “flash” estimate of 48.3. A score of said this was the latest sign of “a two- below 50 indicates a shrinking sector, speed economy” as “households con- however, showing that UK manufac- tinue to provide some support”. turing is firmly in contraction mode. UK manufacturing’s struggles are The sector has been buffeted in 2019 part of a wider global trend. The US by a combination of Brexit uncer- factory sector shrank for the fourth tainty and a global economic slow- month in a row, data showed yester- down, which has dented demand. day, as trade tensions took a toll.

GUILDHALL VIGIL City of London holds a vigil for victims of London Bridge attack

JEREMY Corbyn and Boris Johnson stood side by side yesterday at a Guildhall vigil for the London Bridge terror attack victims Jack Merritt and Saskia Jones. London mayor Sadiq Khan said London would “never be cowed or intimidated by terrorism”. UN climate change summit kicks off in Madrid amid late warnings EDWARD THICKNESSE Paris agreement, this mechanism would allow countries with low @edthicknesse emissions to sell their remaining THE UN Climate Change conference emissions allowance to larger CO2 kicked off in Madrid yesterday as producers, within an overall governments come together to emissions cap. discuss the next steps in the ongoing Speaking at the summit’s opening climate change debate. session, UN secretary-general Antonio Against a backdrop of a year of Guturres said that governments especially severe weather, the two risked sleepwalking past a point of no weeks of talks offer delegates the return. “Do we really want to be chance to resolve outstanding issues remembered as the generation that from the Paris accord, such as rules buried its head in the sand, that for carbon trading. fiddled while the planet burned?” Covered under article six of the Guterres said. CITYAM.COM TUESDAY 3 DECEMBER 2019 NEWS 07 ELECTION 2019

POLL WATCH

Jeremy Corbyn was hammered for saying that UK military interventions have in Firms fight back part fuelled terror in the UK, but it seems the public may have some sympathy. 53 per cent of Brits believe UK actions are in part responsible according to YouGov; 24 per cent disagree. in Corbyn battle GOOD DAY CATHERINE NEILAN occasions, they’ve chosen to ignore Ofcom has been inundated with @CatNeilan them.” complaints about BBC coverage since the Asda, which was criticised for ALL I WANT CHRISTMAS IS... NOT EU start of the election, but we’d BUSINESSES were forced to defend allegedly changing staff hours and BREXIT Party supporters in northern Wales put some festive cheer into the winter posit that’s a sign Auntie is doing themselves yet again yesterday contracts, also hit back. election as they listened to Nigel Farage speak. His former party UKIP suffered its job. With tin-foil-hatted after Labour named and shamed the “We entirely reject these claims another bad day yesterday as interim leader Pat Mountain was interrogated by accusations of bias in favour of firms it says have “exploited, ripped about our contract and employment Sky’s Adam Boulton. The televised interview went viral after she was asked if the both the Tories and Labour, it off and dehumanised workers” as status, which are absolutely at odds Brexit Party was fielding any black candidates. Mountain replied: “No... We do suggests political editor the election campaign becomes with both how we operate our have... I think he’s Indian.” Laura Kuenssberg and increasingly febrile. business or the regard in which we her colleagues are putting Retailers Amazon, Asda and Sports hold our colleagues,” it said. politicians to task. Direct, taxi giant Uber and outsourc- Uber stands accused of classifying BAD DAY ing firm ISS have all come under at- drivers as self-employed to avoid tack from Jeremy Corbyn, as part of obligations such as minimum wage, Labour chair Ian Lavery fronted a video Labour’s campaign promise to deliver sick pay and holiday allowances. Poll watchdog calls for reforms released by the party yesterday in which “the biggest extension of workers’ A spokeswoman said that “drivers he slammed the Tories for “stealing the rights the UK has ever seen”. are at the heart of what we do.” The STEFAN BOSCIA transparency — and a ban on miners’ pension fund”. It was an The five firms stand accused of firm has recently begun new initia- @Stefan_Boscia political advertising on Twitter — interesting choice. Lavery, it has long various wrongdoings. tives on insurance and education pro- were not a substitute for reform. been known, was given a loan out of a Amazon is accused of imposing such vision for drivers which it says LAWS governing the General Election The Electoral Commission told miners’ union benevolent fund in 1994. poor conditions that ambulances are improves the contractor experience. are not fit for purpose and need Reuters it wants more powers to Thirteen years later, that outstanding called into warehouse premises. A Labour is pledging a raft of new reform, according to the Electoral make sure online political £72,500 loan was forgiven by the same spokesperson for the online retailer employment rights, including ensur- Commission. advertising is better labelled, a ban union — which he was then running. A said: “These claims about Amazon are ing full protections are put in place The electoral watchdog said on spending by foreign further £80,000 in payouts to Lavery were false and, despite sharing the facts for all workers — temporary or perma- yesterday that changes by Facebook organisations and an increase in the uncovered by the Sunday Times and the with the Labour party on numerous nent — on day one of employment. and Google to increase advertising maximum fine it can hand out. BBC. He denies any wrongdoing.

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CITYAM.COM TUESDAY 3 DECEMBER 2019 NEWS 09 Google and Looker’s Saudi Aramco insitutional tranche more than twice oversubscribed $2.6bn deal to face EDWARD THICKNESSE closes at the end of this week, with was also oversubscribed, with @edthicknesse the sale price set to be announced nearly 1.5bn shares taken, worth on 5 December. Despite being 47.4bn riyals. Earlier this month THE INSTITUTIONAL tranche of oversubscribed, the level of interest Aramco said it would sell 1.5 per Saudi Aramco’s upcoming initial is reportedly lower than for other cent of its shares at 30 to 32 riyals competition inquiry public offering (IPO) is more than emerging market IPOs. each, which would give the firm a twice oversubscribed, according to Aramco has said that 0.5 per valuation of $1.6 trillion (£1.2 MICHAEL SEARLES UK’s cloud computing market. financial advisers for the sale. cent of the sale will be allocated to trillion) to $1.7 trillion. @Michaelsearles_ At this stage the competition watchdog Investors have put in 144.1bn retail investors, with the other one If successful, the IPO could be has invited comments from “any inter- riyals (£29.9bn) worth of bids since per cent — 2bn shares — for worth as much as $25.6bn, which GOOGLE’s proposed acquisition of rival ested party” on the merger by 20 Decem- 17 November — around 4.6bn institutions. Last Friday Aramco would make it the largest float in analytics firm Looker faces an investiga- ber as it carries out its assessment. shares. The institutional tranche confirmed that the retail tranche history, topping Alibaba’s in 2014. tion by the UK’s competition watchdog. The deal, which was initially an- Google agreed to buy Looker for nounced in June, was the first by the $2.6bn (£2bn) in the summer as part of company’s new cloud chief, Oracle vet- its efforts to expand the service’s eran Thomas Kurian, who replaced cloud offerings. Diane Greene last year. However, the Competition and Markets The purpose of the planned merger Authority yesterday said it is now consid- is to help Google build upon its Bigquery ering whether this merger could “sub- tool, which is used for managing stantially” reduce competition in the large datasets.

ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES

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&DURO\Q'Z\HU%(QJ +RQV  'DWHG 3 December 2019 DMS, CMILT, FCIHT 'LUHFWRURIWKH%XLOW(QYLURQPHQW What will a general election mean for markets?

7.339.840

The financial markets are unpredictable at the best of times, let alone in the run up to a general election. While many traders will use polling data to help gauge sentiment leading up to the UK 100 UK election on 12 December, nothing is certain. That’s why it’s also 29 Oct 2019 important to look at historical stock market data to help inform your trading position.

The past two general elections, for instance, have heralded two very different outcomes. CMC Markets’ client sentiment data shows that on 8 May 2015, only 35% of clients with a position believed 7.320.000 the FTSE 100 would rise, yet it ended the day up 2.3%. It was a very different situation after the 2017 snap election, with more than two in three traders correctly forecasting the FTSE 100 would fall, as it dropped 0.38%. Traders were similarly unflappable in the face of parliament approval on 29 October 2019 for Boris Johnson’s snap election, after 71% of traders backed the index to climb. London’s benchmark index gained 1.1% by the close on 5 November.

As a leading global provider of online trading, CMC Markets supports Opto trading intelligence with over 30 years’ industry experience. 7.300.000

8 May 2015 8 June 2017 29 Oct 2019 Conservatives Snap election results Parliament backs Boris win majority in hung parliament Johnson’s election plan

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7.280.000 All clients All clients All clients Client sentiment data on UK 100 amid past election announcements

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. Client sentiment is provided by CMC Markets for general information only. It is historical data in nature and is not an indicator of mindset performance. It should not be the only tool traders use to inform their strategy and must not form the basis of your trading or investment decisions. CITYAM.COM TUESDAY 3 DECEMBER 2019 NEWS 11 Food delivery apps serve up extra £400m for European restaurants JESS CLARK in the number of restaurant meals expected to grow 10 per cent a year sold in a year. to be worth $25bn (£19.3bn) in @jclarkjourno Across Paris, London, Madrid and Europe by 2023. FOOD delivery apps such as Warsaw, £1.6m of extra meals was Deloitte partner Sam Blackie said: Deliveroo, Just Eat and Uber Eats are sold each week, with independent “New technology is helping serving up an extra £400m in revenue restaurants accounting for almost restaurants respond to a significant for European restaurants, according half of the additional sales, shift in consumer preferences, with to a new report. according to a report by Deloitte. rising demand for more convenient Third-party platforms that London restaurants benefited ways to eat. customers can use to order food from the biggest jump in revenue “By making it easier for from a variety of restaurants have and profit, which increased £323m restaurants to offer delivery services increased profit across the Europe’s and £189m respectively. to customers, third-party platforms restaurant sector, with venues in The report, commissioned by Uber have helped grow overall revenue London seeing a four per cent jump Eats, said the food delivery market is and profit in the restaurant sector.” Apps such as Deliveroo and Uber Eats have boosted restaurant sales and profits Buyers refuse to Cat Rock calls on raise or extend Inmarsat offer Prosus to lift its JESS CLARK AND HARRY ROBERTSON @jclarkjourno @henrygrobertson THE PRIVATE equity consortium seeking to buy British satellite Just Eat bid price company Inmarsat has refused to up its bid or extend its expiration JOE CURTIS valuation in 2020. date ahead of a High Court hearing Cat Rock, which owns a 2.6 per cent today, despite a legal challenge that @joe_r_curtis stake in Just Eat, warned there is a could see the deal collapse. ACTIVIST investor Cat Rock has said it “significant risk” that Prosus could Connect Bidco, a consortium will throw its weight behind Just Eat’s reduce the acceptance threshold to 50 involving Apax Partners, Warburg Takeaway.com merger unless Prosus per cent and one share. That could Pincus, Canada Pension Plan and raises its offer to 925p per share. leave shareholders who vote against Ontario Teachers’ Pension Plan, The Dutch food delivery firm has the deal as minority investors in a yesterday made its offer final and had accepted a £5bn bid for Just Eat firm mostly owned by Prosus. Ocado has a stock market valuation of £9.3bn, up 68 per cent since last year refused to extend the expiration but tech group Prosus has come in Captain argued that could make date beyond 10 December. with a rival 710p per share offer. shareholders feel like they had little The takeover plan is due to go in However, Cat Rock said in a letter to choice but to accept a Prosus bid front of the High Court today, fellow shareholders yesterday Prosus below fair value. Ocado unveils £500m bond issue where a group of hedge funds led had overplayed Just Eat’s challenges Just Eat has urged investors not to by Oaktree Capital is preparing to as a way to justify a low-ball bid. accept the offer from the internet block its approval. Instead Prosus should offer 925p per giant, controlled by South African in- days after Aeon warehouse deal The funds built up stakes in share, equivalent to five times Just vestment behemoth Naspers. Inmarsat after it accepted a $6bn Eat’s expected 2020 revenue. Just Eat shares rose slightly to 765p EDWARD THICKNESSE international supermarket groups (£4.2bn) offer to be bought by the “While we are pleased that Prosus on the announcements yesterday. such as the US and France’s Kroger. Bidco consortium in May. They has bid for Just Eat, we are deeply @edthicknesse Last Friday Ocado announced the argue the price tag is too low as disappointed with both the level of JUST EAT ONLINE grocer Ocado yesterday latest of these, a partnership with Inmarsat is set to receive an income their offer and their approach to the announced a £500m bond issue as it Japanese retailer Aeon to help it boost from a US project that may bidding process,” Cat Rock founder 770 P seeks cash to fund commitments launch a new online business. be approved this month. Alex Captain said. “Instead of offering associated with its Ocado Solutions On Ocado Retail, the group also Oaktree, along with hedge funds a fair price for Just Eat, Prosus has 760 tech arm. announced that it expected revenue Kite Lake and Rubric, say a venture made a number of claims about Just The company said that the growth of 10 to 11 per cent, with called Ligado could push up the Eat and Takeaway.com aimed at con- 750 guaranteed senior unsecured growth in orders including those for value of Inmarsat. vincing shareholders not to support convertible bonds, due in 2025, are Ocado Zoom slightly higher than In a statement yesterday Bidco their merger.” 765 expected to carry a coupon of retail revenue growth. said: “The cash value being offered Captain added that a combined Just 740 3 Dec between 0.75 per cent and 1.25 per Shares in the online retailer fell by Bidco represents a substantial Eat-Takeaway.com food delivery giant cent a year. The offering comes after 5.3 per cent to 1,225p yesterday on premium to the pre-offer share could achieve a 1,200p per share 26 Nov27 Nov 28 Nov 2 Dec 3 Dec a sequence of deals with the back of the news. price of Inmarsat.” Bolt from the blue: Estonian startup best placed to snatch Uber’s crown

STEFAN BOSCIA Bolt has also experienced a surge A Bolt spokesperson said: “We in Android downloads since stand ready to take over as the first- @Stefan_Boscia Transport for London (TfL) opted not choice provider in London, if it BOLT is the best-placed ride-hailing to renew Uber’s London licence on comes to that, and we actively strive app to capitalise from Uber’s London 25 November. to achieve that position.” ban, according to a new study. Bolt’s daily downloads nearly Uber was not given a new licence Figures from market intelligence doubled that day from 5,778 to by TfL, after a “pattern of failures” company Similarweb show that the 10,894, and have stayed around that regarding passenger safety. This Estonian app had the largest amount mark since. French ride-hailing app included having some unlicensed of Android downloads out of Uber’s Kapten saw a similar increase in and uninsured drivers on the app. competitors in the months leading daily downloads, rising from 3,274 to Uber is appealing the decision and Uber’s future in the capital is in doubt after TfL chose not to renew its licence up to the app’s ban last week. 8,901 on 25 November. can still operate in the meantime. 12 NEWS TUESDAY 3 DECEMBER 2019 CITYAM.COM Capco in £424m Deutsche Bank Earls Court deal SEBASTIAN MCCARTHY @SebMcCarthy CAPITAL and Counties (Capco) will probed over role officially become a real estate investment trust (Reit) this year after selling off its vast Earls Court development site. The FTSE 250 property giant said it is now a “prime central London in Danske saga property investment business” after officially completing the sale SEBASTIAN MCCARTHY branch between 2007 and 2015. of its stake in Earls Court to APG @SebMcCarthy In September a former head boss of and Delancey for £425m. the Estonian branch was found dead, DEUTSCHE Bank’s role in the Danske deepening the world’s biggest ever Bank money laundering scandal is money laundering scandal. reportedly facing a deeper investiga- The news comes at a difficult time tion from the US, in a move likely to for Deutsche Bank, which is embark- heap fresh pressure on the embattled ing on a major restructuring under Koji Nagai is Nomura’s second-longest serving chief executive in the post-war period West End block German lender. chief executive Christian Sewing. The US Department of Justice (DoJ) High-profile financial investiga- is probing whether Deutsche helped tions, spiralling costs and botched in £600m sale transfer tainted money from Danske merger plans have all blighted the Nomura chief executive resigns into the US, a source told Reuters. fortunes of the German banking giant JAMES BOOTH Frankfurt prosecutors have begun in recent years, leading to Sewing’s @Jamesdbooth1 working with the DoJ, the source said, announcement in July that he was following seven years at the top amid questions over Deutsche’s shutting the firm’s loss-making THE SPANISH retail billionaire who role in processing payments for equities business and axing thou- EDWARD THICKNESSE will stay on as company chairman. owns fashion chain Zara is close to Danske Bank. sands of jobs globally. @edthicknesse Under Nagai’s tenure Japan’s acquiring a West End office block The DoJ’s focus on Germany’s largest Deutsche Bank’s spokesman said it biggest brokerage has undergone a for £600m. bank and its work with Frankfurt had significantly improved controls JAPANESE investment bank Nomura number of cost-cutting exercises after Europe’s richest man, Amancio prosecutors have not previously been in recent years. “We have repeatedly yesterday announced that chief the acquisition of Lehman Brothers’ Ortega, is this week set to acquire reported. Denmark’s biggest lender is stressed that we are in a good and executive Koji Nagai, who has led a non-US operations. the Post Building, a 320,000 square under investigation in several coun- constructive exchange with the seven-year restructuring effort, will In the last quarter profit at foot development in an ex-Royal tries over the suspicious payments authorities,” he added. step down. He will be replaced by Nomura reached its highest level in Mail sorting office in Holborn, that added up to €200bn (£170bn) A Danske spokesman said it contin- current chief operating officer 17 years — an early vindication of the via his real estate investment moved through its small Estonian ues to cooperate with the authorities. Kentaro Okuda on 1 April 2020, but success of Nagai’s work. vehicle Pontegadea.

