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LEAD BY EXAMPLE CROUCH, TOUCH, ENGAGE MATTHEW SYED ON THE RUGBY WORLD CUP WHY SILENCE CAN COUNTDOWN STARTS P30 BE GOLDEN P18 THURSDAY 12 SEPTEMBER 2019 ISSUE 3,455 CITYAM.COM FREE HONG KONG’S BID WHIPS UP A STORM

SEBASTIAN MCCARTHY Tom Tugendhat, chair of the influential foreign City A.M. @SebMcCarthy affairs committee, told : “Our markets are based on the rule of law. China’s actions in Hong A BLOCKBUSTER plan to merge the London Stock Kong in recent years raise concerns over the city’s Exchange (LSE) with its Hong Kong counterpart autonomy, and the connection to a vital national faces an uphill battle after being met with asset like the London Stock Exchange isn’t wise.” scepticism from politicians and investors alike last A top 10 LSE shareholder said: “The share price night. reaction one hour after the approach says the Hong Kong Exchanges and Clearing (HKEX) market does not believe it will be successful,” shocked the City yesterday morning after revealing adding that pressure will now build on US rivals a surprise £32bn bid to buy LSE, threatening to such as ICE (Intercontinental Exchange) to throw torpedo the UK group’s own takeover plans to snap their hat in the ring for a bid too. up US data provider Refinitiv. One City figure involved in LSE’s failed merger LSE’s share price soared to a record high talks with Deutsche Boerse in 2017 said: “HKEX has immediately after the proposals were announced, wanted to buy LSE for years and clearly the but soon shed most of its gains as shareholders Refinitiv deal has made them feel forced to move digested the move which HKEX said would “bring now... but now is not a great time for them. together the largest and most significant financial “ICE and CME will be watching this very, very centres in Asia and Europe”. closely indeed. The Americans will not be Amid widespread anti-government protests in comfortable with the prospect of the LSE being Hong Kong and civil rights violations in China, owned by HKEX, especially when the majority of several leading politicians expressed concern over LSE customers are big US investment banks.” the deal and the perceived closeness of HKEX to the Beijing administration. £ CONTINUES ON P2

FTSE 100▲ 7,338.03 +70.08 FTSE 250▲ 19,982.16 +243.30 DOW▲ 27,137.04 +227.61 NASDAQ▲ 8,169.68 +85.52 £/$▼ 1.233 -0.002 £/€▲ 1.120 +0.002 €/$▼ 1.101 -0.003 02 NEWS THURSDAY 12 SEPTEMBER 2019 CITYAM.COM

LSE POWERS ON AS SUITORS FAIL 10 P 7,000 1. DECEMBER 2004 5. MAY 2009 9. NOVEMBER 2017 THE CITY VIEW Deutsche Boerse offers 520p LSE replaces Dame Clara Rolet steps down as LSE boss a share for London Stock Furse with Xavier Rolet as 6,000 Exchange (LSE), valuing it at chief executive officer 10. SEPTEMBER 2019 £1.3bn Hong Kong bourse makes 6. JUNE 2011 surprise £32bn bid for LSE It’s tempting, but the 2. MARCH 2005 LSE talks for a merger with Proposed offer is withdrawn TMX Group, which operates 5,000 the Toronto Stock Exchange, 3. MARCH 2006 collapse 9 devil’s in the details LSE rejects a $4.2bn offer from Nasdaq 7. FEBRUARY 2016 LSE and Deutsche Boerse 4,000 HE STOCKHOLM Stock Exchange, the Toronto Exchange, 4. FEBRUARY 2007 confirm they are in talks for Germany’s Deutsche Boerse, Australia’s Macquarie and Nasdaq’s approach collapses all-share merger 7 8 the American giants Nasdaq and ICE have all danced the T 8. MARCH 2017 3,000 dance with the London Stock Exchange at one time or An attempted merger another. Deutsche Boerse has been the most persistent and the between Deutsche Boerse Americans have kept an eye on Paternoster Square. And who can and the LSE was blocked by European regulators blame them? The London Stock Exchange Group’s share price is 2,000 up more than 2,000 per cent since it listed 20 years ago, driven by its own run of acquisitions and deals while London cemented its position as a leading financial services hub. Yesterday, in a 4 move that stunned the City, Hong Kong Exchanges and Clearing 3 5 6 1,000 (HKEX) became the latest international rival to make a swoop on 2 the London exchange, blowing in with a £30bn bid to create, in 1 their words, a new “global market infrastructure group” that “connects East and West”. It is, at a glance, an enticing 2005 2007 2009 2011 2013 2015 2017 2019 proposition. According to research by New Financial, Hong Kong has (relative to GDP) the deepest capital markets in the world and is the fourth There are largest international financial centre. some almighty London comes second and a combined obstacles UK-HK operation would eclipse the EU and snap at the heels of the top ranked HKEX anticipates political US market. As one veteran City watcher said yesterday, “linking the most dynamic market in Asia with the most dynamic in Europe makes a lot of strategic sense”. For a buccaneering, post-Brexit global Britain, it would indeed be battle on £32bn LSE offer quite a statement. However, there are some almighty obstacles – corporate, political and diplomatic. Firstly, the LSE has not welcomed this approach. It’s focused on finalising its own £20bn CONTINUED FROM FRONT PAGE flagged political tensions as a major and we will be able to offer customers deal with Refinitiv – something that the architects of the Hong issue, with UBS saying that business greater innovation, risk management Kong deal oppose. Furthermore, the chances of UK politicians Following the announcement, CME disruption in Hong Kong adds to the and trading opportunities.” Group chief executive Terry Duffy potential perceived risk of a proposed HKEX said the deal is subject to LSE’s and regulators satisfying themselves that the Hong Kong said the US markets firm is “laser LSE/HKEX merger. mammoth £22bn merger with Refini- Exchange is sufficiently independent from Beijing are remote. focused” on its recent $5bn acquisi- Protesters and police have been tiv falling through. HKEX is chaired by Laura Cha, a close friend of Hong Kong’s tion of UK-based fintech firm Nex. clashing in violent demonstrations In a statement LSE, which is headed embattled chief executive Carrie Lam. The HKEX chief executive, Treasury Select Committee member throughout Hong Kong over the up by former Goldman Sachs banker Wes Streeting said he would “want re- summer following anger at a now- David Schwimmer, said the HKEX Charles Li, has described the mass pro-democracy movements assurance about where the leadership suspended bill that would have al- offer was “preliminary and highly gripping Hong Kong as “not helpful”. Simply put, the leadership will be based and, given LSE’s owner- lowed extradition to mainland China. conditional”, but would consider it of the Hong Kong exchange knows which side its bread is ship of Russell Indexes, what level of HKEX boss Charles Li was adamant and make a further announcement. buttered. Frankly, leaving aside the politics, the LSE doesn’t risk might present itself as a result of that concerns over political influence The proposed transaction implies a the ongoing US-China trade wars”. from a takeover were misplaced, value for each LSE share of around need this deal. It sees its future in data and the Refinitiv strategy Meanwhile, business secretary An- saying on a media call: “To everyone 8,361p, representing a premium of 23 is designed to facilitate that. Their advisers on that deal now drea Leadsom said she would look telling us this is a potential Chinese per cent to the closing share price of have to defend against an unwelcome gatecrasher at the party. “very carefully at anything that had takeover, over the last seven years of 6,804p on 10 September. It comes just security implications for the UK”. ownership of the London Metal two years after EU regulators blocked Controversy around foreign acquisi- Exchange (LME) we have invested a proposed £21bn merger between tions in the UK has mounted in recent heavily, created many jobs, paid a lot LSE and Germany’s Deutsche Boerse. years, with the government bolstering of taxes… and it is is still a quintessen- Iain Anderson, boss of City lobby its Takeover Code in 2018 following a tial British institution.” firm Cicero, said: “The China element string of contentious deals. Li added: “Together, we will connect – with the level of unrest – will give Follow us on Twitter @cityam Financial analysts in the City also East and West, be more diversified the deal even more political scrutiny.”

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL BABCOCK’S NAVY FRIGATE WHAT THE SHINZO ABE GIVES POSSIBLE SHOP CLOSURES HIT NEW FOREVER 21 PLANS TO FILE DEAL LIFELINE TO SHIPYARD OTHER SUCCESSOR CABINET ROLE RECORD AMID RESCUE DEALS FOR BANKRUPTCY SUNDAY A consortium led by defence group Japan’s prime minister, Shinzo Abe, has Shops are shutting at a rate of up to 16 a Retail chain Forever 21 is planning to file Babcock International has won the PAPERS SAY appointed to his cabinet the man many day across the country, with closures for bankruptcy as early as Sunday after competition to build new frigates for expect to be his successor — 38-year old hitting record levels as the crisis facing a cash crunch for months, the Royal Navy, securing hundreds of THIS Shinjiro Koizumi, son of the former engulfing the high street escalates. The according to people familiar with the jobs at British shipyards, including in prime minister Junichiro Koizumi. As first half of this year saw 2,868 store matter. The company has been Northern Ireland and Scotland. The MORNING the new environment minister, Koizumi closures, almost twice as many as searching for a new loan for months to deal throws a potential lifeline to faces the problem of how to dispose of openings, as retailers increasingly resort stave off bankruptcy, the people said. It Belfast’s Harland and Wolff, the builder more than 1m tonnes of radioactive to controversial rescue deals to cut is likely to file in Delaware, and shut of the Titanic that fell into water from the Fukushima power plant. rents and shut unprofitable stores. some of its more than 700 stores. administration last month. It will also provide a boost for Ferguson Marine. SPLITS APPEAR IN ITALIAN OUTRAGE AS BRITS CHARGED GM RECALLS 3.5M TRUCKS COALITION ON MIGRANTS MORE FOR THEIR IPHONES AND SUVS OVER BRAKES BRITISH AIRWAYS PILOTS lower than at some competitors. A basic The first cracks are appearing in the British consumers have expressed their General Motors is recalling about 3.5m SWOOP ON PAY COMPARISON starting salary for a BA captain is about new Italian coalition government after fury at a price hike on the latest iPhone late-model pickup trucks and sport- FT analysis has shown that the pay £75,000, the pilots’ union says. At the leader of one party demanded a 11 that means they could be left out of utility vehicles in the US to fix a problem levels of British Airways pilots, at the Lufthansa, it is €144,000 (£128,577), charity rescue ship be allowed to pocket compared to some of their US that makes it harder for drivers to apply centre of this week’s strike, appear to be rising to €170,000 with additional hours. disembark 84 migrants in Italy. counterparts. the brakes. CITYAM.COM THURSDAY 12 SEPTEMBER 2019 NEWS 03 The prince and the broker: Harry and friends join bankers for a charity day ANNA MENIN @annafmenin PRINCE Harry became a City boy for the morning yesterday. Alongside film stars and music artists, the Duke of Sussex turned his hand to trading stocks for charity. Traders watched as the Prince hit the phones to seal deals with clients, helping to raise money as part of brokerage firm BGC’s commemoration of the lives lost in the terror attacks of 11 September 2001. Harry even helped to seal a £1bn trade deal, Sky News reported.

Helen McCrory (left) from Peaky Blinders, singer Cheryl Tweedy (right), comedians Jimmy Carr and Alan Carr (right), and motorcycle racer Alexz Wigg joined Prince Harry (centre) in a day of trading Remainers tell Boris: See you 9am...conf...enc... next Tuesday call...int...upted... CATHERINE NEILAN that the principal reasons for the @CatNeilan prorogation were to prevent or impede parliament holding the exec- THE GOVERNMENT is preparing itself utive to account and legislating with by...tun...nel. for a Supreme Court showdown on regard to Brexit, and to allow the Tuesday after a Scottish court ruled executive to pursue a policy of no-deal that the controversial suspension of Brexit without further parliamentary parliament was unlawful. interference.” Appeal Court judges chaired by Lord The SNP’s Joanna Cherry QC Carloway, Scotland’s most senior welcomed the news, saying: “We feel judge, overturned an earlier ruling utterly vindicated”, and that she was that the courts did not have the pow- “confident” the Supreme Court ers to interfere in Boris Johnson’s would uphold the decision. move to prorogue parliament for five A spokesman for Downing Street weeks until 14 October and accused said that the PM had “absolute re- him of misleading the Queen. spect for the impartiality of our The ruling does not yet signal a judges”, disowning an earlier Num- return to the Commons for MPs, how- ber 10 source quote questioning ever, and the government will appeal potential bias. against the ruling in front of the UK’s The government ruled out recalling highest court next week parliament until the Supreme Court Summarising, judges said that the considers the case and denied John- decision to suspend parliament “was son had misled the Queen. an egregious case of a clear failure to In a separate case last week, the comply with generally accepted English High Court had held the mat- standards of behaviour of public ter was political, not a legal matter, authorities”. but no such distinction exists north They added: “It was to be inferred of the border. Yellowhammer: Tories’ no-deal Brexit documents in forced reveal

CATHERINE NEILAN It also warns of “significant” rises @CatNeilan in the cost of electricity, and an increase in protests, counter-protests A NO-DEAL Brexit will cause some and “public disorder”. disruption to cross-border financial The government was forced to services, while wider business publish the document after former preparedness remains low, according attorney general Dominic Grieve to the government’s own worst-case secured Commons support for a scenario planning. humble address demanding it be The Operation Yellowhammer released. He also demanded the document warns of “significant” publication of private messages of Some mornings just call for a Breakfast Wrap. disruption at the borders, the worst nine government special advisers. of which will last for six months, and The chancellor of the Duchy of Served before 10.30am except in selected restaurants which will serve this until 11am. © 2019 McDonald’s seasonal health issues exacerbated by Lancaster, Michael Gove, has refused lack of access to drugs. to publish the latter.

CITYAM.COM THURSDAY 12 SEPTEMBER 2019 NEWS 05

SUPER-GUY Shareholders support Julian Dunkerton as turnaround plan continues Zara owner plots online expansion

INVESTORS voted to re-elect Superdry interim chief executive Julian Dunkerton as sales and profit soar in first half (pictured) by 99.97 per cent yesterday, showing JESS CLARK Sales increased seven per cent to next two months and will also begin € confidence in the co- @jclarkjourno 12.82bn as the retailer offering Zara Home products online founder’s turnaround plan. outperformed rivals such as from 17 September. Dunkerton re-joined the ZARA owner Inditex – the world’s Sweden’s H&M. Like-for-like sales The second half of the year has company earlier this year in a biggest retailer – yesterday reported were up five per cent overall, and started well, the company said, with boardroom showdown that strong profit and sales growth in the grew across all store concepts and autumn/winter collections being saw former chief executive first half. regions both in store and online. well received. Euan Sutherland quit. The retail giant, which also owns The company, which has more Store and online sales increased brands including Bershka and than 7,400 stores worldwide, eight per cent between 1 August and Massimo Dutti, reported net profit announced it will launch online 8 September. The company estimated of €1.55bn for the six months to 31 sales in South Africa, Colombia, the full-year sales growth of between July 2019. Philippines and Ukraine over the four and six per cent.

Investors rebel against Ashley at Sports Direct

JESS CLARK to Press Association. @jclarkjourno The retail boss told the small num- ber of investors gathered to ignore A THIRD of independent Sports Direct news reports that painted him “as a shareholders voted against Mike pantomime villain”. Ashley’s re-election as chief executive However, investors appeared upbeat at the FTSE 250 firm’s annual general about Ashley’s leadership and the meeting (AGM) yesterday. firm’s potential as they left the AGM In total, 90.99 per cent voted to reap- in Sports Direct’s new upmarket store point Ashley as a director and 9.01 per Flannels in Oxford Street yesterday. cent voted against despite the chaos One shareholder, who wished to and controversy that has surrounded remain anonymous, said: “I think he’s the retailer. However, Ashley owns 61 a very, very good entrepreneur who’s per cent of the shares. taking a view on retail. He’s a contro- Discounting Ashley’s stake in the versial character, but controversial firm, around a third of shareholders characters do well. You look at rebelled against his re-election. what he has done... give him a The resolution to reappoint break.” Grant Thornton as the firm’s Long-term shareholder Lau- auditor was withdrawn after it rence Corbett said Ashley quit the role earlier this year. brought “a bit of sparkle” to Sports Direct has struggled to the corporate world, but lure a Big Four firm to audit voted to oust him as its accounts and business chief executive as secretary Andrea Leadsom the firm has not is now expected to appoint paid a dividend in one on Ashley’s behalf. 10 years. Ashley said the goal of securing a Big Four auditor Mike Ashley was was a “tick box”, according re-elected as CEO New Look’s revenue slumps as poor weather adds to retail woes JESS CLARK quarter as it began to feel the @jclarkjourno benefits of its restructuring plan. Long-term debt shrank from NEW Look sales plunged in the first £1.35bn to £350m after New Look quarter as the retailer battled struck a refinancing agreement to challenging high street conditions slash its debt in a deal that gave and “unseasonable” weather. lenders more control over the Core like-for-like sales were down business. The debt-for-equity swap 10.1 per cent, which the company saw bondholders take control of 92 blamed on lower footfall due to poor per cent of the company’s equity. weather in May and June and Despite the slump in sales in the consumer uncertainty. first quarter, like-for-like sales were The fashion chain yesterday up 2.2 per cent in the eight weeks to announced it has narrowed its losses 24 August, the fast fashion firm said from £15.5m to £2.7m in the first in a trading update. 06 NEWS THURSDAY 12 SEPTEMBER 2019 CITYAM.COM McDonnell poised to extend plans Audit bigwigs for tax on UK financial transactions HARRY ROBERTSON worried about £4.7bn a year. Yet the Financial product developer at the London Times reported yesterday that Stock Exchange, the FT said. @henrygrobertson McDonnell is now supporting a The report says that financial SHADOW chancellor John McDonnell further expansion of the tax to cover transaction taxes are inexpensive to is set to extend Labour’s plans for a foreign exchange and commodities collect and hard to avoid, giving new tax on UK financial transactions transactions and related derivatives them the potential to raise sluggish reform in a move that could bring in an extra trades. His plan would seek to avoid significant amounts of income. £2.1bn to the government’s coffers. capital flight by charging UK tax The proposals, which McDonnell Under Labour’s existing plans, the residents who make the trades. will push to be included in Labour’s 0.5 per cent duty on share trading The policy was proposed by a next manifesto, will be highly JAMES BOOTH head of the HMRC Jon Thompson – would be extended to other asset group called Intelligence Capital, controversial among financial and a new chair – former Glaxo- classes. Labour says this would raise which is run by a former derivatives institutions. @Jamesdbooth1 smithkline boss Simon Dingemans – THE HEADS of two leading account- who are due to start this autumn. ancy bodies have expressed concern The FRC has started implementing about perceived government inaction some of Kingman’s recommenda- on the reform of the troubled audit tions, but others require legislation regulator. and it is not clear when this might be Chief executive of the Institute of enacted due to the political chaos Chartered Accountants in England around Brexit. and Wales, Michael Izza, said slow Former business secretary Greg progress on reform of the Financial Clark was an advocate for reform of Regulatory Council (FRC) “is some- the FRC, following its perceived tooth- thing of a concern”. lessness in the face of scandals such Ian Peters, chief executive of the as the failure of outsourcer Carillion. Chartered Institute of Internal However, the new secretary of state Auditors, said: “We are very con- Andrea Leadsom has given little indi- cerned about a potential delay given cation of her thoughts on the subject. pressures on the parliamentary “We hope that the new secretary of timetable.” state Andrea Leadsom will be as com- The FRC was slammed by Sir John mitted to reform as her predecessor,” Kingman in December in a report Izza said. that called for the “rather ramshackle A spokesperson for Beis said: house” to be scrapped and replaced “A strong and competitive audit mar- with a new body: the Audit, Reporting ket is crucial to our business frame- and Governance Authority (Arga). work, and we are committed to The Department for Business, bringing forward reforms to ensure Energy and Industrial Strategy (Beis) the UK continues to be a world leader hired a new chief executive for Arga – in audit and accounting services.”

