BUSINESS WITH PERSONALITY

ALL UPHILL FROM POLITICS, BUT NOT AS YOU HERE THE BEST KNOW IT THE HARD WORLD NEW HOTELS IN OF US ELECTION ADS P22 THE ALPS P24–26 MONDAY 17 FEBRUARY 2020 ISSUE 3,557 CITYAM.COM FREE

MENACED Storm Dennis wreaks DOUBTSOVER havoc on UK with wind and floods BOJO BUDGET NUMBER 10 WANTS FEWER SPENDING LIMITS MINISTER COY ON CONFIRMING MARCH DATE

STEFAN BOSCIA cent of GDP or below. that Johnson wants to push his infra- @StefanBoscia This allowed the Prime Minister structure programme even further. to pledge £100bn of infrastructure Institute of Directors chief econo- THE TIMING and content of the forth- spending at the election, with £22bn mist Tej Parikh said: “Businesses have coming Budget were both thrown of it already earmarked for projects. been eager for infrastructure up- into doubt over the weekend, with However, Johnson and new chancel- grades, but that doesn’t mean writing the government refusing to confirm lor Rishi Sunak — in post after Javid a blank cheque. either the date of the event or that resigned last week — are now set to “There’s a strong case for promoting current spending limits would meet tomorrow to discuss easing both projects in the north and midlands, remain in place. of these rules in order to open the but there still needs to be a robust Boris Johnson is considering scrap- spending taps even further, according framework in place.” ping fiscal spending rules written just to the Sunday Times. Javid was informed of the proposal months ago as Number 10’s plans to The pair will also discuss whether to on Tuesday last week, but pushed take greater control of the Treasury push back the 11 March Budget to a back against the move. begin to take shape. later date in order to let Sunak get to By Thursday, he had resigned from Former chancellor grips with his new job. Transport sec- the job after refusing to accept John- Sajid Javid wrote retary Grant Shapps refused to con- son’s demand that all of his staff be the rules into the firm that the date, which had been sacked and replaced by people of Tories’ 2019 election inked into diaries, Number 10’s choosing. Javid said “no JACK RICHARDSON Herefordshire and Shropshire. manifesto in an at- would not change. self-respecting minister” would have AND POPPY WOOD Flights were cancelled at Heathrow tempt to exercise fis- Number 10 re- agreed to such a request. @JackRich93 @poppyeh and Gatwick airports, while Wales cal restraint amid a portedly wants to When asked about a potential and the north of England bore the swathe of spending change day-to-day change in fiscal rules, Number 10 A RECORD number of weather brunt of the fierce winds and promises. spending rules said: “We will continue to have a clear warnings were issued in England downpours that caused flooding. The primary rules to increase NHS fiscal framework — that is confirmed over the weekend as Storm Dennis Residents in south Wales and along were pledges to have and social care ex- at the Budget.” battered the UK, causing severe the Welsh border had to be rescued a balanced budget penditure. Mean- Oxford Economics chief economist damage to homes and infrastructure. after water poured into their homes, on day-to-day depart- while, easing the Andrew Goodwin said the prospect of Around 600 flood warnings had while the army was drafted in to help mental spending capital projects a more expansionary Budget had been declared by yesterday evening, repair flood defences in Yorkshire. by 2023, and to rule indicates already had a positive effect on with four severe warnings in England The extreme weather followed the keep borrowing markets, with sterling and bond and two in Wales indicating a danger impact of Storm Ciara last weekend. to fund capital Johnson (left) yields increasing on Friday. to life. Major incidents were declared projects at three per and Sunak The Treasury declined to comment. in south Wales, Nottinghamshire, £ CONTINUES ON P7 Red flagged: Chinese race cancellation could cost Formula 1 up to $33m

EXCLUSIVE to take place in Shanghai in April will see it visit more than 20 events by a competent authority force majeure certificates, which CHRISTIAN SYLT but was postponed by F1 last week countries in eight months. due to... outbreak of disease... could wipe out contractual obligations if at the request of local event Crucially, it is unclear when result in the loss of revenue under they cannot be performed due to FORMULA 1 (F1) has revealed it risks organiser Juss Sports Group. Shanghai will be able to hold the Formula 1’s commercial contracts.” unforeseeable circumstances. losing its estimated $33m (£25.3m) Nasdaq-listed F1 said it is liaising race. The city is on lockdown as a They added: “If the cancellation F1 declined to comment on hosting fee for the Chinese Grand with Juss and authorities in China result of the coronavirus, which has of an event is due to a force majeure whether outbreak of disease is Prix if the authorities in Shanghai to try and reschedule the race. infected more than 68,500 people in event... the race promoter is not listed as being a force majeure event give the red light to the race over However, it is widely believed that China and caused over 1,660 deaths. required to pay Formula 1 the race in the Chinese Grand Prix contract. the coronavirus outbreak. this will not be achievable due to Company documents revealed promotion fee for that event.” The Chinese Grand Prix was due F1’s tightly-packed schedule, which “cancellation of large-scale public China has already begun issuing £ CORONAVIRUS LATEST: P3, P7

FTSE 100▼ 7,409.13 -42.90 FTSE 250▲ 21,790.08 +116.18 DOW▼ 29,398.08 -25.23 NASDAQ▲ 9,731.18 +19.21 £/$▼ 1.303 -0.002 £/€▼ 1.202 -0.001 €/$▼ 1.084 -0.001 02 NEWS MONDAY 17 FEBRUARY 2020 CITYAM.COM

LIFE IN THE FAST LANE Vintage motors from around the world take to the streets of India as part of the 21 Gun Salute car rally THE CITY VIEW Barclays and Downing St have thinking to do

NCE is unfortunate, twice could be coincidence but three times starts to look like a pattern. We can now say OJes Staley’s unfortunate habit for gathering eyebrow- raising headlines certainly looks like the latter. The latest is the controversy surrounding his relationship with convicted sex offender Jeffrey Epstein, and two watchdogs’ investigation into whether he was entirely transparent about that acquaintance in disclosures to the board of Barclays. We cannot pre-judge these investigations, and Staley is adamant that he was at all times “transparent and open”, but it is now known that he remained on friendly terms with Epstein long after the financier’s first conviction in 2008, including spending time on his yacht in 2015. Combine that with his previous misadventures at Barclays — a £640,000 personal fine for attempting to out a whistleblower, a $15m MORE than 140 vintage cars from around the world hit the streets of New Delhi over the weekend during the ninth edition of the corporate fine from US two-day 21 Gun Salute International Vintage Car Rally in India. The race, which kicked off underneath the capital’s India Gate (pictured), featured rare beauties including the 1932 Bullet Nose Studebaker and 1921 Fiat Corsa. authorities for “shortcomings” and an unseemly row with Avoidable errors once-Barclays client KKR after he intervened in his brother-in- are just that law’s battle with the American giant — and you can be forgiven for wondering whether some on Buyer boom lays ground the board could find themselves asking whether it’s possible to go on tolerating such high-profile missteps in exchange for a satisfactory professional performance. On the other side of London, a different kind of leadership is also developing a habit for peak UK house prices for blundering into avoidable rows. The latest controversy that the PM’s top aide Dominic Cummings has created out of thin air is in the hiring of Andrew Sabisky, a “super forecaster” who has JESS CLARK per cent. In London, the number of outcome may be paying a higher in the past written about the potential benefits of forced @jclarkjourno agreed sales jumped 26.4 per cent price, but they can now jump into compared to last year, according to the spring market with renewed contraception and described the supposed advantages of a UK HOUSE prices are expected to data from Rightmove. confidence.” particular drug as “probably worth a dead kid once a year”. break records over the coming Rightmove director and housing Lucian Cook, head of Savills Considering journalists found these posts by Googling his name, months as buyer activity outstrips the market analyst Miles Shipside said: residential research, added: “Since the one can imagine that Number 10 was aware, but hired him number of new sellers, according to “There is a boom in buyer activity out- election we’ve certainly seen a new research. stripping the rise in the number of significant uptick in new buyer anyway. This is unsurprising — Cummings thought nothing of The average price of property new sellers, which we expect to lead to demand in the prime market knifing the ex-chancellor, after all — but it is also unhelpful. coming to market jumped 0.8 per cent a series of new price records starting which creates a real opportunity for Neither a government nor a company should tot up too many — or £2,589 — this month, just £40 next month” sellers while stock for sale remains rel- avoidable mistakes. They’re called avoidable for a reason. And short of a new all-time high. Shipley added that rising UK house atively low.” The house price boom is being prices this month looked even more The latest tracker published by whether through hubris, arrogance or just poor judgment, both driven by the release of pent-up pres- promising with the typically busy Halifax showed that UK house prices Staley and Number 10 seem to make a remarkable number of sure following the General Election, spring market still to come. jumped 4.1 per cent in January on an them. A little more attention to detail and a little more and experts said the growth would “This means that spring buyers are annual basis, coming close to a two- gain further momentum on the likely to be faced with the highest year high, as the market was reinvigo- appreciation that just because you can doesn’t mean you should approach to spring. average asking prices ever seen in rated by the result of the General would not go amiss. The job is hard enough without extra work. Online estate agent Rightmove said Britain,” he said. Election. monthly traffic was up 7.2 per cent on “Buyers who had been hesitating Homes rose 0.4 per cent in value the previous year, and the number of and waiting for the greater political compared to December and climbed Follow us on Twitter @cityam sales agreed nationally was up 12.3 certainty following the election 2.3 per cent on a quarterly basis.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL VISION FUND BOSS LINES UP WHAT THE SHELL THROWS WEIGHT CHANCELLOR URGED TO ALSTOM REACHES DEAL TO BILLIONS FOR NEW VEHICLE OTHER BEHIND BATTERY PROJECT DELAY IR35 TAX SHAKE-UP BUY BOMBARDIER UNIT The head of Softbank’s $100bn (£76bn) Shell has thrown its weight behind a New chancellor Rishi Sunak has been French train giant Alstom has reached a Vision Fund has lined up billions of PAPERS SAY Chinese-backed energy storage urged to suspend a tax shake-up for preliminary deal to acquire dollars of outside investment for a new venture’s attempts to build what is self-employed workers after being Bombardier’s train business for more hedge fund-style vehicle, in a move that THIS claimed to be Europe’s largest battery warned it will cause “enormous that $7bn (£5.4bn), according to people threatens to escalate tensions at the in Wiltshire. The Anglo-Dutch energy damage”. Firms are planning to cut off familiar with the matter. It marks the world’s biggest tech investor. Rajeev MORNING group will use a 100-megawatt battery contractors or delay work while a third latest effort by Alstom to gain scale Misra, who oversees the Vision Fund, near the village of Minety to provide of self-employed workers will stop amid the prospect of increased has been pushing to build a multi- back-up electricity to the National Grid freelancing amid widespread confusion competition from China’s state-owned billion-dollar fund to pursue complex when renewable supplies dip. over complying with the new IR35 rules, CRRC, the world’s largest rail supplier. bets on publicly traded companies. according to industry bodies. BRITISH PORTS LACK TOOLS TRUMP CONSIDERS HALTING CHINA HELPS DEVELOPERS TO DEAL WITH VIRUS SPREAD PETROPAVLOVSK SEEKS GE DELIVERIES TO CHINA CAUGHT BY CORONAVIRUS freeze sales but still face billions in Officials at British ports lack enough MOSCOW DUAL-LISTING The Trump administration is Local governments across China have maturing bonds. Officials in Shenzhen, resources to handle an escalation in the Petropavlovsk, the best performing considering a proposal to halt deliveries moved to cushion the blow of the Xi’an and a number of other large cities coronavirus and operators have not London-listed gold miner last year, is of jet engines co-produced by General coronavirus outbreak for property have told developers that they can been given enough guidance to prepare considering a dual listing in Moscow this Electric for a new airliner being developers which have been forced to delay payments on land and taxes. industry leaders have warned. year as it seeks to tap new funds. developed in China. CITYAM.COM MONDAY 17 FEBRUARY 2020 NEWS 03 Britain to reject The Americans are here: US private equity acquisitions top £14bn in UK EU demands in JAMES BOOTH uncertainty meant UK shares went Mayer Brown private equity @Jamesdbooth1 through a significant period of partner Perry Yam said: “There are underperformance after August 2019 still plenty of buying opportunities THE ACQUISITION of UK companies compared to European companies. in the UK for PE funds. They can by US private equity funds jumped 53 The FTSE 100 rose just over four continue to draw on record levels of trade discussion per cent last year as the depressed per cent in the last year, while the FT dry powder and access to debt is as value of UK businesses made them Eurofirst 300 index rose 15 per cent. abundant as ever. attractive to overseas buyers. The research, by law firm Mayer “But don’t expect the M&A market The value of UK companies Brown, also showed the value of to suddenly race ahead...the last 12 JAMES BOOTH commit to alignment on subsidies acquired by US funds hit £14.2bn last acquisitions of UK companies by EU- months has seen weak trading for @Jamesdbooth1 and to comply with rules on tax, work- year, up from £9.3bn in 2018. based funds increased to £1bn last the UK economy — denting earnings’ ers and the environment. Brexit and pre-election year, up from £42m the year before. growth and stretching valuations.” BORIS Johnson’s top trade negotiator France’s foreign minister Jean-Yves le will today demand a deal with the EU Drian yesterday warned that the on the same terms the bloc has given upcoming Brexit negotiations were to South Korea, Japan and Canada. going to be tough. Former diplomat David Frost will “I think that on trade issues and the make his first public appearance at a mechanism for future relations, speech in Brussels today. which we are going to start on, we are According to the Sunday Times, going to rip each other apart,” Le Frost will warn that the EU’s push to Drian said at the Munich Security make the UK stick to its rules damages Conference. the chances of a deal. “But that is part of negotiations, It will be the first of a series of everyone will defend their own inter- speeches from Frost who concluded ests,” he said. that the secrecy that marked Theresa At the weekend, the government May’s negotiations with the EU was pointed to EU trade deals where there counterproductive. was no regulatory alignment. Frost will argue the UK does In its trade deal with South Korea not want a unique deal, but one the EU removed 99.5 per cent of tariff that includes benefits offered to lines. It removed 99 per cent in its deal other states. with Japan, and 98.7 per cent in its The UK position is that a deal cannot deal with Canada. include regulatory alignment, juris- None of the three were required to diction for the Court of Justice of the agree to regulatory alignment, EU European Union over the UK’s laws, or state aid rules or workers and any supranational control in any area. environmental rights enforceable Transparent trading, The EU is pushing for the UK to through arbitration.

CARNEY UP FOR A GRILLING The Bank of with no hidden fees England governor could face MPs over leak Unlike some other providers, we’re upfront with the fees involved in trading on the financial markets, allowing our clients to focus on their trades.

cmcmarkets.com

THE OUTGOING governor of the Bank of England Mark Carney could be called to parliament to account for the leak of audio from its press conferences in advance to traders. His successor Andrew Bailey could also face scrutiny, the Guardian said. Audit watchdog starts talks with firms about coronavirus impact JAMES BOOTH the coronavirus outbreak in China Trade your way @Jamesdbooth1 may prevent travel to the country for several months. Spread betting & CFDs: THE AUDIT watchdog has opened “The group auditor has to decide FX | Indices | Cryptos | Commodities | Shares talks with major accounting firms what alternative ways they can get about the impact of the coronavirus the necessary evidence to complete on signing off companies’ books. the audit,” a spokesperson for the The Financial Reporting Council FRC said. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.5% of retail investor accounts lose money when spread betting and/or trading (FRC) is focused on multinationals The FRC has told firms to identify CFDs with this provider. You should consider whether you understand how spread bets and CFDs with extensive operations in China, audits that may be at risk of delays, work and whether you can afford to take the high risk of losing your money. The speculative nature of Sky News reported. according to Sky. cryptocurrencies combined with leverage could lead to significant losses. China’s data protection laws It is also considering whether to require audits to be conducted make companies include a section in within the country. their financial results disclosing the Restrictions imposed because of impact of the outbreak. 04 NEWS MONDAY 17 FEBRUARY 2020 CITYAM.COM Shapps dismisses claim government had floated HS2 contract with China JACK RICHARDSON announced the scheme would go decision to build the line by @JackRich93 ahead last week, despite opposition emphasising how existing routes are from his own party. overcrowded and the amount of TRANSPORT secretary Grant Shapps Speaking to the BBC yesterday, disruption that would arise from has denied reports his department Shapps said: “This has not been a upgrading existing lines. has held talks with China over build- discussion with the department, it’s However, critics believe the line is ing the HS2 rail link. been a discussion with HS2 as I too expensive and local lines are in The Financial Times reported that understand it.” greater need of the money. China’s state-run railway company “We should be talking to anyone In the interview, Shapps shared had offered to build the line in five we can learn from” he said in terms the PM’s criticism of how the project years at significantly reduced cost. of cutting cost and build time. had been run so far, as costs have Prime Minister Boris Johnson The minister defended the risen and deadlines slipped.

Costs for the proposed HS2 rail line have towered upwards of £106bn Boris Johnson is to scrap railway franchise model

STEFAN BOSCIA mend changing the current ticket sys- @Stefan_Boscia tem to a “single leg” model, which would mean fares are based on a per- BORIS Johnson is set to dramatically journey basis. overhaul the nation’s rail network by A Department for Transport scrapping the rail franchise model spokesperson confirmed that the and capping profits by private review’s findings would soon be providers. released. “These reforms will put pas- Former British Airways chief Keith sengers first, end the complicated Williams was drafted to conduct a re- franchising model and simplify fares view of Britain’s railways last year, for create a simpler, more effective with the report set to be released in system,” they said. the coming weeks. The Rail Delivery Group (RDG), It is now expected that the report which represents the country’s train will recommend replacing the rail companies and Network Rail, warned franchising model with a new system against implementing a “one-size-fits- of awarding contracts, according to all” system. the Sunday Telegraph. RDG director of public policy John The new system would see fran- Thomas said: “Rail companies want chises receive a set fee, with revenues bold reform and we have proposed re- collected by the government. placing the current franchising sys- Under the current model, revenues tem with different types of contracts are collected by franchisees with a cut that better deliver for passengers.” given to the exchequer. He added that the new contracts, The overhaul is expected to be man- which would be overseen by an inde- aged by a new public organisation, pendent body, “give operators more which will be in charge of awarding flexibility to innovate and respond to contracts and monitoring the per- passengers’ evolving expectations in formance of rail networks. markets where there is scope to en- Williams’ review will also recom- courage more to travel by train.” Dividends rise to $1.4 trillion but rate of growth hit by slowdown

JAMES BOOTH New annual dividend records were @Jamesdbooth1 set in the US, Canada, Japan, Russia and France. GLOBAL dividends rose to a record However, dividend growth in 2019 $1.43 trillion (£1.1 trillion) in 2019, was at its lowest since 2016, with research published today showed. Asia Pacific excluding Japan, the UK Dividends rose 3.5 per cent on a and Europe all lagging behind the headline basis, according to asset global average. manager Janus Henderson’s global Co-manager of global equity dividend index. income at Janus Henderson Ben Underlying growth, adjusting for Lofthouse said: “With the exception the strong US dollar and unusually of a few specific sectors, the pace of high special dividends, was 5.4 per earnings growth slowed across the cent, driven by North America, world in 2019 as the global economy emerging markets and Japan. lost some momentum.” ASK YOURSELF THIS QUESTION: WOULD YOU LEND YOU MONEY?

