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MAN BEHIND THE WHEEL END OF THE ROAD? ENTREPRENEURS’ WE TALK ELECTRIC CARS RELIEF COULD BE WITH MCLAREN’S BOSS P13 AXED TODAY P20

WEDNESDAY 11 MARCH 2020 ISSUE 3,574 CITYAM.COM FREE

LETTING OFF STEAM President TORY REBELS slams ‘pathetic’ Fed in rate row EYE HUAWEI

CATHERINECLIMBDOWN NEILAN defence secretary, ex-NI secretary and Duncan Smith, who at the start of ex-deputy PM... It is hard to see how the debate was seen in deep discussion @CatNeilan the government can fail to respond.” with Dowden, told the Commons he TORY grandee David Davis last night Culture secretary Oliver Dowden at- was “always flexible on the date” — demanded Boris Johnson take note of tempted to persuade wavering Tories giving clear wiggle room as long as a a Commons ambush that saw dozens before the vote by stressing the govern- firm commitment was made to ditch of Conservative MPs rebel against ment was committed to the 35 per Huawei by a certain point. plans to grant Huawei access to the cent cap on Huawei within the net- The government must begin to re- UK’s 5G infrastructure. work, which would be brought down move Huawei “at speed” and before The government was yesterday given over time. the end of parliament, he added. a bloody nose by its own backbenchers He also said Number 10 was working Earlier in the day Davis told City A.M. after a group of rebels led by former with allies in the Five Eyes intelligence the government would be “very Tory leader Iain Duncan Smith pushed alliance — the US, Canada, Australia unwise” to ignore the rebels, even if for Huawei to be banned from the and New Zealand — on using alterna- they lost this “emblematic” vote. country’s telecoms networks. tive suppliers, but cited a lack of op- He warned further pressure would MPs voted 306 to 282 against an tions as the reason for using Huawei. be applied by “going shopping” among HARRY ROBERTSON moving Federal Reserve, headed by amendment calling for Downing Dowden added that ministers would other backbenchers to present a Jay Powell, who raised rates too fast Street to stop using “high risk vendors” listen to concerns when they brought “much more robust game”. @harrygrobertson and lowered too late, should get our — a term that applies primarily to the forward a bill relating to Huawei’s in- “We’ve not done the kind of cam- US PRESIDENT Donald Trump Fed Rate down to the levels of our Chinese firm. volvement in the 5G network “so all paigning you would do if you wanted yesterday labelled his country’s competitor nations.” Although that fell short of the total honourable members will be able to to [orchestrate a] rebellion,” he said. central bank “pathetic” for not He added: “The Federal Reserve number needed to bring about a de- debate these points extensively”. “We have taken the view that this early cutting interest rates further in the must be a leader, not a very late feat, the group — which included For- But he insisted that he would be in a government’s life you would face of the coronavirus outbreak that follower, which it has been!” eign Affairs Select Committee chair “candid” about what he was not able prefer to avoid it.” crashed stock markets on Monday. Investors now believe the Fed will Tom Tugendhat — expect the result to to promise. Following the amendment’s defeat, Trump’s intervention piles pressure cut rates next week, according to be viewed as a warning shot. “I’m not setting out a timetable, a Huawei’s vice president Victor Zhang on the US Federal Reserve to cut rates analysis by CME Group. Many are Last night Davis tweeted: “Thirty- date to get to the point where we don’t pushed back against the “groundless again after slashing them by 50 basis pricing in a deep 75 basis point cut. eight Conservatives spontaneously re- have to rely on them at all,” he said, accusations” from the backbenchers points last week. belled on Huawei, including eight pointing to the next bill, expected in and said “an evidence-based ap- Trump tweeted: “Our pathetic, slow £ CONTINUES ON P5 ex-Cabinet ministers, including an ex- June, as the right time for that debate. proach” was needed.

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SHIPSHAPE Workers enter final stages of restoration project on 19th century naval figureheads to mark Mayflower anniversary THE CITY VIEW Rebel platoon gives government a scare

ESPITE the best efforts of the government, today’s Budget will be the Coronavirus Budget. As much as DDowning Street wants to refocus the conversation — even for a day — on its “levelling up” agenda, attention will inevitably fall on the chancellor’s economic antidote to the effects of the outbreak. But it isn’t just ministers determined to acknowledge that there’s a world beyond this virus. Yesterday a group of high-profile Tory MPs reminded us of one of other key issues in play: Huawei’s role in the country’s 5G network. Before the arrival of Covid-19, the Chinese tech giant’s involvement in our digital infrastructure flared up into a mighty transatlantic row, with Donald Trump said to be incandescent that we would allow the firm into our network. US congressmen wrote furious CONSERVATORS were yesterday putting the finishing touches on a two-year project to restore 14 naval figureheads dating back letters to Number 10 and the President’s chief of staff paid a visit to the 19th century. The figureheads, which weigh 20 tonnes, will be displayed at The Box Museum in Plymouth as part of the to express American concerns city’s plan to mark the 400th anniversary of the Mayflower. The Box will be the largest arts centre in south-west England. in person. Those concerns are shared by at least 38 Tory MPs including former cabinet ministers and grandees with Ministers have experience of defence, security and intelligence. After Boris their work cut out NMC Health finds almost Johnson’s thumping win in last if they want to year’s election, it was assumed avoid a defeat in his 80 seat majority would the summer grant him immunity from $3bn unknown debt pile trouble-making backbenchers, but although the government won the day the number of rebels is said to have taken whips by surprise. David Davis, a man who ANGHARAD CARRICK asked of the Abu Dhabi-based hospital operator was relegated from the FTSE enjoys a bit of bravado, said the rebellion was just a taste of operator’s management. 100 as part of its quarterly review. things to come. He claimed it was “spontaneous” (a bit of a @angharadcarrick The scandal-hit healthcare provider The company said it was asking its stretch) and that if they actually tried to orchestrate a THE SCANDAL-HIT health operator appointed investment bank Moelis to lenders for an informal standstill in NMC Health has identified an addi- help support discussions with lenders. relation to its existing facilities with government defeat they could do so. All of this means that tional $2.7bn (£2.09bn) in debt Big Four firm PwC was hired to help the aim of stabilising its financing. ministers will have their work cut out ahead of the next big unknown to the board, bringing its with “liquidity management and News of the FCA probe came Commons vote on Huawei in the summer. The government total debt position to around $5bn. operational issues”. The appointments just after the hospital operator fired cannot assume that it will win now that anti-Huawei MPs feel The company said it had been noti- were made after the Financial its chief executive and placed its fied by Moelis and PwC, who it Conduct Authority (FCA) announced it finance chief on extended sick leave the wind is in their sails. In the wake of yesterday’s defeat, appointed as advisers last week, that had launched an investigation into following an ongoing investigation of culture minister Matt Warman said the government had heard the group’s position had more than NMC last month. its finances. the rebels’ point “loud and clear” and pledged that “we will now doubled from the $2.1bn reported at The company’s shares have lost more NMC staff were reportedly not paid engage intensively with colleagues across the House to make 30 June 2019 to $5bn. than half of their value since the end last month, raising worries over the In a statement to the stock exchange, of last year when shortseller Muddy group’s cash position. The firm said it sure that we will make out case at every possible level”. NMC Health said it was “continuing to Waters questioned its financial state- expects to make the payments before However, it will take more than restating their case to win back work with its advisers to understand ments. NMC denied any wrongdoing 16 March, according to Reuters. this new rebel alliance. David Davis, Iain Duncan Smith, Tom the exact nature and quantum of the and launched a review into the allega- Yesterday NMC said: “NMC is fully undisclosed facilities”. tions, which is being led by former FBI focused on safeguarding its opera- Tugendhat and others who voted against the government all “The board believes that some pro- director Louis Freeh. tional liquidity to continue funding have a military background — and they feel they’re on a mission. ceeds may have been utilised for non- Shares in the firm have been sus- existing operations throughout its var- group purposes.” pended from trading since the end of ious subsidiaries and recently success- The discovery of the unreported debt February, after the investigation was fully completed the payment of its Follow us on Twitter @cityam facilities adds to the questions being launched. Last week, the embattled February payroll.”

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL H2O WARNS LARGE LOSSES WHAT THE BANNED BUSINESSMAN SAYS SAINSBURY’S SPENDS £51M ARTHRITIS DRUGS TESTED AS AMID MARKET TURMOIL OTHER CHAUFFEUR DROVE ROLLS ON ADS AFTER ASDA FLOP CORONAVIRUS TREATMENT H2O Asset Management has sent a A married businessman who lied to Sainsbury’s embarked on a £51m Drug makers Regeneron and Sanofi are letter to clients warning that its funds PAPERS SAY police about telling a chauffeur to carry advertising blitz last year to lure more racing to launch clinical trials exploring face “surprisingly large” losses because on driving his £400,000 Rolls-Royce shoppers to its stores after a mega-deal whether their arthritis drug could treat of bets on bonds and currencies that THIS because he was having sex in the back with Asda collapsed. The supermarket symptoms of coronavirus infections. turned sour during volatile market with another woman has been spared splashed the cash on magazine, The study preparations mark the latest swings in recent days. The London- MORNING jail. In court Maurice “Fred” Sines was newspaper, radio and TV adverts, hiking effort in an emerging front in based investment firm suffered €8bn confronted with CCTV that showed him its spending by 83 per cent, according to researchers’ hunt for effective (£7bn) of outflows from its funds last getting into the driver’s seat alone. data from research firm Nielsen. treatments for Covid-19. year after the Financial Times detailed the scale of its illiquid bond holdings. FALL IN GILT YIELDS TO RAISE BILLIONAIRES’ MANSIONS COACHELLA MUSIC FESTIVAL PENSION FUND DEFICITS SEIZED BY MCMAFIA LAW POSTPONED UNTIL OCTOBER OCCIDENTAL SLASHES ITS The deficit in traditional pension funds Three London properties were seized The Coachella Valley Music and Arts DIVIDEND IN OIL PRICE ROUT prices and equity valuations this week. is set to expand by as much as £150bn using so-called McMafia laws over Festival has been postponed by six Occidental Petroleum is to cut its It is the first time the company has cut due to the huge fall in government suspected links to Rakhat Aliyev, a late months, organisers said, and Pearl Jam dividend by almost 90 per cent, in one its payout since 1991, a dramatic move bond yields. Aggregate shortfalls in Kazakh dissident, after claims his family called off a concert tour scheduled to of the most drastic reactions yet seen in aimed at saving it from incurring further defined-benefit schemes leapt from may have used the £80m property start next week, as concerns over the the energy sector to the collapse in oil trouble caused by global price drops. £75bn to £125bn in February alone. portfolio for money laundering. coronavirus hit the live music industry. CITYAM.COM WEDNESDAY 11 MARCH 2020 NEWS 03 CORONAVIRUS CORONAVIRUS IN THE COMMONS Nadine City recruiters EU cuts landing Dorries is first MP to test positive for virus HEALTH minister brace for hiring Nadine Dorries has become the first MP to test slots rules in bid positive for ‘to fall off a cliff’ coronavirus. Dorries, who said JOSH MARTIN she is now in self- isolation, has @JoshMartinNZ been part of TOP FINANCIAL services recruiter to help airlines efforts to draw Morgan McKinley yesterday said up legislation to hiring in the Square Mile could combat the grind to a halt if the coronavirus outbreak. outbreak causes more businesses to EDWARD THICKNESSE apply to all markets for the full Officials are close offices and make staff work summer season. tracing those from home. @edthicknesse The suspension came as airlines con- whom she has Already recruiters such as THE EU yesterday yielded to industry tinued to cancel flights, with belea- been in contact Morgan McKinley are noticing an demands in dropping its so-called “use guered Norwegian announcing it with. increase in requests to reschedule it or lose it rule” for landing slots in a would slash 3,000 flights — around 15 face-to-face interviews between bid to give the industry some relief per cent of its capacity — until mid- clients and candidates to be over amid the coronavirus outbreak. June, as well as bringing in temporary telephone or video — if that trend Under the regulations, airlines must lay-offs for its workforce. continues it will affect the run the majority of their scheduled The low-cost carrier is widely tipped permanent hiring pipeline. services or risk losing the profitable as the most likely airline to follow Informa to delay events worth “There’s no way any of the Big slots, which has led to some airlines Flybe into administration due to its Four are going to do permanent operating “ghost flights” so as not to hefty debt pile. Michael Hewson of hire without an in-person panel forfeit the slots. CMC Markets said that “you have to £400m due to health concerns interview,” said Morgan McKinley’s Ursula von der Leyen, the president ask whether Norwegian will avoid the operations director Darren Burns. of the European Commission, has same fate”: JESSICA CLARK coronavirus on the business. Although the most recent data now said that the bloc would tem- “Normally, we’d be in acquisition Informa group chief executive showed healthy growth for both porarily do away with the measure as territory, but the business case for @jclarkjourno Stephen A Carter said: “We are permanent and temporary roles in airlines continued to cancel buying is out the window right now”. INFORMA has delayed events facing a 2020 impact from Covid-19 the City, Burns said if the outbreak thousands of flight due to a slump in Korean Air is also slated for failure, representing £400m in revenue until in our events-related businesses and continues to spread hiring “will passenger demand. with the firm’s own boss warning that later this year as part of a strategy to so we have used our strong customer completely go off a cliff”. Virgin Atlantic, one of the airlines it was nearing the point where “we cope with the outbreak of and supplier relationships to swiftly Burns predicted both permanent which admitted to flying empty cannot guarantee survival”. coronavirus. deploy a material postponement and temp hiring will come off their flights, said that although the move British Airways and Ryanair cut all Yesterday, the firm said that it is programme, shifting our events highs and slow dramatically. “If the was a “positive step”, it needed confir- their services to Italy yesterday as the not providing market guidance for calendar to later dates in 2020.” City or Canary Wharf is all working mation that the alleviation would travel clampdown came into effect. 2020 due to the unknown impact of Shares closed up 6.4 per cent. from home: recruitment stops.”