CONSTITUTIONALLY SPEAKING Bercow signals support for written constitution

SPEAKER John Bercow yesterday claimed “there is a lot to be said for a greater codification of our arrangements” after a series of legal controversies over Brexit. The process has highlighted uncertainties over what is and is not a rule, he said. Publishers attack ‘unscrupulous’ tech giants over digital adverts

JAMES WARRINGTON using its control over the online ad market to carry out “exclusionary @j_a_warrington behaviour”, adding that the search BRITISH news publishers have giant charged “exploitative” fees for clashed with S ilicon Valley tech its services. giants amid a government probe into Channel 4 said it was “deeply anti-competitive behaviour in the concerned” about the dominant digital advertising market. position of the two companies, Media organisations including the accusing them of stifling Daily Mail’s parent company and competition. Channel 4 have launched blistering The comments came in initial attacks on Facebook and Google over responses to the Competition and their monopoly power and Markets Authority, which has “unscrupulous behaviour”. opened an inquiry into major tech DMG Media accused Google of firms over their monopoly power. CITYAM.COM THURSDAY 12 SEPTEMBER 2019 NEWS 07

HEY, YOU! Trump tells ‘boneheads’ at the Fed to slash rates to zero or even lower China exempts some US goods from US PRESIDENT Donald Trump yesterday called US Federal further tariffs ahead of trade talks Reserve policymakers “boneheads” and HARRY ROBERTSON from the US for a year, starting 17 from the US such as soybeans still demanded that they September. have heavy tariffs attached. drop interest rates to @henrygrobertson China has slapped its own tariffs Nonetheless, global stock markets zero “or less”. He said CHINA yesterday exempted 16 US on around $185bn (£150bn) of US were cheered by the news, as well as this would let the US products from additional tariffs, its goods in retaliation for the expectations that the European refinance its debt. finance ministry said, in a sign of approximately $550bn of tariffs put Central Bank (ECB) is set to unveil “The USA should goodwill ahead of high-level talks this on Chinese goods by the further financial stimulus today to always be paying the month and next. administration of US President boost the Eurozone economy. the lowest rate,” he Products such as animal feed, fish Donald Trump. David Madden, market analyst at tweeted. meal, some anti-cancer drugs and Despite the exemptions, over 5,000 CMC Markets, said China’s decision lubricants will be exempt from extra types of US products are still tariffed was “a step in the right direction for tariffs when they come into China by China. Crucially, major imports US-China trade relations”.

NAVIGATING YOUR PENSION AND THE EVENTS Eurozone set for LIFETIME ALLOWANCE stimulus leaving WILL YOUR PENSION SAVINGS EXCEED £1M? gift from Draghi

HARRY ROBERTSON said: “Bond markets have rallied sharply since July, so the case for buy- @henrygrobertson ing more is not as strong as it was.” MARIO Draghi will today chair his last A growing chorus of voices have also interest rate-setting meeting as presi- warned of the effects of negative in- dent of the European Central Bank terest rates, which mean banks have (ECB). The question is, will he bring a to pay the ECB to keep excess reserves bazooka to his final battle? in its figurative vaults. The consensus expectation is that Deutsche Bank economist Quinn Draghi and Co. will cut the ECB’s Brody said that at a certain point they main interest rate by 10 basis points become punitive. “It would be better (0.1 percentage points) to minus 0.5 not to experiment with the world’s per cent in a bid to spur stubbornly second largest economic area.” low Eurozone growth and inflation. The ECB is expected to unveil a But many questions remain over measure, called “tiering”, which will what other weapons the central bank excuse some of banks’ deposits from will pull out of its arsenal, and the charge. whether they will have any effect As Draghi prepares to hand over after 10 years of experimental mone- stewardship of Eurozone inflation to tary policy. ex-IMF boss Christine Lagarde, bigger A Reuters poll showed that nearly 90 questions hang over the ECB and cen- per cent of economists expect the ECB tral bankers around the world. to address anaemic growth by re- Nomura’s George Buckley said: “It is JOIN OUR EVENING EVENT launching its stimulus bond-buying questionable how significant of an OUR SPEAKERS known as quantitative easing (QE), impact all of this will have on the which seeks to flood the economy economy.” The ECB has slashed rates THOMAS SALTER, CHIEF OPERATING OFFICER, NETWEALTH with cheap cash. to zero and bought trillions of euros MATT CONRADI, HEAD OF CLIENT ADVISORY, NETWEALTH Yet Andrew Kenningham, chief Eu- of bonds, he said, “and yet core infla- CHRISTIAN MAY, CITY A.M. EDITOR rope economist at Capital Economics, tion has failed to rise”.

THE DISCUSSION JOIN US Having a strategy for when and how to draw from your pension is Tuesday 24th September Bank Santander circumvented essential. Weighing up your objectives between maximising Registration 6.30 pm income in retirement and passing wealth on to the next generation Discussion 7-8 pm professional PPI claimant firms will help define the appropriate strategy for you. Drinks and canapés 8-9 pm Our panel of experts will help you to understand how to optimise AUGUST GRAHAM Santander contacted customers your pension savings. LOCATION without the right paperwork, to find @AugustGraham Andaz London, 40 Liverpool St, out if they have exceptional During the evening we will: London EC2M 7QN PROFESSIONAL claims managers have circumstances. Otherwise their • Look at the impact the LTA charges could have on your pension accused Santander of trying to application will not be valid. • Consider the strategies for navigating the LTA in accumulation minimise its PPI payments after the However, Simon Evans, the chief bank went above their heads. executive of the Alliance of Claims and drawdown The bank has bypassed claims Companies, told City A.M. customers • Learn how controlling certain factors when investing can improve management companies (CMCs) and were “even more likely to need help your chances of achieving your goals spoken to customers to save time. in exceptional circumstances”. The deadline for claims in He added that Santander should Britain’s biggest banking scandal – not be aiming for speed alone. the mis-selling of payment “Consumers should be getting the To register your interest in this event, please visit www.cityam.com/event/netwealth. Places are limited and subject to availability. protection insurance (PPI) – passed right answers, rather than quick This event is for professionals only, with minimum investable assets of £100k last month. answers,” Evans said. YOU SEE MORE WHEN YOU DON’T FLY PARISPARIS

EACH WAY Limited seats available FROM CITYAM.COM THURSDAY 12 SEPTEMBER 2019 NEWS 09 Galliford Try sinks amid Bovis talks JOE CURTIS Galliford also saw revenue slip 7.5 across the businesses have delivered a per cent year on year to fall to £2.71bn. good performance despite the @joe_r_curtis The construction firm also crashed challenges faced,” said chief executive GALLIFORD Try suffered a slump in from a cash position of £98.2m to a net Graham Prothero. “The potential com- profit in its latest financial year, it debt pile of £56.6m as earnings per bination of our Linden Homes and revealed yesterday, a day after it share slumped from 121.1p last year to Partnerships businesses with Bovis restarted talks to sell its housebuild- 78.5p for its latest financial year. Homes represents a superb opportu- ing arm to Bovis Homes for £1.1bn. That saw the infrastructure company nity, enhancing the prospects for all Pre-tax profit crashed 27 per cent to reduce its full-year dividend by 24 per three of our businesses to thrive as £104.7m for the 12 months to the end cent to 58p per share. strategically focused and well- of June, compared with the £143.7m it “The group has continued to per- financed operations with excellent op- hauled in in 2018. form well and our talented teams portunities for growth.” Galliford Try is in talks to sell its housebuilding arm to Bovis Homes for £1.1bn

IN BRIEF UK LITIGATION FUNDER Crest Nicholson AUGUSTA RAISES $115M The UK’s largest litigation funder by case volume Augusta said yesterday it had raised $115m (£93m) from an poaches former unnamed US investment manager. Managing director Louis Young said: “This development is a strong Stobart chair endorsement of the litigation funding industry and in particular, ALEX DANIEL our market-leading experienced team”. Litigation funders back @alexmdaniel individual legal cases or portfolios of CREST Nicholson has installed 26th September 2019, Midday to 8:00pm cases and take a slice of any former Stobart chair Iain Ferguson as financial settlement. The nascent its non-executive chairman, as the Find Your New Shared Ownership or Private Sale Home industry has been rocked recently house builder completes a by allegations made against the refurbishment of management. Newlon Living offer high specification homes for world’s largest funder Burford Ferguson, who will take the post Capital. in November, has been appointed Shared Ownership and Private Sale in desirable just as new chief executive Peter locations across North and East London. SPRING IN SIGHT AT FOUR Truscott is set to take the reins at the SEASONS AMID DEAL TALK firm this month. Our experienced sales team will Residents at Four Seasons care At Stobart last year, Ferguson homes may see light at the end of thwarted an attempt to kick him out support you through every stage of the tunnel today as it looks poised of his post by the company’s former the buying process, helping you to to announce a deal with H/2 Capital chief executive Andrew Tinkler, who find the perfect home for you. Partners to take over most of the had hoped to install billionaire retail sites. The US hedge fund is set to magnate Philip Day instead. take on 185 of the company’s 320 care homes and continue to run the RReserveeserve on the day ttoo ttakeake advadvantageantage of our eexclusivexclusive ofoffersfers others until a buyer can be found, Sky News reported. The deal will likely save thousands of jobs. 22,000 people work for Four Seasons, Ex-Terra Firma Enfield EN3 IslingtIslingtonon N4 WalthamWWaaltham Forest Forest E10 TowerTower Hamlets E1 RedbridgeRedbridge IG3 looking after 17,000 residents. The deal could be announced as soon as boss is poised today. REMY COINTREAU NAMES NEW CHIEF EXECUTIVE to join Heylo EXCLUSIVE LCLXE LAUNCHUNCHAUSIVE EXCLUSIVEUSIVE LAUNCHLCLXE L UNCHAUSIVE 20% NOW SOLD 80% NOW SOLD T FEASL W REMAINING French spirits group Remy Cointreau said yesterday it had NEXUSNEXUS CITYCITY NORCIT NORTHTH NESTNEST PIMENTOPIMENTO NAPIER APARTMENTS APPAAARTMENTS picked Richemont’s Eric Vallat as its AUGUST GRAHAM new chief executive. Vallat, who used to work at the French cognac @AugustGraham 1, 2 & 3 1, 2 & 3 1, 2 & 3 1 & 2 1 & 2 maker, will replace Valerie THE FORMER boss of private equity Chapoulaud-Floquet. She said in house Terra Firma is set to be an- early July that she would step down nounced as the next chief executive of by the end of 2019 for personal Heylo, a British provider of affordable Newlon Living New Homes Show: reasons. “We are convinced that his housing. At Andaz London Liverpool Street - Hyatt 40 Liverpool Street, London EC2M 7QN expertise and charisma will enable Andrew Geczy will be tasked with him to pursue, develop and accelerating Heylo’s expansion, Sky 26th September 2019, Midday to 8:00pm (By registration only - No ticket no entry) spearhead the value strategy that News reported. It owns Home Reach will lead Remy Cointreau on to which has delivered 4,000 properties further successes,” Marc Heriard- and has raised hundreds of millions Dubreuil, Remy Cointreau’s of pounds. Register now at: chairman, said. Remy Cointreau’s The former private equity chief is www.newlonhomeshow.london share price has more than doubled likely to be looking for more money to since Chapoulaud-Floquet, a luxury fund an expansion of the company’s sector specialist, took over in portfolio and help mitigate the September 2014 with a strategy massive dearth of affordable housing focused on selling spirits priced at in the UK. £40 or more a bottle. Growthpoint eyes Capital & Regional stake JESS CLARK which owns eight malls across the contracted rent declined £1.2m from UK including Walthamstow, Wood June last year to £61.1m as new @jclarkjourno 12.24% Green and Ilford, rose more than 12 leasing agreements failed to offset SHOPPING centre owner per cent after the potential deal the impact of retailer restructurings. Capital & Regional is in talks came to light yesterday. Four company voluntary to sell a majority stake to South The deal would involve a partial arrangements (CVAs) – Debenhams, African property firm Growthpoint as cash offer for Capital & Regional Arcadia, Monsoon Accessorize and the Johannesburg-based company shares and a capital injection to Select – have impacted the firm’s takes advantage of weak UK retail support its strategy through a portfolio. property prices. subscription for new shares. Debenhams rent cuts have hit the Capital & Regional owns eight malls including Wood Green Shares in Capital & Regional, Capital & Regional reported that firm the hardest. 10 FEATURE THURSDAY 12 SEPTEMBER 2019 CITYAM.COM MARKETS TALK PARTNERHOW CONTENT MUCH STIMULUS WILL THE ECB DELIVER?

Neil Wilson discusses the potential consequences of the ECB failing to meet market expectations.

great showman always JULY RECAP new net asset purchase programme QE seems more open to debate, al- wars, the projection for 2019 could leaves people wanting more. Markets were left a little bit disap- this year. though I would err on the side of the fall as low as 1.0%. In his penultimate show- pointed in July – but should they ECB announcing it will restart bond Elsewhere, the data from Germany piece, ECB chief Mario have been? To my thinking it ought QE, RATES & buying in October. There are conflict- makes for grim reading with manu- A FORWARD GUIDANCE Draghi may do exactly that. to be the ECB that should feel ag- ing reports about whether the ECB facturing PMI softness and industrial Expectations ahead of the European grieved as the market didn’t pick up The ECB is likely to announce 20bps of announces a new QE scheme or sim- production slumping. Moreover, risks Central Bank (ECB) meeting are run- on very dovish signals. cuts to the deposit rate and commit, ply gives a very strong indication that from such arenas as the trade war ning very high. Whilst it seems the As we noted at the time: Markets or at least leave open the possibility, to it will do so in December. Given and Brexit seem to be growing rather ECB will throw the kitchen sink at have lusted for more easing and he’s do more. Cutting the deposit rate fur- what’s priced into the market, if than abating, which will undoubt- slow growth and persistently lacklus- come good. Having said in 2012 he ther would of course make its TLTRO there is no QE we could well see the edly weigh on the quarterly projec- tre inflation, markets seem to want would do ‘whatever it takes’, Draghi III programme more appealing. euro appreciate. tions for growth. the taps, the plug and the plumbing has delivered one final gift to the A 10bps would be a little short of ex- The introduction of QE would natu- Headline inflation in August was thrown in for good measure too. In- ECB with a new policy direction that pectations. Expect 20bps of cuts pen- rally require the change in forward just 1%, while core inflation a mea- deed, former vice president Vitor his successor will carry forward. It’s cilled in for this year and a change to guidance, likely on the basis of past gre 0.9%. The 5y5y forward inflation Constancio said only last week that not quite as dovish as we thought it forward guidance that indicates fur- form to say that rates will remain at swap is still only mildly above 1%, in- markets are expecting too much might be in that there was no policy ther cuts. If it goes full kitchen sink, current or lower levels until well past dicating the market has no confi- from the ECB. change today, but it sends a very 20bps in cuts now and another 20bps the end of net purchases. The ECB dence of inflation rising from the Faced with persistently weak infla- clear signal. before the year is not out of the ques- could go further and suggest a likely current lacklustre level. Estimates for tion, falling industrial output and Having teed it up, the ECB will be tion. We should also expect an an- and more precise timeline to when 2019 of 1.3% for headline inflation the ongoing US-China trade war, pushing on an open door, but the nouncement on tiered deposit rates rates might rise, or even link explic- and 1.1% for core inflation are likely there is nothing left for the ECB now market wants it to charge through to soften the impact on banks. It’s itly to an inflation target. to decline by 0.1-0.2 percentage but announce an aggressive stimulus and break the door down. worth nothing that concerns about points each. package, particularly as it very much Several things were noteworthy bank profitability (or even worse) STAFF PROJECTIONS In short: The ECB could disappoint set up the market for a big push in about the July meeting. Firstly, the may force the ECB to rein in its natu- There has been precious little in the the market, but only because the bar September. It faces a dilemma in that ECB changed its tune on forward ral instincts to cut heavily. The main Eurozone high frequency eco data to is set so high. If the ECB fails to meet there are very real concerns about guidance and said it expects interest refinancing rate and marginal lend- suggest improvement of late, albeit market expectations, the euro could the efficacy of such measures. But rates to remain at their present or ing rate are likely to be unchanged. the August composite PMI nudged appreciate through $1.11, though any failure to try to match market expec- lower levels at least through the higher. I would be very surprised, upside is going to be capped by expec- tations would lead to an appreciation first half of 2020. This very much therefore, not to see lower projec- tations of more to come down the in the euro that would make achiev- opened the door to a rate cut in Sep- tions for both growth and inflation. line. Mr Draghi will leave the audi- ing its goals all the harder. tember. In all likelihood these will be small ence thirsty for a little more. The fundamental question is The ECB also underlined the need adjustments but this is a necessary re- whether this will work. We are deal- for a highly accommodative stance quirement to support the more ag- ing very much with diminishing mar- of monetary policy for a prolonged The ECB could gressive easing policies. ginal returns from easing as rates are period of time, as inflation has been The June 2019 projections indicate at the zero lower bound. Monetary persistently weak. This addition to disappoint the real GDP growth of 1.2% this year and policy is almost exhausted – it's time the statement signals there is ab- market, but only 1.4% in 2020 and 2021. The latest com- READ MORE ONLINE for the politicians to step up to the solutely zero chance of normalisa- posite PMI data suggests growth of mark and deliver too. First and fore- tion any time in the near future. because the bar is 0.2% in Q3, following the 0.2% growth Read more at: most, Germany needs to spend more And on QE, the ECB made it abun- registered in Q2. When added to con- cityam.com/talk/markets and stop exporting deflation. dantly clear it is ready to launch a set so high. cerns about the impact from trade CITYAM.COM THURSDAY 12 SEPTEMBER 2019 NEWS 11

WHISKY IN THE BAR South African pubs Ongoing uncertainty hits get a scotch fix with post-Brexit trade deal UK wealth management

ANNA MENIN still managed 37 per cent of all proportion of UK-managed equity @annafmenin assets managed in Europe, funds invested overseas remained according to the IA’s annual survey. unchanged last year at 70 per cent, ONGOING political and economic Overall, the UK had more assets up from 54 per cent 10 years ago. uncertainty took a toll on the UK’s under management at the end of The ethical investment agenda is investment management industry 2018 than the next three European being “strongly embraced” by the last year, with assets under financial centres (France, Germany, investment management industry, management (AUM) remaining and Switzerland) combined. the report said. Just over a quarter stagnant. “Against economic and political (26 per cent) of total AUM were Although the UK managed to headwinds, the UK investment subject to a some form of retain its ranking as the second management industry has been responsible or sustainable largest investment management resilient and remains a domestic investment criteria. hub in the world behind the US, and international success story,” “Responsible and sustainable the total amount of AUM by said IA chief executive Chris investment and the funding of Investment Association (IA) Cummings. businesses and infrastructure members remained unchanged at Growing appetite for projects through private markets £7.7 trillion by the end of 2018. international investment are key new areas that UK Despite this flatlining, opportunities has been a consistent investment managers can excel investment managers in the UK trend over the past decade, but the in,” Cummings said.

Capita hikes pay WHISKY will keep flowing in Cape Town’s bars even after Brexit as the UK initialled a deal with South Africa and its neighbours. Trade with the Southern African Customs Union Oakley Capital Investments with pledge to pay and Mozambique was worth £9.7bn last year, £136m from beverages, including whisky. reports net asset value jump real living wage of Oakley Capital – reported a net ANNA MENIN asset value per share of £3.18 and ALEX DANIEL City of London update @annafmenin a total net asset value of £651m – @alexmdaniel a 14 per cent increase since the LISTED investment firm Oakley end of last year. CAPITA will give a pay rise to 6,000 Capital Investments (OCI) The firm reported a total people next year, ranging from ad- The clock is ticking - is your yesterday reported a rise in net shareholder return for the first ministrative staff to call centre asset value (NAV) during the first half of 33 per cent, and workers, City A.M. can reveal. half of the year, and an increase in announced an interim dividend The outsourcer has committed to firm ready for Brexit? the value of its underlying of 2.25p per share. paying staff at least the real living portfolio companies. Its share price fell by 0.42 per wage, £9 an hour and £10.55 an OCI – which invests in the funds cent yesterday. hour in London, from April. AS your business prepared in H advance of 31 October? That’s the date it is planned that the UK will be leaving the European Union. IN PARTNERSHIP WITH @LMAPPEAL #CGD #GoRed #peoplematter This may have a significant impact on businesses of all sizes across the FORUM Square Mile and beyond. So it makes Supporting City Giving Day When sense for firms to start preparing now people are for the impact it may have for your afraid of a business and employees. The City of London Corporation has also we support our long-term charity partners created a web page that lists different through both financial commitments and dominant the time, skills and expertise of our An information campaign urging the sources of advice that could help. employees. With a focus on East London, our leader, public to "get ready for Brexit" has partners are carefully selected organisations they are been launched by the government. cityoflondon.gov.uk/ Why are you supporting CGD? all making a meaningful difference in the UBS is committed to driving impactful change fields of education and social inclined to including a website, gov.uk/brexit. brexitandyourbusiness that matters in our local communities. As one entrepreneurship. of the founding sponsors of CGD, we hope parrot their that by showcasing collaborative initiatives How will you celebrate CGD? perspective that promote charitable activity and Over 600 volunteers have committed to take Have your say in City elections volunteering, we can create a shared sense of part in a variety of activity ranging from purpose across the City. supporting local community organisations MATTHEW SYED AS a City worker, you may spend with their leadership skills, providing advice ON HOW TO Which charities do you support? to young people through CV surgeries, and MAKE YOUR more time in the office than you Through our Community Affairs programme, inspiring local primary school children to MEETINGS LESS do at home… so why not have DYSFUNCTIONAL PAGE 18 the same say on services in the Square CHARITY IN ACTION Mile as you have where you live? UBS is a founding supporter of Sport Inspired, a charity dedicated to improving the life-chances of Staff in City businesses and children in deprived communities through sport. organisations can vote in the City of London Corporation’s elections – so We aim to overcome you can have a voice on areas including disadvantage by supporting education and entrepreneurship air quality, cycling, personal security, organisations. If you want to find out if in our local communities through green spaces, commuting and your company has a named contact to funding and the commitment transport. help you register to vote, please get in and skills of our people. touch on 0800 587 5537 or Sergio P. Ermotti, Group Chief The City Corporation has sent [email protected] Executive Officer, UBS AG registration forms to all eligible cityoflondon.gov.uk/workervote JOIN US AND REGISTER NOW AT WWW.THELORDMAYORSAPPEAL.ORG/CGD News, info and offers at www.cityoflondon.gov.uk/eshot 12 NEWS THURSDAY 12 SEPTEMBER 2019 CITYAM.COM OBITUARY T BOONE PICKENS Corporate raider and Vaping a ‘problem’ says Trump as giant of the US energy industry dies at 91

T BOONE Pickens, an energy magnate who officials move to ban all flavours made an empire out of an initial $2,500 AUGUST GRAHAM country, it’s a new problem... and it’s that ‘vaping is wonderful; it’s great’. (£2,028) investment, called vaping,” Trump said. It’s not wonderful… it’s got big has died aged 91, his @AugustGraham Health officials have linked six problems.” spokesman said. The US PRESIDENT Donald Trump recent deaths to e-cigarettes. Around Officials are worried that sweet Oklahoma-born yesterday said vaping is “not 450 cases of vape-related lung flavours, such as fruit, are attracting tycoon, known for wonderful” as he moved to ban illnesses are being investigated. children. The US Food and Drug his folksy speech and flavoured e-cigarettes from the US. “Vaping has become a very big Administration is working on a ruthless business New proposals put forward by the business… in a short period of time,” guidance document. acumen, had White House would ban all flavours, Trump said. “But we can’t allow A spokesperson for the UK Vaping suffered health apart from tobacco, from being sold people to get sick, and we can’t have Association said: “It is a shame that problems after a fall. in the US. our youth get so affected.” the US President has been poorly “We have a problem in our He added: “A lot of people think advised on the facts.”