Why Wewould consider you lend a youholistic money? view Because of your you financial have character, world to determination,help you achieveyou know your where version you’re ofgoing. success. You don’t So, just your define income, success financial by the assets,money reputation,you have and in track the bank, record but arealso all by taken how much into account.further you If can you go. like this holisticWe like approach your view toof you.overcoming Maybe you complexity, should talk maybe to us about we should that loan. talk.

Search: Redefining Success Call: +44 (0) 207 597 3540 YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Minimum eligibility criteria and terms and conditions apply. Investec Private Banking is a part of Investec Bank plc (registered no. 489604). Registered address: 30 Gresham Street, London EC2V 7QP. Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Investec Bank plc is a member of the London Stock Exchange. 06 NEWS MONDAY 17 FEBRUARY 2020 CITYAM.COM Jupiter closes in UK credit set to grow at slowest on Merian asset rate in six years JAMES BOOTH @Jamesdbooth1 CONSUMER credit is forecast to grow at its slowest rate in six years manager tie-up in 2020, despite a post-election pick-up in consumer confidence. The EY Item Club today JESS CLARK In a statement Jupiter said: “The predicted consumer credit growth @jclarkjourno board of Jupiter sees this as an attrac- of 3.2 per cent this year. tive opportunity to acquire a high Although lending rose slightly at JUPITER Fund Management is close to quality independent active manager the end of 2019, signalling a post- buying Merian Global Investors from that would represent a strong fit with election increase in demand, the private equity firm TA Associates, in Jupiter in both investment manage- 2020 forecast remains significantly a deal that would create a merged ment philosophy and culture.” down from 2017’s peak growth of company with £67bn of assets under The potential deal would be Jupiter’s The UK was hit with a spate of extreme weather last year, including heatwaves 8.3 per cent, the research said. management. first acquisition since the arrival of Mortgage approvals rose in The company said over the weekend former Janus Henderson boss Andrew December to the highest level since that “discussions have been underway Formica as its new chief executive. summer 2017, however, overall for some time”, adding that both par- In his previous role, Formica over- Supercomputer investment to mortgage lending is only set to rise ties are “confident that the combina- saw the takeover of New Star and 4.1 per cent this year EY said, close tion would have the potential to Gartmore, as well as Henderson’s to the average of the last five years. deliver meaningful benefits for the merger with Janus. aid extreme weather planning Bank business lending is forecast stakeholders of both businesses”. The asset management industry has to grow 3.4 per cent in 2020 — a However it warned that discussions seen a spike in consolidation activity JACK RICHARDSON system can help improve planning. measure seen as “soft by historical were ongoing and would not defi- recently, including the merger of @JackRich93 Business secretary Alok Sharma standards,” EY said. nitely lead to a deal. Standard Life and Aberdeen in 2019. said: “Over the last 30 years, new EY’s Omar Ali said: “The growth The merger, which could see Mer- Analysts at Canaccord Genuity said THE GOVERNMENT will spend £1.2bn technologies have meant more in lending at the back end of 2019 ian’s owners pocket between £400m “Key for Jupiter shareholders will be on a new supercomputer to forecast accurate weather forecasting, with has given cause for cautious to £500m in cash and shares, could be what cost synergies can be extracted... adverse weather conditions faster storms being predicted up to five optimism.” However, he added: “It completed as early as today, the Sun- It is clear that [mergers] remain a ne- and more accurately. days in advance.” is still too early to tell whether day Times reported. cessity in the asset manager world, The funding announcement The supercomputer, set to launch these early green shoots will TA Associates bought Merian for facing the challenges of net out- comes as the UK continues to battle in 2022, will be managed by the translate into a full and sustained £600m in December 2017. flows... and rising costs.” Storm Dennis, with hopes the new Met Office. economic recovery.” CITYAM.COM MONDAY 17 FEBRUARY 2020 NEWS 07

Today programme presenter Nick William Hill to BBC radio output under Robinson is said to have been approached over poach DS Smith threat as No 10 pledges a role financial chief

JAMES BOOTH to overhaul licence fee @Jamesdbooth1 GAMBLING group William Hill is set JAMES WARRINGTON 10 and the BBC amid speculation over to announce the hire of a new chief the future of its funding model. financial officer from packaging @j_a_warrington The government has launched a company DS Smith. THE BBC could reportedly be forced to consultation into decriminalising Sky News reported that the sell off the majority of its radio non-payment of the licence fee, while gambling giant will announce the stations as the government seeks to ministers have warned the model hire of Adrian Marsh today. overhaul the broadcaster and “prune” could be scrapped by 2027, when the Times Radio circles Beeb stars He will replace Ruth Prior whose back its services. BBC’s charter is due to be renewed. exit was announced last month. Senior aides to the Prime Minister Supporters of the corporation have Prior, who joined William Hill in told the Sunday Times that they were branded the move a back door attack as Murdoch plots hiring spree 2017, is leaving the gambling “not bluffing” about plans to scrap on the BBC, and chairman Sir David company to join Element Materials the licence fee and make viewers pay Clementi last week warned that re- Technology as finance chief. a subscription. placing the licence fee with a Netflix- JAMES WARRINGTON has approached Today programme Marsh joined FTSE 100 packaging As part of the overhaul, Downing style subscription model would frontman Nick Robinson, the giant DS Smith in 2013. Street could force the BBC to sell off damage its ability to provide public @j_a_warrington Guardian reported. He previously held senior roles at most of its 61 radio stations, but service programming. TIMES Radio is said to be making Sources told the newspaper that supermarket Tesco and chemical would safeguard Radio 3 and Radio 4, But a Number 10 source insisted the generous offers to some of the BBC’s Times Radio was offering higher company Astrazeneca. according to the report. The broad- government was “not bluffing on the biggest stars as Rupert Murdoch’s salaries, editorial freedom and the Last year he was appointed as caster could also be made to scale licence fee”. new radio venture looks to lure in opportunity to build a national talk audit chair at FTSE 250 energy back its TV channels and website “We are having a consultation and top talent. radio station from scratch. services company John Wood Group. while investing in the World Service. we will whack it,” the source told the The station, which will launch City A.M. understands that at least DS Smith declined to comment The proposals mark the latest ramp- Sunday Times. “It has to be a subscrip- later this year, is in talks with Radio 4 one big-name hire will be announced and William Hill did not respond to ing up of tensions between Number tion model.” Any Questions host Chris Mason and as soon as today. requests for comment. Xi knew of virus earlier than previously thought

POPPY WOOD party officials to issue instructions new cases of the illness were on a response to the virus on 7 reported. On 18 January, a banquet @poppyeh January. However, the public were of 40,000 families was given CHINESE President Xi Jinping issued only warned about the government approval to go orders to halt the spread of the seriousness of the ahead in the Chinese city of coronavirus outbreak two weeks outbreak — now Wuhan —the epicentre of earlier than previously thought, it dubbed Covid-19 — 13 the virus — the Financial emerged yesterday. days later on China’s official communist party 20 January. President Xi is facing magazine Qiushi yesterday detailed “I issued claims he downplayed a timeline of the President’s actions demands during a... the severity of the virus to combat the deadly virus, meeting on 7 indicating he was aware of the January for work to Times reported. severity of the outbreak a fortnight contain the Beijing’s latest figures before revealing the information to outbreak,” Xi is quoted showed more than 68,500 the public. It comes amid growing as saying. “On 20 January, cases of the virus in China claims that the Chinese government I gave special instructions alone, bringing the number of made attempts to downplay the about the work to prevent and deaths in the country to 1,665. More extent of the virus. control the outbreak.” than 500 cases in 24 countries have The magazine said Xi met with During that time, hundreds of now been reported outside China. Environment secretary blames climate change as Storm Dennis continues to pummel Britain

CONTINUED FROM FRONT PAGE of Margate. A second body was south Wales after the River Usk found at Herne Bay later that day. overflowed, while shops in Last night environment secretary Experts yesterday warned that Pontypridd town centre were left George Eustice blamed the “significant” flooding is expected underwater after the River Taff “nature of climate change” for the to continue this week, adding also burst its banks. destruction wreaked by Storm that flood-hit areas could still be A cargo ship, which had been Dennis, adding that the at risk after Storm Dennis is left abandoned in the mid- government will “never be able to expected to pass later this week. Atlantic for more than a year, was protect every single household”, The Environment Agency swept ashore in Ireland yesterday, the Telegraph reported. yesterday urged people to where more than 14,000 homes Two bodies have so far been “remain vigilant” and to “check and businesses have been left pulled from rough seas on the the flood risk in their area”. without power. south-east coast near Kent. Aerial footage revealed the Meanwhile, UK Power Networks One man was found dead on scale of the devastation yesterday said it was working tirelessly to Saturday after a large-scale search as several river banks burst across remedy further power cuts that operation following an early- the country. Residents were spread across the south of morning distress call off the coast evacuated from Crickhowell in England last night. 08 NEWS MONDAY 17 FEBRUARY 2020 CITYAM.COM Sir Keir Starmer Khan challenges defends party’s Labour hopefuls Brexit position STEFAN BOSCIA @Stefan_Boscia LABOUR leadership frontrunner Sir Keir Starmer has labelled the to sign city vow party’s Brexit position “the right policy”, despite losing many seats in Leave-voting areas. EXCLUSIVE antisemitism from within the Labour Labour suffered its worst STEFAN BOSCIA party and now I’m asking all the election result in December since @Stefan_Boscia leadership candidates to pledge to 1935, winning just 207 seats and make it a top priority on their first conceding an 80-seat majority to SADIQ Khan has issued a challenge for day in office.” the Conservatives. all Labour leadership candidates to He has also challenged the trio to The party lost a swathe of seats sign up to six pledges for London, in- pledge that they will “fight for fund- in its northern heartlands, most of cluding a promise to rid the party of ing” for vital London infrastructure The London mayor candidate said he would fight for greater access to EU markets which voted to leave the EU in the antisemitism. projects — such as the Bakerloo line 2016 referendum. However, The mayor of London has asked the extension and Crossrail 2 — and for Starmer yesterday said the party’s three remaining candidates — Sir Keir more public services funding directed confusing Brexit policy — to Starmer, Rebecca Long-Bailey and to the capital if elected leader. Stewart pledges to open Square negotiate a new deal with Brussels Lisa Nandy — to pledge to “stamp out Other promises included adopting and put it to a second referendum, antisemitism” within the party and to policy positions to give the London against a remain option, which the “stand up, both at home and abroad, mayor greater powers over the private Mile embassies in Europe cities party would stay neutral on — was for the values of openness, equality rental sector and transport, while also not the reason for the defeat. and tolerance”. supporting the mayor to “tackle air STEFAN BOSCIA financial services sector. Starmer, the shadow Brexit The move comes on the back of pollution, build genuinely affordable @Stefan_Boscia The Financial Times reported secretary, was one of the architects a tide of antisemitism allegations homes, protect the green belt and yesterday he wanted to do this by of the policy. within Labour over the past two years, lead the drive for a carbon neutral CITY of London embassies will be set setting up Square Mile embassies to “I thought we should have... which has led to an investigation by London by 2030”. up across EU capitals if Rory Stewart make “very, very detailed arguments said which side we would be the Equality and Human Rights Com- The London mayor issued the chal- is elected as mayor of London. around financial services”. campaigning on if there was a mission (EHRC) into whether the lenge yesterday morning ahead of the The independent candidate “It’s about providing the facility, referendum and I warned our party party is institutionally racist. party’s hustings for leadership and believes as mayor he could play a the kudos, the legitimacy, authority that if we looked indecisive, we Khan said: “I’ve repeatedly called deputy leadership candidates, which vital role in fighting for greater and expertise in those areas to win wouldn’t look like we were leading for more to be done to tackle also took place yesterday. access to European markets for the those arguments,” he said. on this issue,” he said. CITYAM.COM MONDAY 17 FEBRUARY 2020 NEWS 09

The retail landlord owns various shopping UK’s hospitality centres such as Intu Lakeside in sector calls for Essex industry reform

JESS CLARK list of demands. UK Hospitality said @jclarkjourno greater flexibility should be allowed for businesses, and particularly small- THE NEW chancellor is facing pres- to-medium sized enterprises. sure from the UK hospitality industry Kate Nicholls, chief executive of UK to include plans to reform busi- Hospitality, said: “The upcoming ness rates and the apprentice- Budget is a key moment ship levy in the upcoming for the government and Budget. new chancellor to demon- The industry’s trade strate their commitment body has today urged Rishi Sunak — who was The trade body called for Intu faces investor anger over plans to increase appointed as chancel- a freeze on alcohol duties lor after Sajid Javid and a VAT reduction stepped down in last new boss’ pay as it seeks £1bn emergency cash week’s cabinet reshuffle to the sector and to recog- — to cut the business rates nise that we are a JESS CLARK seeking to raise the potential share potential impact of Arcadia store multiplier by 10 per cent serious player and a powerful @jclarkjourno awards in its long-term incentive closures. The Telegraph reported for one year. driver for positive economic plan (Ltip) back up to 250 per cent of that shortsellers believe the closures The cut could be funded by central growth.” BELEAGUERED retail landlord Intu salary, after the scheme was cut of Topshop and Dorothy Perkins government, UK Hospitality said. Among the other calls for action, could face a showdown with back to 200 per cent last year. stores have not been fully accounted It also recommended that Sunak the trade body demanded a freeze on investors over executive pay, as it However, Roberts is expected to for in loan covenants. extends hospitality relief to cover alcohol duties, a reduction in VAT to considers hiking the potential cut his pension contribution from However, a spokesperson for the more premises. support tourism, the removal of bonus of new chief executive 24 per cent of salary to 10 per cent. landlord said Arcadia’s company Reform of the apprenticeship levy “unnecessary” EU regulations and Matthew Roberts. Meanwhile, Intu denied reports voluntary arrangement is already was also high on the organisation’s investment in local infrastructure. The shopping centre owner is that it has not fully considered the accounted for. EXPERIENCE ELECTRIC ACCELERATION IN OUR MUSTANG MACH-E LAUNCH SIMULATOR FREE ENTRY MARBLE ARCH 14-21 FEBRUARY

#GoElectric

Model shown is a Mustang Mach-E First Edition Extended Range AWD. Fuel economy mpg (l/100km) (Combined): Not applicable. CO2 emissions: 0g/km. Electric Range: 335 Miles. These figures were obtained after the battery had been fully charged. The Mustang Mach-E is a battery electric vehicle requiring mains electricity for charging. There is a new test for fuel consumption, CO2 and electric range figures. The electric range shown was achieved using the new test procedure. Figures shown are for comparability purposes. Only compare fuel consumption, CO2 and electric range figures with other cars tested to the same technical procedures. CITYAM.COM MONDAY 17 FEBRUARY 2020 NEWS 11 Laura Ashley’s British business showcased in owners in race fashion week JESS CLARK @jclarkjourno MORE than £100m of orders are set to be placed during this month’s to save retailer London Fashion Week (LFW), as major buyers flock to the capital to snap up British designs. JESS CLARK The amount of the Wells Fargo loan LFW, which ends tomorrow, @jclarkjourno the retailer can access dropped in line showcases the best of the UK’s with its stock and customer deposit designers and brands. Last year, THE OWNER of high street chain Laura levels, the Sunday Times first international exports from the Ashley is in talks to secure a fresh draw reported. UK’s fashion industry amounted to down from one of its lenders to keep It added that should those talks fail, almost £12bn. the struggling brand trading. Laura Ashley will be considering “all Victoria Beckham launched her A dispute between Laura Ashley and appropriate options”. latest collection yesterday, and lender Wells Fargo over the retailer’s It denied reports that MUI was plan- fashion houses including Burberry, access to a £20m funding line has ning an immediate cash injection Christopher Kane and JW pushed the fashion firm’s Malaysian into the group. Anderson will showcase their owner MUI Group into discussions In last night’s statement, Laura Ash- designs today. about making new arrangements on ley said trading during the current fi- The Department for the loan. nancial year had “continued to be International Trade (DIT) helps Laura Ashley confirmed late last challenging”. fund the British Fashion Council’s night that talks were ongoing about It reported initial figures which international programme, which adjusting the rules in order for the re- showed sales of £109.6m for the last has invited more than 137 buyers tailer to “meet the group’s immediate six months of 2019, down 10.8 per and press from key markets such as funding requirements, and to draw cent from the same period in 2018 at the US, Japan and South Korea. down additional amounts to meet on- £122.9m. Laura Ashley said this was International trade secretary Liz going working capital needs”. the result of “market headwinds” and Truss said: “The British fashion Laura Ashley agreed a loan with weakened consumer spending, which industry is home to some of the Wells Fargo in October, however the knocked sales of big-ticket items. world’s most creative talents and loan is asset backed, meaning the re- The company plans to announce in- six of the top fashion design tailer must put up assets as security in terim results for the six months end- schools in the world, and business order to draw down the cash. ing 31 December 2019 on Thursday. Victoria Beckham debuted her new fashion collection in London yesterday is booming.”

GET THE EXPORTERS’ EDGE

UK Export Finance supported luxury furniture company Distinction to deliver a $7 million contract supplying furniture to the luxurious Dubai Palm Jumeirah Hotel. They secured an advance payment from the buyer – and thanks to a $1.2 million guarantee from UK Export Finance, Distinction got the exporters’ edge and boosted their revenue by millions.

