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White warns of job losses TWEET at John Lewis JESS CLARK @jclarkjourno THE SURPRISE pick as the new chairman of the John DREAMS Lewis Partnership has told staff it is now facing the most “difficult decisions” in the century it has been operating. Former Ofcom chief executive Sharon White delivered her maiden speech to employees yesterday, saying ARE MADE the retailer would have to make tough choices about “stores and jobs” amid a difficult retail environment, 15.05% according to reports of the call in the Times. One of her first calls will be on whether the firm pays staff OF THIS a bonus, but she confirmed in the speech — delivered to a 200-strong audience and JAMES WARRINGTON our momentum — learning faster, pri- “It’s also encouraging that Twitter is concerned about brand safety. streamed to the wider oritising better, shipping more and executing on its strategy in a quarter Unlike rival Mark Zuckerberg at workforce — that she believed @j_a_warrington hiring remarkable talent,” he said. when Snap struggled and Facebook Facebook, Dorsey has also rolled out “the partnership values are SHARES in Twitter took off yesterday “All of which put us in a stronger po- also found life tougher,” he said. “For bans on political advertising in the more important than ever” in after the social media firm increased sition as we address the challenges ad-driven business this was a quarter run-up to elections in the UK and the the wake of the financial crisis. its user numbers by more than a fifth and opportunities ahead.” beset by a shorter holiday shopping US, insisting that political message The warning overshadowed and topped $1bn (£773m) in quarterly The results mark a stark turnaround window in the US, so we should com- reach should be “earned not bought”. a rare piece of good news for revenue for the first time for the platform following a 20 per mend Twitter for its efforts.” Tamara Littleton, chief executive the sector, with bricks-and- Twitter reported net income of cent plunge in its share price on dis- Co-founder Dorsey, who plans to and founder of social media agency mortar retail sales up in $119m, down from $255m in the appointing third-quarter figures in move to Africa for up to six months the Social Element, said Twitter’s January by 5.7 per cent, the same quarter last year. October, when revenue was hit by this year, has also emerged as a lone long-term outlook was encouraging. strongest figures in six years. However, the social media giant bugs that impacted its ability to target voice in Silicon Valley vowing to im- “Already refusing political ads, it is However Sophie Michael, posted revenue of $1.01bn — the first ads and share data with brands. prove online safety. now working hard to remove media head of retail at BDO which time it has broken the $1bn mark — But the firm has pumped money Last month the firm trialled a new designed to mislead people and is conducted the research, while monetisable daily active users into improving its advertising system, feature that allows users to block working to be an industry leader in warned that the result could grew 21 per cent to 152m. and has forecast headcount growth of replies in a bid to curb abusive behav- cracking down on misinformation.” be a “false dawn for high Shares in the San Francisco-based 20 per cent this year as it doubles iour and cyber bullying. Twitter predicted its total revenue street recovery” as firm rose as much as 18 per cent, with down on research and development. Jim Cridlin, global head of innova- for the first quarter of 2020 to be discounting appeared to drive chief executive Jack Dorsey hailing a Neil Wilson, chief market analyst at tion and partnership at WPP agency between $825m and $885m, with some of the shopping spree. “great year” for the company. Markets.com, said the numbers Mindshare, said the strategy seemed operating income anywhere between “Entering 2020, we are building on looked “pretty darn good”. to be paying off among advertisers zero and $30m. £ HOUSE OF FRASER: P13 Rich pickings: City grandees tipped for new roles in the House of Lords

CATHERINE NEILAN Cruddas, who founded CMC Clarke are tipped for the red threaten to derail his appointment. AND ANGHARAD CARRICK Markets, will join Icap benches, while former speaker A former top Commons official founder Michael Spencer on John Bercow’s passage to the said ennobling Bercow would be “a @CatNeilan @angharadcarrick the list of new peers to be upper house looked in doubt scandal that parliament would THEY may be used to more modern unveiled by Boris Johnson. yesterday. Nominated by struggle to live down”. Authorities offices in the 21st century City of Sky’s Mark Kleinman also Labour leader Jeremy also criticised the contents of London, but some of the Square reported on growing speculation Corbyn, the speaker Bercow’s autobiography for Mile’s most prominent figures may that Dame Helena Morrissey has become breaking confidentiality rules. need to adjust to a rather more old- would join them. embroiled in a Bercow denies all the claims. fashioned setting. Former chancellors series of bullying Sky News reported that Peter Philip Hammond and Ken rows that £ THE CITY VIEW: P2

FTSE 100 ▲ 7,504.79 +22.31 FTSE 250 ▲ 21,572.86 +52.86 DOW ▲ 29,379.77 +88.92 NASDAQ ▲ 9,572.15 +63.47 £/$▼ 1.293 -0.007 £/€▼ 1.178 -0.003 €/$▼ 1.098 -0.003 02 NEWS FRIDAY 7 FEBRUARY 2020 CITYAM.COM

TRUMPED UP CHARGES? The Donald basks in his acquittal in impeachment trial as vote splits almost entirely on partisan lines THE CITY VIEW The Lords will benefit from Square Mile lifers

F YOU were designing Britain’s constitutional system from scratch, it is unlikely the House of Lords in its current form Iwould make it into the final draft of your masterplan. With 794 members, it is now the second largest legislative body in the world, trailing only the National People’s Congress of China in that dubious category. It is hardly surprising that amongst these 794 unelected members are more than a handful to whom our hypothetical constitutionalist would hand a pass. Too many of its members are superannuated politicians, who every day defy the notion that a political career ends in failure as they pick up their daily stipend despite often having lost their Commons seat at the hands of voters. Another set have simply served their time in the quangocracy, receiving not a gold watch upon their retirement but a cloak of ermine. But for all that, we must (for now at least) work in DESCRIBING charges that he had demanded Ukrainian authorities investigate the families of his political rivals and withheld aid the world we have, not the one until completion as “bull***t,” US President Donald Trump yesterday revelled in his acquittal in only the third impeachment trial we wish we had. There are no of a sitting President. Only one Republican voted to convict — former presidential candidate Mitt Romney. Trump joked the headline in the Washington Post —“Trump acquitted” — was the only positive headline he’d received from the newspaper. doubt many peers — possibly even a majority — who have City expertise will valuable contributions to make as scrutineers of legislation be much needed US CORPORATE RESULTS ROUND UP and champions of issues which FIAT CHRYSLER’S PROFIT RISES INTERCONTINENTAL EXCHANGE might not be appealing to elected politicians but remain vital AHEAD OF PEUGEOT MERGER MEETS ITS EXPECTATIONS nonetheless. So it would be remiss not to congratulate the rumoured recipients of peerages that hail from our parish. Peter £ Fiat Chrysler posted a seven per cent £ Intercontinental Exchange (ICE), a Cruddas — whose father worked at Smithfield market — is the rise in fourth-quarter profit yesterday, leading operator of global exchanges and archetypal self-made entrepreneur, and Michael Spencer’s story boosted by strong business in North data provider, yesterday reported financial is in a similar vein. Both launched their City ventures with a America and better results in Latin results for the fourth quarter and full year America as it heads into a merger with of 2019 in line with expectations. Full-year mere five-figures and both went on to dominate their fields. France’s PSA. The Italian-American car net revenues for 2019 were $5.2bn Dame Helena Morrissey is a great advocate for diversity and a maker said adjusted earnings before (£4.02bn), up four per cent year on year. loud and proud champion of business. She has proven herself interest,tax, depreciation and The New York Stock Exchange owner this amortisation (Ebitda) rose to €2.12bn week said it had approached Ebay to unafraid to stick to her beliefs, a long-standing advocate of (£1.8bn). Shares rose 0.8 per cent to “explore a range of opportunities”. Shares Britain’s exit from the EU in an environment that hasn’t always €12.41 yesterday. fell 2.9 per cent to $90.10 despite the news. welcomed such a view. All would bring valuable experience and insight to the Upper House, if they indeed are appointed, and PHILIP MORRIS BEATS ANALYST KELLOGG LOWERS 2020 SALES S&P GLOBAL REPORTS STRONG will have a crucial role in advising parliament and the ESTIMATES AFTER SOLID YEAR AND EARNINGS OUTLOOK FOURTH-QUARTER RESULTS government on the future of the City. It is unclear, however, how another potential peer — the former speaker John Bercow — will £ Cigarette maker Philip Morris reported £ Breakfast cereal maker Kellogg £ S&P Global yesterday reported strong fourth-quarter earnings ahead of Wall St yesterday forecast full-year earnings that fourth quarter and full-year 2019 results. improve our civic institutions. His grandstanding, pomposity expectations yesterday, with a profit of widely missed market expectations, hurt The company reported revenue of $1.74bn and willingness to ride roughshod over convention has already $1.22 per share from $7.6bn (£5.88bn) in by the sale of its Keebler cookie business (£1.35bn), an increase to 13 per cent forced us to expend far more ink on discussing him than he sales, up on analysts’ estimates of $1.21 and other assets to Nutella maker Ferrero. compared to the same period in 2018. deserves. The bullying allegations are only the latest example of per share. Cigarette sales dropped eight Kellogg, which also makes Pringles, Cheez- Fourth-quarter net income increased six per cent in the fourth quarter, however Its and Pop-Tarts, said it expected adjusted per cent to $541m and diluted earnings his many deficiencies. A dignified departure from public life heated tobacoo products jumped 41 per earnings per share to decline by between per share increased eight per cent to $2.20. would be the decent thing to do, but we shan’t hold our breath. cent. “2019 marked a year of strong three per cent and four per cent in 2020, 2019 adjusted net income increased nine underlying business performance,” said falling short of the 3.8 per cent increase per cent to $2.35bn and adjusted diluted chief executive Andre Calantzopoulos. analysts had expected. Shares in the food earnings per share increased 12 per cent Follow us on Twitter @cityam Shares rose 2.7 per cent to $86.20. firm fell 8.5 per cent to $63.46 yesterday. to $9.53.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL TRUMP ‘APOPLECTIC’ WITH WHAT THE WESTMINSTER ABBEY TO BANK CUSTOMERS PAY ELLIOTT BUILDS UP A $2.5BN JOHNSON OVER HUAWEI OTHER GREET PRINCE’S BIRTHDAY £100M TO ACCESS CASH STAKE IN JAPAN’S SOFTBANK US President Donald Trump vented The bells of Westminster Abbey will ring Customers are now paying more than Elliott Management has quietly built up “apoplectic” fury at Boris Johnson in a PAPERS SAY out for the Duke of York’s birthday, even £100m a year to withdraw their money a more than $2.5bn (£1.93bn) stake in tense phone call over Britain’s decision after the government said it would stop as free cash machines close at a record Japan’s Softbank and is pushing the to allow Huawei a role in its 5G mobile THIS marking the occasion by flying the rate. Consumers paid £104m in ATM sprawling technology giant to make phone networks, according to officials Union Jack. Prince Andrew, who turns charges last year, up from £29m in 2018. changes that would boost its share in London and Washington. The Prime MORNING 60 on 19 February, is one of 10 royal More cash machines now charge users price, according to people familiar with Minister spoke to the US President last family members whose birthdays are for withdrawals as banks have cut the the matter. week soon after he announced his celebrated by the state. amount they pay the companies that decision to allow the Chinese run ATMs since July 2018. JUUL RAISES MORE THAN manufacturer to participate in the UK’s BREXIT MOVIE PRODUCER $700M FROM INVESTORS next-generation cellular network. JAILED FOR £500,000 CON APPLE WATCH OUTSELLS San Francisco-based vaping brand Juul David Shipley, a Conservative Party SWISS WATCH INDUSTRY has raised more than $700m (£541.5bn) ENGIE CHIEF OUSTED IN Engie, has been ousted following a activist who produced a movie The Apple Watch outsold the entire in convertible debt to fund its BOARDROOM SHOWDOWN boardroom drama that gripped the promoting Brexit has been jailed after Swiss watch industry last year, operations, according to people familiar The only female chief executive at a top country’s political and business elites. conning Dragons’ Den entrepreneur according to new data from Strategy with the matter, as the e-cigarette publicly-listed French company, The firm said it would not reappoint James Caan’s business out of a Analytics. It sold 31m watches last year, maker confronts increasing financial Isabelle Kocher of the energy utility Kocher when her term expires in May. £519,000 investment. compared to 21m Swiss watches. and regulatory pressures. CITYAM.COM FRIDAY 7 FEBRUARY 2020 NEWS 03 Boeing’s shares Permanent roles increase for first time in a year after General Election boosted by 737 ANGHARAD CARRICK south of England but fell in London lingering uncertainty. and the midlands. “Brexit is unchartered territory so @angharadcarrick The total number of staff the reality is the uncertainty will IMPROVED market confidence has led vacancies across the UK rose at its linger, but key investment decisions to the first back-to-back increase in steepest rate since last March, and on hiring need to be made to build Max fix timeline permanent jobs for over a year. the quickest expansion was seen in confidence and help get the UK back According to KPMG and REC’s new the accounting and financial sectors. on the path to growth,” he said. jobs report, recruiters signalled a Business may be buoyed by the Billings received from temporary further rise in permanent staff General Election results but with staff fell slightly for the first time JOSH MARTIN resume, and that regulators will appointments in January following regulatory and trade negotiations since April 2013, which recruiters determine the timing. the General Election. The yet to be negotiated, the vice chair of blamed on upcoming changes to @JoshMartinNZ Last month, Dickson told senior US appointments rose in the north and KPMG James Stewart warned of IR35 legislation. BOEING shares rose last night on airline officials the watchdog could reports its embattled 737 Max passen- approve the return of the aircraft ger plane could finally fly again before mid-year, earlier than Boeing within weeks. suggested, according to people briefed US federal aviation administrator on the call. Steve Dickson said yesterday that Dickson said yesterday some regula- international air safety watchdogs tors might want to “go above and were likely to agree on the design fixes beyond” on the operational side of needed to return the Boeing 737 Max returning the aircraft to the skies. aircraft back into service. EU regulators had indicated that “On the design approval, from every- they would be more stringent than thing that I have seen I think we’ll their US counterparts. But Dickson have very solid alignment,” he told an said air safety agencies globally agreed airline industry event in London. far more than they disagreed on The plane was grounded globally in the process. March last year following the second “There’s been speculation in the of two deadly plane crashes which press about our relationship with killed a total of 346 people. international regulators, particularly One cause of the crashes is linked to EASA (European Union Aviation Safety the aircraft’s safety software forcing Agency) following the Max crashes,” the nose of the plane down, despite he added. corrective actions taken by the pilot. “Let me just say that our working Boeing has said its best estimate is relationship remains strong”. that the aircraft will not be approved Shares in the US plane maker ended until mid-2020, after endorsing simu- trading on Wall Street up 6.3 per cent lator training for pilots before flights last night at $342.16.

PETER-ING OUT Hargreaves Lansdown co-founder to narrow his stake by £500m

PETER Hargreaves, the co-founder of Hargreaves Lansdown, yesterday announced his plans to sell £500m worth of shares in the investment platform via an accelerated bookbuild offering. He said the offering was part of his plans to diversify his assets.

Uber meets estimates but food delivery costs eat into its profit

ANGHARAD CARRICK spent heavily on the expansion of its food delivery service. Revenue at @angharadcarrick Uber Eats grew nearly 14 per cent on UBER continued to draw more a quarterly basis but it continued to customers in the fourth quarter but lose money as it tries to outspend high costs at Uber Eats means it is competitors. continuing to lose money. Three-quarters of Uber’s revenue Fourth-quarter revenue met Wall came from its ride-hailing service Street’s estimates, rising 36.9 per which on its own would already cent to $4.07bn (£3.15bn), in line be profitable. Uber also increased with analyst expectations of $4.06bn. spending to attract drivers with However net losses widened promotional incentives outpacing to $1.1bn, up from a loss of $887m. the segment’s revenue growth. Uber’s total costs rose 25.2 per Shares rose as much as eight per cent to $5.04bn in the quarter as it cent in extended trading.

CITYAM.COM FRIDAY 7 FEBRUARY 2020 NEWS 05

SPRINGING INTO ACTION Mattress firm Swiss investment head Casper soars in debut on stock exchange City’s regulator clashes with EU SHARES of online mattress retailer calls upon Credit Suisse Casper Sleep markets body jumper more than 30 per cent to $15.36 in the firm’s ANNA MENIN debut trading on the chair to exit in scandal New York Stock @annafmenin Exchange yesterday. THE EU’s markets watchdog has ANNA MENIN stronger as to how the board is super- However, that asked its British counterpart to vising the bank’s management and valuation is still far ensure that the London Metal @annafmenin how the chief executive is supervising below the $1.1bn Exchange (LME) and ICE Futures THE HEAD of a prominent Swiss his colleagues,” Kaufmann, who (£850m) it secured Europe fully comply with the bloc’s investment adviser yesterday called on has been a critic of Rohner for years, in private funding rules on market transparency for Credit Suisse chairman Urs Rohner to told Reuters. last year. commodity derivatives. step down, as a boardroom battle “Can we afford an additional year of In the latest in a series of spats sparked by the bank spying on execu- tensions between the chairman, the over the future relationship between tives escalates. chief executive, the media and the EU and UK markets post-Brexit, the Rohner has been locked in a power trust of the employees and the clients? European Securities and Markets struggle with chief executive Tidjane All this makes us think we need to Authority (Esma) said it “encourages” Thiam since the revelation in change quicker.” UK funds enjoy election jump the Financial Conduct Authority September that the Swiss lender had Kaufmann also told Reuters that (FCA) to “employ timely” measures to hired a corporate espionage agency to Thiam should leave Credit Suisse if it ensure compliance with transparency tail a former executive after he defect- emerges that he was lying about his ANGHARAD CARRICK biggest monthly inflow since obligations. ed to arch-rival UBS. awareness of the spying, but said that January 2018, according to the latest In response, the FCA said it does Vincent Kaufmann, who leads the Rohner should be first to quit. @angharadcarrick figures published by the Investment “not share” Esma’s view that it has Ethos Foundation, said yesterday It emerged on Wednesday that three THE UK fund market has benefitted Association (IA). “taken no appropriate action” on the that Rohner staying on as chairman of the bank’s top shareholders have from the so-called Boris bounce, Chris Cummings, chief executive matter. “We want to ensure that for another year as planned was backed Thiam in the boardroom ending the year with December of the IA, said: “This new-found implementation happens in such a not desirable. battle following reports Rohner was inflows of £3.6bn. confidence was felt across UK plc, way so as not to disrupt trading, “These cases within the manage- drawing up a list of candidates to Net retail sales were more than with inflows into funds investing in which would affect end-users of these ment team make our doubts even replace the chief executive. double the November figure and the large to small cap UK companies.” markets,” an FCA spokesperson said. Truss opens review on post-Brexit tariff scope

CATHERINE NEILAN rise across the world” and offer help to lower prices for consumers”. consumers “greater choice and International trade secretary Liz @CatNeilan lower prices”. Truss said: “The UK has left the EU THE GOVERNMENT has called on Critically it is seeking views on and it is time for us to look forward businesses to consult on the removing tariffs of less than 2.5 to our future as an independent, shape of the UK’s new per cent, and rounding tariffs global champion of free trade. independent global tariff down to the nearest 2.5 per “It is vitally important that we policy, as the country gears cent, five per cent or 10 per now move away from complex tariff up to strike out on its own cent band. DIT is also schedule imposed on us by the next year. considering whether to European Union. High tariffs The Department for remove certain tariffs impinge on businesses and raise International Trade (DIT) has outright, particularly costs for consumers. This is our launched a month-long in areas where the opportunity to set our own tariff consultation over its new UK has limited or no strategy that is right for UK most favoured nation tariff domestic consumers and businesses across schedule, which it says will production our country.” mark the UK “as a “which could In line with the Northern champion of free trade, Ireland protocol, special safeguard against the forces Trade secretary arrangements will apply to goods of protectionism on the Liz Truss entering Northern Ireland. Prudential mulls Euronext follows London with taking the reins consultation on trading hours of China venture ANGHARAD CARRICK hours. Commenting on the announcement, Galina Dimitrova, ANNA MENIN @angharadcarrick director investment and capital EURONEXT has joined other stock markets at the Investment @annafmenin exchanges in launching a Association, said: “We are pleased PRUDENTIAL is said to be in talks consultation into market Euronext has listened to traders’ that could lead to it taking full trading hours. calls... We need to call time on the control of its joint venture with The pan-European stock long hours culture, which is Chinese lender Citic. exchange said: “In each of our six detrimental to diversity and Changes to foreign ownership laws markets, we will not only consult mental health, and inefficient for in China have for the first time made our direct members, but also the markets. A shortened day will it possible for the insurance giant to upstream buy side and retail benefit the markets.” own all of the 50:50 joint venture, associations and the operators The London Stock Exchange’s which Prudential is now working of post trade processes, clearing consultation into trading hours towards, a source told Reuters. and settlement.” closed last week with Blackrock Prudential has not yet made a for- The European trading day is and Norges Bank Investment mal application to increase its own- two hours longer than its US Management both calling for ership, and is checking whether the equivalent at eight-and-a-half reductions in trading hours. plans would win authorities’ assent.