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INTELLIGENT NOISE CANCELLATION | WIRELESS CHARGING PUNCHY BASS | KIRIN A1 CHIP CITYAM.COM TUESDAY 3 DECEMBER 2019 NEWS 13 TfL upgrades Apple Pay system to enhance commuter flow on Tube STEFAN BOSCIA will also be able to use the feature if transformation delivery for TfL, said: @Stefan_Boscia their device runs out of battery “Almost 25m journeys in and around during their journeys. London are now made using APPLE Pay users will be able to move The tool will work for five hours contactless every week, with one in through Tube stations faster, after after an iPhone or an Apple Watch five now made using a mobile device Apple upgraded its payment system powers down. rather than a contactless card. with Transport for London (TfL). Express Transit is now installed at “It is a step change in the way we Apple Pay’s Express Transit allows Tube stations around the capital and think about how to charge people, people to tap through Tube stations will make the flow of commuters the notion of having to understand without first having to use quicker, according to TfL. what ticket you need.” authentication measures. The new feature is also valid with The installation of Express Transit Previously, users had to use face or all other TfL services, including with TfL is the first use of the app in touch ID before using Apple Pay for national rail services. the UK, after having been rolled out their TfL journeys. Apple Pay users Mike Tuckett, head of in China and Japan. The new feature will be available on iPhones and Apple Watches Civitas raises Private wealth is dividend after profit jumps main source of ANNA MENIN @annafmenin CIVITAS Social Housing yesterday raised its interim dividend after reporting increases in pre-tax venture funding profit and revenue for the first half, as the value of its portfolio ANNA MENIN to $70 trillion in 2018. At the same continued to climb. @annafmenin time, the share of global wealth held Profit before tax rose 65 per cent by tech entrepreneurs also doubled, to £17.4m during the six months to PRIVATE wealth is now the main from seven per cent to 14 per cent. 30 September at the real estate source of funding for European The research found recent exits investment trust, while revenue venture capital (VC), according to a from European tech firms such as rose 45 per cent to £22.7m. Its net new report, as a new generation of Spotify and Adyen had created a new asset value per share rose just over entrepreneurs ditch more traditional wave of wealthy younger tech one per cent during the period to assets in favour of funding the next founders keen to invest in the sector. The companies will account for five per cent of global advertising spending 107.23p. Civitas raised its interim generation of startups. The two companies’ exits were worth dividend six per cent to 2.65p per A fifth of fundraising by European $30bn and $7.8bn respectively. share, with a full-year target VC firms in 2018 came from family European tech exits have totalled dividend of 5.3p. offices and private individuals as $354bn since 2013, with $115.5bn of Tech titans poised to splash up Non-executive chairman Michael opposed to institutional money, these in 2018 alone. This new genera- Wrobel said the company was according to research from Deal- tion of investors is far more comfort- pleased with the “strong set” of room.co for Talis Capital. able backing young tech firms than to £25bn on advertising in 2019 results and had met “key Private wealth investment in VC has their predecessors, and are choosing performance objectives”. Civitas climbed steadily in recent years, to invest in VC over more traditional ANNA MENIN The research, by media investment Social Housing is the largest rising from the third largest source of asset classes. @annafmenin company Groupm, estimates that provider of specialist supported fundraising (at 15 per cent) in 2014 to During the past decade, private eq- digital-only businesses will account living accommodation to tenants the largest last year, ahead of asset uity and VC have overtaken real estate EIGHT tech titans including Google, for almost three-quarters of all with learning disabilities, autism, managers, government agencies and as the second most popular asset class Facebook and Amazon dominate the advertising in the UK by 2024. and mental health conditions in corporate investors. among family offices, with allocation global advertising industry and will It predicts the UK’s advertising the UK. Talis Capital co-founder and manag- nearly doubling from 14 per cent in spend £25bn on marketing this year, industry will grow 7.8 per cent in During the first half, the ing partner Matus Maar said this was 2008 to 22 per cent last year. according to new research. 2019 to £22bn, driven by the digital company’s investment property driven by “a new generation of ultra “We predict venture capital and Google parent company Alphabet, market. Groupm also estimates that portfolio value jumped 24 per cent wealthy individuals and families who early-stage tech investing will only be- Facebook, Amazon, Ebay, Netflix, traditional TV advertising will to £841.5m and it acquired £10.2m made their money through tech and come more popular with the world’s IAC, Uber and Booking.com spent decline 2.3 per cent this year, but of new properties. At the end of want to keep investing in the sector”. wealthiest, especially as the younger over £20bn on advertising in 2018, will rebound closer to flat next year. September, its portfolio consisted Private wealth has more than dou- generation are persuading their pre- and are set to account for five per The UK’s advertising sector has over 599 properties housing 4,114 bled globally over the past decade vious generations that this is where cent of global spending across the expanded by 55 per cent since 2013, tenants. Civitas shares closed 1.6 from $33 trillion (£26 trillion) in 2008 they should be investing,” said Maar. industry this year. the research said. per cent up at 89.8p yesterday. Pandora sticks to its sales forecast despite Black Friday payment glitch

NIKOLAJ SKYDSGAARD point-of-sales system. “The supplier has provided point- Shares in Pandora fell 2.6 per cent of-sales systems to Pandora for the DANISH jewellery maker Pandora following a report by brokerage past nine years, so contrary to certain said yesterday there was no reason to Carnegie saying it expected a January reports it is not a new system,” change its sales guidance as a result profit warning due to IT problems Pandora said. “[Fourth-quarter] of Black Friday payment issues at US during Black Friday sales in the US. trading up to this point has not given and Canadian concept stores. The issue, which Pandora said had us any reasons to change our Pandora said in a statement that also affected other companies, was guidance given at the [third-quarter] payments with debit cards, gift cards resolved within eight hours. Pandora announcement,” the firm added. and loyalty cards were “temporarily said the system had been running Pandora said it predicts full-year affected by an error in a third-party smoothly in all its other markets and sales falling between seven and nine The world’s largest jewellery maker has undergone a recent revamp supplier application”, a so-called that its online store was not affected. per cent. Reuters FREE LIVE INVESTING EVENT | 16TH DECEMBER – 4PM | FINECO HUB IMPROVE YOUR INVESTING SKILLS

Curious to fi nd out how Brexit and a new Parliament will aff ect markets going forward? This December, Legal & General’s Hetal Mehta, Senior European Economist, discusses developments and updates in the equity market. We’ll also explore further investment opportunities using ETFs, as well as discussing potential implications of the upcoming election results. There’s lots to discover, so come and join us. Find out more and get your free ticket today at fi necobank.com Tickets are strictly limited.

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Advertising message. The value of the fund’s assets will go down as well as up. You may get back less than you originally invested. CITYAM.COM TUESDAY 3 DECEMBER 2019 NEWS 15 Pubs boss tries to bring some cheer

but the devil is always going to be in New beer and pub the detail.” And what about Britain’s departure body chief Emma from the EU? McClarkin is a burst of Andy energy on that, too. McClarkin tells “There will be opportunities for us to Silvester look at things with new eyes, and duty why the is absolutely going to be one of those. But there’s an opportunity for us to go industry can’t be out to the rest of the world and really sell Britain’s brand. British beer and taken for granted pubs are absolutely part of that British brand,” she says. EER is proof God loves us and “There’s a lot more potential out wants us to be happy” is a there for us, and frankly we need to quote that adorns tourist-tat catch up with where Germany has t-shirts and bar mirrors across been globally. There are British beers the world. It also, as far as out there in Asia. But can we introduce Banyone can tell, was never actually them to our IPAs?” said by the man usually given credit — As for the risks from a messy Brussels Benjamin Franklin. divorce, McClarkin cites getting beer But regardless of whether the Found- in and out of the country and the need ing Father uttered the words, it seems for an immigration system that allows to ring true for Emma McClarkin, the hospitality staff to come to the UK and recently appointed boss of the British stay here. “We need to make (both) as Beer and Pub Association, who is seamless as possible,” she says. positively giddy about her new gig. But the new champion of the beer “I’m from the country — you spend a and pub trade isn’t just asking for lot of time hanging out in pubs,” government to act. “Pubs need to put she tells City A.M. in her new office on a quality offer, and that shouldn’t in Brewers’ Hall on Aldermanbury be diminished,” McClarkin says. Square, a site where brewers have been “If you put in the investment and de- meeting since at least 1403. duty or business rates. to host the 2015 global tournament. order to sustain it. You can’t just livering quality service, your cus- The pub “is part of our societies, our So McClarkin has a busy inbox as she The General Election has given expect it to be there without any tomers will keep coming back. There communities. It’s where you celebrate, starts her job. But after 10 years in McClarkin an opportunity to make the support. So that means looking at is a push and pull effect. But some of it’s where you commiserate, it’s where Brussels as a Conservative MEP for the industry’s case and the most pressing business rates, looking at beer duty the pubs are on the edge. They’re you welcome people into this world East Midlands, she is surely well placed issues are three Bs: business rates, beer and supporting those businesses.” working on the smallest margins.” and send them out. So it’s just always to navigate choppy political waters. duty, and — sigh — Brexit. Do politi- McClarkin cites the fact that pubs McClarkin has spent years in politics been a hub,” she says. “From my experience over in Brus- cians ‘get’ the pub? pay 2.8 per cent of the entire business and is notably diplomatic. She politely “And when you love beer, you go to sels I know about the legislation that “We have a lot of beer champions… rates bill, despite accounting for just declines to reveal her favourite pub (“if really good pubs to get your really impacts on the food and drink indus- but I think they really need not to take 0.5 per cent of business turnover in the I pick one I’ll be in trouble”) but she good beer. So the two go together.” try,” she says. “We dealt with tourism the pub for granted,” she says. “We UK. “It’s disproportionate,” she says. will allow herself one statement which But while McClarkin may be a firm packages and looking at alcohol policy really need to emphasise that you need There may be chinks of light on the might leave her friends in Brussels advocate of the great British boozer, on the whole. So having dealt with to create the right environment in horizon. Its Long Live the Local cam- choking on their Duvel. the industry has had a torrid time re- that and how that’s been imple- paign has seen more than 200,000 “You can debate on beer,” she says, cently. mented or translated back here in the Brits sign a petition to cut beer tax. The when asked about the different booze The number of pubs in the UK has UK, I understand how you sculpt and Tories have promised in their mani- scenes either side of the North Sea. fallen 22 per cent since 2000, and make that policy but now I’ll be doing festo to deliver reform of the business “But our pubs have a better atmos- three pubs a day are going to the wall, that from the other side.” rates system with a cut for small busi- phere than the ones in Belgium, 100 the BBPA says, due to the tax burden Evidence of previous lobbying efforts We’ve got to push nesses, and a review of alcohol duty. per cent. Our pubs win every day.” they pay. sits beside her desk in the form of a Labour has pledged to replace rates British politics is a difficult beast to The body says that rate of closure Rugby World Cup 2015 memento, a beer and pubs as with a land value tax. predict, but it seems certain that won’t slow down — with more than reminder of her work for the Rugby part of Brand McClarkin is cautiously optimistic. McClarkin is determined to make the one in 10 pubs closing in the next Football Union in ensuring govern- “We very much welcome the positive case for an industry that will need its five years if there aren’t changes to ment funding for a successful bid Britain noises and indicators we’ve been given voice to be heard loud and clear.