LEARN MORE AT

GREAT.GOV.UK/TRADE-FINANCE 12 NEWS MONDAY 17 FEBRUARY 2020 CITYAM.COM

FRESH START RBS to rebrand as Natwest John Longworth as bank tries to shake off the bailout blues London crypto ROYAL Bank of startup secures Scotland (RBS) has unveiled plans to rebrand as Natwest $8m fundraise plots pro-Brexit Group as the bank seeks to shake off its EMILY NICOLLE links to the financial crisis. New chief @emilyjnicolle executive Alison CRYPTOCURRENCY asset Rose announced the management startup Copper has rival to the CBI move last Friday as today revealed the close of an $8m the bank, which (£6.1m) funding round from a owns RBS, Natwest number of major investors. JAMES WARRINGTON receive support from both the Prime and Ulster Bank, Target Global, Localglobe and Minister and his top adviser Dominic posted a sharp rise MMC Ventures all participated in @j_a_warrington Cummings, according to the report. in profit to £4.2bn the series A round, which have FORMER British Chambers of Com- Following his departure from BCC, last year. backed the likes of Transferwise, merce (BCC) chief John Longworth is Longworth became an MEP for the Delivery Hero, Interactive Investor said to be plotting the launch of a Brexit Party. However, he was expelled and Gousto between them. new business lobby group to take on from Nigel Farage’s party in Decem- Copper, which designs and the CBI. ber for “repeatedly undermining” its manages custodial products for Longworth left the BCC in 2016 election strategy. institutions using digital assets shortly after the organisation sus- It is thought any group founded by such as cryptocurrencies, said it pended him for saying the UK’s future Longworth would want access to dis- will use the funding to establish could be “brighter” outside the Euro- cussions with ministers about the British Airways operations chief client-facing presences in North pean Union. terms negotiated after the America and Asia. A new group would likely look to transition period ends on 31 It previously raised a seed round tap into demand for a pro-Brexit December. and director of people to leave of $1.3m in 2018, and recently business organisation amid ten- Last month then-business announced plans to provide prime sions between the government secretary Andrea Leadsom AKSHAY BALAN be replaced by Iberia boss Luis Gallego. brokerage services. and City bodies over Brexit, the sparked anger by shelving British Airways executives have had Founder and chief executive Sunday Times reported. her weekly meeting with the BRITISH Airways said yesterday its a tumultuous year, dealing with a pay Dmitry Tokarev said: “This venture Any new lobby group UK’s five largest business chief operating officer Klaus Goersch dispute that resulted in the first pilot funding round is a real vote of would likely be seen as groups in favour of a and its director of people Angela walkout in the airline’s history. confidence from investors. Their a new rival to the CBI, larger monthly Williams were leaving the company. Goersch has decided to move back support will allow us to accelerate which has clashed meeting. The airline’s owner IAG has seen a to North America, the UK airline said our scale up, hiring teams in key with Downing Street number of managerial changes — in a statement. Meanwhile Williams regions and introducing new due to its anti-Brexit Longworth left long-time chief executive Willie plans to leave in the next few products and services to better stance, and could the BCC in 2016 Walsh is stepping down in March to months, it added. Reuters meet their needs.”

14 NEWS MONDAY 17 FEBRUARY 2020 CITYAM.COM Call for judicial US farmer wins $265m in Bayer efficiency to cut and BASF case PATRICIA WEISS

A MISSOURI jury’s $265m (£203m) award to peach grower Bill Bader in his lawsuit against tribunal pile-up herbicide providers Bayer and BASF has raised the stakes for the two companies as at least 140 JAMES BOOTH tribunal judges should use every op- similar cases head to US courts @Jamesdbooth1 tion to stem the tide. later this year. “The fact that judges are not using A jury in a Missouri district JUDGES are not exercising their their powers to dismiss claims early court handed Bader, the state’s power to dismiss claims early at em- may reflect their sympathy towards largest peach farmer, $15m in ployment tribunals, despite a growing claimants in wanting to give their actual and $250m in punitive backlog, a law firm said today. case a chance rather than dismissing damages. He sued the companies Over the last year, judges did not use them out of hand. Understandably, The video game adaption zoomed into the top spot in the charts over the weekend saying his 1,000-acre orchard was their power of early dismissal in any judges will not want to restrict access irreparably harmed by herbicide of the 94,330 new cases received by to justice. that they produce, which drifted employment tribunals. “There is an urgent need to address onto its trees from nearby farms. Judges can dismiss a claim which the lack of resources at tribunals, Sonic the Hedgehog dominates The three-week trial was the first they believe has no prospect of suc- through new funding for front line ju- case in the US to rule on the use of cess before it reaches a court hearing. dicial staff as well as administrative dicamba-based herbicides alleged The backlog of cases increased 39 staff. In the meantime, it is important the box office with $100m debut to have damaged tens of thousands per cent to 26,664 in the year to 31 to find ways of improving efficiency.” of acres of US cropland. The March 2019, up from 19,116 the previ- A courts spokesperson said: “We un- REBECCA RUBIN to give the filmmakers enough time herbicide can become a vapour and ous year. derstand that delays can be stressful to redesign the title character. drift for miles when used in certain The employment tribunal has expe- and have recently recruited 58 addi- PARAMOUNT’s family film Sonic the Sonic unseated the previous weather, farmers have claimed. rienced a major spike in claims since tional salaried tribunal judges to Hedgehog ignited over the weekend weekend’s victor, Warner Bros’ comic- Bayer said it was “disappointed fees were abolished in 2017. tackle this increase. We are continu- with $57m (£43.7m) in North book adaptation Birds of Prey for the with the jury’s verdict,” and plans Raoul Parekh, partner at law firm ing to recruit further judges and work America and $100m globally, the best number one spot in the charts. After to appeal. BASF said in a statement GQ Littler, said: “Why go to the trou- with the judiciary to increase capacity showing ever for a video game its disappointing $33m debut, the it was evaluating its next steps. ble of creating a power, and then not and improve performance.” adaptation. Margot Robbie-led superhero Both companies said their use it? With the backlog of claims The Judicial Office did not respond The movie, which cost $87m to adventure landed in second place dicamba-based herbicides are safe ever worsening and limited resources, to a request for comment. make, was postponed three months with $17.1m over the weekend. Reuters when used as directed. Reuters CITYAM.COM MONDAY 17 FEBRUARY 2020 NEWS 15 Banknote firm Democratic rivals in US presidential battle call on Bloomberg to debate De La Rue set for DOINA CHIACU included in Wednesday’s event if I think people of America he scores higher than 10 per deserve that to make a TWO US Democratic presidential cent on one more public decision.” candidates said yesterday they would opinion poll. Bloomberg has faced welcome the chance to square off “He just can’t hide behind accusations of inappropriate financial review against billionaire Mike Bloomberg if the airwaves,” candidate and comments towards women. he qualifies for the next debate in Minnesota senator Amy Democratic candidate Pete Nevada this week. Klobuchar said on NBC. Buttigieg said: “He’s going to Media mogul Bloomberg was a late “I can’t beat him on the have to answer for that.” MICHAEL SEARLES Santander UK. entry into the 2020 Democratic race. airwaves but I can The Independent Business Review Bloomberg has not qualified for any beat him on the Bloomberg has denied @michaelsearles_ is expected to be concluded within presidential debates but will be debate stage and the allegations THE BANK of England’s banknote two months. printer De La Rue is set for talks with De La Rue’s share price has tumbled its lenders after calling in advisers to 68 per cent over the last year, and review the business. ended last Friday at 134.8p. De La Rue’s banking syndicate, led A spokesman for the firm said: “As William Sitwell, David Gower by HSBC, has appointed FTI Consult- we have indicated previously, we will STOP PRESS! ing to negotiate the future of its bor- announce a turnaround plan during and Penelope Wilton rowing arrangements with lenders, [the first quarter of 2020]. confirmed as bluffers according to Sky News. “Naturally, we would expect to have Last November the firm said there discussions with our lending banks was “material uncertainty” over its and their advisers during this process future unless it could address its as we move forward with our plans growing net debt. for the company.” The firm’s new management is to In the firm’s last set of results, it re- unveil a plan to turn things around ported net debt of £170m — more next month, led by chairman Kevin than the current value of its equity. Loosemore and chief executive A recent string of profit warnings Clive Vacher. has forced the firm to overhaul its The company lost its contract to board and axe its dividend. In addi- print British passports to a Franco- tion, it has sold its passport produc- Dutch rival from late this year. tion business for £42m — a fraction of

Its £275m credit facility is due to the predicted sale price. expire towards the end of 2021. Last year, the printer was forced Other lenders include Barclays, to disclose a Serious Fraud Office Bank of Ireland, Lloyds Banking probe into its banknote operations in Group, Royal Bank of Scotland and South Sudan.

Tables of eight £2,400

Jennifer Aniston stars in The Morning Show on Apple TV Plus Individual tickets Apple’s app fees under scrutiny £300 as Youtube TV pulls out of store

JAMES WARRINGTON 12 months, falling to 15 per cent after the first year. @j_a_warrington The fees, which are an important YOUTUBE TV has become the latest source of revenue for Apple’s subscription service to cut ties with expanding services division, have Apple’s App Store amid complaints sparked outrage among app about the tech giant’s hefty fees. publishers who have branded them The streaming service has told the “Apple tax”. To book your place please visit customers that from next month it Netflix and Spotify have both will no longer accept subscriptions stopped accepting payments via the the lordmayorsappeal.org/events through Apple in-app purchases. App Store. or email The iPhone maker takes a 30 per Spotify last year filed a complaint cent cut of any purchases made to the European Commission, [email protected] through the more than 2m apps arguing that Apple’s practice of available on its store for the initial taking fees was anti-competitive. 16 NEWS MONDAY 17 FEBRUARY 2020 CITYAM.COM Turkey tells Russia that Thailand raises $3.2bn amid 5G attacks in Syria’s Idlib licence auctions PATPICHA TANAKASEMPIPAT must stop immediately THAILAND’s telecoms regulator raised $3.2 bn (£2.45bn) in 5G TUVAN GUMRUKCU in Moscow today, he added. spectrum auctions yesterday, with Russia supports Syrian President operators snapping up 48 licenses TURKEY’s foreign minister Mevlut Bashar al-Assad, while Turkey backs ahead of an expected commercial Cavusoglu said yesterday that he told Syrian rebels looking to oust him in The Prime Minister has had a difficult time keeping a stable coalition rollout later this year. his Russian counterpart at a meeting the nearly nine-year war. Thailand’s top mobile operator the previous day that attacks in The Russian-backed offensive marks Advanced Info Service emerged as the Syria’s northwestern Idlib region a major strategic accomplishment for Italy’s Conte denies claims he biggest winner with 23 licences must stop immediately and that a Assad, having driven insurgents from across all three spectrum bands in lasting ceasefire has to be achieved. the main highway between Aleppo the auctions that lasted over Turkey and Russia back opposing and Damascus to reopen the fastest is assembling a new coalition five hours. sides in the Syrian conflict but have route between Syria’s two biggest The National Broadcasting and collaborated on a political solution. cities for the first time in years. Telecommunications Commission However, a recent Syrian govern- Recently, Syrian forces have turned GISELDA VAGNONI could following a row over legal (NBTC) said the fifth-generation ment offensive in Idlib has raised ten- their focus to an area north-west of reform. Conte met the Italian head of technology, with data speeds up to sions between Ankara and Moscow, Aleppo where they are trying to seize ITALIAN Prime Minister Giuseppe state at the weekend amid 100 times faster than 4G networks, causing them to trade barbs. more ground to push rebels away Conte yesterday denied he was speculation that he was seeking to will help drive the country’s digital “We told [Russia on Saturday]... that from the city. looking to put together a new poach senators from Renzi’s party to economy. The country’s second and the aggression in Idlib must stop and Russian warplanes mounted heavy coalition after relations with the keep his administration afloat in third-largest telecoms operators, True that a lasting ceasefire has to be air strikes in the area yesterday, bomb- small Italia Viva party disintegrated. parliament. Corporation and Total Access achieved now,” Cavusoglu told re- ing towns including Anadan, activists Former Prime Minister Matteo However, his office denied Communication, bagged 17 and two porters in Germany after the Munich reported. A suicide bomber with the Renzi, who heads Italia Viva, widespread media reports that he licenses respectively. State-run firms Security Conference. Turkish and main insurgent group in the area challenged Conte last week to put was looking for other majorities and CAT Telecom and TOT won six Russian officials will discuss the issue blew himself up in an attack. Reuters together another government if he played a conciliatory tone. Reuters licences combined. Reuters Oman sees biggest Gulf risk in Strait of Hormuz

JOHN IRISH merchant vessels in or near the However, ships that sail it area, something Tehran denies. pass through Iranian waters, which THE RISK of a military “There are a lot of military ships are under the responsibility of confrontation is higher in the Strait in the Hormuz [area] and our Iran’s Islamic Revolutionary of Hormuz than anywhere else in concern is there could be a Guards Navy. the Gulf region, Oman’s foreign mistake,” minister of Tehran has also minister said yesterday, due in part state for foreign affairs threatened reprisals to the growing number of military Yousuf bin Alawi bin vessels from different countries that Abdullah said late on The Strait of Hormuz is are guarding it. Saturday at the a hotbed for military The waterway between Iran and Munich Security and political tensions Oman — 21 miles wide at its Conference. narrowest point — is the conduit for That would make for the 3 January some 30 per cent of all crude and that area the riskiest killing of its top other oil liquids traded by sea. flashpoint in the Gulf military commander, Friction between Iran and the over the coming months, Qassem Soleimani, in a US West had led several nations to send he added. drone strike, though regional task forces to guard shipping there, Iran cannot legally close the analysts have said that is unlikely to and Washington has blamed Tehran waterway unilaterally because part involve an intervention in the Strait for attacks on international of it is in Omani territorial waters. of Hormuz. Reuters

Help #BreakTheCycle and join us Former justice officials call on New York state Stage One - Valencia to La Envia - 21-27 June 2020 will not appeal Stage Two - La Envia to San Lucar - 27 June - 3 July 2020 attorney general Barr to resign Join Lawrence Dallaglio for a Spanish cycling adventure this summer in aid of Dallaglio RugbyWorks. T-Mobile tie-up LINDSAY DUNSMUIR abandoned prosecutors’ initial Join now to support Dallaglio RugbyWorks empower marginalised recommendation to give the teenagers, at risk of being left behind, to achieve a better future. MORE than 1,000 former US veteran Republican operative RAMA VENKAT Department of Justice (DoJ) Roger Stone seven to nine years in Your registration includes: officials yesterday called for US prison after he was found guilty NEW YORK attorney general Letitia • All flights, transfers and accommodation attorney general William Barr to in November of seven counts of James said last night the state has • All meals resign over his handling of the lying to US Congress, obstruction decided not to appeal on a court rul- • Expert medical care trial of a longtime adviser of US and witness tampering, ing approving a merger between the • Routes designed by professional cyclists President Donald Trump. prompting all four prosecutors to third and fourth largest US wireless The former officials, who quit the case. carriers T-Mobile and Sprint. • Chance to ride with Lawrence Dallaglio OBE, Andrew Ridgeley and served under both Republican “It is unheard of for the “I’d like to thank California attor- Austin Healey amongst others! and Democratic administrations, Department’s top leaders to ney general Xavier Becerra and the 12 criticised Barr for overruling his overrule line prosecutors... in additional attorneys general from For more info or to book your place: own prosecutors in a case that order to give preferential around the nation for their partner- www.dallagliocycleslam.com has prompted accusations that treatment to a close associate of ship throughout this lawsuit. After a or email [email protected] the Trump administration is the President,” said the letter. thorough analysis, New York has de- Registered charity numbers 1130353 (England & Wales) SC046140 (Scotland) weakening the rule of law. The DoJ did not respond to a cided not to move forward with an Last Tuesday, the DoJ request for comment. Reuters appeal in this case,” she said. Reuters CITYAM.COM MONDAY 17 FEBRUARY 2020 MARKETS 17