CITYAM.COM FRIDAY 7 FEBRUARY 2020 NEWS 07

OLD GRAY LADY REVIVED Shares soar at Ashmore profit surges on the back the New York Times due to digital sign-ups of strong fund inflows at half-year JAMES BOOTH The company boosted its Ashmore has exposure in China interim dividend five per cent but finance head Tom Shippey said @Jamesdbooth1 1.27% to 4.8p off the back of the strong the effect of the coronavirus spread SHARES in emerging profit performance. on markets was likely to be limited. markets asset manager Ashmore shares closed up 1.27 per “Our investment committees are Ashmore rose yesterday after it cent at 560p. watching very closely what’s announced profit had surged at the Chief executive Mark Coombs happening in markets and what the half-year stage. said: “Ashmore’s specialist focus on reaction to the virus outbreak is Profit before tax jumped 42 per the diverse emerging markets, the from a pricing point of view, but also cent to hit £132.4m for the six strong client flow momentum in the the impact tends to be relatively months to 31 December. first half of the financial year and short-lived,” he said. Ashmore said assets under ongoing client activity levels, mean Peel Hunt analysts said: “We SHARES in the New York Times hit a 15-year high yesterday after the company said it management increased 28 per cent Ashmore is well-positioned to remain of the view that the stock is a gained more than 1m digital subscribers in 2019. The paper, often branded “failing” year onyear to $98.4bn (£76bn). continue to grow.” core holding.” by US President Donald Trump, boosted revenue and profit in the fourth quarter. Royal Mail warns US market body unveils rules for turnaround plan crypto offerings KATANGA JOHNSON

TECHNOLOGY trading startups may be exempted from current may not deliver securities law restrictions to raise capital using digital currencies or so-called tokens, a top US financial regulator proposed yesterday, but a HARRY ROBERTSON Royal Mail said: “Unless we are able transition plan would be required to make significant progress in deliv- after three years. @harrygrobertson ering our transformation plan, our The plan must show whether ROYAL Mail shares tumbled yesterday ability to meet the year three targets those products can continue to be after it warned that the outlook for of our Journey 2024 plan will be traded as securities, or if they the next financial year “is challeng- compromised.” change characteristics over time ing” and said threats of industrial Richard Hunter of Interactive and no longer meet that definition, action could hurt its turnaround plan. Investor said: “It seems that Royal Mail said the US Securities and Exchange Yet revenue at the 500-year-old com- will need to hang its hat on consoli- Long-suffering SWR commuters were hit with nearly a month of industrial action Commission (SEC)’s Hester Peirce. pany grew 3.7 per cent in the nine dating its parcel business. Even here, The long-awaited proposal to months to the end of the year, it said the threat of strike action may drive consider allowing blockchain firms in a trading update, as parcel volumes the core UK parcels business to a loss to issue initial coin offerings (ICOs) offset declining numbers of letters. in the very near future.” Commuters ‘still in the dark’ on came after the SEC repeatedly said Shares in the delivery company fell The delivery firm said revenue at its the tokens can be considered 5.52 per cent to an all-time low of UK business grew one per cent in the securities and are subject to the 178.9p yesterday. nine months to the end of December train delay compensation policy same safeguards required in Royal Mail’s shares have fallen year on year, as letter revenue fell traditional securities sales. Peirce’s more than 35 per cent since last 1.5 per cent. At its overseas business, JOSH MARTIN The survey of train users found proposal is subject to consultation. February as it faces stiff competition revenue was up 11.1 per cent. results varied drastically depending The plan calls for a three-year and threats of strike action by the @JoshMartinNZ on what company was running the window for firms to develop a Communications Workers Union THE PROCESS for aggrieved line. The operator of the West Coast network that allows for tokens “to (CWU) over pay and conditions. ROYAL MAIL passengers to get compensation when Mainline alerted passengers about be distributed to and freely P The firm’s Journey 2024 turnaround 210 their trains are delayed or cancelled the compensation process 60 per cent tradable by potential users, plan seeks to adapt to trends and turn has been slammed as overly of the time, but only 16 per cent of programmers and participants in Royal Mail into a more internationally 200 complicated. Transport for Wales riders were kept the network”, while preserving focused parcel delivery business. Research out today by Transport in the loop about compensation. important protections for token 190 Yet in an update to the market 6 Feb Focus, the independent transport Only 35 per cent of passengers who purchasers. ICOs have become a yesterday it said that an uncertain 180 178 user group, found just three in 10 of were eligible claimed compensation bonanza for digital currency business environment, ongoing indus- those surveyed were alerted by train for their journey. However train lobby entrepreneurs, allowing them to trial relations disputes with the CWU 170 operators that they could claim group the Rail Delivery Group said raise millions quickly by creating and weak letter volumes are likely to compensation for delays and more train operators are offering and selling digital tokens with no hamper the plan. 31 Jan3 Feb 4 Feb 5 Feb 6 Feb cancellations. automatic compensation. regulatory oversight. Reuters British artists pull in bumper £87m from international music royalties

JAMES WARRINGTON agreements by PPL, which collects PPL is well-positioned to continue money overseas where recorded getting music people paid.” @j_a_warrington rights exist for public performance, “Our international collections are BRITISH artists pulled in a record- broadcast and private copy. now a vital source of income that breaking £86.7m in overseas royalties Hit British artists such as Tom supports the music ecosystem, last year as the UK boosted its status Walker, Rita Ora, Bastille and Jade allowing performers to keep creating as a global music powerhouse. Bird were among those cashing in on and developing, and recording rights The figure hit a record high in 2019 their tunes abroad. holders to support the artists that and is up 22 per cent on the total Laurence Oxenbury, director of they represent.” reached in 2018, according to new international at PPL, said: “As music International royalties from figures from licensing body PPL. consumption increases around the recorded music have more than UK artists such as Adele are cashing in on international demand for their music The surge was driven by new global world, in many different countries, doubled from £36.4m in 2015. 08 NEWS FRIDAY 7 FEBRUARY 2020 CITYAM.COM Aussie AJ Lucas ups Cuadrilla stake with sale from US giant Riverstone EDWARD THICKNESSE the UK after ministers decided in technique had fallen to a record low. November that it was not possible to In a statement, Cuadrilla restated @edthicknesse accurately predict the magnitude of its commitment to the sector: “We RIVERSTONE has sold its 45 per cent earthquakes linked to its operations. believe that indigenous production stake in Cuadrilla to mining firm AJ Works at Cuadrilla’s site at is preferable to importing increasing Lucas, meaning the Australian Preston New Road in Lancashire quantities of overseas gas”. company now owns 93 per cent of the have been at a standstill since a Despite the moratorium, Cuadrilla UK’s only fracking firm. magnitude 2.9 quake was recorded remains committed to the industry, The private equity firm’s stake sale in August. saying that the UK’s need for natural comes as no surprise, as the Riverstone’s sale came as the gas as a means to achieve net zero investment group has long been Department for Business, Energy emissions by 2050 is widely looking to exit the business after a and Industrial Strategy yesterday acknowledged. series of setbacks to the industry. shared data showing that public It called its Bowland shale site a Fracking is currently suspended in support for the controversial mining “world class resource”. Cuadrilla suspended work at its Lancashire site after an earthquake in August 2019 ING’s profit slips Nationwide to repay £900,000 as costs of bad for text failures JAMES WARRINGTON @j_a_warrington NATIONWIDE will repay £900,000 loans weigh up to customers after it failed to correctly warn them that they would be charged for entering an unarranged overdraft. ANNA MENIN well as costs related to our KYC The move follows an [know your customer] enhancement investigation by the Competition @annafmenin programme”. and Markets Authority (CMA), ING HAS recorded a significant de- The lender has spent heavily on staff which ruled that the building cline in net profit following a “chal- and systems to detect money launder- society fell foul of rules stating lenging” end to the year for the ing among its customers, after being customers with personal Netherlands’ largest bank. fined a record €775m by Dutch au- current accounts must receive a The lender yesterday reported a 29 thorities in 2018 for failing to prevent text alert warning. per cent drop in year-on-year net the laundering of hundreds of Societe Generale’s capital was boosted by asset sales last year Although Nationwide did send profit, which fell to €1.2bn (£1bn) millions of euros. This cost increase text alerts, these did not contain a amid a sharp increase in bad loans hurt ING’s cost-income ratio, which warning that customers would be during the fourth quarter, due in part climbed to 56.6 per cent for the full charged, the watchdog said. to a fraud case at a customer in Asia. year, from 54.8 per cent in 2018. Societe Generale woos investors The issue affected roughly 70,000 ING said that new provisions for bad ING is still banned from taking on customers who were known to the loans had jumped 77 per cent to new customers in Italy, over a year building society as having difficulty €528m. This was driven by a spike in after its central bank and prosecutors with possible share buybacks managing their accounts and so provisions in its wholesale banking di- began investigating it. The lender said were at a higher risk of entering vision, which serves large corporate it is still consulting with Italy’s cen- ANNA MENIN The bank’s revenue climbed 4.8 unarranged overdrafts. customers, where they increased tral bank over further improvements per cent in the fourth quarter to It is the second time in six fivefold compared to the same to be made before it can restart ac- @annafmenin reach €6.2bn (£5.3bn), but net months that the CMA has taken quarter in 2018. quiring customers in the country. SOCIETE Generale boosted its capital income declined 4.6 per cent to action against Nationwide for The Dutch bank said that risk costs Although ING’s revenue rose 1.2 per in 2019 due to asset sales, and said it €654m. Soc Gen’s common equity breaking these rules. in the fourth quarter had been “pri- cent during 2019, this growth was would introduce a new shareholder tier one capital ratio — a crucial In August the company was made marily impacted by various large indi- more than offset by the increase in remuneration policy including the measure of financial health — rose to refund £6m after it contravened vidual files, including a sizeable bad loans and expenses. possibility of share buybacks. 0.2 per cent for the three months the rules 20 times, affecting more provision for a suspected external Net profit for 2019 was 1.7 per cent France’s largest bank guided that ending 31 December. than 320,000 customers. fraud case”, but did not name the cus- higher at €4.8bn despite the bank’s its profitability would improve in The bank said it would maintain a Nationwide has now hired an tomer involved. tough fourth quarter, but this 2020, although it fell short of 50 per cent dividend payout ratio for independent auditor to review its ING was also hit by what chief favourable comparison was due to the mentioning its previous return on 2020, when shareholders would be processes and has begun paying out executive Ralph Hamers described on impact of the €775m fine in 2018. tangible equity (Rote) guidance of remunerated in cash or “could the refunds, which will cover all a call with reporters as a “marked On an underlying basis, profit nine to 10 per cent. In 2019, the include a share buyback component fees incurred by customers from increase in regulatory costs, as dropped 11.3 per cent year on year. figure was 6.2 per cent. of up to 10 per cent”. going into their overdraft.

HEIR UNAPPARENT HSBC will not appoint new chief until after its strategy shakeup Deutsche Bank takes on investment giant Capital as major shareholder

ANNA MENIN largest shareholders. It also marks “We are happy about the interest the first major new shareholder in in our company, especially from @annafmenin over a year for the bank, which has shareholders with the track record DEUTSCHE Bank has welcomed posted steep losses in recent years, and credibility of Capital,” a Capital Group as a major shareholder and a new supporter for chief Deutsche Bank spokesperson said. after the Los Angeles-based executive Christian Sewing’s Its largest shareholder remains investment giant has bought a 3.1 per turnaround plan for the lender. the Qatari royal family, with a cent stake in the German bank. Late last month, Sewing vowed to combined stake worth at least 6.1 The investment, disclosed in a “go on the offensive” in 2020, per cent, according to its website. HSBC is not going to name a permanent new chief executive when it unveils a major regulatory filing, makes Capital — despite restructuring costs pushing The next largest is Blackrock with strategy overhaul later this month, despite some investor expectations that a new which manages $1.8 trillion (£1.39 Deutsche to its largest annual loss in 4.49 per cent, and Hudson Executive boss would be in place beforehand. The bank declined to comment. trillion) in assets — one of Deutsche’s five years. Capital with 3.14 per cent. CITYAM.COM FRIDAY 7 FEBRUARY 2020 NEWS 09

WHAT A DRAG London mayor accused of STILL GREASING Leo in trouble as ‘cronyism’ for awarding night czar £1,000 THE WHEELS SADIQ Khan has been Former UK defence accused of presiding over a “culture of cronyism” in City secretary Sir Hall after his night czar was Michael Fallon joins Ireland ventures paid an extra £1,000 for taking part in a drag act to board of London- mark the 2019 borough of culture celebration. The listed oil producer mayor gives £1.3m each year to the winner of London’s Genel Energy. Fallon, to the ballot box borough of culture, which in who stepped down 2019 was Waltham Forest. The borough spent £70,000 as MP last year, is of this money on a drag act CATHERINE NEILAN coalition was a “moral question”. called Ducky Loves Fanny, also the former UK @CatNeilan Varadkar said he would be willing to which paid £1,000 to night enter into a coalition with Fianna czar Amy Lamé (pictured) energy minister, and IRISH Taoiseach Leo Varadkar is tee- Fail, although rival leader Martin ap- to host the event. tering on the edge of defeat in tomor- peared less enthusiastic. is set to take the row’s election, with his Fine Gael Varadkar, the first openly gay — and reins as a senior party looking likely to lose out as a re- youngest-ever — Taoiseach, has done sult of a resurgent Sinn Fein. much to put Dublin at the heart of director Most of the recent polling puts Varad- the withdrawal negotiations, regu- kar’s party third with 17 per cent of larly criticising British proposals for and the vote, while Sinn Fein has support the border between the Republic and UK’s chief medic urges doctors from around a quarter of voters. Northern Ireland. deputy Fianna Fail is second, with around His 11th-hour meeting with Prime chair 22 per cent. Minister Boris Johnson last autumn to step up coronavirus vigilance Sinn Fein is only fielding 42 candi- was critical to breaking the impasse at the dates, just over half the total number that enabled a withdrawal agreement ELIZABETH HOWCROFT chief medical officer Chris Whitty of seats, precluding it from an out- to be struck, but his often incendiary said: “They acquired it in Asia but not £523m- right win. However the party once as- interventions were criticised by key A BRITISH national was confirmed to in China... Because of that, it is sociated with the IRA could become Brexiter Jacob Rees-Mogg as “irrespon- have contracted coronavirus probably now prudent to slightly worth Dail Eireann king-makers. sible, vote-chasing immaturity”. yesterday after travelling to an Asian widen the geographical area where During a recent TV debate both Meanwhile Mary Lou McDonald, country other than China, leading doctors in the UK and NHS know they oil firm Varadkar and Fianna Fail leader who took over from Gerry Adams as officials to tell doctors to be vigilant should test people if they come with Michael Martin ruled out going into leader of Sinn Fein two years ago, is to those showing symptoms from a the right symptoms.” government with Sinn Fein, with the credited with her party’s rise, as she wider range of countries. Whitty did not name the country Taoiseach saying it was not a “normal attempts to shake off historic associa- Confirming the third person in from where the patient had party”, while Martin said a potential tions with the IRA. Britain had tested positive, the UK’s returned. Reuters Scottish finance secretary Derek Mackay resigns following teen messages claims CATHERINE NEILAN exchanged 270 messages for around first minister of Scotland Nicola @CatNeilan six months before the teenager Sturgeon, issued an apology saying he stopped, telling the politician his took “full responsibility” for his SCOTLAND’s finance secretary Derek mum would “worry” after Mackay “foolish actions”. Mackay resigned yesterday just hours asked him for dinner. He said: “I apologise unreservedly before he was due to give the budget The teenager told the Scottish Sun to the individual involved and his amid claims he sent hundreds of that before the unexpected social family. I am sorry to have let messages to a 16-year-old boy. media contact, which began in colleagues and supporters down.” The 42-year-old cabinet secretary August last year, he had no idea who Sturgeon said: “Derek has made a for finance, economy and fair work the politician was. Mackay also told significant contribution to was said to have contacted the boy on the boy he was “cute”, the paper said. government, however he recognises Facebook and Instagram. Yesterday the Holyrood politician, that his behaviour has failed to meet Reports suggested that the pair who had been tipped as a successor to the standards required.” Mackay invited the boy to dinner and to a rugby event, the Scottish Sun reported

Social Mobility #jointheconversation

The Power of Inclusion forum and workshop series breaks down barriers to inclusion by empowering organisations to create inclusive workplace cultures. By sharing learning and best practice to tackle the challenges of diverse representation, it is making a huge impact on the professional culture of the City, creating fully inclusive workplaces and equal opportunities for all. The theme of our series this year is ‘social mobility.’ The success of one’s career should be determined by their talent and drive. What does social mobility really mean to us in the City? What makes a socially inclusive workplace? Come and join us this year to explore all of these topics and more. Get in touch at [email protected]

TheLordMayorsAppeal.org Over 90% of attendees @LMAppeal % say that they would recommend a POI event The Lord Mayor’s Appeal #jointheconversation 90 to a colleague TheLordMayorsAppeal 10 NEWS FRIDAY 7 FEBRUARY 2020 CITYAM.COM Beazley’s annual profit BP scouts new buyer for $2bn balloons as insurance Algerian plant EDWARD THICKNESSE firm’s premiums boom @edthicknesse OIL MAJOR BP is looking to offload its SHERRY JACOB-PHILLIPS Deecember from 98 per cent a year Algerian gas plant to new buyers after earlier, but came in at the lower end talks with Russian gas giant Rosneft BEAZLEY’s 2019 profit was boosted by of its forecast of 100 per cent to 102 fell through. higher insurance rates after a long pe- per cent. The sale of 46 per cent stake in the riod of erosion, sending the under- Pre-tax profit shot up to $267.7m facility, which is located deep in the writer’s shares eight per cent higher from $76.4m in 2018 as Beazley Sahara, is part of BP’s plans for a to the top of UK’s midcap index. reported a 15 per cent jump in gross Coronavrius has crippled Asian markets, knocking 4m bpd of Chinese oil imports $15bn (£11.6bn) disposal programme Beazley, part of the oldest insurance premiums written and strong invest- by the middle of 2021. market in the world, was able to raise ment returns with falling US yields Sources told Reuters that BP was its premium rates last year after a raising bond prices. Reuters Opec agrees oil production cut hoping to raise around $2bn from string of industry-wide catastrophe the sale of the plant, which was claims led to hefty bills in 2018. BEAZLEY attacked by Islamist militants in “Natural catastrophes took a smaller EDWARD THICKNESSE potential cut, which is larger than 2013 with 40 casualties. P toll on our business than in 2018,” 600 @edthicknesse the 500,000 bpd curb that had been The firm shares the plant with chief executive Andrew Horton said. mooted. If approved by Opec, total Norwegian state firm Equinor and The share price climbed 8.2 per cent 580 579 OIL CARTEL Opec’s technical production cuts would grow to 2.3m Sonatrach, an Algerian company. 6 Feb to 579p by the close of trading. 560 committee yesterday recommended a bpd, after the group agreed The disposal will be one of the Estimated costs due to Typhoons 600,000 barrel per day (bpd) substantive cuts at its December first major decisions for new chief Faxai and Hagibis in Japan and Hurri- 540 production cut in an attempt to meeting in Vienna. Bernard Looney, who took over from cane Dorian in the US stood at about counter falling demand due to The group is said to be considering Bob Dudley on Wednesday. $80m (£61.7m), the company said. 520 China’s coronavirus outbreak. moving its next meeting forward to BP has sold nearly $10bn of oil and That pushed up combined ratio to Sources told Reuters that the group tackle the crisis, which has knocked gas assets since the start of 2019. 100 per cent for the year ended 31 31 Jan3 Feb 4 Feb 5 Feb 6 Feb was awaiting Russia’s decision on the 20 per cent off oil prices this year. Shares fell 1.9 per cent to 475p. Equinor unveils slew of climate change policies

EDWARD THICKNESSE carbon intensity from all emissions who last year said “scope three is @edthicknesse connected to the company by 50 not my responsibility”. per cent by 2050. The firm also said that by 2030 NORWAY’s Equinor unveiled a raft This means that by that date all of its operations around the of climate commitments yesterday each unit of energy produced will, world would be carbon neutral. after beating analyst expectations. on average, have less than half of Equinor, which used to be called in the final quarter. the emissions compared to today. Statoil, will also grow its renewable Profit before tax at the state- The ambition even includes capacity to four to six gigawatts by owned firm fell to $3.5bn (£2.7bn), scope three emissions, those 2026, roughly 10 times what it is down from $4.4bn for the same created by customers in Equinor’s today, with aims to expand to 12 to period last year, but ahead of value chain. According to the 16 gigawatts by 2035. forecasts of $3.3bn. company, these account for 85 per Saetre said: “We will continue The firm’s suite of new measures cent of all emissions. addressing our own emissions in to tackle its fossil fuel footprint The move is a considerable volte- line with the emitter pays [rule]. includes a commitment to reduce face for chief executive Eldar Saetre, We can and will do much more.”