ANNOUNCEMENTS ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES LEGAL AND PUBLIC NOTICES

CITY OF LONDON FORUM THE PLANNING ACTS AND THE ORDERS AND REGULATIONS MADE THEREUNDER CITY OF LONDON Labour’s This notice gives details of applications registered by the Department of The Built Environment Code: FULL/FULMAJ/FULEIA/FULLR3 – Planning Permission; LBC – Listed Building Consent; 1RWLFH LV KHUHE\ JLYHQ WKDW WKH &RPPRQ &RXQFLORI WKH &LW\RI /RQGRQ DV WUDIÀF DXWKRULW\ IRU WKH manifesto TPO – Tree Preservation Order; OUTL – Outline Planning Permission undermentioned streets made several Orders on 28 November 2019 under Section 14(1) of the Road 7UDIÀF5HJXODWLRQ$FWDVDPHQGHGE\WKH5RDG7UDIÀF 7HPSRUDU\5HVWULFWLRQV $FWZLWK only Salisbury House, 164 London Wall, London, :HGGHO +RXVH  :HVW 6PLWKÀHOG WKHH[FHSWLRQRICannon StreetZKLFKZLOOEHPDGHXQGHUVHFWLRQ  DQG  7KHHIIHFWRIWKHVH EC2M 5QD London, EC1A 9DW 2UGHUVZLOOEHWRSURKLELWYHKLFOHV RUSHGHVWULDQVZKHUHVWDWHG IURPHQWHULQJWKHVDLGURDGV 19/01177/LBC 19/01186/FULL Cannon Street ---- Mobile Crane balances (Queen Victoria Street to Walbrook) Installation of an awning. 5HSODFHPHQW RI ZLQGRZV DERYH JURXQG ÁRRU )URPSPHDFK)ULGD\WRSPHDFK6XQGD\IURP'HFHPEHUWR'HFHPEHU$OWHUQDWLYHURXWH its books level with double-glazed metal windows to match :%YLD.LQJ:LOOLDP6W/RPEDUG6W0DQVLRQ+RXVH6W 4XHHQ9LFWRULD6W(%YLD4XHHQ9LFWRULD 100 Moorgate, London, EC2M 6AB existing. 6W0DQVLRQ+RXVH6W/RPEDUG6W .LQJ:LOOLDP6W*UHDW6W7KRPDV$SRVWOHZLOOEHUHYHUVHGWR 19/01179/LBC by ignoring King George V Block, St Bartholomew’s IDFLOLWDWHDFFHVV/RDGLQJED\WREHVXVSHQGHG Installation and display of one externally London Wall &RSWKDOO$YHQXHWR%ORPÀHOG6WUHHW ---- Mobile Crane illuminated projecting sign measuring 0.65m high, +RVSLWDO :HVW 6PLWKÀHOG /RQGRQ (&$ )URPDPRQ)ULGD\-DQXDU\WRDPRQ0RQGD\-DQXDU\$OWHUQDWLYHURXWH(%YLD0RRUJDWH several of 0.65m wide, at a height above ground of 2.7m. 7BE 19/01198/FULL 6RXWK3ODFH(OGRQ6W %ORPÀHOG6W:%YLD:RUPZRRG6W%LVKRSVJDWH7KUHDGQHHGOH6W0DQVLRQ Warwick House, 65-66 Queen Street, London, +RXVH6W4XHHQ9LFWRULD6W&DQQRQ6W1HZ&KDQJH1HZJDWH6W.LQJ(GZDUG6W/LWWOH%ULWDLQ its own EC4R 1EB Upgrade to the existing telecommunications 0RQWDJXH6W$OGHUVJDWH6W /RQGRQ:DOO7KH&RSWKDOO$YH&LUFXV3ODFHDQG*UHDW:LQFKHVWHU6W HTXLSPHQW FRPSULVLQJ L  UHSODFHPHQW RI WKUHH MXQFWLRQVZLWK/RQGRQ:DOOZLOOEHFORVHG*UHDW:LQFKHVWHU6W&RSWKDOO$YH *UHDW6ZDQ$OOH\WR spending 19/01181/FULL DQWHQQDVZLWKVL[DQWHQQDV LL UHSODFHPHQWRIRQH EHPDGHWHPSRUDU\WZRZD\IRUDFFHVV &KDQJHRIXVHRISDUWJURXQGÁRRUDQGSDUWORZHU PPGLVK LLL UHSODFHPHQWRIRQHFDELQHWZLWK (QTXLULHVWR7UDIÀF0DQDJHPHQW6HUYLFHVRQ pledges JURXQGÁRRUIURPRIÀFH &ODVV% WRUHWDLO &ODVV WZR FDELQHWV LY  UHSODFHPHQW RI WKUHH 5HPRWH $ XVHDQGUHSODFHPHQWRIFRUQHUZLQGRZZLWK $PSOLÀHUV 5+$ ZLWKQLQH5HPRWH5DGLR8QLWV ROBERT COLVILE fully glazed door. 558 DQG YL DQFLOODU\GHYHORSPHQWWKHUHWR &DURO\Q'Z\HU%(QJ +RQV  'DWHG 3 December 2019 ON CORBYN’S '06&0,/7)&,+7 BUDGET $SSOLFDWLRQV FDQ EH YLHZHG DW ZZZSODQQLQJFLW\RÁRQGRQJRYXN RU DW WKH 'LUHFWRURIWKH%XLOW(QYLURQPHQW Department of the Built Environment, North Wing, Guildhall, Basinghall Street, PAGE 20 /RQGRQ (& EHWZHHQ  DQG  5HSUHVHQWDWLRQV PXVW EH PDGH ZLWKLQ  GD\V RI WKH GDWH RI WKLV QHZVSDSHU RQOLQH RU LQ ZULWLQJ WR 3/1&RPPHQWV# FLW\RÁRQGRQJRYXNRUWKH&KLHI3ODQQLQJ2IÀFHU32%R[*XLOGKDOO/RQGRQ EC2P 2EJ. In the event that an appeal against a decision of the Council proceeds by way of the expedited procedure, any representations made about the application ZLOOEHSDVVHGWRWKH6HFUHWDU\RI6WDWHDQGWKHUHZLOOEHQRRSSRUWXQLW\WRPDNH further representations. 16 NEWS TUESDAY 3 DECEMBER 2019 CITYAM.COM Saudi Arabia presses for more Opec oil cuts ahead of Aramco offering EDWARD THICKNESSE Aramco’s initial public offering least one eye on the Aramco IPO. @edthicknesse (IPO), which will be priced on 5 [Russian President] Vladimir Putin December, the same day as the described it as an ‘open secret’.” SAUDI Arabia is seeking to push Opec cartel meets in Vienna. Sources also said that the latest into deepening oil cuts until at least Neil Wilson, chief market analyst analysis from Opec showed that if June 2020 as it prepares for for Markets.com, said: “Looming additional cuts were not made 2020 December’s listing of Saudi Aramco. over this meeting of course is the would bring a large oversupply and a Sources told Reuters that Opec imminent listing of Saudi Aramco. build up in inventories. and its allies, including Russia, were This is naturally going to be the Last month the producer group’s currently discussing a deal to add single most important factor for the secretary-general Mohammed 400,000 barrels per day to current Saudi lynchpin. Barkindo had said that the 2020 cuts of 1.2m barrels a day. “Indeed, we are not alone in market had upside potential, Such a move would ensure oil thinking that the entire strategy of appearing to underplay the need for prices remained high during production curbs has been with at further cuts. Oil cartel Opec will meet in Vienna on Thursday ahead of Saudi Aramco’s listing Mexican miner WTO rejects EU’s Fresnillo lowers 2019 production bid to end illegal EDWARD THICKNESSE @edthicknesse SHARES in Mexican miner Fresnillo slipped nearly two per cent during trading yesterday after the Airbus subsidies company set its production guidance for 2019 at the bottom of TIM HEPHER producing the slow-selling A380 its previous range. meant the giant airliner could no The FTSE 100 firm said that it THE WORLD Trade Organization longer be seen as a threat to Boeing, expected to produce 885,000 (WTO) yesterday rejected European whose competing 747 is also out of ounces of gold and 55m ounces of Union claims that it no longer pro- fashion. silver in 2019, down from October vides subsidies to aeroplane maker While the WTO no longer faulted estimates of 880,000 to 910,000 Airbus, underscoring tariffs recently Airbus for causing lost sales to Boeing ouncesand 55 to 58m ounces imposed by the United States on with the A380, which is no longer respectively. European goods. marketed, it ruled that the super- Macnamara said it will use the funding to double its headcount in the next 18 months Fresnillo said that scheduled A new compliance report from the jumbo would continue to cause mar- closure of the Noche Buena mine, Geneva trade watchdog found that ket-share damage to Boeing for as coupled with lower production the Airbus A380 and A350 jetliners long as it is produced and delivered. from the firm’s Herradura site, was continue to be subsidised as a result Airbus plans to shut production in Insurtech startup Cuvva secures responsible for the decline in of past European government loans. mid-2021. production volumes. It is the latest move in a record The WTO appeared to strengthen Ahead of its London capital transatlantic trade dispute involving findings against the A350, saying it £15m to steer into longer policies markets day, chief executive mutual claims of illegal aircraft sub- had both cost sales and damaged Octavio Alvidrez said the firm’s sidies, coming to a head at a time of Boeing’s market-share prospects — a EMILY NICOLLE A number of angel backers, target for the coming year would rising global trade tensions. process called impedance — in the @emilyjnicolle including Jardine Lloyd Thompson be stabilising production and The United States was in October busier twin-engined long-haul market chief Dominic Burke and former finding ways to “unlock” more awarded the right to impose tariffs on where Boeing offers its 787 INSURTECH startup Cuvva is to Gocompare strategy chief Faisal potential from its current assets. $7.5bn (£5.8bn) of annual EU imports Dreamliner. expand into long-term motor Galaria, also participated. He added: “We will focus on in the case against Airbus. It went The European Commission said it insurance, after raising £15m in a The London-based startup, which operational improvement and ahead with partial tariffs on most Air- took note of the report, adding it series A funding round. specialises in hourly car insurance efficiency, while de-risking and bus jets and products from cheese to contained a number of serious The move follows the recent for shorter journeys, will launch a advancing our development olives and single-malt whisky. legal errors. The Commission said it appointment of former Lloyd’s of pay-monthly subscription service pipeline, most notably the new A decision on retaliation rights for would consider its next steps, includ- London chairman Bruce Carnegie- early next year. Juanicipio mine.” the EU in a parallel case on aid for ing a possible appeal, while seeking Brown as Cuvva’s chair. Cuvva founder Freddy Macnamara Goldman Sachs said the shifted Boeing is due next year. an overall agreement on aircraft sub- RTP Global, Breega and Digital said the firm is now selling three outlook confirmed the group In yesterday’s finding, a three- sidies with the United States. There Horizon joined as new investors, per cent of all motor insurance needed more time to fix issues with person panel rejected EU claims that was no immediate comment from the alongside Localglobe, Techstars policies in the UK. It has more than its production pipeline. a recent decision by Airbus to stop US trade representative. Reuters Ventures, Tekton and Seedcamp. 250,000 customers. Shares closed 1.3 per cent down. Scottish Power tops list of slowest energy companies to answer calls

EDWARD THICKNESSE answered calls in 38 seconds. minutes 19 seconds respectively. @edthicknesse Challenger brand Bulb, which had Four other suppliers answered in the quickest response times two under a minute: Ebico, Flow Energy, A FIFTH of UK energy suppliers keep years ago, kept customers on hold Ampower and Together Energy. customers on hold for an average of for an average of 19 minutes and two more than 10 minutes, according to seconds. It was also responsible for UK’S SLOWEST ENERGY FIRMS consumer champion Which. the longest single call waiting time COMPANY TIME (MINS) The worst provider was Scottish of 41 minutes and 48 seconds. Scottish Power 21:24 Power, which left customers waiting Of the Big Six energy firms, only Bulb Energy 19:02 21 minutes and 24 seconds on EDF and British Gas had waiting Utility Point 18:05 average, 20 minutes slower than the times under five minutes, with three Boost 17:35 Scottish Power’s call times rose from three minutes to 21 minutes this year quickest company, So Energy, which minutes and two seconds, and four Utilita 15:44 CITYAM.COM TUESDAY 3 DECEMBER 2019 MARKETS 17

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JOHNSON SERVICE GROUP P UK shares tumble 186 Wall St retreats 184 180 3 Dec 182 on factory data 180 ALL Street stepped back from as Trump’s tweet 178 Wlast week’s record highs 176 yesterday with weak US manufacturing data and fresh trade worries keeping buyers on 26 Nov 27 Nov 28 Nov 2 Dec 3 Dec the sidelines. All three major US stock averages sparks trade fears Peel Hunt has initiated coverage of laundry giant Johnson Service Group which it began the last month of the year in the describes as a “market leader”. “Johnson looks well placed to continue to exploit red as investors returned from the the benefits of scale arising from its market leadership positions,” the broker says. long holiday weekend. K SHARES handed back announced on Twitter, dragged most Peel Hunt gives Johnson an “add” rating and a target price of 196p. A report from the Institute for Supply gains to close lower yester- other stocks in to the red. Management (ISM) showed US day as a combination of US Burberry, which like other luxury manufacturing activity contracted in UPresident Donald Trump retailers counts Asia among its biggest UNILEVER November for the fourth consecutive month. setting off global trade markets, declined five per cent after P worries and disappointing data from data showed Hong Kong’s retail sales 4,650 Cyber Monday sales were expected the world’s biggest economy doused in October fell by their steepest on to hit a US record following $11.6bn the morning’s cheer. record amid ongoing protests. 4,600 (£9bn) online sales on Thanksgiving The FTSE 100 ended down 0.8 per and Black Friday. cent on its third session in the red, FTSE Earlier, US President Donald Trump 4,550 3 Dec after rising by the same level earlier in P tweeted that he would restore tariffs the day, while the mid-cap FTSE 250 7,450 4,542 on steel imported from Brazil and dipped 0.5 per cent. 7,400 Argentina, boosting shares of US steel 4,500 US Steel AK Steel Still, UK stocks managed to outper- 7,350 makers and by 4.2 form their European peers owing to per cent and 4.7 per cent respectively. 7,300 3 Dec 26 Nov 27 Nov 28 Nov 2 Dec 3 Dec Roku gains in oil companies on hints that 7,285.94 Among stocks, dropped 15.2 Opec and its allies may agree to deepen 7,250 per cent following Morgan Stanley’s output cuts at a meeting this week. 7,200 Liberum has upped its recommendation for consumer goods behemoth Unilever downgrade to “underweight”. Trump’s surprise plans to restore to “buy” and hiked its target price to 5,100p. The broker says “management focus Volume on US exchanges was tariffs on US steel and aluminium on scaling the brands of tomorrow whilst disposing of slow-growth assets should 6.84bn shares, matching the 6.84bn imports from Brazil and Argentina, 26 Nov27 Nov 28 Nov 2 Dec 3 Dec help Unilever become a mid-single-digit top-line growth company in time”. average over the last 20 trading days. CITY MOVES WHO’S SWITCHING JOBS

JP MORGAN team. Prior to this, he was senior director and NEW CITY INITIATIVE builds on its successes to date.” JP Morgan Asset Management co-head of global research at Invesco Real Estate New City Initiative (NCI), the boutique asset (JPMAM) has appointed Paul between 2001 and 2008. Earlier in his career, Paul was management think tank, has announced the ERGOMED Kennedy as head of strategy an analyst and later senior analyst focusing on appointment of Nick Mottram as chairman. Nick is Aim-listed pharmaceutical services firm Ergomed has and portfolio manager of the European real estate markets at Henderson Global currently chairman and global and Asian equities fund appointed Lewis Cameron as chief operating officer. firm’s European real estate Investors between 1998 and 2001. Commenting on the manager at Dalton Strategic Partnership, having Lewis is an experienced senior executive with a proven branch. Paul will lead the move, Peter Reilly, head of European real estate at joined the firm in March 2010. He has over 30 years of track record in the global pharmaceutical services European real estate strategy JPMAM, said: “Real estate investment success, investment experience, with other senior roles sector. He was the head of global clinical development team and contribute market particularly in Europe, requires an intimate including founding partner at Origin Asset at Covance, a division of Laboratory Corporation views to JPMAM’s real estate understanding of micro-economies and Management, head of equities at Investec Asset (LabCorp), from 2017 to 2019. Prior to that, he was the investment process. He joins fundamentals. Paul’s depth of knowledge, experience Management and global head of research at Schroder executive vice president of oncology at Chiltern from the Abu Dhabi working across two continents and strategic insight Investment Management. International from 2014 to 2017. Dr Miroslav Investment Authority (Adia) after 11 years, where he will continue to give us an edge when it comes to Jamie Carter, outgoing chairman of NCI, said: “Nick Reljanovic, executive chairman of Ergomed, was most recently head of private markets strategy identifying market trends and compelling risk- has long been a champion of NCI’s work and I have no commented: “I have no doubt we will benefit from and part of the portfolio-wide global asset allocation adjusted opportunities.” doubt that he is the right person to chair the group as it [Lewis’] operational expertise.”