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT

FTSE ends week MJ GLEESON 1000 P Wall St indexes 980 gain on White 960 14 Feb lower following 940 976 House report 920 HE S&P 500 ended modestly Thigher last Friday following 10 Feb 11 Feb 12 Feb 13 Feb 14 Feb strong earnings from Nvidia and a report late in the session that the pharma results Housebuilder MJ Gleeson posted first-half profit “substantially down” on the White House was considering a tax previous year due to a small loss in the strategic land division as no sales were made. incentive for Americans to buy stocks. Group profit before tax plunged 40 per cent to £13.3m, with a loss of £700,000 in that Uncertainties surrounding the unit. However, the homes division performed as expected with a 13.6 per cent jump coronavirus epidemic and downbeat K BLUE-CHIP shares fell for derailed as commodity prices take a in profits to £15.9m. Canaccord Genuity analysts said full-year profit in strategic land economic data had put a damper on a second day last Friday hit from slower demand from China is expected to be in line with the previous year, and maintained its “hold” rating. The investor sentiment for much of the after Astrazeneca and RBS post the health crisis. broker increased the price target from 920p to 960p. day. But a CNBC report that the Ureported underwhelming Among corporate news, Trump administration could introduce results, while investors Astrazeneca dropped over 4.3 per a tax incentive for people earning less remained unsettled because of cent as its quarterly earnings failed RBS than $200,000 (£153,290) to invest up concerns over the impact of the to match up to market expectations. to $10,000 in US stocks gave the coronavirus outbreak on the global RBS fell 6.8 per cent, ending the P markets a late boost. economy. day at the bottom of the blue-chip 230 While the S&P 500 and the Nasdaq The FTSE 100 index ended the index, after its new top boss set out a closed modestly higher, the Dow lost Valentine’s Day trading session 0.6 new strategy that included ground. The three major stock per cent lower, down 0.8 per cutting back the size of its 220 averages headed into the US holiday cent for the week, while loss-making investment 14 Feb weekend having posted their second the midcap bourse rose bank and renaming the 213.10 consecutive weekly advances. 0.5 per cent as it drew company Natwest. In economic news, lacklustre retail strength from the 210 sales and industrial production data pound. Mosman Oil and Gas shed appeared to justify the US Federal Global markets are 36 per cent after a string 10 Feb 11 Feb 12 Feb 13 Feb 14 Feb Reserve’s wait-and-see stance expecting stimulus of announcements regarding its accommodative from central banks as RBS last week announced it will rebrand as Natwest — its biggest retail banking arm. monetary policy, reiterated by Fed new coronavirus showed Warehousing The rebrand was unveiled as the lender beat financial targets by posting operating chair Jerome Powell earlier last week no signs of peaking. US specialist Segro profit before tax of £4.23bn. However the bank also took a cautious outlook on in Washington. Federal Reserve chair outperformed the index, growth, sending shares down more than six per cent on Friday. Jefferies analysts Analysts now see fourth-quarter Jerome Powell had last week rising 1.5 per cent and hitting a said investors “will be disappointed with capital return” in the fourth quarter, but earnings rising at an annual pace warned that the economic impact fresh high after it reported a jump in said the lower dividend per share could spark greater buybacks. The broker issued a of 2.6 per cent, a striking reversal from the outbreak could spill over full-year profit and increased its “buy” recommendation and a price target of 403p. of the 0.3 per cent decline seen on globally. dividend. 1 January. The FTSE 100, with its larger Among smaller stocks, The Dow Jones Industrial Average exposure to commodity prices, has biotechnology company Novacyt SEGRO fell 25.23 points, or 0.09 per cent, to 940 lagged its European counterpart, jumped 29 per cent after it said it P 29,398.08, the S&P 500 gained which has hovered at record high would launch a certified test for the 6.22 points, or 0.18 per cent, to levels for most of the week, as new coronavirus next week. 3,380.16 and the Nasdaq Composite investors shrugged off fears over the Mosman Oil and Gas tanked 36 per 930 935 added 19.21 points, or 0.2 per new virus. cennt after it announced capital 14 Feb cent, to 9,731.18. Seven of the 11 London’s main index has also been raise and several project sales. 920 major sectors in the S&P 500 closed in the black. Nvidia jumped seven per cent after TOP RISERS FTSE 900 the chipmaker’s beat-and-raise P earnings report, even as it forecast a 1. Informa Up 2.64 per cent 7,550 $100m hit from the coronavirus. 2. Land Securities Up 2.55 per cent 10 Feb 11 Feb 12 Feb 13 Feb 14 Feb Online travel services platform 3. Pearson Up 2.48 per cent 7,500 Expedia surged 11 per cent after the 14 Feb Segro, the industrial property developer, posted strong results for last year due to online travel services company TOP FALLERS 7,450 strong trading in Europe, where growth “materially outpaced” the UK. The firm has a forecast strong quarterly core 7,409.13 series of projects either underway or approved, which could generate £50m in rent. earnings despite uncertainties 1. RBS Down 6.82 per cent 7,400 Peel Hunt said: “The flawless strategy, its exposure to growth sectors and the surrounding the coronavirus. 2. NMC Health Down 5.28 per cent earnings growth story remain key attractions.” However, the broker issued a “hold” Ebay gained 2.6 per cent after 3. Astrazeneca Down 4.27 per cent 10 Feb11 Feb 12 Feb 13 Feb 14 Feb recommendation, saying the “quality of the business and the growth opportunity” is providing better-than-expected reflected in the shares. Peel Hunt also issued a target price of 900p. current-quarter profit guidance.