Notice under Section 27 of the Trustee Act 1925 Total chief warns that Companies: IHS Global Limited / IHS Markit Pension Scheme: WEFA Pension Scheme

coronavirus will have The WEFA Pension Scheme (“the Scheme”) was established with effect from 16th January 1987. Capital Cranfield Trustees Limited (“the Trustee”) were appointed a ‘substantial’ impact as the sole trustee of the Scheme on 9th October 2019. The Scheme is winding up and the Trustee wishes to trace any person EDWARD THICKNESSE who was employed by either of the above companies and who is a member of the Scheme or who has a claim against, or @edthicknesse entitlement from, the Scheme. THE CHIEF executive of French oil giant Total If you were an employee of either of the above companies and yesterday warned that coronavirus would have a think you are entitled to benefits under the Scheme, but have not significant impact on oil demand as the company already been contacted, it is of vital importance that you make reported a 13 per cent fall in annual income. contact with the Trustee. Patrick Pouyanne said that the outbreak, which Claims should be sent in writing to the under-mentioned contact has killed 563 people thus far and knocked oil by 7th April 2020, after which date the Trustee may proceed with prices by about $10, said the impact would be the winding up of the Scheme having regard only to claims and “substantial, as China will reduce its consumption”. entitlements of which it has notice. Upon writing, you should Despite its caution, Total increased its dividend include details of your current address and any benefits that you for the final quarter, despite reporting flat fourth think you are entitled to from the Scheme. quarter profit. In the final three months of 2019 Notification is not required from persons who are currently in the French firm posted €3.2bn (£2.7bn) in profit, receipt of a pension from the Scheme, or who have already with production of hydrocarbons rising eight per received correspondence from the Trustee. cent to reach 3.11m barrels a day. The fall in Total’s full-year profit was largely Contact: Mr Gareth Sharpe at Capital Cranfield Trustees Limited, Unit 15, Poplars Court, Lenton Lane, Nottingham, NG7 2RR. attributed to falling prices in both oil and gas. The average price for a barrel of Brent crude in 2018 For and on behalf of the Trustee of the Scheme. was $71, but in 2019 this fell to $64. CITYAM.COM FRIDAY 7 FEBRUARY 2020 NEWS 11

EDITOR’S NOTES News and views from the City, Westminster & beyond CHRISTIAN MAY @CHRISTIANJMAY [email protected]

Alastair Stewart should LAST RIGHTS? £ Various news outlets reported on a survey last Bernie Madoff, the man week claiming to show that take comfort in reaction behind the biggest fraud in London’s status as a financial history, is dying. He was centre has fallen. We didn’t of his friends and fans sentenced to 150 years in run the story. We’ve run other prison in 2009 for running a stories claiming to show AST week this column made words in defence of Alastair — $65bn Ponzi scheme. The something similar so my way for my interview with starting with the obvious point judge described him as objection wasn’t to the L “extraordinarily evil”. That Sadiq Khan, so I didn’t have that he has used the same “ape” apparent findings, but to the the chance to write about the quote before when locking horns same judge will now consider reliability of this poll. It didn’t outrageous treatment of with others online. I’m proud to his appeal for release on look right. So I was interested broadcaster Alastair Stewart. In say he’s a dear friend and the compassionate grounds. He to read this week that the week since, the veteran notion that he deliberately fired off stole not just from his rich Anthony Masters, an journalist has maintained a a racist attack is utterly friends but from cancer ambassador for the Royal dignified silence, but the chorus of incompatible with his character. charities and thousands of Statistical Society, felt the support from friends, colleagues The idea is absurd. Normally, after small savers. They lost same. His critique was robust and strangers has grown ever an online-shaming, the subject is everything. He showed them and damning, and the lesson louder. To recap, Alastair was thrown to the wolves, but in no compassion and the truth is not to run a story just dismissed by ITN after a Twitter Alastair’s case the outpouring of is, he shouldn’t get any now. because you like the headline. user complained about one of his respect and affection from tweets. During an online debate, colleagues (young and old) was £ £ £ Britain’s longest serving immediate and sincere. I know it Tesla shares have been on quite Have you ever accidentally CAN I QUOTE YOU ON THAT? The world of City PR just got newsreader drew on a quote from has lifted his spirits. Broadcasters a ride, but what’s driving it? The copied someone into an email? I another Rudd — as former home Shakespeare to express from other channels also jumped company’s stock has more than don’t think I have, but still I felt for secretary Amber Rudd joins exasperation at his opponent’s to his defence, as did viewers. doubled in value since the start of Stanley Johnson — father of Boris Teneo, which is already home to stance. The offending verse Ultimately, Shapland issued a the year, making life difficult for — yesterday, after he relayed a the former Number 10 included the phrase: “Dress’d in a statement saying he would have shortsellers. They got some relief message from the Chinese Thanks, goodbye communications chief Craig Oliver. little brief authority Most ignorant settled for an apology and did not on Wednesday when shares fell ambassador to environment Amber’s brother Roland is the of what he’s most assur’d — His intend to get his online opponent nearly 20 per cent. Steve Eisman, minister Zac Goldsmith, and and good riddance founder and chairman of Finsbury. glassy essence — like an angry ape fired. But ITN’s social media policy the investor portrayed by Steve accidentally copied a BBC Doubtless they all have much to plays such fantastic tricks before prohibits conduct that could Carell in the Big Short, described journalist into the recipient list. Croatia’s ambassador to the EU offer their clients, just not in the high heaven.” The subject of this damage the brand, and under the valuation as inexplicable, Johnson Sr was reporting Chinese got a little lost in translation as field of referendums. Amber and barb was Martin Shapland, a black such rules Alastair was shown the adding the stock has “cult-like concerns that the UK hasn’t been she bid farewell to the UK during Craig were heavily involved in the man who objected to the ape door. What a pity, not just for aspects to it” and advising supportive enough during the a Brexit debate. She thought official Remain campaign while reference. The rest is history. Alastair but for all of us, that cooler investors to “walk away”. Elon virus outbreak. Dads can be so good riddance meant good luck. Roland failed in his subsequent I could offer you hundreds of and wisers did not prevail. Musk won’t be happy. embarrassing. bid to bring about a second vote.

NEWS Volvo posts rise US productivity rebounds in the in profit helped fourth quarter LUCIA MUTIKANI

US WORKER productivity rebounded in the fourth quarter, by cutting costs keeping labour costs in check. The US Labor Department said yesterday that non-farm productivity, which measures JOHANNES HELLSTROM quarter, both profit and profit margin hourly output per worker, outperformed the comparative period increased at a 1.4 per cent SWEDEN’s Volvo, owned by Chinese in 2018,” chief executive Hakan annualised rate last quarter. firm Geely, yesterday reported an 18 Samuelsson said in a statement. Productivity decreased at an per cent rise in fourth-quarter operat- “This is a result of continued strong unrevised 0.2 per cent pace in the ing profit as cost cuts and growing growth in volume, especially in SUVs, July to September period, the sales more than offset the impact of as well as cost efficiency measure- biggest drop since the fourth subdued global auto markets. ments initiated early in 2019.” quarter of 2015. The Gothenburg-based car maker, Car makers have been under pres- Economists polled by Reuters which Geely acquired from Ford in sure over the past year, contending had forecast productivity 2010, reported operating with heavy investment needs rebounding at a 1.6 per cent rate in earnings of 5.29bn in the electric and self-dri- Queens Park Rangers co-owner Tony Fernandes has denied bribery claims the fourth quarter. Swedish crowns ving technology that is Compared to the fourth quarter (£425.4m) as revenues seen reshaping the in- of 2018, productivity increased at a rose 8.4 per cent to dustry in the years to 1.8 per cent rate. It accelerated 1.7 79.2bn crowns. Airbus fraud: Malaysian PM says per cent in 2019, the strongest The Swedish brand Volvo beat its since 2010, after increasing 1.3 per has been praised for all-time sales record cent in 2018. improving its image in 2019 fees in big deals are not bribes Sluggish productivity is one the and accounts follow- reasons the economy has struggled ing the Geely sale. come, as well as softer JAMES BOOTH Prosecutors alleged Airbus paid a achieve the Trump Sales of Volvos rose demand in many major @Jamesdbooth1 bribe of $50m (£39m) via sponsorship administration’s target of three per nearly 10 per cent in markets. of the now-defunct Caterham F1 cent annual growth. The economy 2019 — with growth of 23.4 While Volvo has also faced THE PRIME Minister of Malaysia team which was owned by Air Asia grew 2.3 per cent in 2019, the per cent in the fourth quarter higher capital spending needs, Mahathir Mohamad said yesterday chief executive and Queens Park slowest in three years, after logging alone — as increases in China and the which it has sought to offset with 2bn that payments to offset large orders Rangers co-owner Tony Fernandes. 2.9 per cent in 2018. Economist US and strong demand for a line of crowns of cost cuts, its niche position could not be considered bribes. Mahathir said he would not estimate the economy’s growth SUVs, its best-selling models, gave in the premium market and contin- Mahathir was responding to comment on the accusations, but potential at around 1.8 per cent. a boost. ued expansion in China have left it questions from reporters on a said in high-value deals it was Some economists blame tepid The steep rise resulted in Volvo fairly unscathed by a broader slump sponsorship deal the owners of Air common to ask for an offset. productivity on a shortage of breaking its sales record for a in car sales. Asia struck with plane maker Airbus. “When governments buy workers as well as the impact of sixth consectuive year, and marked Volvo announced in 2017 that it The Serious Fraud Office (SFO) said equipment, we always ask for an rampant drug addiction in some an all-time sales record for the car would launch only new electric or last week as it concluded a €3.6bn offset… If we can get something parts of the country. company. hybrid models from 2019 onwards, (£3bn) settlement with Airbus, that because we buy something at a high Others also argue that low “During the second half of the year, preparing for “an era beyond the the European plane giant had bribed price, why can’t we accept?” he said. capital expenditure is holding and specifically during the fourth internal combustion engine”. Reuters Air Asia executives to win orders. Fernandes denies any wrongdoing. down productivity. Reuters 12 NEWS FRIDAY 7 FEBRUARY 2020 CITYAM.COM US opens probe Nokia investors of Google after await dividend Sonos criticism DAVID LAWDER

THE US International Trade Commission (ITC) said yesterday it was launching a patent investigation in spite of profit into certain audio players and controllers sold by Alphabet’s Google based on a complaint by rival smart JOE CURTIS But net cash sank 43 per cent to speaker maker Sonos. €1.73bn. The telecoms firm’s shares The ITC received a complaint from @joe_r_curtis rose 2.3 per cent yesterday. Sonos last month alleging that the NOKIA posted a surprise profit rise for “Our fourth quarter was a strong import of certain audio players and the end of 2019 yesterday, as cost- end to a challenging year,” Nokia boss controllers and their components cutting helped it navigate a “challeng- Rajeev Suri told press yesterday. The games company said the virus would delay production of its Switch console infringe on its patents. ing” year in which it slashed its out- It came after Nokia severely down- Sonos at the time also filed a look and cancelled its dividend. graded its outlook last October and patent infringement lawsuit against Net sales were flat at €6.9bn cancelled its dividend. It admitted it Coronavirus whacks Nintendo Google in US district court in Los (£5.85bn) in the three months to the needed to invest more heavily in 5G. Angeles and testified to a US House of end of December. That knocked shares down more than Representatives antitrust But Nokia managed to eke out a rise 20 per cent. HARRY ROBERTSON spread of the virus — which has subcommittee about its frustrations. in underlying earnings to €0.15 per In its latest quarter, the company’s killed more than 560 people — “Sonos has made misleading share, up from €0.13 a year ago, to networks division posted a three per @harrygrobertson limiting its productive capacity. statements about our history of beat a Refinitiv poll of economists’ cent jump in net sales to €163m, but JAPANESE games giant Nintendo The Japanese firm started to shift working together. predictions. Nokia’s software, technologies and yesterday said the coronavirus some of its production away from “Our technology and devices were Operating profit also inched up one other divisions all slumped compared outbreak would create “unavoidable” China to Vietnam in 2019 amid the designed independently. We deny per cent year on year to €1.13bn. The to last year. delays to the production and US-China trade war. their claims vigorously, and will be Finnish telecoms giant also hiked North America and Europe both shipping of its Switch console. But its new sites do not have defending against them,” Google its profit margin by 10 basis points posted a fall in sales for the company Beijing has put the country on enough capacity to keep compensate spokesman Jose Castaneda said in a to 16.4 per cent. at the end of last year. lockdown in a bid to contain the for the production lost in China. statement. Reuters

Russian aluminium group EN Plus to buy back a Huawei sues Verizon over alleged theft of patents fifth of shares for $1.6bn from state bank VTB JAMES WARRINGTON video communications. development by either paying for Huawei is also seeking ongoing the use of our patents, or EDWARD THICKNESSE ling stake in EN Plus to VTB in January @j_a_warrington royalty payments for the alleged refraining from using them in its in order to escape tariffs. HUAWEI has announced it is unauthorised use of patents. products and services.” @edthicknesse Former UK energy minister Gregory launching legal action against “Verizon’s products and services Huawei could not provide a RUSSIAN aluminium and power Barker, who is EN Plus’s chairman, telecoms giant Verizon, signalling have benefitted from patented figure on the compensation as it producer EN Plus said it would buy was integral in lobbying for the re- the latest salvo in an ongoing technology that Huawei developed does not have a breakdown of the back a fifth of its shares from state moval of the sanctions. dispute between the US and China. over many years of research and patents’ alleged financial benefit to bank VTB for $1.6bn (£1.24bn) in re- EN Plus will buy the shares for In a lawsuit filed in Texas, the development,” Huawei’s chief legal Verizon, a person with knowledge sponse to the US lifting sanctions on $11.57 each, which it said represents Shenzhen-based tech giant accused office said in a statement. of the matter told Reuters. the group. a significant discount on the firm’s Verizon of using its technology in “Huawei is simply asking that The firms have reportedly held Oligarch Oleg Deripaska, who has ”fundamental valuation”. Russian- areas such as computer Verizon respect Huawei’s meetings over the matter but failed close ties to Russian president owned Sberbank will lend EN Plus networking, download security and investment in research and to reach an agreement. Vladimir Putin, offloaded his control- $1.8bn in order to cover the buyback.

Transport for London Public Notice FRENCH COLLECTION Rubbish piles up on streets of Paris as ROAD TRAFFIC REGULATION ACT 1984 ongoing pension strikes halt country’s waste disposal system THE A1203 GLA ROAD (THE HIGHWAY, LONDON BOROUGH OF TOWER HAMLETS) (TEMPORARY PROHIBITION OF TRAFFIC) ORDER 2020 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 purposes of those works or for fire Act 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 gas and electrical works to take place constable in uniform or a person on A1203 The Highway. authorised by Transport for London. 3. The effect of the Order will be to 5. At such times as the prohibition is in prohibit any vehicle from: force an alternative route will be (1) proceeding in a northerly direction indicated by traffic signs via: (for on Garnet Street between its junctions traffic wishing to enter Garnet Street) with West Gardens and The Highway; Wapping high Street and Wapping (2) turning left from The Highway into Lane to normal route of travel; (for Wapping Lane; traffic on The Highway wishing to turn left or right into Wapping Lane) (3) turning right from The Highway into Artichoke Hill, Pennington Street and Wapping Lane; Wapping Lane to normal route of (4) turning right from The Highway into travel; (for traffic on The Highway Cannon Street Road. wishing to turn right into Cannon The Order will be effective at certain Street Road) Dock Street and Cable times from 12:01 AM on 8th February Street to normal route of travel. 2020 until 11:59 PM on 31st March 2020 or when the works have been Dated this 7th day of February 2020 completed whichever is the sooner. Andrew Sherry The prohibition will apply only during Co-ordination and Permitting such times and to such extent as shall Area Manager from time to time be indicated by Transport for London, Palestra, traffic signs. 197 Blackfriars Road, London, SE1 8NJ RUBBISH started to pile up on the streets of Paris yesterday as France’s strike over a major pension reform swept up garbage disposal workers. Three incarceration plants in the French capital have been shuttered for more than 10 days. Each MAYOR OF LONDON plant usually burns between 1,800 and 6,000 tonnes of rubbish collected each day. Garbage collectors argue that they should continue to be allowed to retire early as their life expectancy is seven years shorter than the average French person. CITYAM.COM FRIDAY 7 FEBRUARY 2020 NEWS 13 Landlord argument forces House of Fraser to shutter yet another store JESS CLARK was likely that more unprofitable luxury stores called Frasers. @jclarkjourno House of Fraser stores will close over In a statement yesterday House of the next 12 months, saying that Fraser said: “Despite our best efforts SPORTS Direct boss Mike Ashley has before the Sports Direct acquisition over the last 12 months, we have been been forced to close another House of the department store chain was served notice by our landlords in Fraser store after being served notice “dead, finished, destroyed”. Dundrum. Whilst this by the landlord, the retail firm said The businessman has previously announcement is unexpected, we yesterday. lashed out at property owners, said remain committed to the imminent The branch in Dundrum, near “greedy” landlords were to blame for launch of our new Frasers stores, as Dublin, will close within the next the closure of three House of Fraser well as continuing to strengthen the three months after the property’s stores. Sports Direct — which was House of Fraser brand throughout landlord agreed a deal with Brown recently rebranded as Frasers Group the UK and Ireland.” Thomas and Primark. in a bid to move upmarket — is still Shares in Frasers Group fell just Ashley warned in December that it planning to launch a new chain of under one per cent to 483p. Ashley previously announced a slew of House of Fraser closures in December

YOU’VE GOT NURRV London fitness tech Experts hit out startup closes $9m in first funding round Water bills set for £17 cut as at business rates controls begin EDWARD THICKNESSE @edthicknesse WATER bills for UK households will appeals system be cut by around £17 this year as new price controls on utilities firms come into effect. For the average home, bills will JESS CLARK get through the appeals process. fall from £413.33 to £396.60, taking @jclarkjourno “For many businesses this is totally them back to the same level as they unacceptable.... Over-complicated were at the start of the last decade, PROPERTY experts yesterday said the procedures, lack of guidance and a said industry body Water UK. business rate appeals system is a largely un-navigable new online SPORTS tech startup Nurrv has today secured $9m (£7m) in series A funding from e- The four per cent cut means “time bomb” as the backlog of claims portal discouraged many companies sports investor Hiro Capital. Nurrv, which was founded by Tech21 founders Jason customers will be paying roughly and challenges spiked. from starting the whole CCA process, and Ulrika Roberts, uses biomechanics in wearable tech to help people run better. £1 a day for drinking water, reliable Businesses could be waiting years despite many with good cases for sewage, and protection of the for their challenges to be addressed challenging their bills.” environment. due to the backlog of appeals, experts Retailers have repeatedly cited busi- In addition to the cut in bills, warned. Data from HM Revenue & ness rates as one of the biggest chal- water companies will set out to Customs’ Valuation Office Agency lenges they face. Yesterday it was double the number of customers (VOA) showed that in the 33 months revealed that high street bosses are Oil giant Saudi Aramco reports who get financial support for their since the new system was introduced, preparing to deliver a report to the bills, from 760,000 to 1.4m in 2025. 352,090 properties have started the government in the next few weeks Commenting on the figures, appeal process. calling for a £6bn hike to corporation rise in attempted cyber attacks Water UK chief executive Christine Analysis of the figures by Colliers tax in order to cut business rate bills. McGourty said: “The water International found on average, 294 Jerry Schurder of real estate advi- MARWA RASHAD “The pattern of the attacks is industry is committed to giving challenges per month were cleared sory business Gerald Eve added: “The cyclical, and we are seeing that the customers good value for money. since the Check Challenge Appeal collapse in appeals both made and SAUDI Aramco has seen an increase magnitude is increasing, I would For around £1 a day, customers get (CCA) system was introduced in 2017. resolved is a tragedy for all affected in attempted cyber attacks since the suspect that this will continue to be a the world-class quality water they The property consultancy firm has firms — some of which will have gone final quarter of 2019, which the trend,” he said, without giving need and their wastewater estimated it would take more than to the wall as a result of delays in company has so far successfully further details on who was behind managed responsibly.” four years to complete the 2017 list of reversing the overpayments they have countered, the state oil giant's chief the attacks. An Ofwat spokesperson said: “We appeals if the current number of been forced to make — but just as wor- information security officer told Saudi Arabia has been the target of continue to push companies to challenges continues to flow through rying is the government’s complete Reuters yesterday. frequent cyber attacks, including the deliver improved services for at current rates. unwillingness to accept there is a “Overall there is definitely an so-called Shamoon virus, which customers, the environment and “This is a disaster,” John Webber, problem, let alone do anything to ad- increase in the attempts of [cyber] cripples computers by wiping their resilience for generations to come head of business rates at Colliers said. dress the issues.” attacks, and we are very successful in disks and has hit both government whilst ensuring that bills are fair.” “On our reckoning, businesses even A VOA spokesperson said the CCA preventing these attacks at the and petrochemical firms, the latest of Water companies will also spend on a best-case scenario are going to be system was working far better than earliest stage possible,” Khalid al- which was in 2017. Aramco’s largest a collective £1bn a year on climate waiting over two-and-a-half years to the one that preceded it. Harbi told Reuters in an interview. attack was in 2012. Reuters programmes by 2025. Yum Brands falls short of estimates as Pizza Hut fails to make the dough

NIVEITA BALU two per cent. Analysts were expecting Grubhub, which faced strong rivals. a rise of 2.26 per cent, according to Pizza Hut is also struggling to YUM BRANDS yesterday missed IBES data from Refinitiv. keep its market share amid rivalry Wall Street estimates for quarterly Net income rose to $488m from Domino’s Pizza, as well as same-store sales growth, hurt by (£246.5m), or $1.58 per share, in the food-delivery apps that offer a poor performance of its Pizza Hut fourth quarter ended 31 December wide selection of restaurants to chain, which is struggling to grow from $334m, or $1.04 per share, a choose from. “Obviously, there’s a lot in a market dominated by food year earlier. of work to be done there,” said chief delivery services. However, Yum lost $0.05 per share executive David Gibbs. The parent company of fast-food of its earnings in the fourth quarter He added that the outbreak of a chains KFC and Taco Bell said sales at because of a sharp drop in the value deadly coronavirus in China would Pizza Hut took a slice out of Yum Brands’ quarterly estimates yesterday restaurants open at least a year rose of its stake in food delivery platform also be a headwind this year. Reuters 14 MARKETS FRIDAY 7 FEBRUARY 2020 CITYAM.COM