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Enterprise .....486.5 -2.5 509.0 421.5 Just Eat...... 765.0 0.4 812.0 535.0 RSA Ins Gp ...... 541.6 -9.8 597.0 496.6 Sophos ...... 565.6 0.6 577.0 298.2 Tsy 8.000 21...... 111.18 0.00 118.2 111.2 Drax Gp ...... 274.0 -5.0 413.8 251.0 Games Workshp ...... 5690.0 -40.0 5845.0 2800.0 Advanced Medical ...... 265.0 4.0 354.5 225.0 VinaCapital Vietna ...... 333.0 -0.5 357.5 323.0 Kingfisher...... 210.1 0.2 266.2 185.9 OIL & GAS PRODUCERS Tsy 2.500 24 ...... 363.35 0.27 377.9 360.6 SSE ...... 1280.5 -19.5 1336.5 1008.0 LIFE INSURANCE SUPPORT SERVICES Witan Invest ...... 218.0 -1.5 225.5 189.6 Marks & Spencer ...... 191.4 -3.0 303.2 163.9 Alliance Pharma ...... 76.7 -1.9 80.4 60.0 Tsy 5.000 25 ...... 123.16 -0.17 126.0 122.9 ELECTRONIC & ELECTRICAL EQUIPMENT BP ...... 481.8 1.6 582.5 480.2 Aggreko ...... 827.0 -2.8 855.2 691.8 Wwide Healthcare ....2965.0 -25.0 3000.0 2325.0 Aviva ...... 398.4 -5.4 438.8 352.3 ASOS...... 3080.0 -121.0 4765.0 2107.0 Tsy 4.250 27 ...... 128.85 -0.35 132.8 125.2 Next ...... 6664.0 -94.0 6920.0 3991.0 Cairn Energy...... 178.3 -1.6 213.8 140.0 Ashtead Gp ...... 2321.0 -29.0 2450.0 1586.5 Halma ...... 2096.0 -10.0 2151.0 1282.0 Lancashire Hldgs ...... 723.0 -19.5 746.0 561.5 Tsy 6.000 28 ...... 147.02 -0.38 152.1 143.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 240.8 -11.2 259.8 113.3 Energean Oil & Gas ...... 907.0 10.0 1082.0 568.0 Blue Prism ...... 1036.0 -94.0 1472.0 788.0 Morgan Advanced ...... 287.4 0.6 289.0 232.4 Legal & General ...... 275.8 -5.1 291.2 216.7 Babcock Intl Grp...... 574.6 -15.8 594.2 416.7 Tsy 4.125 30 ...... 380.44 0.45 404.2 364.2 BT Gp ...... 187.7 -3.9 260.9 158.9 Sports Direct Intl ...... 332.0 -5.2 340.2 214.0 Premier Oil ...... 86.7 -0.1 106.2 55.6 Camellia ...... 9100.0 150.0 11750.0 8600.0 Oxford Instruments ..1600.0 6.0 1626.0 853.0 Phoenix Gp ...... 738.7 -6.8 745.5 544.0 Bunzl ...... 2120.0 -3.0 2551.0 1943.0 Tsy 4.250 32...... 140.03 -0.49 146.4 132.4 Talktalk Telecom ...... 105.0 -0.1 126.5 96.5 Vivo 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Experian ...... 2527.0 -36.0 2631.0 1843.0 Cobham ...... 157.8 -0.4 168.3 96.8 AVI Global Trust...... 774.0 -5.0 781.0 660.0 Auto Trader Gp ...... 568.4 6.4 606.0 418.1 Draper Esprit ...... 487.0 -3.0 548.0 410.0 SSP Group ...... 653.0 -21.0 721.0 608.0 UDG Hlthcare ...... 811.5 -14.0 832.5 551.0 PERSONAL GOODS Ferguson ...... 6658.0 -64.0 7004.0 4776.5 Meggitt ...... 628.4 -14.6 660.0 458.0 Baillie Gifford Japan ....835.0 2.0 840.0 663.0 Entertainment One ...... 556.0 0.0 589.0 336.4 Tesco ...... 231.5 2.1 253.0 189.6 HOUSEHOLD GOODS G4S ...... 207.1 -2.0 234.3 168.3 Eland Oil & Gas ...... 163.4 -0.4 165.4 101.0 QinetiQ ...... 335.2 1.0 351.6 267.0 Bankers InvTst ...... 952.0 -5.0 970.0 766.0 Euromny Inst Inv...... 1264.0 16.0 1498.0 1132.0 Burberry Gp...... 2005.0 -99.0 2345.0 1623.5 FOOD PRODUCERS Hays ...... 165.7 -1.0 169.1 135.7 EMIS Group ...... 1058.0 -4.0 1242.0 864.0 Rolls-Royce ...... 696.6 -15.0 988.4 696.6 BlackRock Smaller .... 1570.0 2.0 1592.0 1160.0 Barratt Devel ...... 656.2 -10.6 684.4 434.0 Future ...... 1294.0 -28.0 1572.0 465.0 PZ Cussons ...... 202.0 -2.0 229.6 178.6 Homeserve ...... 1195.0 -10.0 1266.0 849.0 Fevertree Drinks ...... 2153.0 -35.0 2475.0 1732.5 Senior ...... 183.0 2.3 239.2 174.0 BMO Global Smaller ...... 141.5 0.3 143.1 122.0 Assoc British Foods...2525.0 -44.0 2588.0 2041.0 Bellway ...... 3313.0 -26.0 3536.0 2419.0 Informa ...... 783.4 -8.0 892.0 605.8 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5488.0 -28.0 5962.0 4509.0 Ultra Electronics ...... 2080.0 -6.0 2252.0 1232.0 Caledonia Inv ...... 3095.0 10.0 3110.0 2740.0 Bakkavor ...... 128.0 1.8 170.0 93.3 Berkeley Grp Hldgs ...4565.0 -21.0 4712.0 3230.0 First Derivatives ...... 2465.0 -15.0 3555.0 2050.0 ITV ...... 143.8 -1.2 145.1 103.6 AstraZeneca ...... 7422.0 -36.0 7580.0 5325.0 IWG...... 399.5 -9.1 421.9 199.8 AUTOMOBILES & PARTS City of London IT ...... 423.5 -2.5 431.5 376.0 Cranswick ...... 3090.0 -40.0 3408.0 2472.0 Frontier Devs ...... 1198.0 -22.0 1254.0 740.0 Bovis Homes Gp ...... 1211.0 -14.0 1242.0 828.0 Moneysupermkt.com ....337.6 -2.9 417.7 267.0 Dechra Pharma ...... 2762.0 -72.0 3036.0 2022.0 Network Int...... 571.0 -8.0 628.0 513.0 Edin Inv Trust ...... 605.0 -5.0 652.0 535.0 Greencore Gp ...... 241.5 -1.4 248.3 162.8 Gamma Comms ...... 1235.0 -15.0 1275.0 730.0 Aston Martin...... 527.4 -23.0 1374.4 399.3 Countryside Prop ...... 397.8 2.0 398.4 276.8 Pearson ...... 640.2 -6.4 1027.5 640.0 Genus ...... 3176.0 -2.0 3206.0 2146.0 Pagegroup ...... 479.6 -1.8 539.0 367.8 European Opp ...... 825.0 -3.0 875.0 666.0 Hilton Food Gp ...... 1000.0 5.0 1088.0 884.0 TI Fluid Systems ...... 228.5 2.0 236.0 155.2 GlaxoSmithKline ...... 1730.8 -23.2 1782.0 1418.0 Paypoint...... 1004.0 -12.0 1118.0 748.0 GB Group ...... 676.0 0.0 713.0 410.5 F&C Investment ...... 734.0 -4.0 745.0 616.0 Tate & Lyle ...... 730.0 -1.4 800.4 658.4 BANKS MAIN CHANGES UK 350 Hikma Pharma ...... 1900.5 -14.5 2200.0 1510.5 Rentokil Initial ...... 440.0 -4.9 467.8 315.9 Gooch & Housego ...... 1252.5 2.5 1527.5 954.0 Fidelity China SPE ...... 215.5 -0.5 250.0 183.4 Unilever ...... 4542.0 -36.0 5324.0 3941.0 REAL ESTATE Sanne Group ...... 660.0 15.0 752.0 450.0 Hurricane Energy ...... 36.3 -10.1 53.6 36.3 Barclays ...... 169.2 -2.4 174.4 136.2 Fidelity Euro Values .....252.5 -1.5 257.5 202.0 FORESTRY & PAPER Risers % Fallers % Ã Ä Serco ...... 149.5 -6.1 160.0 84.1 BGEO Group ...... 1462.0 -18.0 1755.0 1252.0 Fidelity Spec Val ...... 269.5 0.5 271.5 220.0 Tullow Oil ...... 135.70 3.6 Ocado Gp ...... 1227.00 -7.4 Assura ...... 75.5 -0.3 76.1 52.5 Impax Asset Mgmt ...... 293.5 -2.5 296.0 184.0 Mondi ...... 1666.0 -9.5 1898.0 1510.5 SIG ...... 121.1 -3.8 153.0 99.3 HSBC Hldgs...... 569.2 -7.1 680.6 569.2 Finsbury G&I Tst ...... 879.0 -15.0 958.0 741.0 Royal Mail...... 215.50 3.4 Sirius Minerals ...... 3.47 -5.9 Big Yellow Gp ...... 1097.0 -8.0 1192.0 858.5 Iomart Group ...... 360.0 5.0 398.0 308.0 GENERAL FINANCIAL Travis Perkins...... 1526.0 -13.5 1614.5 1012.0 Lloyds Banking ...... 59.9 -1.2 66.6 48.6 GCP Infra Inv ...... 131.0 0.8 131.8 122.4 Ferrexpo ...... 147.40 2.8 FDM Group ...... 920.00 -5.3 BMO Comm Prop ...... 118.4 -0.2 135.4 106.0 IQE...... 49.1 0.6 98.0 41.8 Mediclinic Intl ...... 396.20 2.5 Burberry Gp ...... 2005.00 -4.7 TECHNOLOGY HARDWARE & EQUIPMENT Royal Bank of Scot ...... 222.0 -4.2 270.4 177.7 Genesis Emerging ...... 763.0 -3.0 785.0 628.0 3i Group ...... 1051.5 -19.5 1184.5 756.2 British Land ...... 566.4 -9.2 638.4 468.3 James Halstead ...... 502.0 -3.0 532.0 405.0 Rank Gp...... 252.50 2.4 Pets at Home Gp ...... 240.80 -4.4 Standard Chartered .... 694.2 -3.2 736.8 575.7 Greencoat UK ...... 147.6 0.4 148.8 124.4 Ashmore Gp ...... 482.0 6.0 542.5 356.0 Captl & Count Prop ...... 242.7 0.3 270.5 184.8 Spirent Comms ...... 210.0 -1.0 219.0 112.8 Sanne Group ...... 660.00 2.3 Aston Martin ...... 527.40 -4.2 Johnson Service Gp .....180.0 0.2 183.2 114.0 TBC Bank Group...... 1250.0 10.0 1706.0 1150.0 Harbourvest Glb ...... 1730.0 6.0 1786.0 1326.0 Brewin Dolphin ...... 350.2 3.2 350.2 287.6 CLS Hldgs ...... 291.0 1.0 291.5 204.0 TOBACCO William Hill ...... 182.50 2.1 Serco ...... 149.50 -3.9 Keywords Studios ..... 1365.0 -42.0 1838.0 900.0 Virgin Money UK ...... 176.6 -2.2 220.1 104.4 Herald Inv Trust ...... 1410.0 4.0 1418.0 1055.0 Close Brothers ...... 1476.0 -11.0 1605.0 1227.0 Daejan Hldgs ...... 5230.0 -110.0 6160.0 4715.0 National Express ...... 473.00 2.0 Barr (AG) ...... 565.00 -3.9 Br Am Tob ...... 3050.0 -10.0 3197.5 2375.0 Learning Tech Gp ...... 119.8 -2.2 130.0 62.2 HICL Infr ...... 161.2 0.0 174.0 156.6 Coats Group ...... 72.8 0.7 91.3 68.1 Derwent London ...... 3608.0 -90.0 3744.0 2779.0 BEVERAGES Polypipe Group ...... 500.00 1.9 SEGRO ...... 863.00 -3.5 Imperial Brands ...... 1723.0 19.8 2713.5 1669.4 JPM American ...... 472.0 -4.5 494.5 386.5 Finablr ...... 206.0 -2.0 208.0 140.2 Grainger ...... 282.6 -1.0 292.2 205.8 M&C Saatchi ...... 150.0 -1.0 394.0 146.0 Barr (AG) ...... 565.0 -23.0 975.0 540.0 John Laing Gp ...... 387.20 1.8 Trainline ...... 451.00 -3.4 TRAVEL & LEISURE JPM Emerg Mkt ...... 1004.0 -6.0 1066.0 814.0 Hargreaves Lans...... 1806.0 -49.0 2433.0 1633.0 Grt Portland Est ...... 823.6 -7.2 832.2 649.4 M.P. Evans ...... 682.0 -3.0 703.0 612.0 Britvic ...... 964.0 -5.0 1068.0 786.0 JPM Indian IT ...... 735.0 3.0 790.0 633.0 IG Gp...... 678.2 2.4 695.4 474.8 Crest Nicholson ...... 381.0 -3.4 435.2 309.4 RELX ...... 1837.5 -35.5 2011.0 1581.5 Hammerson ...... 297.0 -0.2 388.4 203.9 Carnival ...... 3232.0 -21.0 4521.0 3056.0 Coca-Cola HBC AG ...... 2531.0 -48.0 3074.0 2299.0 Majestic Wine ...... 220.0 0.5 318.0 219.0 JPM Japan IT ...... 474.0 2.0 474.0 367.0 Integrafin Holdings .....402.0 2.0 406.1 271.8 McCarthy & Stone...... 140.1 -0.4 158.8 123.5 Rightmove Group ...... 619.6 -4.0 630.6 420.9 Land Securities...... 946.6 -11.8 964.2 735.4 Cineworld Group ...... 205.9 -1.9 321.0 191.0 Diageo ...... 3124.0 -41.0 3625.5 2701.0 Midwich Group ...... 605.0 0.0 633.0 474.5 Jupiter Fund Mngt ...... 367.6 3.3 432.0 287.6 Intermediate Capital 1542.0 11.0 1564.0 918.5 Persimmon ...... 2513.0 -45.0 2614.0 1836.0 WPP ...... 985.4 -15.1 1038.0 800.4 LondonMetric Prop .....228.8 -3.8 241.2 172.7 Compass Gp ...... 1886.5 -8.0 2138.0 1583.0 CHEMICALS Mortgage Advice B .....700.0 5.0 700.0 546.0 Law Debenture ...... 608.0 -2.0 618.0 534.0 Intl Public Prtnshps .....158.4 0.2 165.4 146.8 Reckitt Benckiser ...... 6038.0 -28.0 6688.0 5593.0 MINING NewRiver Retail ...... 188.4 -5.6 246.0 147.6 Dominos Pizza ...... 301.0 -8.8 309.8 221.2 Investec ...... 442.0 3.1 518.6 395.3 Redrow...... 661.0 0.0 676.0 460.8 Primary Hlth Prop ...... 148.4 1.2 148.4 108.2 Next Fifteen Comm ...... 471.0 -5.0 658.0 465.0 Croda International ..4964.0 -16.0 5375.0 4564.0 Mercantile IT ...... 238.5 -2.0 241.5 168.0 Anglo American ...... 2042.5 16.0 2266.0 1556.4 easyJet ...... 1325.0 -13.0 1358.5 854.8 IP Group ...... 59.9 -0.3 122.0 55.7 Taylor Wimpey ...... 172.6 -1.7 192.2 129.3 Safestore Hldgs ...... 734.5 -21.5 756.0 506.5 Nichols...... 1637.5 25.0 1880.0 1350.0 Elementis...... 165.4 -4.0 197.9 129.8 Monks Inv Tst ...... 929.0 -6.0 964.0 710.0 Antofagasta ...... 869.6 1.6 1022.5 738.0 EI Group ...... 281.8 0.0 285.0 171.4 John Laing Gp ...... 387.2 7.0 402.0 298.2 Savills ...... 979.5 -10.5 1009.0 678.5 Johnson Matt...... 2860.0 -14.0 3454.0 2620.0 Murray Intl Tst ...... 1200.0 -2.0 1248.0 1058.0 INDUSTRIAL ENGINEERING BHP Group ...... 1718.8 8.8 2049.0 1497.2 FirstGroup ...... 120.0 -0.4 137.5 79.3 Numis Corporation ...... 240.0 -2.0 280.0 212.0 London Stock Exch ....6750.0 -122.0 7514.0 3867.0 SEGRO ...... 863.0 -31.0 894.0 585.2 Synthomer ...... 306.4 2.0 420.8 279.0 NB Glbl Fltg Rate Inc .....90.7 -0.1 91.0 87.6 Bodycote ...... 861.5 -10.5 903.0 652.0 Centamin ...... 112.2 1.1 152.3 79.8 Flutter Ent...... 8924.0 124.0 8924.0 5525.0 Polar Capital Hdgs ...... 540.0 -6.0 604.0 448.0 Man Group ...... 150.4 -1.3 175.2 126.8 Shaftesbury ...... 905.0 -2.0 979.5 739.5 Victrex ...... 2322.0 22.0 2522.0 1845.0 Pantheon Intl Partn ..2325.0 0.0 2330.0 1955.0 Hill & Smith ...... 1348.0 -11.0 1385.0 1049.0 Fresnillo ...... 571.4 -6.2 1027.5 539.6 Go-Ahead Gp ...... 2208.0 22.0 2278.0 1480.0 Purplebricks Gp ...... 103.8 -1.2 132.0 96.0 Onesavings ...... 382.4 -4.6 447.4 313.6 St Modwen Props ...... 448.0 -9.0 472.0 373.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...318.0 -0.5 339.0 284.5 IMI ...... 1110.5 -10.5 1137.0 870.0 Glencore ...... 244.8 0.9 340.3 222.2 GVC Hldgs ...... 853.4 1.8 897.4 507.5 Paragon...... 487.6 -9.4 518.0 379.2 TR Property IT ...... 462.5 -2.5 466.0 353.5 Redde...... 106.0 -5.0 127.6 100.6 Pershing Square ...... 1428.0 -10.0 1570.0 990.0 Melrose Ind ...... 231.1 1.5 237.9 146.3 Hochschild Mining ...... 161.2 -1.8 227.0 155.0 Intercontl Htls ...... 4962.0 -45.0 5738.0 4230.4 Balfour Beatty ...... 221.0 0.2 295.0 194.2 Plus500 ...... 766.8 -3.2 1647.0 495.0 Tritax Big Box ...... 146.8 -1.4 159.7 130.0 Renew Holdings...... 404.0 14.0 436.5 333.0 Personal Assets Tst 42200.0 0.0 43150.0 RHI Magnesita ...... 3808.0 6.0 5000.0 3352.0 Kaz Minerals ...... 486.2 -3.3 738.4 380.3 Intl Cons Airl...... 543.0 -11.0 667.6 413.5 CRH ...... 2940.0 -10.0 3014.0 1971.5 Provident Fin ...... 419.7 -9.4 658.6 356.0 UK Commercial Prop .....88.0 0.3 92.7 79.9 RWS Holdings ...... 644.0 -12.0 656.0 450.0 38900.0 Rotork ...... 326.8 -1.0 341.2 235.7 Polymet Int...... 1170.5 5.5 1272.0 772.6 Marstons ...... 127.3 -0.6 131.4 90.5 Galliford Try...... 723.0 -11.0 780.0 512.0 Quilter ...... 147.9 0.6 156.6 110.6 Unite Group ...... 1234.0 -17.0 1251.0 797.5 Scapa Group ...... 242.0 -8.0 403.0 157.0 Polar Cap Tech Tst .....1488.0 -10.0 1514.0 1066.0 Spirax-Sarco...... 8885.0 -40.0 9400.0 5900.0 Rio Tinto ...... 4230.0 28.5 4976.5 3513.5 Mitchells & Butlers .....450.5 1.5 470.5 238.0 Grafton Group...... 840.0 2.0 937.0 630.0 Rathbone Brothers ....2140.0 10.0 2540.0 2075.0 Workspace Gp ...... 1075.0 -36.0 1113.0 789.5 Renewables Infra Gp ...129.6 -1.6 133.2 109.6 Weir Gp ...... 1384.5 -11.0 1814.0 1240.0 Sirius Minerals...... 3.5 -0.2 24.3 2.9 National Express ...... 473.0 9.4 473.0 361.4 Secure Income REIT ...418.0 -2.0 454.0 371.0 Ibstock ...... 263.8 0.2 267.6 193.1 Schroders ...... 3226.0 -73.0 3349.0 2334.0 RIT Cap Partners ...... 2155.0 -15.0 2180.0 1892.0 SOFTWARE & COMPUTER SERVICES PPHE Hotel Gp ...... 1890.0 10.0 1990.0 1610.0 Serica Energy...... 120.4 -3.6 143.4 103.6 Marshalls ...... 770.5 -9.0 804.0 415.2 TP ICAP ...... 383.3 -2.7 386.0 270.0 INDUSTRIAL METALS MOBILE TELECOMMUNICATIONS Riverstone Energy ...... 424.0 1.5 1196.0 419.0 Avast...... 434.0 -14.0 450.8 259.6 Rank Gp ...... 252.5 6.0 252.5 135.0 Polypipe Group ...... 500.0 9.4 500.0 312.8 Evraz ...... 373.1 2.7 709.4 351.0 Inmarsat...... 540.2 -3.0 608.2 362.8 Smart Metering Sys....550.5 7.5 665.0 310.0 Schroder Asia ...... 452.0 0.5 469.5 389.0 GENERAL RETAILERS Aveva Gp...... 4504.0 -54.0 4558.0 2284.0 Restaurant Grp ...... 145.1 -2.9 160.2 111.9 DIVERSIFIED INDUSTRIALS Ferrexpo ...... 147.4 4.0 301.3 123.0 Vodafone Gp ...... 148.4 -5.0 165.2 123.3 Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Inv Tst ...... 822.0 3.0 843.0 748.0 B&M ...... 380.8 2.6 399.6 278.6 Computacenter...... 1504.0 -7.0 1525.0 952.0 Stagecoach Gp...... 136.6 0.2 177.0 115.5 Thorpe (F.W.) ...... 308.0 -3.0 340.0 248.5 Smith (DS) ...... 379.0 -2.8 388.1 292.2 Scottish Mortgage ...... 522.0 -7.0 568.5 441.4 Card Factory ...... 155.5 -2.8 209.0 151.2 INDUSTRIAL TRANSPORTATION NONLIFE INSURANCE FDM Group...... 920.0 -52.0 994.0 647.0 Wetherspoon (JD) ...... 1569.0 -32.0 1624.0 1066.0 Smiths Gp...... 1638.5 -22.5 1692.0 1340.0 Sequoia Econ Infra ...... 116.0 0.4 117.6 108.5 Dixons Carphone ...... 122.2 -1.1 161.1 104.9 Clarkson ...... 2690.0 0.0 2900.0 1878.0 Admiral Gp ...... 2121.0 -19.0 2300.0 1958.0 Kainos Gp ...... 592.0 0.0 676.0 430.0 Whitbread ...... 4567.0 -34.0 5114.0 3988.0 Watkin Jones ...... 234.0 1.0 241.5 192.2 Smurfit Kappa Gp...... 2720.0 -10.0 2774.0 1934.0 Smithson Inv ...... 1290.0 -14.0 1304.0 1000.2 Dunelm Gp...... 839.5 -13.0 981.0 482.8 Fisher (James) ...... 1920.0 6.0 2260.0 1600.0 Beazley ...... 528.5 -3.5 628.0 492.6 Micro Focus Intl ...... 1102.6 -30.2 2160.0 1004.0 William Hill ...... 182.5 3.8 205.2 132.3 Young’s Brew NV ...... 1195.0 0.0 1238.0 1030.0 Vesuvius...... 446.4 -7.2 642.0 341.0 Syncona ...... 224.0 2.0 294.0 213.5 Howden Joinery Gp...... 634.6 4.0 636.4 416.4 Royal Mail ...... 215.5 7.0 315.4 188.4 Direct Line Ins ...... 304.8 -0.6 366.5 270.5 Playtech ...... 385.9 1.8 457.7 360.5 Wizz Air Holdings ...... 3949.0 -1.0 3950.0 2722.0 Young’s Brew-A...... 1650.0 0.0 1885.0 1322.5 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 275.05 -7.70 296.35 180.10 3M ...... 168.27 -1.50 219.50 150.74 AIR LIQUIDE ...... 119.60 -3.45 130.80 102.40 ABBOTT LABORATORIES ...... 84.51 -0.94 88.74 65.56 ALLIANZ AG ...... 213.55 -3.80 223.80 172.16 ADOBE INC ...... 302.75 -6.78 311.27 205.16 AMADEUS IT GROUP ...... 71.42 -0.88 72.30 42.30 ALPHABET NON VTG-C ...... 1289.92 -15.04 1334.87 976.22 ALPHABET-A ...... 1288.86 -15.23 1333.54 1116.79 ANHEUSER BUSCH INBEV ...... 71.33 -0.54 92.71 57.35 AMAZON.COM ...... 1781.60 -19.20 2020.99 1343.96 ASML HOLDING NV ...... 238.65 -8.35 249.00 130.88 AMERICAN EXPRESS ...... 117.26 -2.86 128.57 89.50 AXA ...... 24.41 -0.28 25.38 18.54 APPLE INC ...... 264.16 -3.09 267.84 142.19 BANCO SANTANDER ...... 300.25 -1.80 402.00 300.25 AT&T ...... 37.32 -0.06 39.63 27.36 BASF...... 67.58 -0.64 74.49 56.20 BANK OF AMERICA ...... 33.43 0.11 33.47 22.73 BAYER AG...... 67.56 -1.14 72.81 52.53 BERKSHIRE HATHAWAY...... 220.33 0.03 222.74 187.76 BMW ...... 71.91 -1.39 77.75 58.70 BOEING CO ...... 355.18 -11.00 432.69 294.16 BNP PARIBAS ...... 50.35 -0.62 51.55 38.55 CATERPILLAR INC ...... 142.96 -1.77 148.16 113.38 CRH ...... 2940.00 -10.00 3014.00 1971.50 CHEVRON ...... 116.80 -0.33 126.54 100.99 CISCO SYSTEMS ...... 44.70 -0.61 58.05 40.28 DAIMLER ...... 49.85 -1.34 59.31 40.53 CITIGROUP ...... 74.52 -0.60 76.12 49.26 DANONE ...... 73.24 -1.48 82.00 60.28 COCA-COLA CO ...... 53.75 0.35 55.77 44.69 DEUTSCHE POST AG ...... 33.28 -0.56 34.44 23.72 COMCAST ...... 43.63 -0.52 46.97 33.07 DEUTSCHE TELEKOM ...... 14.91 -0.33 16.25 14.10 DOW ...... 53.16 -0.21 66.65 40.71 ENEL ...... 6.61 -0.25 6.98 4.74 EBAY INC ...... 34.90 -0.62 41.57 26.14 ENGIE...... 14.06 -0.30 15.12 11.99 EXXON MOBIL ...... 68.42 0.29 83.38 65.51 ENI ...... 13.57 -0.14 15.94 13.04 FACEBOOK ...... 199.70 -1.94 204.87 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 217.64 -3.71 223.29 156.35 FRESENIUS MEDICAL CARE ...... 65.82 -0.74 76.32 56.64 HOME DEPOT INC ...... 217.62 -2.89 238.85 158.14 HONEYWELL INTERNATIONAL ...... 174.32 -4.23 182.01 124.83 IBERDROLA ...... 8.59 -0.33 9.54 6.02 IBM ...... 132.91 -1.54 151.36 107.57 INDITEX ...... 27.67 -0.59 32.37 2.55 INTEL ...... 57.66 -0.39 58.90 43.46 ING GROEP NV...... 10.32 -0.12 12.05 8.34 JOHNSON & JOHNSON ...... 137.36 -0.13 147.84 122.84 INTESA SANPAOLO...... 2.27 -0.03 2.38 1.83 JPMORGAN CHASE & CO ...... 131.47 -0.29 132.06 92.14 KERING ...... 540.40 -6.30 551.90 380.70 MASTERCARD INC ...... 286.47 -5.76 292.23 174.65 KON KPN NV ...... 2.73 -0.07 2.96 2.47 MCDONALD’S ...... 195.18 0.70 221.15 170.28 L’OREAL ...... 251.70 -7.00 265.00 195.25 MEDTRONIC ...... 110.91 -0.48 112.47 82.45 LVMH MOET HENNESSY ...... 396.55 -10.75 408.65 243.25 MERCK & CO ...... 87.04 -0.14 87.61 71.15 MUENCHENER RUECKVE ...... 255.80 -4.80 260.60 185.10 COMMODITIES TOURIST RATES MICROSOFT ...... 149.55 -1.83 152.32 94.13 NETFLIX ...... 309.99 -4.67 385.03 233.88 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1460.60 +5.95 Copper Cash Official...... 5853.75 -27.50 Canada ...... 1.6344 New Zealand ...... 1.863 NIKE INC ...... 93.56 0.07 96.22 67.53 ORANGE ...... 14.38 -0.62 15.01 13.15 Silver (Pence) ...... 1695.50 +1.00 Aluminium Cash Official ...... 1785.25 +20.50 Croatia ...... 7.8766 Norway...... 11.34 ORACLE ...... 55.43 -0.71 60.15 42.69 ROYAL PHILIPS ...... 41.24 -0.91 44.34 29.10 Silver (Cents) ...... 1315.00 +3.00 Nickel Cash Official ...... 13807.50 -257.50 Czech Republic ...... 27.52 Poland ...... 4.442 PAYPAL HOLDINGS ...... 106.21 -1.80 121.30 96.64 SAFRAN ...... 144.85 -3.60 149.90 100.70 Krugerrand ...... 1473.89 -3.82 Aluminium Alloy Cash Official ...... 1317.50 -7.50 Denmark ...... 8.3323 Singapore ...... 1.6484 PEPSICO ...... 135.88 0.05 140.28 118.61 SANOFI ...... 82.52 -1.99 85.25 72.24 Brent Crude ...... 60.49 -3.38 Natural Gas ...... 42.76 -0.43 Hong Kong ...... 9.5961 Sweden ...... 11.82 PFIZER INC ...... 38.29 -0.23 45.14 34.24 SAP SE ...... 119.44 -4.04 124.38 85.79 Platinum ...... 895.00 +5.00 Tin Cash Official ...... 16337.50 -107.50 Iceland ...... 138.71 Switzerland ...... 1.2304 PROCTER & GAMBLE ...... 122.72 0.66 124.94 87.36 SCHNEIDER ELECTRIC ...... 86.50 -1.10 88.44 57.58 British Sovereign ...... 344.48 -0.87 Zinc Cash Official ...... 2312.25 u/c India ...... 81.73 Turkey ...... 7.0519 TRAVELERS COMPANIES ...... 135.26 -1.46 154.83 112.63 SIEMENS AG ...... 116.20 -0.92 117.70 85.00 Lead Cash Official ...... 1946.75 +21.00 White Sugar ...... 344.90 +1.70 Israel ...... 4.0421 United States ...... 1.2332 TWITTER ...... 30.42 -0.49 45.42 28.89 SOCIETE GENERALE...... 28.42 -0.14 32.16 21.13 UNITED HEALTH GROUP ...... 279.66 -0.21 282.67 215.26 UNITED TECHNOLOGIES ...... 144.99 -3.35 149.36 102.06 TELEFONICA SA ...... 6.80 -0.16 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.96 -0.28 61.05 53.05 TOTAL ...... 47.08 -0.56 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 181.79 -2.72 185.74 168.86 UNILEVER NV ...... 53.26 -0.54 57.56 46.03 FTSE 100...... 7285.94 -60.59 -0.82 S&P 500...... 3113.87 -27.11 -0.86 CAC 40 ...... 5786.74 -118.43 -2.01 Hang Seng ...... 26444.72 +98.23 +0.37 WALGREENS BOOTS ALLIANCE...... 59.27 -0.33 76.05 49.29 VINCI ...... 96.84 -2.14 102.40 70.50 FTSE 250 ...... 20700.21 -112.39 -0.54 Dow Jones I.A ...... 27783.04 -268.37 -0.96 Swiss Market Index ...... 10348.44 -144.80 -1.38 Nikkei ...... 23529.50 +235.59 +1.01 WALMART ...... 119.28 0.19 120.98 85.82 VIVENDI ...... 24.54 -0.38 26.42 20.93 FTSE All-Share ...... 4035.77 -30.96 -0.76 Nasdaq Composite ...... 8567.99 -97.48 -1.12 ISEQ Overall Index ...... 6964.75 -33.31 -0.48 STI Index ...... 3187.97 -5.95 -0.19 WALT DISNEY CO ...... 150.62 -0.96 151.64 100.35 VOLKSWAGEN AG ...... 174.78 -0.70 183.46 136.26 FTSE AIM All-Share ...... 911.56 -10.92 -1.18 Xetra DAX...... 12964.68 -271.70 -2.05 FTSEurofirst 300 ...... 1568.33 -25.37 -1.59 ASX All Ordinaries...... 6965.30 +17.30 +0.25 WELLS FARGO & CO ...... 53.62 -0.84 54.46 43.38 CITYAM.COM TUESDAY 3 DECEMBER 2019 FEATURE 19 TRADING & INVESTMENT TRADING IN FOR A NEWER MODEL The woes of the IPO market show the limitations of the current stock exchange, says Sascha Ragtschaa