CITY MOVES WHO’S SWITCHING JOBS A solid investment. LONDON’S PRECIOUS METAL BROKER PILOTLIGHT Pilotlight, commented: “Ed will help Pilotlight investment banking and financial analysis and will Pilotlight, the charity that accelerate on its mission to help make a difference.” provide further diversity of thought and balance to THREE REASONS TO BUY GOLD connects the business and our board.” charitable worlds, has WINCANTON 1. A liquid asset with no counterparty risk announced the British third-party logistics company Wincanton has RAYMOND JAMES 2. A safe haven asset in uncertain times appointment of Ed Mayo as announced the appointment of Mihiri Jayaweera as a Raymond James’s European Investment Bank has 3. Preservation of wealth its new chief executive. Ed is non-executive director. Mihiri is currently group head appointed Edward Griffin as managing firector for currently secretary-general of strategy and a member of the group executive financial services. Edward will bring his experience of the business network Co- committee of TP Icap Group, the FTSE 250 from having worked across the financial services operatives UK, and has professional intermediaries firm. She has previously sector during a 20-year investment banking career at previously served as chief served as a consultant at Trivedi Capital, and has held Rothschild, Credit Suisse and HSBC. Alongside Stuart executive of the New positions at Nomura International, Lehman Brothers Sweeney, he will have responsibility for extending the Economics Foundation and National Consumer and UBS Investment Bank. Martin Read, chairman of firm’s market-leading North American advisory Council, as well as chair of the Wincanton, said: “I am delighted to welcome Mihiri to capabilities in the financial services arena into the UK SHARPSPIXLEY.COM campaign Jubilee 2000. Sally Bailey, chair of Wincanton. She has a deep understanding of and across all of Europe. T: 02078710532 To appear in CITYMOVES please email your career updates and pictures to [email protected] 54 ST JAMES'S STREET | LONDON | SW1A 1JT. 18 MARKETS MONDAY 17 FEBRUARY 2020 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.2022 ÄÄ0.0008 €/$ 1.0839 0.0010 7409.13 21790.08 4135.07 29398.08 9731.18 3380.16 /$ 1.3033 Ä 0.0020 €/£ 0.8318 à 0.0005 42.90 116.18 14.95 25.23 19.21 6.22 £ /¥ 143.05 0.2690 €/¥ 118.98 0.1480 Ä Ã Ä Ä Ãà ÄÄ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise .....456.0 3.5 509.0 421.5 Kingfisher...... 216.7 -0.2 266.2 185.9 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 314.0 -1.0 357.5 310.5 Marks & Spencer ...... 183.8 4.3 303.2 163.9 Tsy 4.750 20 ...... 100.21 -0.03 104.2 100.2 Contour Global...... 182.0 -0.2 222.5 163.0 Games Workshp ...... 6900.0 -225.0 7350.0 2800.0 BP ...... 456.9 -3.1 582.5 452.7 Aggreko ...... 779.8 3.2 869.2 707.2 Abcam ...... 1300.0 -5.0 1500.0 1066.0 Witan Invest ...... 229.5 0.5 235.0 201.6 Tsy 8.000 21...... 109.63 -0.03 116.6 109.6 Drax Gp ...... 287.4 -2.8 386.8 251.0 Next ...... 7128.0 150.0 7340.0 4858.0 LIFE INSURANCE Cairn Energy...... 178.5 3.0 213.8 143.1 Ashtead Gp ...... 2679.0 7.0 2690.0 1805.5 Wwide Healthcare ....3280.0 15.0 3290.0 2495.0 Advanced Medical ...... 278.0 15.5 354.5 225.0 Tsy 2.500 24 ...... 361.24 0.36 377.9 358.8 SSE ...... 1659.0 20.0 1659.0 1008.0 Pets at Home Gp ...... 310.6 1.4 314.6 137.2 Energean Oil & Gas ...... 762.0 -7.0 1082.0 648.9 Babcock Intl Grp...... 500.0 -14.0 646.6 416.7 Aviva ...... 410.9 0.7 438.8 352.3 Alliance Pharma ...... 85.4 -0.6 87.5 63.0 Tsy 5.000 25 ...... 122.46 0.07 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 108.0 -0.8 139.5 105.0 Premier Oil ...... 104.2 -0.3 118.7 65.1 ELECTRONIC & ELECTRICAL EQUIPMENT Legal & General ...... 318.4 7.0 318.4 216.7 Bunzl ...... 1935.0 -12.0 2551.0 1935.0 Tsy 4.250 27 ...... 128.58 0.15 132.8 125.5 Watches of Switz ...... 381.6 -0.4 392.8 270.0 Royal Dutch Shell A....1924.0 -17.2 2612.0 1924.0 ASOS...... 3374.0 -54.0 4066.0 2107.0 Halma ...... 2198.0 -1.0 2244.0 1496.0 BT Gp ...... 153.5 0.5 233.0 153.0 Phoenix Gp ...... 795.3 1.7 796.8 634.2 Capita ...... 149.7 -1.3 183.0 99.9 WH Smith...... 2420.0 10.0 2654.0 1896.0 Royal Dutch Shell B ....1927.0 -20.2 2622.0 1927.0 Blue Prism ...... 1668.0 -2.0 1841.0 788.0 Tsy 6.000 28 ...... 146.82 0.19 152.1 143.3 Morgan Advanced ...... 306.0 -1.0 324.8 232.4 Talktalk Telecom ...... 113.9 -0.5 126.5 98.0 Prudential ...... 1476.5 -5.5 1790.0 1279.5 DCC ...... 6252.0 -26.0 7496.0 6132.0 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 45.2 1.0 250.0 39.9 Camellia ...... 8700.0 -25.0 11350.0 8350.0 Tsy 4.125 30 ...... 380.30 0.85 404.2 364.5 Oxford Instruments ..1620.0 8.0 1654.0 963.0 Telecom Plus ...... 1518.0 10.0 1552.0 1130.0 St James Place ...... 1188.0 5.0 1199.5 913.6 Diploma ...... 1993.0 29.0 2084.0 1337.0 OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 141.06 0.32 146.4 132.7 Renishaw ...... 4142.0 14.0 4638.0 3232.0 FOOD & DRUG RETAILERS Convatec ...... 216.0 1.9 217.3 121.2 Std Life Aberdeen ...... 325.6 5.3 336.9 231.1 Electrocomp ...... 699.8 0.0 729.8 540.8 Caretech Holdings ...... 498.0 10.0 498.0 325.0 Tsy 4.250 36 ...... 149.50 0.36 155.7 137.9 Spectris ...... 2723.0 -11.0 2962.0 2234.0 Greggs ...... 2340.0 38.0 2476.0 1602.0 Mediclinic Intl ...... 391.6 -3.8 415.3 293.4 MEDIA Hunting ...... 306.2 -10.8 657.0 297.0 Equiniti ...... 214.8 1.6 236.2 186.2 Central Asia Metals .....210.0 0.0 266.5 180.0 Tsy 4.750 38...... 164.68 0.43 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 181.7 2.6 240.0 176.9 NMC Health ...... 775.0 -43.2 3000.0 700.0 Petrofac ...... 363.5 -2.1 527.2 344.4 Essentra ...... 420.4 -12.0 449.0 376.8 4imprint ...... 3330.0 -20.0 3500.0 1930.0 Clinigen Group ...... 879.5 -2.5 1069.0 787.5 Tsy 4.250 46 ...... 172.89 0.66 181.0 1.0 Ocado Gp ...... 1166.5 -16.5 1435.0 886.2 Smith & Neph...... 1819.0 -2.0 1990.0 1424.5 Wood Gp(J) ...... 402.2 -6.3 598.6 319.6 Experian ...... 2823.0 13.0 2823.0 1960.0 3i Infrastructure ...... 315.0 -1.0 317.5 269.8 Ascential ...... 373.0 4.8 421.2 319.0 CVS Group ...... 1195.0 11.0 1250.0 447.6 AEROSPACE & DEFENCE Sainsbury(J) ...... 206.0 1.1 287.9 177.1 UDG Hlthcare ...... 769.0 -3.5 832.5 551.0 PERSONAL GOODS Ferguson ...... 7556.0 0.0 7556.0 4800.0 Aberforth Smlr Cos ...1438.0 4.0 1546.0 1114.0 Auto Trader Gp ...... 589.0 0.6 607.6 454.2 Dart Group ...... 1897.0 21.0 1907.0 709.5 SSP Group ...... 673.0 4.0 721.0 608.0 HOUSEHOLD GOODS BAE Systems ...... 643.2 -18.6 661.8 443.9 Alliance Trust ...... 869.0 0.0 873.0 730.0 Euromny Inst Inv...... 1186.0 4.0 1498.0 1152.0 Burberry Gp...... 1998.5 -26.5 2345.0 1695.0 G4S ...... 201.0 1.0 234.3 168.3 Tesco ...... 255.8 3.7 258.9 212.6 Diversified Gas & Oil ...... 87.4 3.2 116.5 84.2 Meggitt ...... 646.0 -5.4 697.4 489.9 AVI Global Trust...... 784.0 1.0 802.0 713.0 Barratt Devel ...... 870.6 11.0 870.6 552.8 Future ...... 1288.0 38.0 1572.0 570.0 PZ Cussons ...... 188.8 0.8 227.0 178.8 Hays ...... 165.0 2.0 183.5 138.0 Draper Esprit ...... 564.0 4.0 566.0 410.0 QinetiQ ...... 378.8 4.8 383.8 267.0 Baillie Gifford Japan ...803.0 -3.0 848.0 735.0 FOOD PRODUCERS Bellway ...... 4231.0 51.0 4231.0 2698.0 Informa ...... 778.2 20.0 892.0 700.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1323.0 15.0 1340.0 953.0 Rolls-Royce ...... 677.2 9.8 988.4 636.6 Intertek Gp ...... 5896.0 20.0 6170.0 4643.0 EMIS Group ...... 1190.0 16.0 1242.0 938.0 Bankers InvTst ...... 1024.0 8.0 1032.0 843.0 Assoc British Foods...2669.0 36.0 2708.0 2106.0 Berkeley Grp Hldgs ...5324.0 -24.0 5412.0 3437.0 ITV ...... 136.0 2.6 156.5 103.6 AstraZeneca ...... 7300.0 -326.0 7878.0 5644.0 Senior ...... 162.6 0.0 237.0 160.0 IWG...... 455.5 7.5 469.0 226.9 Fevertree Drinks ...... 1445.5 -10.0 2475.0 1365.0 BlackRock Smaller .....1768.0 2.0 1776.0 1298.0 Bakkavor ...... 135.0 -3.6 170.0 93.3 Countryside Prop ...... 524.5 9.0 524.5 277.6 Moneysupermkt.com ...328.4 4.3 417.7 309.5 Dechra Pharma ...... 2832.0 -10.0 3068.0 2348.0 Ultra Electronics ...... 2150.0 0.0 2292.0 1232.0 BMO Global Smaller .....144.0 -0.4 150.0 127.5 Cranswick ...... 3846.0 56.0 3846.0 2472.0 Crest Nicholson ...... 513.5 2.5 517.0 332.0 Pearson ...... 570.2 13.8 927.0 556.4 Genus ...... 3190.0 4.0 3260.0 2178.0 Network Int...... 631.0 13.0 645.0 513.0 First Derivatives ...... 2835.0 -70.0 3555.0 2050.0 AUTOMOBILES & PARTS Caledonia Inv ...... 3125.0 30.0 3180.0 2910.0 Greencore Gp ...... 245.8 2.9 281.8 193.4 McCarthy & Stone...... 157.3 0.5 158.8 123.5 RELX ...... 2073.0 1.0 2095.0 1606.0 GlaxoSmithKline ...... 1668.6 -12.8 1846.0 1497.4 Pagegroup ...... 455.0 -4.0 539.0 367.8 Frontier Devs ...... 1314.0 32.0 1444.0 844.0 Aston Martin...... 421.8 -18.4 1374.4 399.3 City of London IT ...... 431.0 -1.0 448.5 396.5 Hilton Food Gp ...... 1076.0 4.0 1118.0 905.0 Persimmon ...... 3230.0 49.0 3230.0 1836.0 Rightmove Group ...... 687.6 1.6 701.2 471.9 Hikma Pharma ...... 1873.0 11.0 2200.0 1556.5 Paypoint...... 953.0 15.0 1118.0 844.0 Gamma Comms ...... 1325.0 -5.0 1460.0 830.0 Edin Inv Trust ...... 604.0 1.0 652.0 535.0 Tate & Lyle ...... 785.8 6.8 801.4 663.8 Reckitt Benckiser ...... 6338.0 -8.0 6688.0 5767.0 WPP ...... 977.2 -2.0 1077.5 801.0 Rentokil Initial ...... 491.7 2.3 506.4 329.0 TI Fluid Systems ...... 235.0 -5.5 273.0 155.2 REAL ESTATE GB Group ...... 691.0 -7.0 800.0 464.0 European Opp ...... 907.0 5.0 926.0 705.0 Unilever ...... 4605.5 -6.5 5324.0 3983.0 Sanne Group ...... 640.0 -9.0 752.0 498.0 BANKS Assura ...... 83.5 1.5 83.5 56.7 Gooch & Housego ...... 1400.0 0.0 1527.5 954.0 F&C Investment ...... 782.0 6.0 783.0 675.0 FORESTRY & PAPER MAIN CHANGES UK 350 Serco ...... 159.3 -0.2 167.7 114.2 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Fidelity China SPE ...... 241.0 0.0 253.0 205.5 Big Yellow Gp ...... 1201.0 9.0 1201.0 943.5 Hurricane Energy ...... 15.4 -0.2 53.6 15.4 Mondi ...... 1662.5 -9.5 1898.0 1510.5 SIG ...... 91.5 0.2 153.0 90.5 Barclays ...... 175.9 -0.4 192.5 136.2 % % BMO Comm Prop ...... 107.6 0.8 125.0 106.0 Fidelity Euro Values ...... 267.5 0.5 269.5 218.0 GENERAL FINANCIAL Risers à Fallers Ä Travis Perkins...... 1696.0 35.0 1696.0 1166.0 Impax Asset Mgmt ...... 379.0 6.0 405.0 201.0 BGEO Group ...... 1793.0 -25.0 1818.0 1252.0 Galliford Try ...... 190.44 9.2 Royal Bank of Scot...... 213.10 -6.8 British Land ...... 587.8 12.4 638.8 468.3 Fidelity Spec Val ...... 270.0 -1.0 280.5 240.5 TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 386.5 -18.5 405.0 316.5 HSBC Hldgs...... 584.5 -5.4 680.6 551.8 Finsbury G&I Tst ...... 907.0 -1.0 958.0 795.0 3i Group ...... 1166.0 5.5 1184.5 935.4 Dunelm Gp ...... 1404.00 8.2 Finablr ...... 78.40 -5.8 Captl & Count Prop .....248.3 6.8 270.5 184.8 IQE...... 60.6 -1.4 98.0 41.8 Lloyds Banking ...... 56.6 -1.4 67.2 48.6 GCP Infra Inv ...... 125.0 1.0 134.0 122.6 Ashmore Gp ...... 566.5 2.0 567.5 397.8 Grainger ...... 331.40 5.2 NMC Health ...... 775.00 -5.3 CLS Hldgs ...... 279.5 5.5 312.5 212.0 Spirent Comms ...... 246.0 -0.5 251.5 140.4 James Halstead ...... 544.0 -1.0 570.0 440.0 Royal Bank of Scot ...... 213.1 -15.6 270.4 177.7 Genesis Emerging ...... 792.0 2.0 818.0 686.0 Brewin Dolphin ...... 361.2 -2.2 375.2 287.6 Savills ...... 1258.00 4.0 AstraZeneca ...... 7300.00 -4.3 Daejan Hldgs ...... 5200.0 70.0 6160.0 4715.0 TOBACCO Balfour Beatty ...... 293.40 3.9 Aston Martin ...... 421.80 -4.2 Standard Chartered .....635.2 1.0 738.6 575.7 Greencoat UK ...... 144.4 0.4 152.8 133.8 Close Brothers ...... 1457.0 3.0 1663.0 1227.0 Derwent London ...... 4280.0 124.0 4280.0 2884.0 Johnson Service Gp .....215.0 1.5 215.0 128.0 Safestore Hldgs ...... 854.00 3.8 Plus500 ...... 870.20 -4.2 Br Am Tob ...... 3347.0 -34.5 3507.0 2648.0 TBC Bank Group...... 1332.0 -4.0 1706.0 1150.0 Harbourvest Glb ...... 1856.0 4.0 1858.0 1406.0 Coats Group ...... 73.3 -0.2 91.2 68.1 Grainger ...... 331.4 16.4 331.4 217.4 Keywords Studios ...... 1601.0 9.0 1838.0 1052.0 St Modwen Props ...... 530.00 3.7 GVC Hldgs ...... 836.60 -3.4 Imperial Brands ...... 1825.0 -30.4 2713.5 1668.2 Virgin Money UK ...... 187.7 -3.5 220.1 104.4 Finablr ...... 78.4 -4.8 215.0 71.5 Grt Portland Est ...... 965.2 20.4 965.2 649.4 Herald Inv Trust ...... 1490.0 -4.0 1530.0 1205.0 Future ...... 1288.00 3.0 Hunting ...... 306.20 -3.4 Learning Tech Gp ...... 160.0 -6.4 172.2 63.7 Hargreaves Lans...... 1689.5 15.0 2433.0 1604.5 Hammerson ...... 240.0 2.8 388.4 203.9 TRAVEL & LEISURE BEVERAGES HICL Infr ...... 180.8 -1.0 181.8 156.6 Derwent London...... 4280.00 3.0 Games Workshp ...... 6900.00 -3.2 M&C Saatchi ...... 87.0 -1.0 394.0 79.0 JPM American ...... 516.0 2.0 517.0 421.0 IG Gp...... 676.6 4.2 708.0 474.8 Land Securities...... 995.8 24.8 1001.5 735.4 Carnival ...... 3096.0 -33.0 4373.0 3044.0 Barr (AG) ...... 595.0 2.0 975.0 526.0 Captl & Count Prop...... 248.30 2.8 BAE Systems ...... 643.20 -2.8 M.P. Evans ...... 689.0 -10.0 750.0 612.0 JPM Emerg Mkt ...... 1050.0 2.0 1088.0 878.0 Integrafin Holdings ...... 515.0 2.0 518.0 337.0 LondonMetric Prop ...... 237.0 4.0 241.2 188.3 Cineworld Group ...... 181.4 -1.3 321.0 176.0 Britvic ...... 932.5 2.0 1068.0 850.0 Majestic Wine ...... 216.0 4.0 318.0 210.0 JPM Indian IT ...... 735.0 1.0 790.0 633.0 Intermediate Capital .1816.0 6.0 1816.0 999.0 Redrow...... 827.0 14.0 827.0 533.0 MINING NewRiver Retail ...... 190.4 0.0 246.0 147.6 Compass Gp ...... 1941.0 -6.5 2138.0 1665.0 Coca-Cola HBC AG ....2840.0 -43.0 3074.0 2299.0 Primary Hlth Prop ...... 159.4 -0.6 162.0 117.8 JPM Japan IT ...... 453.0 0.0 477.5 383.0 Intl Public Prtnshps ...... 167.4 1.2 171.2 146.8 Taylor Wimpey ...... 231.8 3.6 231.8 142.9 Anglo American ...... 2093.5 -38.5 2266.0 1666.6 Dominos Pizza ...... 314.0 2.9 326.4 221.2 Midwich Group ...... 596.0 22.0 633.0 474.5 Diageo ...... 3079.5 8.5 3625.5 2913.5 Investec ...... 449.0 -3.2 518.6 395.3 Safestore Hldgs ...... 854.0 31.0 854.0 586.0 Jupiter Fund Mngt ...... 396.7 6.4 432.0 314.0 Vistry Group ...... 1459.0 20.0 1459.0 975.0 Antofagasta ...... 868.0 4.0 1022.5 779.6 easyJet ...... 1498.5 -7.5 1552.0 854.8 Mortgage Advice B ...... 760.0 6.0 795.0 546.0 CHEMICALS IP Group ...... 73.1 1.3 109.0 55.7 Savills ...... 1258.0 48.0 1258.0 822.0 Law Debenture ...... 622.0 -2.0 654.0 552.0 INDUSTRIAL ENGINEERING BHP Group ...... 1675.2 -19.4 2049.0 1600.0 EI Group ...... 284.8 0.4 285.0 194.0 Next Fifteen Comm .....500.0 0.0 658.0 465.0 John Laing Gp ...... 357.0 3.0 402.0 345.6 SEGRO ...... 935.0 13.6 935.0 636.6 Croda International .5060.0 -30.0 5375.0 4564.0 Mercantile IT ...... 273.5 4.5 273.5 188.0 FirstGroup ...... 130.6 1.7 137.5 89.3 Bodycote ...... 892.5 -3.0 971.0 652.0 Centamin ...... 135.4 -0.9 152.3 79.8 Nichols...... 1397.5 -7.5 1880.0 1322.5 Elementis...... 125.5 -0.6 197.9 125.5 Monks Inv Tst ...... 1016.0 8.0 1016.0 808.0 London Stock Exch ....8220.0 -6.0 8272.0 4489.0 Shaftesbury ...... 923.0 20.0 979.5 739.5 Fresnillo ...... 675.0 1.0 1027.5 539.6 Flutter Ent...... 8464.0 -100.0 9456.0 5525.0 Numis Corporation ...... 285.0 -8.0 306.0 212.0 Johnson Matt...... 2646.0 -29.0 3454.0 2605.0 Man Group ...... 152.9 2.1 175.2 130.5 Hill & Smith ...... 1446.0 -9.0 1510.0 1049.0 St Modwen Props ...... 530.0 19.0 530.0 373.0 Murray Intl Tst ...... 1210.0 8.0 1286.0 1114.0 Glencore ...... 233.9 -3.9 340.3 216.9 Go-Ahead Gp ...... 2190.0 56.0 2278.0 1783.0 Synthomer ...... 332.6 -3.0 420.8 279.0 Next Energy Solar ...... 118.5 0.5 126.5 114.0 Onesavings ...... 438.2 -1.8 452.0 313.6 IMI ...... 1095.0 -15.5 1206.0 906.0 TR Property IT ...... 490.5 7.5 491.5 377.0 Polar Capital Hdgs ...... 540.0 0.0 604.0 482.0 Hochschild Mining ...... 163.0 -1.3 227.0 152.0 GVC Hldgs ...... 836.6 -29.8 939.0 507.5 Victrex ...... 2312.0 -16.0 2540.0 1845.0 Pantheon Intl Partn ..2515.0 40.0 2620.0 2020.0 Paragon...... 526.5 -5.5 553.5 388.0 Melrose Ind ...... 237.5 -1.5 248.5 160.7 Tritax Big Box ...... 148.8 3.6 159.7 136.6 Purplebricks Gp ...... 108.0 -2.6 132.0 96.0 Plus500 ...... 870.2 -37.8 949.6 495.0 Kaz Minerals ...... 495.0 -2.6 738.4 380.3 UK Commercial Prop .....85.4 0.7 92.7 79.9 Intercontl Htls ...... 4779.0 -38.5 5738.0 4499.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...324.0 0.0 342.0 284.5 RHI Magnesita ...... 3136.0 -36.0 5000.0 3136.0 Redde...... 104.2 0.4 127.6 98.0 Provident Fin ...... 469.0 -5.8 610.0 356.0 Polymet Int...... 1272.5 0.0 1294.0 772.6 Unite Group ...... 1338.0 27.0 1338.0 891.0 Intl Cons Airl...... 639.6 10.8 671.0 413.5 Pershing Square ...... 1558.0 24.0 1578.0 1224.0 Rotork ...... 306.5 -2.0 341.2 269.8 Renew Holdings...... 554.0 0.0 568.0 360.0 Balfour Beatty ...... 293.4 11.0 295.0 194.2 Rio Tinto ...... 4197.0 -21.5 4976.5 3924.5 Workspace Gp ...... 1304.0 31.0 1304.0 806.0 Just Eat Takeaway.com 7800.0 -165.0 8255.0 7350.0 Personal Assets Tst ....43700 100 43900 39800 Quilter ...... 172.9 2.4 174.7 124.2 CRH ...... 2977.0 -9.0 3100.0 2279.0 Spirax-Sarco...... 9275.0 -30.0 9400.0 6655.0 Marstons ...... 104.0 -0.2 131.4 93.3 RWS Holdings ...... 588.0 -12.0 670.0 460.0 Polar Cap Tech Tst ...... 1726.0 12.0 1726.0 1218.0 Rathbone Brothers ....1968.0 -10.0 2540.0 1966.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES Galliford Try...... 190.4 16.1 190.4 102.4 Schroders ...... 3381.0 12.0 3443.0 2541.0 Weir Gp ...... 1380.5 -7.0 1814.0 1261.5 Mitchells & Butlers ...... 416.5 -4.5 470.5 238.0 Scapa Group ...... 193.6 -0.4 403.0 157.0 Renewables Infra Gp ...135.8 0.2 139.2 115.4 Vodafone Gp ...... 150.0 -1.7 165.2 123.3 Avast...... 450.0 0.0 551.0 282.0 Grafton Group...... 968.0 11.0 968.0 645.5 TP ICAP ...... 399.8 2.3 417.5 270.0 INDUSTRIAL METALS National Express ...... 439.6 0.4 476.0 387.4 RIT Cap Partners ...... 2100.0 20.0 2180.0 2005.0 Aveva Gp...... 5285.0 -30.0 5315.0 2962.0 Secure Income REIT ..465.0 0.0 473.0 394.0 Ibstock ...... 317.6 5.0 322.0 208.6 NONLIFE INSURANCE Schroder Asia ...... 474.0 4.5 485.5 424.5 GENERAL RETAILERS Evraz ...... 385.5 -6.1 709.4 341.4 Computacenter...... 1883.0 -10.0 1920.0 1049.0 PPHE Hotel Gp ...... 2100.0 0.0 2100.0 1630.0 Serica Energy...... 109.0 -1.8 143.4 103.6 Marshalls ...... 840.5 2.5 876.0 508.0 Admiral Gp ...... 2326.0 10.0 2330.0 2014.0 Rank Gp ...... 321.5 -2.5 324.0 144.0 Scottish Inv Tst ...... 793.0 -1.0 843.0 769.0 B&M ...... 380.5 4.7 420.9 315.0 Ferrexpo ...... 145.3 -3.2 301.3 123.0 FDM Group...... 1008.0 -14.0 1100.0 647.0 Smart Metering Sys...... 517.0 -2.5 635.0 310.0 Polypipe Group ...... 603.0 0.5 603.0 372.8 Scottish Mortgage ...... 637.5 0.0 641.5 472.0 Dixons Carphone ...... 141.2 2.5 152.4 104.9 Beazley ...... 580.0 8.5 628.0 504.5 Kainos Gp ...... 856.0 12.0 880.0 430.0 Restaurant Grp ...... 127.3 0.7 166.4 111.9 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 114.8 0.8 118.6 110.0 Dunelm Gp...... 1404.0 106.0 1404.0 730.5 Direct Line Ins ...... 348.0 2.4 366.5 270.5 Micro Focus Intl ...... 802.0 1.9 2160.0 766.8 Stagecoach Gp...... 136.9 -1.8 167.0 115.5 Thorpe (F.W.) ...... 324.0 0.0 359.0 267.0 Smith (DS) ...... 365.9 -3.4 394.8 307.9 Smithson Inv ...... 1370.0 10.0 1370.0 1105.0 Frasers Group ...... 490.0 0.0 518.0 214.0 Clarkson ...... 2950.0 -50.0 3110.0 2200.0 Hastings Gp Hldgs ...... 185.7 -2.3 231.6 167.9 Playtech ...... 339.2 -0.8 457.7 339.2 Wetherspoon (JD) ..... 1526.0 1.0 1734.0 1269.0 Smiths Gp...... 1738.0 -12.5 1769.5 1378.0 Syncona ...... 238.0 1.5 294.0 203.0 Howden Joinery Gp...... 727.6 -0.8 728.4 478.8 Fisher (James) ...... 1894.0 -24.0 2260.0 1810.0 Hiscox ...... 1346.0 1.0 1777.0 1213.0 Sage Group ...... 783.8 -0.2 820.4 655.0 Whitbread ...... 4766.0 -54.0 5152.0 3988.0 Watkin Jones ...... 265.0 6.0 265.0 199.6 Smurfit Kappa Gp..... 2898.0 -46.0 3010.0 2096.0 Temple Bar IT ...... 1346.0 -8.0 1486.0 1162.0 Inchcape...... 645.0 6.5 720.0 545.5 Royal Mail ...... 181.2 2.9 286.7 175.4 Lancashire Hldgs ...... 793.0 4.5 793.0 640.5 Softcat ...... 1258.0 16.0 1260.0 727.0 William Hill ...... 180.8 -0.2 205.2 132.3 Young’s Brew NV ...... 1210.0 -35.0 1310.0 1030.0 Vesuvius...... 461.4 4.4 642.0 341.0 Templeton Em Mkts ....854.0 1.0 876.0 731.0 JD Sports Fashion ...... 867.4 -1.2 881.4 464.5 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 574.6 -5.0 597.0 501.6 Sophos ...... 567.6 1.4 577.0 298.2 Wizz Air Holdings .....4486.0 39.0 4496.0 2880.0 Young’s Brew-A...... 1615.0 47.5 1885.0 1520.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 287.95 0.50 316.05 198.55 3M ...... 161.01 1.25 219.50 150.74 AIR LIQUIDE ...... 138.80 -1.20 140.00 106.80 ABBOTT LABORATORIES ...... 89.66 0.98 91.86 72.88 ALLIANZ AG ...... 231.00 1.30 229.70 189.52 ADOBE INC ...... 379.67 4.83 374.84 254.74 AMADEUS IT GROUP ...... 72.84 -0.40 78.60 42.30 ALPHABET NON VTG-C ...... 1520.74 6.08 1518.27 1036.23 ALPHABET-A ...... 1518.73 5.34 1518.63 1116.79 ANHEUSER BUSCH INBEV ...... 67.75 -0.28 92.71 65.77 AMAZON.COM ...... 2134.87 -15.00 2160.00 1607.95 ASML HOLDING NV ...... 292.95 0.65 292.30 158.30 AMERICAN EXPRESS ...... 135.87 1.41 135.11 106.50 AXA ...... 25.46 0.19 25.47 20.78 APPLE INC ...... 324.95 0.08 327.20 170.42 BANCO SANTANDER ...... 327.70 0.20 402.00 294.70 AT&T ...... 38.25 -0.06 39.63 29.81 BASF...... 62.75 -0.17 74.49 56.20 BANK OF AMERICA ...... 34.85 -0.06 35.64 26.25 BAYER AG...... 77.37 0.24 78.06 52.53 BERKSHIRE HATHAWAY...... 226.80 0.33 230.20 195.81 BMW ...... 65.86 -0.64 77.75 58.70 BOEING CO ...... 340.49 -2.33 432.69 309.00 BNP PARIBAS ...... 53.68 0.11 53.58 39.32 CATERPILLAR INC ...... 137.99 -1.73 150.53 113.38 CRH ...... 2977.00 -9.00 3100.00 2279.00 CHEVRON ...... 110.08 -1.58 126.54 106.28 CISCO SYSTEMS ...... 46.97 -0.35 58.05 43.52 DAIMLER ...... 43.16 -0.12 59.31 40.53 CITIGROUP ...... 78.79 -0.21 81.91 60.33 DANONE ...... 72.52 0.60 82.00 65.88 COCA-COLA CO ...... 59.95 0.34 59.75 44.69 DEUTSCHE POST AG ...... 33.26 -0.12 34.91 26.11 COMCAST ...... 46.09 0.02 47.50 37.55 DEUTSCHE TELEKOM ...... 15.61 0.09 16.25 14.38 DOW ...... 48.63 0.33 66.65 40.71 ENEL ...... 8.28 0.07 8.21 5.23 EBAY INC ...... 38.14 0.95 41.57 33.56 ENGIE...... 16.14 0.23 15.94 12.45 EXXON MOBIL ...... 60.65 -0.28 83.38 59.96 ENI ...... 12.89 -0.10 15.94 12.61 FACEBOOK ...... 214.18 1.04 223.23 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 237.08 -1.27 249.72 182.49 FRESENIUS MEDICAL CARE ...... 74.48 0.88 76.32 57.92 HOME DEPOT INC ...... 245.03 2.67 242.36 181.14 HONEYWELL INTERNATIONAL ...... 180.81 0.69 183.23 151.59 IBERDROLA ...... 10.86 0.27 10.59 6.02 IBM ...... 150.70 -3.61 156.76 126.99 INDITEX ...... 31.43 0.18 32.37 2.55 INTEL ...... 67.27 -0.17 68.47 43.46 ING GROEP NV...... 10.71 -0.06 12.05 8.34 JOHNSON & JOHNSON ...... 150.13 0.04 153.99 126.95 INTESA SANPAOLO...... 2.51 0.00 2.51 1.83 JPMORGAN CHASE & CO ...... 137.46 -0.42 141.09 98.93 KERING ...... 579.40 -17.00 610.20 425.05 MASTERCARD INC ...... 340.95 5.11 335.84 219.31 KON KPN NV ...... 2.50 0.01 2.96 2.46 MCDONALD’S ...... 217.09 -0.33 221.15 179.25 L’OREAL ...... 268.20 -3.30 275.30 220.30 MEDTRONIC ...... 117.33 0.50 121.30 84.15 LVMH MOET HENNESSY ...... 414.95 -6.60 439.05 295.10 MERCK & CO ...... 82.65 0.68 92.04 73.19 MUENCHENER RUECKVE ...... 282.30 1.20 281.10 203.70 COMMODITIES TOURIST RATES MICROSOFT ...... 185.35 1.64 188.70 107.15 NETFLIX ...... 380.40 -1.00 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1582.39 +7.17 Copper Cash Official...... 5715.75 -30.25 Canada ...... 1.646 New Zealand ...... 1.888 NIKE INC ...... 103.54 0.17 104.58 77.14 ORANGE ...... 13.36 0.09 15.01 12.61 Silver (Pence) ...... 1764.00 +8.00 Aluminium Cash Official ...... 1701.25 -5.50 Croatia ...... 8.1056 Norway...... 11.52 ORACLE ...... 55.47 0.16 60.15 50.24 ROYAL PHILIPS ...... 44.55 -0.15 45.61 34.66 Silver (Cents) ...... 1359.00 +7.00 Nickel Cash Official ...... 13062.50 +15.00 Czech Republic ...... 27.50 Poland ...... 4.488 PAYPAL HOLDINGS ...... 122.99 2.48 121.30 96.64 SAFRAN ...... 145.00 -0.20 150.25 115.55 Krugerrand ...... 1597.71 +7.24 Aluminium Alloy Cash Official ...... 1352.50 +12.50 Denmark ...... 8.558 Singapore ...... 1.6912 PEPSICO ...... 146.99 0.52 146.47 118.61 SANOFI ...... 92.24 -0.14 93.93 72.24 Brent Crude ...... 56.34 +0.55 Natural Gas ...... 20.75 +0.06 Hong Kong ...... 9.6196 Sweden ...... 12.07 PFIZER INC ...... 36.51 -0.42 44.40 34.24 SAP SE ...... 126.78 0.48 126.90 93.81 Platinum ...... 965.00 +3.00 Tin Cash Official ...... 16527.50 +65.00 Iceland ...... 146.83 Switzerland ...... 1.218 PROCTER & GAMBLE ...... 126.14 1.18 127.14 98.41 SCHNEIDER ELECTRIC ...... 97.00 -0.38 97.38 67.60 British Sovereign ...... 372.81 +1.65 Zinc Cash Official ...... 2156.00 +16.25 India ...... 82.06 Turkey ...... 7.5151 TRAVELERS COMPANIES ...... 137.76 0.88 154.83 128.74 SIEMENS AG ...... 106.76 -0.50 119.90 85.00 Lead Cash Official ...... 1876.50 +16.00 White Sugar ...... 425.90 -25.10 Israel ...... 4.0258 United States ...... 1.2461 TWITTER ...... 36.91 -0.25 45.42 28.89 SOCIETE GENERALE...... 31.73 0.07 31.79 21.13 UNITED HEALTH GROUP ...... 298.78 -3.42 303.48 215.26 UNITED TECHNOLOGIES ...... 153.46 0.40 156.83 122.94 TELEFONICA SA ...... 6.25 0.01 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 58.51 -0.14 62.07 54.35 TOTAL ...... 45.25 -0.14 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 210.29 2.89 208.21 168.86 UNILEVER NV ...... 54.85 0.15 57.56 47.05 FTSE 100...... 7409.13 -42.90 -0.58 S&P 500...... 3380.16 +6.22 +0.18 CAC 40 ...... 6069.35 -23.79 -0.39 Hang Seng ...... 27815.60 +85.60 +0.31 WALGREENS BOOTS ALLIANCE...... 52.85 -0.72 76.05 49.29 VINCI ...... 105.80 0.80 105.65 80.28 FTSE 250 ...... 21790.08 +116.18 +0.54 Dow Jones I.A ...... 29398.08 -25.23 -0.09 Swiss Market Index ...... 11128.81 +36.46 +0.33 Nikkei ...... 23687.59 -140.14 -0.59 WALMART ...... 117.89 0.45 121.28 96.94 VIVENDI ...... 25.30 0.07 26.42 23.40 FTSE All-Share ...... 4135.07 -14.95 -0.36 Nasdaq Composite ...... 9731.18 +19.21 +0.20 ISEQ Overall Index ...... 7171.10 +5.40 +0.08 STI Index ...... 3220.03 -0.06 WALT DISNEY CO ...... 139.54 -1.36 151.64 107.79 VOLKSWAGEN AG ...... 170.46 -2.02 185.52 138.16 FTSE AIM All-Share ...... 965.71 -0.27 -0.03 Xetra DAX...... 13744.21 -1.22 -0.01 FTSEurofirst 300 ...... 1678.49 -2.58 -0.15 ASX All Ordinaries...... 7227.10 +22.50 +0.31 WELLS FARGO & CO ...... 48.22 0.10 54.46 43.38 CITYAM.COM MONDAY 17 FEBRUARY 2020 FEATURE 19 ENTREPRENEURS KEEP AN EYE ON THE DATA Annabel Denham speaks to the founder of Duco about Britain’s fintech future