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UK shares climb DOMINO'S PIZZA $ Wall Street up 330 320 for fourth day 310 6 Feb while Royal Mail 300 306.60 on virus ease 290 S STOCKS rose for a fourth Ustraight session yesterday on 31 Jan 3 Feb 4 Feb 5 Feb 6 Feb China’s efforts to contain the economic fallout from the coronavirus hits lifetime low When a “sell” rating hits your stock like a big pizza pie, that’s annoying (probably). outbreak, while investors assessed a The analysts at Liberum did not like the taste of Domino’s Pizza’s latest results. mixed batch of corporate earnings. “There is no update on the negotiations with franchisees in UK, which continue to The benchmark S&P 500 and the affect normal working practices. International continues to perform very poorly and Dow Industrials scaled new highs at K SHARES advanced for a The company’s strained relationship operating losses are now expected to be higher,” they said. The analysts were the open as China said it would halve fourth straight session yes- with the CWU union, which has especially negative on the lack of update on Domino’s long-running (ground) beef extra tariffs on some US goods, as it terday as risk sentiment called for a strike ballot, “bodes ill for with its franchisees. Liberum analysts maintained the stock at a target price of 180p. looks to prop up an economy hit by Upicked up after China both business as usual productivity shutdowns and travel restrictions due pledged to halve tariffs on improvements and reaping the bene- to the outbreak. some US imports, though Royal Mail fits of the medium-term strategy,” HUMMINGBIRD RESOURCES Markets have rallied this week as a slid to an all-time low after warning Liberum analyst Gerald Khoo wrote. string of positive US economic data P of a challenging year ahead. Global markets have been attempt- 24.5 6 Feb has helped mitigate worries, putting China will cut additional tariffs ing a recovery after sharp losses last 23.22 the S&P 500 on course for its best levied against 1,717 US goods last year, week, and were given a shot in the week in eight months. after a phase one trade deal was arm on Wednesday by media re- 24 Latest data showed the number of signed last month, and as ports that scientists had devel- Americans filing for unemployment fears persist over the coro- oped a drug against the 23.5 benefits dropped to a nine-month low navirus outbreak, which China-linked virus. in the prior week. It comes ahead of has killed more than Glaxosmithkline slipped 23 the crucial US jobs report today. 550 people. However, the impact of the health The FTSE 100 rose 0.3 Catering group Compass emergency in China continued to per cent, but oil majors rose three per cent after 31 Jan 3 Feb 4 Feb 5 Feb 6 Feb show up in corporate reports. Shell and BP weighed upbeat earnings Chipmaker Qualcomm flagged a on the index as they Canaccord Genuity trimmed its target price for gold mining stock Hummingbird potential threat to the mobile phone tracked crude prices 2.6 per cent, following a Resources to 48p from 53p, but retained its “buy” rating. It has cut its price based on industry from the outbreak. Its shares lower. more than four per cent recently released estimates for gold production and costs which are lower and fell two per cent. The FTSE 250 also added drop in the previous session higher respectively than forecast by the broker. However, it still retained a positive Eight of the 11 major indexes were 0.3 per cent, with insurer Beaz- when its fourth-quarter earn- view of the stock overall. “We believe that there is substantial potential upside from higher, led by a 0.6 per cent gain for ley leading gainers with an eight per ings missed analysts’ estimates. the addition of resources and conversion of resources into mineable ore reserves,” consumer staple stocks. The S&P 500 cent jump, its best one-day gain since NMC Health, whose shares have been they said. Their target price remained almost double the current share price. gained 0.30 per cent to 3,344.62 and 2009, after its annual profit surged. battered after criticism from short- the Nasdaq Composite was up 52.15 Royal Mail, on the other hand, seller Muddy Waters late last year, points, or 0.55 per cent, at 9,560.83. dropped five per cent to an all-time took a U-turn to end 7.2 per cent lower ON THE BEACH More than 70 per cent of 305 S&P low after the letter carrier warned after soaring as much as 13 per cent 500 companies that have reported so P outlook for the 2020/21 fiscal year in early deals. 440 far have exceeded quarterly earnings was “challenging” and said the threat However, catering group Compass estimates, according to IBES data of a workers strike in late 2019 hurt added three per cent and was among form Refinitiv. 420 432.40 parcel revenue growth during the top blue-chip risers after upbeat quar- 6 Feb An 8.8 per cent slide in Becton, Christmas period. terly report. Dickinson and Co weighed the most 400 on the S&P 500 after the medical technology company lowered its full- TOP RISERS FTSE 380 year revenue and profit forecasts. P Kellogg tumbled 7.9 per cent after it 1. Kingfisher Up 2.84 per cent 7,600 forecast full-year earnings well below 7,504.79 31 Jan 3 Feb 4 Feb 5 Feb 6 Feb 2. Vodafone Up 2.75 per cent 7,500 market expectations. 3. Evraz Up 2.74 per cent 6 Feb Philip Morris International gained 7,400 When one door closes another one opens. When one travel company goes bust 4.1 per cent after the Marlboro TOP FALLERS another one scrambles to capitalise. Analysts at Peel Hunt reckoned On the Beach cigarettes maker topped quarterly 7,300 has been doing some top-level scrambling of late. It has doubled offline market profit estimates. 1. NMC Health Down 7.22 per cent spend to try and fill the hole left by Thomas Cook. The analysts trimmed their profit Twitter gained about 17.3 per cent 7,200 2. Barratt Down 4.17 per cent forecast as a result but retained their “buy” rating and target price of 550p. “It must after the micro-blogging platform 3. Flutter Down 2.68 per cent be strategically right for it to prioritise market share gains this year and we see touched $1bn (£770m) in quarterly 31 Jan3 Feb 4 Feb 5 Feb 6 Feb today’s downgrade as further investment in that strategic choice,” the analysts said. revenue for the first time ever. CITY MOVES WHO’S SWITCHING JOBS