ON CALL ECB’s Lagarde joins EU leaders’ Banks announce coronavirus lending video conference over Covid-19 measures EUROPEAN Central Bank (ECB) head Christine Lagarde support for UK customers and firms yesterday joined an emergency video HARRY ROBERTSON offered payment holidays. badly its customers would have to be conference of the EU’s In a similar vein, Barclays told affected to qualify for the lending 27 leaders to discuss @harrygrobertson business customers hit by the virus support, however. measures to combat SOME of the UK’s biggest banks that they can have a 12-month An RBS spokesperson said: the spread of yesterday announced measures to repayment holiday — a period when “We will look to understand each coronavirus. The EU help customers and businesses to loan repayments are waived — on customer’s situation on a case-by- leaders agreed on a cope with the economic impact of the existing loans over £25,000. case basis and can offer a number coordinated approach coronavirus outbreak. State-backed RBS has said of options to help them manage for the procurement of Britain’s largest high-street lender borrowers who have been affected their finances.” medicines, but have Lloyds said it would offer £2bn of by the virus can defer mortgage The measures from lenders come not yet released loans without fees to small firms hit and loan repayments by up to as coronavirus spreads throughout details of any by the virus, and said some of the three months. the UK, leading many firms to close potential financial worst-affected companies would be None of the banks laid out how their premises. interventions. 04 NEWS WEDNESDAY 11 MARCH 2020 CITYAM.COM

FUELLING DEBATE Bank of England looks Chancellor Rishi Sunak commits to to penalise banks that hold polluting assets £600bn of infrastructure spending ANGHARAD CARRICK money available for transport the UK, ensuring everyone has the infrastructure, such as roads and same chances and opportunities in @angharadcarrick railways, as well as investment in life, wherever they live.” CHANCELLOR Rishi Sunak will pledge affordable housing, broadband The Chancellor will deliver the £600bn of infrastructure investment and research. Budget just weeks into the job, after over a decade as he promises “record Speaking on the eve of his his predecessor Sajid Javid resigned amounts” in today’s Budget. statement, Sunak yesterday said he during the Prime Minister’s Cabinet The Treasury said Sunak will triple was delivering a Budget “for people reshuffle last month. the average net investment seen over right across the country — no region Sunak is also expected to commit the past 40 years as part of the Prime will be left behind”. £2.5bn of funding to fix up to 50m Minister’s “levelling up” plans. “We have listened and will now potholes across the country over the The Budget will make more deliver on our promise to level up next five years.

BANK of England governor Mark Carney yesterday said Threadneedle Street was weighing up penalties for banks holding assets that encourage polluting. Carney’s plans are to introduce tougher capital requirements for polluting investments. Oil prices spring back following Monday’s crash

JACK RICHARDSON much oil to produce. To guard their market share, Saudi Arabia and its @JackRich93 allies decided to dramatically OIL PRICES showed some signs of increase oil supply with a rate of recovery yesterday after Monday’s almost 11m barrels a day planned rout, which led to such dramatic glob- for April. al stock market falls it was dubbed As a result, oil prices fell to their Black Monday. lowest level since February 2016 on Brent crude oil was trading at $36 Monday, in the largest daily drop a barrel yesterday, marking an eight since the 1991 Gulf War. per cent increase on Monday’s price. “Prices have stabilised following However, the price still represents a the shock of Saudi Arabia’s decision significant drop since the end of to launch a price war against Russia February, when Brent crude was after the disintegration of recent trading at $51 a barrel. talks to deepen production cuts,” “Oil prices have recovered Kapadia said, adding that until talks following [the] biggest slump in occur “limbo is expected”. almost thirty years with today’s increases touching seven per cent BRENT CRUDE OIL although prospects of a considerable recovery look slim,” said Mihir 50 $ Kapadia, chief executive of Sun Global Investments. 45 The drop came on the back of both coronavirus concerns and the 37.74 40 oil market share war between Russia 10 Mar and Saudi Arabia. Last week, Opec and Russia — 35 known as Opec Plus — were unable to reach a supply agreement on how 4 Mar5 Mar 6 Mar 9 Mar 10 Mar Balfour Beatty to delay £200m share buyback in wake of virus STEFAN BOSCIA put off its plans after the London Stock Exchange suffered a series of @Stefan_Boscia blows over the past two weeks. CONSTRUCTION giant Balfour Beatty On Monday, fears about the virus yesterday said it has delayed its and a plunging oil price sent the planned £200m-plus share buyback FTSE 100 benchmark index down by due to coronavirus-related stock 7.7 per cent — its largest single day market turmoil. fall since the 2008 financial crisis. The group had planned to unveil Balfour in particular has had a the buyback today alongside the rough time as its stock price has release of its annual results, dropped by more than 20 per cent in according to Sky News. the past month alone. Shares rose 2.2 However, a source told Sky that per cent to 220.8p yesterday, but the Balfour — which is one of the main firm said it will wait until stability contractors for the HS2 project — has returns to pursue its share buyback. CITYAM.COM WEDNESDAY 11 MARCH 2020 NEWS 05 Westbury Hotel owner seeks £1bn JESS CLARK redevelop the five-star hotel in opportunity to acquire one of Lon- Conduit Street to attract “top tier don’s most sought-after hotels”. @jclarkjourno luxury brands”. Anthony Selwyn, co-head of global COLA Holdings, the owner of the Cola Holdings, which is also selling retail at Savills, said: “It is extremely The Westbury Hotel, is seeking a Washington House that houses the rare for a mixed-use freehold opportu- £1bn offer for its Mayfair property Conduit Club members bar, has in- nity like this to come to market with estate, which also includes Bond structed Savills to seek substantial of- exceptional hotel development poten- Street’s Burberry store and a private fers of more than £1bn for the tial and existing ultra-prime retail. members club. portfolio. “We expect investors from all over Kurdish-born millionaire Bakir Cola Savills hotels director Robert Staple- the globe to be very competitive in owns the group, which has recently ton said the sale of The Westbury their attempt to secure this fantastic received planning permission to “presents a once in a generation trophy in London.” The property group owns the The Westbury Hotel on Conduit Street in Mayfair Rate cut hopes McLaren Group dampened by set to tap City virus troubles veteran as chair CONTINUED FROM FRONT PAGE JAMES WARRINGTON

However, analysts at UBS questioned @j_a_warrington how effective monetary stimulus will THE BRITISH conglomerate behind be on its own, adding “fiscal spending the McLaren Formula One (F1) from major economies” was key. team is said to have lined up Trump said he would discuss with City stalwart Paul Walsh as its Republican lawmakers a “very new chairman. substantial” payroll tax cut to boost Walsh, who served as chief the economy yesterday. executive of Guinness owner Diageo But Wall Street was left for 12 years, is in advanced talks with underwhelmed when no major McLaren Group over the role, Sky stimulus package was unveiled. News reported. The lack of action from the Trump The appointment, which could be administration led a tentative stock announced as early as today, would market recovery to fizzle out on a day see the heavyweight businessman when traders’ hopes of economic replace Shaikh Mohammed Bin stimulus clashed with fears over the Essa Al Khalifa. economic impact of coronavirus. The move could fuel speculation US stock markets — which had a that McLaren’s shareholders are day earlier suffered their biggest mulling an initial public offering. drop since the financial crisis — McLaren is majority-owned by finished only slightly in the green Mumtalakat, Bahrain’s sovereign after US President Donald Trump wealth fund, while other failed to deliver the promised shareholders include Saudi stimulus package. businessman Mansour Ojjeh. The S&P 500 index and Dow Jones However, a source close to the both finished 4.9 per cent higher company said there were no plans yesterday after a rocky Monday, which for a float for at least another saw the S&P fell 7.6 per cent and the three years. Dow suffering a similar fall. Walsh is set to step down as European stocks finished in the red chairman of FTSE 100 catering firm on a volatile day that saw them Compass Group later this year, comfortably in positive territory for though he still holds board positions most of the trading session. at Fedex and McDonald’s. The FTSE 100 finished just 0.1 per His transfer would come at a cent lower, but Germany’s Dax ended critical time for the McLaren F1 team, 1.4 per cent down, while France’s Cac which is gearing up for first grand 40 finished 1.5 per cent lower. prix of the year in Melbourne. Lale Akoner, a markets strategist at However, the sport has been BNY Mellon Investment Management, hit by the outbreak of the said the lack of a rebound was mainly coronavirus, with the upcoming race due to markets coming to terms with in Bahrain set to take place behind the economic impact of coronavirus. closed doors. “The more headlines continue to be McLaren boss Mike Flewitt last on the negative side the more month told City A.M. the company worried the market gets that it will be “probably won’t achieve [its] yearly a more U-shaped recovery rather than goal for sales in China” due to the a V-shaped recovery,” she said. coronavirus outbreak. European markets were also However, he said the luxury car spooked by Italy’s decision on maker would still achieve a Monday night to put the entire “reasonable” level of sales overall. country on lockdown. McLaren declined to comment. Moody’s: Virus to knock Eurozone lenders HARRY ROBERTSON lenders particularly hard in the first and factory output, and dampen half of the year. domestic demand in Europe.” @harrygrobertson “The outbreak adds to late-cycle Coronavirus comes at a bad time RATINGS agency Moody’s yesterday risks associated with weakening for Eurozone banks, which are warned that the coronavirus outbreak economic prospects across the already suffering under record-low will add to the pressure on Eurozone’s region,” said Bernhard Held, interest rates, which limit the struggling banks. vice president and senior credit amount that can be made from Moody’s said the virus-induced officer at Moody’s. lending. The European Central Bank economic slowdown — which is a “Banks will see a weakening of could further hurt banks’ situation result of disruptions to businesses their loan book quality as the effects by cutting interest rates in response Businesses have been shuttered across Milan as Italy remains on lockdown and consumers — will hit euro area of the virus will reduce global travel to the virus tomorrow. 06 NEWS WEDNESDAY 11 MARCH 2020 CITYAM.COM John Menzies suspends its dividend Building HS2 only in wake of coronavirus uncertainty JACK RICHARDSON prudent and in the best interests to Crewe will not JOHN MENZIES @JackRich93 of shareholders to suspend the dividend temporarily.” 300 P AVIATION services company John Profit before tax for 2019 fell 20 Menzies will temporarily suspend per cent to £17.3m and basic 280 its dividend for this year, the firm earnings per share dropped from 260 10 Mar do, says rail chief said yesterday. 14.6p to 10.8p. Profit for 2020 could be hit as However, revenue grew from 240 231.50 the firm suffers from coronavirus just over £1.29bn to just over and wider industry turmoil. £1.33bn during the period. 220 EDWARD THICKNESSE chief executive Mark Thurston yesterday Executive chairman Philipp Shares fell 8.1 per cent to 231.5p @edthicknesse confirmed that the government was Joeinig said: “The board believes it following the announcement. 4 Mar5 Mar 6 Mar 9 Mar 10 Mar “committed to the whole” of the THE BOSS of controversial rail project planned line, saying that “intercity HS2 yesterday said that only building connectivity was a crucial part of what the line to Crewe “doesn’t do justice to HS2 is about”. the business case” after doubts emerged He did confirm that phase 2b, which over whether the proposed eastern includes both the Crewe to Manchester route to Leeds would be built. and Birmingham to Leeds parts of the In a speech last month Andrew plan, was currently “on pause” while Stephenson, the new minister responsi- the government works out what the ble for the project, made no mention of best option is for rail in the north. the so-called phase 2b of the project, the HS2’s management has come in for route of which is yet to be confirmed. severe criticism due to huge cost However, he did say that legislation increases and delays from Prime Minis- for the extension of the line to Manches- ter Boris Johnson even as the rail link ter would be brought forward “as soon was given the go-ahead, with Thurston as possible”. admitting the new minister would help Share the Speaking to City A.M., the project’s “hold them to account”. love this WORLD Mother’s Day SLEEP DAY Friday March 13th 2020 Sunday 22nd March

Serves 12 £6 BREAKFAST IN BED As part of the Hästens Bed Talk Series, and in observance of World Sleep Day, Hästens invites you to Breakfast In Bed, a conversation around the importance and benefi ts of good sleep. Date: Friday 13th March Time: 8.00am Arrival and Breakfast, 8.30–9.30am Panel and Q&A Location: M Restaurants Threadneedle Street, Unit 2-3, 60 Threadneedle St, London EC2R 8HP At Breakfast In Bed, a panel of sleep and health experts will unravel sleep myths and help set you up for a new life of good sleep, better work performance and improved mental health.

Owain Evans DC Dr Kat Lederle, Laura Bond, Sara Di Carlo, Mchiro, Clinical sleep expert and Nutritional Therapist European Retail Director, Backspace published author (DipION), Director, Journalist & Speaker Hästens Beds Moderator: Steve Dinneen, Editor, City AM Magazine.