LOT has changed since the company Uber, which saw its shares This is simply bad news for compa- exchange will be able to shed the ge- early 1600s. For a start, we’ve fall on the first day of trading, as po- nies and investors alike. ographical, legislative and structural stopped burning people at tential investors worried about its The hype behind most businesses barriers that prevent so many busi- Athe stake for suggesting that money-making potential. launching on the stock market today nesses from going public, democra- the world is round. But some Uber’s main rival Lyft endured a is unsustainable, which leads to disap- tising access to new investment things have remained surprisingly similar fate, with shares losing a pointment on both sides. opportunities. similar over the past 400 years — like third of their value in the eight And with the number of intermedi- In this new world, the stock ex- the stock exchange. months since launching. aries involved, all of whom need a cut, change is decentralised and border- Today, most exchanges remain simi- Aston Martin is another big brand companies end up allocating re- less; transactions are measured in lar in format to the very first stock that has suffered, with the burden of sources to paying the bills, rather seconds; liquidity is instant; and secu- market, established by the Dutch East £136m in IPO costs causing share than enabling growth, so investors rity protocol ensures that data is im- India Company in 1602. They are na- prices to plummet, wiping 42 per cent often feel that they’re not getting mutable, despite new levels of tional projects, bound by borders and off its worth since October 2018. value for money. flexibility. regions, relying on a complex network The fact of the matter is that IPOs But most importantly, this new ap- of intermediaries. are no longer a sure-fire route to inter- IT’S A MATTER OF proach makes the cost of going public Consider the fact that virtually national success, and these recent PUBLIC CONCERN considerably cheaper, because the op- everything else in society has been failures will hardly inspire other high- It’s time we looked at simplifying the erating model is much leaner. transformed by digital technologies, profile brands to trust traditional stock exchange model to create a And with lower trading and listing yet the stock exchange has been al- stock exchanges. fairer, balanced marketplace that fees, SMEs will be able to put more re- lowed to fall behind. And the cracks We’re already puts the needs of businesses and in- sources into business growth. This in are now beginning to show. PUBLIC VERSUS vestors above everything else. turn will ensure that valuations de- PRIVATE BACKERS seeing blockchain This is where modern technology liver on their promises, and investors A BAD DEAL FOR BOTH However, it’s not just the big names comes in. get the returns they desire. INVESTORS AND BUSINESSES that are vulnerable in the current set- transforming Instead of just “making do” with a The cautionary tales of Uber and its The woes of the initial public offer- up. In fact, one fundamental issue sub-par exchange model, we must competitors have shown us the dan- ing (IPO) market are a case in point of with the traditional stock exchange the private look at where digital infrastructures gers of accepting the status quo. the current stock exchange model’s model is that it is viable for fewer and fundraising space, can cut out the middleman to directly Now is the time to start future-proof- limitations. fewer businesses. connect companies and investors. ing the stock exchange model. It’s easy to think of some big names The cost and complexities of going and the same We’re already seeing blockchain which have experienced global embar- public make it unaffordable to SMEs, technology transforming the private £ Sascha Ragtschaa is chief executive of rassment since going public, as their which account for 99 per cent of all principles should fundraising space, and the same digital investment platform WeOwn, which stock market listing failed to take off businesses, meaning that most compa- be applied to principles should be applied to pub- has recently published a new white paper as they expected. nies are forced to turn to private back- lic listings. entitled “Taking Stock: why it’s time for a Take, for example, ride-sharing ers to fund their high growth stage. public listings By utilising blockchain, the stock new global exchange model”. 20 OPINION TUESDAY 3 DECEMBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Labour is not even trying to TO THE EDITOR Economic engine make its slapdash sums add up I note with relief that the parties have now broached the subject of business in this election campaign, albeit with rather different philosophies attached. ENERAL Elections are al- Alongside £80bn extra a year in next 10 years. The Conservatives have gone back on ways an uncomfortable pe- tax and spend (plus the unknown Robert The best part of this is that their corporation tax cut promise, but will riod for those of us who cost of those 68 other pledges), Colvile Labour’s own report on this issue — seek to slash business rates. Labour, on the Glike our facts straight and Labour has already promised commissioned from the venerable other hand, wants to nationalise public our figures honest. All too £400bn in capital investment. This left-wing economic historian Lord transport and, seemingly, the internet often, politicians of all stripes seem is a gargantuan sum. Skidelsky — accepts that any such itself, while also gifting shares and board to be treating the Liberal Democ- Add to that another £300bn in up- productivity gains will largely be positions in big business to the populous in rats’ infamous bar charts not as a front borrowing costs for renation- driven by automation: firing people a kind of “reverse Thatcher” approach. scandal, but an inspiration. alising the utilities, plus whatever and buying PCs. And the Lib Dems have announced that Even by modern standards, how- it would take to grab BT Openreach But Labour’s own manifesto con- they would scrap business rates altogether, ever, there is something rather spe- to create a nationalised broadband tains a range of measures to slow or leaving a £30bn annual hole and a funding cial about the Labour party’s service, as Jeremy Corbyn enthusi- actively halt the march of automa- gap for local councils to fill. That gap is manifesto — and, in particular, its astically announced. tion in the workplace, ranging proposed to be made up via a levy on claims to be “fully costed”. Then an extra £190bn in loans to from a massive expansion of union commercial landlords, which means that It’s not just the £58bn promise to homeowners to insulate their power to a new process of “collec- in the unlikely event that Jo Swinson repay the women who lost out on houses. And another £75bn bor- tive consultation” whenever bosses becomes Prime Minister, your pension will their state pension due to increases rowed from the private sector to want to introduce labour-saving have just lost a chunk of its value. in the retirement age, which sud- build new wind farms. Top it all off Even on its own technology. In other words, a right But missing from the business rhetoric denly appeared out of nowhere — with the cost of actually paying in- of robot refusal. are the vital support mechanisms that have representing, by the way, the trans- terest on all this borrowing. terms, the manifesto Still, let’s say that Labour’s mirac- been in place to assist innovative firms, fer of an indecently large amount of It may be that the bond markets only balances the ulous productivity gains did ap- namely the Enterprise Investment Scheme wealth to a generation that is al- prove superhumanly tolerant of pear, despite decades of public and Seed Enterprise Investment Scheme ready far more affluent than those the Corbyn-McDonnell regime. But books by simply sector precedent, the party’s union- tax relief, entrepreneurs tax relief, and R&D below it. even if so, it is very hard indeed to ignoring dozens of friendly desire to restrict automa- tax credits. These subsidies have supported Even on its own terms, the Labour see how these sums can be ab- tion, and the actual findings of its the growth of young, clever technology manifesto only balances the books sorbed purely via extra taxation on spending pledges own report. businesses in particular, and have by simply ignoring dozens of spend- “the rich” and “the corporations”, contained within it For the claim about productivity facilitated many “wannabes” to become ing pledges contained within it. as McDonnell promises. gains paying for a four-day week to mainstream businesses — like Monzo, Shadow chancellor John McDon- In fact, it’s downright impossible stack up, Labour would have to de- Revolut, and TransferWise — that then go nell has form on this. Back in 2017, — as Corbyn eventually admitted vote every ounce of benefit from on to employ thousands of people. R&D tax Labour’s first “fully costed” mani- while being grilled-slash-flambéed this miraculous tenfold public sec- credits alone fuel UK businesses to the festo contained — by my count — by Andrew Neil. But rather than taking the easy tor productivity boost to cutting extent of £4bn returned to them each year. roughly 80 spending commitments, Perhaps my favourite example of way out and saying that the four- workers’ hours — at the expense of So, leaders, what of these aspects? Will some of them substantial, and most Labour’s slapdash attitude towards day week was an ambition over a making improvements for the peo- you pledge to maintain them and not leave completely ignored in the accompa- its sums comes from its promise to decade, not a concrete pledge, ple who actually use those services, the spectre of cancelling them hanging nying spreadsheet. introduce a four-day week over the Labour instead made the genuinely or indeed of raising pay for workers over the heads of Brexit-weary founders This time round, the Conserva- coming decade. lunatic argument that the policy rather than cutting their hours. across the nation? May I suggest that tives have released an attack docu- Research by our think tank, the would entirely pay for itself due to I know we’re all used to politi- instead of pushing popular cash giveaways ment pointing out 68 omissions in Centre for Policy Studies, found productivity gains. cians being vague about their fig- such as free broadband and trees, you terms of day-to-day spending com- that to do this tomorrow, it would Average productivity gains in the ures. But it’s pretty depressing instead focus on the actual engine of our mitments that Labour has prom- cost £45bn a year in extra staff costs public sector over the last 20 years when they don’t even try to make economy: SMEs that now employ over ised but not costed — many of for the public sector. If you waved a stand at 0.2 per cent a year. For the it convincing. 16m people nationally. which are very expensive indeed. magic wand and assumed signifi- Labour measure to pay for itself, Sarah Collins, director, RIFT Research And that’s not even including a cant productivity gains, it might productivity would have to in- £ Robert Colvile is director of the Centre and Development host of other big-ticket items. get you to a mere £17bn. crease at 10 times the rate over the for Policy Studies BEST OF TWITTER Ted Baker shares open 23.3% lower Green belt reform isn’t political dynamite, after overstating value of inventory by £20-£25m. Shares have been on the slide for a while it’s a major part of fixing the housing crisis @GarryWhite “Analysts described the news as ‘less S IN every election cam- land permanently open. ing and demands for contributions than ideal’ ” paign, the need to build Tinkering with the green belt is Claire towards infrastructure. Yet plan- @EwaSR huge numbers of new political dynamite — or so succes- Fallows ning policy in many areas, espe- Ahomes for voters is com- sive governments would have you cially around London, is pushing in Don’t care whether you want the mon ground across the think. In fact, green belt bound- the opposite direction, with policy- railways renationalised or want them main political parties. aries are constantly up for review, makers setting ever more stringent to remain in private ownership. Yet, also treading a well-worn every time a local authority located requirements for affordable hous- Jeremy Corbyn specifically targetting path, both the Conservatives and within it brings forward a new plan ing delivery in particular. Richard Branson in his latest tweet is Labour continue through their setting out its development strat- Development of brownfield sites pretty sinister stuff. Straight from the manifestos to promise to protect egy. That has led to proposals for should of course remain a central Trump playbook the green belt and to prioritise de- land to be released from the green wellbeing (which is not currently a plank of government policy. But at @DPJHodges velopment of brownfield land. belt across the UK, including (for planning purpose of the green belt). the same time, any government Will this approach deliver the example) in East Hertfordshire, Now, what of the panacea of must recognise that development Ken Livingstone decided to hold up homes the country needs? Guildford and St Albans, to meet brownfield development? Compared of relatively unconstrained green- our train because he purposely stuck That there is a massive housing housing need. to greenfield sites, many brownfield field sites provides a critical contri- his foot in when the door was shortage in the country is not news. So why not stop the pretence and sites are complex and therefore ex- bution towards the need for blatantly closing. Now I’m going to be Headline figures aside, however, undertake a strategic review of pensive to develop. There could be affordable homes. late for work the imperative for buyers is all whether the green belt remains fit contamination from previous uses, Sticking to the old rhetoric about @2wenty4s about location. Politicians need to for purpose in 2019 and beyond? conflicts with services or infrastruc- prioritising brownfield sites and deliver homes in places where peo- Look at the potential for releasing ture, rights to light for neighbouring preserving the green belt is not “You know who didn’t stop the trains ple want to live. But search online land in sensible places around residents. The list is long and the risk only misleading, but also a missed running on time?” for a map of the green belt, and you transport hubs and routes into can be high, reducing the attractive- opportunity. The uncomfortable @JonHollis9 will see how extensive it is, con- cities, especially given that much of ness of these sites to developers. truth is that solving the housing straining development around it isn’t particularly “green” at all. To prioritise development of crisis will require development on In a way, aren’t we all Ken Livingstone, many of our towns and cities. Then consider the creation of re- brownfield sites would actually re- all types of land. foot trapped in the door of a train of Indeed, the fundamental plan- placement areas where appropriate quire a sea change in planning pol- the city we used to run ning aim of the green belt is to to preserve openness, facilitating icy and increased flexibility, £ Claire Fallows is a partner at Charles @Gilofthepeople check urban sprawl — by keeping access to green spaces to improve especially around affordable hous- Russell Speechlys. CITYAM.COM TUESDAY 3 DECEMBER 2019 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam To tackle regional inequality, we DEBATE must rethink our sense of place Should Tory strategists be nervous now Trump is in town? ROM Brexit to crime to the fu- form left behind communities into ture of the NHS in a US-UK Jason places that people want to move to. trade deal, this election has Millett This is not just a moral issue — it’s a Of course they should be nervous. With Fbeen dominated by national is- business imperative. For developers, nine days to go, the Conservatives have sues. But while the politicians delivering better places should mean got everything to lose and little to gain. tour the country with their lofty na- better long-term rental revenue. Those The Tory strategists have worked hard YES tionwide visions, Britain continues to who have started to grasp that are al- to minimise the opportunities for suffer from a regional inequality. ready investing more heavily into cre- spontaneity in the campaign, keeping BEN RICH While many of our cities have done ating good places, but too often Boris Johnson away from the public, his well over the last two decades, there funding models still prioritise short- opponents, and the BBC’s Andrew Neil. endorse Nigel Farage as foreign are pockets of deprivation across the place’s fortunes requires local leader- term gain rather than the longer view. So the introduction of another utterly secretary, tweet that any US trade deal country that have performed much ship, and not just from politicians. If we get it right, the potential bene- unpredictable moving part is certainly a must include the NHS, or simply admire less favourably. These places may be These communities often receive lim- fits are huge — and should be front cause for concern. Johnson’s taste in “girls” (sic). out of the public spotlight, but given ited interest from private sector busi- and centre of the political campaigns. Add in Donald Trump’s support for Still, CCHQ will at least be relieved by relative population density, this in- nesses — now that has to change. While the issue of “place” might seem Johnson, the unpopularity of the US the sense that voters have already equality impacts vast numbers of peo- Developers, investors and the whole like a tangential concern for busy President with the British electorate, discounted Johnson’s Trump-like traits ple. Data from the Office for National of the built environment sector need politicians, it is actually at the heart and his tone deafness about NHS and closeness to the President — not Statistics shows that around a third of to change our behaviour to help solve of many of the problems the parties privatisation, and he could accidentally because they don’t worry us, but the UK population lives in the most regional inequality. We can do better are promising to tackle. toss a grenade into an otherwise because Jeremy Corbyn still looks deprived 10 per cent of places. than national politicians, by thinking Take health, for example. The re- carefully controlled campaign. worse. Oh for a better, different choice. In such “left behind” places, there is, holistically about the things that make sources and amenities around where The trouble with Trump is that the on average, half a job per working somewhere an attractive place to live. we live have a huge impact on lifestyle, only predictable thing about him is his £ Ben Rich is chief executive of Radix, aged person, while household in- That means considering factors such and therefore influence our health. unpredictability. He could easily the think tank for the radical centre. comes are £7,000 lower than the na- as connectivity, transport links, green But some of the most deprived areas tional average. People live much space, local educational and health- also suffer acute shortages of GPs. shorter lives too — 16 years less than care provision — and ensuring that To remove the regional inequality in in more prosperous areas — and suffer we’re taking account of how these in- UK’s healthcare provision, we would Donald Trump is not here for a UK-US more long-term illness. fluence people’s chances in life. need to recruit an additional 14,000 summit or state visit — it’s a Nato This means that areas which are geo- It starts with building the right GPs. But by building better places, tak- meeting. The President’s emphasis will graphically very close together can houses in the right places. We all know ing into account the importance of be the same as during any of his NO face very different fortunes. Take the that the UK is facing a housing short- public services and perhaps offering previous Nato encounters: making the Wirral. The east side of the peninsula age, but at the same time, we have discounted homes to healthcare pro- point that the majority of the alliance’s ALEX DEANE is home to Birkenhead and the Cam- 216,000 empty homes across the coun- fessionals, we can deliver better health members do not pay their way in mell Laird shipyard, and is a world try — the highest figure in seven years. outcomes as well as providing places defence. Most EU countries will, once already knew it. Those who love away from the west, which is much As a society, we need a way to trans- that people want to live in. again, be told that they let others nothing more than Trump bashing will more residential and affluent. People Regional inequality requires deep subsidise their security and that they’re bash some more, but their view was on the west side have a decade longer collaboration between the private and biting the hand that freed them. already baked in to the BoJo buy price. life expectancy than those on the east In ‘left behind’ places, public sectors, and a rethink of how The Trump-Boris discussion will be No nervousness required. And as an — when just six miles separate them. household incomes to support communities. Whoever secondary, and will serve only to added bonus, Jeremy Corbyn’s Public faith in national politicians to wins this election, what we need af- reinforce what people already think. longstanding hostility to Nato fix these problems is low. When asked are £7,000 lower than terwards is a radical, joined-up ap- Those who wish us to be close to the contributes to the message that he’s which party they trusted to “create the national average proach to creating good places. most important, wealthiest and weak on security. good places to live”, more people said powerful nation in the world will take “none” than favoured any particular £ Jason Millett is chief operating officer for heart from our Prime Minister’s positive £ Alex Deane is a Conservative party. That’s because turning around a consultancy at Mace. relationship with their President — but commentator.