CERES POWER member of the Vodafone Group executive committee controls, has announced the appointment of Sally BDO UK-based engineering firm for 10 years. He continued to act as an adviser to the Clark as a senior adviser. Sally will support Acin’s Accountancy and business advisory firm BDO has Ceres Power has announced chief executive and the board on strategic projects up leadership team in continuing to grow the company’s strengthened its corporate tax practice today with the the appointment of Warren until 2018. Prior to this, Warren also held roles at footprint across the financial services sector, as it seeks appointment of Julia McCullagh as a new partner. Finegold as non-executive Goldman Sachs and Hill Samuel & Co. Alan Aubrey, to digitise non-financial risk. Sally brings with her Julia joins the firm’s Baker Street office in London as director. Warren has more chairman of Ceres Power, commented: “I am delighted extensive financial services experience, having part of the international corporate tax team. She than 30 years’ experience in to welcome Warren to the board of Ceres. [He] brings worked across the corporate governance, risk and previously worked for PwC both in the UK and US as the industry. As head of the significant expertise in global business development control functions, including in her most recent role as well as spending five years working in-house within in technology team at UBS and in supporting executive teams to drive strategic chief internal auditor at Barclays. Paul Ford, chief the consumer goods industry. Julia’s role at BDO will Investment Bank, growth... I am certain that Warren’s appointment will executive of Acin, commented: “Sally’s appointment is see her specialise in helping clients manage all tax Warren was one of Vodafone’s bring huge value to the board and I look forward to an exciting development for Acin as we continue to aspects of their UK and overseas operations including principal mergers and working with him.” grow our presence across the financial services cross border operating models and transfer pricing. acquisitions advisers before joining the group in 2006. sector. [She] will be invaluable as we seek to Her expertise spans across industries but she has a He also held the position of group strategy and ACIN enable senior managers to evaluate the risks faced by particular focus on the pharmaceutical sector and business development director at Vodafone, and was a Acin, the data standards firm for non-financial risk and their organisations.” consumer markets.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1782 ÄÄ0.0026 €/$ 1.0978 0.0029 7504.79 21572.86 4170.89 29379.77 9572.15 3345.78 /$ 1.2932 Ä 0.0068 €/£ 0.8487 à 0.0019 22.31 52.86 11.86 88.92 63.47 11.09 £ /¥ 142.13 0.4700 €/¥ 120.64 0.1300 ÃÃÃÃÃà ÄÄ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise .....450.0 3.0 509.0 421.5 Kingfisher...... 213.7 5.9 266.2 185.9 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Alliance Pharma ...... 86.5 -1.0 87.5 63.0 Tsy 4.750 20 ...... 100.33 -0.01 104.3 100.3 Contour Global...... 187.6 -4.4 222.5 159.1 VinaCapital Vietna ...... 316.0 2.0 357.5 314.0 Marks & Spencer ...... 185.3 4.7 303.2 163.9 Games Workshp ...... 7180.0 130.0 7180.0 2800.0 BP ...... 475.0 -9.3 582.5 452.7 Aggreko ...... 782.2 -0.8 869.2 707.2 ASOS...... 3371.0 83.0 4066.0 2107.0 Witan Invest ...... 230.5 2.5 235.0 201.2 Next ...... 6828.0 -46.0 7340.0 4724.0 Tsy 8.000 21...... 109.88 -0.02 116.9 109.9 Drax Gp ...... 298.8 8.0 399.4 251.0 LIFE INSURANCE Cairn Energy...... 173.4 -1.1 213.8 143.1 Ashtead Gp ...... 2652.0 60.0 2652.0 1805.5 Blue Prism ...... 1779.0 -11.0 1841.0 788.0 Tsy 2.500 24 ...... 362.21 0.24 377.9 358.8 SSE ...... 1592.5 26.0 1592.5 1008.0 Wwide Healthcare ....3270.0 30.0 3270.0 2495.0 Pets at Home Gp ...... 306.8 13.2 306.8 126.9 Energean Oil & Gas ...... 744.0 -11.0 1082.0 645.0 Babcock Intl Grp...... 572.0 -13.2 646.6 416.7 Aviva ...... 409.0 0.6 438.8 352.3 Camellia ...... 8550.0 75.0 11750.0 8350.0 Tsy 5.000 25 ...... 122.92 0.03 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 113.2 1.6 139.5 105.0 Premier Oil ...... 104.4 -1.0 118.7 65.1 Bunzl ...... 2001.0 5.0 2551.0 1943.0 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 763.0 11.0 780.5 574.5 Tsy 4.250 27 ...... 129.13 0.04 132.8 125.5 Watches of Switz ...... 390.0 0.0 392.8 270.0 Royal Dutch Shell A...2009.5 -15.0 2612.0 1964.4 Capita ...... 152.2 -1.6 183.0 99.9 Caretech Holdings ...... 485.0 8.0 485.0 325.0 Halma ...... 2233.0 27.0 2233.0 1477.0 BT Gp ...... 156.8 -1.5 233.0 156.8 Legal & General ...... 311.9 -0.2 317.7 216.7 WH Smith...... 2458.0 0.0 2654.0 1896.0 Royal Dutch Shell B ..2000.5 -15.0 2622.0 1963.2 DCC ...... 6294.0 26.0 7496.0 6132.0 Central Asia Metals .....215.0 -3.0 266.5 180.0 Tsy 6.000 28 ...... 147.40 0.06 152.1 143.3 Morgan Advanced ...... 313.6 -2.0 324.8 232.4 Talktalk Telecom ...... 119.4 -0.6 126.5 96.5 Phoenix Gp ...... 782.1 2.2 782.1 631.2 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 49.4 -1.7 250.0 39.9 Diploma ...... 1980.0 10.0 2084.0 1280.0 Tsy 4.125 30 ...... 381.47 0.41 404.2 364.5 Oxford Instruments .. 1654.0 30.0 1654.0 943.0 Telecom Plus ...... 1524.0 12.0 1552.0 1130.0 Prudential ...... 1452.0 24.5 1790.0 1279.5 Clinigen Group ...... 958.0 3.0 1069.0 737.5 Tsy 4.250 32...... 141.50 0.10 146.4 132.7 OIL EQUIPMENT & SERVICES Electrocomp ...... 717.4 12.8 729.8 540.8 Renishaw ...... 4042.0 -4.0 4638.0 3232.0 FOOD & DRUG RETAILERS Convatec ...... 212.7 0.2 217.3 118.5 St James Place ...... 1175.0 -12.0 1199.5 913.6 CVS Group ...... 1250.0 63.0 1250.0 431.0 Equiniti ...... 210.0 -0.4 236.2 186.2 Tsy 4.250 36 ...... 149.91 0.19 155.7 137.9 Spectris ...... 2769.0 8.0 2962.0 2234.0 Greggs ...... 2262.0 -2.0 2476.0 1554.0 Mediclinic Intl ...... 382.1 1.4 415.3 293.4 Std Life Aberdeen ...... 311.1 0.1 336.9 231.1 Hunting ...... 319.8 0.6 657.0 297.0 Essentra ...... 428.4 0.8 449.0 373.4 Dart Group ...... 1810.0 15.0 1820.0 709.5 Tsy 4.750 38...... 165.00 0.26 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 179.7 -1.1 243.7 176.9 NMC Health ...... 900.0 -70.0 3000.0 900.0 MEDIA Petrofac ...... 360.5 -1.1 527.2 344.4 Experian ...... 2769.0 16.0 2769.0 1960.0 Diversified Gas & Oil ...... 90.4 -1.2 116.5 89.2 Tsy 4.250 46 ...... 173.22 0.37 181.0 1.0 Ocado Gp ...... 1240.0 18.5 1435.0 886.2 Smith & Neph...... 1883.5 6.0 1990.0 1424.5 Wood Gp(J) ...... 380.4 -2.5 598.6 319.6 3i Infrastructure ...... 314.0 1.5 314.0 265.8 4imprint ...... 3360.0 10.0 3500.0 1917.5 Ferguson ...... 7314.0 24.0 7378.0 4800.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 203.1 -0.4 293.9 177.1 UDG Hlthcare ...... 782.5 2.5 832.5 551.0 PERSONAL GOODS Draper Esprit ...... 544.0 20.0 548.0 410.0 Aberforth Smlr Cos ...1438.0 -10.0 1546.0 1114.0 Ascential ...... 388.6 6.0 421.2 319.0 G4S ...... 197.8 -0.2 234.3 168.3 BAE Systems ...... 652.8 6.8 652.8 443.9 SSP Group ...... 679.0 4.0 721.0 608.0 HOUSEHOLD GOODS EMIS Group ...... 1154.0 10.0 1242.0 925.0 Alliance Trust ...... 866.0 6.0 872.0 729.0 Auto Trader Gp ...... 587.8 5.8 607.6 450.9 Burberry Gp...... 2017.0 -17.0 2345.0 1695.0 Hays ...... 165.9 0.2 183.5 138.0 Meggitt ...... 667.0 1.6 697.4 489.9 Tesco ...... 254.4 6.1 258.9 212.6 AVI Global Trust...... 788.0 6.0 802.0 703.0 Barratt Devel ...... 804.4 -35.0 839.4 552.8 Euromny Inst Inv...... 1222.0 16.0 1498.0 1152.0 PZ Cussons ...... 194.8 -3.2 227.0 178.8 Homeserve ...... 1316.0 2.0 1340.0 953.0 Fevertree Drinks ...... 1405.5 23.5 2475.0 1365.0 QinetiQ ...... 378.8 4.2 378.8 267.0 FOOD PRODUCERS Baillie Gifford Japan ...830.0 12.0 848.0 711.0 Bellway ...... 4064.0 -36.0 4100.0 2698.0 Future ...... 1164.0 -24.0 1572.0 556.0 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5960.0 62.0 6170.0 4643.0 First Derivatives ...... 2690.0 -10.0 3555.0 2050.0 Rolls-Royce ...... 693.6 7.0 988.4 636.6 Bankers InvTst ...... 1024.0 12.0 1032.0 831.0 Assoc British Foods...2708.0 36.0 2708.0 2106.0 Berkeley Grp Hldgs ...5180.0 -100.0 5412.0 3437.0 Informa ...... 818.0 -2.0 892.0 680.0 AstraZeneca ...... 7741.0 78.0 7878.0 5644.0 IWG...... 445.0 2.6 469.0 222.2 Senior ...... 165.0 -1.0 239.2 160.0 Frontier Devs ...... 1404.0 86.0 1444.0 844.0 BlackRock Smaller .....1776.0 12.0 1776.0 1298.0 Bakkavor ...... 140.0 0.0 170.0 93.3 Countryside Prop ...... 502.0 -11.0 513.0 277.6 ITV ...... 136.9 0.3 156.5 103.6 Dechra Pharma ...... 2854.0 14.0 3068.0 2330.0 Network Int...... 612.0 -6.0 645.0 513.0 Ultra Electronics ...... 2194.0 32.0 2292.0 1232.0 Gamma Comms ...... 1375.0 5.0 1460.0 782.0 BMO Global Smaller .....145.0 1.0 150.0 127.5 Cranswick ...... 3656.0 46.0 3714.0 2472.0 Crest Nicholson ...... 501.0 -5.0 517.0 332.0 Moneysupermkt.com ...330.5 2.5 417.7 309.5 Genus ...... 3170.0 48.0 3246.0 2178.0 Pagegroup ...... 482.8 4.4 539.0 367.8 AUTOMOBILES & PARTS Caledonia Inv ...... 3130.0 35.0 3180.0 2910.0 Greencore Gp ...... 239.5 -1.2 281.8 192.1 McCarthy & Stone...... 149.5 -0.2 158.8 123.5 Pearson ...... 582.8 1.8 943.6 563.4 GlaxoSmithKline ...... 1694.8 -44.8 1846.0 1497.4 Paypoint...... 993.0 -7.0 1118.0 844.0 GB Group ...... 719.0 3.0 800.0 420.0 Aston Martin...... 465.0 12.6 1374.4 399.3 City of London IT ...... 435.0 0.0 448.5 396.5 Hilton Food Gp ...... 1050.0 2.0 1118.0 894.0 Persimmon ...... 3051.0 -49.0 3138.0 1836.0 RELX ...... 2095.0 16.0 2095.0 1606.0 Hikma Pharma ...... 1899.5 21.5 2200.0 1556.5 Rentokil Initial ...... 506.4 7.4 506.4 329.0 Gooch & Housego ...... 1422.5 -2.5 1527.5 954.0 Edin Inv Trust ...... 612.0 -3.0 652.0 535.0 Tate & Lyle ...... 788.4 -12.8 801.4 663.8 Reckitt Benckiser .....6500.0 35.0 6688.0 5767.0 Rightmove Group ...... 691.2 3.0 691.2 469.8 TI Fluid Systems ...... 240.5 -3.5 273.0 155.2 REAL ESTATE Sanne Group ...... 600.0 9.0 752.0 495.0 Hurricane Energy ...... 17.5 -3.6 53.6 17.5 European Opp ...... 926.0 4.0 926.0 675.0 Unilever ...... 4695.5 59.5 5324.0 3983.0 Serco ...... 165.5 0.0 167.7 111.7 BANKS Assura ...... 79.7 0.5 79.7 56.7 Impax Asset Mgmt ...... 370.0 -5.5 405.0 201.0 F&C Investment ...... 780.0 7.0 783.0 673.0 FORESTRY & PAPER MAIN CHANGES UK 350 SIG ...... 92.2 -0.3 153.0 91.3 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Fidelity China SPE ...... 236.5 2.0 253.0 202.0 Big Yellow Gp ...... 1190.0 22.0 1200.0 933.0 Mondi ...... 1667.0 9.5 1898.0 1510.5 Travis Perkins...... 1577.0 -16.0 1692.5 1166.0 Iomart Group ...... 381.0 -0.5 400.0 316.5 Barclays ...... 176.7 3.8 192.5 136.2 % % BMO Comm Prop ...... 109.8 -0.6 128.0 106.0 Fidelity Euro Values .....269.5 1.0 269.5 218.0 GENERAL FINANCIAL Risers à Fallers Ä TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 54.0 2.0 98.0 41.8 BGEO Group ...... 1584.0 28.0 1755.0 1252.0 Fidelity Spec Val ...... 272.5 3.5 280.5 240.5 Beazley ...... 579.00 8.2 NMC Health ...... 900.00 -7.2 British Land ...... 566.8 -7.0 638.8 468.3 James Halstead ...... 560.0 -4.0 570.0 440.0 HSBC Hldgs...... 573.5 4.5 680.6 551.8 Finsbury G&I Tst ...... 918.0 2.0 958.0 787.0 3i Group ...... 1145.0 -3.0 1184.5 904.8 Fresnillo ...... 653.80 4.8 Royal Mail...... 178.90 -5.5 Captl & Count Prop ...... 242.4 -2.3 270.5 184.8 Spirent Comms ...... 220.0 -3.0 251.5 140.4 Lloyds Banking ...... 57.0 -0.2 67.2 48.6 GCP Infra Inv ...... 127.0 -0.4 134.0 122.6 Ashmore Gp ...... 560.0 7.0 567.5 397.8 Pets at Home Gp ...... 306.80 4.5 Barratt Devel ...... 804.40 -4.2 CLS Hldgs ...... 277.0 2.5 312.5 212.0 TOBACCO Johnson Service Gp ....209.0 -1.0 211.5 128.0 Helios Towers ...... 146.50 4.0 Redrow...... 780.00 -3.8 Royal Bank of Scot ...... 224.7 3.1 270.4 177.7 Genesis Emerging ...... 799.0 7.0 818.0 686.0 Brewin Dolphin ...... 357.4 -2.4 375.2 287.6 Daejan Hldgs ...... 5230.0 30.0 6160.0 4715.0 Br Am Tob ...... 3481.5 33.5 3507.0 2648.0 Keywords Studios ...... 1551.0 49.0 1838.0 900.0 Cineworld Group ...... 182.10 3.5 Tullow Oil ...... 49.38 -3.4 Standard Chartered .... 638.8 -2.0 738.6 575.7 Greencoat UK ...... 144.8 0.8 152.8 128.8 Close Brothers ...... 1429.0 -17.0 1663.0 1227.0 Derwent London ...... 4166.0 -12.0 4186.0 2884.0 Imperial Brands ...... 1847.4 25.8 2713.5 1668.2 Clarkson ...... 3105.00 3.3 Flutter Ent ...... 8418.00 -2.7 Learning Tech Gp ...... 164.8 3.0 164.8 62.2 TBC Bank Group...... 1234.0 -16.0 1706.0 1150.0 Harbourvest Glb ...... 1858.0 20.0 1858.0 1406.0 Coats Group ...... 71.0 -1.6 91.2 68.1 Grainger ...... 309.0 1.4 315.6 217.4 Rank Gp...... 302.00 2.9 Hargreaves Lans ...... 1708.50 -2.7 TRAVEL & LEISURE Virgin Money UK ...... 175.4 -2.0 220.1 104.4 Finablr ...... 73.3 0.7 215.0 72.7 Grt Portland Est ...... 935.6 1.6 948.6 649.4 M&C Saatchi ...... 98.0 -2.5 394.0 79.0 Herald Inv Trust ...... 1530.0 16.0 1530.0 1185.0 Playtech ...... 357.50 2.9 GlaxoSmithKline ...... 1694.80 -2.6 Hargreaves Lans...... 1708.5 -47.0 2433.0 1633.5 Hammerson ...... 225.3 -3.1 388.4 203.9 Carnival ...... 3210.0 -4.0 4373.0 3056.0 BEVERAGES HICL Infr ...... 179.2 0.2 180.0 156.6 Centamin ...... 130.90 2.9 Provident Fin ...... 479.40 -2.5 M.P. Evans ...... 680.0 0.0 750.0 612.0 Land Securities...... 943.8 -11.6 1001.5 735.4 Cineworld Group ...... 182.1 6.1 321.0 176.0 JPM American ...... 516.0 5.0 516.0 421.0 IG Gp...... 662.0 -8.6 708.0 474.8 Kingfisher...... 213.70 2.8 Contour Global ...... 187.60 -2.3 Majestic Wine ...... 212.0 2.0 318.0 210.0 Barr (AG) ...... 594.0 -2.0 975.0 526.0 Compass Gp ...... 1958.0 51.5 2138.0 1665.0 JPM Emerg Mkt ...... 1058.0 10.0 1088.0 878.0 Integrafin Holdings ...... 513.0 10.0 513.0 337.0 LondonMetric Prop ...... 232.6 0.8 241.2 185.4 Britvic ...... 943.5 18.0 1068.0 850.0 Dominos Pizza ...... 306.6 -3.4 326.4 221.2 Midwich Group ...... 534.0 2.0 633.0 474.5 JPM Indian IT ...... 739.0 5.0 790.0 633.0 Intermediate Capital ..1747.0 2.0 1747.0 987.5 Redrow...... 780.0 -31.0 822.0 533.0 WPP ...... 973.4 -1.2 1077.5 801.0 NewRiver Retail ...... 190.0 -1.6 246.0 147.6 Coca-Cola HBC AG .....2842.0 0.0 3074.0 2299.0 easyJet ...... 1535.0 -1.5 1536.5 854.8 Mortgage Advice B .....750.0 8.0 795.0 546.0 JPM Japan IT ...... 459.5 8.0 477.5 368.0 Intl Public Prtnshps .....165.2 4.2 171.2 146.8 Taylor Wimpey ...... 217.7 -4.8 223.0 142.9 MINING Primary Hlth Prop ...... 160.0 1.0 160.2 116.0 Diageo ...... 3202.0 53.0 3625.5 2913.5 Investec ...... 438.7 -1.7 518.6 395.3 Safestore Hldgs ...... 785.5 -13.0 817.5 573.5 EI Group ...... 284.4 0.2 285.0 194.0 Next Fifteen Comm ...... 510.0 7.0 658.0 465.0 Jupiter Fund Mngt ...... 379.0 -6.1 432.0 314.0 Vistry Group ...... 1394.0 -26.0 1420.0 975.0 Anglo American ...... 2087.5 15.0 2266.0 1666.6 CHEMICALS IP Group ...... 67.0 -1.0 109.0 55.7 Savills ...... 1215.0 -10.0 1244.0 817.5 FirstGroup ...... 122.7 -2.3 137.5 89.3 Law Debenture ...... 644.0 6.0 654.0 552.0 Nichols...... 1367.5 7.5 1880.0 1322.5 INDUSTRIAL ENGINEERING Antofagasta ...... 880.8 -1.0 1022.5 779.6 Flutter Ent...... 8418.0 -232.0 9456.0 5525.0 Croda International ..5065.0 -20.0 5375.0 4564.0 Mercantile IT ...... 270.5 0.5 270.5 188.0 John Laing Gp ...... 347.0 1.4 402.0 345.6 SEGRO ...... 908.0 5.0 915.8 636.6 Bodycote ...... 886.5 -6.5 971.0 652.0 BHP Group ...... 1720.8 0.6 2049.0 1600.0 Go-Ahead Gp ...... 2064.0 14.0 2278.0 1783.0 Numis Corporation ...... 278.0 -1.0 306.0 212.0 Elementis...... 130.5 -0.2 197.9 127.9 Monks Inv Tst ...... 1012.0 10.0 1012.0 788.0 London Stock Exch ....8166.0 30.0 8166.0 4489.0 Shaftesbury ...... 878.0 -0.5 979.5 739.5 Centamin ...... 130.9 3.6 152.3 79.8 GVC Hldgs ...... 892.6 -5.0 939.0 507.5 Johnson Matt...... 2716.0 -28.0 3454.0 2605.0 Murray Intl Tst ...... 1232.0 10.0 1286.0 1114.0 Man Group ...... 155.7 -1.9 175.2 130.5 Hill & Smith ...... 1443.0 -7.0 1510.0 1049.0 St Modwen Props ...... 494.5 -1.5 510.0 373.0 Polar Capital Hdgs ...... 558.0 -24.0 604.0 480.0 Fresnillo ...... 653.8 30.2 1027.5 539.6 Intercontl Htls ...... 4920.0 -28.0 5738.0 4419.5 Synthomer ...... 338.4 -3.4 420.8 279.0 Next Energy Solar ...... 122.5 2.5 126.5 114.0 Onesavings ...... 424.4 -1.2 452.0 313.6 IMI ...... 1148.5 -3.5 1206.0 906.0 TR Property IT ...... 487.0 5.0 491.5 377.0 Purplebricks Gp ...... 110.2 -3.8 132.0 96.0 Paragon...... 528.5 3.5 553.5 388.0 Glencore ...... 239.0 2.3 340.3 216.9 Tritax Big Box ...... 143.0 1.5 159.7 135.5 Intl Cons Airl...... 622.0 4.8 671.0 413.5 Victrex ...... 2350.0 4.0 2540.0 1845.0 Pantheon Intl Partn ..2550.0 20.0 2620.0 2020.0 Melrose Ind ...... 248.5 0.2 248.5 156.8 Redde...... 101.8 0.0 127.6 98.0 Hochschild Mining ...... 161.4 4.4 227.0 152.0 UK Commercial Prop .....86.9 0.0 92.7 79.9 Marstons ...... 104.4 -0.1 131.4 93.3 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...328.0 0.5 342.0 284.5 Plus500 ...... 905.2 3.8 1647.0 495.0 RHI Magnesita ...... 3326.0 -54.0 5000.0 3194.0 Provident Fin ...... 479.4 -12.1 610.0 356.0 Kaz Minerals ...... 494.5 3.9 738.4 380.3 Unite Group ...... 1284.0 5.0 1305.0 873.5 Mitchells & Butlers .....404.0 3.0 470.5 238.0 Renew Holdings...... 514.0 -6.0 568.0 360.0 Pershing Square ...... 1532.0 4.0 1578.0 1202.0 Rotork ...... 313.4 -2.0 341.2 269.8 Balfour Beatty ...... 268.6 1.2 295.0 194.2 Workspace Gp ...... 1230.0 15.0 1247.0 806.0 National Express ...... 445.4 1.8 476.0 383.0 Personal Assets Tst ....43850 350.0 43850 39700 Quilter ...... 170.2 -3.9 174.7 120.8 Polymet Int...... 1260.0 26.5 1286.0 772.6 RWS Holdings ...... 571.0 -2.0 670.0 460.0 CRH ...... 3005.0 21.0 3100.0 2279.0 Spirax-Sarco...... 9295.0 5.0 9400.0 6510.0 PPHE Hotel Gp ...... 2060.0 20.0 2100.0 1630.0 Polar Cap Tech Tst .....1702.0 20.0 1702.0 1210.0 Rathbone Brothers ....1990.0 -6.0 2540.0 1966.0 Rio Tinto ...... 4290.5 17.5 4976.5 3924.5 SOFTWARE & COMPUTER SERVICES Scapa Group ...... 259.5 14.5 403.0 157.0 Galliford Try...... 160.0 0.0 177.2 102.4 Schroders ...... 3382.0 21.0 3419.0 2541.0 Weir Gp ...... 1418.5 -2.5 1814.0 1261.5 Rank Gp ...... 302.0 8.5 302.0 144.0 Renewables Infra Gp ...136.4 1.0 139.2 115.4 MOBILE TELECOMMUNICATIONS Avast...... 457.8 3.2 551.0 282.0 Secure Income REIT ...473.0 0.0 473.0 394.0 Grafton Group...... 936.0 -7.0 943.0 645.5 TP ICAP ...... 403.4 3.8 417.5 270.0 INDUSTRIAL METALS Restaurant Grp ...... 125.0 0.4 166.4 111.9 RIT Cap Partners ...... 2110.0 25.0 2180.0 1954.0 Aveva Gp...... 5155.0 15.0 5170.0 2884.0 Ibstock ...... 298.6 1.2 322.0 208.6 Vodafone Gp ...... 151.0 4.0 165.2 123.3 Stagecoach Gp...... 136.5 0.4 167.0 115.5 Serica Energy...... 111.0 -4.0 143.4 103.6 Schroder Asia ...... 468.0 5.0 485.5 424.0 GENERAL RETAILERS Evraz ...... 404.9 10.8 709.4 341.4 Computacenter...... 1898.0 31.0 1898.0 1049.0 Marshalls ...... 817.5 5.5 876.0 496.6 NONLIFE INSURANCE Wetherspoon (JD) .....1546.0 -12.0 1734.0 1249.0 Scottish Inv Tst ...... 804.0 5.0 843.0 769.0 B&M ...... 371.0 7.2 420.9 315.0 Ferrexpo ...... 145.5 -0.1 301.3 123.0 FDM Group...... 1038.0 8.0 1100.0 647.0 Smart Metering Sys..... 519.5 8.5 635.0 310.0 Polypipe Group ...... 560.5 4.0 560.5 372.8 Whitbread ...... 4595.0 37.0 5152.0 3988.0 Scottish Mortgage ...... 629.0 8.0 629.0 472.0 Dixons Carphone ...... 135.4 0.6 152.4 104.9 Admiral Gp ...... 2275.0 -12.0 2330.0 2014.0 Kainos Gp ...... 868.0 16.0 880.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION William Hill ...... 170.3 -1.4 205.2 132.3 Sequoia Econ Infra ...... 114.4 1.0 118.6 110.0 Dunelm Gp...... 1213.0 7.0 1213.0 704.5 Beazley ...... 579.0 44.0 628.0 502.0 Micro Focus Intl ...... 767.9 -6.2 2160.0 766.8 Wizz Air Holdings ...... 4245.0 35.0 4329.0 2880.0 Thorpe (F.W.) ...... 324.0 0.0 359.0 267.0 Smith (DS) ...... 370.9 -3.1 394.8 307.9 Smithson Inv ...... 1358.0 12.0 1358.0 1065.6 Frasers Group ...... 483.0 -2.8 518.0 214.0 Clarkson ...... 3105.0 100.0 3110.0 2200.0 Direct Line Ins ...... 343.0 -2.0 366.5 270.5 Playtech ...... 357.5 10.0 457.7 343.7 Watkin Jones ...... 247.5 0.5 255.0 199.6 Smiths Gp...... 1749.0 1.0 1751.0 1378.0 Syncona ...... 230.0 0.5 294.0 203.0 Howden Joinery Gp...... 705.2 0.6 705.2 478.8 Fisher (James) ...... 1996.0 30.0 2260.0 1790.0 Hastings Gp Hldgs ...... 184.1 -0.7 231.6 167.9 Sage Group ...... 772.4 -6.2 820.4 640.0 AIM 50 Smurfit Kappa Gp...... 2846.0 -54.0 2966.0 2096.0 Temple Bar IT ...... 1390.0 14.0 1486.0 1162.0 Inchcape...... 653.5 -1.5 720.0 545.5 Royal Mail ...... 178.9 -10.4 286.7 178.9 Hiscox ...... 1345.0 17.0 1777.0 1213.0 Softcat ...... 1220.0 0.0 1257.0 702.0 Abcam ...... 1311.0 11.0 1500.0 1066.0 Young’s Brew NV ...... 1245.0 35.0 1310.0 1030.0 Vesuvius...... 449.6 -4.8 642.0 341.0 Templeton Em Mkts ....854.0 13.0 876.0 731.0 JD Sports Fashion ...... 856.8 1.2 874.0 448.4 Signature Avi ...... 291.2 0.0 406.0 289.5 RSA Ins Gp ...... 566.6 6.6 597.0 501.6 Sophos ...... 571.2 2.6 577.0 298.2 Advanced Medical ...... 282.0 -3.0 354.5 225.0 Young’s Brew-A...... 1550.0 20.0 1885.0 1500.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 289.50 -1.45 316.05 197.00 3M ...... 162.89 0.56 219.50 150.74 AIR LIQUIDE ...... 135.25 0.30 134.95 104.40 ABBOTT LABORATORIES ...... 89.47 -0.09 91.86 72.88 ALLIANZ AG ...... 226.95 3.05 223.90 182.72 ADOBE INC ...... 367.46 1.91 366.74 254.74 AMADEUS IT GROUP ...... 74.66 0.72 78.60 42.30 ALPHABET NON VTG-C ...... 1476.23 28.00 1486.65 1036.23 ALPHABET-A ...... 1475.97 29.92 1484.69 1116.79 ANHEUSER BUSCH INBEV ...... 69.89 0.14 92.71 65.77 AMAZON.COM ...... 2050.23 10.36 2049.67 1588.22 ASML HOLDING NV ...... 280.65 4.30 276.35 157.68 AMERICAN EXPRESS ...... 133.25 -0.35 135.11 104.52 AXA ...... 24.75 0.04 25.47 20.11 APPLE INC ...... 325.21 3.76 324.34 169.43 BANCO SANTANDER ...... 330.00 8.95 402.00 294.70 AT&T ...... 38.44 0.63 39.63 29.55 BASF...... 62.92 0.14 74.49 56.20 BANK OF AMERICA ...... 34.67 -0.04 35.64 26.25 BAYER AG...... 78.06 0.98 77.08 52.53 BERKSHIRE HATHAWAY...... 229.61 0.96 230.20 195.81 BMW ...... 66.33 0.02 77.75 58.70 BOEING CO ...... 341.43 11.88 432.69 309.00 BNP PARIBAS ...... 50.41 0.80 53.58 39.32 CATERPILLAR INC ...... 137.25 -0.19 150.53 113.38 CRH ...... 3005.00 21.00 3100.00 2279.00 CHEVRON ...... 109.49 -0.79 126.54 106.28 CISCO SYSTEMS ...... 48.69 0.24 58.05 43.52 DAIMLER ...... 44.00 0.00 59.31 40.53 CITIGROUP ...... 78.97 0.12 81.91 60.33 DANONE ...... 73.76 0.60 82.00 64.41 COCA-COLA CO ...... 58.99 0.14 58.86 44.69 DEUTSCHE POST AG ...... 32.88 0.22 34.91 25.26 COMCAST ...... 44.60 0.01 47.50 37.00 DEUTSCHE TELEKOM ...... 14.86 0.12 16.25 14.14 DOW ...... 49.20 -0.41 66.65 40.71 ENEL ...... 8.13 0.06 8.09 5.10 EBAY INC ...... 38.00 0.88 41.57 33.56 ENGIE...... 15.71 0.17 15.88 12.45 EXXON MOBIL ...... 61.88 -0.85 83.38 59.97 ENI ...... 12.97 -0.06 15.94 12.61 FACEBOOK ...... 210.85 0.74 223.23 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 241.82 -2.48 249.72 182.49 FRESENIUS MEDICAL CARE ...... 72.78 0.10 76.32 57.92 HOME DEPOT INC ...... 238.84 0.73 238.85 181.14 HONEYWELL INTERNATIONAL ...... 176.35 -0.55 183.23 148.48 IBERDROLA ...... 10.38 0.18 10.20 6.02 IBM ...... 156.76 0.43 156.33 126.99 INDITEX ...... 31.96 0.53 32.37 2.55 INTEL ...... 67.09 -0.25 68.47 43.46 ING GROEP NV...... 10.49 0.20 12.05 8.34 JOHNSON & JOHNSON ...... 153.53 -0.46 153.99 126.95 INTESA SANPAOLO...... 2.47 0.02 2.45 1.83 JPMORGAN CHASE & CO ...... 137.61 0.02 141.09 98.93 KERING ...... 572.00 -1.60 610.20 425.05 MASTERCARD INC ...... 329.30 0.98 329.12 216.58 KON KPN NV ...... 2.49 0.01 2.96 2.48 MCDONALD’S ...... 212.87 -1.50 221.15 173.97 L’OREAL ...... 267.80 4.70 275.30 218.80 MEDTRONIC ...... 121.30 0.68 121.09 84.15 LVMH MOET HENNESSY ...... 418.05 3.05 439.05 283.55 MERCK & CO ...... 85.68 -0.15 92.04 73.19 MUENCHENER RUECKVE ...... 276.30 1.70 274.60 197.75 COMMODITIES TOURIST RATES MICROSOFT ...... 183.63 3.73 180.12 105.25 NETFLIX ...... 366.95 -2.72 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1562.82 +8.62 Copper Cash Official...... 5713.50 +62.50 Canada ...... 1.6416 New Zealand ...... 1.8682 NIKE INC ...... 100.27 -0.27 104.58 77.14 ORANGE ...... 12.76 0.15 15.01 12.61 Silver (Pence) ...... 1762.00 -11.00 Aluminium Cash Official ...... 1687.75 +1.00 Croatia ...... 7.946 Norway...... 11.39 ORACLE ...... 54.71 -0.03 60.15 50.24 ROYAL PHILIPS ...... 44.08 0.56 45.61 33.85 Silver (Cents) ...... 1350.00 -12.00 Nickel Cash Official ...... 13002.50 +225.00 Czech Republic ...... 27.20 Poland ...... 4.4053 PAYPAL HOLDINGS ...... 119.89 0.17 121.30 96.64 SAFRAN ...... 147.60 0.10 150.05 112.25 Krugerrand ...... 1580.12 +9.85 Aluminium Alloy Cash Official ...... 1365.00 +5.00 Denmark ...... 8.3884 Singapore ...... 1.675 PEPSICO ...... 144.33 0.03 144.30 118.61 SANOFI ...... 93.65 3.72 92.72 72.24 Brent Crude ...... 55.28 +1.32 Natural Gas ...... 22.79 -0.23 Hong Kong ...... 9.5644 Sweden ...... 11.88 PFIZER INC ...... 38.26 0.09 44.40 34.24 SAP SE ...... 124.62 0.22 126.90 91.66 Platinum ...... 974.00 +10.00 Tin Cash Official ...... 16325.00 +172.50 Iceland ...... 144.24 Switzerland ...... 1.2044 PROCTER & GAMBLE ...... 127.14 0.33 126.81 97.71 SCHNEIDER ELECTRIC ...... 95.98 0.40 95.58 62.10 British Sovereign ...... 368.79 +2.35 Zinc Cash Official ...... 2222.35 +5.10 India ...... 81.47 Turkey ...... 7.3986 TRAVELERS COMPANIES ...... 136.50 -0.28 154.83 125.42 SIEMENS AG ...... 108.90 -4.92 119.90 85.00 Lead Cash Official ...... 1843.25 -11.00 White Sugar ...... 413.60 -0.10 Israel ...... 4.0271 United States ...... 1.2395 TWITTER ...... 38.41 5.02 45.42 28.89 SOCIETE GENERALE...... 30.60 0.31 31.79 21.13 UNITED HEALTH GROUP ...... 292.46 -3.27 300.74 215.26 UNITED TECHNOLOGIES ...... 156.20 0.57 155.63 122.49 TELEFONICA SA ...... 6.22 0.06 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.44 0.31 62.07 53.95 TOTAL ...... 45.90 0.47 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 203.04 0.23 208.21 168.86 UNILEVER NV ...... 54.42 0.45 57.56 47.05 FTSE 100...... 7504.79 +22.31 +0.30 S&P 500...... 3345.78 +11.09 +0.33 CAC 40 ...... 6038.18 +52.78 +0.88 Hang Seng ...... 27493.70 +706.96 +2.64 WALGREENS BOOTS ALLIANCE...... 53.49 0.51 76.05 49.29 VINCI ...... 103.50 -0.55 104.05 76.20 FTSE 250 ...... 21572.86 +52.86 +0.25 Dow Jones I.A ...... 29379.77 +88.92 +0.30 Swiss Market Index ...... 11012.36 +18.21 +0.17 Nikkei ...... 23873.59 +554.03 +2.38 WALMART ...... 116.31 -0.50 121.28 95.58 VIVENDI ...... 25.57 0.29 26.42 22.20 FTSE All-Share ...... 4170.89 +11.86 +0.29 Nasdaq Composite ...... 9572.15 +63.47 +0.67 ISEQ Overall Index ...... 7187.17 -12.12 -0.17 STI Index ...... 3231.55 +31.42 +0.98 WALT DISNEY CO ...... 142.70 1.33 151.64 107.79 VOLKSWAGEN AG ...... 170.90 0.18 185.52 138.16 FTSE AIM All-Share ...... 964.00 +3.27 +0.34 Xetra DAX...... 13574.82 +96.49 +0.72 FTSEurofirst 300 ...... 1661.70 +7.92 +0.48 ASX All Ordinaries...... 7148.70 +67.80 +0.96 WELLS FARGO & CO ...... 47.98 -0.33 54.46 43.38 16 OPINION FRIDAY 7 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Reform the BBC — but don’t TO THE EDITOR turn it into a political football All charged up [Re: Is 2035 too soon to ban petrol and diesel new car sales?] The government’s plan to bring forward OVE over Brexit, there’s a viewing figures. Thus the rationale The reforms announced last month the ban on selling new petrol, diesel or new B-word battle: over Rachel Cunliffe behind commissioning pro- seem broadly sensible (although cut- hybrid cars to 2035 is crucial for helping the fate of the BBC. Do- Comment and features grammes guaranteed to draw in the ting 450 journalist jobs is question- lower the nation’s emissions. Mminic Cummings, the editor at City AM largest audiences is obvious. able, considering some of the However, more focus needs to be Prime Minister’s chief ad- What, then, is the BBC to do? salaries paid to top executives and directed towards the infrastructure to viser, has had the broadcaster in his Chase the ratings and leave itself presenters). People are changing support this strategy. Issues such as sights for some time, with reports open to accusations of funds mis- how they consume news and enter- fluctuations in energy usage and from his think tank in 2004 suggest- the BBC should not try to compete spent, or stick to the basics and field tainment, and the BBC must adapt. appropriate plans to make sure that the ing axing it altogether. with commercial channels, and complaints that its offering does not But that adaptation will be impos- national grid can shoulder the electricity Opening shots were fired after De- therefore has no reason for the eye- compare to Netflix and Amazon? sible without an understanding burden must also be considered. cember’s election, when Cummings watering salaries paid to some of its This should be the fundamental both within the organisation and In order to develop a charging network imposed a ministerial boycott of key stars (Gary Lineker’s £1.75m comes question at the heart of any reform in Downing Street that the BBC’s that is both sustainable and efficient, a BBC News programmes. to mind). And reality TV shows like of the BBC or its funding model. core functions should be protected. variety of stakeholders must be brought Seeing that the new government Strictly Come Dancing and The Ap- Clearly, our national broadcaster Maybe that means a “two-tier” li- together so that a multi-dimension of aims was gearing up for a fight, the BBC prentice, for example, hardly seem does serve a unique purpose. We cence fee, with the news and educa- and concerns are accounted for. went on the pre-emptive offence, an- the best way for the BBC to fulfil its would undoubtedly miss it if it were tional offerings ringfenced through There is much to be done. To guarantee nouncing the end of the much-loved core mission to “inform, educate gone, particularly its news offering. a lower base fee, and the BBC’s en- that all legislative, consumer and business Victoria Derbyshire programme. and entertain” the nation. According to the Reuters Institute, tertainment content spun off and requirements are achieved, charging The message — that cuts would be But the opposite charge is also fre- it was by far the most widely used run as a Netflix-style subscription points must be situated in parking areas sure to whip up public outrage quently levelled: that the BBC is “out news source during the election, service. Or maybe it means reduc- which are both publicly and privately against the government — was clear. of touch” with mainstream viewers, used by nearly half (44 per cent) of ing and decriminalising the licence owned. To succeed, businesses and This week, culture secretary particularly those under 35, and Brits to get campaign information. fee, but no longer using ratings as representatives from the public sector Baroness Nicky Morgan opened fire must demonstrate its relevance to It also serves a role on the interna- a metric for success so the money must collaborate to ensure an even on a new front, launching a consul- secure its funding. This was what tional stage. Brand Finance’s 2019 can be better targeted. distribution of fairly priced charging tation into the decriminalisation of Morgan echoed this week, when she index of the most valuable British But regardless, the government’s facilities nationwide. non-payment of the licence fee, compared the future of the Beeb to brands ranked the BBC at 22, ahead Beeb-bashing is unhelpful. Morgan Gregory Allouis, strategic solutions whose funding preserves the BBC’s the ill-fated Blockbuster. of iconic names like Burberry, is right to look for ways that the BBC director, SPIE UK independence. It seems likely that If the BBC is constantly being British Airways and Rolls-Royce. can evolve, but wrong to compare a this will be downgraded to a civil asked to prove its popularity, the And as its own mission statement public service broadcaster burdened rather than a criminal offence, most fail-safe way is to point to says: “The BBC should provide high- with numerous conflicting respon- which, while more proportionate, quality news coverage to interna- sibilities to the fate of a commercial could cost the institution £200m a tional audiences, firmly based on entity like Blockbuster. And the BEST OF year in non-payment. British values of accuracy, impartial- Downing Street BBC boycott makes TWITTER The BBC is an undisputed behe- ity, and fairness.” In places that lack the government look not only petty, moth — with nine TV channels, 40 the UK’s commitment to a free press, but like it is out to destroy a cher- Very strong statement from the House radio stations, a host of regional and Both sides must the BBC’s role as a trusted source of ished British institution. of Commons chastising John Bercow global offerings, plus a world-class news cannot be underestimated. Emotions in Whitehall might be for publicly naming staff in his news website and streaming service. lay down their Consider the value of BBC Persia to running high, but for BBC reform autobiography. And it encourages any The licence fee, which is required to an Iranian audience. to be a success, it must be a prag- staff who have experienced bullying/ watch any live UK TV at all, brings in weapons and None of this means that it can matic, not political, project. Both harassment to submit a complaint. a staggering £4.88bn. It is widely un- stand still. It is inefficient to have sides must lay down their weapons, @soniasodha popular, and growing less relevant figure out how to multiple teams of journalists from step away from the battlelines, and as viewer habits and demographics safeguard a core similar programmes working on the figure out how best to safeguard Been reading Bercow’s section on the change. Therein lies the problem. same stories, for example, or flying and upgrade a core British asset for bullying accusations against him in his The argument is often made that British asset en masse to cover the same events. a new digital world. new autobiography. As you might imagine, it is not exactly handled with grace. @KateMaltby