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Waking up in a Hästens bed is an eye-opener about the value of perfect sleep. It’s built with the ultimate combination of nature’s materials – together with Co-op Bouquet Celebration Cake. tireless craftsmanship. £6.00 each. Serves 12. Subject to availability. Participating stores only. CITYAM.COM WEDNESDAY 11 MARCH 2020 NEWS 07 Khan tops polls Rory Stewart cancels London as he gears up mayoral launch STEFAN BOSCIA @Stefan_Boscia RORY Stewart yesterday cancelled for election win his London mayoral campaign launch due to fears over the coronavirus outbreak. Stewart on Monday criticised the STEFAN BOSCIA November, while independent candi- government for not acting “much @Stefan_Boscia date Rory Stewart has not managed to more aggressively” to stop the make any inroads since the last poll. spread of Covid-19 and called for SADIQ Khan has extended his lead in The former Tory Cabinet secretary is all schools to be closed and all the mayoral election race and is on stuck on 13 per cent, as he was in large public gatherings cancelled track to score an easy victory, accord- November. Green Sian Berry remains immediately. ing to new polling. stable on seven per cent, while Liberal Salmond, who was Scotland’s first minister from 2007 to 2014, denied the claims However he yesterday said it was The YouGov/Queen Mary University Democrat Siobhan Benita has seen her important for him to “show an polling, released yesterday, put Khan numbers halved and now sits on four example” and cancel next week’s in first place with 49 per cent of first per cent, suggesting Khan has extend- launch. Taking to Twitter, he said preference votes for the upcoming 7 ed his lead by taking votes away from Alex Salmond faces second day the launch will now happen online May London mayor election. the Liberal Democrat challenger. in light of the growing number of That is four per cent more than in a Philip Cowley, professor of politics at confirmed Covid-19 cases in the November poll and almost enough to Queen Mary university said: “Khan of High Court sexual assault trial UK, which neared 400 yesterday. take the election in the first round manages to attract 84 per cent of “We have to take the coronavirus of voting. Taking second prefer- those who would support POPPY WOOD that she had made up the claims. seriously and that means stopping ences into account, Khan would Labour in a General Election @poppyeh Salmond is alleged to have sexually large scale gatherings,” Stewart win the election in the second but also almost half of assaulted the woman at his Bute said. “We should be doing this round of voting with 67 per cent Westminster Liberal Democrat ALEX Salmond yesterday faced the House residence in May 2014 while across London and we’re going to a of votes against Tory candidate voters, whereas Bailey attracts second day of his sexual assault trial leader of the SNP, before attempting show an example through the way Shaun Bailey who would have 33 the support of 76 per cent of after it was alleged on Monday that to rape her a month later. we do our own campaign.” per cent. Conservative voters and almost he “pounced” on top of a woman and Yesterday, defence lawyer Shelagh Stewart has been criticised by Bailey remains in second no support from elsewhere.” tried to rape her. McCall QC suggested that the woman over his comments, with Liberal place with 24 per cent Standing in the witness box at was not at Bute House on either date. Democrat mayoral hopeful Siobhan of first preferences, Khan bagged 49 per cent Edinburgh High Court, the woman Salmond pled not guilty to 14 charges Benita accusing him of “sowing up one per cent from of first preference votes yesterday had to fend off accusations of sexual assault on 10 women. distrust” in medical experts.

BOG OFF Workers in the City warned over M&G launches redundancy scheme to spate of toilet roll and hand sanitiser theft WORKERS in the Square Mile have been slash staff costs as firm’s profit sinks warned to stop taking office JESS CLARK increased from £321bn to £352bn last the popularity of passives and toilet roll and @jclarkjourno year, and savings and asset changes in the distribution hand sanitiser management net client flows landscape,” the company said in a dispenser as ASSET management firm M&G reduced from £1.7bn to £1.3bn. statement yesterday. supplies run low, yesterday announced it has launched The asset manager, which delisted It added that outflows of £7.5bn in according to the a redundancy scheme to reduce staff from its former parent company its asset management business were Telegraph. At costs by 10 per cent this year. Prudential in October, said yesterday largely offset by £6.2bn inflows into least 120 rolls M&G reported a drop in adjusted that its five-year transformation its UK retail savings arm, including have reportedly operating profit before tax from programme included a voluntary Prufund. M&G was forced to suspend gone missing at £1.6bn in 2018 to £1.2bn last year. redundancy scheme to cut staff costs dealing in its property portfolio fund the Walbrook IFRS profit after tax increased from by 10 per cent in 2020. in December following a spike in building in £811m to £1.1bn. Assets under “Active managers continue to face investor redemptions. Cannon Street management and administration also pressure on profitability because of Shares fell 1.3 per cent to 170.2p. this week.

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CITYAM.COM WEDNESDAY 11 MARCH 2020 NEWS 09 Cairn Energy hails strong full-year performance as it swings to a profit ANGHARAD CARRICK upper end of guidance, and ahead of over the weekend as Saudi Arabia 2018’s 17,5000 bpd. The energy firm threatened to ramp up production @angharadcarrick estimated net production of 19,000 to amid a dispute with Russia. CAIRN Energy yesterday posted a pre- 23,000 bpd next year. “Cairn’s strong operational tax profit of $119.5m (£92.64m) for Cairn announced that its North performance in 2019 was delivered 2019, compared to a $1.21bn loss over Sea wildcat well Chimera had come through production and cash flow the same period the previous year. up dry in October, but reserve generation at the top end of Revenue increased from $410.3m in additions were made in Senegal and guidance,” said chief executive Simon 2018 to $533.4m. the North Sea. Thomson in a statement. The FTSE 250-listed company said It comes as a high-profile oil spat Despite swinging to a profit, shares net oil production averaged 23,000 roils global markets. Brent crude in the company closed down 15.9 per barrels per day (bpd) in 2019, at the recovered after dropping 20 per cent cent amid the global oil slump.

The firm cited political uncertainty and coronavirus for the disappointing results Shares in French Stay composed Connection sink in volatile markets In uncertain times, the financial markets can offer heightened trading opportunities, as well as risks. Get ready for the next opportunity, with our award-winning platform and app*. on poor trading cmcmarkets.com

JESS CLARK stores, including its Oxford Street branch, three outlets and three con- @jclarkjourno cession sites during the year, with a FRENCH Connection reported a loss further two expected to close this last year after trading in the second year. Overall retail revenue was down half was “considerably worse than ex- 20 per cent, including a dip in like-for- pected”, the firm said yesterday. like sales of 2.5 per cent. The high street retailer fell to a loss The retailer, once known for its con- of £2.9m last year compared to profit troversial FCUK branded clothes, took of £800,000 in the previous 12 itself off the market in January after months. Group revenue fell 11.4 per first announcing it was up for sale in cent to £119.9m due to the planned October 2018. closure of 18 sites and the ongoing dif- Chief executive Stephen Marks said: ficult trading environment in the UK. “The performance this year has not Wholesale revenue was down 4.8 per been as anticipated and we are not cent overall but jumped 15.7 per cent being assisted by the potential uncer- in North America. tainty due to the coronavirus.” French Connection said the overall result for the year was “disappoint- FCUK ing”, following good progress in the first half of the year. In January it said 20 P it expected to post a loss before tax of 10 Mar between £1m and £2m. 18 14.25 Shares plunged 23 per cent to 14.25p 16 on the back of the announcements. Performance in the final six months 14 of 2019 was “considerably worse than expected”, particularly during the 12 fourth quarter in the UK. French Connection shuttered 11 4 Mar5 Mar 6 Mar 9 Mar 10 Mar Iceland’s founding family mulls buying bigger stake in food firm Trade your way Spread betting & CFDs: JESS CLARK Iceland was founded by Malcolm FX | Indices | Cryptos | Commodities | Shares Walker in 1970. He owns the rest of @jclarkjourno the company along with his son and ICELAND’s founder could seek to managing director Richard Walker regain ownership of the supermarket and other management. When asked when South African investment if the retailer would attempt to *CMC Markets awarded Best Overall Satisfaction, Best Telephone Customer Service, Best Email Customer Service, Best Platform Features, Best Mobile/Tablet App and Best Education Materials/Programmes, based on highest user satisfaction among spread betters, CFD and FX traders, company Brait sells its stake. regain full or near full ownership of Investment Trends 2019 UK Leverage Trading Report. Brait, which owns around 63 per the company, Walker told Reuters Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. cent of the frozen food specialist, that “there’s no end of options”. 70.5% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You said in November that it plans to Despite their minority owning, the should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. The speculative nature of cryptocurrencies combined with leverage could lead to offload its stake in several British family runs the business through a significant losses. companies, including Iceland, in the shareholders’ agreement. Walker also next five years. said that amalgamation in the sector It will also sell stakes in New Look was “inevitable” despite the failure of and Virgin Active to reduce debts. Sainsbury’s merger with Asda. 10 NEWS WEDNESDAY 11 MARCH 2020 CITYAM.COM Hostel company Iofina hits back at Arron Banks’ Safestay suffers coup attempt ANGHARAD CARRICK @angharadcarrick THE BOARD of iodine producer cancellation hit Iofina yesterday hit back at a “self- serving” attempt by Arron Banks to join its board. The firm is urging shareholders JESS CLARK In a trading update yesterday the to vote down efforts by the Brexit company said: “We have experienced a campaigner to oust chairman @jclarkjourno material reduction in new bookings Lance Baller. HOSTEL operator Safestay yesterday over the last week against our expecta- Iofina’s directors claimed that warned it had suffered a sharp drop in tions and there have been a growing Banks, who is a major shareholder, bookings and a growing number of number of group bookings from had been supportive until the cancellations as fears over the schools and colleges which have been It Chapter Two is based on Stephen King’s 1986 clown horror novel company decided not to invest in a coronavirus outbreak ramp up cancelled or postponed.” hemp project in Belize. They said across Europe. However, the group said it was “too the project had been pushed by The firm said group bookings from early to say what the full impact from Arron Banks and his business schools and colleges have been can- Covid-19 might be”. Watchdog bans horror film ad associate Andy Wigmore, who celled. Some countries including Italy Shares fell 7.5 per cent to 18.5p on stood to “personally gain” from the have temporarily closed schools to the trading update. investment. stop the spread of the virus, and inter- that aired on children’s playlist “The board suspects that this is national travel has dived as people SAFE STAY the real reason behind the stay home to avoid the outbreak. JAMES WARRINGTON “For 27 years, I dreamt of you. I requisition requests,” Iofina said. Safestay, which last month reported 30 P craved you.” This was followed by the Wigmore denied the allegations, a strong start to 2020 before the out- @j_a_warrington sound of clowns laughing. writing on Twitter: “Quite a rant break spread, said it would reduce 25 WARNER Bros has been censured by Warner Bros argued the ad was from Iofina completely flexible costs where possible to offset the advertising watchdog after the designed to create suspense, but that misunderstanding the reasons for 20 the dip in bookings. 10 Mar film studio promoted a horror film its content was not “overly scary”. the [meeting], it had F-all to do with In February, before coronavirus 15 18.50 on a children’s lullaby playlist. But the Advertising Standard Belize — I suspect Arron Banks worsened, the operator said it had An advert for It Chapter Two, Authority said the promotion for the now seriously considering a full bid plans to “grow substantially” in 2020, 10 heard between songs on the Spotify’s clown-based slasher could cause for the company.” and said that first-quarter perform- Classical Lullaby playlist, featured distress to children, and told the Shares in Aim-listed Iofina closed ance had been “very encouraging”. 4 Mar5 Mar 6 Mar 9 Mar 10 Mar clown character Pennywise stating: firm to better target its ads. up 2.1 per cent to 19.5p. DFS warns of footfall drop amid virus spread as furniture firm’s profit sinks JESS CLARK basic underlying earnings per share company’s showrooms in recent days before IFRS 16 almost halved from due to the outbreak, and DFS warned @jclarkjourno 13.9p to 7.4p. The retailer’s net debt the health crisis could hurt trading SOFA retailer DFS yesterday blamed increased from £158.1m to £160.4m. over Easter holidays. coronavirus for a slump in footfall at DFS blamed its disappointing Chief executive Tim Stacey said: its showrooms as it reported a dive in trading performance on a drop in “Trading in the second half for the profit at the end of last year. footfall due to political uncertainty group has also started satisfactorily... Gross sales fell 5.8 per cent to and a slump in shopper sentiment. However, given the uncertainty as to £629.7m, and revenue fell 5.7 per The firm added that it could not how the current Covid-19 situation cent to £488m in the 26 weeks ended give guidance on full-year results due will develop it is not possible to give 29 December. to coronavirus, which has impacted guidance with any certainty.” Profit before tax dropped 17.5 per supply chains. Shares in DFS closed down 7.3 per cent from £38m to £20.5m, while Footfall has also dropped off at the cent at 193.8p. The furniture retailer said it could not give full-year guidance due to coronavirus CITYAM.COM WEDNESDAY 11 MARCH 2020 NEWS 11 Ultra profit rises Asda cuts fuel prices after oil after increase in war lowers cost JACK RICHARDSON @JackRich93 SUPERMARKET giant Asda has cut the price of petrol and diesel amid defence spend the Russia-Saudi Arabia oil war. The supermarket has cut its price by 2p per litre (ppl), meaning petrol JACK RICHARDSON “In addition to focusing on improved will cost 114.7ppl and diesel will @JackRich93 delivery, we will be accelerating invest- cost 116.7ppl. Asda said the cuts ment in internal research and devel- amount to its lowest fuel prices ELECTRONICS group Ultra yesterday opment and underlying IT since November 2017. reported a 113 per cent increase in infrastructure as well as process stan- “It will be a welcome boost, profit for 2019 after the company dardisation and excellence.” especially to diesel drivers who are upped its defence spending and However, the group also warned that seeing some of the lowest fuel brought in a slew of new orders. factors including climate change, The car manufacturer said the reduction would have “no impact on volume” prices since 2017,” Asda senior fuel Profit before tax rose to £91m in securing an EU trade deal, and coron- buyer Dave Tyrer said. 2019 from £42.6m the previous year. avirus might impact this year’s Asda’s fuel price cut offers a Revenue for the FTSE 250 firm grew results. That did not scare off silver lining to the oil price war, 7.7 per cent to £825.4m in 2019. investors, as shares rose 8.5 per cent to Peugeot’s Ellesmere Port factory which caused a stock market Ultra upped its dividend five per to 2,068p on the profit rise. meltdown at the start of the 54.2 over the same period. week and knocked billions off The company, which provides elec- ULTRA ELECTRONICS to reduce scale to four-day week energy giants. tronics for the UK’s defence, security, The price of Brent crude fell to transport and energy industries, said 2,200 P EDWARD THICKNESSE 62,000 Vauxhall and Opel Astra $31 a barrel on Monday, the lowest yesterday that its order book broke the @edthicknesse models, but there is doubt over its for four years, after Saudi Arabia £1bn mark during the period. 2,100 2,068 long-term future amid uncertainty moved against Russia by flooding It attributed the 10.7 per cent order 2,000 10 Mar PEUGEOT’s car factory at Ellesmere over Brexit talks. the market with cheap oil. growth to increased defence spending, Port in Cheshire will go down to a The firm said that the firm would Since the coronavirus outbreak, particularly in the US. 1,900 four-day working week later this operate the four-day schedule with global demand for oil has fallen on “We enter 2020 with an enhanced, month as the manufacturer looks to extended hours, meaning that the travel restrictions to contain the engaged and motivated team and a 1,800 save costs due to the stalling total number of hours would be the spread of infections. The airline strong order book,” said chief execu- European car market. same as if the plant were operating and automotive sectors have tive Simon Pryce. 4 Mar5 Mar 6 Mar 9 Mar 10 Mar Last year the plant built roughly over five days: suffered particularly. IN PARTNERSHIP WITH