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

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

To become part of this infl uential and global community and to see how This is Me @LMAppeal can support your organisation, register now at: lordmayorsappeal.org/thisisme The Lord Mayor’s Appeal 22 LIFE&STYLE TUESDAY 3 DECEMBER 2019 CITYAM.COM MOTORING BY MOTORINGRESEARCH.COMTANGERINE FOR CITY A.M. DREAM The Ford Fiesta ST Performance Edition is a riot to drive and a classic of the future, says Tim Pitt

e can’t afford a Rolls or a nault Megane RS 280. So, what makes So far, so good, but these upgrades If you’re worried the coilover sus- Bentley, he has to buy a sec- this pocket rocket special – and is it FORD FIESTA ST aren’t bolstered by extra power. The pension has ruined the ride, don’t be. “ ond-hand Ford,” sang Ray worth the money? PERFORMANCE EDITION Performance Edition shares its 1.5- There are 12 bump and 16 rebound HDavies of The Kinks in 1969. You’ll spot the Deep Orange paint PRICE: £26,495 litre petrol engine and six-speed man- settings to tinker with, but the stan- How times have changed. first. It’s compulsory on the Perform- 0-62MPH: 6.5 SECS ual ‘box with the regular ST. That dard set-up is supple enough for every Today, you can buy a 1980s Bentley for ance Edition, and even more daz- TOP SPEED: 144MPH means 200hp, 0-62mph in 6.5 seconds day. It’s firm, but rarely harsh – like banger money, while Fords of that era zlingly day-glo than the Orange Fury CO2 G/KM: 136G/KM and 144mph flat-out, plus impressive tightly clenched fists gripping bicycle are blue-chip classics. Eye-watering hue on the Focus ST. New 18-inch, 10- 40.4mpg economy: the latter boosted handlebars. And the sheer lack of in- prices paid at auction include spoke alloys are more subtle, and save MPG COMBINED: 40.4MPG by clever tech that deactivates one of ertia is just joyful. Even at slow £122,500 for a 1987 Sierra Cosworth nearly 2kg of unsprung weight per the engine’s three cylinders under speeds, the ST feels alive to every RS500, £52,750 for a 1990 Sapphire corner. The car also sits closer to the light loads. The transition – from GTI input. Cosworth 4x4 and £60,188 for a 1985 Tarmac – 15mm at the front and THE VERDICT worrier to eco warrior – is utterly Me? I’d save the cash and go for an Escort RS Turbo. And it’s not only fast 10mm at the rear – thanks to Ford seamless. ST-3. The orange is a tad look-at-me for Fords: earlier this year, a 1978 Fiesta Performance adjustable coilover sus- DESIGN hhhhi You’ll be having waaaaay too much my liking and the Performance Edi- 950 – formerly an exhibit at London’s pension. My mother thought it PERFORMANCE hhhhi fun to worry about miles per gallon, tion only comes with three doors: not Science Museum – sold for £15,200. gaudy, while my 16-year-old nephew PRACTICALITY hhhii though. The Fiesta ST is a LOL emoji ideal when you have kids. Then again, In such company, the new Fiesta ST said it looked “sick”. Which is proba- VALUE hhhii on wheels, an intravenous sugar-hit of this one-of-600 flagship will be the Performance Edition looks good value bly as it should be. alert steering, instant turn-in and ter- one fetishised by fast Ford anoraks, at £26,495. That’s some £4,000 more The feistiest Fiesta also comes with rier-like tenacity in corners. Push hard meaning a potential payday in years expensive than a fully-loaded ST-3, the Performance Pack: usually £925 help you grab the next gear. More pro- and it maintains a neutral, throttle- to come. If it follows the same trajec- however, and a whopping £7,000 even on the ST-3. It comprises a saically, you get all the equipment adjustable balance that’s rare in a tory as that Escort RS Turbo, it will be more than the entry-level ST-1. It also Quaife limited-slip differential to that comes as standard on the ST-3, in- front-driven car. Switching into Sport worth £187,584 in 2049. Now there’s forces the car into contention with haul the car around bends, launch cluding LED headlights, navigation, or Race modes makes things still food for thought. hot hatchbacks from the class above, control for those all-important traffic heated seats, heated steering wheel more intense, with pops and fizzes such as the Hyundai i30N and Re- light getaways, plus shift lights to and a reversing camera. from the twin tailpipes. Tim Pitt works for motoringresearch.com NOT CONVINCED? CHECK OUT THESE ALTERNATIVES...