John Bercow dismisses the very serious bullying allegations against Change is in the air across the Irish Sea, him from David Leakey (Parliament’s ex Black Rod) by saying he’s “thrashing around desperate to remain relevant... trying to make himself look important as Leo Varadkar is learning the hard way and centre stage”. Interesting coming from Bercow @matt_dathan HANGE is the word du jour Martin served under Prime Minister didates. The party may well be king- across the Republic of Ire- Finn Brian Cowen when the financial makers, and they certainly have I *love* Netflix — I really do. I’m happy land right now. As the Gen- McRedmond crash hit. And, in the eyes of vast their eye on government — but both to pay for it. I’m even happier to pay Ceral Election comes to its swathes of the electorate, Fianna Fail Fine Gael and Fianna Fail have cate- for BBC because: final stages tomorrow, the and Fine Gael’s policies can barely be gorically ruled out going into coali- Netflix doesn’t do News word has become so ubiquitous — separated with a cigarette paper. tion with them. Netflix doesn’t do Schools programs in the leaders’ debates and on the Meanwhile, Sinn Fein — which un- Historically, Sinn Fein also under- Netflix doesn’t do radio campaign trail — it feels it has lost precedentedly topped the latest performs polling expectations. Its Netflix doesn’t do podcasts all meaning. round of opinion polls — has man- core support demographic (young Netflix doesn’t do National Events For nearly 10 years, centre-right aged to tap into the zeitgeist, becom- working-class men) are less likely to Netflix is not the BBC. Fine Gael has been in power. In 2011 harsh austerity measures at the be- ing this so-called “voice” for change turn out to vote than Fine Gael’s @Damian_Barr Enda Kenny, along with his director hest of the European Troika, and with a left-wing economic agenda. older voter base. And, though many of elections Phil Hogan, delivered the electorate does not seem inter- Party leader Mary Lou MacDonald like the idea of a radical option in Would the guy who plays the Fine Gael’s largest ever electoral vic- ested in rewarding Fine Gael, now has distanced herself from Varadkar the hypothetical, people tend to opt bagpipes outside Parliament stay here tory. Ireland was in the midst of a led by Leo Varadkar, for its role in and Martin, claiming that they rep- for a safer choice when it comes or go to Scotland if they were to deep recession thanks to a calami- aiding the economy’s recovery. resent some kind of old boys’ club, down to the voting booth. become independent, has anyone tous banking crisis — and Fianna Instead, Fine Gael is set for a lack- and positioned her party as the anti- There may be a Sinn Fein surge, asked him, because that could really Fail, the governing party at the lustre performance, as legions of establishment choice. Most trou- which finds its roots in a general help me pick a side in the referendum time of the crash, was shafted with domestic failings — from housing to blingly, it seems that young voters malaise against the traditional par- @youngvulgarian the blame. Again, in 2016 Fine Gael health — damage the party’s appeal. are especially indifferent to Sinn ties of government, but it is not as managed to hold onto power — the It is impossible to play the role of Fein’s historical associations with powerful as it might seem. Female MPs forced to defend clothing first time the party ever won succes- the “change” option when you have the IRA — instead prioritising the Still, if you’re just tuning into the choices in Parliament after Jacob sive General Elections. been in power for nearly a decade party’s policies on housing. Irish election now, expect a shake- Rees-Mogg catches glimpse of an Now there is an appetite for some- For many voters, the traditional al- The consolation is that, while Sinn up of the status quo. ankle and has to be resuscitated with thing new. Since 2011, Fine Gael has ternative Fianna Fail fails to repre- Fein might be surging in the polls, smelling salts. accrued a lot of baggage. The party sent a significant departure from it is incapable of securing an out- £ Finn McRedmond writes for various @haveigotnews was responsible for implementing the status quo. Party leader Micheal right majority, fielding only 42 can- titles, including the Irish Times. CITYAM.COM FRIDAY 7 FEBRUARY 2020 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam We must not let fear of terror DEBATE Philip Hammond has been compromise our human rights nominated for a peerage — HE RECENT attacks in Lon- individuals commit deadly attacks does he deserve it? don Bridge and Streatham John sooner. Where the penalty for a rela- have highlighted clear flaws Oxley tively minor offence is the same as for Tin the management of terror the highest, suspects could decide to Philip Hammond became a mighty offenders. Both were perpe- strike hard first, before coming to the irritant to Tory Brexiteers during his trated by convicts still under licence attention of the authorities. time as chancellor, so it is unsurprising conditions, released automatically The creation of an Islamist “Long that many of them are irked by Boris YES halfway through their sentences. Kesh” (the prison in Northern Ireland Johnson nominating him for a The government is now urgently that housed paramilitary convicts peerage. It’s true that he passionately BEN KELLY looking to address this — as it undoubt- during the Troubles), full of radi- opposed Brexit and was something of edly should. However, it should be rules halfway through a sentence is calised inmates with no hope of re- an Eeyore in Number 11, but how long Conservative candidates appointed to wary of trampling civil liberties and unlikely to assist in rehabilitation. lease, will not do the government any must we fight the Brexit war? It’s over, succeed him. common sense in the name of security. Others have suggested the introduc- favours. It would hand radicalised Is- Leavers won, now let’s move on. The Lords is full of members One measure proposed is legislation tion of indefinite sentences for all ter- lamists a focal point for their propa- I am no Hammond fan, but “fiscal supportive to the current Prime to retrospectively end early release for ror offences. Such sentences are not ganda, and would be a nightmare to Phil” has been a public servant since Minister, so Boris has little to fear from current prisoners. This is likely to fall unknown here — around 75 prisoners control. No one would envy the war- 1997, and was a secretary of state for adding a europhile. He is right to extend foul of the Human Rights Act, which are serving “whole life orders” with dens walking the landings alongside transport, defence and foreign and an olive branch in what should be enshrines the European Convention no prospect of release, after convic- terrorists who had nothing to lose. commonwealth affairs before perceived as a show of strength from on Human Rights into English law. tion for particularly heinous murders Those driven to kill and die by ideol- becoming chancellor of the Exchequer. the victor. Though it is accepted that parlia- and sex offences. But rolling out such ogy present a particular challenge for He has dutifully served his country and ment can enact retrospective legisla- sentences to relatively low level terror our justice system. These are people his party. Unlike certain others who quit £ Ben Kelly is a commentator for tion, it is rare — and for good reason. offences, such as glorifying or promot- who have grown to violently despise the party last year, he didn’t oppose the Reaction. He tweets @TheScepticIsle. It is a fundamental principle of jus- ing terror, would be a huge expansion. not only our government but our so- tice that laws are knowable and cer- Reminiscent of internment in ciety and our way of life. We should be tain. Allowing the state to change the Northern Ireland, such measures may tough with them, and empower the law on a post hoc basis undermines take dangerous men off the streets, police, security services and the pro- Why does the Conservative party insist this. Though the victims this time but they could set us back in our fight bation to address these issues. on rewarding betrayal and failure? may be people who have plotted against terror. Not only can such poli- Retrospective and draconian Philip Hammond was a disastrous against us and our society, it should cies easily radicalise those on the changes to the law are not the answer, chancellor, a constant thorn in the side NO still unsettle us all that the govern- fringes, but they can also mean these however. They are not merely likely to of the Tory party and the Prime Minister, ment gets to rewrite its own rules. be counterproductive, but are cow- and at every turn tried to undermine MATT WALSH It is also likely to be practically ardly. It is vital that we stand up to Brexit. It was almost miraculous that he flawed. The current system was de- our principles in the face of this managed to remain in the Treasury for with what the Prime Minister wants to signed for prisoners to serve half of threat. We should cherish the values as long as he did. achieve, and who have a long history of their time in prison and half under that our enemies revile: the rule of Yet for some obscure reason, he has obstruction and disloyalty, is a strange strict licence conditions, allowing law, a belief in the power of redemp- been nominated by Boris Johnson for a approach. Who else will they reward? them to be recalled to prison for Cherish the values tion, and rehabilitation. peerage. Gina Miller? Anna Soubry? The Stop breaches which might not otherwise No one wants to see attacks like this One thing that the Conservatives Brexit Guy from Parliament Square? be an offence. that our enemies on our streets, but we must also be should have learned over the Brexit Elevating Hammond to the Lords Making them serve the full time in revile: the rule wary of how far we betray ourselves in parliamentary deadlock saga is that suggests that they haven’t learned prison would of course delay their re- stopping them. they need people in parliament who anything. lease, but it would also mean that of law and a belief will support them on key votes. they are subject to less supervision on £ John Oxley is a barrister and a Stuffing the House of Lords full of £ Matt Walsh is chief executive of Media the outside. Equally, changing the in redemption Conservative commentator. people who fundamentally disagree Intelligence Partners.

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NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 18 HOT PROPERTY FRIDAY 7 FEBRUARY 2020 CITYAM.COM HOTPROPERTY ALL YOU NEED TO KNOW ABOUT THE LONDON PROPERTY MARKET Edited by Helen Crane HOMES TO UPGRADE YOUR MOVIE NIGHT

his Sunday (or more accurately for viewers in the UK, the early hours of Monday) is one of the Tbiggest days in the calendar for cinephiles, as they get to find out the winners of the 92nd Acad- emy Awards. Plenty will be staying up, if only to mock the dodgy acceptance speeches and secretly hope for another high drama incident to follow the great envelope mishap of 2017. We’re a nation of film lovers – and property developers are cottoning on, with many putting cinema rooms in their apartment blocks. Here are six of the best on the market in London right now.

CHELSEA BARRACKS Clockwise from top: The Electric cinema at White City House, which is in the same When Chelsea Barracks buyers part complex as the new apartments at Television Centre; the cinema room at Lillie with between £5.35m and £38m for Square in Fulham; the cinema room at The Denizen in the City. their luxury homes in the former Army base, they will get access to an on-site House – an outpost of private members’ Centre, which has three cinema screens Oscars, were filmed in Woolwich. four-bed residences with river views tak- members’ club called The Garrison. De- club Soho House, is next door, and has of its own. ing in the Houses of Parliament, City, signed by Elicyon with all the plush fur- its own120-seater Electric cinema, com- LILLIE SQUARE Battersea Power Station and London nishings you would expect, the plete with cosy green velvet armchairs. What to watch: The Denizen is a short Frozen and Toy Story have top billing at Eye. Once residents are done admiring complex includes a cinema inspired by walk from Clerkenwell’s House of De- the cinema in Capco’s Lillie Square in the view, they can watch a film at the the Ritz in the 1950s, including a fully- What to watch: As it’s a public cinema, tention, a network of catacombs under Fulham, which is often hired out by res- development’s private cinema. Culture stocked bar. you can’t choose what gets played here. a former prison. It has been used as a idents for kids’ birthday parties. It sits fans will also appreciate The Dumont’s But White City has been immortalised set for films including 2009’s Sherlock within The Clubhouse, which also in- location opposite Tate Britain and close What to watch: A Clockwork Orange. It on film: the grade II listed Dimco Build- Holmes and 2015 historical drama Suf- cludes a cocktail lounge, kids games to Damien Hurst’s Newport Street might not be the most relaxing watch, ings were used as the location for the fragette. room, spa and gym. Apartments are Gallery. Prices for the final phase start but both the Chelsea Drugstore (now Acme Factory in 1988’s Who Framed still available, starting at £820,000 for a from £7.5m. McDonald’s) on the nearby King’s Road Roger Rabbit? ROYAL ARSENAL RIVERSIDE one-bed. and the Chelsea Embankment were A tranche of 112 new homes has just What to watch: The Dumont is close to used as locations in Stanley Kubrick’s THE DENIZEN gone up for sale at Building 10 in Berke- What to watch: It may not be one for the the MI6 building, which features in 1971 dystopian thriller. A new development of 99 apartments ley’s Royal Arsenal Riverside, the for- kids, but 1998 romantic drama Sliding James Bond films Goldeneye, The within the Square Mile, The Denizen mer military site in Woolwich. Owners Doors starring Gwyneth Paltrow used World is Not Enough, Die Another Day, TELEVISION CENTRE has just thrown open the doors to its of the apartments will get access to the nearby Fulham Broadway under- Skyfall and Spectre. The scenes were The largest penthouse at the former first show apartment. Prices start from Waterside Club, which includes a ground station for the tube scenes. intitally filmed without permission, BBC Broadcasting House in White City £740,000 and the first homes will com- concierge, pool, gym and cinema. until then-foreign minister Robin Cook has just completed. The sprawling dou- plete in the autumn. Its cinema room THE DUMONT gave the go-ahead in 1999, reportedly ble-level apartment tops the iconic, will feature some exceptionally What to watch: Children of Men. Parts of The final phase of homes at The Du- saying afterwards that “After all Bond doughnut-shaped Helios building and squishy-looking quilted blue sofas, and the 2006 action thriller starring Clive mont at Albert Embankment has just has done for Britain, it was the least we will set you back £7.6m. White City it’s also located close to the Barbican James, which was nominated for three been released, comprising a selection of could do for Bond”.

20 HOT PROPERTY FRIDAY 7 FEBRUARY 2020 CITYAM.COM DRINKS,INTERIORS SCRAPS AND WEAVES This couple are turning plastic bottles into sustainable textiles. By Laura Ivill

t looks like wool, it weaves like real farmers here in Devon, and we wool, it’s soft like wool and you re-filter the water in a closed system,” can wash it like wool. So how can they say. “Whenever possible, our these cosy rugs, cushions and packaging uses sustainable, recycled throws be made entirely of recy- and recyclable paper and card.” And Icled plastic bottles? at the end of the textile’s life (they are The husband-and-wife founders of machine washable), we can send textiles company Weaver Green know them to be recycled (only the cushion the answer because they invented the zips need to be removed). thread – re-processing tons of single- At the end of last year Weaver Green use waste material into desirable, recycled their 100 millionth plastic practical homewares that, literally, bottle – and of these, half have been don’t cost the earth (£45 for a cushion recovered from streams, rivers and or throw, from £40 for a rug). the coast. “We are happy to give plas- But back in 2008 when Tasha and tic bottles, that are typically only Barney Green founded Weaver Green, used for a few minutes, the chance to no one really cared about their eco ef- be part of something beautiful that forts. Everyone was too busy worrying will last for decades to come,” they about the crash. Like many companies say. still around today which began life in the teeth of that particular storm, £ Find the Weaver Green collection of they learned how to put down solid rugs, cushions, throws, dog beds and roots. “A financial downturn makes more at weavergreen.com you focus,” Tasha says. “We ran on a shoestring and we weren’t greedy with the margins. We needed to sell lots and move forward, which meant we had to be affordable.” Tasha says that they started out with the premise that if our homes are a re- flection of ourselves then we’re not going to buy eco stuff that’s less than lovely. She says Weaver Green was founded on the core values that every- thing “has to look beautiful, be prac- tical and have impeccable sustainability”. They highlight that an astonishing 35 billion plastic bottles are thrown into landfill or end up in our oceans every year (one million every minute), so they asked themselves if they could take some of this waste and turn it into a useful and practical yarn. Barney’s time in the flooring indus- try meant he understood the opera- tions of global weaving houses, and Tasha’s skills running her own or- ganic drinks business, together with Clockwise from a love of antique textiles, gave them top: A dining the knowledge, the passion and the room decked out environmental commitment to start with Weaver experimenting. They set out to trans- Green Maxime form hard plastic (the PET found in tablecloth; from single-use drinks bottles) into soft, £65, and Antibes open fibres that would weave like cushions, £45; wool. In this process, they discovered Barney and Tasha that hand weaving was more practical Green; Diamond for them than automated looms. Collection Not only did they come up with throws, £45; the their long-strand yarn that reduces Herringbone microfibre shedding, but Weaver throw in Green is also able to control all as- Chinchilla, £45, pects of its manufacturing and pack- and Andalucia aging processes. “Using low-emission Zahara rug, from chimneys, we heat our non-toxic £130 dying vats by burning discarded rice and husks, a by-product of local ce-

22 LIFE&STYLE FRIDAY 7 FEBRUARY 2020 CITYAM.COM GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen MOVIE OF THE WEEK THEATRE

UNMISSABLE tance, and soon his parents are in on RECOMMENDED the game, too. PARASITE The moral heart of the movie – part NAME DIR. BONG JOON HO family melodrama, part surreal com- PLACE BY STEVE DINNEEN edy, part social commentary – is an ex- BY STEVE DINNEEN amination of who, exactly, is the Over the last 90 years, the Academy parasite: the poor family who lay their has deigned to nominate just 10 for- eggs, cuckoo-like, in this fancy nest, or eign language films for the Best Pic- the rich one that leaches their labour ture gong, with none of them walking while living in the lap of luxury. away with the gold statue. Actually, it’s pretty clear what Bong There’s an 11th in the running this thinks: his film is an overt reaction to year: Bong Joon Ho’s superlative Para- the growing class divide in his home site. The director, whose oeuvre spans country – and the wider world – and both Korean- and English-language there’s a gleeful ‘eat the rich’ sensibil- movies, gently berated American au- ity to the whole thing. The domestic diences, saying: “Once you overcome situations of the two families couldn’t the one-inch tall barrier of subtitles, be more different, one a crumbling, you will be introduced to so many underground hovel – literally as well more amazing films”. as metaphorically below – where the Parasite is indisputably one of those toilet occasionally explodes gruesome ‘amazing films’, a work so urgent, so spurts of brown fluid, the other an im- perfectly encapsulating the here-and- possibly chic haven. It’s like Jacques now, that it’s like being turned up- Tati’s Mon Oncle, if Mon Oncle had a side-down and given a good shake. closet full of terrible secrets. It tells the story of the poor, base- There are a knot of twists on the way ment-dwelling Kim family who insin- to Bong’s empathic conclusion, ex- uate themselves into the lives of the ploring the ways the poor are made to dim but wealthy Parks (almost every- fight amongst themselves for what- body in South Korea is a Kim or a ever scraps they can find, and the way Park). The scam takes shape when the nobody really cares until a wealthy bright young Ki-woo chances upon a family is dragged into the squalor. job as a language tutor. He recom- But don’t go in expecting an anti- mends his sister as an ‘art therapist’ capitalist polemic – it’s a wildly enter- for the Parks’ delinquent son, claim- taining ride, one that’s well worth ing she’s a distant, renowned acquain- overcoming that one-inch barrier.