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around infrastructure and the supply McLaren car chief MCLAREN SET chain. It needs to be more pragmatic. “We will have a higher percentage of Mike Flewitt is no EVs, but I’d like to see a more reason- able timeline for moving away from fan of Britain’s hybrids. We need time to respond.” FOR RACE Today’s Budget is likely to be a key slated hybrid ban, test of the government’s commitment Edward to its new EV plans. The SMMT has writes gone as far as to call for the total Thicknesse removal of VAT on all models, includ- AGAINST TIME ing hybrids, in a bid to encourage more people to buy them. CLAREN boss Mike Flewitt In addition, the motor industry could be forgiven for group has highlighted the lack of clar- being more than a little ity over the future of the plug-in car fed up with surprise announcements. MIt’s no easy feat to completely recon- figure the launch of your latest super- car when Europe’s flagship motor show is cancelled with barely three days before the curtain comes up, but To suggest we’re that’s what McLaren was forced to do going straight to after coronavirus put paid to the Geneva Motor Show. full EV could have And that came after the curveball Boris Johnson threw at the UK car a negative impact industry at the beginning of February, when the Prime Minister announced on emissions the ban on selling new petrol, diesel and hybrid cars would be brought for- grant — which it calls the “most signif- ward from 2040 to 2035. icant driver of EV uptake” — as While climate groups welcomed the another potential barrier to entry for move as much-needed evidence of many consumers, with the UK’s charg- Boris Johnson’s “defining year of ing network still far behind where it climate action” ahead of the Glasgow- needs to be to support an automotive hosted United Nations climate revolution of this scale. summit in November, it left some car So will McLaren be making a swift manufacturers, McLaren included, transition to developing an EV model distinctly unimpressed. in light of the moving goalposts? Not “It was completely out of the blue”, reducing emissions: McLaren, it is fair to say, has skin more than just additional industry until it can develop one that is superi- says Flewitt. “I’m not sure whether it “I think hybrids have got a role to in this game: in 2019, the firm investment. or to the rest of its line-up, Flewitt was a lack of understanding or play in the transition between the announced that it would fully “This is about market transforma- says, although he is keen to stress that whether it was intended to shock the combustion engine and pure EV [elec- hybridise its entire line-up of models tion. If the UK is to lead the global McLaren can hit whatever target date industry, but what it has done is made tric vehicle]. I don’t think it’s an by 2024. However, alarm over the gov- zero emissions agenda, we need a the government throws at it. the industry say ‘Hey, we need to talk overnight switch in 12 or 15 years’ ernment’s announcement is wide- competitive marketplace and a com- One thing is for sure: something will about this’.” time. Right now, plug-in hybrids offer spread, with industry associations the petitive business environment to have to change, Flewitt insists. “Even The real issue, at least as far as the market a lower emission solution. AA and the SMMT both agreeing that encourage manufacturers to sell and though it was weak last year, there Flewitt is concerned, lies with To take that away and suggest we’re including hybrids in the ban could be build here.” were still 2.3m vehicles sold in the UK. extending the ban to hybrids — a move going to go straight from internal “counterproductive”. What the industry needs to see, It’s hard to imagine the capability to that the McLaren boss says will have combustion to full EV could have a SMMT boss Mike Hawes says Flewitt says, is a plan. “The govern- do that in 12 years time with a pure the opposite effect on the aim of negative impact on emissions”. that achieving the goal would need ment has got a responsibility here EV structure.”

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Hear from Dave Barley, City Giving Day is Senior FX and Money Markets Dealer and Community Champion good for business My idea was to “putt charity” first for City Giving Day. Since the Bank of England was celebrating its 325th anniversary we created a putting Hear from Joanna platform which was 325 yards long. People donated to try and “putt” golf Place, Operating Officer balls through the doors of a model of and Deputy Governor the Bank to score 325. We set up in one of the corridors of the Bank and Central Services are involved with, including me as a laughter was soon heard when the school governor. We also use the day to Lord Mayor arrived with young ity Giving Day is a great opportuni- announce our two new charities of the people from one of the charities The ty to connect our community activ- year. Lord Mayor’s Appeal supports, Cities at the Bank with other Last year’s City Giving Day was differ- organisations across the City, and recog- ent as 2019 was a special anniversary for OnSide Youth Zones. nises the impact we collectively make the Bank of England as we celebrated The next day within the wonderful within our local community. Our col- our 325th anniversary. There were surroundings of the Mansion House leagues take part in a broad range of many activities that took place during we hosted a charity quiz night fundraising and volunteering activities the year and on City Giving Day we cele- throughout the year with numerous brated our charity partnerships, wel- attended by City banks and brokers. charities they are passionate about. In coming the Lord Mayor to the Bank to A competitive evening with TD addition we fundraise for two charities play a round of our 325 BoE mini-golf Securities crowned as quiz each year selected by colleagues. game. The game had been developed by City Giving Day was an important champions but the real winners were Over the years we have marked the one of our Community Champions way for us to raise awareness of the Bank’s and The Lord Mayor’s day in different ways. We have used with our Apprentices as a fun way to @LMAPPEAL Appeal charities as we raised nearly social media to highlight the range of fundraise for our charities and get col- our charity, connect with £18k. volunteering activities that colleagues leagues involved. Londoners and support the life- #CGD saving work our service carries City Giving Day gives us a chance to JOIN US AND REGISTER NOW AT #GoRed do the right thing “putting” charity out every day in London. first, plus it puts a smile on the faces WWW.THELORDMAYORSAPPEAL.ORG/CGD London’s Air Ambulance Charity of all those people taking part. 14 NEWS WEDNESDAY 11 MARCH 2020 CITYAM.COM Virus may offer Standard Life’s profit slides as TP Icap ‘market investors flee JOE CURTIS @joe_r_curtis STANDARD Life Aberdeen’s (SLA) opportunities’ underlying profit dropped 10 per cent in 2019 as investors continued to withdraw their cash from its funds, hurting revenue. STEFAN BOSCIA results in more transactions. Fee-based revenue fell 13 per cent @Stefan_Boscia “The overall macroeconomic back- to £1.6bn after net outflows in 2018 drop remains uncertain driven largely and 2019. Adjusted profit before TP ICAP’s full year earnings were in by Covid-19, global growth and ongo- tax dropped 10 per cent year on line with expectations yesterday as ing Brexit negotiations,” Breteau said. year to £584m as a result of the the firm reported that coronavirus “While this environment impacts withdrawals. uncertainty could create more oppor- our clients’ activity, the resulting However, Standard Life Aberdeen tunities going forward. volatility also creates market opportu- recovered from a huge £787m loss The world’s largest inter-dealer bro- nities that gives us confidence for in 2018 to post a £243m statutory ker released its full-year results, the future.” profit for 2019. recording £1.83bn in group revenue — The broker’s results were under- The Edinburgh-based fund a four per cent increase on 2018. pinned by 15 per cent growth in ener- manager said net outflows slowed This translated into operating profit gies and commodities revenue and 23 to £17.4bn apart from a £41bn of £279m, which was just £3m more per cent growth in institutional serv- tranche of withdrawals from than in the previous 12 months. ices revenue. However, it also saw its Lloyds Banking Group. SLA called it TP Icap chief executive Nicolas largest income stream of global bro- a “significant improvement” Breteau said in a statement that un- kerage revenue dip by one per cent. on the £40.9bn of outflows it certainty driven by “Covid-19, global Breteau said 2019 marked an “inflec- suffered in 2018. growth and ongoing Brexit negotia- tion point” for TP Icap. “[We] have But the outflows “continued tions” will create “market opportuni- achieved the planned commercial reflecting investor sentiment ties” going forward. and cost synergies, emerging as the towards emerging markets and Market volatility is a good sign for world’s leading inter-dealer broker”. equity markets more generally”, inter-dealer brokers as it generally Shares rose 1.9 per cent to 361.2p. TP Icap’s annual charity day has featured celebrities such as Camilla Parker Bowles SLA said. Hugo Boss’ name may suffer, but brand will survive

UXURY fashion label Hugo Boss Stephan dropped 14.4 points and their Reputa- base shouldn’t be badly or perma- could potentially be off-putting to cus- made headlines earlier this Shakespeare tion score (whether someone is proud nently affected by the bad press. tomers in the short term, the Hugo month when comedian Joe of embarrassed to work for a brand) This is backed up further by Hugo Boss brand probably won’t be im- LLycett legally changed his name dropped 10.5 points. Although these Boss’ Consideration scores (whether pacted by “Hugo Boss” the comedian to... Hugo Boss. The move was in are considerable decreases, these two someone would consider purchasing in the long run. reaction to a small independent brew- metrics have since either fully or from the brand in future) which have ery contacting his consumer rights partly recovered to their previous since increased 2.1 points. While this £ Stephan Shakespeare is chief executive show Got Your Back to complain that scores. story is undoubtedly bad news and at YouGov they’d been forced to spend thousands In general eight in 10 Brits feel bad in legal fees and rebranding from Boss to minus 16.8 — a decrease that for small businesses being driven out HUGO BOSS WILL WITHSTAND WRATH OF COMEDIAN, HUGO BOSS YouGov BrandIndex: Buzz, Reputation, Impression and Consideration scores for Brewery when the fashion brand sent demonstrates the impact social media by online companies and this is also Hugo Boss - UK Adults a cease-and-desist letter regarding can have on a brand. the case for consumers who tend to 30 their name. Recent YouGov data shows that a buy from Hugo Boss (84 per cent). Buzz Impression Reputation Consideration YouGov Brand Index data shows that quarter of Brits think social media in- However, only three in 10 regular 20 after Joe Lycett announced his name fluences big companies to do the right Hugo Boss customers buy exclusively 10 change on Twitter on 1 March, Buzz thing for customers, employees and from brands which echo their own 0 scores (a net measure of whether con- wider society. ethics and values, and seven in 10 say sumers have heard anything positive Additionally, Hugo Boss’ Impression it’s hard to keep track of large compa- -10 Source: YouGov BrandIndex or negative about the brand in the last score (whether someone has a positive nies that have been caught in scan- -20 fortnight) dropped 16 points from 0.8 or negative impression of a brand) dals, suggesting Hugo Boss’ customer 28 feb 01 Mar 03 Mar 05 Mar 07 Mar 09 Mar CITYAM.COM WEDNESDAY 11 MARCH 2020 NEWS 15 Turkey to host summit on migrants ECE TOKSABAY border gates to Europe for now and grants have been trying to get into the that Greece must open its own gates. EU member state. TURKISH President Tayyip Erdogan “We are not thinking of closing The influx came after Turkey said on said yesterday he will host a summit these gates. Our proposal to Greece is 28 February it would no longer keep in Istanbul on 17 March with the lead- to open the gates. These people won’t them on its territory as part of a 2016 ers of France, Germany and possibly stay in Greece. Let them cross from deal with Brussels in return for EU aid Britain to discuss migrants after Greece into other European coun- for the refugees. Turkey started allowing them to try to tries,” he said, calling for a “just, hu- Greece has sent troops to the border cross into Europe. mane sharing” of the burden. area and used tear gas and water can- Speaking to reporters on his plane This came despite EU pressure for non against the migrants, but pres- returning from Brussels, Erdogan said Turkey to shutter its border into sure has continued, with 963 illegal Turkey was not considering closing its Greece after tens of thousands of mi- migrants stopped yesterday. Reuters Tens of thousands of migrants have tried to cross the border from Turkey into Greece Xi Jinping visits Putin moves to Wuhan as virus secure premier eases in China for next 16 years BRENDA GOH TOM BALMFORTH