45 CONFIRMED DEAD. S4 Capital plans 100S STILL MISSING. on track despite 70,000 IN NEED OF FOOD AND SHELTER. RIGHT NOW. first-half losses

JAMES WARRINGTON The company also felt the impact of its fierce merger and acquisition @j_a_warrington activity, including the takeover of Am- SIR MARTIN Sorrell’s S4 Capital yes- sterdam-based influencer marketing terday posted a decline in earnings agency IMA for €10m (£9.3m) last for the first half of 2019 as the adver- month. tising company splashed the cash on However, S4 said the second half acquisitions and staff expansion. had started strongly, with July rev- S4 Capital’s revenue rose 42 per cent enue and gross profit up 68 and 60 to £88m in the six months to the end per cent respectively, and said it is on of June, but the firm swung to a pre- track to meet its target of doubling tax loss of £8.5m. the size of the company by 2021. The advertising company, which “These results confirm the power was set up last year by veteran and relevance of the faster, adman Sorrell, has enjoyed a pe- better, cheaper, digital-only riod of rapid expansion as it pur- unitary advertising model, sues its digital-first strategy. with first party data S4 said the decline in earnings fuelling content and pro- was largely due to its burgeoning grammatic,” said executive headcount, which increased chairman Sorrell. Storm Dorian has devastated the more than 60 per cent to 1,375 people at the end Sir Martin Sorrell has Bahamas. We’ve deployed our highly- of the first half. hired more staff skilled, predominantly ex-military NEWSLETTERS Team Rubicon volunteers to provide The biggest disaster relief to those in need. stories direct TABLETS LIQUID to your inbox or But we can’t do it on our own. Does your calcium supplement also provide important TABLETS magnesium? Osteocare® combines calcium TEXT ‘DORIAN’ PLUS THE AMOUNT magnesium calcium vitamin D magnesium YOU WANT TO GIVE TO 70085 zinc vit.D & zinc which all contribute GET THE Default donation is £10, but you can to donate to the maintenance MORNING of normal bones. anything up to £20 per text. So, to donate £5, UPDATE, CITY text ‘DORIAN5’. Each text is charged as a standard A.M.’S DAILY Britain’s No.1 Vitamin Company* EMAIL Source: Nielsen GB ScanTrack Total Coverage Value and Unit Retail Sales 52 w/e 18 May 2019. rate message. If you’d like to donate more than *To verify please contact [email protected]. £20, or fi nd out more about Team Rubicon, visit: Available from , Holland & Barrett, teamrubiconuk.org Superdrug, supermarkets CITYAM.COM/ www.osteocare.com NEWSLETTER CITYAM.COM THURSDAY 12 SEPTEMBER 2019 NEWS 13 ECSC shares rise Mitie finance boss exits for as data breach tech firm role JAMES BOOTH @Jamesdbooth1 OUTSOURCER Mitie said yesterday that its chief financial officer Paul fines give boost Woolf has resigned to join intellectual property management and technology company CPA JAMES WARRINGTON dropped 23 per cent to £1.2m. Overall, Global. revenue was flat compared with last Woolf has been appointed as @j_a_warrington year. finance chief of CPA Global which SHARES in ECSC rose more than 10 The Bradford-based cyber firm said was acquired for £2.4bn in 2017 by per cent yesterday after the cybersecu- the figures marked a strong recovery Leonard Green Partners. rity firm reported renewed demand after it suffered faltering demand for Mitie’s chairman, Derek Mapp, for its consulting services division. its consulting services, which it said: “Paul has been hugely ECSC’s total revenue slipped mar- blamed on economic uncertainty and Woodford’s flagship fund was suspended in June after an investor withdrawal rush supportive in the turnaround of ginally from £2.64m to £2.63m in the businesses choosing to delay projects Mitie, bringing in new financial six months to the end of June. due to Brexit concerns. disciplines and helping restore Gross profit increased 18 per cent to ECSC said it had bagged record lev- investor confidence. He will be £1.4m. The firm posted an adjusted els of consulting bookings in the Woodford loses £43.5m in fire much missed, but we wish him well earnings before interest, tax, depreci- third quarter and into this quarter. in his new challenge.” ation and amortisation (Ebitda) loss of Woolf joined the business in £200,000, against £500,000 last year. ECSC sale of assets from frozen fund November 2017 and is expected to ECSC is one of a number of cyber- leave on 28 January 2020. P security firms looking to tap into 90 ANNA MENIN Woodford lost money on eight out He was formerly chief executive growing awareness of cybersecurity. of 10 positions he has sold since the of Virgin Active Health Clubs, chief The half-year figures revealed differ- 85 @annafmenin gating of the fund in June, financial officer of retailer Jack ing fortunes across the firm’s man- 80 BELEAGUERED stock picker Neil according to analysis by Bloomberg. Wills and finance boss of frozen aged services division, which provides 75 Woodford has lost at least £43.5m The former star fund manager food firm Birds Eye Iglo Group. incident response, and its consulting selling off stocks from his frozen took the biggest hit on shares in Mitie issued a string of profit 70 82.50 services. 11 Sep Equity Income Fund, despite having Newriver. Having spent around warnings in 2016. Chief executive ECSC posted a huge 63 per cent 65 assured investors that the suspension £181m investing in the real estate Phil Bentley has revived the firm’s revenue increase to £1.2m over the would limit pressure to offload assets trust, Woodford managed to recoup fortunes, dragging it back to profit period, while consulting revenue 5 Sep6 Sep 9 Sep 10 Sep 11 Sep at reduced prices. just £131m when he sold the shares. and making a dent in its net debt.

PARTNER CONTENT

irlguiding member and young advocate, Juliet, aged 19, tells us about the impact Gof Future Girl, a five-year plan from the UK’s leading charity for girls and young women, GIRLSGIRLS SPEAKSPEAK OUTOUT Girlguiding. The initiative was developed, thanks in part to funds raised by players of People’s Postcode Lottery, to help girls and volunteers make the changes they want to see in the world. What happens when you combine a group of high-energy seven to ten year old girls, a list of some of the biggest issues that might affect their lives and a drama activity? When I did this with my Brownie group as part of Girlguiding’s Future Girl activities, the answer surprised me. Not because of the girls' boundless energy as they ran around the room like cats and dogs acting out scenes about looking after animals - after four years as a leader, I'm used to that - but because they knew exactly what they wanted to change. From making opportunities accessible to disabled people to preventing cruelty to animals, they needed little prompting to tell me which issues they care about. My Brownies’ responses were combined with the stereotypes and without barriers Relationships and Sex Education This support benefits the 76,000 results from Future Girl Juliet, Girlguiding member Players of People’s Postcode Lottery’s guidance. Funding raised by players of girls who contributed to the Future activities involving and young advocate support of Future Girl means People’s Postcode Lottery helps to Girl consultation process but their 76,000 girls from Girlguiding can give girls a platform make this process possible. It’s costly voices will create change for many Rainbows, Brownies, to tell the world what changes need to to design and distribute badges and more. Guides and Rangers. This be made. resources for 76,000 girls taking part As one of the young women created a list of asks telling us to I know Future Girl can turn their in Future Girl consultations and to advocating for take action in five areas: asks into action and something very enable Girlguiding youth panel that change, I £Protecting our planet and the exciting is happening soon. We want members across the UK to speak to cannot thank animals we share it with Girlguiding to make the future girls want a reality, politicians and the media to advocate players of People’s £Fun and adventures of all kinds watch this space. As a member of change. Players of People’s Postcode Postcode Lottery open to every girl can give girls Girlguiding’s Advocate panel, which Lottery are helping to give girls a voice. enough. £Prioritising happiness, wellbeing helps to shape our campaigning work, Since 2014, players of People’s and mental health so girls can feel a platform I’ve seen how Girlguiding can help Postcode Lottery have raised more free to be themselves girls become change-makers – from than £2 million for Girlguiding. This READ MORE ONLINE £Promoting safe and equal to tell the world the panel launching a successful funding is empowering thousands of relationships what changes need campaign against period poverty, to girls to enjoy new experiences and Keep up to date on our news at: £Enabling all girls to make their own telling the government what girls supporting initiatives like Future Girl www.postcodelottery.co.uk decisions, free from gender to be made. think should be included in its new and the Advocate panel. 14 NEWS THURSDAY 12 SEPTEMBER 2019 CITYAM.COM

NOT WASTING TIME Biffa continues deal Purdue Pharma seals partial opioid spree with two fresh buyouts worth £2.6m BIFFA bought out two smaller firms in the first settlement amid bankruptcy filing half of the year, it said, in a pair JESSICA DINAPOLI Yesterday, lead lawyers legal battle over Purdue’s efforts to of deals representing more than 2,000 contain the litigation in totalling £2.6m. OXYCONTIN maker Purdue Pharma cities, counties and other plaintiffs bankruptcy court, they said. The waste reached a tentative agreement with suing Purdue, along with 26 states States yesterday updated a management some plaintiffs to resolve and US territories, were on board federal judge on the settlement company had widespread litigation over its with an offer from the company offer’s support, which remained in already made alleged role in fueling the US opioid and its controlling Sackler family flux and could evolve as the day seven crisis and plans to tussle with states to settle lawsuits in a deal valued at progresses, the people said. acquisitions in opposing its settlement offer in up to $12bn (£9.7bn), they said. Purdue’s board is scheduled to be the previous bankruptcy proceedings starting as More than a dozen other states briefed on settlement progress financial year. soon as next week, people familiar remain opposed or uncommitted to today, with a chance talks could with the matter said. the deal, setting the stage for a still collapse. Reuters ENTER CODE CITYWOLFCIT WY OLF WHEN BOOKING FOR A FREE GLASSGLASS OF CHAMPCHAMPAGNEAGNE Prosus hits EU big leagues on debut

AUGUST GRAHAM tration risk, especially those that man- age pension funds,” said Morningstar @AugustGraham analyst Johann Scholtz. SHARES in Prosus, an early investor in Naspers chief executive Bob van Dijk Tencent, soared on its Amsterdam debut said the company has “become so big yesterday as the company’s former par- that further growth of our company on ent priced it lower than the market. the JSE would be difficult”. The firm jumped more than 25 per “The idea with today’s listing is em- cent on the Amsterdam stock market, phatically that we find a new generation instantly becoming one of the biggest of investors here, on Euronext [Amster- internet companies in Europe. dam], for our further growth.” Prosus is a spin-off from Naspers, a Shares had been priced at €58.70 be- South African firm which took a $34m fore the float. They jumped to €76 at (£27.6m) punt on Tencent in the early open, a rise of 27 per cent. This gives 2000s. Prosus a market value of around €119bn The company’s 31 per cent stake has (£106bn), with around 1.6bn shares since exploded in value. A startup in registered. 2001 when Naspers invested, the This is similar to the value of Naspers’ Chinese internet firm is now worth stake in Tencent, which is now worth around £320bn. $130bn and has buttressed Naspers’ As part of Naspers, Prosus had rapid growth towards becoming Africa’s outgrown the Johannesburg Stock most valuable listed company. Exchange (JSE), making up around a Naspers has kept a 75 per cent stake in fifth of its value. Prosus. Its own shares fell 30 per cent in “Obviously for South African fund Johannesburg yesterday, acting similar managers that creates a massive concen- to a stock that has gone ex-dividend.

Transport for London Public Notice ROAD TRAFFIC REGULATION ACT 1984 THE A10 GLA ROAD (BISHOPSGATE AND GRACECHURCH STREET, CITY OF LONDON) (TEMPORARY PROHIBITION OF TRAFFIC) ORDER 2019

1. Transport for London hereby gives 4. The prohibitions will not apply in notice that it has made the above respect of: named Traffic Order under section (1) any vehicle being used for the 14(1) of the Road Traffic Regulation Act purposes of those works or for fire 1984 for the purpose specified in brigade, ambulance or police paragraph 2. The effect of the Order is purposes; summarised in paragraph 3. (2) anything done with the permission 2. The purpose of the Order is to enable or at the direction of a police Mobile Crane Lifting works to take constable in uniform or a person place at A10 Bishopsgate/Gracechurch authorised by Transport for London. Street. 5. At such times as the prohibitions are 3. The effect of the Order will be to in force an alternative route will be prohibit any vehicle from entering, indicated by traffic signs via (for south exiting, proceeding or stopping on bound traffic) Camomile Street, Bishopsgate/Gracechurch Street Houndsditch, St. Botolph Street, between its junctions with Fenchurch Aldgate High Street and Fenchurch Street and Wormwood Street to normal route of travel & (for Street/Camomile Street. north bound traffic) King William The Order will be effective at certain Street, Bank, Threadneedle Street and times between the 13th September Old Broad Street to normal route 2019 and the 30th September 2019 of travel. immersivewolf.com immersivewolf every Friday at 8:00 PM.until Monday –ŧ¬@ at 5:00 AM or when the works have Dated this 12th day of September 2019 been completed, whichever is sooner. OLD STREET / MOORGATE / LIVERPOOL STREET The prohibitions will apply only during Paul Matthews such times and to such extent as shall Co-ordination and Permitting from time to time be indicated by Area Manager traffic signs. Transport for London ENTER CODE CITYWOLFCIT WY OLF WHEN BOOKING FOR A FREE GLASSGLASS OF CHAMPCHAMPAGNEAGNE MAYOR OF LONDON CITYAM.COM THURSDAY 12 SEPTEMBER 2019 NEWS 15 Deliveroo ad banned for claiming it could deliver a takeaway to space JAMES WARRINGTON advert also showed someone obviously” made it clear Deliveroo receiving a food delivery in a field was unable to deliver in certain @j_a_warrington after apparently tunnelling locations. A DELIVEROO advert that portrayed underground to escape from prison. The Advertising Standards an astronaut receiving a food order in However, the advertising Authority upheld the complaint, space has been banned for implying watchdog received 22 complaints stating that the advert implied the company could deliver anywhere. from people who knew that Deliveroo’s service was unrestricted The TV ad showed people having Deliveroo did not deliver to their throughout the UK. food delivered to them in unusual area and said the advert was A Deliveroo spokesperson said: locations or circumstances, and was misleading. “Deliveroo designed a playful advert accompanied by a voiceover stating: The food delivery startup argued to show that, through our service, “Order what you want; where you the ad was not intended to be people are able to order food to a want; when you want it.” representative of real life, and said wide range of places, whether home In addition to an astronaut, the the text “some restrictions apply, or work, for a range of occasions.” The ASA said the advert implied that Deliveroo was available everywhere in the UK California passes Thousands put as missing in gig economy bill Dorian’s wake ZACH FAGENSON

BAHAMIAN officials told reporters yesterday that 2,500 people have in test for Uber been registered as missing in the wake of the devastating Hurricane Dorian, a count they said may include people who have fled to JOE CURTIS lows since their recent floats at the shelters around the islands. end of last week, as traders bet on the “This list has not yet been @joe_r_curtis bill being passed into law. checked against government CALIFORNIA this week passed a US governor Newsom has already records of who are staying in controversial bill that means gig econ- lent the bill his endorsement so pass- shelters or who have been omy workers are set to be classified as ing it is expected to be a formality. evacuated,” National Emergency full-time employees. Uber moved to cut 435 staff earlier Management Agency spokesman The move, expected to be signed and this week as it sought to slash costs. Carl Smith told a news conference. passed into law by California governor AB5 passed with ease through Cali- Plans were announced last year for the Tempest to replace the Eurofighter Typhoon “The database processing is Gavin Newsom, would pile pressure fornia’s House of Representatives under way.” on companies like Uber and Lyft, with a vote of 53 to 11 in favour, Thousands of people are in which rely on self-employed workers. before passing yesterday’s Senate shelters on the islands. Officials It would make it harder for such session at 29 to 11. Italy flies in to work with Britain have confirmed 50 deaths caused firms to argue that workers are con- Some Republican lawmakers criti- by the 1 September storm but have tractors and not full-time employees, cised the bill for picking “winners warned that toll is likely to rise who would be entitled to certain and losers”, Gizmodo reported, but on new fighter jet programme substantially. wages with paid holidays and health US senator Maria Durazo retorted: Dorian slammed into the benefits. “One job should be enough.” ALISTAIR SMOUT counterparts, as well as others, to Bahamas over a week ago as one of Uber has fought against a similar Drivers for Deliveroo in the UK lost put the Tempest programme into the strongest Caribbean hurricanes law in the UK and both ride-hailing a High Court battle to gain union ITALY will work with Britain on its hyperdrive,” defence secretary Ben on record, with sustained winds giants lobbied extensively against recognition in December, in a blow to planned Tempest fighter plane Wallace told the Defence and of 185 miles (298 kilometres) per California’s AB5 bill. British gig economy workers. programme, the Ministry of Defence Security Equipment International hour. They proposed paying drivers a $21 Uber, meanwhile, lost an appeal in said yesterday, in a boost to its (DSEI) arms fair in London. Smith said more than 5,000 (£17) minimum wage as they sought Britain that same month against a proposed replacement for the The agreement between Italy and people had evacuated to New to avoid the rising costs associated ruling that drivers should be Eurofighter Typhoon. Britain, which also to deepen the Providence, but that they had seen with the benefits of full-time employ- classified as workers and be paid to Italy joins Sweden in agreeing to countries’ air combat relationship, a “significant reduction” in the ment. However, this wage only cov- take holidays as well as be entitled to co-operate with Britain on fighter covers existing programs such as number of people asking to be ered the time spent on a trip, rather minimum wage. jets as the UK looks to get Tempest Typhoon and F-35, as well as the evacuated. than the full time a driver is active on Uber said at the time it would off the ground and give it an edge planned next-generation Tempest. Commercial flights to Abaco, one the ride-hailing app – leading to a challenge the ruling in the Supreme over a rival Franco-German project. Britain last year unveiled plans for of the hardest-hit areas, resumed much lower overall wage. Court. “I'm looking forward to working a fighter plane and cohort of drones yesterday on a limited basis, Shares in both companies hit record The case remains ongoing. with Italian and Swedish named Tempest. Reuters officials said. Reuters Facebook to increase staff diversity in partnership with City non-profit

EMILY NICOLLE under-represented groups. targets to make sense for Facebook’s It comes after Facebook said in a offices in London and Dublin. @emilyjnicolle diversity report in July that at least The tie-up will see Facebook work FACEBOOK has partnered with a 50 per cent of its US staff will be with Colorintech to create a series of London non-profit organisation in a made up of people from minority programmes and events aimed at bid to increase the diversity of its groups by 2024. This includes professionals from under- workforce. women, people of colour, people represented backgrounds, in The tech giant will today with disabilities and military addition to improving internal announce a partnership with veterans. procedures to encourage an Colorintech, in which Facebook will Colorintech told City A.M. some of inclusive work environment. commit to increasing the number of its work from the partnership would Other partners of Colorintech Facebook will open a third London office in King’s Cross in 2021 applicants and hires in Europe from be put towards localising these include Google and Microsoft. 16 MARKETS THURSDAY 12 SEPTEMBER 2019 CITYAM.COM