Clockwise from left: ALSO SHOWING Robert Downey Jr chews the scenery BIRDS OF PREY in this bizarre flop; DIR. CATHY YAN Kristen Stewart BY HELEN CRANE goes full Sigourney Weaver in this Margot Robbie was the saving grace of underwater thriller; 2016’s dire Suicide Squad, so it was Margot Robbie does welcome news that her character her best to salvage Harley Quinn would be thrust into something from centre stage in DC’s new spandex ad- DC’s Batman spin- venture, Birds of Prey. off Birds of Prey It’s a diamante-encrusted take on the superhero film, in which Quinn sets out to prove herself as a supervillian in her own right after being dumped by her former beau The Joker. In between breaking the legs of men who proposition her in nightclubs and lusting after egg and bacon baps on a hangover, she amasses a girl gang made up of Black Canary, a nightclub UNDERWATER vanced mining platform in human singer with a supersonic scream; The DIR. WILLIAM EUBANK history, there aren’t diving suits large Huntress, a crossbow-wielding BY STEVE HOGARTY enough to accommodate trousers. wannabe who’s fresh out of superhero Six miles below the waves feels school; Renee Montoya, a cop who goes In her latest attempt to escape the fad- about as alien as any exoplanet, and rogue after her male colleagues keep ing shadow of the Twilight franchise, the creaking, collapsing drilling sta- stealing her thunder; and Cassandra Kristen Stewart heads to the one place tion is a maze of grilles and pipes to Cain, a pickpocketing street urchin. vampires fear to tread: the bottom of match any spaceship. Set designers Black Mask, the mega-baddie played the ocean. In subnautical science-fic- have drawn inspiration from such by Ethan Hawke, puts a bounty on tion horror Underwater, she plays a iconic corridors as the Nostromo, lit- Cain’s head after she swallows a valu- mechanical engineer aboard an im- tering the frame with inscrutable able diamond engraved with informa- perilled deep sea drilling station, iconography and monitors flickering tion that would lead to an even larger tasked with rescuing herself and her with indecipherable warnings. hidden fortune. dwindling crewmates after an earth- But for all the rich, videogamey de- There’s nothing new in Birds of Prey quake – or something else – destroys tail lavished upon the station itself, – director Cathy Yan has simply taken half of the facility. Stewart and her co-stars play thinly the DC formula and dragged it back- The post-it note on this screenplay sketched characters with one-note wards through Claire’s Accessories. almost certainly said “Alien, except backstories, bobbing aimlessly be- Still, that’s never stopped us from lap- more wet”, but Underwater doesn’t tween horror set-pieces. True to the ping up identikit comic book films try to disguise its influences, and, genre, the survivors with the fewest with male protagonists. rather than feeling hackneyed, is well- lines are picked off in a series of en- And this one, at least, has Margot served by a dogged imitation of far tertainingly horrible ways: torn to Robbie: you can’t take your eyes off her better science-fiction movies. A sci-fi shreds by sea creatures or explosively rictus grin and crackpot eyes as she magpie, the film owes as much to The decompressed. Extended close-up stumbles around Gotham like she’s on Poseidon Adventure, Gravity and The shots and claustrophobic framing cre- day five of Glastonbury, all sequinned Abyss as it does to Ridley Scott. ate the oppressive sense that you hotpants and smudged eyeliner. In the Stewart can manage a decent might be drowning in your seat. middle of one fight, she pauses to offer enough impression of Ripley, though Underwater leans heavily on genre Black Canary a hair tie before she re- the regularity with which she’s re- tropes, arriving at a disappointingly sumes kicking the living daylights out duced to wearing her underwear be- predictable ending, but this paint-by- of a bunch of men. If that’s not girl gins to feel gratuitous. It’s frankly numbers deep sea horror still man- power, I don’t know what is. implausible that, aboard the most ad- ages to stay afloat. CITYAM.COM FRIDAY 7 FEBRUARY 2020 LIFE&STYLE 23

RADICAL FIGURES WHTECHAPEL GALLERY DANIEL ISN’T REAL ART BY POPPY WOOD DIR. ADAM EGYPT MORTIMER BY STEVE DINNEEN RECOMMENDED “This is an exhibition that testifies BRITISH BAROQUE against the death of painting,” says ‘Keep your friends close and your Lydia Yee, curator of Radical Figures: imaginary friends closer’ could be the TATE BRITAIN Painting in the New Millennium at tagline for this psycho-horror starring BY HELEN CRANE the Whitechapel Gallery. “Since the handsome young progeny of painting was pronounced dead in Arnold Schwarzenegger. t some point over the past the 1980s, a new generation of It follows introverted law student few years, you might have artists has been revitalising the ex- Luke, whose childhood-trauma coping- fantasised about going pressive potential of figuration.” mechanism, an invisible pal called A back to a time before pol- The exhibition, featuring work by Daniel, reemerges with violent intent. itics as we know it ex- 10 artists from around the globe, While Daniel Isn’t Real’s budget is isted. To do that, you’d have to set claims to confront the relevance of relatively meagre, it brings to mind an your time machine about as far back the painted body in the age of the incredibly lavish piece of fan fiction, as the Baroque period. selfie. “How do you represent fig- wearing its influences so proudly on Running from the late 17th to ures after the dominance of photog- its sleeve that it lacks an identity of its early 18th century, it began with raphy?” A tough question, but this own. Patrick Schwarzenegger’s Daniel, Charles II returning to rule as an all- collection of artists do their best to for instance, isn’t just thematically powerful monarch 12 years after his paint a picture of the political and similar to Fight Club’s Tyler Durden fathers’ execution, and ended with social anxieties that have plagued (first helping Luke pull girls and punch the foundations being laid for the the bodies of our new millennium. boys, later setting a bonfire under his two-party parliamentary system we Tarifa by Daniel Richter is no doubt entire life), he even wears the same know today. the standout of the show, tackling super-chic leather-jacket-over-string- It’s this transition that British the riddle head-on with his depiction vest combo. Elsewhere there are enthu- Baroque tries to illustrate. The cura- of refugees on a lifeboat, rendered in siastic nods to films including tors say it’s the first major exhibi- the vibrant palette of an infrared Hellraiser, Donnie Darko and Ameri- tion covering the period, and they camera. Richter, with his allusions to can Psycho. Director Adam Egypt Mor- have amassed an impressive collec- the boats of Jericho and Delacroix, is timer, making his second feature tion of works, some of which have not the only artist to collar the rich after the unloved 2015 horror Some never left the stately homes they tradition of the painted body Kind of Hate, sets up a loose thesis on were commissioned for. throughout art history. Michael Ar- mental illness, but soon abandons it The first room is dominated by mitage’s reference to Velazquez’s in favour of the sort of flashy neon Antonio Verrio’s The Sea Triumph Rokeby Venus in his painting #my- horror that’s very much in vogue of Charles II, which sees the dressmychoice, meanwhile, brings right now (see also: Mandy, Neon monarch being driven through the the image of the violated female Demon). Still, he has an eye for a shot, sea by Neptune on a chariot made body into the 21st century. He lends and the visuals are interesting enough of shells. It signifies the end of the his canvas to a woman who was to get lost in for its brief run-time. Anglo-Dutch War – the latter hav- filmed being sexually assaulted on ing conceded supremacy over the public transport in Nairobi in 2014. seas – and shows that humility was The painting is violent and challeng- DOLITTLE not especially high on the Baroque ing, its title echoing the waves of DIR. STEPHEN GAGHAN agenda. feminist movements that have punc- BY STEVE HOGARTY It was an era of excess, and this is tuated the new millenium. reflected not only in the sumptu- Separately, these paintings have By far the least believable aspect of ously-rendered silks and painstak- things to say. This motley crew of this kids movie about an eccentric ingly painted wigs that adorn the artists confront well-trodden tropes Victorian physician who can converse royals and aristocrats in the paint- in art history – the male gaze, with animals is Robert Downey Jr’s at- ings, but also in little hints at the refugees, depression – and bring tempt at a Welsh accent. His speech naughtiness that went on behind them into our current landscape. swings wildly between the Outer He- the scenes. In a portrait of Charles But what is less sure is whether, as a brides and Mumbai, stopping off at Ja- II’s mistress Barbara Palmer and her collection, they say anything radical. maica for good measure, and never illegitimate son, by Peter Lely, the The exhibition’s thick, dripping, once landing anywhere near the Val- pair are cheekily posing as the Vir- distorted bodies are a testament to leys. Hearing him mangle vowels and gin and Child. the power of paint in depicting what torture innocent syllables must be By the end, though, these are re- cannot be captured by photography. what having a stroke feels like. It’s im- placed by stern portraits of Whigs But perhaps the most radical ele- pressive that other humans can un- and Tories, which aren’t nearly as ment is its claim that painting ever derstand him, never mind mice and fun. What happens in between is a died. Though Radical Figures dunks polar bears. compelling journey through a pe- its brush deep into the painterly tra- Only slightly less puzzling is how a riod of history that doesn’t get the dition, it fails to do what it says on movie with such a heaving ensemble attention it deserves. the paint tin. cast of famous voices could have ended up feeling so leaden and lethar- gic. Emma Thompson is a gentle macaw. Rami Malek is a nervous go- ebrate the absurdity of life as well as man whose legs are so emaciated he rilla. Tom Holland is a loyal pooch. embracing its darkness, and it’s the can no longer stand (Cummings John Cena is a chronically chilly polar former that’s brought to the fore in again, with some clever prosthetics), bear. Together they form Dolittle’s THEATRE director Richard Jones’ double bill at whiles away his time abusing his cartoonish menagerie of one-liner dis- the Old Vic. young, hunchbacked servant Clov pensing animal buddies, accompany- Starring Daniel Radcliffe and Alan (Radcliffe). They repeat the same ing the doctor on his voyage to pick Cumming, it rattles out of the gates mundane tasks ad infinitum, wait- up some medicine for the queen, but with Rough For Theatre II, a spry tale ing for the sweet release of death. It’s forever sounding like their lines were about two besuited bureaucrats a meditation on futility – “why this recorded in isolation to be stitched to- weighing up the pros and cons of a farce, day after day?” – a vision of the gether later in the editing suite. man’s impending suicide. Perched world ending not with a bang but You’d think Downey Jr would be in motionless on a sixth floor window, with the most pathetic of whimpers. his element, having spent the last time is frozen for the potential victim Cummings is wonderfully awful, decade acting to a green screen in while the pair examine the multi- nailing Hamm’s vituperative impo- Marvel films, but whatever cinematic tude of decisions and events that led tence, although, despite some game spell was needed to make the audi- to this unhappy moment. physical acting, the material shows ence believe a man was chatting to a It’s hilariously bleak, the men more up Radcliffe’s shortcomings as a giraffe, it went uncast here. concerned with a dodgy desk lamp stage presence. There are small parts That curious lilt aside, Downey Jr’s RECOMMENDED struck me as a brilliant bit of market- than they are the inconsequential for Jane Horrocks and Karl Johnson manic Dolittle is energetic enough to ing, at once embracing and ridicul- particulars of yet another life. Cum- as Hamm’s elderly parents who, as raise this underpowered adventure ENDGAME / ROUGH FOR THEATRE II ing the idea of musical elitism. mings and Radcliffe find an easy, per Beckett’s notes, have no legs and from a Cats-grade spectacle to a barely OLD VIC I can imagine this slogan being quickfire chemistry and it’s over be- live in dustbins – both are superb. tolerable animated mess, the kind of BY STEVE DINNEEN stamped across a poster for the fore you know it, in contrast to the Jones has as much fun as Beckett’s middling garbage that in a more works of Samuel Beckett, which main event, Endgame, during which famously prescriptive material al- civilised era would have had the de- There was a club night in Glasgow in have a reputation for being sparse even the characters eventually im- lows, but by the end it’s every bit as cency to go straight to VHS. the early 2000s called Optimo, which and serious and difficult. Theatre plore “It must be finished soon!” taxing as you might hope, that repe- Dolittle feels dreamily disjointed, occasionally used the slogan: “You for theatre people. Except it’s not. It’s set in the aftermath of some tition slowly grinding you down as less otherworldly and magical, and won’t like it, sugar” (taken from the While his plays are sparse and seri- kind of apocalypse, with the last ves- you watch the world’s – and the more like you might be coming down lyrics of a Whitehouse track that you ous and difficult, they’re also funny tiges of humanity living in diseased play’s – protracted death rattle. I with coronavirus. really shouldn’t Google). It always and irreverent and human. They cel- pockets. Hamm, a viperous blind loved it; you won’t like it, sugar. 24 FEATURE FRIDAY 7 FEBRUARY 2020 CITYAM.COM OFFICE POLITICS Firms can teach old dogs new tricks

future leaders who will help your busi- Let’s stop clinging to old-fashioned ideas — nesses flourish well into the future. For example, Luton’s borough coun- apprenticeships are for people of all ages cil is using its levy funding to teach leadership skills. Abid Quershi loves E ARE living through working for the council, but recently extraordinary times. David realised that he would not progress Disruptive tech innova- Hare without extra qualifications. Using tions, dizzying political ENROL ON A the levy, the council enrolled Abid on upheavals, and growing NEW COURSE our executive MBA apprenticeship Wpublic demand for action on issues scheme in partnership with Cranfield from inequality to the environment Coursera School of Management. Abid gradu- are all contributing to a landscape of Free to download ates next year, but is optimistic to unprecedented change. secure a promotion that he would not But we are still clinging to outdated Forget shoddy have been able to apply for before. ideas of how — and when — we should About 92 per cent of UK mid-market video tutorials. Similarly, facilities services company gain new skills. businesses will need skills that do not Coursera offers ABM uses the levy at every level of the The use of apprenticeships is a great exist in their workforce in the next genuine MBA- business. Since developing a catalogue example of how outmoded attitudes five years. Our research found that 56 level online of apprenticeships, the business has can hold businesses back. In our per cent of companies have begun to courses ranging enrolled 23 mid-senior managers on recent research, we found that 44 per use the levy to fill these skills gaps by from maths, to our leadership programmes offered in cent of mid-market employers do not investing in current employees. music, to partnership with Activate Business use apprenticeships as a means of The levy is a tool that helps compa- medicine. Many School. With a longer duration than upskilling their people. More than nies increase employees’ skills, and Apprenticeships focusing on broadening our talent are approved by previous courses and coupled with half of those surveyed still think that counter the perception that appren- allow people pool, so that we have greater diversity top universities coaching support, ABM hopes the new apprenticeships are for people at the ticeships are for entry-level workers from all of thought and are better able to serve including apprenticeships will build managers’ start of their career. only. It covers apprenticeships of all backgrounds — our clients. Harvard and confidence, enabling them to lead On top of this, a recent report by levels, is available for existing employ- and of any age We also use levy-funded apprentice- Imperial College more effectively. education think tank EDSK labelled ees as well as new recruits, and has no — to earn, ships as a catalyst to remove barriers London. But with Levy-funded apprenticeships are ver- half of the apprenticeship courses in age limit. As such, it helps employers learn, and get in recruiting talent. University is a fan- proper teaching satile. Considering the best use of the UK “fake”. It claimed that funds address three of the biggest issues qualifications tastic way to gain skills, but it is expen- comes a proper these tools to deliver clearly defined from the apprenticeship levy have faced — skills development, diversity, sive. Many talented people just can’t price tag: some business needs can yield outstanding been spent on jobs that are just re- and top talent retention. Currently, 43 afford it. Apprenticeships allow peo- will set you back results on a wide range of issues. But labelled degrees or training courses. per cent of mid-market employers say ple, no matter what their background, more than clinging to old-fashioned ideas will This perpetuates the idea that that the levy enables them to develop to earn, learn, and get qualifications £20,000. Happy leave you behind. apprenticeships should be limited to a diverse workforce. without the costs. learning. young people fresh out of school. It is Since the introduction of the levy, Diversity is not just about who you £ David Hare is director for people time for this to change. my firm Grant Thornton has been hire. It is about building a team of advisory at Grant Thornton. CITYAM.COM FRIDAY 7 FEBRUARY 2020 PUNTER 25 THE PUNTER RACING TRADER

David Pipe on David the City AM Pipe Whittington set for a Rouge syndicate horse and his other letter day with Vif at Warwick weekend runners LL EYES will be on the not be soft enough for him to be City A.M. syndicate horse seen at his best. previews COLLINGWOOD COURT BUSTER EDWARDS runs at Bill Esdaile Chase (3.15pm) until later this morn- Ain the novices’ Warwick in the 3m2f handicap ing, I’m hoping Skelton will have better hurdle (1.50pm) at hurdle (3.50pm) tomorrow as well. tomorrow’s races at fortunes in the shape of TWO TAFFS. Kempton today. He’s been in great form since we He was a very good novice, finishing He doesn’t want the ground too put the blinkers on and would Warwick third in the Close Brothers at Chel- soft, which is one of the reasons have a good chance if he can keep tenham in 2017, but was off the track we’ve decided on this race, and on progressing. RAINER Harry Whittington for over two years subsequently. he’s been schooling well at home. DELFACE could go to Uttoxeter and owner Andrew Brooks Skelton’s 10-year-old returned in No- This looks a hot race but he’s had for the novices’ handicap chase teamed up to win the King- vember with a pipe opener over hur- a wind op since his run in the (3.42pm). Tmaker Novices’ Chase (2.05pm) dles at Wetherby, before finishing bumper and will hopefully put up a The ground is set to be very at Warwick two season ago down the field in the Ladbrokes Trophy good performance. testing there but he’ll like that. with Saint Calvados and they look to over a trip which clearly stretched his We’ve got DELL ARCA and His form is a little bit in and out have an excellent chance of repeating stamina. ORCHARD THIEVES in the 3m but he would certainly have a that trick with ROUGE VIF tomorrow. The handicapper has dropped him handicap hurdle (1.50pm) at chance if putting his best foot The six-year-old rounded off his 3lbs for that and he looks well treated Newbury tomorrow. forward. novice hurdling career with a really considering his last victory at Ayr was Dell Arca has been a bit out of Over at Exeter on Sunday, good third in Aintree’s Grade One Top off just a pound lower. form but I’m hoping he can run BRINKLEY is worth keeping an eye Novices’ Hurdle and made a pleasing Warwick stages one of its biggest This 2m4f trip will suit and he looks well at a big price with Fergus on in the novice hurdle (2.20pm). start to life over fences at Market Rasen meetings of the season tomorrow the bet for his in-form trainer at 5/1 Gillard taking off 7lbs. He’s come over from Ireland after in October. with Coral. We took him for a gallop at the a couple of good runs at Things didn’t go to plan at Chel- day and even though Dan Skelton’s local point-to-point track and he Punchestown, notably his third tenham in November, but he bounced Nube Negra will be a tough nut to POINTERS TOMORROW seems well in himself. behind Blue Sari last time out, and back after a wind operation to chase crack, Rouge Vif may take some passing Orchard Thieves has had a long is a horse with a bright future. home Global Citizen at Kempton over and looks the call at 4/1. Rouge Vif 2.05pm Warwick time off the track due to injury. Christmas. Although we won’t know the final Two Taffs 3.15pm Warwick He’s ready to go again but it may in association with He showed a likeable attitude that field for the Warwick Castle Handicap 26 PUNTER FRIDAY 7 FEBRUARY 2020 CITYAM.COM THE PUNTER RACING TRADER @BillEsdaile

Jamie Snowden can celebrate a big success with This Rebel Thebannerkingrebel has a cause in valuable handicap

Bill Esdaile previews tomorrow’s card at Newbury

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D;M8KHO He is normally Richard Johnson’s A 5lb penalty made life tricky for him curtain will be raised for the Going: GOOD TO SOFT, Good in places 14 -23111 LIGHTLY SQUEEZE (34) (D) (HY,S) ride, but with the champion jockey suf- there but he has 9lb pull with the win-

greatest four days of BETFAIR HURDLE H Fry 6-10-10 ...... R Dingle(3) fering a broken arm last month Jonjo ner Stolen Silver now which should be ITV4 Runs: 10 Wins: 3 Places: 3 £19,783 3.35 (HANDICAP) (GRADE 3) (1) National Hunt racing. 15 /53-42 CIEL DE NEIGE (43) (BF) O’Neill Jr gets the leg up. enough to turn the form around. I £87,218 2m1/2f This time of year is like the run up W Mullins (IRE) 5-10-8 ...... A Coleman The 2018 Cheltenham Gold Cup win- Novices have a very good record in Runs: 6 Wins: 0 Places: 2 £6,578 to Christmas for racing fans and there 1 9-3126 GUMBALL (56) (H) (D) (G,GS) ner looked back to his best at Aintree this race and Jamie Snowden’s inmate 16 11-F25 WHOSHOTTHESHERIFF(49)(D)(S,GS,G) is plenty to whet the appetite at New- P Hobbs 6-11-12 ...... Ben Jones(3): last time and he is a class above his ri- looks a decent each-way proposition at P Kirby 6-10-8 ...... S W Quinlan Runs: 14 Wins: 4 Places: 5 £111,657 bury tomorrow. Runs: 11 Wins: 3 Places: 3 £33,046 vals in this. 8/1 with Coral. 2 220-F6 PIC D’ORHY (21) (T) (HY,VS)