CHINA’s President Xi Jinping arrived RUSSIAN President Vladimir Putin in Wuhan, the epicenter of yesterday opened the door to coronavirus outbreak, yesterday to constitutional changes that would inspect epidemic control efforts and allow him to remain in power until visit front line staff such as medical 2036 if he chose to do so, despite workers, state media reported. saying he had misgivings about the Xi arrived on the same day that legal amendments. Wuhan shut the last of 14 temporary Putin, who in January unveiled a hospitals that had been opened to major shake-up of Russian politics manage a surge in coronavirus and a constitutional overhaul, is patients, news website The Paper required by the constitution to step reported. . down in 2024 when his second Earlier in the day yesterday, China sequential and fourth presidential said it had just 19 new coronavirus term ends. infections on Monday, down from 40 But addressing the State Duma — a day earlier. That also marked the the lower house of parliament — third straight day of no new Putin gave what he suggested was his domestically transmitted cases in reluctant blessing to a proposed mainland China outside of Hubei change to the constitution that would province, where Wuhan is located, formally reset his presidential term even as the disease spreads rapidly tally to zero. in other countries, including Italy “The proposal to remove and the US. restrictions for any person, including “The situation of coronavirus the incumbent president... in prevention in Hubei and Wuhan has principle would be possible, but on shown positive changes and achieved one condition — if the constitutional phased results, initially realising court gives an official ruling that goals to stabilise and turn around the such an amendment would not situation,” the official Xinhua news contradict the principles and service cited Xi as saying. main provisions of the constitution,” He acknowledged that people Putin said yesterday. under lengthy quarantine — Wuhan The move, if adopted and backed in and much of Hubei province have a nationwide vote in April, would been under strict controls since late allow him to serve another two back- January — may have frustrations to to-back six year terms. If he chose to vent. “We must understand and do that, and his health and electoral tolerate them,” he said. fortunes allowed, he could stay in Residents of Wuhan were shown office until 2036 at which point he cheering Xi from their apartment would be 83. windows, while negat ive comments A former KGB officer, Putin, 67, has on China’s heavily censored social served four presidential terms in total media were quickly removed. and also done a stint as prime News of Xi’s Wuhan visit gave a lift minister, dominating the Russian to Chinese stocks, with the blue-chip political landscape for two decades. index ending the day 2.1 per cent Critics have accused him of higher after falling into negative plotting to change the constitution to territory in morning trade. extend his rule beyond 2024. Putin Though the Chinese premier was has not spelled out his plans after absent from coverage of the crisis in that date, but has said he does not its early days, he has now made more favour the Soviet-era practice of public appearances. Reuters having leaders for life. Reuters STV shares rise as broadcaster boosts profit JAMES WARRINGTON However, revenue slipped two per for the first time since 2013. cent over the period to £123.8m, which STV said viewing had been bolstered @j_a_warrington it blamed on a squeeze on the wider ad- by entertainment hits such as I’m a SHARES in STV rose almost seven per vertising market. Celebrity and The Chase, as well as new cent yesterday after the Scottish Total advertising revenue grew two dramas including Manhunt and the broadcaster posted a huge rise in per cent to £101.6m, driven by a sharp Rugby World Cup. profit for the full year. increase in digital growth and stronger The broadcaster has also looked to STV, which holds the channel 3 li- demand for regional advertising. focus on its online STV Player in a bid cence in Scotland, reported pre-tax The commercial broadcaster said it to counteract slowing advertising rev- profit of £19m last year, up from just was now the most watched peak time enue for traditional TV. Registrations STV’s viewing figures were boosted by hit dramas such as Liar £1.9m in 2018. channel in Scotland, beating BBC One rose to 3.5m last year. 16 MARKETS WEDNESDAY 11 MARCH 2020 CITYAM.COM

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FTSE stays in the ABCAM 1,300 P Wall St revives 1,250 1,171 as hopes ease 10 Mar red as outbreak 1,200 1,150 recession fears

1,100 ALL Street roared back to life Wyesterday, rebounding from 4 Mar 5 Mar 6 Mar 9 Mar 10 Mar the brink of bear market confirmation as bargain-hunting and concerns linger Abcam, the leading global supplier of research-use-only antibodies, has markedly hopes of government stimulus increased its investment in the past month, including £120m on acquisitions. calmed investors’ fears surrounding Liberum says this investment has squeezed the company’s margins, which have the coronavirus and growing signs of fallen by “850 basis points from the prior year period”. Liberum analysts say the imminent recession. ONDON’s FTSE 100 gave up point. But sentiment brightened in investments “make sense”, but mean that it will take some time before they help All three major indices jumped strong gains from early in the early Asia trade on growing hopes of increase revenues and its margin recovers. On this basis, Liberum has maintained its nearly five per cent the day after day yesterday to end margin- a second interest rate cut this month “hold” rating, but it has lowered its target price to 1,290p. equities markets suffered their biggest Lally lower as optimism by the US Federal Reserve. one-day losses since the 2008 around stimulus measures by Reuters also reported that the Japan- financial crisis. major central banks was overshad- ese government was gearing up to CLOSE BROTHERS Still, the S&P 500 and the Nasdaq owed by heightened coronavirus fears spend $4.1bn (£3.2bn) more to ended the session about 15 per cent in Sweden. counter the impact of the virus, 1,300 P below the record closing highs The commodity-heavy FTSE 100 was which has crushed supply chains and reached on 19 February. Sinking down 0.1 per cent, after falling to its dented business sentiment. beyond the 20 per cent mark would lowest level since 2016 on Monday A survey showed the coronavirus 1,200 confirm a bear market. following a crash in oil prices crisis had reversed a recent 10 Mar US President Donald Trump said he with the eruption of a price upturn in business opti- will take “major steps” to allay market 1,100 1,136 war between Saudi Ara- mism in Britain, which fears by asking Congress for a fiscal bia and Russia. fell to a six-month low. stimulus package to include a payroll Sweden’s Public 1,000 tax cut, among other measures. Health Agency yester- BP recouped from “Coming off yesterday, you’ve got day raised the risk level Monday’s losses, gaining 4 Mar 5 Mar 6 Mar 9 Mar 10 Mar short-term bargain-hunters coupled for local contagion of 3.3 per cent yesterday with potential fiscal stimulus hopes,” the new coronavirus to Merchant banking group Close Brothers recorded adjusted operating profit of said Chuck Carlson, chief executive at “very high” from “mod- Investor attention now £125.7m for 2020, which was a nine per cent annual decrease. Peel Hunt says this Horizon Investment Services in erate” and said it was see- turns to a Budget speech means the consensus that its full-year revenue would be £275m is too high. Its Indiana. “It may be the biggest benefit ing signs of community by chancellor Rishi Sunak decline in operating profit came because of “an increase in credit losses of 68 per is not actually what’s getting done — spread in the Nordic country. today as the City awaits clues on cent to £36.7m”, which resulted in an increased amount of bad debt on the it’s that there appears to be a plan,” Oil prices recouped some of their additional stimulus. company’s books. Peel Hunt says the outlook “stresses uncertainty” and maintained Carlson added. “There does appear to losses on Tuesday, boosting shares of Billionaire investor William Ack- its “hold” rating with a target price of 1,500p. be a willingness to do something, and oil and gas and mining companies. man’s hedge fund Pershing Square that’s probably what’s helping the BP and Royal Dutch Shell both jumped 11.2 per cent, topping the market.” gained about three per cent after midcap index, after his letter to share- FORTERRA Market participants largely expect closing Monday with their worst holders said various hedges “more the US Federal Reserve to cut interest session on record. than compensated” for recent market 340 P rates for the second time this month Fears of a global recession pounded declines that hit portfolio companies. at the conclusion of next week’s two- global equity markets on Monday, Informa, the world’s largest exhibi- day monetary policy meeting. 320 with the Dow Jones Industrials Aver- tions group, jumped 6.4 per cent after 293.50 Energy stocks bounced back from age losing a record 2,000 points at one an upbeat earnings report. 10 Mar their worst decline on record, advancing five per cent. 300 United Parcel Service gained 6.5 TOP RISERS FTSE per cent as Stifel upgraded its shares P 280 to “buy”, while Amazon rose 5.1 per 1. Informa Up 6.38 per cent 7,000 cent on Cowen & Co’s price target 2. Evraz Up 6.24 per cent 4 Mar 5 Mar 6 Mar 9 Mar 10 Mar increase. 3. Melrose Up 5.95 per cent 6,500 Shares of Chevron and Marathon 10 Mar Forterra’s recent results release for 2020 was “largely as expected”, according to Peel Oil rose 5.3 per cent and 21.2 per cent TOP FALLERS Hunt. The construction equipment supplier saw profit before tax decline £2m to 6,000 respectively,after the oil firms and 5,960.23 £62.5m, which was slightly above Peel Hunt’s estimate of £62m. Revenue for the their peers announced cost reduction 1. SSE Down 4.81 per cent period rose by 3.4 per cent, however slower activity in the fourth quarter “held the efforts to combat plunging prices. 2. National Grid Down 4.51 per cent 5,550 results back and the start to 2020 has also been impacted by weather”. The firm’s All 11 major sectors of the S&P 500 3. Meggitt Down 4.20 per cent net debt also increased by £4.5m on 2018, due to increased plant investment. Peel closed higher, led by tech and rate- 4 Mar5 Mar 6 Mar 9 Mar 10 Mar Hunt gives an “add” recommendation, with a 360p target price. sensitive financial shares. CITY MOVES WHO’S SWITCHING JOBS

WAVEMAKER group managing partner at OMD EMEA. His client of De Beers Group. Commenting on the appointment Iles as associate director of lending. Barney will be Wavemaker UK has portfolio includes major brands such as Lidl, Kraft Ernesto Bertarelli, chairman of Waypoint Capital, said: responsible for originating and managing broker and announced the appointment Heinz, Fiat Chrysler and Uber. Verra Budimlija, “Cyrus is an industry leader with a range of significant borrower relationships. He joins from Octopus Real of Elliott Millard as head of Wavemaker chief strategy officer said: “Elliott is an global experiences that combine to make him an ideal Estate, where his role as origination manager built on planning. Based in London, experienced planning and strategy leader who further partner within our firm as we expand our presence in his extensive knowledge and experience of the real Elliott will lead a team of 65 strengthens our senior team with craft skills, the asset management marketplace. I am confident estate market, having previously worked on a wide planners, taking responsibility provocative thinking and great leadership skills.” his highly analytical and sophisticated approach to variety of real estate funding projects in roles at for the strategic element of key investment appraisal, capital allocation and Ingenious Real Estate and Nationwide Building new business pitches. Elliott WAYPOINT CAPITAL performance management will make an immense Society. Commenting on the move, Barney said: “It’s brings over 18 years of media Waypoint Capital has announced the appointment of contribution to the growth and development of an exciting time to join the Capitalrise team and help industry leadership Cyrus Jilla to its senior leadership team. Cyrus joins Waypoint in the coming years.” build on the huge growth they saw last year. With a experience to his new role, from Fidelity International, where he was president. bespoke and flexible approach to prime property most notably in the technology, automotive and retail He started his career at Schroders, later joining Bain & CAPITALRISE finance, I believe that Capitalrise is uniquely sectors. This includes eight years in senior planning Company where he became managing partner of their Capitalrise, the specialist prime property finance positioned to grow market presence and become the and strategy roles at Starcom and, most recently, as London office, then was an executive board member provider, has announced the appointment of Barney go-to lender for prime developers.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM WEDNESDAY 11 MARCH 2020 MARKETS 17