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Shares boosted as CHEMRING 190 P Tariff gesture

185 189.20 11 Sep lifts Wall Street 180 China moves to ALL Street moved higher 175 Wyesterday, led by tariff- 170 sensitive technology and industrial stocks after China extended an olive branch ahead of next month’s combat trade rift 5 Sep 6 Sep 9 Sep 10 Sep 11 Sep trade negotiations with the US. The S&P 500 closed above the 3,000 The aerospace, defence and security markets might have felt some turbulence at mark for the first time since 30 July. times but Chemring has managed to convince Peel Hunt to reiterate its “add” Apple provided the biggest boost to recommendation for the stock. The broker, which has upped its target price from the S&P 500 and the Nasdaq the day EADING shares advanced yester- Dutch government is set to get rid of 180p to 200p, says there is “no doubt the underlying business is in better shape”. after it unveiled its latest iPhone day on signs of less tension in certain deductions for multinational upgrade and announced the launch the US-China trade fight and companies in 2021. date of its Apple TV Plus streaming Lprospects of more stimulus In results-driven gains, Galliford Try, FUTURA MEDICAL service. Its shares rose 3.2 per cent. from central banks. which this week said it has restarted P The blue-chip Dow, led by Boeing, The FTSE 100 rose one per cent while talks to sell its housing units to Bovis 44 posted its sixth consecutive daily gain. the midcap index added 1.2 per cent. Homes, rose 2.4 per cent after report- 42 Boeing added 3.6 per cent. London Stock Exchange took the top ing strong margins at Linden Homes. China announced tariff exemptions spot on the main bourse with a six per 40 for a basket of US goods, viewed by cent jump after Hong Kong Exchanges many investors as a show of good FTSE 38 11 Sep and Clearing made a surprise takeover faith just weeks ahead of planned P 36 32.60 approach. 7,350 talks aimed at resolving the trade war. Asia-facing financials and mining 34 The Dow Jones rose 227.61 points, heavyweights were among biggest 7,338.03 or 0.85 per cent, to 27,137.04, the S&P boosts on the FTSE 100 after a report 7,300 11 Sep 500 gained 21.54 points, or 0.72 per said China will introduce important 5 Sep 6 Sep 9 Sep 10 Sep 11 Sep cent, to 3,000.93 and the Nasdaq measures to ease the negative impact 7,250 Composite added 85.52 points, or 1.06 of the trade war with the US. Futura Medical is looking in good health according to analysts. Its shift towards per cent, to 8,169.68. Chipmaker Shell, which has a secondary listing 7,200 the prescription erectile dysfunction market has produced hard evidence that it is Micron Technology rose 2.2 per cent on the Amsterdam exchange, slipped going in the right direction and is on-track to deliver “a potentially game-changing after Longbow Research upgraded the one per cent after a report that the 5 Sep6 Sep 9 Sep 10 Sep 11 Sep read out in December”. Liberum issued a “buy” rating with a target price of 60p. stock to “buy”. CITY MOVES WHO’S SWITCHING JOBS

STOBART AVIATION of more than 300 people, delivering profitable HYMANS ROBERTSON FOUNDATION RBC CAPITAL MARKETS Former BA Cityflyer general commercial growth at London City airport as services The Hymans Robertson Foundation, a registered RBC Capital Markets has made two senior hires. manager Luke Hayhoe has expanded from six routes to more than 30. Luke will be charity established by Hymans Robertson, has Florent Cassabois has joined RBC as head of leveraged joined Stobart Aviation as responsible for airline relationships, marketing and appointed Marcella Boyle as its first UK chief executive. finance based in France and David Brand has joined aviation business delivering passenger growth across the Stobart She has a wealth of experience in the public, private the central funding group as a managing director development director as it Aviation airports, with his main focus on London and third sectors and will fulfil the foundation’s plans based in London. In this newly created role, Florent, works to boost relationships Southend airport, which has had around 50 per cent to expand its reach and deepen its aim to make a real who joins from HSBC, will be based in Paris and report with its customer airlines at more customers this summer. Ryanair and Loganair difference to the lives of more disadvantaged young to Ed Dickinson, European head of leveraged finance London Southend airport, recently starting operations at the airport. Easyjet has people, by helping to improve their financial capability from a product perspective and Eric Meyer, head of Carlisle Lake District airport also based a fourth aircraft there. The airport’s award- and employability opportunities. The foundation was France from a country perspective. David joins from and Teesside International winning offering – consumer group Which recently formally incorporated in 2016, after a decade of Morgan Stanley, where he spent 15 years, most Airport. Luke, whose aviation named London Southend the best airport in London charitable activity at Hymans Robertson supporting recently as global head of sales for their bank resource career spans more than two decades, was most for the sixth year in a row – will further grow with the fundraising, volunteering and grant giving to charities. management division, the unit housing securities recently with BA as general manager commercial and addition of Wizz Air, with flights taking off to central The foundation receives two per cent of the profits lending, repo financing, listed and OTC derivatives customer for BA Cityflyer. At BA Cityflyer, he led a team Europe in October and November. generated by Hymans Robertson. collateral businesses.

To appear in CITYMOVES please email your career updates and pictures to [email protected] NEWS Opec trims forecast for oil demand US clears $6.5bn sale of in 2020 as weaker growth looms Lockheed jets to Poland ALEX LAWLER China trade war and Brexit could and a potential relapse into market BRYAN PIETSCH The approval of the sale comes days press the case for Opec and its allies imbalance,” the report said. after US vice-president Mike Pence vis- OPEC yesterday cut its forecast for to maintain or adjust their policy of Opec, Russia and other producers THE US State Department said yester- ited Poland to commemorate the 80th growth in world oil demand in 2020 cutting output. Iraq said ministers have since 1 January implemented a day it had approved a proposed sale of anniversary of the start of the Second due to an economic slowdown, an would today discuss whether deeper deal to cut output by 1.2m bpd. 32 Lockheed Martin F-35 fighter jets World War. outlook the producer group said cuts were needed. Despite the Opec-led cut, oil has worth $6.5bn (£5.3bn) to Poland. Under President Trump, the US has highlighted the need for ongoing In the report, Opec lowered its tumbled from April’s peak above $75 In April, the Pentagon told Congress relaxed restrictions on sales and en- efforts to prevent a new glut of crude. forecast for world economic growth to around $63, pressured by trade it was considering selling the jets to couraged officials to take a bigger role In its monthly report, the in 2020 to 3.1 per cent from 3.2 per concerns and an economic the Nato member, as well as to Greece, in increasing business overseas for the Organisation of the Petroleum cent and said next year’s increase in slowdown. Romania, Spain and Singapore. US weapons industry. Exporting Countries said demand oil demand would be outpaced by The report said oil inventories in The sale would boost Poland’s contri- However, it began the process in worldwide would expand by 1.08 “strong growth” in supply from rival industrialised economies fell in July, butions to Nato and reduce its depend- April to remove Turkey from the million barrels per day (bpd), 60,000 producers such as the US. a development that could ease Opec ence on Russian equipment, a State multinational F-35 programme after bpd less than previously estimated, “This highlights the shared concern over a possible glut. Even so, Department official said. During the Ankara said it would proceed in pur- and indicated the market would be responsibility of all producing stocks in July exceeded the five-year Cold War, Poland, which shares bor- chasing a Russian S-400 missile de- in surplus. countries to support oil market average, a yardstick Opec watches ders with Russia and Germany, be- fence system that Nato officials say is The weaker outlook amid a US- stability to avoid unwanted volatility closely, by 36m barrels. Reuters longed to the Soviet-led Warsaw Pact. not compatible with the F-35. Reuters CITYAM.COM THURSDAY 12 SEPTEMBER 2019 FEATURE 17 DATA AND BUSINESS Andrew Bud explains why deepfake videos SEEING, pose a threat to our democracy

OTH traditional and social media lit up earlier this year following the launch of a BUT NOT Bground-breaking campaign for charity Malaria No More which was fronted by David Beckham. In this 55-second video ad, the foot- ball star makes a passionate appeal for support. He makes it, however, in nine different languages. BELIEVING No, David Beckham has not sud- denly become a polyglot. Instead, his image has been subtly manipulated to perfectly lip-sync him with the voices of others by using a technology called “deepfake”. It is this technology which is the most vivid harbinger of the next great cyber threat to our society. Of course, changing faces in videos is not new. Actors have been digitally recreated for films like The Matrix Reloaded and The Curious Case of Benjamin Button more than a decade ago, and synthetic characters like Gollum from The Lord of the Rings, pasted onto actors wearing motion-capture suits, are now ubiq- uitous in cinema. But these are laborious, painstak- ing, expensive works of art that are handcrafted at huge expense. Over time, new technology has been developed to make this process easier and faster. For instance, in 2011, computer sci- entists at Harvard University de- scribed a new method that could replace someone’s face in a video and be made in hours rather than weeks – as long as numerous experts in image processing were on hand. Although in recent years, machine learning has replaced the need for such human skill and craft. Deep neural networks can now be used to rapidly produce fake imagery that is utterly believable to our eyes. and colleagues via Skype, WhatsApp or Facetime. One glance or one word FAKE NEWS is enough to convince them of the Videos produced in this way first ap- caller’s identity. peared in 2017 and quickly became In many European countries, citi- known as deepfakes. zens validate their identity remotely Unfortunately – and perhaps in- to banks and healthcare providers by evitably – the first application of this making a video call, talking to an op- new technology was in pornography. erator, and holding up their passport Deep learning was used to drape the or identity card to show that they are faces of celebrities onto the bodies of genuinely present. These interactions adult movie stars most realistically, to allow consumers to access services se- the understandable and considerable curely and efficiently. consternation of the victims. Deepfake technology will undermine Since then, experiments with new trust in such transactions, replacing it applications have opened more eyes with unease and suspicion – the germs to the potential use – and abuse – of that eat a society from the inside. this technology. For example, in 2018, Fortunately, the same technology cre- political leaders like Barack Obama ating this mayhem will help contain it. and Vladimir Putin were seen mak- For example, DARPA’s Media Forensics ing speeches they never gave. programme is using deep learning Then, early in 2019, actor Steve technology to probe for the invisible, Buscemi’s face gave Jennifer tell-tale signs of spoofing that is buried Lawrence’s Golden Globe acceptance tims, but also to attribute abhorrent against lies. Deepfakes will breach in such deepfake imagery, and ma- speech in a video broadcast on a US actions and words to them. As such, that line. chine learning will analyse its meta- comedy show. deepfakes have the potential to under- data footprints to detect traces of As you can see, Beckham’s flawless mine the foundations of our society ARMS RACE forgery. But germs are fought by med- malaria appeal – created by commer- and our democracy. Deepfakes also pose a threat at a na- icines, and subsequently adapt by de- cial London firm Synthesia – simply Successful societies are built on trust tional level. At a recent US Department veloping resistance. marks the moment that deepfakes – trust in each other, trust in a counter- of Homeland Security conference, NSA Beckham’s video appeal is partly ne- transformed from creepy gimmicks party to a transaction, trust in sources David Beckham’s research director Dr Deborah Frinke cessitated by the need to develop new to a mainstream media form. of information, trust in institutions. flawless malaria observed that we are gravitating to- malaria drugs to replace those losing The most powerful basis of trust is per- wards attacks on critical national in- their effectiveness. The world is in an LIES TO OUR EYES sonal experience, followed closely by appeal marks the frastructure becoming more akin to arms-race with the plasmodium para- This technology is also being recog- the evidence of our own eyes. contemporary psychological warfare. site. The parallels to deepfake syn- nised by authorities as a new kind of So, while conspiracy theories have moment that One example of such a target will be thetic video are therefore entirely apt. cyber risk. flourished online, fed by bogus infor- trust in the identity of others over the Its danger lies not only in its power mation and doctored photos, up deepfakes internet. Each day, millions of people £ Andrew Bud is founder and chief to vilify and humiliate individual vic- until now, videos have held the line transformed receive video calls from their friends executive of iProov. 18 OPINION THURSDAY 12 SEPTEMBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Swap your office’s dominance TO THE EDITOR A tech solution dynamics for cognitive diversity to GDPR pains

[Re: Nearly a third of European firms EETINGS predict terrible five strangers in a room, give them memo that summarises, in narra- still not GDPR compliant] outcomes even more a task, and watch dominance hier- Matthew tive form, the main agenda item. It was interesting to read that some powerfully than smoking archies develop within seconds. Syed This has a number of effects. companies are still struggling to be GDPR predicts cancer.” This is What is even more remarkable is First, it means the presenter has compliant, despite its introduction over a M year ago. Although it can seem an the verdict of Leigh that external observers, who can’t to think more deeply about their Thompson, a world expert on even hear what is being said, can proposal in order to write it up in overwhelming hurdle, I believe companies group dynamics. accurately place people at the var- narrative form. could benefit from using machine learning Thompson became interested in ious positions in the hierarchy, But there is a deeper reason and artificial intelligence to help achieve human relationships as a teenager just by watching their postures why this technique is powerful: it GDPR compliance. when she witnessed her parents and expressions. gives people the space to bring Machine learning enables you to tag going through a painful divorce. The pervasiveness of dominance We spend much of their diverse ways of thinking, rea- sensitive info and automate the process of She almost became a marriage hierarchies hints that they serve an soning through the weaknesses handling such data within guidelines, guidance counsellor, but settled for important evolutionary purpose. our lives building up and strengths of the proposal, which can help mitigate risk. It can also academia instead. When the choices that confront a before discussion. reduce the potential for human error – Why are meetings so dysfunc- tribe or group are simple, it makes individual expertise, This reduces the risk that diverse often a large factor in data breaches. tional? One of the key reasons is sense for a leader to make deci- then take the biggest perspectives will fail to surface. However, it alone is not enough to what anthropologists call “domi- sions, and for everyone else to fall Even when discussion does start, ensure compliance, and it’s imperative nance dynamics”. When one or two into line. decisions in forums the most senior person speaks last, that businesses create bespoke internal people dominate the discussion, it But in situations of complexity, that make us helping to ensure that diverse per- regulations, so employees understand the suppresses the insights of others, dominance dynamics have darker spectives are not suppressed. consequences of mishandling data. particularly the introverts. consequences. When people are collectively dumb In a post on LinkedIn, Brad Porter, Ignoring GDPR is never the answer, as “The evidence suggests that in a afraid of a dominant leader, they a vice president at Amazon, ex- the consequences could cripple typical four-person group, two peo- are inclined to parrot their perspec- plained the benefits: “Amazon ab- businesses. Taking technological steps to ple do 62 per cent of the talking, tive, saying what they think the solutely runs better, makes better ease the process of compliance could and in a six-person group, three boss wants to hear rather than a leadership style. When a decision decisions, and scales better because negate the impact of fines, avoid people do 70 per cent of the talk- what they truly think. has been made, and there is no turn- of this particular innovation.” reputational damage, and most ing,” Thompson says. This shrinks the collective intelli- ing back, leaders need to galvanise The problem is that too few lead- importantly protect consumers’ privacy. “Perhaps the most remarkable gence of the group to the dimen- their teams to get the job done. Di- ers are aware of these and other Martin Brunthaler, co-founder and thing is that the people doing all sions of just one brain. verse opinions are a distraction. cutting-edge techniques, meaning chief technology officer, Adverity the talking don’t realise they are This is why enlightened leaders But when evaluating as opposed to that meetings are all too often dys- doing it,” she continues. are pivoting from a dominant style executing decisions, or when com- functional. “They are adamant that everyone to a more inclusive approach. These ing up with new ideas, dominance It is a curious irony. We spend BEST OF is speaking equally, and that the leaders tend not to issue unilateral tends to collapse under the weight much of our lives building up indi- TWITTER meetings are egalitarian. The rea- orders, or bare their teeth. of its own contradictions. vidual expertise. We spend years at son is that they often lack self- On the contrary, they explain There are a number of techniques school, then at university, then we The Scottish court has found awareness. So, if you point it out to their ideas, because they know that and methods that help leaders to undergo on-the-job training, gradu- unanimously that the Prime Minister them, they bristle, and you often colleagues who understand and en- preserve the contributions of di- ally attaining knowledge and un- misled the Queen. In effect, the court get into an escalating conflict.” dorse them are more likely to exe- verse minds and maximise the col- derstanding. has held that Boris Johnson lied to the Dominance hierarchies are deeply cute them with judgment and lective intelligence of the group. We then take the biggest deci- Queen so as to obtain prorogation. integrated into human psychology. flexibility. They listen to those One of the most celebrated is the sions in forums that make us col- Wow. Just, wow. Not seen a court We share them with other primates around them, because they recog- “golden silence” of Amazon. lectively dumb. decision like this in thirty years of and, according to the psychologist nise that they are not too smart to For more than a decade, meetings constitutional geekery Jordan Peterson, even lobsters. learn from others. have started not with a PowerPoint £ Matthew Syed is author of Rebel @davidallengreen Indeed, so highly attuned is our Of course, there are situations presentation, but total silence. For 30 Ideas: the Power of Diverse Thinking, status psychology that you can place where dominance retains its logic as minutes, the team read a six-page published this week. This will have serious implications for the Queen’s hopes of a second term. @stephenkb

Sources in No10 now hitting back at the Scottish judges, suggesting they are politically biased: “We note that Reviving the post-study work visa will last week the High Court in London did not rule that prorogation was unlawful. The legal activists choose help the UK attract international talent the Scottish courts for a reason” @tnewtondunn