HEN asked to narrate to enable us to keep the things we’ve all software engineering. He was, it like Duco to market you have to be Nentwich adds, is vital to stop talent their journeys from grown accustomed to using”. appeared, destined for life as a lecturer. uncompromising in your views – and that returning home. As former minister for startup to scaleup, entre- In short: the world spins on data, and But his studies coincided with efforts can mean turning down revenue.” universities and science Jo Johnson Wpreneurs tend to fall into we cannot take it for granted. A mind- by University College London at the Gibson’s long-term approach enabled recently wrote: “It is senseless to deny two camps. There are boggling 2.5 quintillion bytes of data are time — mirrored across the UK’s higher Nentwich to stick to his guns. graduate entrepreneurs the chance to set those for whom the travails of growth created each day, a figure that is education institutions — to The firm recently completed a $28m up their business and invest their talents are a badge of honour: no 20-hour day, accelerating upwards with each moment commercialise the IP being developed Series B round with Insight Partners, and in the country where they have studied.” unconquerable challenge or unfulfilled that passes. Fintech is becoming ever in its labs. is now looking to entrench its footprint Nor does Nentwich buy into the investment pledge has been forgotten. more important and, for those like Duco “My professors were adventurous and overseas. “We’re invested heavily into argument that the negative Others display an insouciance, as who came into the sector on the crest of my university encouraging,” Nentwich expanding in Asia, and have product consequences of Brexit on business can though turning a light-bulb moment the wave, the opportunity is vast. says. The result was software company launches this year which take us away be offset by a newfound freedom to into a global enterprise required little Systemwire, which got off the ground from data integrity into solving more trade with non-EU nations. “We sell more than a lucky encounter here, a FERTILE SOIL with a Smart Feasibility Grant from the complex data problems for clients.” software. We already sell to the world. touch of elbow grease there. There are now over 1,600 fintech Department of Trade and Industry. A The only thing now is that it’s becoming Duco founder Christian Nentwich companies in the UK; this figure will sale to Message Automation three years VITAL VISA REFORMS harder to do business in Europe.” bridges the divide. While he takes great more than double by 2030. It has been later ended Nentwich’s involvement. Though the future looks bright for Duco, Duco is seeing increased issues dealing pains to commend the “trustworthy forecast that over 100,000 people will The experience was invaluable. Nentwich worries that many SMEs will with new clients on the continent; the sounding boards” who have made his be employed in fintech by 2030, but “Financial services produce huge struggle in the shadow of Brexit. Access extra costs — of legal work, compliance, success possible, he speaks matter-of- with 42 per cent of the sector’s workers amounts of data. It’s difficult to control to talent is a challenge — especially for setting up an operations centre in factly about the business that was last coming from overseas, it faces and costly to get wrong. I learnt about the fast-growth firms. “Anyone who manages Poland — is in the “millions of pounds”. year listed among the 100 fastest- challenges maintaining the rate of issues in the industry, sat out the crisis, to get a company off the ground to 30 Duco can absorb the cost; smaller growing in the UK. growth post-Brexit. identified a particular problem that could people should be applauded. But many businesses will find it tougher. His fintech firm provides self-service After all, international talent is the be solved, and Duco was born.” founders then sell up rather than build a Nonetheless, Nentwich accepts that data engineering in the cloud. Founded driving force behind the UK’s Partnerships were crucial in the early real scaleup. So how do you hire a Brexit is done. What he wants now is a in 2013, it gives banks, brokers, asset burgeoning startup scene: days. Their first investor, Steve Gibson, management team with experience “swift implementation, because managers and exchanges the research from The subscribed to Nentwich’s goal — at the taking a company from 30 to 100 uncertainty is far worse than closing a ability to normalise, validate and Entrepreneurs Network has time a novel concept — that the future lay employees, or from revenues of £5m to deal”. Further, he emphatically believes reconcile any type of data on its revealed that 49 per cent of in the cloud. “It was so important. He £100m, when so few have done it?” that the UK — the fintech capital of cloud platform. It has grown to the UK’s fastest-growing invested in us, yes. But to take a business That is why visa reform is desperately Europe — is a great place to start and over 100 staff worldwide and has companies have at least needed. The new government is grow a business. The Enterprise raised nearly £24m to date. one foreign-born co- making the right noises, and the Management Incentive, which allows This is not to say that Austrian- founder. Among them: Migration Advisory Committee’s recent startups to grant share options to key born Nentwich’s experiences — or Nentwich himself. report outlined proposals that would employees on a tax-advantaged basis their retelling — are prosaic. He The serial entrepreneur move us in the right direction, but there and thus compete with larger rivals for attributes success to “brutal landed on UK soil aged 19 with is an overwhelming economic case for top talent, might be just the “best honesty”, and our meeting nearly a decade of I sat out the keeping the UK open to overseas scheme of its kind in the world”. R&D ends with a parting programming under his financial crisis talent. “It’s not possible to grow a tech tax credits are “compelling”. thought touching on belt and a computer company in the UK by exclusively hiring What the UK offers has been enough the profound: “data science degree in and identified a in-country. The government needs to for Duco — and Nentwich — to put might seem his sights. He decide which industries it wants here, down roots here. Let’s hope others will abstract, but vast hopped from particular and make it straightforward to hire feel the same. numbers of people undergrad to problem that developers without long processes and technology postgrad, where hanging over startups’ heads.” £ Annabel Denham is associate director are now employed he studied could be solved Clarity around international students, of The Entrepreneurs Network 20 OPINION MONDAY 17 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS The Bernie problem will lead TO THE EDITOR to Donald Trump’s re-election Himalayan challenge

[Re: Ofcom set for role as ‘online harms’ HE PERPETUAL problem of John contest moving forward, as he has chunk of his supporters will cer- regulator] the American left is that it up until now. tainly turn their backs on any The decision to add digital regulation to wants to feel good, rather Hulsman The only hope for moderates is moderate nominee, the very same Ofcom’s powers feels nice and modern at than do good. This ten- that their lane is quickly winnowed person who had just robbed their first glance. But it also raises an epic issue T of scale. It’s like telling the mountain dency to suicidal virtue- so a consensus centre-left candidate idol of his just deserts. signalling — damn the can take on the socialist Sanders. The progressive wing of the party rescue team in the Lake District National consequences — is glaringly appar- Then, in a two-person race, a moder- will simply sit on their hands come Park: “Now you guys are looking after the ent in the Democratic party’s full- ate could rally the party with the election day, handing a decisive vic- Himalayas, too.” blown Bernie Sanders problem, worst of all incantations: that in sui- tory to Trump. Take political campaigning. On TV and made real by his tie for first in Iowa, cidally nominating a socialist to run The only way to avert either of radio — Ofcom’s traditional beat — and his outright victory in last the upper hand in the centre-left what has long been a centre-right these two increasingly likely disas- regulation is a simple matter of funding, week’s New Hampshire primary. lane of the party. country, the Democratic party is trous outcomes is for a consensus balance, and veracity in broadcast. There is no doubt that the social- For while Sanders support has a doing nothing less than assuring moderate to emerge quickly and or- Content arrives in clearly visible, ist Sanders is now the frontrunner definite ceiling to it (given the Euro- the re-election of their hated neme- ganically, through the primary measurable, transparent versions, and on for the Democratic nomination for pean-style rules that govern the sis, Donald Trump. process and not through the a published schedule too via the press, President. Beyond winning the pop- Democratic party nomination, But even if the moderates in the machinations of the Democratic EPG or Radio Times. ular vote in each of the first two wherein any candidate managing at party somehow get their act to- party establishment. But digital content works differently. contested states, Sanders now leads least 15 per cent support in a contest gether quickly — which appears But given the nature of the voting Dynamic content optimisation, the go-to recent national polls, pulling ahead gets a share of that state’s delegates), highly unlikely — there is a further system itself, there is little incen- product of the kind of programmatic of the cratering and inept campaign it is hard to see how he can be problem which seems to not yet tive for any of the major moderates advertising that has exploded from digital of former vice president Joe Biden stopped once he establishes a lead in have dawned on the gormless, em- still in the race to drop out, and cer- retail to politics, is more akin to information for the first time. delegates in the weeks ahead, as the battled Democratic establishment. tainly not to do so quickly, as their warfare. Thousands of content variables Unlike many of his rivals, Sanders moderates continue to split their Sanders winning is truly a mathematical chances have not yet are in play at any one moment, constantly has also raised a tonne of money, majority stake of the vote. calamity for them; but Sanders los- been dashed. re-iterated and flexed by AI-driven servers much of it through the small dona- For Sanders will always manage ing is scarcely better. So the inconvenient truth lying which are perfectly matching each tions process he perfected in his ear- 20–25 per cent support in every Consider the long-shot scenario. behind Sanders’ ascension to fron- consumer to their optimal content format lier 2016 run for the presidency, as If the Democratic party establish- trunner status is that his nomina- — colours, pictures, videos, message. his supporters have remained fanat- ment (the Obamas, the Clintons tion spells victory for Trump... but In the 2019 election, while Westminster ically loyal. and the like) — already hated by that even his defeat probably now pundits obsessed over whether politicians But most importantly of all, the “Bernie Bros” who think the politi- spells victory for Trump. went on Andrew Neil, the real battle was Vermont senator has seen off the cal professionals unfairly anointed Ironically (and let’s face it, politics fought in under-the-radar, challenge of progressive senator Hillary Clinton the last time is full of irony), the rise of the first programmatically served memes. Elizabeth Warren of Massachusetts, around — intervene, putting pres- serious socialist candidate in the US Regulating digital content is at and now is the unquestioned stan- sure on moderate runners to drop in 100 years is about to directly lead exponentially greater scale than, say, radio. dard bearer of the left of the party, If the out in favour of a chosen consensus to the re-election of the most divi- Content marketing brings the “dark with its support quickly coalescing Democratic party candidate (most likely Klobuchar or sive right-wing president in mod- patterns” of consumer manipulation into around him. Bloomberg), Sanders and his sup- ern times. play across many areas which Ofcom has In contrast, the more moderate establishment porters will go absolutely bonkers, never traditionally regulated: content on wing of the party — represented by and with good reason. £ Dr John C. Hulsman is senior retail sites, content in ecommerce, content Biden, mayor Pete Buttigieg of Indi- intervene, Sanders The only way for the Democrats columnist at City A.M., a life member of in personal finance, religion, charities, ana, senator Amy Klobuchar of and his supporters to win what is bound to be another the Council on Foreign Relations, and fraud and more — in fact, content across Minnesota, and looming former close presidential election is to be president of John C. Hulsman the whole economy. New York City mayor Mike will go absolutely absolutely unified. “Stealing” the Enterprises. He can be reached for All of which means that Ofcom won’t just Bloomberg — are locked in mortal nomination from Sanders in such corporate speaking and private briefings be looking just at the media, telecoms and combat, all futilely straining to gain bonkers a fashion ensures that a good at www.chartwellspeakers.com. digital sectors anymore. It will need to start regulating the rest of the economy too, from aviation to zoos. Alex Connock, fellow in marketing at Both north and south, Ireland’s financial Said Business School, Oxford University BEST OF centres are the City’s historic partners TWITTER We have announced that we plan to change the name of our parent S THE debate around our pean Financial Forum in Dublin. reach an agreement with our Euro- company to NatWest Group plc. future relationship with Catherine That’s why I used my trip to bang pean partners. @RBS the European Union con- McGuinness the drum for the services sector at With the unique challenges posed Atinues, we at the City home and abroad. We have long by the Irish border and a border in Reminded of that story at the height Corporation have been fo- said that we want a positive future the Irish Sea, my visit brought of the banking crisis where someone cusing on building even stronger relationship with the EU which home the key issues to be resolved was said to have taken £50k out of ties with our closest neighbours. works for businesses and house- for our sector. Clearly, negotiations RBS Bishopsgate branch in cash only Over the past two weeks, I have holds on both sides of the channel. should not be a zero-sum game for to deposit it at Natwest visited Dublin, Belfast and Derry- This matters not just to London, different sectors, but services @faisalislam Londonderry to do just that. but also to our friends in Northern should not be an afterthought. Both the Republic of Ireland and jobs spreading from Belfast to Derry. Ireland, Ireland, and wider Europe. We need an agreement that prop- I’m waiting for the livid SNP reaction Northern Ireland have long-stand- And Dublin has gone from strength One outstanding issue repeatedly erly recognises the economic clout to their bank being rebranded ing historic ties with the City of to strength — now an internation- raised, which is vital to businesses of the services sector, securing max- National Westminster London, which have today evolved ally regarded finance hub that com- and citizens across the UK and EU, imum market access and develop- @imy into a modern partnership around plements London’s global offer. is reaching an agreement on cross- ing a structure for the UK and EU to trade and innovation. So as we look to recalibrate the pa- border data flows. This is particu- prosper in the years ahead. Constituency school visits almost We know that working even more rameters within which we trade larly acute across the Irish border. Returning to the City of London, always hit the nail on the head. Today closely together with the Island of with the EU, it is important that we Although especially critical in in- I am clearer than ever that strong, no exception: Ireland — both North and South — remember the prominent role of surance, it goes beyond the finan- mutually beneficial relationships Child - “Do you know Boris Johnson?” will be all the more important as the services sector across the UK and cial and professional services sector. in financial and professional serv- Me - “Yes” we enter a new phase following our Ireland, which contributes the lion With the digitisation of everyday ices — whether with Dublin, Belfast Child - “Wow. When did you last meet departure from the EU. share to each country’s economy. services now ubiquitous, what will or Brussels — will be fundamental him?” In recent years, both have devel- This point was made abundantly happen to people’s ability to use to our success in this new post- Me - “Er, yesterday” oped burgeoning financial services clear to me over the past two weeks. hospitals across the border if their Brexit chapter. Child - “Really! How was it?' hubs. Today, Northern Ireland plays from senior politicians to regula- records cannot follow them? These Me - “Er, er, er... great, it was just great” a significant part in the success of tors to businesses — first in Belfast are issues that matter to ordinary £ Catherine McGuinness is policy chair @JulianSmithUK UK finance, with its 50,000 sector and Derry, and then at the Euro- people, on which we must urgently at the City of London Corporation. CITYAM.COM MONDAY 17 FEBRUARY 2020 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Tesla’s critics do not have DEBATE Does it make sense to run the to be rewarded to be right Treasury more closely out of Number 10? HORT-selling, or shorting, is Sales growth cannot explain it: in the the act of betting against a Josh second half of last year, car sales rev- company’s stock. If the share Williams enue at Tesla fell by 5.6 per cent. And Boris Johnson is not the first resident of Sprice goes down, the short- it has never come close to turning an Number 10 to want a closer hold on seller makes money. If the annual profit — last year, it lost $862m. Number 11. Pitt the Younger, Peel, share price goes up, they lose it. Those chasing Tesla’s shares up- Disraeli, Gladstone and Baldwin all YES It is the most rhetorical of invest- wards would do well to note how served as chancellor and Prime Minister ments. A short position is a statement closely its share price is tracking that concurrently. WILL TANNER of a belief: a minority opinion held of the South Sea Company, whose col- The two most ambitious premierships against the will of the majority. Short- lapse was one of the most famous — of the post-war period — Clement policy priorities across Whitehall. This sellers often find themselves isolated, In the last five weeks, it has been re- and ruinous — in history. The believ- Attlee’s and Margaret Thatcher’s — both muddies the Treasury’s role as a finance sometimes even shunned, by the ported that the short-sellers who bet ers then were in good company, but it had a clear economic mission set at the ministry and undermines the direction wider investing world. against Tesla have lost a total of didn’t help them much. Sir Isaac New- top. The Prime Minister rightly remains set by the Prime Minister. Sometimes a short position is a $8.4bn as the share price has surged. ton was among their number, First Lord of the Treasury to this day. A closer partnership between the two moral crusade. In 2012, the hedge Steve Eisman, one of The Big Short’s thought to have lost the equivalent of Since Gordon Brown’s tenure, the buildings, and their principals, should fund manager Bill Ackman took a protagonists, confirmed that he is no £3m in the “South Sea Bubble”. Treasury has increasingly run the make a refreshing change, so long as it $1bn bet against Herbalife, accusing longer shorting Tesla, not because he Of course, you never quite know business of government. In the Home is founded in common purpose and the company of being a pyramid thinks he was wrong, but because he when a bubble will burst. As men- Office and Number 10, I witnessed Sajid personal respect. scheme. Ackman wanted to put thinks the share price has “cult-like tioned, short-selling is a rhetorical in- Javid’s two predecessors use money Herbalife out of business (and enrich aspects to it” and is “unmoored” from vestment, and just as in the greatest levers to independently determine £ Will Tanner is director of Onward. his investors in the process). its true valuation. rhetorical endeavours, to be right is When a short-seller triumphs, a There is good reason to be wary of the not always to be rewarded. David and Goliath story writes itself. dramatic recent rise in Tesla’s share Marcus Tullius Cicero famously op- The band of misfits who shorted the price. Tesla is now the world’s second posed Mark Antony in a series of There is a real case for more US housing market in the run-up to most valuable car company, behind speeches now known as the “Philip- coordination among policymakers in the financial crisis became the heroes only Toyota. But it sells a fraction of the pics”. Just like Tesla’s short-sellers the UK, but surrendering more power of Michael Lewis’ The Big Short. number of cars — last year, it sold just today, he found there was a price to to Number 10 is not the solution. NO But sometimes short-sellers lose. In 3.5 per cent of Toyota’s total. pay for taking a bold position. Mark The UK economy isn’t short of 2018, Ackman was forced to cut his Antony had Cicero executed: his head problems, with stagnating wages, FRAN BOAIT losses and abandon the position he and hands were placed on display in Brexit uncertainty, high private debt, had taken against Herbalife. To lose, the centre of ancient Rome, warning and low growth. These systemic failings about “levelling up” the country after however, doesn’t mean that a short- others off the same path. cannot be solved by Boris Johnson nor their Treasury power grab, they will seller is necessarily wrong, just that Cicero’s position, however, has aged Dominic Cummings alone. need to confront Britain’s broken they cannot afford to keep betting well. Posterity has been kind to him, It would not only be undemocratic to economic model. A real levelling up against the received wisdom. “Bet- and his opposition to Antony is re- concentrate decision-making, but would rein in the City while delivering ting on Zero”, a 2017 documentary Note how closely membered as one of the noblest in reckless and irresponsible. If economic investment to industries and charting Ackman’s “holy war”, raises human history. policymaking is going to serve the communities across the country unanswered questions about the na- its share price Tesla’s short-sellers can only hope whole country, it must be made more starved of much needed funding. ture of Herbalife’s business. is tracking that their reward comes a little sooner accountable, not less. Moving Arguing over how much power the Today, the company with the high- than that. policymaking further behind the closed chancellor should have is a distraction. est value of short positions held of the South Sea doors of Number 10 would represent a against it is Tesla. Or at least, until £ Josh Williams is a speechwriter and step backwards. £ Fran Boait is executive director of very recently, it was. Company director at The Draft. If Cummings and Johnson are serious Positive Money.