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1424 ÄÄ0.0024 €/$ 1.1311 0.0157 5960.23 17547.05 3332.98 25018.16 8344.25 2882.23 /$ 1.2923 Ä 0.0206 €/£ 0.8754 Ã 0.0019 5.54 0.10 1.88 1 167. 14 393.58 135.67 £ /¥ 134.54 0.4050 €/¥ 117.78 0.6200 ÄÄÄÃÃÃ ÃÃ 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 Temple Bar IT ...... 1024.0 -40.0 1486.0 1024.0 Inchcape...... 562.5 7.0 720.0 545.5 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 Templeton Em Mkts .....714.0 19.0 876.0 695.0 JD Sports Fashion ...... 638.4 -14.6 881.4 464.5 Tsy 8.000 21...... 109.69 -0.05 116.2 109.5 Contour Global...... 163.0 -2.2 222.5 163.0 Games Workshp ...... 5775.0 -190.0 7350.0 2800.0 BP ...... 328.9 10.7 582.5 318.2 Aggreko ...... 563.2 8.8 869.2 554.4 Abcam ...... 1171.0 14.0 1500.0 1066.0 Vietnam Enterprise ..... 389.0 5.5 509.0 383.5 Tsy 2.500 24 ...... 361.76 0.12 377.9 358.8 Drax Gp ...... 232.2 -11.2 386.8 232.2 Kingfisher...... 169.7 7.0 266.2 162.6 LIFE INSURANCE Cairn Energy...... 71.8 -13.6 207.8 71.8 Ashtead Gp ...... 1965.5 26.0 2774.0 1805.5 VinaCapital Vietna ...... 267.0 -5.0 357.5 267.0 Advanced Medical ...... 256.0 12.0 354.5 225.0 Tsy 5.000 25 ...... 124.19 -0.34 126.0 122.1 SSE ...... 1404.0 -71.0 1686.5 1008.0 Marks & Spencer ...... 134.9 -1.6 290.1 134.9 Energean Oil & Gas .....406.0 -34.5 1082.0 406.0 Babcock Intl Grp...... 390.7 -3.6 646.6 390.7 Witan Invest ...... 180.4 -1.6 235.0 180.4 Next ...... 5324.0 24.0 7340.0 5106.0 Aviva ...... 316.1 8.1 438.4 308.0 Alliance Pharma ...... 73.0 -1.0 87.5 63.0 Tsy 4.250 27 ...... 131.64 -0.51 132.8 125.8 ELECTRONIC & ELECTRICAL EQUIPMENT Premier Oil ...... 23.0 -3.2 118.7 23.0 Bunzl ...... 1778.5 -61.5 2551.0 1778.5 Wwide Healthcare .... 2915.0 0.0 3330.0 2495.0 Legal & General ...... 220.8 2.8 318.4 216.7 Tsy 6.000 28 ...... 150.63 -0.70 152.1 143.6 Pets at Home Gp ...... 232.4 -6.8 314.6 140.0 Royal Dutch Shell A....1366.4 48.6 2612.0 1317.8 ASOS...... 2388.0 -113.0 4066.0 2107.0 Halma ...... 1957.0 -19.0 2244.0 1636.0 Phoenix Gp ...... 655.4 -5.3 803.0 634.2 Capita ...... 52.0 -3.7 183.0 52.0 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 95.4 -3.6 139.0 95.4 Royal Dutch Shell B ...1348.0 43.2 2622.0 1304.8 Blue Prism ...... 1326.0 60.0 1841.0 788.0 Tsy 4.125 30 ...... 385.51 -0.47 404.2 367.4 Morgan Advanced ...... 253.2 1.2 324.8 232.4 Prudential ...... 1097.5 7.5 1790.0 1090.0 DCC ...... 4920.0 -152.0 7496.0 4920.0 Watches of Switz ...... 310.6 -18.6 392.8 270.0 Tullow Oil ...... 16.4 0.4 250.0 16.0 Tsy 4.250 32...... 147.19 -0.94 148.1 133.6 Oxford Instruments ..1240.0 -36.0 1654.0 963.0 BT Gp ...... 119.5 -0.6 230.7 119.5 St James Place ...... 877.2 -6.4 1199.5 877.2 Diploma ...... 1737.0 -18.0 2134.0 1342.0 Camellia ...... 7725.0 25.0 11075.0 7700.0 WH Smith...... 1622.0 -37.0 2654.0 1622.0 OIL EQUIPMENT & SERVICES Tsy 4.250 36 ...... 159.20 -1.24 160.4 139.2 Renishaw ...... 3140.0 86.0 4638.0 3054.0 Talktalk Telecom ...... 97.1 -1.9 126.5 97.1 Std Life Aberdeen ...... 244.5 5.1 336.9 238.1 Electrocomp ...... 541.0 -4.0 729.8 540.8 Caretech Holdings ...... 433.0 -2.0 502.0 325.0 Tsy 4.750 38...... 176.94 -1.42 178.4 152.0 Telecom Plus ...... 1264.0 14.0 1552.0 1130.0 HEALTH CARE EQUIPMENT & SERVICES Spectris ...... 2546.0 82.0 3005.0 2234.0 MEDIA Hunting ...... 210.8 -2.0 657.0 210.8 Equiniti ...... 174.6 -9.3 236.2 174.6 Central Asia Metals .....163.0 8.6 266.5 154.4 Tsy 4.250 46 ...... 191.71 -1.43 193.1 1.0 EQUITY INVESTMENT INSTRUMENTS FOOD & DRUG RETAILERS Convatec ...... 172.5 -1.4 220.4 132.6 Petrofac ...... 219.8 -0.2 527.2 219.8 Essentra ...... 330.0 1.2 449.0 328.8 4imprint ...... 2840.0 60.0 3500.0 2190.0 Clinigen Group ...... 635.0 -15.0 1069.0 635.0 AEROSPACE & DEFENCE Greggs ...... 2110.0 2.0 2476.0 1749.0 Mediclinic Intl ...... 331.6 1.3 415.3 293.4 Wood Gp(J) ...... 268.6 -3.2 598.6 268.6 Experian ...... 2410.0 -50.0 2898.0 2003.0 3i Infrastructure ...... 282.5 1.0 317.5 274.0 Ascential ...... 264.2 -10.8 421.2 264.2 CVS Group ...... 977.5 -36.5 1250.0 503.0 Morrison (WM) ...... 176.5 -4.2 230.0 170.1 NMC Health ...... 1000.0 0.0 2942.0 700.0 PERSONAL GOODS Avon Rubber...... 2265.0 -150.0 2780.0 1230.0 Aberforth Smlr Cos ...1128.0 10.0 1546.0 1114.0 Auto Trader Gp ...... 470.0 -5.2 607.6 470.0 Ferguson ...... 6174.0 -94.0 7602.0 4800.0 Ocado Gp ...... 1077.5 0.0 1435.0 1064.0 Smith & Neph...... 1538.5 -45.0 1990.0 1444.5 Dart Group ...... 970.0 -78.0 1943.0 709.5 BAE Systems ...... 550.8 -4.0 669.0 443.9 Alliance Trust ...... 687.0 0.0 876.0 687.0 Euromny Inst Inv...... 970.0 -16.0 1498.0 970.0 Burberry Gp...... 1520.5 10.0 2345.0 1510.5 G4S ...... 132.8 -4.3 234.3 132.8 Sainsbury(J) ...... 198.7 -7.2 240.6 177.1 UDG Hlthcare ...... 647.5 0.0 832.5 551.0 Diversified Gas & Oil ...... 66.6 1.2 116.5 65.4 Meggitt ...... 463.5 -20.3 697.4 463.5 AVI Global Trust...... 640.0 2.0 802.0 638.0 Future ...... 1050.0 70.0 1572.0 736.0 PZ Cussons ...... 166.0 -3.0 227.0 166.0 Hays ...... 119.6 1.0 183.5 118.6 SSP Group ...... 425.0 4.0 721.0 421.0 HOUSEHOLD GOODS QinetiQ ...... 326.0 8.8 387.8 267.0 Baillie Gifford Japan .....617.0 -3.0 848.0 617.0 Informa ...... 600.0 36.0 892.0 564.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1110.0 -3.0 1340.0 988.5 Draper Esprit ...... 502.0 6.0 602.0 410.0 Rolls-Royce ...... 557.4 -10.8 941.2 557.4 Tesco ...... 242.1 1.6 258.9 212.6 Intertek Gp ...... 4873.0 21.0 6170.0 4643.0 EMIS Group ...... 1052.0 -2.0 1242.0 949.0 Bankers InvTst ...... 873.0 9.0 1032.0 856.0 Barratt Devel ...... 667.4 -5.2 878.4 552.8 ITV ...... 92.4 -0.7 156.5 92.4 AstraZeneca ...... 6945.0 -58.0 7878.0 5644.0 Senior ...... 125.8 -2.9 235.0 125.8 FOOD PRODUCERS IWG...... 293.8 -6.2 469.0 244.9 BlackRock Smaller .....1426.0 10.0 1794.0 1298.0 Bellway ...... 3293.0 -64.0 4310.0 2698.0 Moneysupermkt.com ...303.2 11.0 417.7 292.2 Dechra Pharma ...... 2540.0 -10.0 3068.0 2402.0 Fevertree Drinks ...... 1155.5 26.0 2475.0 1129.5 Ultra Electronics ...... 2068.0 162.0 2292.0 1525.0 BMO Global Smaller ...... 114.0 -0.2 150.0 114.0 Assoc British Foods...2043.0 -14.0 2708.0 2043.0 Berkeley Grp Hldgs ...4236.0 -132.0 5474.0 3437.0 Pearson ...... 543.0 5.8 927.0 537.2 Genus ...... 3510.0 6.0 3644.0 2178.0 Network Int...... 509.0 36.0 650.0 473.0 First Derivatives ...... 2400.0 -50.0 3555.0 2100.0 AUTOMOBILES & PARTS Caledonia Inv ...... 2810.0 0.0 3180.0 2810.0 Bakkavor ...... 87.8 -3.7 149.6 87.8 Countryside Prop ...... 429.0 -3.6 540.5 277.6 RELX ...... 1696.0 -35.0 2099.0 1606.0 Pagegroup ...... 361.2 5.8 539.0 355.4 GlaxoSmithKline ...... 1514.6 -33.4 1846.0 1501.6 Frontier Devs ...... 1216.0 86.0 1444.0 866.0 Aston Martin...... 197.7 -11.4 1181.0 197.7 City of London IT ...... 352.0 -4.5 448.5 352.0 Cranswick ...... 3330.0 14.0 3852.0 2488.0 Crest Nicholson ...... 398.8 2.6 519.0 332.0 Rightmove Group ...... 563.0 -7.6 701.2 497.6 Hikma Pharma ...... 1819.0 2.0 2200.0 1556.5 Paypoint...... 771.0 -18.0 1118.0 771.0 Gamma Comms ...... 1205.0 -25.0 1460.0 924.0 TI Fluid Systems ...... 169.8 -0.4 273.0 155.2 Edin Inv Trust ...... 486.5 -2.0 652.0 486.5 Greencore Gp ...... 180.4 -2.4 281.8 180.4 McCarthy & Stone...... 115.1 -1.9 158.8 115.1 WPP ...... 679.4 7.2 1077.5 672.2 REAL ESTATE Rentokil Initial ...... 468.3 -1.4 525.4 345.2 European Opp ...... 754.0 -1.0 926.0 708.0 Hilton Food Gp ...... 964.0 10.0 1118.0 905.0 Sanne Group ...... 525.0 -20.0 752.0 498.0 GB Group ...... 670.0 36.0 800.0 470.0 BANKS Assura ...... 72.7 -0.8 83.5 56.7 F&C Investment ...... 618.0 4.0 786.0 614.0 Tate & Lyle ...... 677.8 -0.2 801.4 663.8 MAIN CHANGES UK 350 Serco ...... 133.4 -4.4 167.7 120.3 Gooch & Housego ...... 1200.0 75.0 1527.5 954.0 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Unilever ...... 4078.0 -89.5 5324.0 4078.0 Big Yellow Gp ...... 1063.0 14.0 1240.0 955.5 Fidelity China SPE ...... 219.0 5.5 253.0 205.5 SIG ...... 47.2 -1.6 153.0 47.2 Hurricane Energy ...... 10.3 -0.1 53.6 10.3 Barclays ...... 116.8 -1.3 192.5 116.8 Fidelity Euro Values .....226.5 0.0 272.0 218.0 FORESTRY & PAPER Risers % Fallers % BMO Comm Prop ...... 91.0 -0.6 124.2 91.0 Ã Ä Travis Perkins...... 1248.0 -16.0 1720.0 1166.0 Impax Asset Mgmt ...... 335.0 0.0 405.0 216.0 BGEO Group ...... 1428.0 28.0 1818.0 1252.0 Fidelity Spec Val ...... 212.5 -2.0 280.5 212.5 Pershing Square ...... 1354.00 11.2 Finablr ...... 29.96 -25.9 British Land ...... 438.4 -2.7 638.8 438.4 Mondi ...... 1493.0 4.5 1846.0 1488.5 TECHNOLOGY HARDWARE & EQUIPMENT HSBC Hldgs...... 478.5 8.5 680.6 470.0 Ultra Electronics ...... 2068.00 8.5 Cairn Energy ...... 71.75 -15.9 Captl & Count Prop ...... 191.0 1.9 270.5 184.8 Iomart Group ...... 351.0 15.5 405.0 316.5 Finsbury G&I Tst ...... 755.0 -10.0 958.0 755.0 GENERAL FINANCIAL Lloyds Banking ...... 42.5 1.3 67.2 41.2 GCP Infra Inv ...... 117.8 -0.4 134.0 117.0 Dominos Pizza ...... 308.50 8.4 Premier Oil ...... 23.00 -12.2 CLS Hldgs ...... 241.0 0.5 312.5 212.0 Spirent Comms ...... 210.5 8.0 256.0 140.4 IQE...... 40.1 2.2 94.2 37.8 3i Group ...... 862.6 4.0 1184.5 858.6 Network Int ...... 509.00 7.6 Energean Oil & Gas ...... 406.00 -7.8 Daejan Hldgs ...... 7970.0 -10.0 8040.0 4715.0 Royal Bank of Scot ...... 141.8 0.9 270.4 140.9 Genesis Emerging ...... 676.0 16.0 818.0 660.0 TOBACCO James Halstead ...... 470.0 -20.0 570.0 440.0 Puretech ...... 274.00 7.5 Cineworld Group ...... 96.02 -7.7 Standard Chartered .....473.2 16.9 738.6 456.3 Greencoat UK ...... 135.2 -3.2 152.8 133.8 Ashmore Gp ...... 401.0 5.2 570.0 395.8 Derwent London ...... 3746.0 -174.0 4282.0 2884.0 FirstGroup ...... 101.30 7.2 Capita ...... 51.98 -6.7 Br Am Tob ...... 2889.0 -89.5 3507.0 2648.0 Johnson Service Gp .....178.6 -6.4 223.0 132.0 TBC Bank Group...... 1200.0 62.0 1706.0 1138.0 Harbourvest Glb ...... 1596.0 -14.0 1868.0 1406.0 Brewin Dolphin ...... 260.2 -6.6 375.2 260.2 Grainger ...... 277.8 0.0 338.0 217.4 Future ...... 1050.00 7.1 Intermediate Capital ...... 1267.00 -6.4 Imperial Brands ...... 1496.2 -60.2 2648.5 1496.2 Virgin Money UK ...... 115.4 4.3 220.1 104.4 Close Brothers ...... 1136.0 -2.0 1663.0 1136.0 Grt Portland Est ...... 807.0 -24.2 966.0 649.4 Keywords Studios ...... 1478.0 41.0 1838.0 1068.0 Herald Inv Trust ...... 