Our judges are renowned around the T IS hard to think of a more recently overtook the UK as the visa is its flexibility. Not every grad- world for their excellence and short-sighted and self-destruc- number two destination for inter- Sam uate immediately starts working at impartiality and I have total confidence tive policy than Theresa May’s national students, behind the US. Dumitriu a Big Four accountancy days after in their independence in every case. Idecision in 2012 to close the The lack of a post-study work visa their last exam. Most take time to @RobertBuckland post-study work visa route for has damaged the UK’s entrepre- experiment with internships before those wanting to live and work in neurial ecosystem. The Entrepre- finding the right fit. A50 -> Grieve amndmnt -> Joint Report- Britain. Boris Johnson is right to neurs Network found that 49 per A recent survey of over 5,000 US > Max-Fac -> Chequers -> MV1 -> Brady bring it back. cent of the UK’s fastest-growing PhD students found that foreign- amndmnt -> MV2 -> Malthouse -> MV3 - Britain’s universities are truly companies had at least one foreign- born students had a higher toler- > A50 extension -> Cooper-Letwin -> world class, attracting the best and born founder. Speaking to these ance for risk-taking and were more Indicative votes -> Tory leadership brightest from across the world. founders, we found that many were working for startups. likely to express an interest in com- contest -> Benn-Burt Bill -> Prorogation Overseas students add £20bn to UK initially attracted to the UK by the Miguel Martinez, co-founder and mercialising research or starting a -> .... MORNINGTON CRESCENT GDP in the fees they pay as well as opportunity to study at a top univer- chief data scientist at Signal AI, told company, but were less likely to be- @rafaelbehr their spending, but they represent sity, but decided to stay after gradu- us that “any visa sponsorship pro- come founders or startup employees much more than a cash cow. ation to work or start businesses. gramme adds additional complex- in their first job after graduation. Nigel Farage is the Brexit Icarus. Here’s In today’s knowledge economy, a Without a post-study work visa or ity and requires significant effort... The researchers suggest that oner- how he can see us fly out of the EU to nation’s prosperity is closely tied to free movement, many founders while this will not be a problem for ous visa restrictions are the reason. freedom – Hunter DuBose. its ability to produce and attract might not have stayed. large companies, it is likely to be With free movement set to end, @TelePolitics highly-skilled talent. Institutions While it is still possible for an prohibitively hard for a startup”. it’s imperative that we keep the such as Imperial, UCL, and LSE are overseas student to stay in the UK Would-be entrepreneurs are averse door to global talent open. “I say, I like the cut of Icarus’s jib. Makes a powerful magnet pulling in the after graduation, they need to find to paperwork and red-tape. One in- Restoring the post-study work his own wings out of wax and feathers, bright individuals that British start- an employer with a Tier 2 sponsors ternational student-turned-entrepre- route will enable more talented in- soars like some majestic eagle, top lad. ups need in order to grow to scale. licence who is willing to pay neur told me that if he’d had to dividuals to stay, work, and eventu- I see no need to bother finding out how Yet in 2012, the then-home secre- £20,800 per year. The expensive and apply for a Tier 2 visa to move to the ally build businesses in the UK. this yarn finishes before I employ it as tary Theresa May decided to make time-consuming process of becom- UK, he might have gone to Amster- an approving metaphor.” it harder for these individuals to ing a Tier 2 sponsor effectively pre- dam, Paris, Berlin or Madrid instead. £ Sam Dumitriu is research director at @andrew_mueller stay in the UK. As a result, Australia cludes foreign graduates from The virtue of the post-study work The Entrepreneurs Network. CITYAM.COM THURSDAY 12 SEPTEMBER 2019 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Let’s end the airline monopoly DEBATE over Europe’s busiest airport With the launch of a new iPhone, has Apple lost its touch? HIS week’s two-day strike by located, this situation is very unlikely British Airways (BA) pilots is Matthew to change significantly. not just another blow for the Oakley However, there is a simple way to The launch of a new Apple product Tbrand and a pain for thou- tackle the situation – and it is not to used to generate a cult-like following. sands of passengers. It is also penalise or falsely restrict BA, our first Now, the improvements are so small a vivid demonstration of the pitfalls national flag carrier. and the competition is so fierce that YES of letting one airline group have an ef- you don’t see the queues at Apple Instead, BA just needs a scale com- ASAD HAMIR fective monopoly over many routes at petitor – a second flag carrier – to stores for these launches any more. Europe’s busiest airport, Heathrow. bring increased choice, lower prices, Consumers are less interested in the Luckily, expansion at Heathrow and improved quality to passengers. latest iPhone, because it’s not going to price tag is just too dear for what you’ll provides the government with an op- The Telegraph could be limited to a To extend the supermarket analogy, offer enough new stuff to justify the get out of it. portunity to support the creation of print run of just tens of thousands. this would be like giving Sainsbury’s cost. A year between phone launches A refurbished iPhone 8 will work just a second national flag carrier, in- Presented like this, it is clear that the opportunity to take on Tesco. simply isn’t long enough to allow Apple as well for most – it will support the creasing resilience and consumer competition is not working well at Having two flag carriers would not to innovate. The new iPhone 11 doesn’t same software and help curb e-waste, choice, and providing the competi- Britain’s biggest airport. Our report, be unusual. Other major cities – in- have 5G enablement, which other big which will prove to be a big problem if tive environment that has been so “Letting Competition Fly: the case for cluding Chicago, Tokyo, and Madrid – brands have already rolled out with we don’t act fast. Apple needs to get sorely missing. two national flag carriers”, published have smaller aviation markets yet al- newly released phones. back to its challenger mentality; it has A lack of competition at Heathrow today shows how passengers lose out. ready host two such competitors. The biggest difference is the improved always been at its best when it’s totally will be a surprise to many, but a situ- First, the situation limits choice. We To achieve this, the government will camera, but unless you’re a content focused on the user. ation has emerged where BA and its estimate that in the last year, 18.5m need to act decisively when determin- creator who depends on the highest partners now control more than half passengers spread across 77 routes did ing how to allocate the new capacity quality tech day-in day-out, the hefty £ Asad Hamir is founder of Klyk. of total capacity at the airport. not have a choice of who to fly with. If created by Heathrow expansion. Apply- There are some benefits to this sys- you want to fly direct to popular short ing the current rules will serve only to tem. BA and its passengers get a boost and long-haul routes from Heathrow, reinforce the fragmented competition from economies of scale that allow it such as Glasgow or San Diego, you can that exists the UK’s busiest airport. First, some of the features for the new to operate as a “hub carrier”, connect- only go with British Airways. A bespoke approach is needed to iPhone are pretty cool, such as the new ing regional passengers across the UK Second, the lack of competition is maximise the unique opportunity of pet portrait mode that will recognise to global destinations. likely to lead to higher prices. Using expansion. This should explicitly com- animal features and enhance them – a NO But the current set-up also limits evidence from similar situations mit to providing the framework for great gimmick for a nation of animal competition. The next largest airline around the world, we estimate that the creation of second national flag lovers. On a more serious note, the REBECCA CROOK at Heathrow has only eight per cent passengers could be paying as much carrier, with around 20 per cent of improved camera elements like dual of take off and landing slots, com- as 10 per cent more in ticket prices. overall Heathrow capacity. functionality show that Apple has direction for the tech giant, and it’s an pared to the 55 per cent owned con- Heathrow expansion could be a Some, particularly those with vested understood that consumers rely on important one. trolled by IAG, BA’s parent company. game changer, but under existing interests, will argue against this ap- their phones as their camera, and has Strategically as a business, Apple is To understand why that’s a problem, rules for how new capacity will be al- proach, saying that it is too compli- focused its efforts accordingly. moving more into the service space we can look to other markets. cated or unfair to BA. But zoom out from the iPhone 11 for a anyway, with Apple Arcade gaming, the If the same situation were repli- But without it, the full scale of po- second and look at Apple’s other TV+ streaming service, and the move to cated in the supermarket sector, it BA needs a scale tential benefits of Heathrow expan- products. The Apple watch is still the ditch iTunes. All of this highlights the could mean that Tesco only faced competitor – a second sion are unlikely to be realised, and a undisputed leader in digital wearables, change in direction the business is competition from corner shops, not unique opportunity to boost competi- and the new features here show the taking to meet changing consumer from bigger players in the market, flag carrier – to bring tion, lower fares, and improve service focus on catering to a more diverse demands while growing revenue. It’s such as Sainsbury’s. Or if the newspa- increased choice and passenger choice could be missed. consumer base. The Apple Watch will not all about the new phone. per industry were similarly affected, now enable women to keep track of The Times would be free to print more £ Matthew Oakley is director of WPI menstrual cycles and provide fertile £ Rebecca Crook is chief growth officer than 400,000 copies of the paper, but Economics and former Treasury economist. window data. That’s a different at Somo.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1200 0.0018 €/$ 1.1013 0.0029 7338.03 19982.16 4032.44 27137.04 8169.68 3000.93 /$ 1.2334 0.0019 €/£ 0.8926 0.0006 70.08 243.30 39.95 227.61 85.52 21.54 /¥ 132.97 0.1303 €/¥ 118.71 0.0204

                               