Editorial Editor Christian May | Deputy Editor Andy Silvester Distribution helpline Our terms and conditions for external Josh Martin Rachel Cunliffe contributors can be viewed at Fountain House, News Editor | Comment & Features Editor If you have any comments about Lifestyle Editor Steve Dinneen | Sports Editor Frank Dalleres the distribution of City A.M. cityam.com/terms-conditions 3rd Floor, 130 Fenchurch Street, Billy Breton London, EC3M 5DJ Certified Distribution Creative Director please ring 0203 201 8955, or email [email protected] Tel: 020 3201 8900 from 25/11/2019 till Printed by West Ferry Printers Ltd, Email: [email protected] 29/12/2019 is 85,406 Commercial Sales Director Jeremy Slattery | Head of Distribution Gianni Cavalli Kimpton Rd, Luton LU2 0SX

NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 22 FEATURE MONDAY 17 FEBRUARY 2020 CITYAM.COM MARKETING

ARLIER this month, millions out of prison temporarily on a fur- of Americans were treated to lough programme introduced by six identical seconds of adver- Dukakis — only to murder again. tising from two opposing polit- Not only was Bush’s broadcast a rel- ical parties. atively unprecedented explicit E“America demanded change,” booms assault on his opponent’s record, but a Don LaFontaine-esque Hollywood it was also designed to stoke racial trailer-style voice over. “And change is tensions and appeal to people’s preju- what we got.” dices in a deeply divided America. It The clip featured first in Donald was a low blow, and has become Trump’s Super Bowl re-election TV ad established as a key reference point on 2 February, which touted the for historic dog-whistle racism in US President’s time in office as an eco- politics. But it worked. nomic success story. But just hours later, it was reappro- 4. ANY QUESTIONS? (2004) priated by the other side, as former Sixteen years later, George W. Bush New York mayor and Democratic proved he was a chip off the old block. hopeful Mike Bloomberg parodied the This unofficial broadcast — tacitly sup- message to show clips of white nation- ported by Bush — redeployed the alist marchers in Charlottesville, attack ad and honed it to a fine art. immigrants being brutally rounded Over the course of a minute, no up, and the President of the United fewer than 13 Vietnam War veterans States saluting North Korean leader claim to have served with Bush’s Kim Jong Un and his officials. The Democratic opponent John Kerry on a message at the end reads: “America type of warship known as a Swift Boat deserves better. Defeat Trump.” — and denounce him as a liar. “When Trump’s $10m broadcast and the chips were down, you could not Bloomberg’s subsequent hit job have count on John Kerry,” scolds one. fired the starting gun on election It later turned out that none of them advertising season in the US, a multi- 1 served alongside Kerry. But as Bush billion dollar circus which has come Senior had shown, sling enough mud to encapsulate the grubbiest elements and some of it will stick. So influential of campaigning for the presidency. was the broadcast that it even gave And as what could be the most vitri- rise to a new pejorative verb in olic campaign ever seen kicks off, it is American English for launching a time to take a look back at how the false political attack: swiftboating. personal attack came to dominate US political broadcasting. 5. THE CHEATERS (2012) By 2012, the honeymoon period was 1. DAISY GIRL (1964) FIGHTING over for Barack Obama. Once the dar- A young girl counts to 10 as she picks ling of liberal America, his approval petals from a daisy. She looks to the ratings had slumped well below 50 per sky as a nuclear countdown begins. Alex Daniel explores how the cent, and the first black President The bomb drops. It’s over. faced a mounting threat from The implication of Lyndon B. TV advertising hit job became Republican Mitt Romney. Johnson’s “Daisy” ad is clear: his oppo- His counterattack, admittedly, was nent, Republican Barry Goldwater, is a permanent fixture in US hardly a patch on Bush’s swiftboating too dangerous for the White House. DIRTY of Kerry eight years before. But it presidential campaigns “Vote for President Johnson,” says the showed that, by then, the political hit narrator as a mushroom cloud engulfs job was so ubiquitous that even the world. “The stakes are too high for Obama was not above it. you to stay home.” The broadcast, which highlighted The ad was broadcast only once, but examples of Romney being weak on in an age of wholesome political jin- the world stage, used a tactic later bor- gles the message was devastating, and rowed by Trump of playing on the has been widely credited with helping electorate’s perception that China’s Johnson to his landslide victory two growing economic might was damag- months later. It did not name ing US citizens’ chances of finding Goldwater. It didn’t need to. employment. Seizing upon Romney’s vow to pun- 2. THE BEAR (1984) ish unfair trade practices of foreign As a grizzly bear lumbers through the nations, who the Republican described woods to the foreboding beat of a bat- as “cheaters”, the President’s tle drum, a narrator says: “Some peo- 4 campaign ad said: “Romney’s never ple say the bear is tame. Others say it’s stood up to China. All he’s done is send vicious and dangerous.” them our jobs.” Obama went on to win The bear — a thinly veiled metaphor the second term. for the Soviet Union — was part of 2 Ronald Reagan’s concerted foreign 6. DANGEROUS (2016) policy push ahead of the 1984 Clockwise from bottom left: George H.W. Bush’s Willie No rundown of ugly political adverts election. Reagan’s approach to the Horton ad; Ronald Reagan’s bear; Lyndon B. Johnson’s Daisy would be complete without an entry Russians, which was more confronta- Girl; George W. Bush’s hit job on John Kerry; Barack Obama’s from Donald Trump. His attack on tional than his predecessors’, became attack on Mitt Romney; Donald Trump’s Hillary Clinton ad Hillary Clinton for a perceived lack of a hallmark of his presidency. fortitude in the face of mounting for- The narrator continues: “Since no eign threats (the Middle East, North one can really be sure who’s right, Korea, and Islamic State) took advan- isn’t it smart to be as strong as the tage of the electorate’s concerns about bear, if there is a bear?” her health. With the Cold War era drawing into Deploying footage of Clinton its final stages, the message that only 5 fainting in public and an overdub of Reagan — not his opponent Walter the sound of her coughing, it was as Mondale — had the plan to stand up to vicious as it was effective. And with the Russian threat was unmistakable. Trump vying for a second term in the It helped the President to a landslide White House, he will surely use re-election. similar tactics against his eventual challenger this time around. 3. WILLIE HORTON (1988) In the blue corner, the Democrats As a central tenet of his 1988 election are also likely to use personal attacks campaign, George H.W. Bush jumped on a never-before-seen scale. From his Democratic rival Michael Dukakis’ brazen public displays of misogyny to public opposition to the death ever-mounting corruption concerns penalty, repeatedly savaging the then- such as the alleged extortion of governor of Massachusetts for being Ukraine, Trump, like no President soft on crime. who has gone before him, offers rich Bush Senior’s method? Circulating a pickings for would-be attackers. mugshot of African American convict- 3 6 The question is: will any of it cut ed killer Willie Horton, who was let through? CITYAM.COM MONDAY 17 FEBRUARY 2020 FEATURE 23 OFFICE POLITICS A simple solution to scientific success

movement tried to fill this gap in the Research parks can help turn the light-bulb market in the early 1980s, and the idea is now an international phenomenon. moments of scientists into big businesses Today, the potential of place-based benefits is materialising as co-working ASED on 35 years of experi- Malcolm incubators. These offer knowledge- ence, I am a proponent of the Parry sharing events, education pro- idea that “place matters”. grammes, and the chance to secure Businesses benefit from being GROW YOUR funding via a business accelerator. located in an environment MONEY The next challenge is to find the busi- Bwilling to share the risks involved in ness growth opportunities that are fostering entrepreneurship. Plum going to emerge from exponential That’s why the global research and Free technologies that sit behind innovative science park movement has taken off. platforms and social change markets. It is designed to support the clustering Wish you were I’m certain that research parks can of enterprises to commercialise appli- Additionally, our incubator pro- better at saving help with this. cations of science, engineering, and gramme provides access to mentors to money? Plum But more can be done. The UK govern- technology. These parks provide the nurture startups. Once successful, will do it for you. ment’s expenditure on research and right place to fast-track the develop- members can move to neighbouring By linking to your development is planned to be just 2.4 ment and growth of knowledge-based offices in the Surrey Technology Centre bank account, per cent of GDP. Additional support in SMEs, and provide managed access to and then onto the wider park. Over the the app regularly the commercial environment business support and government-led years, many companies founded on the analyses your currently includes R&D tax credits to programmes to share the risk of early- park have attracted investment from transactions to encourage a spirit of innovation. stage company development. large corporations. The UK concept, viability, scalability, value, learn about your London, like all cities, needs to make For example, the Surrey Research Unlike simple shared and serviced government’s and quality, before finally arriving in spending habits, the most of the talent, finance, and sci- Park — owned and run by the offices, the worldwide research and sci- expenditure on the market as a warrantable product before setting ence it harbours. Whatever happens University of Surrey — provides a loca- ence park movement has evolved as sci- research and or service. money aside, politically in the coming year, it is vital tion where science (including social sci- ence in business has grown. development Of course, I believe in supporting little but often, that we continue to embrace research, ences), technology, and engineering Commonly, parks support their ten- is planned to entrepreneurial scientists and engi- and investing in development, and critically innovation- entrepreneurship can flourish. ants, from micro-startups through a be just 2.4 per neers as they turn their “light-bulb funds of your led initiatives that actively support the Access to technology and talent spectrum of complexity. They help cent of GDP moment” into a business success, but choice. The best global economy, society, and help enables entrepreneurs to explore the with property rights, physical infra- there are numerous challenges to set- bit? Anyone can enhance the planet. demand and competition for their structure, advice on venture capital ting up a space for this. For instance, do it: you only To this end, the value of research ideas in an environment that supports and legal support — including protec- many commercial property landlords need £1 to get parks as business enablers, acting as the creation of an investable business. tion of intellectual property. dislike the risks associated with the started. both landlords and mentors, is vital. In essence, it is an environment where Ideas are taken by entrepreneurs support of startups, and want to tie ten- entrepreneurship can bring economic from the lab bench or metaphorical ants into long leases. £ Dr Malcolm Parry is chief executive of value to a broad definition of “science”. “drawing board”, through proof of The UK’s research and science park Surrey Research Park. 24 LIFE&STYLE MONDAY 17 FEBRUARY 2020 CITYAM.COM TRAVEL From palatial penthouses to dedicated cheese rooms, here’s the THE TOP 5 best the Alps has to offer. Words: Adam Hay-Nicholls LUXURY SKI

ap your ski pass, perch on our comfortable chairlift and let City A.M. take you for a tour of Tthe Alps’ best new (or newish) hotels. We’ve had the envi- RESORTS able task of spending the early part of this winter season reviewing the peaks of high-end hospitality and the black runs of flashy facilities; a bliz- zard of Michelin-starred mountain food and flickering in-room fires, in pursuit of the five finest places to rest your weary limbs.