1222.0 16.0 1530.0 1205.0 Ferrexpo ...... 119.65 6.8 Avon Rubber ...... 2265.00 -6.2 Coats Group ...... 58.8 1.9 86.8 56.5 Hammerson ...... 175.1 5.2 383.0 169.8 TRAVEL & LEISURE Learning Tech Gp ...... 133.4 4.4 172.2 63.7 BEVERAGES HICL Infr ...... 168.0 0.2 183.0 156.6 Informa ...... 600.00 6.4 Fresnillo ...... 617.60 -6.1 JPM American ...... 413.0 -4.5 524.0 413.0 Finablr ...... 30.0 -10.5 215.0 30.0 Land Securities...... 761.6 5.4 1001.5 735.4 Carnival ...... 1655.0 -18.5 4237.0 1655.0 M&C Saatchi ...... 81.6 6.6 394.0 68.6 Barr (AG) ...... 512.0 -3.0 975.0 512.0 Evraz ...... 246.80 6.2 Watches of Switz ...... 310.60 -5.7 JPM Emerg Mkt ...... 897.0 20.0 1088.0 877.0 Hargreaves Lans...... 1336.0 60.0 2433.0 1276.0 LondonMetric Prop .....204.6 -3.0 241.2 192.4 Cineworld Group ...... 96.0 -8.0 321.0 96.0 Britvic ...... 821.0 -1.0 1068.0 821.0 M.P. Evans ...... 660.0 32.0 750.0 612.0 JPM Indian IT ...... 594.0 18.0 790.0 576.0 IG Gp...... 637.8 -18.4 725.2 474.8 Persimmon ...... 2467.0 -16.0 3298.0 1836.0 MINING NewRiver Retail ...... 145.6 4.2 246.0 141.4 Compass Gp ...... 1438.5 -38.5 2138.0 1438.5 Coca-Cola HBC AG ...... 2163.0 -64.0 3074.0 2163.0 Primary Hlth Prop ...... 150.4 1.8 162.8 126.6 Majestic Wine ...... 218.5 -2.0 318.0 208.0 JPM Japan IT ...... 372.5 3.5 477.5 369.0 Integrafin Holdings ...... 427.0 -4.0 529.0 337.0 Reckitt Benckiser ...... 5602.0 -134.0 6688.0 5602.0 Anglo American ...... 1547.4 45.2 2266.0 1502.2 Dominos Pizza ...... 308.5 23.8 326.4 221.2 Diageo ...... 2599.0 -17.0 3625.5 2599.0 Intermediate Capital . 1267.0 -87.0 1877.0 1040.0 Redrow...... 645.0 -17.0 848.0 533.0 Safestore Hldgs ...... 787.0 -11.0 867.0 586.0 Midwich Group ...... 476.0 16.0 633.0 460.0 Jupiter Fund Mngt ...... 253.9 0.0 432.0 253.9 Antofagasta ...... 715.4 26.6 1022.5 688.8 easyJet ...... 1001.0 23.2 1552.0 854.8 CHEMICALS Intl Public Prtnshps .....158.8 0.8 171.2 146.8 Taylor Wimpey ...... 185.9 -0.2 236.2 142.9 Savills ...... 983.5 -1.5 1258.0 822.0 Mortgage Advice B ...... 616.0 -34.0 800.0 546.0 Law Debenture ...... 568.0 -2.0 654.0 552.0 BHP Group ...... 1129.0 17.6 2049.0 1111.4 FirstGroup ...... 101.3 6.8 137.5 90.0 Croda International ..4432.0 70.0 5375.0 4362.0 Investec ...... 332.4 5.0 518.6 327.4 Vistry Group ...... 1141.0 -13.0 1478.0 975.0 SEGRO ...... 808.2 -2.0 935.0 660.8 Mercantile IT ...... 219.0 0.0 278.5 188.0 Centamin ...... 125.5 -7.0 153.2 79.8 Flutter Ent...... 7984.0 -148.0 9456.0 5592.0 Next Fifteen Comm .....440.0 -3.0 658.0 440.0 Elementis...... 81.2 -1.9 184.5 81.2 IP Group ...... 58.5 0.3 100.4 55.7 INDUSTRIAL ENGINEERING Shaftesbury ...... 747.0 -17.0 979.5 739.5 Monks Inv Tst ...... 840.0 13.0 1026.0 817.0 Fresnillo ...... 617.6 -40.2 921.2 539.6 Go-Ahead Gp ...... 1670.0 -42.0 2278.0 1670.0 Nichols...... 1322.5 -27.5 1880.0 1230.0 Johnson Matt...... 2266.0 41.0 3454.0 2225.0 John Laing Gp ...... 333.8 12.0 402.0 321.8 St Modwen Props ...... 439.5 -5.5 530.0 373.0 Murray Intl Tst ...... 1000.0 0.0 1286.0 1000.0 Bodycote ...... 643.5 -6.5 971.0 643.5 GVC Hldgs ...... 696.0 -20.2 939.0 507.5 London Stock Exch ....7036.0 -210.0 8542.0 4538.0 Glencore ...... 155.4 2.8 340.3 152.6 TR Property IT ...... 426.0 -1.0 497.5 385.5 Numis Corporation ...... 224.0 -3.0 306.0 212.0 Synthomer ...... 247.2 -1.4 420.8 247.2 Next Energy Solar ...... 115.0 0.0 126.5 114.0 Hill & Smith ...... 1310.0 54.0 1510.0 1049.0 Hochschild Mining ...... 159.8 -0.1 227.0 152.0 Intercontl Htls ...... 3860.0 10.0 5738.0 3850.0 Polar Capital Hdgs ...... 433.0 -1.0 604.0 433.0 Victrex ...... 1964.0 51.0 2540.0 1845.0 Pantheon Intl Partn ...2175.0 10.0 2620.0 2040.0 Man Group ...... 113.9 -1.8 175.2 113.9 Tritax Big Box ...... 126.5 0.2 159.7 126.3 IMI ...... 875.4 15.8 1206.0 859.6 Intl Cons Airl...... 419.8 0.8 671.0 413.5 Onesavings ...... 330.2 1.2 452.0 313.6 Kaz Minerals ...... 343.8 14.5 738.4 329.3 UK Commercial Prop ...... 76.7 0.2 92.7 76.5 Purplebricks Gp ...... 65.1 4.1 132.0 61.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...253.0 0.0 342.0 253.0 Melrose Ind ...... 176.3 9.9 248.5 160.7 Paragon...... 398.4 4.2 553.5 388.0 Polymet Int...... 1299.0 -6.5 1345.0 772.6 Unite Group ...... 1064.0 -15.0 1339.0 896.5 Just Eat Takeaway.com 6150.0 -135.0 8255.0 6150.0 Pershing Square ...... 1354.0 136.0 1578.0 1218.0 RHI Magnesita ...... 2442.0 94.0 5000.0 2348.0 Renew Holdings...... 475.0 5.0 568.0 360.0 Balfour Beatty ...... 220.8 4.8 293.4 194.2 Plus500 ...... 890.0 -23.8 957.0 495.0 Rio Tinto ...... 3359.0 110.0 4976.5 3249.0 Workspace Gp ...... 983.5 -34.5 1307.0 806.0 Marstons ...... 74.8 -3.6 131.4 74.8 Personal Assets Tst .41450.0 0.0 44050.0 Rotork ...... 249.9 6.9 341.2 243.0 RWS Holdings ...... 509.0 9.0 670.0 475.5 CRH ...... 2402.0 -22.0 3100.0 2279.0 Provident Fin ...... 344.8 -8.7 583.8 344.8 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES Mitchells & Butlers .....299.0 11.0 470.5 238.0 40150.0 Spirax-Sarco...... 8310.0 10.0 9415.0 6990.0 Galliford Try...... 132.7 -3.3 190.4 102.4 Quilter ...... 132.8 2.8 174.7 124.2 National Express ...... 350.4 -1.0 476.0 350.4 Scapa Group ...... 139.0 -2.4 403.0 139.0 Polar Cap Tech Tst ...... 1426.0 6.0 1746.0 1228.0 Weir Gp ...... 1116.5 14.5 1814.0 1102.0 Vodafone Gp ...... 121.8 -2.4 165.2 121.8 Avast...... 375.8 -1.2 551.0 282.0 Grafton Group...... 765.0 26.0 990.0 645.5 Rathbone Brothers .....1422.0 -80.0 2540.0 1422.0 PPHE Hotel Gp ...... 1500.0 0.0 2140.0 1500.0 Secure Income REIT ....417.0 -2.0 473.0 394.0 Pollen Street ...... 790.0 0.0 884.0 790.0 Aveva Gp...... 3704.0 172.0 5315.0 3024.0 Ibstock ...... 203.4 -5.6 322.2 203.4 Schroders ...... 2361.0 50.0 3443.0 2311.0 INDUSTRIAL METALS NONLIFE INSURANCE Renewables Infra Gp ...128.6 -2.0 139.2 115.4 Computacenter...... 1491.0 -25.0 1920.0 1049.0 Rank Gp ...... 216.5 -11.5 326.0 144.0 Serica Energy...... 86.0 4.0 143.4 82.0 Marshalls ...... 667.0 0.0 876.0 545.5 TP ICAP ...... 361.2 6.6 417.5 270.0 Evraz ...... 246.8 14.5 709.4 232.3 RIT Cap Partners ...... 1890.0 24.0 2180.0 1866.0 Admiral Gp ...... 2078.0 28.0 2330.0 2014.0 FDM Group...... 827.0 11.0 1100.0 647.0 Restaurant Grp ...... 84.2 0.5 166.4 83.0 Smart Metering Sys.....451.0 -3.0 627.0 310.0 Polypipe Group ...... 510.0 7.0 619.0 372.8 Ferrexpo ...... 119.7 7.7 301.3 112.0 Schroder Asia ...... 410.0 14.0 485.5 396.0 GENERAL RETAILERS Beazley ...... 494.8 16.4 628.0 478.4 Kainos Gp ...... 668.0 -24.0 880.0 430.0 Stagecoach Gp...... 106.0 -0.3 165.2 106.0 DIVERSIFIED INDUSTRIALS Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Inv Tst ...... 691.0 11.0 843.0 680.0 INDUSTRIAL TRANSPORTATION Direct Line Ins ...... 293.5 8.1 366.5 270.5 TUI AG ...... 488.0 3.9 1081.5 484.1 B&M ...... 305.9 3.8 420.9 302.1 Micro Focus Intl ...... 609.0 16.6 2160.0 592.4 Thorpe (F.W.) ...... 286.0 1.0 359.0 267.0 Smith (DS) ...... 304.2 1.4 394.8 302.8 Scottish Mortgage ...... 556.0 10.0 659.0 472.0 Dixons Carphone ...... 97.3 -1.7 152.4 97.3 Clarkson ...... 2205.0 -85.0 3110.0 2200.0 Hastings Gp Hldgs ...... 155.8 3.8 231.6 152.0 Playtech ...... 221.2 9.9 457.7 211.3 Wetherspoon (JD) ...... 1197.0 -22.0 1734.0 1197.0 Watkin Jones ...... 241.0 1.0 286.0 199.6 Smiths Gp...... 1251.5 -1.0 1769.5 1251.5 Sequoia Econ Infra ...... 109.8 0.0 118.6 109.8 Dunelm Gp...... 968.0 -23.0 1404.0 730.5 Fisher (James) ...... 1764.0 84.0 2260.0 1680.0 Hiscox ...... 1143.0 21.0 1777.0 1122.0 Sage Group ...... 622.0 -5.4 820.4 622.0 Whitbread ...... 3195.0 -70.0 5152.0 3195.0 Smurfit Kappa Gp...... 2422.0 12.0 3010.0 2096.0 Smithson Inv ...... 1176.0 -4.0 1388.0 1115.0 Frasers Group ...... 297.4 -5.6 518.0 214.0 Royal Mail ...... 154.3 -0.2 268.5 154.3 Lancashire Hldgs ...... 690.0 10.5 807.0 640.5 Softcat ...... 988.5 23.5 1260.0 782.0 William Hill ...... 126.0 -2.0 205.2 126.0 Young’s Brew NV ...... 1145.0 5.0 1310.0 1030.0 Vesuvius...... 387.8 6.4 642.0 341.0 Syncona ...... 230.5 6.0 267.0 203.0 Howden Joinery Gp...... 583.0 -5.2 732.6 478.8 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 476.1 5.1 597.0 471.0 Sophos ...... 580.4 0.0 580.4 298.2 Wizz Air Holdings ...... 3376.0 20.0 4496.0 2880.0 Young’s Brew-A...... 1345.0 45.0 1885.0 1300.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 221.55 -4.15 316.05 204.80 3M ...... 153.30 9.24 219.50 144.06 AIR LIQUIDE ...... 112.10 -1.85 140.30 110.65 ABBOTT LABORATORIES ...... 80.88 3.86 91.86 72.88 ALLIANZ AG ...... 176.46 4.70 232.20 171.76 ADOBE INC ...... 332.38 26.59 383.28 257.09 AMADEUS IT GROUP ...... 51.94 -2.44 78.60 42.30 ALPHABET NON VTG-C ...... 1280.39 64.83 1526.69 1036.23 ANHEUSER BUSCH INBEV ...... 43.01 0.30 92.71 42.70 ALPHABET-A ...... 1275.17 59.38 1524.87 1116.79 AMAZON.COM ...... 1891.82 91.21 2170.22 1686.22 ASML HOLDING NV ...... 234.70 -1.50 292.95 161.92 AMERICAN EXPRESS ...... 103.30 5.01 136.93 98.29 AXA ...... 17.73 -0.27 25.50 18.00 APPLE INC ...... 285.34 19.17 327.20 173.30 BANCO SANTANDER ...... 2.65 -0.03 4.10 2.68 AT&T ...... 35.85 1.16 39.63 30.28 BASF...... 47.10 -0.05 74.49 47.15 BANK OF AMERICA ...... 23.61 1.68 35.64 21.93 BAYER AG...... 57.36 -0.93 78.06 52.53 BERKSHIRE HATHAWAY...... 202.73 9.60 230.20 193.13 BBVA ...... 3.45 -0.05 5.69 3.50 BOEING CO ...... 231.01 3.84 395.86 227.17 BMW ...... 50.65 -0.29 77.75 50.94 CATERPILLAR INC ...... 106.49 2.42 150.53 104.07 BNP PARIBAS ...... 34.63 0.84 54.18 33.78 CHEVRON ...... 84.98 4.31 126.54 80.67 CRH ...... 27.52 -0.49 36.50 26.70 CISCO SYSTEMS ...... 40.08 2.12 58.05 37.96 DAIMLER ...... 31.29 0.99 59.31 30.30 CITIGROUP ...... 55.58 4.21 81.91 51.37 DANONE ...... 57.30 -0.82 82.00 58.12 COCA-COLA CO ...... 53.66 1.80 60.13 45.30 DEUTSCHE POST AG ...... 24.49 1.90 34.91 22.59 COMCAST ...... 39.10 1.22 47.50 37.88 DOW ...... 31.40 0.87 66.65 30.53 DEUTSCHE TELEKOM ...... 13.35 -0.30 16.61 13.65 EBAY INC ...... 36.04 0.52 41.57 33.56 ENEL ...... 6.70 -0.40 8.57 5.47 EXXON MOBIL ...... 43.41 1.55 83.38 41.86 ENGIE...... 13.01 -0.67 16.64 12.45 FACEBOOK ...... 178.19 8.69 223.23 169.50 ENI ...... 8.16 0.07 15.94 8.10 GOLDMAN SACHS GROUP ...... 184.35 11.54 249.72 172.81 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 225.70 15.24 247.02 181.14 FRESENIUS MEDICAL CARE ...... 