Marshalls ...... 667.0 4.0 696.0 412.2 Future ...... 1260.0 -4.0 1320.0 410.0 Great Portland Es . . . . .712.0 14.2 773.6 649.4 Mitchells & Butle ...... 361.0 3.5 367.0 238.0 GILTS FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6398.0 19.0 7155.0 5593.0 National Express . . . . .434.2 -1.4 442.6 361.4 Polypipe Group ...... 399.4 3.6 453.8 307.8 Redrow ...... 608.0 9.0 674.6 460.8 Goco Group ...... 75.3 -0.2 104.0 64.6 Hammerson ...... 272.1 14.6 470.0 203.9 Haynes Publishing . . . .220.0 0.0 227.0 160.0 PPHE Hotel Group . . .1750.0 -40.0 1990.0 1520.0 Tsy 4.750 20 ...... 102.02 -0.02 105.9 102.0 ELECTRICITY 3i Group ...... 1126.0 -1.0 1164.5 756.2 Centrica ...... 72.9 2.4 155.6 64.6 Taylor Wimpey ...... 157.6 4.1 192.3 129.3 Intu Properties ...... 45.8 4.1 201.5 32.2 Tsy 2.500 20 ...... 354.95 -0.01 361.4 354.8 3i Infrastructure ...... 305.0 3.5 305.0 240.3 National Grid ...... 826.1 9.7 889.2 748.7 Huntsworth ...... 91.0 -1.2 123.5 81.0 Rank Group ...... 172.4 -0.2 183.6 135.0 Land Securities G . . . . .823.4 22.2 936.0 735.4 .140.8 7.5 221.9 111.9 Tsy 2.000 20 ...... 101.20 -0.03 102.2 101.1 Contour Global ...... 194.0 0.0 218.0 150.1 AJ Bell ...... 409.5 2.0 477.0 220.0 Pennon Group ...... 744.8 19.0 792.8 684.2 INDUSTRIAL ENGINEERING Informa ...... 826.6 -8.2 892.0 605.8 LondonMetric Prop . . . .211.4 2.0 215.2 172.7 Restaurant Group . . . . Tsy 3.750 20 ...... 103.12 -0.04 105.8 103.1 Allied Minds ...... 57.2 1.6 84.2 37.3 ITE Group ...... 80.4 0.2 80.5 56.3 Stagecoach Group . . . . .128.8 4.1 177.0 115.5 Drax Group ...... 292.8 12.0 427.2 260.2 Severn Trent ...... 2024.0 31.0 2153.0 1770.0 Bodycote ...... 762.0 28.5 925.5 654.0 Primary Health Pr . . . . .136.0 1.0 139.0 106.4 TUI AG Reg Shs (D . . . . .872.8 10.0 1474.0 698.0 Tsy 8.000 21 ...... 112.99 -0.08 119.4 112.7 ...... 1160.0 15.5 1250.5 1008.0 Amigo Holdings ...... 73.2 2.3 297.5 70.7 United Utilities ...... 779.6 13.4 873.6 682.4 ITV ...... 125.6 0.5 162.3 103.6 . .777.8 7.8 793.0 585.2 SSE . . . . . Hill & Smith Hold . . . . .1157.0 9.0 1306.0 902.5 SEGRO ...... Wetherspoon (J.D. . . .1555.0 15.0 1624.0 1066.0 Tsy 1.875 22 ...... 116.50 -0.15 118.3 115.5 Arrow Global Grou . . . .214.4 13.0 273.0 167.2 IMI ...... 1032.0 17.5 1155.0 870.0 Moneysupermarket. . . .370.0 4.6 417.7 264.0 Shaftesbury ...... 878.5 27.0 928.5 739.5 Tsy 0.500 22 ...... 100.19 -0.10 100.7 97.7 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .378.0 3.5 496.0 320.0 GENERAL INDUSTRIALS Pearson ...... 866.8 2.6 1027.5 769.2 Whitbread ...... 4544.0 91.0 5114.0 4086.0 Melrose Industrie . . . . .208.0 3.2 222.6 146.3 Tritax Big Box Re ...... 142.9 2.0 159.7 129.0 William Hill ...... 188.8 8.8 265.5 132.3 Tsy 4.000 22 ...... 108.80 -0.09 110.7 108.7 Halma ...... 2001.0 68.5 2094.0 1237.0 Ashmore Group ...... 465.2 5.0 542.5 341.2 Smith (DS) ...... 360.4 6.3 491.4 292.2 Reach ...... 88.1 -2.2 94.9 54.6 RHI Magnesita N.V . . .4318.0 38.0 5000.0 3318.0 Unite Group ...... 1038.0 17.0 1076.0 797.5 Wizz Air Holdings . . . .3558.0 53.0 3769.0 2329.0 Tsy 2.250 23 ...... 107.12 -0.12 107.9 104.7 Morgan Advanced M . . .267.8 4.0 338.8 237.0 Brewin Dolphin Ho . . . .317.6 3.0 358.0 287.6 Smiths Group ...... 1683.5 22.0 1688.5 1279.5 Rotork ...... 319.4 4.0 340.8 235.7 Relx plc ...... 1871.5 9.5 2011.0 1491.5 Workspace Group . . . . .932.5 43.0 1055.0 789.5 Tsy 2.500 24 ...... 374.07 -0.21 377.9 358.7 Oxford Instrument . . .1260.0 -10.0 1424.0 842.0 Charter Court Fin . . . . .302.5 11.0 375.0 228.8 Smurfit Kappa Gro . . .2650.0 26.0 3160.0 1934.0 Spirax-Sarco Engi . . . .8100.0 235.0 9400.0 5900.0 Rightmove ...... 527.7 9.2 585.1 420.9 AIM 50 Tsy 0.125 24 ...... 114.63 -0.22 115.8 110.9 City of London In ...... 412.0 -2.0 440.0 360.0 STV Group ...... 345.0 0.0 405.5 318.0 SOFTWARE & COMPUTER SERV. Renishaw ...... 3942.0 294.0 5000.0 3368.0 Vesuvius ...... 502.5 10.5 662.0 448.8 Weir Group ...... 1564.5 10.0 1814.0 1240.0 Abcam ...... 1164.0 48.0 1500.0 1017.0 Tsy 5.000 25 ...... 124.68 -0.17 126.1 122.1 Spectris ...... 2475.0 159.0 2898.0 1966.5 CMC Markets ...... 100.6 0.0 167.6 77.4 WPP ...... 1036.5 18.0 1164.0 800.4 Avast ...... 367.4 7.4 393.4 259.6 GENERAL RETAILERS INDUSTRIAL METALS & MINING Advanced Medical . . . .230.0 -51.0 354.5 229.0 Tsy 4.250 27 ...... 130.52 -0.28 132.8 122.6 EQUITY INVESTMENT INSTRUM. Coats Group ...... 76.0 2.6 91.3 69.8 MINING Aveva Group ...... 3528.0 54.0 4170.0 2284.0 Tsy 1.250 27 ...... 138.64 -0.32 141.1 128.4 Georgia Capital ...... 1026.0 12.0 1260.0 941.0 Auto Trader Group . . . .514.8 12.0 606.0 388.5 Computacenter ...... 1333.0 -25.0 1525.0 952.0 Alliance Pharma ...... 67.1 -0.3 94.6 60.0 Evraz ...... 523.4 22.0 709.4 442.1 ASOS ...... 2650.0 132.0 6050.0 2107.0 Tsy 6.000 28 ...... 149.33 -0.30 152.2 140.5 Aberforth Smaller . . .1204.0 22.0 1356.0 1114.0 Hargreaves Lansdo . .2025.0 53.5 2433.0 1633.0 B&M European Valu . . .387.0 4.1 426.3 278.6 Ferrexpo ...... 198.8 8.0 301.3 143.5 Acacia Mining ...... 241.0 2.0 272.8 96.1 FDM Group (Holdin . . . .770.0 10.0 1000.0 734.0 Tsy 0.125 29 ...... 131.97 -0.35 134.7 118.8 IG Group Holdings . . . .585.8 8.8 888.0 474.8 Card Factory ...... 164.5 4.0 209.0 151.2 Anglo American . . . . .1883.0 26.8 2266.0 1467.0 Blue Prism Group . . . . .898.0 36.0 2575.0 860.0 Alliance Trust ...... 807.0 6.0 838.0 672.0 Funding Circle Ho . . . . .106.4 1.4 440.0 99.0 .9550.0 125.0 11750.0 9100.0 Tsy 4.125 30 ...... 395.68 -0.35 404.2 355.2 Apax Global Alpha . . . .155.5 0.5 159.0 127.0 IntegraFin Holdin . . . . .393.0 8.0 406.1 269.0 Dixons Carphone ...... 118.5 -0.3 178.6 104.9 INDUSTRIAL TRANSPORTATION Antofagasta ...... 893.2 -26.4 1022.5 727.2 Kainos Group ...... 433.0 -7.0 676.0 366.0 Camellia ...... Tsy 4.750 30 ...... 144.55 -0.37 147.9 132.1 Intermediate Capi . . . .1424.0 30.0 1442.0 899.0 unelm Group ...... 856.0 7.0 981.0 482.8 BHP Group ...... 1777.0 2.0 2049.0 1490.6 ocus Inter . . . . .1118.2 -6.6 2491.6 1051.4 CareTech Holding . . . . .362.0 -1.0 406.0 325.0 AVI Global Trust ...... 761.0 4.0 781.0 660.0 D BBA Aviation ...... 309.8 -1.4 324.8 207.0 Micro F Central Asia Meta . . . . .189.0 0.8 266.5 180.0 Tsy 1.250 32 ...... 163.12 -0.12 167.7 144.1 Baillie Gifford J ...... 810.0 2.0 866.0 663.0 International Per ...... 102.2 -1.8 233.6 87.0 Inchcape ...... 636.0 1.0 695.5 486.6 Clarkson ...... 2285.0 35.0 2860.0 1878.0 Centamin (DI) ...... 134.8 -0.3 152.4 79.8 Playtech ...... 422.8 15.9 508.4 360.5 Tsy 4.250 32 ...... 142.57 -0.33 146.4 128.5 Bankers Inv Trust . . . . .955.0 7.0 970.0 766.0 Investec ...... 469.5 6.7 561.0 400.7 JD Sports Fashion ...... 711.8 23.6 714.8 318.5 Fresnillo ...... 729.2 26.2 1027.5 601.0 Clinigen Group ...... 894.0 10.0 1069.0 721.0 Fisher (James) & . . . .2005.0 -30.0 2260.0 1600.0 Sage Group ...... 669.0 4.6 820.4 525.6 .0 1023.0 395.0 Tsy 0.125 36 ...... 156.61 -0.03 162.5 133.4 BBGI SICAV S.A. ( ...... 156.5 0.0 168.0 142.5 IP Group ...... 66.2 3.1 131.2 55.7 Just Eat ...... 713.8 3.8 812.0 533.8 Glencore ...... 252.0 3.1 341.5 222.2 Softcat ...... 978.5 -1.5 1044.0 565.0 CVS Group ...... 882.0 -6 Royal Mail ...... 229.0 -0.2 489.0 188.4 Dart Group ...... 811.0 48.5 983.5 709.5 Tsy 4.250 36 ...... 150.99 -0.37 155.7 133.1 BlackRock Smaller . . .1408.0 6.0 1482.0 1160.0 John Laing Group . . . . .357.4 0.0 402.0 296.2 Kingfisher ...... 204.1 -1.4 266.2 188.0 Hochschild Mining . . . .205.0 3.0 227.0 149.1 Sophos Group ...... 392.0 14.8 520.5 298.2 Tsy 4.750 38 ...... 166.14 -0.38 171.8 144.9 JTC ...... 394.0 -7.5 440.0 287.0 Marks & Spencer G . . . .203.0 1.9 299.1 180.4 Kaz Minerals ...... 433.1 5.8 738.4 380.3 Diversified Gas & ...... 112.0 2.0 134.0 97.0 BMO Global Smalle . . .1364.0 6.0 1485.0 1220.0 Draper Esprit ...... 464.0 4.0 625.0 445.0 Tsy 0.625 40 ...... 178.49 0.27 185.7 152.8 Caledonia Investm . . .3010.0 -15.0 3110.0 2650.0 Jupiter Fund Mana . . . .363.0 2.5 432.0 287.6 Polymetal Interna . . . .1150.5 19.5 1208.5 597.2 SUPPORT SERVICES Tsy 4.500 42 ...... 170.19 -0.43 176.7 145.9 Liontrust Asset M . . . . .760.0 -12.0 816.0 532.0 Rio Tinto ...... 4288.5 37.5 4976.5 3486.0 Aggreko ...... 820.6 8.2 876.6 691.8 Eland Oil & Gas ...... 129.0 4.0 134.0 97.0 City of London In . . . . .416.0 3.5 431.5 376.0 EMIS Group ...... 1126.0 26.0 1242.0 864.0 Tsy 3.500 45 ...... 152.62 -0.47 159.0 128.0 Edinburgh Inv Tru . . . . .572.0 9.0 684.0 535.0 LMS Capital ...... 54.8 0.0 57.8 44.0 MOBILE TELECOMS Ashtead Group ...... 2324.0 69.0 2438.0 1586.5 Tsy 4.250 46 ...... 173.64 -0.50 181.0 145.7 London Finance & . . . . .38.5 0.0 42.5 37.5 Fevertree Drinks . . . . .2342.0 30.0 3896.0 2070.0 F&C Investment Tr . . . . .718.0 7.0 731.0 616.0 BCA Marketplace . . . . .242.0 0.0 247.0 178.5 rst Derivatives . . . . .2280.0 -25.0 4200.0 2050.0 Tsy 4.025 49 ...... 180.39 -0.51 188.9 150.0 Fidelity China Sp ...... 222.5 3.5 250.0 182.4 London Stock Exch . . .7206.0 402.0 7922.0 3867.0 Inmarsat ...... 586.4 -0.8 608.2 362.8 Bunzl ...... 2162.0 55.0 2551.0 1978.5 Fi Tsy 0.500 50 ...... 210.57 0.85 222.9 173.7 Man Group ...... 170.1 1.5 183.0 126.8 MAIN CHANGES UK 350 Vodafone Group ...... 159.0 1.3 170.9 123.3 Frontier Developm . . .1054.0 20.0 1385.0 740.0 Fidelity European . . . . .251.0 1.0 257.5 202.0 Capita ...... 140.7 1.9 146.8 99.9 Gamma Communicati .1195.0 5.0 1200.0 688.0 Tsy 0.250 52 ...... 207.85 0.96 221.1 168.8 Fidelity Special ...... 263.5 6.5 275.0 220.0 OneSavings Bank . . . . .366.2 14.2 447.4 313.6 OIL & GAS PRODUCERS DCC ...... 7034.0 84.0 7390.0 5555.0 Finsbury Growth & . . . .937.0 12.0 958.0 740.0 Paragon Banking G . . .464.6 2.2 478.8 379.2      Diploma ...... 1610.0 10.0 1662.0 1150.0 GB Group ...... 542.0 -1.0 631.0 410.5 Plus500 Ltd (DI) ...... 736.0 29.4 1647.0 495.0  BP ...... 512.1 -0.6 598.3 485.9 Gooch & Housego . . . .1152.5 37.5 1880.0 954.0 GCP Infrastructur ...... 126.2 0.0 130.8 122.4 Electrocomponents . . .629.0 22.4 749.4 480.0 Hurricane Energy ...... 45.3 0.7 60.8 38.9 AEROSPACE & DEFENCE Genesis Emerging . . . .776.0 0.0 783.0 615.0 Provident Financi . . . . .410.6 6.9 658.6 356.0 Intu Properties ...... 45.8 9.8 Cairn Energy ...... 192.2 -4.0 Cairn Energy ...... 192.2 -8.0 233.6 140.0 Equiniti Group ...... 211.0 2.4 266.0 186.2 Quilter ...... 134.0 3.2 156.6 110.6 Renishaw ...... 3942.0 8.1 Antofagasta ...... 893.2 -2.9 Energean Oil & Ga . . . .996.0 8.0 1082.0 545.0 Impax Asset Manag . . .240.0 5.0 295.0 184.0 BAE Systems ...... 574.6 6.6 636.2 443.9 Greencoat UK Wind . . . .139.8 -0.2 143.2 124.4 Essentra ...... 417.6 -0.6 442.0 325.4 HarbourVest Globa . . .1722.0 6.0 1726.0 1326.0 Rathbone Brothers . . .2385.0 35.0 2570.0 2085.0 Spectris ...... 2475.0 6.9 Hunting ...... 486.4 -2.5 Premier Oil ...... 88.4 -0.2 143.6 55.6 Experian ...... 2481.0 11.0 2631.0 1728.5 Iomart Group ...... 339.5 8.5 475.0 308.0 Cobham ...... 158.5 1.9 168.3 96.8 47.6 Herald Investment . . . .1314.0 0.0 1364.0 1055.0 Real Estate Credi ...... 166.5 1.0 175.5 163.0 Royal Dutch Shell . . . .2305.5 -22.0 2666.0 2213.0 . . . . .6274.0 56.0 6556.0 4749.0 IQE ...... 54.5 4.5 98.0 Meggitt ...... 625.0 -6.8 643.0 458.0 Ted Baker ...... 1070.0 6.4 Woodford Patient C ...... 45.1 -2.5 Ferguson ...... James Halstead ...... 502.5 -5.5 532.0 367.0 0 175.0 Record ...... 31.2 0.0 41.5 27.3 Royal Dutch Shell . . . .2298.5 -20.5 2705.5 2227.0 G4S ...... 189.4 1.6 245.8 168.3 QinetiQ Group ...... 295.8 7.8 312.4 267.0 HGCapital Trust ...... 229.0 -5.0 237. NewRiver REIT ...... 181.8 6.1 PPHE Hotel Group L ...... 1750.0 -2.2 Johnson Service G . . . . .175.0 2.4 177.6 113.6 HICL Infrastructu ...... 163.4 -0.4 170.1 149.9 River and Mercant . . . .258.0 -6.0 330.0 212.0 London Stock Excha ...... 7206.0 5.9 HGCapital Trust ...... 229.0 -2.1 Tullow Oil ...... 228.4 2.4 266.3 165.2 Grafton Group Uni . . . .773.0 23.0 937.0 630.0 Rolls-Royce Holdi . . . . .832.0 17.6 997.4 730.0 S&U ...... 2150.0 0.0 2605.0 1767.5 Hays ...... 151.8 0.4 212.0 135.7 Keywords Studios . . . .1250.0 -30.0 1954.0 900.0 Senior ...... 208.0 4.0 323.0 185.4 International Pub . . . . .163.6 0.6 165.4 146.8 Aston Martin Lagon ...... 590.8 5.8 Go-Ahead Group ...... 2064.0 -2.0 OIL EQUIPMENT & SERVICES Morgan American . . .476.5 3.0 494.5 386.5 Sanne Group ...... 530.0 0.0 752.0 450.0 . . . .1146.0 7.0 1263.0 849.0 Learning Technolo . . . .120.8 -6.0 166.5 62.2 Ultra Electronics . . . . .2164.0 -10.0 2252.0 1232.0 JP Homeserve . . . . . M&C Saatchi ...... 195.0 -2.0 394.0 191.0 JPMorgan Emerging . .1004.0 4.0 1066.0 759.0 Schroders ...... 3045.0 65.0 3210.0 2334.0 Hammerson ...... 272.1 5.7 Computacenter ...... 1333.0 -1.8 Hunting ...... 486.4 -12.4 838.5 414.2 Howden Joinery Gr . . .549.2 2.0 573.4 416.4 BANKS JPMorgan Indian I . . . .706.0 1.0 790.0 566.0 Standard Life Abe . . . .268.4 4.0 370.3 224.9 Restaurant Group ...... 140.8 5.6 Kainos Group ...... 433.0 -1.6 Petrofac Ltd...... 441.0 11.4 663.4 381.5 Intertek Group ...... 5398.0 -38.0 5962.0 4387.0 M. P. Evans Group . . . . .678.0 2.0 800.0 637.0 TP ICAP ...... 328.2 5.6 333.9 267.2 IP Group ...... 66.2 4.9 IWG ...... 400.0 -1.5 Wood Group (John) . . .429.3 4.3 796.4 357.5 Midwich Group ...... 478.0 -17.0 685.0 470.0 Bank of Georgia G . . . .1318.0 1.0 1878.8 1310.0 JPMorgan Japanese . . .450.0 0.0 463.0 367.0 Network Internati . . . .545.0 -4.0 628.0 500.0 Mortgage Advice B . . .560.0 -5.0 720.0 490.0 Jupiter European . . . .844.0 -3.0 875.0 666.0 Walker Crips Grou ...... 24.5 0.0 38.0 24.0 Pagegroup ...... 433.6 10.8 583.5 407.2 Barclays ...... 148.7 1.0 178.9 136.2 XPS Pensions Grou . . . . .113.0 -2.5 173.0 95.0 PERSONAL GOODS Naked Wines ...... 261.0 8.0 420.5 219.0 Law Debenture Cor . . .582.0 8.0 620.0 534.0         PayPoint ...... 907.0 -13.0 1118.0 748.0 Close Brothers Gr . . . . .1376.0 18.0 1660.0 1227.0 Mercantile Invest . . . . .209.0 2.5 215.7 168.0 Burberry Group ...... 2186.0 6.0 2345.0 1623.5 Rentokil Initial ...... 437.3 1.5 465.3 284.8 Next Fifteen Comm . . .565.0 -1.0 658.0 469.0 CYBG ...... 124.1 0.9 336.8 110.0 FIXED LINE TELECOMS Nichols ...... 1697.5 0.0 1880.0 1240.0 Monks Inv Trust ...... 924.0 7.0 964.0 710.0 Next ...... 6078.0 34.0 6146.0 3991.0 PZ Cussons ...... 210.0 0.5 244.0 178.6 Robert Walters ...... 526.0 10.0 475.0 814.0 HSBC Holdings ...... 625.5 11.9 682.0 580.9 BT Group ...... 173.0 4.7 264.7 158.9 NON LIFE INSURANCE Numis Corporation . . . .235.0 0.0 422.0 221.5 r . . . . .52.6 0.3 66.6 48.6 Murray Internatio . . . .1192.0 4.0 1208.0 1056.0 Pets at Home Grou . . . .237.4 2.2 238.2 110.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 148.9 -0.2 152.1 84.1 Lloyds Banking G NB Global Floatin ...... 88.9 0.0 93.0 87.6 TalkTalk Telecom . . . . .109.7 4.2 137.0 96.6 SIG ...... 124.9 3.3 153.0 102.2 Polar Capital Hol ...... 512.0 -10.0 630.0 448.0 Metro Bank ...... 289.4 7.6 3050.0 261.6 Sports Direct Int ...... 264.8 0.4 352.7 214.0 Admiral Group ...... 2099.0 -1.0 2300.0 1932.5 Purplebricks Grou . . . . .128.6 -3.4 268.0 90.0 NextEnergy Solar . . . . .121.0 -0.5 124.5 109.0 Telecom Plus ...... 1146.0 16.0 1528.0 1022.0 Ted Baker ...... 1070.0 64.0 2378.0 800.0 Beazley ...... 597.5 4.0 606.0 492.6 AstraZeneca ...... 6917.0 70.0 7533.0 5325.0 Travis Perkins ...... 1347.0 44.5 1465.0 970.0 Royal Bank of Sco . . . . .199.8 2.1 270.4 177.7 Dechra Pharmaceut . .2806.0 16.0 3036.0 2014.0 Redde ...... 114.8 0.6 196.0 90.0 Standard Chartere . . . .682.4 -0.6 736.8 519.8 Pantheon Internat . . .2275.0 -20.0 2330.0 1955.0 FOOD & DRUG RETAILERS Vivo Energy ...... 126.6 2.8 140.0 96.0 Direct Line Insur ...... 296.9 6.6 366.5 279.9 TOBACCO Renew Holdings ...... 387.0 -8.0 436.5 333.0 . . .299.0 2.5 358.0 284.5 Genus ...... 2890.0 36.0 2908.0 2098.0 TBC Bank Group . . . . .1248.0 28.0 1728.0 1216.0 Perpetual Income . WH Smith ...... 2002.0 -18.0 2186.0 1697.0 Hastings Group Ho . . . .201.6 0.8 269.4 174.0 RWS Holdings ...... 580.0 -3.0 652.0 415.5 Pershing Square H . . .1540.0 -22.0 1568.0 990.0 Greggs ...... 2026.0 31.0 2476.0 1006.0 Hiscox Limited (D . . . .1595.0 36.0 1777.0 1418.0 GlaxoSmithKline . . . . .1650.0 8.4 1745.2 1418.0 British American . . . .3043.0 79.0 3763.0 2375.0 Morrison (Wm) Sup . . .194.0 2.7 267.2 176.9 HEALTH CARE EQUIPMETN & S. Hikma Pharmaceuti . .1954.5 43.5 2064.0 1510.5 Scapa Group ...... 249.0 4.5 473.4 157.0 BEVERAGES Personal Assets T . . .42450.0-150.0 43150.038900.0 Lancashire Holdin . . . . .726.5 13.5 732.0 530.0 Imperial Brands . . . . .2213.0 41.0 2750.0 1846.8 Secure Income Rei . . . .444.0 5.0 446.0 371.0 Polar Capital Tec . . . . .1428.0 28.0 1500.0 1066.0 Ocado Group ...... 1369.0 32.0 1435.0 749.8 Assura ...... 69.2 2.4 71.7 52.4 RSA Insurance Gro . . . .535.8 12.6 634.0 496.6 PureTech Health ...... 272.0 -4.0 292.0 158.8 Barr (A.G.) ...... 575.0 13.0 975.0 551.6 Sainsbury (J) ...... 213.0 5.2 324.0 177.1 TRAVEL & LEISURE Serica Energy ...... 117.0 0.2 142.0 77.0 Britvic ...... 893.0 36.0 956.0 745.0 RIT Capital Partn . . . . .2160.0 5.0 2180.0 1892.0 Convatec Group ...... 173.7 -2.2 239.0 118.6 Sabre Insurance G . . . . .274.5 8.0 294.0 249.0 REAL ESTATE INVEST. & SERV. SSP Group ...... 687.0 11.0 744.4 615.1 . . . .3802.0 63.0 5000.0 3366.0 Smart Metering Sy . . . .470.0 0.0 665.0 448.8 Coca-Cola HBC AG . . . .2718.0 60.0 3074.0 2244.0 Riverstone Energy . . . .729.0 -6.0 1282.0 635.0 Mediclinic Intern ...... 359.8 3.8 477.7 293.4 Carnival ...... Telford Homes ...... 349.5 0.0 430.0 267.0 9.0 Tesco ...... 234.3 2.9 253.0 189.6 LIFE INSURANCE BMO Commercial Pr . . . .112.6 2.4 146.6 106.0 Diageo ...... 3362.5 32.5 3625.5 2523.5 Schroder Asia Pac . . . .445.0 5.0 469.5 37 NMC Health ...... 2918.0 -16.0 3704.0 1801.5 Cineworld Group . . . . .236.8 6.8 323.6 212.0 Thorpe (F.W.) ...... 301.0 -1.0 340.0 248.0 Scottish Inv Trus ...... 828.0 5.0 875.0 748.0 UDG Healthcare Pu . . . .757.5 -3.5 821.0 551.0 Capital & Countie . . . . .223.7 6.3 279.5 184.9 0 20.0 2138.0 1483.0 Smith & Nephew . . . . .1898.5 14.5 1990.0 1258.0 Aviva ...... 392.7 5.3 497.0 352.3 Compass Group . . . . .2010. Watkin Jones ...... 226.5 3.5 232.5 192.2 CHEMICALS Scottish Mortgage . . . .524.0 12.0 568.5 441.4 FOOD PRODUCERS Legal & General G . . . . .247.5 3.8 291.2 216.7 CLS Holdings ...... 242.5 -2.5 255.0 195.4 Domino's Pizza Gr . . . .250.3 3.0 297.2 221.2 Economic . . . .115.4 0.2 117.6 106.0 HHOLD GDS & HOME CONSTR. Daejan Holdings . . . .5090.0 70.0 6160.0 4715.0 2 285.0 161.2 Young & Co's Brew . . .1620.0 30.0 1885.0 1322.5 Croda Internation . . . .4910.0 120.0 5447.7 4564.0 Sequoia Phoenix Group Hol . . . .679.0 13.5 724.8 544.0 EI Group ...... 281.4 0. Young & Co's Brew . . .1140.0 -10.0 1235.0 1030.0 Smithson Investme . .1258.0 8.0 1280.0 1000.2 Associated Britis . . . . .2239.0 5.0 2638.0 2041.0 Grainger ...... 252.4 4.8 277.1 205.8 FirstGroup ...... 130.4 1.4 131.6 79.3 Elementis ...... 157.6 0.6 245.8 129.8 Barratt Developme . . .624.4 15.8 663.0 434.0 Prudential ...... 1492.0 7.5 1814.5 1326.0 Syncona Limited N . . . .242.5 -1.0 302.5 213.5 Bakkavor Group ...... 117.0 1.0 172.4 93.3 NewRiver REIT ...... 181.8 10.4 264.0 147.6 6.0 5525.0 Johnson Matthey . . . .3214.0 45.0 3673.0 2620.0 Bellway ...... 3169.0 79.0 3226.0 2419.0 St James's Place ...... 991.4 16.6 1154.5 914.0 Flutter Entertain . . . . .7412.0 240.0 743 Temple Bar Inv Tr . . . .1240.0 14.0 1366.0 1116.0 Cranswick ...... 2914.0 104.0 3454.0 2472.0 Berkeley Group Ho . . .4023.0 57.0 4037.0 3226.0 Safestore Holding . . . .645.5 1.0 681.0 499.4 Go-Ahead Group . . . .2064.0 -42.0 2208.0 1480.0 SCirOiuNsS TMRiUnCeTrIaOlsN .& . M. .A .T .E R. .I A.1L0S.6 -0.0 30.6 8.1 Greencore Group . . . . .225.9 3.5 230.0 162.9 MEDIA Savills ...... 884.0 22.5 957.0 678.5 Synthomer ...... 340.0 5.4 520.4 279.8 Templeton Emergin . . .794.0 7.0 829.0 649.0 Bovis Homes Group . .1035.0 13.0 1177.0 828.0 Greene King ...... 841.0 1.0 850.0 480.0 e Renewables In . . . .130.0 0.4 133.2 109.3 Hilton Food Group . . . .988.0 -2.0 1088.0 884.0 St. Modwen Proper . . . .421.5 -4.0 441.5 365.0 GVC Holdings ...... 711.4 8.2 1062.0 507.5 Victrex plc ...... 2226.0 40.0 3408.0 1845.0 Th Countryside Prope . . . . .317.8 4.4 353.2 270.0 4Imprint Group . . . . .2860.0 0.0 2940.0 1800.0 TR Property Inv T . . . . .426.5 3.0 430.0 353.5 Tate & Lyle ...... 747.4 11.6 800.4 633.4 Crest Nicholson H . . . . .383.8 14.2 404.8 296.4 Ascential ...... 384.6 15.6 427.2 337.2 UK Commercial Pro . . . . .81.6 1.5 92.7 79.6 InterContinental . . . . .5167.0 134.0 5738.0 3958.4 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .494.0 0.5 496.0 421.5 Unilever ...... 4962.5 9.0 5324.0 3931.0 McCarthy & Stone . . . . .146.6 5.9 146.6 119.0 Bloomsbury Publis . . . .230.0 -2.0 243.0 190.5 REAL ESTATE INVEST. TRUSTS International Con . . . . .451.7 11.0 694.8 413.5 . . . . .127.0 5.1 128.0 90.6 Balfour Beatty ...... 235.4 6.2 295.0 194.2 VinaCapital Vietn . . . . .350.0 -1.5 357.5 318.0 FORESTRY & PAPER Persimmon ...... 2030.0 78.5 2471.0 1836.0 Centaur Media ...... 38.0 0.0 56.5 34.7 Marston's ...... Witan Inv Trust ...... 217.5 2.5 225.5 189.6 Big Yellow Group . . . .1038.0 3.0 1074.0 852.5      CRH ...... 2766.0 38.0 2802.2 1971.5 Entertainment One . . .578.0 0.0 589.0 336.4 Merlin Entertainm . . . .452.6 1.0 453.4 307.1 Woodford Patient . . . . .45.1 -1.2 91.0 40.1 Mondi ...... 1650.0 20.5 2157.0 1510.5 Euromoney Institu . . .1450.0 10.0 1450.0 1132.0 British Land Comp . . . .553.6 21.4 625.6 468.3 Millennium & Copt . . . .680.0 -5.0 685.0 436.0  Galliford Try ...... 680.0 16.0 1104.0 512.0 Derwent London . . . . .3170.0 86.0 3328.0 2761.0 Ibstock ...... 222.0 5.0 262.0 193.1 Worldwide Healthc . . .2710.0 50.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 85.41 0.27 92.71 56.32 3M ...... 168.08 -0.78 219.75 154.00 ADIDAS N ...... 270.65 -0.45 297.95 178.30 ABBOTT LABORATOR...... 84.52 1.31 88.76 65.44 AIR LIQUIDE...... 125.60 1.00 127.50 101.85 ADOBE ...... 277.78 1.64 313.11 204.95 AIRBUS BR...... 123.50 1.20 133.86 77.50 ALPHAB RG-C-NV...... 1220.17 14.17 1289.27 970.11 ALLIANZ...... 208.70 1.70 218.70 170.50 NEWSLETTERS ALPHABET-A ...... 1220.00 14.30 1296.98 977.66 AMADEUS IT GRP BR-A...... 67.34 0.16 82.20 58.06 AMAZON.COM...... 1822.99 2.44 2035.80 1307.00 ASML HLDG...... 221.00 3.95 221.00 130.12 AMERICAN EXPRESS...... 118.00 0.69 129.34 89.05 AXA...... 22.46 0.16 23.99 18.40 APPLE...... 223.59 6.89 233.47 142.00 BANCO SANTANDER ...... 3.71 -0.01 4.68 3.39 AT&T...... 38.74 1.16 38.75 26.80 BASF N...... 64.70 0.81 81.73 55.72 BANK OF AMERICA...... 29.46 0.11 31.37 22.66 BERKSHIRE HATH RG-B...... 210.91 2.60 224.07 186.10 BAYER N ...... 69.00 -0.16 79.69 52.00 The biggest stories BOEING CO ...... 382.94 13.45 446.01 292.47 BBVA...... 4.68 -0.02 5.79 4.19 CATERPILLAR...... 133.09 2.80 159.37 111.75 BMW...... 63.75 -0.41 86.71 58.10 CHEVRON...... 121.28 -0.57 127.60 100.22 BNP PARIBAS A...... 44.30 -0.25 55.34 38.14 direct to your inbox CISCO SYSTEMS...... 50.03 0.82 58.26 40.25 CRH PLC...... 31.01 0.45 34.87 26.53 CITIGROUP...... 68.90 -0.08 75.24 48.42 DAIMLER N...... 47.22 0.04 59.90 40.35 COCA-COLA CO...... 54.77 0.37 55.92 44.25 DANONE...... 80.26 0.76 82.38 59.72 COMCAST-A...... 46.40 -0.05 46.69 32.61 DEUTSCHE POST N...... 30.88 0.07 32.01 23.43 COSTCO WHSL...... 290.69 -6.31 307.34 189.51 DEUTSCHE TELEKOM N...... 15.09 0.05 15.88 13.47 DOW...... 46.88 0.56 0.00 0.00 ENEL N...... 6.44 -0.05 6.76 4.26 GET THE MORNING UPDATE, EXXON MOBIL...... 71.93 -0.14 87.36 64.65 ENGIE...... 13.60 0.05 14.39 11.31 FACEBOOK-A...... 188.49 2.32 208.66 123.02 ENI N...... 14.07 -0.03 16.67 12.92 GOLDMAN SACHS GR...... 216.80 1.17 238.52 151.70 ESSILORLUXOTT...... 129.95 -0.35 136.70 95.50 CITY A.M.’S DAILY EMAIL HOME DEPOT...... 232.66 -0.34 233.87 158.09 FRESENIUS...... 45.36 0.08 69.76 38.50 IBM...... 143.60 -1.45 154.36 105.94 IBERDROLA...... 9.19 -0.00 9.57 5.68 INTEL...... 52.79 0.97 59.59 42.36 INDITEX...... 27.50 -1.11 29.00 21.85 JOHNSON&JOHNSON...... 131.17 1.62 148.99 121.00 ING GROUP...... 9.63 0.06 12.14 8.20 JPMORGAN CHASE...... 117.19 0.32 119.24 91.11 INTESA SANPAOLO N...... 2.11 -0.02 2.47 1.80 CITYAM.COM/NEWSLETTER MASTERCARD RG-A ...... 269.95 -2.38 293.69 171.89 KERING...... 467.50 17.05 539.80 351.70 MCDONALD'S...... 210.20 0.52 221.93 156.56 KON AH DEL BR...... 22.60 0.38 24.01 18.60 MEDTRONIC ...... 108.63 1.15 109.70 81.66 L'OREAL...... 247.80 -0.30 257.80 182.00 COMMODITIES CREDIT & RATES MERCK...... 82.92 1.23 87.35 66.10 LINDE...... 169.65 3.40 0.00 0.00 MICROSOFT...... 136.12 0.04 141.68 93.96 NETFLIX...... 288.27 0.28 386.80 231.23 LVMH...... 378.15 5.00 392.65 242.30 Copper Cash Official...... 5770.00 -32 Euro Base Rate ...... Gold...... 1498.25 -10.95 .00 BoE IR Overnight...... 0.750 0.00 ...... 0.000 0.00 NIKE -B-...... 86.75 -0.08 90.00 66.53 MUENCHENER RUECKV N...... 228.30 0.90 229.50 180.50 Silver...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 17.99 -0.18 Aluminium Cash Official...... 1769.00 7.00 ORACLE...... 56.29 0.82 60.50 42.40 NOKIA...... 4.60 0.06 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.25 0.00 Brent Crude ...... 62.38 -0.21 Nickel Cash Official...... 17890.00 170.00 PEPSICO...... 136.36 0.50 139.18 104.53 ORANGE ...... 13.63 0.11 15.25 13.08 Krugerrand...... 1510.15 -13.75 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.22 0.03 Aluminium Alloy Cash Official...... 1105.00 90.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.407 0.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ROY.PHILIPS...... 42.58 0.58 43.67 29.05 Palladium...... 1544.00 -5.00 LIBOR Euro - overnight ...... -0.461 0.00 The vix index...... 14.61 -0.59 PFIZER...... 37.41 0.03 46.47 33.97 SAFRAN...... 139.25 -0.10 144.00 99.98 Cocoa Futures ...... 2304.00 17.00 Platinum...... 938.00 -9.00 LIBOR Euro - 12 months...... -0.392 0.00 The baltic dry index...... 2393.00 -29.00 PROCTER&GAMBLE...... 121.27 1.39 123.43 78.49 SANOFI...... 79.16 0.40 82.11 71.74 Coffee 'C' Futures...... 103.10 1.50 Tin Cash Official ...... 17220.00 105.00 LIBOR USD - overnight ...... 2.093 0.00 Markit iBoxx EUR ...... 248.75 0.25 SALESFORCE.COM ...... 154.09 4.44 167.56 113.60 Feed Wheat Futures...... 134.00 -1.00 SAP I...... 109.20 -0.20 125.00 84.02 Lead Cash Official ...... 2085.00 18.00 LIBOR USD - 12 months ...... 1.970 0.02 Markit iBoxx GBP...... 355.75 -0.15 TRAVELERS COS ...... 146.23 -0.34 155.09 111.08 SCHNEIDER EL ...... 79.88 0.72 81.36 57.54 Zinc Cash Official...... 2297.00 -14.00 Soybeans Futures Continuation Contract...859.25 2.00 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 261.27 -1.37 TWITTER...... 43.25 0.00 45.86 26.19 SIEMENS N...... 97.43 1.33 112.12 84.72 UNITEDHEALTH GRO ...... 234.21 1.75 287.94 208.07 SOCIETE GENERALE...... 25.67 0.12 35.01 20.81 WORLD INDICES UTD TECHS...... 135.95 2.04 144.40 100.48 TELEFONICA...... 6.69 0.01 8.06 5.86                 VERIZON COMM...... 60.13 0.42 61.58 52.28 TOTAL...... 47.15 -0.23 55.39 42.65 VISA RG-A...... 174.98 -1.37 187.05 121.60 UNILEVER...... 54.69 0.21 57.77 45.30 FTSE 100 ...... 7338.03 70.08 0.96 S&P 500...... 3000.93 21.54 0.72 CAC 40 ...... 5618.06 24.85 0.44 Hang Seng ...... 27159.06 475.38 1.78 WALGREENS BOOTS...... 58.06 1.18 86.31 49.03 VINCI...... 97.56 -0.12 101.70 69.98 FTSE 250 ...... 19982.16 243.30 1.23 Dow Jones I.A...... 27137.04 227.61 0.85 Swiss Market Index ...... 10098.59 78.11 0.78 Shanghai Composite...... 3008.81 -12.39 -0.41 WALMART ...... 116.02 -0.03 117.96 85.78 VIVENDI...... 24.95 0.00 26.69 20.80 FTSE All-Share...... 4032.44 39.95 1.00 Nasdaq Composite ...... 8169.68 85.52 1.06 ISEQ Overall Index...... 6231.61 85.38 1.39 STI Index...... 3197.64 41.68 1.32 WALT DISNEY...... 136.19 0.40 147.15 100.35 VOLKSWAGEN VZ I...... 155.34 0.84 163.70 131.02 FTSE AIM All-Share ...... 880.27 4.87 0.56 Xetra DAX ...... 12359.07 90.36 0.74 FTSEurofirst 300 ...... 1531.70 11.54 0.76 ASX All Ordinaries ...... 6752.20 24.20 0.36 WELLS FARGO...... 48.85 0.54 57.39 43.02 CITYAM.COM THURSDAY 12 SEPTEMBER 2019 LIFE&STYLE 21 TECHNOLOGY EDITEDGOOGLE’S BY STEVE HOGARTY COMING HOME