MINI JOHN COOPER WORKS TOYOTA YARIS GRMN VOLKSWAGEN POLO GTI PRICE: £25,950 THE VERDICT: PRICE: £18,500 THE VERDICT: PRICE: £21,660 THE VERDICT: 0-62MPH: 6.3 SECS DESIGN hhhii 0-62MPH: 6.4 SECS DESIGN hhhhi 0-62MPH: 6.7 SECS DESIGN hhhhi TOP SPEED: 153MPH PERFORMANCE hhhii TOP SPEED: 143MPH PERFORMANCE hhhhi TOP SPEED: 147MPH PERFORMANCE hhhhi CO2 G/KM: 162G/KM PRACTICALITY hhhii CO2 G/KM: 170G/KM PRACTICALITY hhhii CO2 G/KM: 138G/KM PRACTICALITY hhhhi MPG COMBINED: 40.9MPG VALUE hhhii MPG COMBINED: 37.7MPG VALUE hhhii MPG COMBINED: 46.3MPG VALUE hhhhi CITYAM.COM TUESDAY 3 DECEMBER 2019 FEATURE 23 OFFICE POLITICS The keyboard was the first inclusive tech

companies finally come to acknowl- How come there are more fashion lines for edge vital issues in the workplace, such as the gender pay gap and cli- dogs than for disabled people in 2019? mate change, and this acknowledge- ment has led to genuine change. S I TYPE, it is impossible not Caroline That’s why this year we launched to be reminded that my abil- Casey The Valuable 500, a global movement ity to do so — as someone putting disability on the business who is registered blind — is BUY LOW, leadership agenda. We are calling on because of the typewriter’s SELL HIGH 500 global businesses to commit to roleA as a 200-year-old example of dis- putting disability inclusion on their ability inclusion. Freetrade board agendas. Early iterations of what led to per- Free It certainly hasn’t been an easy chal- haps the most ubiquitously used in- lenge. At this stage, we have 200 busi- vention in the world — the keyboard If you fancy nesses that have committed to take — were created to enable blind peo- abled people face every day. Put yourself as a bold business leadership on disability ple to type. crudely, today there are more fashion future Wolf of inclusion, with the latest including Similarly, the remote control made lines designed for dogs than for dis- Wall Street, but Tesco, Salesforce, and Vodafone. television far more accessible to this abled people — how is that still a real- don’t have Sadly, we’ve found that while 90 per same community. What makes these ity in 2019? thousands of cent of companies claim that they examples stand out is that these are Today is the International Day of Per- pounds to play prioritise diversity, only four per cent not inventions for disabled people — sons with Disabilities, and while I com- the stock actively consider disability in the they are used by billions around the mend what this day was created to market, this app workplace. How can anyone justify world — but unlike so much of the achieve, I can’t help but feel that we In the UK alone, Trends such as the ageing of the might be for you. saying that they are advocating for di- world’s infrastructure, they were in- shouldn’t need a “day” to celebrate the combined population and medical advance- Freetrade versity and inclusion, when 96 per vented with their needs in mind. underrepresented groups of society. purchasing ments mean that this market will enables you to cent of companies are choosing to ig- Unfortunately, this does not happen It is not a niche group. Disability is power of people only continue to grow — we already buy and sell nore one in seven members of society? often enough. I was shocked by the a 1.3bn-strong part of society — equiv- with disabilities know that 80 per cent of disabilities shares without We have certainly made great number of viral tweets just a few alent to the population of India, or is £249bn are acquired in later life and could paying hefty strides towards an inclusive society, weeks ago — after a new set of emojis the market size of the US, Brazil, Pak- happen to any of us. fees, meaning but there is still a long way to go. were released, including one of a istan and Indonesia combined, with a We know that when business leads, that you can I hope that one day we will no blind person — that joked along the disposable income of $8 trillion per society follows — business has long invest in big longer need to celebrate 3 December lines: “I am sure blind people will ap- year. In the UK alone, the combined been a driver of social change. Yet busi- FTSE 100 firms on an annual basis for disabled people preciate this when they see it.” purchasing power of people with dis- ness continues to overlook this market even with small — this will only happen when we truly Why should one in seven people in abilities is £249bn. segment, which presents a huge bar- amounts of cash. achieve an inclusion revolution. society be excluded from the conver- And yet, this group of society is so rier to overcoming the inclusion crisis. sations that people have every day? often under-served, overlooked, and There has been some progress. Over £ Caroline Casey is a disability activist and These are the challenges that dis- misunderstood by business. the last few decades, we have seen founder of The Valuable 500. 24 FEATURE TUESDAY 3 DECEMBER 2019 CITYAM.COM

Our series on AI, Blockchain, Cryptoassets, DLT and Tokenisation PARTNER CONTENT

CITY A.M.’S hale dies with 100kg ‘litter ball’ in its stomach; CRYPTO INSIDER Swathes of northern Eng- Wland could run out of water by 2035; Climate JAMES BOWATER talks open as ‘point of no return’ looms. These are what you’ll find with a quick attended the Private Investment Group Tour search through the latest headlines. Isupper in Amsterdam last week where it was Whether you believe in climate good to see a number of very interesting projects change or not, it’s hard to deny capital- represented showing that positivity remains strong ism isn’t working out so well for the in the space. London based Bricktrade were masses or the planet. Large corporations represented by founders Guv Kang and Jag Singh who made a are focused and driven by their share- compelling case for tokenisation in real estate, which whilst holders, this means keeping costs down conceptually is not new, what sets them apart is their status as a and profits high. The route to achieving housing association and property agency, which will enable them to this is by cutting as many corners as you absorb any social housing allocation for property developers and sell can, whilst keeping your customers and the properties off plan before completion. They are raising governments on side. development finance on behalf of small to medium sized property The irony is only a few decades ago, we developers who struggle with funding through traditional methods, already had some of the best recycling Bricktrade utilises crowdfunding and tokenisation, to provide their and eco-friendly solutions. For those of investors a guaranteed yield for the investments they offer. us over a certain age, we’ll remember After another volatile week in the crypto market Bitcoin (BTC) was the days when the milk man would de- trading at US$7,330.25 / GB£5,666.91; Ethereum (ETH) is at US$149.59 liver glass bottles to your door and col- / GB£115.36; Ripple (XRP) is at US$0.2211 / GB£0.1702; Binance (BNB) lect them the following week, all in his DECENTRALISED is at US$15.33 / GB£11.84 and Cardano (ADA) is at US$0.03809 / electric milk van. You would buy your GB£0.02941 Overall Market Cap is at US$198.14bn / GB£153.18bn soda pop in a glass bottle from your local (data source: www.CryptoCompare.com) corner store and on returning the bottle PAYMENTS SUPPORT There has been a flurry of regulatory activity in recent months you’d receive cash back. You would shop around the digital asset space. Germany has in particular listened to in your local butchers, bakers and green the industry in setting out its new crypto-asset custodian rules. grocers, then take it all home in your January this year sees the start of both its new regulatory framework own bag or a used box. This kept the re- HYPER-LOCAL and the implementation of 5MLD across the EU as a whole which lationships among communities strong brings crypto-assets into the AML framework for the first time (see and the need for recycling down. Industry Voices opposite). I spoke with my old friend and Crypto AM Then superstores arrived and locally Contributor Phil Mochan who is the co-founder of Koine, an sourced products were no longer as im- PRODUCERS institutional custodian. He confirmed that “Europe as a whole is portant. With a visit to one superstore, progressing positively to facilitate institutional access to digital assets, you could collect all your essentials, as the industry evolves beyond crypto-assets to digitalised securities, along with all your less essentials. Su- whilst protecting retail investors from undue risks. Koine very much perstores grew thanks to their mass Graphic Supplied from local family businesses, the days What better place to start this resur- supports this institutional direction but cautions against overly buying power. With this came the need by Craft Coin Co when communities thrived. Local is de- gence in independence, than with the restrictive national regulations which would impede capital for mass production, longer lasting centralised, Blockchain is decentralised, currency that supported and paid the formation at a regional or global level”. products, higher fuel use and standard- Crypto runs on Blockchains... therefore workers of early civilisation. Way before One of the most active examples of blockchain in use today is isation. To ensure products such as milk in our opinion Crypto is the perfect so- we had modern currencies, Socios.com, a first of its kind blockchain-based mobile app for the last longer, they are pasteurised and lution to fix what global brands have de- Mesopotamians and Egyptians were sports and entertainment industry. Created by my friend Alexandre lose all their original goodness. Prod- stroyed: Social networks that have been paid in beer. Due to the communities it Dreyfus, who I recently met up with in Malta, it has taken the beautiful ucts that are no longer straight, or too created whilst shopping, or consuming brought together and health benefits vs game - football - and created a platform to allow club supporters the straight, become waste. Onions and or- local products. They can now be re-es- contaminated drinking water, it was opportunity to influence its club decisions - a first ever for blockchain anges that have a natural layer of pro- tablished by thinking global and acting recognised as a common, stable com- and football. Today, Juventus is doing exactly that, allowing its fans tection, would now be wrapped in local, using disruptive design thinking. modity and today, it is still the best way to start voting on the first poll, which happens to be choosing a new plastic. One example of how to achieve to measure purchasing power parity. goal celebration song at the Allianz Stadium. It will be the first time in With all of this mass production, progress is by each industry building its As with all mass production, there are history that a major sports team has been tokenised. It’s also the first damage to our environment and harm own community and ecosystem. This downsides. global brewers, similar to time blockchain has infiltrated mainstream consumers and a nod to to our communities, it’s time to return way they can benefit from a cooperative milk producers, need to kill the beer mass adoption of the technology in the future, and a new era for fan to our friendlier, greener days. The days approve to purchasing, whilst keeping and include additives to ensure it engagement. when you bought artisanal products their own independence. doesn’t spoil during the time it takes to

(SIA’s infrastructure) into Overledger to Gilbert Verdian develop and implement blockchain and CEO and founder DLT-based applications spanning different Crypto A.M. shines Quant Network technologies, and to bring cross-platform interoperability to hundreds of SIA’s financial services clients. its Spotlight on Looking towards the future, the implications of Overledger for the financial sector are significant with forthcoming releases the company’s DvP solution. The Quant Network first such solution to use DLT technology which will be demonstrated at FinTech erhaps more than most, readers of that. The only platform that facilitates the Connect 2019. PCrypto AM recognise the potential of development of decentralised, multi-chain Quant Network’s crucial offering is blockchain: a technology that’s applications, Overledger is the world’s first certainly not limited to the world of starting to transform industries through its blockchain operating system that not only finance. In fact, a partnership between ability to facilitate trusted and secure interconnects blockchains, but also Quant and Ledger3, has already resulted exchange of (digital) assets and sensitive connects existing enterprise platforms to in a supply chain management solution data. It’s fair to say that blockchain has blockchain. that will help to preserve the world’s fish triggered a technological revolution. Furthermore, Overledger is designed stocks. Beyond the technical, regulatory, And at the forefront of this revolution is around the recognition that blockchains cost and time-saving benefits of making the financial services sector. In the last are continually evolving, so if the blockchain interoperable, the company’s year or two alone, for example, the underlying technology of a solution goal is to demonstrate how its solution can majority of banks have explored the changes, organisations are not locked in really help solve the world’s most pressing potential of blockchain technology to to blockchains that have been issues, from food supply, renewable model use cases such as cross border energy to power exchange. trade, digital asset management and trade “Our vision,” said Gilbert Verdian, finance. However, many of these banks Founder and CEO of Quant, “is to make a found that progress was seriously superseded. This ensures that their Track record: To date, Overledger is real difference to the world, by building an impeded by the lack of blockchain Our vision is to make applications will not be impacted – they attracting major players in their quest to internet we can genuinely trust.” Meet interoperability. What they needed was an a real difference to are, effectively, future-proof. Furthermore, make blockchain work through its ability Gilbert and the Quant Network team at easy method of connecting blockchains there’s the fact that Overledger is designed to bring interoperability. One such Quant X today and tomorrow at together - but no such method existed. the world by building for ease-of-use: enterprise users can organisation, for example, is the leading FinTechConnect Live at ExCel Until, that is, now. Because Quant an internet we exploit the full potential of blockchain, payment infrastructure services provider, Network’s pioneering technology – Quant with no additional infrastructure, in a SIA. Quant Network and SIA have been For further information visit Overledger - is designed to do precisely can trust matter of minutes. working together to integrate SIAchain www.quant.network CITYAM.COM TUESDAY 3 DECEMBER 2019 FEATURE 25