THE CHEDI ANDERMATT – SWITZERLAND

There’s something rather Bondian about this place. Andermatt appeared in Goldfinger as a fuel-stop for 007’s DB5, but it’s really only in the last five years that it’s gone A-list and that’s thanks to the arrival of the zen-like Chedi. East meets Alps in this sprawl- ing yet enigmatic 123-bedroom lair de- signed by the acclaimed Jean-Michel Gathy. Under The Chedi’s signature low-lighting, one imagines a tuxedoed Daniel Craig stalking his prey around modernist fireplaces. Foodies will rejoice. Behold the room of cheese, featuring a five metre tall tower of local produce. Above the hotel, at the top of the Gütsch cable car, the hotel has a high-altitude out- post of its one-star Japanese restau- rant. Lunchers swap their ski boots for slippers to come inside. At 2,300m, you’d probably need to be in an ANA Dreamliner to eat sushi at greater al- titude. We opted for the bento; a 120 Euro tasting menu in a box featuring sea scallop sashimi with caviar and nikujaga-braised wagyu short ribs. It makes a change from tartiflette. We hit the slopes straight after, free of fro- mage lethargy. Fondue was on the menu that night, though, at The Chedi’s pop-up rustic chalet, which sits on the hotel’s own ice rink. To gussy up the saucepan of bubbling Gruyère, a generous quantity of shaved winter truffle is added. The bar boasts 100 different sakes, and the smoking library runs to 380 types of cigar, some of them extremely rare. Post-après-ski salvation is found anonymity on the outside, its 150- with enough logs piled up to roast a to the exclusively five-star hotel scene in the two-level spa with a range of hy- year-old woodwork reclaimed from wicker man. In the basement, wood here and brings with it several USPs, drotherapeutic baths, including one local farmhouses. Inside, though, gives way to granite as if you’ve not least ‘Palace’ distinction and an at 42° and another ice-cold, while the there’s an artful blend of rustic stepped inside the mountain itself. alpine outpost of the famed Fouquet’s. main indoor pool is the longest in cosiness and contemporary cool. It’s The pool is postcard-worthy, with un- The Parisian brasserie, on the corner Switzerland. also exclusive, with just nine suites This boutique derwater bubble loungers and a water- of the Champs-Élysées and Avenue £ Rooms from £740 per night in the main bit and four in the hotel is big on fall, and there’s an infrared sauna. It’s George V, is particularly noted for its thechediandermatt.com ‘residence’ next door, interlinked by a half-mile journey to the town. If movie star clientele (and extortionate a subterranean tunnel and boasting a luxury. It’s as you’re walking, ask the staff to point prices), as well as its red velvet chairs private hot tub and cinema. Both out the cute alpine letterboxes en and gold furnishings. You’ll find all of SEVERIN*S buildings and the small team of though a modern route in which you’ll find little bottles that here too (the actors in the form of LECH, AUSTRIA charming staff give the feeling that of schnapps regularly topped up to Studio Harcourt prints adorning the you’re in a private chalet, not a hotel. mega-yacht keep visitors warm. walls). The screen theme continues Lech enjoys royal patronage. The Head chef Kevin Szalai cooks up designer went to £ Rooms from £600 per night with a private cinema and amazing Dutch royal family have a place here, Tyrolean cuisine but is sharing his severins-lech.at kids club, ‘Petit VIP’, where junior the King and Queen of Jordan are kitchen with Tom Aitkins this work on an 18th Spielbergs can learn filmmaking (and regulars, as was Princess Diana. This month. There’s a 3,000 bottle wine have pool parties, fashion shoots and is where the blue-bloods ski and its cellar too, which works out century galleon. BARRIÈRE LES NEIGES mocktails at the bar). discrete character is surely the generously per head, and where COURCHEVEL, FRANCE It’s also got the biggest ski room in attraction. They’ll appreciate dinners can be held, perfectly paired the resort, with valets taking your Severin*s, which is too grand to settle with sumptuous regional wines. If Lech is where the quiet money goes, boots on and off for you. Fendi has de- for a simple apostrophe. Set among Our suite features a balcony, Minotti Courchevel 1850 is where it’s loud. The signed a range of winter wear for private homes, Severin*s blends into furniture and a glass-encased fireplace Barrière Les Neiges is the latest arrival guests, and with five days’ notice CITYAM.COM MONDAY 17 FEBRUARY 2020 LIFE&STYLE 25

Clockwise from main: The Japanese restaurant by The Chedi Andermatt; the restaurant’s interior; a salad at Severin*s; and one of the resort’s suites they’ll have custom skis made for you season. For that, you get 310 square by Kästle and sent from Austria. metres set over two floors and, of The beauty of this place is it’s prop- course, a private butler. erly ski-in ski-out, set on the green £ Rooms from £1,200 per night piste Bellecôte, so the process from hotelsbarriere.com breakfast buffet to gondola lift could- n’t be easier. A top-notch spa will help restore ALPAGA your ski legs, while Pierre Gagnaire’s SKI FACT MEGÈVE, FRANCE Fouquet’s menu is decadent. We pit- The Three stop for lunch and take the truffle Valleys, in which Megève enjoys some of the best skiing croque monsieur (40 Euros). There’s a Courchevel is in the alps, and Alpaga is its most styl- second restaurant, BFire, where Argen- situated, is the ish auberge. Two buildings, clad in tinian holder of three-stars Mauro Co- largest ski area in centuries-old timber, house 22 bed- lagreco charcoal-grills us a 1.2kg côte the world, and rooms while a further five sizeable de boeuf (180 Euros and worth every larger than the five chalets are available for full-booking. penny). biggest US resorts Dotted around this tiny and convivial Most of Barrière’s clientele are combined. hamlet away from the town centre are French and Russian. There are 42 such eye-catching features as a fire pit, larch-clad rooms, all of which are pala- around which are placed fur-covered tial and none more so than the pent- loungers and ice buckets full of fizz. house, which is over £14,000-per-night There’s a small barrel-shaped hot-tub with a seven-night minimum in high that looks out to Mont Blanc (Al- 26 LIFE&STYLE MONDAY 17 FEBRUARY 2020 CITYAM.COM

Clockwise from left: The terrace at Barrière les Neiges; the spa at Ultima Gstaad; the restaurant at Alpaga in Megève; and the bar at Barrière les Neiges.

paga is the only hotel in Megève The lobby’s centrepiece is a glass with a view of the mountain) and a grand piano decorated by Alec Mo- cylinder-shaped sauna which is fired nopoly (one of two in the world; the up as soon as the pistes shut. other is owned by Alicia Keys). The Gastronomy is a treat at this hotel. bar and restaurant will feel homely The two-starred La Table de l’Alpaga is to the Moscow and Monte Carlo set. the work of Anthony Bisquerra, who Our £1,000-a-night suite is cosier, served us a tasting menu of foraged with wood-panelling and reindeer mushrooms with egg yolk, crunchy skins on emperor-sized beds, sultry buckwheat and lovage, succulent arc- lighting, a ‘faux’ fire (it uses steam tic char in a beer and poultry jus, and and lights), and a terrace long perfectly pink veal with salsify, all enough for championship bowling. washed down with tremendous Savo- The hotel’s most arresting sight is its yarde wines. swimming pool which looks like a The limed oak bedrooms aren’t huge nightclub, with water oscillating be- but there’s a great use of space, gor- tween emerald and navy and big geous fabrics and balconies affording chrome spheres on top reflecting views of the Val d’Arly. Our room the Saharan black marble and abun- didn’t have a fire, but it did have a fire dant orchids. Somewhat alarming to DVD on loop so we just hung our wet the untrained eye, though perhaps ski socks on top of the telly. not to the Gstaad demographic, its £ Rooms from £550 per night spa has an en-suite plastic surgery alpaga.com clinic. While not ski-in ski-out, this hotel is the closest to the cable cars and ULTIMA GSTAAD they’ll chauffeur you and your kit GSTAAD, SWITZERLAND there in a stretched Maybach. £ Rooms from £700 per night This boutique hotel may look decid- ultimagstaad.com edly ordinary from the outside – a large and unadorned chalet on the NEED TO KNOW roadside at the edge of town – but in- side it’s big on luxury and not on un- All rates are based on the current winter derstatement. It’s as though a modern season. SWISS flies 50 times a week from mega-yacht designer went to work on London to Geneva from £89 return, and 83 an 18th century galleon. times a week to Zurich from £75. swiss.com CITYAM.COM MONDAY 17 FEBRUARY 2020 SPORT 27 World Cup excitement palpable as England flex muscles

because the focus had quite rightly After smashing an unbeaten pick-up, fantastic invention – are un- that his wicket at 140-3 did not England’s batting been elsewhere, this series would match-winning 57 from 22 balls Eoin deniable. The question is: where are derail the mammoth chase. provide the first opportunity to Morgan described the series as they best utilised? England’s answer Morgan was joined by Ben Stokes depth is a source begin to put it all together on a “hugely productive”. While some for now is at the top of the order, fac- and, under immense pressure, their competitive stage. questions remain, the overriding ing as many balls as possible, and partnership of 61 in just 27 balls of huge optimism, With a 2-1 series win now under feeling is one of excitement. we saw why as he got them off broke the back of the task. Morgan’s their belts, coach Chris Silverwood It was Morgan who to the flying start they ability to clear the rope is says Felix Keith and captain Eoin Morgan can reflect ultimately got them needed with 57 from 27 unparalleled and he seemed spurred on a job well done in the most over the line in balls. on by his uncharacteristic failing in NGLAND came into their exciting of fashions. A total of 1,207 Johannesburg, but the one-run defeat in the first T20I. Twenty20 International se- runs across the three matches made England can Buttler struck 57 after “No score is big enough for us,” ries with South Africa out of this the highest scoring T20I series legitimately say they scores of 15 and two in said Moeen Ali after he struck the practice in the format, con- of this length ever. have a batting line-up the first two T20Is winning runs. And he is right: fident, but not entirely sure Played on a flat pitch and at full of match-winners. England have the most destructive aboutE the specifics of their route to altitude, Sunday’s series finale at Jonny Bairstow, the T20 batting line-up with the most this year’s World Cup. Centurion was not a match for the EXPLOSIVE HITTING one-day international depth in international cricket. Through their mastery of the 50- bowlers. Both sides flexed their It took him two games to opener, did not find his role With eight months left to work over format over the last four years muscles, but after 448 runs were get going, but Jos Buttler’s tal- diminished, as he came in at out what order squeezes the most they knew they had the players and bludgeoned in three-and-a-half hours ent, which his captain compared to No3 and peppered the legside out of them, quality back-ups ready attributes required to be the first of play, it was England who came out T20 great AB de Villiers, came to the boundary. His 64 from 34 was just as in the event of injury, and bouncy side to lay claim to both white-ball on top, chasing the Proteas’ fore on Sunday. Buttler’s freakish gifts good, but the real strength of Australian wickets to look forward trophies simultaneously. But, imposing 222-6 with five balls left. – fast hands, huge power off a tiny England’s side was shown by the fact to, they are right to be confident.

Arteta’s men offer Lacazette rounded off the scoring as the belated cause for Gunners won for just the second time in optimism, writes ARSENAL nine league games Felix Keith at Emirates Stadium

UDDENLY it all clicked into place. After a run of four suc- HIT THE cessive Premier League draws and 45 minutes of predictable, frustrating and ineffective side- to-sideS football, Arsenal found their mojo. In the grand scheme of things it TOON wasn’t much – a 15-minute spell of dom- ination and creativity, and a strong fin- ish against an unadventurous Newcastle side – but the 4-0 win was more than enough to gain that elusive three points and turn all the talk into positive action. Arsenal enjoyed a two-week break be- AND FIND tween their 0-0 draw at Burnley and yes- terday’s home meeting with Newcastle. Mikel Arteta took the opportunity to take the team to Dubai for some warm- weather training, team building and camel riding. The Gunners returned, apparently re- THEIR freshed, and with Arteta talking up their chances of Champions League qualification. All it would take was a run of wins, he said. The problem is, when you’ve drawn 13 of the previous 25 league games, it becomes a habit. MOJO But the news of Manchester City’s likely two-year ban from Uefa competi- tions has reinvigorated the hopes of the group of underperforming teams cur- rently residing outside the promised land of the top four. If City are indeed banned, fifth place may be enough for a Champions League spot. MUST-WIN After a run of just one victory in eight Premier League games at the Emirates Stadium, the visit of Newcastle was a must-win. A look at the team sheet therefore provided a surprise, with PREMIER LEAGUE Rose, Pierre-Emerick Aubameyang’s im- Whatever he said inside the changing Lazaro and squared for Pepe to bobble Arteta leaving Alexandre Lacazette and pact was diminished on the left-hand room at half-time worked. Arsenal flew in a second and the game was over as a Gabriel Martinelli on the bench in ARSENAL NEWCASTLE side of the 4-2-3-1 formation, with the at- out of the blocks after the break, pin- contest. favour of 20-year-old striker Eddie Nke- tacking onus left on Bukayo Saka, an 18- ning back Newcastle’s 5-4-1 formation The irrepressible Saint-Maximin tiah. Previously a regular starter, Matteo year-old winger playing at left-back. It with a sustained period of pressure struck the base of the post, but Steve Guendouzi was banished from the took 31 minutes for the hosts to muster which ultimately won the game. Bruce’s side fell apart late on as the Gun- squad entirely, while Lucas Torreira was a shot on target, Aubameyang shooting Mesut Ozil, who was quiet in the first ners rubbed salt into the wounds. only introduced inside the final 10 min- tamely straight into Martin Dubravka’s half, began to dictate the tempo along- Ozil somehow bundled a tame effort utes for Dani Ceballos. Aubameyang40 54’, gloves, and there appeared little opti- side Ceballos and the home team past Dubravka before Arsenal’s change During the first half it was unclear Pepe 57’, Ozil 90’, mism as the whistle blew for half-time. should have been ahead when Pepe of fortunes was summed up by the final what Arteta and his players had been Lacazette 90+5’ crossed for Nketiah, but the youngster goal – Lacazette firing in a flukey fourth working on during their 14 days off. AUTHORITARIAN ARTETA skimmed the crossbar with his volley. off his standing foot. Newcastle had much the better of the In his playing days Arteta was a stylish They wouldn’t have to wait long, They are still 10th. They are still seven opening exchanges, with Bernd Leno booking for a cynical pull on Valentino central midfielder. He had a full- though. With no pressure on the ball, points off fourth-placed Chelsea, who called on to push Sean Longstaff’s de- Lazaro reinforced the pervasive feeling blooded tackle in him, but it was far Pepe dinked to the back post, where play tonight, and six off Tottenham in flected volley around the post and inside the stadium that it might be yet from his calling card. However, as a Aubameyang rose unchallenged be- fifth. But the tide of identikit draws has Joelinton poking wide from Allan Saint- another one of those days for Arsenal. manager the Spaniard is already gain- tween Lazaro and Federico Fernandez to turned. Arsenal fans will hope that the Maximin’s cross. Granit Xhaka’s early Nicolas Pepe was tied up by Danny ing a reputation as an authoritarian. nod in. Minutes later Saka nutmegged only way is up. 28 SPORT MONDAY 17 FEBRUARY 2020 CITYAM.COM TIDE TURNED Gunners break their drawing streak with a big SPORT win over Newcastle PAGE 27 SERIES SECURE England show their power in chase of 223 to clinch win over Proteas SPORT DIGEST SPURS UP TO FIFTH AS SON SCORES LATE AT VILLA £ Son Heung-min scored in injury time as Tottenham snatched a 3-2 win over Aston Villa to move up to fifth in the Premier League yesterday. Toby Alderweireld netted at both ends to make it 1-1 before Son tucked in the rebound from his penalty, which was saved by Pepe Reina. Bjorn Engels, who gave away the spot-kick, headed in a corner to equalise, but it was the Villa defender’s mistake which allowed Son through to win it in the 94th minute. Spurs went past Sheffield United into fifth, a point behind fourth-placed Chelsea, who host Manchester United this evening. BRISTOL FIGHT BACK TO BEAT NORTHAMPTON £ Bristol Bears came from 14-0 behind to stun Northampton Saints 20-14 and move into the Premiership play-off places on Sunday. Harry Mallinder’s try and three penalties from James Grayson had the hosts in control, but Rory Hutchinson’s yellow card for a high tackle sparked a turnaround. Henry Purdy and Lewis Thiede both scored as the Bears moved up to fourth place. CITY HIT 10 PAST IPSWICH IN THE WOMEN’S FA CUP £ Manchester City thrashed fourth- tier Ipswich Town 10-0 to reach the quarter-finals of the Women’s FA Cup yesterday. Pauline Bremer, Jess Park and Georgia Stanway all scored hat- tricks as City reached the last eight for the seventh straight year. Birmingham beat Sunderland 1-0. ENGLAND BEAT KIWIS IN T20 WORLD CUP WARM-UP £ England beat New Zealand by six wickets in a warm-up to get their Twenty20 World Cup tour off to a ENGLAND chased down 223 at Centurion yesterday to win the third Twenty20 International against South Africa and take the series 2-1. Jos Buttler (57 off 29 balls) and Jonny solid start yesterday. England, who Bairstow (64 off 34) gave the visitors a fast start before Eoin Morgan (57 not out from 22) smashed seven sixes to get them over the line with five balls remaining on 226-5. It begin their tournament against looked a tall order at the half-way stage in Johannesburg after big hitting from Temba Bavuma (49 from 24) and Heinrich Klaasen (66 from 33) saw the Proteas make 222-6. But South Africa in Perth on Sunday, Morgan (pictured) believes his side have the firepower to reach any total. “It [the win] creates belief that you can chase down anything and it reinforces what our method is in chased their target of 135 with two chasing big totals down,” Morgan said. “It’s a reference point to what we can do, there’s no limit on restricting yourself to certain things.” TURN TO PAGE 27 TO READ MORE. overs remaining in Adelaide. BAN LEAVES CITY IN LIMBO

ons succeed in overturning the pun- Key players are nearing the end of time in his coaching career. not benefit from playing in Euro- Whether they win or ishment at the Court of Arbitration their time at the Etihad Stadium – pean competition, which was worth for Sport? Will they bring Uefa to David Silva has confirmed his depar- UNHOLY MESS around £100m to them last season? lose their legal row, heel? And can the European govern- ture at the end of the campaign, But that rebuild is now riven with Then there is the question of their ban is already ing body’s financial fair play rules while Sergio Aguero and Fernand- practical problems. For starters, how whether Guardiola, the man in survive? inho are in the autumn of their ca- does a buying club begin whom so much work was invested in having an impact, These are uncharted waters, so pre- reers – and others, such as to persuade potential attracting, will still be there. Will dictions are dangerous. City’s ban Vincent Kompany, have left signings to join them the club’s transfer targets want to says Frank Dalleres may stand. It also may not. It could be without being replaced. if all parties do not commit if they don’t know? Does reduced to one season if CAS deems With Guardiola about to know whether they Pep even know his plans at this F FRIDAY’S announcement that it heavy handed. It might merely be enter the final season of his will be a part of the stage? Manchester City face exclusion delayed by the club pursuing various contract, there is a school of Champions League City may yet even face a battle from the Champions League for legal challenges at their disposal. thought that the effectiveness before late 2022? merely to hold on to their current the next two years was a bomb- All that is certain at this stage is the of the club’s summer trading From a financial stars, according to some legal ex- shell, then the accompanying all-consuming uncertainty. That, and may have a major impact on point of view, how do perts. Players could, it is argued, Ishrapnel is the endless list of ques- the paralysing effect it will have on whether he decides to stay in City know how claim that the club has breached tions posed by Uefa’s verdict. City’s immediate plans. charge at a club beyond the much they their contracts by acting in a way What now for the most expensively fourth year for the first have to spend that has denied them Champions assembled project in the history of SIGNIFICANT SUMMER given that League football and, effectively, re- football? Can Pep Guardiola be per- This summer was meant to be a sig- Guardiola and they may or sign their posts. suaded to stay at the helm if he is pre- nificant transfer window in the Man City’s plans may It is an unholy mess. City, who re- vented from competing for club club’s efforts to make up ground on have been sponded to Uefa’s verdict by la- football’s holy grail? Will City also Liverpool, who have responded to plunged into belling the disciplinary process suffer a points deduction from the being pipped by City last season by uncertainty by “prejudicial”, could yet overturn the Premier League? setting new standards in relentless the two-year ban. But in throwing their rebuild- Or will the financial and political excellence, and reclaim their status ban issued by ing plans into chaos, the punish- might of the current English champi- as the best in the land. Uefa ment is already taking effect.