SMART HOME Bigger, louder and armed with a video camera, the videos and music by raising your GOOGLE NEST HUB MAX hand. Gestures are most useful in the £219, STORE.GOOGLE.COM Nest Hub Max kitchen, when your hands are covered new is your smart home’s dashboard in all manner of gunk and it might be hhhhh | BY STEVE HOGARTY rude or inconvenient to use your voice. The wide-angle camera ast year’s Nest Hub placed also tracks you during the Google Assistant at the video calls, so you can centre of the connected move around the room home, integrating a voice-ac- and always be in frame. tivated speaker and display And for those still con- intoL a single device. It brought to- cerned about privacy, a gether disparate smart home services from competing companies – light- bulbs, locks, cameras and thermo- stats – into one easy to use dashboard, so you could control your house from your kitchen and pretend you were pi- loting a two-bedroom starship. The camera Where it lagged behind the compe- tracks you during tition (namely Amazon’s Echo Show) was in Google’s decision not to in- video calls, so you clude a camera, a design choice made to allay privacy concerns around a can move around gadget that would often be pointed right at your bed. the room and As the name implies, the Nest Hub always be in frame Max is a bigger version of the previous Nest Hub, ten inches rather than seven and with a louder pair of stereo switch on the back of the screen cuts speakers, but the chief upgrade here power to the camera and mic. is the addition of a camera. This is When it’s not in use the Nest Hub used for more than just making Max becomes a photo frame, display- and receiving video calls. The Nest ing an intelligently curated selection Hub Max can recognise the faces of your most recent pictures from of different family members as Google Photos. A sensor in the frame they walk past the device, to dis- detects ambient light levels, and sub- play things like personal re- tly adjusts the display to make your minders, upcoming flights, photos look as though they’re printed potential delays to a com- on paper rather than on screen. It’s a mute and calendar appoint- convincing effect, and a thoughtful ments all without having to way to keep pictures of friends, family touch or say anything. and past adventures in rotation. The Nest Hub Max can Bigger and louder, the Nest Hub function as a home security cam- Max also comes with a new £219 era, using your phone’s GPS to deter- price-tag to match. Its predecessor is mine when you’re out of the house £100 cheaper, and is the better value and alerting you whenever it detects proposition for users who aren’t inter- motion. The camera enables some ested in the camera, or who’d prefer a basic gesture controls too, allowing more petite device. For everyone else, you to pause and resume podcasts, this is as smart as home hubs get.

GAMES OUT NOW: CAN THE BLAIR WITCH MYTHOS STILL SCARE YOU 20 YEARS ON? GAME Occasionally the scene will be puzzle solving mechanic. subtly altered – older, perhaps, or Later there are ill-conceived BLAIR WITCH strewn with more detritus – but it’s combat encounters in which you PC, XBOX always the same damn tent, no must banish apparitions by shining BY STEVE DINNEEN matter how far you run. a torch at them, or sprint past But rather than simply lean into swirling piles of leaves. Each one There are moments in Blair Witch the primal fear at the heart of the makes the world more knowable that live up to the promise of the Blair Witch mythos, Bloober also and less frightening, with any source material, recreating the sense attempts to tell a story about one residual fear all but dried up by the of suffocating panic that comes from man’s psychological breakdown in time you reach the piece-de- being lost and alone. the aftermath of war. Exploring the resistance: the dilapidated stone It’s an area in which Polish games creeping, maddening horror of house from the movie. It’s a shame, developer Bloober Team has form: PTSD is an interesting idea, and one because this is the highlight of the in psychological horror Layers of that’s often well executed, but it’s game, a brilliantly creepy collection Fear, doors would flicker out of forever competing with the witch as of peeling corridors and rotting existence when you turned your this story’s primary antagonist. staircases that loop around and back, or creepy dolls would You’re not entirely alone in the around, the sense of claustrophobia rearrange themselves just out of woods: also along for the ride is building each time you’re forced to view. In cyberpunk dystopia your German Shepherd Bullet. He’s navigate them. Observer, your character’s decaying such a faithful companion that he But even here the two competing cybernetic implants caused reality actually mitigates much of the narratives eventually cancel each itself to twist and glitch, meaning horror – as long as I could hear him other out. Simply put, the witch is you could never trust what was in scrabbling through the brush, I was less frightening if it’s the front of you. never too fearful of the ominous manifestation of a soldier’s PTSD, The same conceit is applied to sounds coming from deeper within and the soldier’s PTSD is less Maryland’s rolling Black Hills, the the forest. You’re also armed with a impactful when it’s attached to a dense woodland endlessly repeating classic Nokia that bombards you story about the Blair Witch. There as your wander its impossible with strange messages, and a are two good games in here geography, somehow always ending reality-bending camcorder that somewhere. Unfortunately this isn’t back at the same desolate campsite. functions as the game’s primary either of them. 22 FEATURE THURSDAY 12 SEPTEMBER 2019 CITYAM.COM OFFICE POLITICS The problems caused by superstar CEOs

and influence. The fall of Nissan’s Carlos Ghosn should So, how can businesses keep these individuals in check? The important serve as a warning lesson to all businesses work of reining in these superstars be- gins with the board of directors. ARLIER this year, a new chap- José Boards cannot allow themselves to ter unfurled in the sad saga of Hernandez be dazzled by strong profits at the po- former automotive industry tential expense of the company’s rep- leader Carlos Ghosn, when and KEEP IT SAFE utation and ethical compass. They Japanese prosecutors arrested Mark must not take the credentials or fi- Ethe embattled former chairman of Laurie Password Boss nancial target-based performance of Nissan and Renault for the fourth Free entrepreneurial executives at face time since November 2018. value, but should instead focus on Ghosn has been under house arrest Be honest, is their working methods. They must since April, awaiting trial. He faces your password also pay close attention to deviations charges that he understated his in- forced to step down amid allegations something really from corporate culture, established come and abused his position for per- of misconduct that occurred under easy to guess? Is strategy, and policies and procedures. sonal enrichment, including the their watch. They had executed faulty it 123456 or Some superstars maintain and ex- allegation that he committed a strategies, put weak oversight systems Passw0rd with a pand their power by carving out fief- breach of trust by funneling $5m of in place, and become blind to wide- zero instead of a doms within the company, and then Nissan funds into a dealership under spread misconduct within their organ- letter? Come on, promoting fear and silence within his control. He denies all the charges. isations. In almost every instance, the you know that’s their mini-empires. In response to But Ghosn’s dramatic downfall resulting damage to their company’s risky. This app this, board-members need to open stands out among corporate scandals, reputation long outlives their tenures. We have seen driven – which makes them both ef- creates a their eyes and ears: listen to the mes- as he had long been hailed as a vision- We have also seen bad guys cele- superstar fective and dangerous. “password sages sent by whistle-blowers, repre- ary reformer who had overseen im- brated as good guys for far too long. leaders feted They are afforded a great deal of lat- wallet” that will sentatives of gatekeeping functions, pressive transformations of the That is, we have seen corporate “super- and rewarded, itude in which to operate. They also create new internal audits, and investigations. carmakers under his leadership. star” leaders – including chief execu- even as their tend to be very charismatic to the peo- secure phrases Misconduct may be inevitable, but Although Ghosn’s case has attracted tives – feted and rewarded, even as conduct slowly ple they need to charm, and mon- for the sites you scandal is not. By heeding the early particular attention in the media, the their behind-the-scenes conduct slowly rotted away a strous to those they want to control. visit, stores warning signs and having the courage unfortunate truth is that integrity fail- rotted away the culture of integrity firm’s culture of Individuals with this much power them, and then to hold leaders accountable, directors ures on the part of chief executives and that the firm was trying to maintain. integrity frequently end up being the focal automatically can play a critical role in protecting other senior corporate leaders are not This is not really surprising; unethi- point of corruption in their compa- logs you into any their companies from those – like as rare as they should be. cal superstars are a natural byproduct nies. They are, by nature, the people of your regular Ghosn – who can do so much damage. In our work advising boards and of a ruthlessly competitive global most likely to believe that the rules websites. chief executives on crisis response in marketplace with its unceasing de- do not apply to them, and they have £ José Hernandez is chief executive and the wake of major ethical scandals, we mands for growth. Such leaders are a way of infecting the company cul- Mark Laurie is a consulting director at have seen numerous respected leaders highly intelligent, creative, and ture through their outward persona Ortus Strategies. 1 • The amount a business wants • Information about all to borrow the business debts

• Details on how the business • Annual turnover will use the loan (if an established business)

• Details about the company's • The company’s net profit business plan (if an established business)

• Personal information about • The forecasted annual turnover the directors (if a start-up) 4. HOW DOES THE BUSINESS DIFFER FROM ITS COMPETITORS?

• What does your business do compared to others that offer similar things? • How will you make sure that you compete effectively with them?

5. WHO ARE THE CUSTOMERS?

• Tell potential lenders about your customers and how you provide them 1. HOW MUCH MONEY DO YOU NEED? • How will the market grow or develop in the future? • Have a precise figure worked out • How will your business keep offering them products • Make it clear exactly how the proceeds will be spent or services that they want? • Explain how the spending will drive future growth

2. WHAT IS THE GROWTH STRATEGY? 6. WHO ARE THE KEY PEOPLE?

• Help a lender understand where you want the • What’s your background and what is your role in the business to be in the future business? • Create financial projections, incl. sales and cash • What about the other senior people? flow forecasts, as well as budget • How will you be hiring as the business grows? • Do you plan to borrow again in the future? • Will you sell equity at some point?

3. HOW IS THE BUSINESS PERFORMING? 7. ARE THERE ANY HURDLES HEAD?

• Prepare detailed financials from previous years • Be upfront about any areas of vulnerability • Include information such as spending, cash flow, • Think about how your customers’ behaviour revenue and profit might change in the future, whether your costs could increase, or whether your market could • Help lenders to understand your journey so far become more competitive

LOANS & P2P BUSINESS LEASING & HIRE INVOICE FINANCE ASSET BASED VENTURE DIRECT EXPORT OVERDRAFTS LOANS PURCHASE & FACTORING LENDING DEBT LENDING FINANCE

£10,000-£500,000 Depends on the asset Typical £10,000+ £50,000 < 1m £1m-£5m £2m-£15m up to £5m deal size (more if secured) being leased

5%-10% (often lower Typical interest 5%-10% 5%-10% 3% fee 5%-10% 10%-15% 5%-10% 5%-10% rate than bank loans)

Typical term 6 months - 5 years 6 months - 5 years Short or long-term 50 days <10 years 3-5 years 5 years 2+ years

Either (but affects Either (but affects Benefits from Raised against Secured or interest rate & loan interest rate & loan Secured Secured Either Usually secured up to 85% UKEF invoices unsecured? maximum) maximum) guarantee

Best suited for Loans = long-term long-term or Overdrafts= working Long-term Either Working capital Long-term Long-term Long-term Long-term working capital? capital

Established (also What stage does Established (also Established Established Any Established Early Established needs export your business needs invoices) need to be? contracts)

What is the £100,000 per year Often provided min business £1m £50,000 Any (less with some Yes before company is £10m Yes turnover? newer providers) generating profit

Banks, challenger Banks, challenger Banks, challenger banks, online banks, online Direct lending UKEF alongside an banks, specialists, Online platforms Specialists Specialists Who provides it? platforms, platforms, funds approved bank government specialists specialists

Can involve Does it came Yes if investor is Rarely Rarely Rarely management of Rarely Rarely Rarely with support for hands-on business owners? credit controls

Yes, but often Combines well involves purchase Yes Yes Yes Yes Yes Yes Yes with equity options so can affect funding? future raises Ready to grow your business?

Explore finance options and find funding to suit your business.