E: [email protected] @CityAm_Crypto In association with

written by at least one pint of craft beer, CRYPTOCOMPARE MARKET VIEW a measure that harks back to beer’s role as one of the world’s oldest currencies. “Small, independent breweries with bright ideas and sustainable values can Bitcoin’s Wild Ride Continues struggle with their start-up financing,” says Florian Krueger, CEO of Craft Coin itcoin this week continued its Ledger Consulting (DLC) said the news Company. “We wanted to find a way to volatile week leading crypto means that “Germany is well on its way help them using non-traditional financ- Bmarkets on a wild ride along with it. to becoming a crypto-haven”. ing methods, and so support the world- Dropping on Wednesday below the In more concerning news for crypto wide revolution of craft beer.” $7,000 mark, bitcoin then went on an investors, South Korean exchange Upbit And it doesn’t just stop at beer; the impressive four-day rally that took the last week confirmed that nearly $50 success of the Beer Coin opens the door price all the way from $6,575 up to million of Ethereum (ETH) were stolen to many artisanal crafts that could be $7,827, before dropping again over the from its hot (online) wallet. In a notice supported by digital tokens. “We saw an weekend to the $7,300 mark. Ethereum published on its website, Upbit explained opportunity in the craft beer space,” (ETH) followed a roughly similar pattern that over 340,000 ETH were transferred says Krueger. “But the model could throughout the week, to trade at the time from its wallet to an “unknown wallet.” work for many other products. When of writing at $149, with many leading While Upbit said that it would cover the producers return their tokens to the altcoins recovering towards the end of loss of funds, interestingly the release did public market, it creates a self-sustain- the week,. not describe the theft as a “hack.” ing ecosystem that opens up new re- In news hailed by many as a milestone Finally, MV Index Solutions(MVIS), in sources to the whole community.” for the crypto industry, the German partnership with CryptoCompare last To help continue the revival of arti- Bundestag last week passed a law which week announced the launch of the MVIS sanal, local producers, CCC have sights is set to allow German banks to sell and CryptoCompare Institutional Bitcoin on local milk coins, wine, food, water provide custody for cryptoassets from Index - an index designed to measure the and even forestry. Rather than growing 2020. Banks in Germany were previously performance of a digital assets portfolio your own tree, you will have the option banned from providing direct access to which invests in Bitcoin, priced on select to buy tree coins, each coin represent- cryptoassets. With the new law is exchanges. The index will be used by ing a measure of a forest. Not only will expected to be ratified by the Bundesrat Canadian investment fund manager 3iQ you then be contributing towards the (Germany’s upper chamber), Dr. Sven in their landmark Bitcoin Fund - set to be planting of further trees, the token Hildebrandt, a partner at Distributed listed on the Toronto Stock Exchange. holder gains from the tax benefits asso- ciated with the planting of forestry. One other example of Blockchain based Cryptocurrencies supporting not only local, but the development of fun- damentally circular ventures, in perfect CRYPTO A.M. INDUSTRY VOICES synchronicity with an increasing global awareness around this topic. reach the stores, be sold and then con- find themselves selling out to the bigger The future is bright and disruptive sumed. In comparison, the local brew- brands, losing their independence. tech, used right, is the key to a better to- 5MLD is coming: Threat or Opportunity? ery with their own tap rooms, brew the To help get around these limitations, morrow. Bring on 2020 and let’s make beer and serve it on site. This means Craft Coin Company (CCC) created a dig- it count! Go team Crypto AM!! he appeal of blockchain and cryp- and transferring these virtual currencies, zero travel, storage or packaging costs ital currency called Craft Beer Coin tocurrency for their enthusiasts is, and those providing related advisory serv- financially or environmentally. Each (CBC). With the sale of CBC, money is £Brian McClafferty, Marketing Director of Tin part, down to their anonymity ices. litre of canned beer takes about 120 raised to buy brewing equipment for the Craft Coin Company, in conversation with and utility in getting around unneces- These firms will now need to imple- litres of water to produce and store. A breweries. In return the breweries ac- James Bowater. For further information sary regulations. Unsurprisingly, both of ment the same AML/CTF policies, proce- litre of local beer takes only three litres. cept CBC for a pint of beer. As CCC isn’t visit https://www.craftcoin.co these are very attractive to criminals and dures and controls as traditionally Introduce water distillation technology restricted to helping one brewery, they terrorists! regulated entities. They’ll also need to en- to the local brewing and you can turn pass their mass buying power onto the IMPORTANT INFORMATION: THE VIEWS The New York Times recently reported sure that their senior management and surplus water into freely distributed independent breweries. AND OPINIONS PROVIDED BY CITY A.M.'S how terrorists are experimenting with staff are adequately trained, and collect clean water or sell it to contribute to The beer lovers who download the CRYPTO INSIDER AND IN THE CRYPTO A.M. cryptocurrencies to circumvent tighter data about the sources and recipients of charities. Craft Beer Coin app and hold CBC, gain SECTION SHOULD NOT BE TAKEN AS counter-terrorist financing laws. A funds. In addition, companies that work To expand a brewery is expensive and rewards such as equity in the breweries, INVESTMENT OR FINANCIAL ADVICE. Hamas website openly provides the Bit- with cryptocurrency providers will need quite often the independent brewers voting rights, special discounts, queue ALWAYS CONSULT WITH YOUR FINANCIAL coin address and instructional videos on to make additional checks and assess the need to consider costly loans, or may jump privileges and each coin is under- ADVISOR. how to acquire and donate via Bitcoin risk of continuing to do so. without tipping off the authorities. Al- All of this will undoubtedly increase the though fundraising is not very successful costs of compliance for the impacted yet, terrorists don’t need large sums of firms and add friction to the cryptocur- money to execute attacks. rency transactions. However, there are BLOCKCHAIN, Money launderers wanting to move the huge benefits associated with the regula- proceeds of crime around are attracted to tion. For one thing, it provides legal cer- the anonymity too! Blockchain could tainty to market participants - if you IT CAN’T DO THAT completely replace money laundering as think regulation is expensive, try litiga- we know it today. Why incur hefty fees for tion! moving money from one financial insti- Moreover, by addressing the growing Troy Norcross, Co-Founder Blockchain Rookies tution to another when you can move it perception of misuse, the regulation will anonymously in cyberspace? Sanctioned improve the reputation of cryptocurren- fter more than two years, we creates real business value. Blockchain is a core technology that entities are also getting the same idea, cies and blockchain. If they are seen as have moved from blockchain What most of these companies want spans multiple enterprises. With with Al Jazeera reporting that Iran may more mainstream financial instruments Aeuphoria to blockchain fatigue. is to be associated with the frenzy and Internet infrastructure, value is in the be developing a virtual currency as a and products, they will appeal to a much People are tired of hearing about hype of cryptocurrencies. And now data and services built on top of work around to UK sanctions. wider consumer base. blockchain - especially if they can’t that initial coin offerings (ICOs) and blockchain, not in the blockchain itself. Not everyone agrees. Some experts The regulation will also level the play- figure out how to make money by security token offerings (STOs) are We need people to stop drinking the point out that the information on terror- ing field by helping smaller, compliant getting involved. dead, the only thing left is to use the cryptocurrency kool-aid and playing ists’ use of cryptocurrencies is still limited firms to compete better with larger firms There have been numerous articles word blockchain in 48 pt font on their at blockchain theatre. We need people and anecdotal. Moreover, criminals and that use their reputations to command talking about how blockchain can pitch decks in the hope of raising who can think long term and build terrorists have plenty of pathways for more confidence in the market. help win the war on cyberattacks and capital. blockchain infrastructure so that moving money that still need to be closed However, not all firms will fare equally. even allow for real-time access to Blockchain cannot help us win the others can build valuable datasets down by international authorities. Some Those that use the regulation to drive a consumer data for advertising. cyber attack wars. It cannot end world and services on top of this cynics maintain that, no matter what culture change within their organisation, Companies use the word blockchain hunger. It cannot allow millions of IoT infrastructure. We need to stop governments say, it’s all about tax! What train staff and improve procedures will almost as much as they use the words devices to function as a collective in looking at the technology and focus they really want to do is clamp down on reap the benefits of the new regime. AI (Artificial Intelligence) and Big Data. real-time. Blockchain is not a on solving real business problems. tax revenues leaking away as people use Those that continue business as usual Sadly, in the majority of cases, the replacement for shared file storage. It anonymous online, offshore accounts. could be setting themselves up for disas- companies have no clue about how is not a secure vault to protect Get in touch with us: Whatever the reason, governments and ter. the technology works or how to information from hackers. Blockchain [email protected] / Twitter regulators are unnerved by the potential Market participants need to understand deploy blockchain in a way that can’t do that. @igetblockchain misuse of cryptocurrencies. The Euro- that 5MLD will not destroy blockchain pean Parliament Think Tank estimates and cryptocurrencies. It is much needed this misuse to be worth over €7 billion. that laws and regulations catch up with So, under the 5th EU Money Launder- technological advances, and, as finance ing Directive (5MLD), which will come becomes more complex, more such direc- into force from January 2020, the EU is tives will be required in the future. extending its anti-money laundering and counter-terrorist financing (AML/CTF) reg- Vivek Dodd, Co-founder and COO at ulations to firms in the cryptocurrency Skillcast, the Compliance E-learning and space - including those holding, storing RegTech company www.skillcast.com 26 SPORT TUESDAY 3 DECEMBER 2019 CITYAM.COM SPORT AMAZON US giant begins its Premier League coverage tonight AIMING BIG in challenge to Sky and BT’s duopoly, writes Felix Keith

ECEMBER is an important month for the future of the Premier League. On the pitch, the focus will be on whether Liverpool can sustain their Dcharge at the top of the table, if Jose Mourinho can turn around Totten- ham’s fortunes in the long term and which sides are sliding towards relega- tion. But off it eyes will be trained on Amazon’s attempts to muscle in on Sky and BT’s stranglehold on UK broadcasting rights. The US retail giant’s decision to buy the rights to all 10 matches tonight, to- morrow and Thursday and the entire Boxing Day fixture programme in a three-year deal turned heads in June last year. Now, almost 18 months on, it is time for Amazon to show the world what its Premier League coverage will look like and for it to work out whether it is here to stay. Amazon is the biggest company ever to own UK Premier League rights. In the grand scheme of things, purchas-

Netflix, Google, Facebook and Apple will be watching eagle- eyed to assess the opportunities

ing Package F, after it initially went unsold in the first round of bidding in February 2018, is the equivalent of dip- ping a toe into the water rather than diving straight in. Although they ultimately abstained, Netflix, Google, Facebook and Apple were all rumoured to be interested in bidding to show matches and will be watching eagle-eyed ahead of the next rights cycle of 2022 to 2025 to assess the opportunities. If it is to make its mark at a crucial time of year for the wider business, Amazon must sign up plenty of new THE KEY GAMES BOUGHT cast and online will also be able to use Federation, who released a statement can help drive up the quality of the customers to their Prime member- a feature dubbed X-Ray, which displays criticising the expense of another sub- product. ship, which costs £79 per year or £7.99 FIXTURE DATE live match stats and highlights. scription service and worrying “In the past, the two major terres- a month, impress and then sustain in- Palace v Bournemouth (19:30) Tonight In short, Amazon is going the whole whether attendances might be nega- trial stations – BBC and ITV – had the terest over the next three years. Man United v Spurs (19:30) Tomorrow hog. tively affected. cake to themselves,” he explains. Liverpool v Everton (20:15) Tomorrow “Having spent a lifetime working in Rosenthal, who has previously “Since then the cake has been sliced in ALL-OUT ASSAULT Arsenal v Brighton (20:15) Thursday TV, everyone knows that first impres- worked for both the BBC and ITV a lot of different areas and now the lat- With new customers needing to be Chelsea v Southampton (15:00) Boxing Day sions are all-important,” broadcasting across various sports, sympathises est to have a taste of this wonderful wowed, it’s hardly surprising Amazon Leicester v Liverpool (20:00) Boxing Day veteran Rosenthal tells City A.M. with fans over some of the “ludicrous” cake is Amazon Prime. have pulled out all the stops for a full- Wolves v Man City (19:45) 27 Dec “I’ve looked across the array of talent fixture times, but argues that the evo- “People have different ideas around on assault. in every area and I would be very con- lution of the market is inevitable and competition, but I’m a great believer The company has employed more fident that the product will be no dif- that competition is good for the mar- than 70 hosts, pundits and commen- Shearer, Peter Crouch and Harry Red- ferent – and certainly not inferior – to ket. It was a disgrace in the ‘80s when tators for its coverage, which entails knapp will join hosts including Gabby Sky or BT, who set very high standards. ITV and BBC just carved up the thing two games this evening, six tomorrow Logan, Eilidh Barbour and Jim Rosen- “You could take short cuts – have one for themselves. – including stand-out fixtures Man- thal and commentators Clive Tyldes- person in a studio as a presenter and “The advent of Sky in the early ‘90s chester United against Tottenham and ley and Guy Mowbray, with more than have all the games coming into him – changed all that and now football has the Merseyside derby – and two on 2,000 people in total working on the but it’s very obvious that Amazon I would be very to be open to new areas and new Thursday, as well Boxing Day. programmes. Prime are doing this properly.” confident that the broadcasters. I think this is an exciting The challenges of broadcasting up to Uniquely, Amazon will broadcast live new area and we will see where it goes six games simultaneously – a factor from all of their 20 matches, with dis- INCREASED COMPETITION product will be no in the next three years.” which understandably put off tradi- tinct build-up, half-time show and Amazon joining the party wasn’t wel- tional broadcasters – means Amazon post-match reaction at each, as well as comed by all. The increase from 168 to different, and not You can watch the Premier League on needs an army of on-screen faces and a goals show with covers all the 200 Premier League games being inferior, to Sky Amazon Prime Video this December for just production staff to pull it off. games. Viewers using the Prime Video broadcast in the 2019-2022 rights cycle £7.99 a month, or £79 for the year. Visit: Familiar faces Thierry Henry, Alan app, Fire TV, games consoles, Chrome- didn’t please the Football Supporters’ or BT www.amazon.co.uk/premierleague CITYAM.COM TUESDAY 3 DECEMBER 2019 SPORT 27

LIVERPOOL FACE EVERTON MAGIC MESSI Argentine wins a record sixth Ballon d’Or trophy IN FA CUP THIRD ROUND SPORT DIGEST £ Liverpool will host Everton in the third round of the FA Cup next month. LATE PENALTY SENDS WEST The Merseyside rivals, who meet at BROM TOP OF THE LEAGUE Anfield in the Premier League £ Substitute Charlie Austin scored a tomorrow evening, will face each late penalty to give West Bromwich other again over the weekend of 3 to 6 Albion a 1-0 win over Preston and send January. Holders Manchester City face the Baggies top of the Championship Port Vale at the Etihad Stadium, while last night. Preston frustrated Slaven Manchester United have been drawn Bilic’s side at Deepdale before home at Wolves in a repeat of last season’s goalkeeper Declan Rudd was quarter-final. Arsenal host Leeds adjudged to have fouled Kyle Edwards United, Chelsea face Nottingham in the 90th minute. Austin sent Rudd Forest, Spurs travel to Middlesbrough, the wrong way to score, end Preston’s West Ham to Gillingham, while Crystal unbeaten home league record and Palace host Derby. send West Brom two points clear of Leeds at the top of the division. RODGERS NOT INTERESTED IN MAKING ARSENAL MOVE VETERAN BOND KNOCKS £ Brendan Rodgers says he is “very OUT WORLD NO1 TRUMP happy” at Leicester City and is not £ World No1 Judd Trump suffered a interested in joining Arsenal. Rodgers shock defeat at the hands of Nigel has been linked with the Gunners Bond at the UK Championship following the sacking of Unai Emery, yesterday. Trump lost 6-3 to the world but the former Liverpool and Celtic No98 to be knocked out of the boss is contracted until 2022 with tournament in the third round. The 30- Leicester, who are flying high in second year-old world champion made place in the Premier League. “The breaks of 52, 114 and 90 to go 3-1 up at message is clear and it has been and the York Barbican, but Bond, 54, hit probably I’ll get asked again until they back to take each of the next five appoint someone, but it’s very simple. frames and stun him. “Once I settled I I’m very happy here,” Rodgers said. “I played some good stuff out there,” made a choice nine months ago to Bond said. “Judd missed one or two, come here for a purpose.” which helped, but I was just trying to show people I can still play. When I am LECLERC: HAMILTON WOULD feeling good, my game is still there.” BE WELCOME AT FERRARI £ Charles Leclerc says Lewis Hamilton GEMILI’S OLYMPIC PODIUM would be welcome at Ferrari if the FUNDING RESTORED Mercedes driver was to switch teams £ British Athletics has restored in 2021. Hamilton said it was “smart sprinter Adam Gemili to the top level and wise” to consider his options after Olympic podium funding programme. winning the last grand prix of the The 26-year-old had been season in Abu Dhabi, having already downgraded to relay funding last secured his sixth world championship. winter, but has been moved back up “Of course I would welcome Lewis,” after helping Great Britain win silver in Leclerc said. “We are in F1 and we the 4x100m relay at the World want to fight against the best. I have Championships and finishing fourth in Barcelona’s Lionel Messi won a record sixth Ballon d’Or award last night. Messi, 32, picked up the trophy awarded to the best player in had a big opportunity with Seb [Vettel] the 200m in Doha. However, it was bad the world for the first time since 2015, beating Liverpool defender Virgil van Dijk, who came second, and Juventus’ Cristiano Ronaldo in next to me who is a four-times world news for high-jumper Morgan Lake, third. The forward scored 54 times for club and country in the 2018-19 season, helping Barcelona win La Liga. Liverpool’s Champions champion and I have learned a lot who dropped to the second tier of League victory was evident in the ceremony, with Sadio Mane fourth, Mohamed Salah fifth and Alisson seventh. Megan Rapinoe, who from him, so you can always learn funding, and long-jumper Shara helped the USA win the World Cup, scooped the women’s award ahead of England’s Lucy Bronze and USA team-mate Alex Morgan. from these types of champions.” Proctor, who as not included. Larrazabal’s doggedness earned him win T ALL looked to have gone GOLF the DP World Tour Championship Dry conditions in wrong for Pablo Larrazabal last weekend, Larrazabal needed a South Africa make the during the final round of the COMMENT birdie to win. grass pretty IAlfred Dunhill Championship It is a situation you dream of as a unforgiving and the on Sunday. The Spaniard had Sam child: standing on the last tee and 18th, which has a water led from the end of the second knowing what you need to do. feature, is very severe at round in South Africa, but Torrance While his playing partner Leopard Creek. struggling with blisters, he shot a Besseling was made to regret Players have to horrible first nine which looked to going for the green, with his earn their birdies have ruled him out of a first win on ball nestling in amongst and I think that the European Tour for four and a SPANISH PASSION rocks and leading to a bogey, helps to create such half years. Larrazabal is a great character and Larrazabal decided to lay up after a dramatic and Larrazabal began the final round it was his doggedness which pulled his shot off the tee and he nailed it. gripping finish. with a three-shot lead at Leopard him through. The 36-year-old has a The Spaniard chipped perfectly Creek, but five bogeys and a double workmanlike swing, but it really onto the green and sunk the Sam Torrance OBE is a bogey saw him shoot a six-over par works for him and the way he resulting putt to birdie the par-five multiple Ryder Cup- 41 on the opening nine holes to trail turned things around was so and seal a memorable comeback Larrazabal won his winning captain and media leader Wil Besseling by two strokes. impressive. win – his fifth on the European fifth European Tour commentator. Follow him I suffered with a blister at the Once the adrenaline is flowing Tour. title on Sunday @torrancesam 1993 Ryder Cup, so I know just how the pain disappears from your unsettling they can be. I noticed a mind. He was visibly pumped in the little blister on my little toe on the closing stages, so the lack of Wednesday and just thought it was limping is completely a small, annoying thing. understandable. EVER DREAMED OF I played in the foursomes on Three birdies in the final four Friday alongside Mark James at The holes produced a magnificent OWNING A RACEHORSE? Belfry, but it was horrific. I ended comeback and saw him shoot 75, up going to the hospital where they end eight under-par and finish one Calling all National Hunt horse racing fans! Are you Interested in having a Racehorse in Training? Grand National winner? took the toenail off and I had to shot ahead of Sweden’s Joel Cheltenham festival winner? A winner at your local track ? withdraw from the event. Sjoholm. Feet are so important for balance Larrazabal’s long putt for a birdie David Pipe can source a horse to suit all owners and budgets. in golf and blisters can hinder the on the 16th was a stand-out Contact us now transferring of weight in your moment and was followed by Tel: 01884 840715 swing. In the heat of the South typical Spanish passion, with him Email: [email protected] African summer, it must have been beating his chest. difficult for Larrazabal, so they way However, it was on the final hole he came through to take victory where the real clutch play came in. Comply or Die - Grand National Winner 2008 was even more special. Much like compatriot Jon Rahm at