Any day Altior runs is a good day and P Nicholls 5-11-5 ...... H Cobden 17 42-24B QUOI DE NEUF (49) (YS,G) I’m sure some punters will do the With a maximum field of 24 set to go B Hughes it’s going to be fascinating to see if he Runs: 10 Wins: 3 Places: 3 £175,767 E Williams 6-10-6 ...... short-priced double, but it’s all about to post, I want to have a couple of Runs: 7 Wins: 2 Places: 2 £16,924 3 2-U121 STOLEN SILVER (21)(HT)(D)(S,HY) can bounce back in the Betfair Ex- the Betfair Hurdle (3.35pm) for me. strings to my bow and N Twiston-Davies 5-11-4 ..S Twiston-Davies 18 51-311 HIGHLY PRIZED (88) (D) (G) WHOSHOTTHESHERIFF change Chase (2.25pm) following his Runs: 6 Wins: 2 Places: 1 £24,293 E Lavelle 7-10-6 ...... J O’Neill Jr Not So Sleepy was a very impressive looks overpriced Runs: 5 Wins: 3 Places: 0 £30,547 defeat to Cyrname in November. 4 112-71 HARAMBE (83) (D) (GS,G,S) winner of the Betfair Exchange Trophy at 33/1 with Ladbrokes. Previously unbeaten in 14 starts over A King 7-11-3 ...... T Bellamy 19 F123 SIR VALENTINE (49) (CD) (GS) at Ascot in December and he will net Phil Kirby has had an excellent season Runs: 12 Wins: 4 Places: 5 £94,911 N Twiston-Davies 7-10-3 ...... J Bargary

fences, he is one of the all-time greats Runs: 4 Wins: 1 Places: 2 £21,773 connections a £100k bonus if he can and notched a double at Sedgefield on 5 415-11 NOT SO SLEEPY(49)(T)(D)(G,S,HY) and simply cannot be opposed. H Morrison 8-11-3 ...... J J Burke 20 513-2 FLEGMATIK (99) (D) (GS) follow up in this, plus £87k for win- Tuesday, so his string remain in great Runs: 5 Wins: 3 Places: 0 £109,067 D Skelton 5-10-3 ...... Bridget Andrews If there is one horse in the field who ning. form. Runs: 4 Wins: 1 Places: 2 £9,674 could cause a shock, it’s probably Dyna- 6 1343-1 MILL GREEN (35) (D) (G,S) Hughie Morrison’s eight-year-old has This son of Dylan Thomas ran very N Henderson 8-11-1 ...... N De Boinville 21 23-642 MAGIC DANCER (62) (TB) (D) (G) mite Dollars, but this is his first start in Runs: 9 Wins: 3 Places: 4 £32,067 K Lee 8-10-3 ...... R Patrick(3) to be greatly respected, but he got a 17lb well when second to Bold Plan at Hay-

Runs: 24 Wins: 3 Places: 10 £61,151 over a year and he could just need it. 7 164-55 NELSON RIVER (20F) (D) (GS,G) hike in the weights for that success dock two starts back and I don’t think The Champion Chase is shaping up to A Carroll 5-11-1 ...... H Bannister 22 1221 NEFF (44) (G,HY) which is going to be hard to overcome. he enjoyed the heavy ground when Runs: 6 Wins: 2 Places: 0 £30,493 G L Moore 5-10-3 ...... Josh Moore

be one of the races of the Festival with Runs: 4 Wins: 2 Places: 2 £11,105 Mack The Man, like Not So Sleepy, has fifth to Not So Sleepy in the aforemen- 8 -11F13 THEBANNERKINGREBEL(21)(D,BF)(HY,G,GS) Defi Du Seuil and Chacun Pour Soi tak- J Snowden 7-11-0 ...... G Sheehan 23 32P-11 MACK THE MAN (63) (D) (GS,HY) won his last two and he is surely well- tioned Ascot race. Runs: 9 Wins: 5 Places: 1 £40,893 E Williams 6-10-3 ...... A Wedge ing on the reigning champion. handicapped off a mark of 130. He is better than that and tomorrow’s 9 1/3-31 NEVER ADAPT (28) (H) (D) (HY,GS) Runs: 7 Wins: 2 Places: 2 £39,970 Altior has been there and done it, and Evan Williams’ horses are in great ground will be more suitable so have a N Henderson 5-10-13 ...... B J Geraghty 24 1/20 TAMAROC DU MATHAN(49)(T)(D)(S) I fully expect him to land tomorrow’s Runs: 4 Wins: 2 Places: 1 £32,563 form so there’s very little not to like, shop around as I’m sure a couple of P Nicholls 5-10-3 ...... J Bowen 10 522U/0 REMILUC (35) (T) (CD) Runs: 3 Wins: 1 Places: 1 £12,543 prize before attempting to win his but he’s been strongly supported all bookmakers will be offering six places third straight Champion Chase, al- C Gordon 11-10-12 ...... T Cannon 25 1-754F HOWLING MILAN (42)(T)(CD)(G) week and looks a shade short now at in this. Runs: 29 Wins: 4 Places: 10 £104,084 S Drinkwater 6-10-3 ...... RESERVE though he’s not really a backable price. 11 11-332 OAKLEY (57) (D) (S,G) Runs: 9 Wins: 1 Places: 2 £7,441 just 5/1.

The stars are out in force in Berkshire P Hobbs 7-10-12 ...... T O’Brien 26 00U-65 DISTINGO (35) (P) (D) (GS) My first selection is THEBANNERK- Runs: 9 Wins: 2 Places: 5 £20,096 and Native River is going to be another G L Moore 7-10-0 ...... RESERVE INGREBEL who was just touched off in POINTERS TOMORROW 12 1-P16F ZANZA (49) (H) (CD) (S,GS) Runs: 15 Wins: 2 Places: 3 £29,473

short-priced favourite in the Denman P Hobbs 6-10-11 ...... S Houlihan(3) the Grade Two bumper at Aintree last 2019: Al Dancer 6 11 8, S Tw-Davies 5/2F (N Twiston-Davies), 14 ran. Runs: 10 Wins: 4 Places: 0 £26,737 Thebannerkingrebel e/w 3.35pm Chase (3.00pm). :BETTING: 6 Mack The Man, 15-2 Not So Sleepy, 8 Never Adapt, April. Ladbrokes offer 2/7 about Colin Tiz- 13 6-1132 ECCO (44) (D) (G,GS) 9 Thebannerkingrebel, 12 Oakley, Stolen Silver, 14 Ciel De Neige, He has looked good over hurdles this Newbury P Nicholls 5-10-11 ...... Bryony Frost 18 Harambe, 20 Sir Valentine, Quoi de Neuf, 25 Lightly Squeeze, Whoshotthesheriff e/w 3.35pm zard’s charge which shows how likely Runs: 6 Wins: 2 Places: 1 £22,810 Pic D’Orhy, 28 Flegmatik, 33 Others campaign and travelled like the best he is to land this prize for a third time horse in the race in the Rossington Newbury following his victories in 2017 and 2018. Main at Haydock last month. CITYAM.COM FRIDAY 7 FEBRUARY 2020 SPORT 27 Faltering England face a tough test at Murrayfield

NGLAND face Scotland in RUGBY ton man is sure to be tested under the at home two years ago. 500 miles from Twickenham to Mur- the Six Nations tomorrow in high ball tomorrow and Elliot Daly, I thought they should have beaten rayfield in just 48 hours to deliver the a match which carries huge COMMENT who stays on the wing, would have Ireland last weekend and they will be match ball on Saturday afternoon. significance, both histori- been a safer option at No15. fired up to make amends. The amazing physical endeavour, cally and for the tourna- Ollie Mako Vunipola’s return at loose- dubbed The Wounded Lions 500, is in ment.E Eddie Jones has opted to make head prop is a big boost as he’s the COMMUNITY SPIRIT aid of the charities of two Scotland five changes as England attempt to Phillips best in the world in that position, The Calcutta Cup has a great history, legends, Doddie Weir and Tom Smith. wrestle back momentum following while the second row looks strong having taken place between the two Doddie, who is living with motor their disappointing 24-17 defeat again with the addition of George fierce rivals since 1879, and it has neurone disease, set up the My against France in the opening game. Ireland coming up next, England can Kruis. Lewis Ludlam, who comes in been fantastic to see the rugby com- Name’s Doddie Foundation, to try They were poor in Paris, but I don’t ill afford another slip up. for Courtney Lawes, makes sense as it munity come together in support of and find a cure, while Tom, who has think the overall performance was a is bound to be a dogfight around the two of its former competitors. stage four colon cancer, has founded total disaster. SWEEPING CHANGES ruck. Having Ludlam, Sam Underhill For a second year ex-players are put- 40tude to fund research projects into France started well, got a bit fortu- In that context it’s hardly surprising and Tom Curry all fighting for ting in a monumental effort, cycling the disease. nate with their second try and then Jones has made changes. No matter turnovers is a good move. Both are top blokes and were world defended really impressively. I also be- how many caps he has earned, Youngs However, I would like to see a spe- class players, and the group, which in- lieve England deserve credit for their could not hope to keep hold of the cialist No8 playing. Curry is a fantas- cludes Rob Wainwright, John Barclay, comeback; they out-scored France No9 shirt playing the way he cur- tic player who deserves his place, but Paddy Johns, Kelly Brown, Will Car- 17-7 in the second half. rently is. he remains inexperienced at the back ling and Paul Wallace, deserves our There were some sloppy individual Willi Heinz takes over from the start of the scrum. Scotland should support in trying to reach their performances though. Ben Youngs at Murrayfield, but Youngs will still These games are always fantastic oc- £150,000 target. was ineffective, George Furbank had get the chance to affect the game casions and England should be ready have beaten a bit of a horror-show on debut and from the bench. for an almighty contest. Ollie Phillips is a former England Sevens Owen Farrell was far from his best in I’m surprised Furbank has kept his They have won just three of their Ireland and they captain and now founder of Optimist difficult conditions. starting place at full-back and I think last seven games at Murrayfield and will be fired up to Performance, experts in leadership That makes it two successive defeats if Anthony Watson had been fit that Scotland will be aiming to make a development and behavioural change. after the World Cup final and, with might not be the case. The Northamp- real statement, like in their 25-13 win make amends @OlliePhillips11

Doing school run CONTINUED FROM BACK PAGE good performance at No10 in the is helping Briton narrow defeat in Dublin last weekend and Townsend has kept prepare for must- faith with all but one of that starting XV. win fight, he tells For England, despite deafening Michael Searles calls for Jones to include a specialist No8 – Alex Dombrandt and Sam Simmonds were overlooked – he IS BOXING career at a cross- has elected to continue playing Tom roads, ahead of tomorrow Curry there. There is little doubt night’s showdown with Mark about Curry’s ability, but playing DeLuca Britain’s Kell Brook him at No8 invariably means losing has stripped his preparations the quality he brings to No7. Hback down to the basics. Jones has addressed questions The 33-year-old has been waiting 14 about his continued use of Ben months for his 41st professional bout, Youngs at scrum-half despite his a hiatus partially inflicted upon him- inconsistent form, dropping him self as he awaited dream fights against for Willi Heinz in one of five Terence Crawford or Amir Khan that changes to the starting XV. But he never came. Now, in the twilight of his career, Brook’s renewed determination to be- ENGLAND TEAM TO come a two-time world champion has FACE SCOTLAND seen him focus on a more natural 154lb weight and trade gruelling, if slightly more exotic, 16-week training 15 George Furbank camps in Fuerteventura for domestic 14 Jonny May BROOK GOES 13 Jonathan Joseph duties in South Yorkshire. “I’ve been based in Sheffield training 12 Owen Farrell (C) down at my local gym. I’m dropping 11 Elliot Daly the kids off to school, keeping the mis- 10 George Ford sus happy, keeping Dom [Ingle, his 9 Willi Heinz trainer] happy,” he laughs. BACK TO BASICS 1 Mako Vunipola “I’ve got my gym gear by the door 2 Jamie George every morning ready to go, I’m on it. 3 Kyle Sinckler There’s fire in my belly, the eye of the 4 Maro Itoje tiger, and this year I’m going to be a “I feel out of this world. I don’t think tional” performance to put himself A rematch against Spence inevitably 5 George Kruis two-time world champion.” I’ve ever been in better shape,” he says. back on the map and has reaffirmed appeals and he says an all-British clash 6 Lewis Ludlam To reach that goal, though, he will “In previous fights I’ve been battling to that he will retire if he loses. with Liam Smith, 31, would be “an un- 7 Sam Underhill first have to navigate southpaw meet the weight, but this time I’ve “If I don’t win this fight, I will be believable fight”, although he is only 8 Tom Curry DeLuca, a 31-year-old American with been able to focus on my dummies, hanging up my gloves. But there’s no interested in facing “whoever is in the just one defeat blemishing his record. feints, fitness.” chance of that happening,” he says. “A way” of a second world title. Replacements: Dunn, Genge, The fight is taking place in Brook’s win isn’t enough, I don’t want to go It is perhaps not the all-British fight Stuart, Launchbury, Lawes, Earl, hometown, scene of many highs as CUTTING CORNERS the distance, I want to make a state- that fans would have hoped for, but Youngs, Devoto well as the biggest low of his career: Some boxing observers believe Brook ment with this fight. I’m on a com- Brook says a much-anticipated show- losing his IBF welterweight title to should have settled at light-mid- pletely different level to DeLuca.” down with Amir Khan will never hap- Errol Spence Jr in 2017, a second suc- dleweight some time ago; in any case, If, as expected, Brook comes through pen. “I’ve come to the conclusion that has retained the George Ford-Owen cessive bout in which his eye-socket this feels like the last chance for the unscathed, then he will be eyeing a he won’t fight me, but will fight Farrell No10-12 axis despite their was fractured. Yorkshireman to fulfil his potential. world title shot at either welterweight Canelo [Alvarez] and Crawford, not be- inability to alter the course of last “Losing my belts in Sheffield, at Even his long-time trainer Dominic or super-welterweight. cause he’s scared of me, but because week’s defeat in France, where United’s stadium [Bramall Lane], in Ingle thought that a lacklustre, 12- he’s scared of losing to another Brit. He England’s response amounted to that way. It was a dark period,” Brook round win over Michael Zefara 14 knows if we fight he will lose,” Brook two moments of individual tells City A.M. months ago may have been Brook’s says. brilliance from Jonny May. “I’d been ill during the camp, I was swansong. But the darkness of yester- Promoter Eddie Hearn once said that When Flower of Scotland rings fighting at 60 per cent and up until the year has only reaffirmed his love for when there’s hunger in Brook’s heart, around Murrayfield on Saturday sixth or seventh round I was beating the sport. If I don’t win this he is one of the best fighters on the afternoon, there will be fire in the the guy. This is the guy Spence thought “I’m determined to prove everyone planet. The hunger appears to be back belly of every Scottish fan and he was fighting.” wrong. When I was 24 or 25 I was the fight I’ll be hanging as he looks to settle some unfinished player. England, meanwhile, will Now at light-middleweight, Brook Special One, but the truth is I’ve al- business. have to be much better than they has been able to focus more on his ways cut corners. I never said that to up my gloves. But Brook concludes: “I don’t want to were last weekend, and on their technique and work in the gym rather the media, but this time I’ve done it there’s no chance leave the sport without having given it previous visit, if they are to begin than worrying about cutting down to the right way. I’m 100 per cent ready.” everything. I want to be able to live at answering some of the questions 147lbs. Brook admits he needs a “sensa- of that happening peace, knowing I gave it my all.” facing Jones. 28 SPORT FRIDAY 7 FEBRUARY 2020 CITYAM.COM STILL SPECIAL? Interview: Kell Brook on school SPORT runs and a must-win fight PAGE 27 ARCHER INJURED England fast bowler out for three months with a stress fracture SPORT DIGEST TOMPKINS GETS THE NOD FOR FIRST WALES START £ Nick Tompkins will make his first start for Wales in their Six Nations match against Ireland in Dublin tomorrow. Tompkins will play at centre, allowing George North to return to his familiar position on the wing in place of Johnny McNicholl, as Wayne Pivac makes one change from the side which beat Italy 42-0 last weekend. Scotland have made one change, replacing back row Nick Haining with Magnus Bradbury in the team to face England tomorrow. JOSHUA WANTS TO FIGHT AT SPURS, SAYS HEARN £ Anthony Joshua is likely to fight at the Tottenham Hotspur Stadium this summer, according to promoter Eddie Hearn. Joshua, who beat Andy Ruiz Jr in Saudi Arabia in December, is expected to take on Bulgarian Kubrat Pulev next. “He wants to fight in London in June,” Hearn said. “Spurs is the frontrunner and that’s what he’s asked me to do.” SUPER LEAGUE WRONG TO LET FOLAU JOIN, SAYS CEO £ Super League “came to the wrong conclusion” when allowing Catalans Dragons to sign Israel Folau, according to chief executive Robert Elstone. Folau, who was sacked by Rugby Australia for homophobic social media posts, registered with the French side despite a backlash from other clubs. “It was a sad day for Super League,” he said. “I think we came to the wrong conclusion.” KONTA WON’T PLAY IN FED CUP FINALS FOR BRITAIN £ Britain are resigned to playing without Johanna Konta in the Fed Cup, says captain Anne Keothavong. The British No1 ruled herself out of the competition, leaving Britain to ENGLAND will be without Jofra Archer for their two-Test tour of Sri Lanka next month after the fast bowler was ruled out with a low-grade stress fracture. Archer missed the play Slovakia this weekend without final three Test matches of the 3-1 series win over South Africa with an elbow problem and a scan on Wednesday has now revealed the extent of the problem, which is expected her to try and qualify for the finals. to keep him out for three months. The 24-year-old fast bowler will now miss the Indian Premier League season for the Rajasthan Royals and aim to be fit for the summer, which “Knowing Jo the way I do, once she starts in June when England face West Indies. Archer made his England debut in May 2019 and established himself as a key player, taking 20 wickets in their World Cup win, as makes a decision about something well as three five-wicket hauls in seven Tests. England, who are currently 1-0 down in a three-ODI series against South Africa, play their first Test with Sri Lanka on 19 March. she sticks to it,” said Keothavong. JONES UNDER SPOTLIGHT

to beat on Saturday. But it is a desti- fanities at Jones, who pledged to no Scotland have faced England, they England’s trip to nation that will bring back difficult longer take public transport and have mustered a performance Scotland threatens memories. blamed the incident on people incit- greater than the sum of their parts. It was at Murrayfield in 2018 that ing hate against him. One of the inspirations behind to reopen old England’s flying start to life under Subsequent defeats against France those results was fly-half Finn Rus- Jones came to a shuddering halt. and Ireland saw England’s Six Na- sell. However, the 27-year-old will wounds, writes They were undone by Gregor tions crown slip, before two more miss his second game of the cam- Townsend’s side against all expecta- losses in South Africa made it a run paign this weekend after being omit- Michael Searles tion and reason, losing the Calcutta of five without a win and serious ted from the squad by Townsend for Cup for the first time in a decade as questions about Jones’s future in the “breaching team protocol”, an inci- HERE can be few places Huw Jones touched down twice to job grew louder. dent which reportedly involved him Eddie Jones would rather give the Scots a 25-13 win. The 59-year-old has again quickly missing team training after a night avoid more than Murrayfield Scotland were immense at the come under fire in the face of defeat, out drinking. this weekend as he leads breakdown that day, pumped up be- such is the pressure on England to There is a history of animosity be- England north of the border fore the match by criticism and a ri- win. His team arrive in Scotland in tween the head coach and talisman, amidT growing doubts about his team. valry with the Auld Enemy that the precarious position of being least of all following a half-time argu- Despite taking them to a Rugby former captain Gavin Hastings World Cup runners-up and in need of ment during that draw at Twicken- World Cup final just three months summed up in an interview with City a win against a side they are, in the- ham last year. ago, last weekend’s 24-17 defeat by A.M., saying the hosts wanted “to rub ory, better than. While victory is ex- But the tensions with the Scottish France in the opening round of the Eddie Jones’s face in the dirt”. pected, defeat would be a disaster. Rugby Union run deeper. Russell’s fa- Six Nations raised more questions It was only England’s second defeat Scotland have only beaten Italy, ther, Keith, won an unfair dismissal than it answered, particularly re- in 26 Tests under the Australian and Samoa and Russia in the last 12 case against the SRU in 2018 after he garding the head coach’s selection an uncomfortable weekend would months and England must make was sacked from his position as di- and his team’s seeming inability to continue on his train journey home, amends not only for last weekend rector of domestic rugby. find solutions when up against it. where Jones said he was “verbally but also last year’s collapse at Twick- Fortunately for Scotland, Adam Jones will be looking for a response and physically abused”. enham, which saw them surrender a Hastings – son of Gavin – put in a against a Scotland team that Eng- Three men were fined for “vile lan- 31-0 lead at half-time before drawing land would be reasonably expected guage” after allegedly hurling pro- 38-38. On both of the last occasions CONTINUED ON PAGE 27 Jones is in need of an England victory