Visit: british-business-bank.co.uk/finance-hub

British Business Bank plc is a public limited company registered in England and Wales. (registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ). As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). It operates under its own trading name through a number of subsidiaries, one of which is authorised and regulated by the FCA. British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found at www.british-business-bank.co.uk CITYAM.COM THURSDAY 12 SEPTEMBER 2019 PUNTER 27

THE PUNTER Bill Esdaile previews today’s action at Doncaster RACING TRADER @BillEsdaile

T IS not the same as York but Cloak Of nearby Doncaster has its own Spirits was charms, particularly during the mightily Ifour-day William Hill St Leger impressive Festival. on debut at The highlight of the meeting, the Ascot in July world’s oldest Classic on Saturday, could have a big impact on the desti- nation of the trainers’ title with John Gosden and Aidan O’Brien battling it out. We’ll look at that race in detail to- morrow, but Gosden could add a few more pounds to the kitty this after- noon with Enbihaar in the Group Two DFS Park Hill Stakes (2.40pm). Jim Crowley’s mount has won three of her four starts this campaign, in- cluding a dominant display in the Group Two Lillie Langtry Stakes at Glorious Goodwood last month. She should take the world of beat- ing, but it’s not going to be an easy task to concede 10lbs to Ed Vaughan’s Dame Malliot so it’s just a race to be watched for me. A better bet is CLOAK OF SPIRITS at 5/2 with Coral in the Group Two William Hill May Hill Stakes (3.45pm), with the king of Town Moor, Andrea Atzeni, in the saddle. Richard Hannon’s daughter of Invin- cible Spirit produced an outstanding performance on debut at Ascot back in July where she looked a star in the making. An entry in next month’s Group One Fillies’ Mile indicates what Han- non thinks of her and she can book ATZENI WILL PUT PUNTERS IN her place in that with a win here. The biggest danger could well be Mark Johnston’s West End Girl who won the Group Three Sweet Solera Stakes at Newmarket on her last start. That was a good effort after her pre- FINE SPIRITS AT DONNY AGAIN viously unlucky run at Sandown and I would fear her more than Passion who will have to step up on her Cork maiden success. With so much prize money on offer lucky not to beat O’Brien’s Southern chance on for his shrewd connections. for the Weatherbys Racing Bank JE:7OÊI
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:ED97IJ;H Hills that day when denied daylight at There is also a bet to be had after the £300,000 2-Y-O Stakes (3.15pm), it is no 5 1 CLOAK OF SPIRITS (48) (GF) a crucial point. ITV cameras have been turned off, as Going: GOOD TO FIRM surprise to see O’Brien fire three bul- (8) R Hannon 2-9-0...... A Atzeni 108 He sneaks in here at the foot of the I like the look of SAVALAS in the Silk WILLIAM HILL MAY HILL ITV Runs: 1 Wins: 1 Places: 0 £6,727 lets at the pot. 3.45 weights off just 8st 6lbs and looks to Series Lady Riders’ Handicap (4.20pm) His main hope appears to be market STAKES (GROUP 2) (1) 6 51 PASSION (11) (D) (Y) be crying out for this sort of trip. at 14/1. leader Harpocrates who looked to £39,697 1m (5) A P O’Brien (IRE) 2-9-0 ...... R L Moore 99 With those at the top of the weights This race is for pro-am female jock- have last month’s Acomb Stakes at his Runs: 2 Wins: 1 Places: 0 £10,098 giving him 10lbs, he looks a great eys, so it has to be of interest that the 21 (26) (CD) (S) mercy with a furlong to run before 1 ALPEN ROSE 7 1 POWERFUL BREEZE (20) (GF) each-way bet at 7/1. in-form Kevin Ryan has booked (9) C Appleby 2-9-0 ...... being reeled in late on by Valdermoro. W Buick 99 (1) H Palmer 2-9-0 ...... James Doyle 103 While on the subject of those poten- Josephine Gordon, as well as reaching The first-time blinkers seemed to Runs: 2 Wins: 1 Places: 1 £4,968 tially leniently treated because of for a first-time visor. Runs: 1 Wins: 1 Places: 0 £5,175 work the oracle that day and the their relatively cheap purchase price, The key to this four-year-old is six 2 315 ANANYA (33) (G) 3 (15) (D) (A) slight drop back in trip is bound to 8 41 RUN WILD it may also pay to take a small each- furlongs on quick ground which he’ll (4) P Chapple-Hyam 2-9-0 ...... B Doyle 108 (3) J Gosden 2-9-0 ...... help too. O Murphy 105 way chance on SKONTONOVSKI at get here and he looks very well-hand- Runs: 3 Wins: 1 Places: 1 £7,289 Pistoletto will find this a lot easier Runs: 3 Wins: 1 Places: 1 £5,266 33/1. icapped off a mark of 88. 1 (35) (GF) than the Gimcrack, but it is harder to 3 ANNA OF SUSSEX 9 151 WEST END GIRL (33) (GF) There aren’t many better trainers of make a case for King Neptune. (6) S Kirk 2-9-0 ...... T Marquand 78 (7) M Johnston 2-9-0 ...... F Norton: 117 a juvenile around than Richard POINTERS Runs: 1 Wins: 1 Places: 0 £3,428 However, I am going to take on the Runs: 3 Wins: 2 Places: 0 £36,277 Spencer and this son of Harbour Ballydoyle trio with the in-form Keith 4 411 BOOMER (19) (GF,G) Watch shaped well last time suggest- Glasvegas e/w 3.15pm Doncaster 2018: Fleeting 2 9 0, D O’Brien 12/1 (A P O’Brien), 11 ran. e/w Doncaster Dalgleish’s GLASVEGAS who hasn’t (2) T Dascombe 2-9-0 ...... R Kingscote 115 :BETTING: 11/4 Cloak Of Spirits, 9/2 Boomer, West End Girl, ing a drop back to this trip would Skontonovski 3.15pm Runs: 3 Wins: 2 Places: 0 £33,299 Doncaster been seen since finishing third in the 5 Passion, 7 Alpen Rose, 8 Run Wild, 12 Powerful Breeze, 20 Others help. Cloak Of Spirits 3.45pm Windsor Castle Stakes at Royal Ascot. Admittedly, he is in much deeper Savalas e/w 4.20pm Doncaster The son of Zebedee was arguably un- waters here, but he is worth taking a BarclaysFootball @BarclaysFooty

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28 SPORT THURSDAY 12 SEPTEMBER 2019 CITYAM.COM STERLING HITS NEW HIGH

has liberated Sterling to recreate the England star shows why sponsors are Sterling ran devastating displays coaxed out of the show in him in a similar system by City coach queuing up, writes Frank Dalleres England’s Pep Guardiola. 5-3 win Since that tactical tweak, he has scored eight in nine games for his AST month it emerged that Ra- capture the extent of his influence on country. heem Sterling was being this chaotic game. Also decisive in the change in per- courted by Air Jordan, the Nike The Manchester City player glided ception of him has been his social sub-brand reported to be con- across the turf at St Mary’s, slicing a media post criticising the portrayal of sidering making gung-ho Kosovo side to shreds. Every young black footballers after he was Lhim the face of a new time he ran with the ball it looked racially abused from the stands last range of football boots in sure to end in a goal. Often it did. season. a £100m deal. Sterling’s words not only drew a line If anyone was in any UNMISTAKABLY ELITE in the sand but encouraged other doubt why Sterling is in Sterling’s importance to England is players, such as England team-mate line for one of the sport’s not new. He was their best performer, Marcus Rashford, to speak out and most lucrative ever boot too, when despatching Bulgaria marked him out as an Athlete With deals then they only 4-0 on Saturday, and in the pre- Something To Say alongside the NFL’s needed to tune in to Eng- vious two Euro 2020 quali- Colin Kaepernick and US footballer land’s extraordinary 5-3 fiers. But he has now Magan Rapinoe. win over Kosovo on Tues- eclipsed Harry Kane as That is all down to him. One indus- day. Gareth Southgate’s most try insider who has worked with Ster- Teenager Jadon Sancho indispensable figure. This ling says he spoke out spontaneously, may have grabbed some of qualifying campaign may without taking advice – indeed, they the headlines with his first not pose the greatest test, believe this off-the-cuff approach two goals for the national but with England’s mid- could be refined to amplify and lever- team but it was Sterling field unable to pierce key piece in City’s lavish jigsaw. Hav- His hero status is some transforma- age his new image, as Nike has with who ran the show in his even these workmanlike ing broken the 20-goal barrier in his tion from 18 months ago, when he re- Kaepernick and Rapinoe. most scintillating display defences it is Sterling last two seasons, he is averaging more mained a misunderstood and unfairly His persona is authentic, though, as yet for the Three Lions. who provides the cutting than a goal a game this term. maligned presence in the England he showed by lingering pitch-side Of England’s five goals, edge. Sterling just gets better and better side even as they reached a World Cup after the final whistle on Tuesday, Sterling scored one and It could be argued that and he is now hitting new heights. semi-final. signing autographs for massed ranks set up three more. He he has also become the These numbers and performances are of children. made nine dribbles and unmistakably elite level and usually LINE IN THE SAND One plucky youngster asked for and had five shots. But Nike has traded on the preserve of Messis, Ronaldos and Credit must go to Southgate for received his boots. That footwear is numbers alone do not Rapinoe’s edgy image Mbappes. switching to a 4-3-3 formation that very much in demand. CITYAM.COM THURSDAY 12 SEPTEMBER 2019 SPORT 29

both are good players, I’d lean to- Keane’s wards Stones because of his superior error led to ability on the ball. England need Kosovo’s Southgate’s midfield is also very early goal much a work in progress. Jordan Hen- derson is an invaluable cog in the ma- chine so his place is safe, but the other two spots are up for grabs. At 20, De- clan Rice is still learning the game, to make case while Ross Barkley has not yet shown that he can be the dominant creative player – the Kevin De Bruyne – that England need to become a great team. Barkley is 25 but against Kosovo was still playing blind flicks around the for the defence corner. You don’t do that at interna- tional level; you get a hold of the ball, link up and go again. England’s mid- fielders ought to look to Raheem Ster- NGLAND’S high-scoring wins FOOTBALL ling and the improvement he has over Bulgaria and Kosovo will made. It can only be admired and they have left Gareth Southgate COMMENT need to make the leap in performance Ebroadly happy, although the Euro that he has. Maybe Mason Mount or 2020 qualifying double-header James Maddison will prove a better op- did highlight their shortcomings. Trevor tion than Barkley, although I still They were always going to takes six Steven think he can be that player if he irons points from these fixtures – anything out the creases still blighting his game. else would have been a huge shock – With four qualifiers left to play and but I’d suggest Southgate would have nine months until Euro 2020, the big expected two clean sheets as well. seconds. The hosts looked shaken and picture is that England have a really While England achieved that in Satur- embarrassed. The positive is that they good squad now. Southgate has been day’s 4-0 stroll against Bulgaria, Tues- reacted very well, running in five goals bold and has built well. I like the en- day’s 5-3 victory over Kosovo laid bare before half-time. ergy – they have a level that is guaran- how defensively lax they can be. They teed whoever comes into the side. The simply have to get mentally stronger. INVALUABLE COG front three of Sterling, Harry Kane and England defended badly both indi- I like the look of the defence on paper Jadon Sancho is as good as anything in vidually and as a group. It felt compla- but they need more minutes together, international football. But as these two cent, as though they believed they and while Harry Maguire is nailed on games showed, the men behind them were playing so well that they would for the left centre-back slot there re- need to find an extra 10 per cent. simply roll the opposition over. But mains a question mark over who part- they looked really uncomfortable in ners him. It looks to be between Trevor Steven is a former England the face of Kosovo’s high press, which Keane and John Stones. The former is footballer who has played at two World hustled Michael Keane into handing guilty of lapses of concentration, as Cups and two European Championships. the visitors a surprise lead inside 35 on Tuesday, but so is the latter. While @TrevorSteven63

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F ENGLAND needed any remind- ing of the logistical hurdles to win- ning the World Cup, they received it on Monday when they were held up at Tokyo Narita Airport for six Ihours on their arrival to Japan due to travel chaos caused by Typhoon Faxai. Eddie Jones’s side already had one of the most demanding schedules at the tournament, which starts next week, with the team set to travel thousands of kilometres around Japan – consid- erably further than most of their ri- vals for the trophy – to play their fixtures. England’s opening match against Tonga on Sunday 22 September takes place in Sapporo, by far the tourna- ment’s most northern host city, be- fore they must fly more than 1,000km south to Kobe to face the USA just four days later. There will be some respite when England head 400km east to play Ar- gentina in Tokyo on 5 October, before a week later facing France in nearby Yokohama’s 72,000-seater stadium. But should they qualify as expected for the quarter-finals, where a likely encounter with Wales or Australia awaits, England will be required to travel almost 800km to south-west Oita – and if they win, then cover the same distance back to Yokohama for a semi-final and potential final. England’s additional travel burden, along with the eight-hour time differ- ence and alien environment, means the role of strength and conditioning coaches will be particularly impor- tant over the coming weeks. CRAMPED AND BORED The first problem they must over- come is jet-lag. “For every time zone travelled they will need a day to accli- matise,” says Professor Craig Twist of the University of Chester. “For some players this will be worse than others, but the team will have a strict strategy in place. Often it will be tioning Association. “They will have can select different activities for re- behavioural – focusing on nutrition, 2019 RUGBY used training camps to replicate covery but must accrue a certain WHO’S GOING FURTHEST? hydration, stretching – and it will be some of the challenges they are going number of points.” well prepared in advance.” WORLD CUP to get.” How far selected World Cup teams will The changes in routine and culture England did just that when they COMPRESSION SUITS end up travelling if they go all the way to could contribute to an “initial fa- DAYS TO GO flew from a camp in Treviso, Italy to Travel and turnaround issues face all the final in Yokohama on 2 November. tigue”, and so the team are likely to Newcastle last week to play at St teams, but England will be hurled at train lightly to begin with. They then 8 James’ Park. Detailed planning will be least 3,050km around the country, England 3,051km face the challenge of taking multiple comes from being cramped and bored key, Jeffreys says, suggesting they will while Wales and Ireland’s games are Wales 1,948km short-distance flights around the on the plane. have looked at individual recovery all located centrally or in the south Ireland 1,755km country in between games. “It will be about doing things like rates as part of the selection process west and would both travel fewer Scotland 880km “More time on planes and buses is making sure the bigger players have as well as drawing up provisional than 2,000km if they went all the way. Australia 3,591km not really conducive to good recov- extra leg room and getting them to do starting XVs based on the fixture list. Champions New Zealand’s itinerary is South Africa 995km ery,” says Professor Ian Jeffreys of the some very light exercise. One of the “The typical approach in rugby is to similar in length. Japan 520km University of South Wales. “Although biggest things we’ve observed is that give players options for their recovery, France, who are in England’s pool, New Zealand 2,010km it could be that a short flight in busi- getting the players to buy into it and like doing some recovery training the could have to travel even further than France 3,358km ness class is more conducive than giving them ownership over that next day,” Twist says. “Often now a Jones’s men, while Australia appear to Italy 2,219km what looks like a shorter journey but process can help.” points system is used where players have the biggest burden in a potential takes longer on a bus.” England found an unconventional 3,590km trek. South Africa, Scotland While it is not known whether Eng- way to deal with the tedium this week and the hosts face total journeys of like Johnny Sexton with Ireland, and land will fly chartered or standard when players staged an impromptu 1,000km or less. confidence starts to sap, a result goes flights, they will likely spend plenty game of cricket while they waited at For each team logistical plans will be the wrong way, and then your strate- of time on both planes and buses. the airport. hugely important, planning whether gic ice baths and compression suits Jeffreys points out that targeting But each individual will have differ- to fly out following a match or sleep aren’t really going to account for emotional and psychological recovery ent requirements for recovery and England’s fixtures first and incorporate a training or those elements.” during this time will be just as impor- many of the methods used to mitigate mean they are set match analysis session beforehand. While behind the scenes Jones’s tant, if not more, than the physical. the impact of travel, back-to-back Preparing for the next game will be team will be doing everything to min- Fellow conditioning expert Twist matches and heat will have already to travel just as important as recovery, but pre- imise the impacts of travelling, the agrees. been decided. venting injuries could be the most im- majority of work will have been done “Travel fatigue can occur from lots “For all teams it will be educated considerably portant aspect of all. in the form of thoroughly planning of short-distance flights,” he says. guesswork because it’s not an exact further than most “The unfortunate thing is injuries England’s schedule before even flying “There’s little evidence of any physical science,” says Jeffreys, vice president will play a huge role in who wins,” Jef- out to Japan. To win, though, they effects, it’s mostly psychological and of the National Strength and Condi- of their rivals freys says. “An injury to a key player, may just need a little bit of luck too. CITYAM.COM THURSDAY 12 SEPTEMBER 2019 SPORT 31

ROY DROPPED FOR FINAL SPORT DIGEST NO LET UP Australia ready for Ashes ‘Grand Final’ against England TEST AFTER POOR FORM £ England have dropped Jason Roy were caught up in an attempted and Craig Overton and brought in Sam carjacking by masked men in July and Curran and Chris Woakes for the final academy manager Mertesacker Ashes Test against Australia at The revealed steps have been taken to Oval today. Roy has been taken out of ensure it doesn’t happen again. “The the firing line after scoring just 110 major part is what car you drive, what runs in eight Ashes innings, while you wear in terms of your jewellery,” Woakes replaces Overton in a straight he said. “So you need to be risk-aware swap from the defeat at Old Trafford. in those days that anything can Ben Stokes will play as a specialist happen at any time. These are batsman due to a shoulder injury, with examples you are trying to avoid.” Surrey all-rounder Curran taking up the role as fifth bowler. England have COLEMAN HITS BACK OVER failed to regain the Ashes, but can still ANTI-DOPING ACCUSATIONS tie the series at 2-2 with victory. £ American sprinter Christian Coleman has hit back at authorities BROWN: I’M STILL THE BEST after being accused of breaching anti- FULL-BACK ENGLAND HAVE doping regulations. Coleman was £ Mike Brown says he is still the best facing a one-year ban after missing full-back available for England despite three whereabouts checks in 12 missing out on World Cup selection. months but the US Anti-Doping Brown, 34, was involved in pre- Agency dropped the case. The 23-year- tournament training camps but wasn’t old admitted the failures were due to selected in Eddie Jones’s 31-man him forgetting to say where he was, squad for the tournament, which but accused Usada of “going after the starts in Japan next week. “I feel like biggest name in the sport” and leaving I’m the best English full-back, and I him with “a smear on my reputation”. think I showed that last season,” he told BBC Radio 5 Live. “I still think my MCILROY BEATS KOEPKA TO game is changing and evolving all the PGA PLAYER OF THE YEAR time, and my body still feels good.” £ Rory McIlroy has won the PGA Tour Player of the Year award for the third GUNNERS PLAYERS WARNED time in his career. The 30-year-old beat AFTER ATTACK ON OZIL world No1 Brooks Koepka to the £ Per Mertesacker says Arsenal have award, despite the American winning Tim Paine insists Australia won’t take their foot off the gas for the final Ashes Test at The Oval today, despite having already retained the urn. spoken about the threats footballers the PGA Championship. McIlroy Victory in the fourth Test last week means Australia hold an unassailable 2-1 lead. “We’re very hungry,” Paine said. “Last week’s result at Old face after the attack on Mesut Ozil and scooped the FedEx Cup title last Trafford was brilliant but all the guys know this is bigger, this is our Grand Final. We want this Test just as much as any other in this series.” Sead Kolasinac. The Gunners duo month to cap a consistent season. Bayliss leaves lopsided England legacy

seen the likes of Alex Hales, Jason Roy, Outgoing England Jonny Bairstow, Eoin Morgan, Ben Stokes and Jos Buttler redefine ODI coach led his side batting, has bled across into the Test arena where batting collapses, like to World Cup glory the 67 all out at Headingley, have be- come a regular occurrence. but Tests suffered His team have been bowled out for under 100 four times in Tests, com- as a consequence, pared to just once in the five years prior to his arrival. That frailty has writes Felix Keith contributed to his overall record in the longest format of played 58, won ODAY’S final Ashes Test 26, lost 25, drawn seven. match at The Oval marks the England were fifth in the Test rank- end of Trevor Bayliss’s four- ings when he took over in 2015, and year tenure in charge of Eng- unless they win at The Oval, they will land and, naturally enough, theT landmark has prompted an assess- ment of his body of work. The man himself rates his time in charge as a five out of 10 – a straight- down-the-middle judgement which is fairly in keeping with his overall per- The ODI revolution sona. Bayliss has been a hands-off, bled across into laid-back figurehead of England since May 2015, establishing an environ- the Test arena and ment for the players and coaching staff, rather than being an old-school, batting collapses dictatorial leader. became regular “I’ve probably taken a step back on purpose because we have plenty of coaches and they’re all hands-on,” was how he described his work this week. drop back to fifth upon his departure. “How do you find time for everyone to “It’s true Test cricket hasn’t gone as be hands-on? It’s not as if I just let it well as we would have liked even flow without anything happening.” Trevor Bayliss (centre) succeeded in his main goal, helping England win their first ever World Cup on home soil in July though we’ve had more wins than That coaching philosophy has losses,” Bayliss said. “Trying to create drawn criticism of late, with Eng- parture coming, whether England that have done well and that was the ceeded by the barest of margins. the depth in our Test ranks that we land’s failure to win back the Ashes win or lose this week, directly after an biggest area England had to turn have in our white-ball side has been a understandably raising the question Ashes disappointment his legacy will around when I arrived. The way they INNOVATION challenge and will continue to be.” of where it went wrong. be tarnished by recency bias. played in the World Cup made a big It was a fitting conclusion to a four- Finding a coach who could have Could the playing group have bene- But ultimately England got exactly deal of us having to do better and that year spell of sustained improvement, dragged England into the modern age fitted from a more regimented ap- what they signed up for. After the em- became the focus. But when Straussy innovation and boundary-pushing – of white-ball cricket to peak this sum- proach? Should the man at the top of barrassment of failing to get out of rang me the priorities were 50-50 for and it is borne out in Bayliss’s record. mer, while simultaneously coaching the tree fit the literal bill of being a the group stages at the 2015 World white-ball and Test cricket.” In One-Day Internationals the 56- completely different skills to the Test “head coach” instead of resembling a Cup, England, under new director of Despite Bayliss trying to retrospec- year-old Australian has a wonderful side was a tricky brief. wise, reserved mentor? cricket Andrew Strauss, prioritised tively cover his employers’ tracks, record, which reads: played 88, won In the shadow of a first home Ashes improvement in 50-over cricket. everything was geared towards the 62, lost 24, drawn two, while 15 of failure since 2001 it is hard to say it, WHITE-BALL FOCUS “I prefer Test cricket,” Bayliss in- 2019 World Cup on home soil, and to England’s 20 totals over 350 in ODIs but Trevor Bayliss, through his It’s inarguable that Bayliss has fallen sisted. “I’ve been lucky enough to be quote Kiwi commentator Ian Smith’s have come under his tenure. unique, seemingly detached style, has short in some areas and, with his de- in charge of a few white-ball teams memorable turn of phrase, they suc- However, that revolution, which has delivered what was asked of him.