65.96 0.34 77.66 57.92 HONEYWELL INTERNATIONAL ...... 161.69 8.83 183.23 152.86 IBERDROLA ...... 9.34 -0.56 11.22 6.02 IBM ...... 124.77 6.96 156.76 117.81 INDITEX ...... 24.32 -1.19 32.37 2.55 INTEL ...... 53.98 3.13 68.47 43.46 ING GROEP NV...... 6.42 -0.05 12.05 6.47 JOHNSON & JOHNSON ...... 141.64 5.20 153.99 126.95 INTESA SANPAOLO...... 1.71 -0.04 2.60 1.75 JPMORGAN CHASE & CO ...... 100.70 7.26 141.09 93.44 KERING ...... 449.95 -7.10 610.20 425.05 MASTERCARD INC ...... 280.57 18.56 344.56 228.50 MCDONALD’S ...... 199.86 13.00 221.15 182.06 KON KPN NV ...... 2.05 -0.03 2.96 2.08 MEDTRONIC ...... 96.36 3.96 121.30 84.15 L’OREAL ...... 234.40 -2.40 275.30 228.60 MERCK & CO ...... 82.02 3.06 92.04 73.19 LVMH MOET HENNESSY ...... 334.80 -3.20 439.05 310.50 COMMODITIES TOURIST RATES MICROSOFT ...... 160.92 10.30 188.70 114.50 MUENCHENER RUECKVE ...... 215.10 -0.90 282.50 207.50 NETFLIX ...... 364.13 17.64 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1658.49 -14.67 Copper Cash Official...... 5482.50 -141.00 Canada ...... 1.6941 New Zealand ...... 1.9238 NIKE INC ...... 88.30 4.19 104.58 77.14 ORANGE ...... 10.85 -0.46 15.01 11.30 Silver (Pence) ...... 1688.50 -59.50 Aluminium Cash Official ...... 1643.25 -43.50 Croatia ...... 7.7984 Norway...... 11.82 ORACLE ...... 48.58 2.57 60.15 46.01 ROYAL PHILIPS ...... 34.27 -0.32 45.61 34.59 Silver (Cents) ...... 1289.00 -55.00 Nickel Cash Official ...... 12412.50 -292.50 Czech Republic ...... 26.86 Poland ...... 4.3507 PAYPAL HOLDINGS ...... 109.74 8.11 123.91 96.64 SAFRAN ...... 105.65 -1.85 150.25 107.50 Krugerrand ...... 1694.09 +6.23 Aluminium Alloy Cash Official ...... 1375.00 +5.00 Denmark ...... 8.1318 Singapore ...... 1.6846 PEPSICO ...... 134.14 3.98 146.99 118.61 SANOFI ...... 78.37 -1.56 94.00 72.24 Brent Crude ...... 34.36 -10.91 Natural Gas ...... 21.62 -0.23 Hong Kong ...... 9.6083 Sweden ...... 11.76 PFIZER INC ...... 34.59 0.83 44.40 33.42 SAP SE ...... 102.50 3.99 129.36 96.40 Platinum ...... 873.00 -22.00 Tin Cash Official ...... 16557.50 -350.00 Iceland ...... 147.78 Switzerland ...... 1.155 PROCTER & GAMBLE ...... 120.55 4.49 127.14 101.18 SCHNEIDER ELECTRIC ...... 80.90 -1.24 102.90 67.74 British Sovereign ...... 394.87 +1.42 Zinc Cash Official ...... 1925.25 -52.50 India ...... 85.27 Turkey ...... 7.6033 TRAVELERS COMPANIES ...... 119.57 3.37 154.83 116.20 SIEMENS AG ...... 81.00 1.10 119.90 79.90 Lead Cash Official ...... 1849.25 -29.75 White Sugar ...... 355.60 -14.70 Israel ...... 4.1407 United States ...... 1.2443 TWITTER ...... 34.31 1.85 45.42 28.89 UNITED HEALTH GROUP ...... 280.00 6.56 305.31 215.26 SOCIETE GENERALE...... 18.15 0.52 31.93 17.62 UNITED TECHNOLOGIES ...... 119.37 4.01 156.83 115.36 TELEFONICA SA ...... 4.41 -0.18 9.18 4.59 WORLD INDICIES VERIZON COMMUNICATIONS ...... 56.52 0.69 62.07 54.16 TOTAL ...... 31.52 0.54 52.27 30.98 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 182.60 11.47 213.31 168.86 UNILEVER NV ...... 45.83 -1.22 57.56 47.05 FTSE 100...... 5960.23 -5.54 -0.09 S&P 500...... 2882.23 +135.67 +4.94 CAC 40 ...... 4636.61 -71.30 -1.51 Hang Seng ...... 25392.51 +352.05 +1.41 WALGREENS BOOTS ALLIANCE...... 49.16 0.72 76.05 45.76 VINCI ...... 75.76 -4.96 106.75 80.72 FTSE 250 ...... 17547.05 -0.10 -0.00057 Dow Jones I.A ...... 25018.16 +1167.14 +4.89 Swiss Market Index ...... 9195.93 -0.67 -0.01 Nikkei ...... 19867.12 +168.36 +0.85 WALMART ...... 119.79 2.63 121.28 96.94 VIVENDI ...... 21.06 -0.14 26.42 21.20 FTSE All-Share ...... 3332.98 -1.88 -0.06 Nasdaq Composite ...... 8344.25 +393.58 +4.95 ISEQ Overall Index ...... 5826.65 -61.53 -1.04 STI Index ...... 2832.54 +50.17 +1.80 WALT DISNEY CO ...... 111.46 7.11 151.64 104.35 VOLKSWAGEN AG ...... 133.50 2.90 185.52 130.60 FTSE AIM All-Share ...... 806.15 +5.25 +0.66 Xetra DAX...... 10475.49 -149.53 -1.41 FTSEurofirst 300 ...... 1310.38 -13.34 -1.01 ASX All Ordinaries...... 5995.80 +173.40 +2.98 WELLS FARGO & CO ...... 35.08 2.60 54.46 32.48 18 OPINION WEDNESDAY 11 MARCH 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS If we want cutting-edge R&D, TO THE EDITOR we must rethink our attitude Coronabias [Re: FTSE 100 loses £144bn after worst day since 2008] The recent frenzy of panic-buying toilet roll LIKELY centre-piece of which was his proudest achieve- itively understand — it is worth tak- and hand sanitizer is a great example of the today’s Budget will be a Hetan ment — the Child Trust Fund — was ing some risks to deal with increas- human inclination, well-documented in new agency to fund high- Shah later cut with little public protest. It ingly tangible threats such as behavioural science, to “herd” while Arisk, high-reward scien- was, in his view, a well-crafted pol- climate change. overreacting to uncertain situations. tific research. icy, but it suffered from a long pay- Such a mission would also allow Behaviours that are hardwired in humans Brainchild of the Prime Minister’s back period and little public science, engineering, social science lead us to massively over-estimate chief special adviser Dominic Cum- engagement. It’s easy to see how and the humanities disciplines to personal risk in uncertain situations, like mings, the Advanced Research Proj- Arpa could suffer the same fate. come together to think about creat- the one we find ourselves in with Covid-19 ects Agency (Arpa) is to be modelled You need look no further than the ing new technologies, and the asso- — you could call it our “coronabias”. after similar bodies in the US — UK’s weak productivity growth over ciated behaviour shifts required. Investors would do especially well to try most notably Darpa which has fo- riod with the public will be over, the last decade to observe how des- It will not be easy to select the to keep their coronabias in check. Focus on cused on defence related research. and Boris Johnson will undoubtedly perately we need greater support for right high-risk investments to back. the facts and stick with your process — Darpa has a mythical status in the face a more coherent opposition. If moving the results of research out That is, after all, why they are high- now is not the time to freak out. world of research funding, espe- its key proponents are working on of university settings in order to in- risk. We live in a country with a pub- The irony is that, if we can overcome our cially in its most early years. It is a other things by then (who knows fluence innovation across industry lic that has not shown itself to be own coronabias, we can actually affect the high-risk funder which seeks out how long Cummings intends to re- and public services. comfortable with policy experimen- outcome: we do have control over our own key areas to fund which are not yet main in Downing Street), Arpa Unfortunately, even US attempts tation and failure, as demonstrated behaviour, and it is our behaviour, en ready for the private sector to step might find itself a lonely organisa- to create similar bodies to Darpa in by the way the term “postcode lot- masse, that drives corporate earnings. in. It was an early investor in com- tion with few defenders. energy research and intelligence tery” has been the death knell to any Keep calm and carry on. puter networking which eventually Good policies can die without have not been spectacular successes. local policy experimentation. Clare Flynn Levy, chief executive and sparked the invention of the inter- public support. Matthew Taylor, a So how can the new UK Arpa max- Building cross-party support for founder, Essentia Analytics net, for example, and funded work policy chief under the Blair govern- imise its chances? Arpa would also therefore be wise, at Xerox which led to modern-day ment, regrets that the initiative Clarity of purpose is key. The gov- although there appears to be little home computers. ernment has sometimes talked sign of this so far. Flying high But while the idea of Arpa has gar- about Arpa as a body to focus on This is a government that is bet- nered support from some of the re- blue-sky basic research, but existing ting the farm on investment in sci- [Re: Flybe’s final flight] search policy community, the research funders should have this ence and research as the route to Flybe’s demise is yet another sign that biggest issue this fledgling new covered. It is widely accepted that prosperity — it has promised to dou- there needs to be serious attention paid to agency will face is our political and the UK’s pure research is outstand- ble investment in R&D. A well- investing properly in the UK's regional public intolerance for failure. While the idea ing, but that we are less strong at formed Arpa could help the UK to connectivity across road, rail and air. But Darpa works like a venture capital commercialising it. The gap in the apply many insights currently it’s not just about connecting the country firm, recognising that most of the of Arpa has funding landscape is in helping to being developed in universities to at a macro-level. We also need to focus on projects it backs will fail, but that move research findings out of uni- the wider economy. creating local infrastructure to support the massive success of a small num- garnered support, versities and into applications in in- The biggest risk, however, is that local jobs in sustainable, clean industries ber will make it worthwhile. dustry and the public sector. in a decade’s time the public thinks near where people live to ensure that they The UK press, however, likes noth- the biggest issue A key lesson from Darpa is that Arpa has been a waste of money — do not have to travel vast distances in gas- ing more than picking over the car- this fledgling the agency has a focus on one area: and that this colours their wider at- guzzling cars or on outdated and cass of government failure. The defence. A UK Arpa needs to pick a titudes to support for UK science unreliable rail infrastructure. If business papers will no doubt give plenty of agency will face is lane, although it need not necessar- and research, a key source of our and government can come together to airtime to the annual reports of an ily just focus on a narrow sector. long-term prosperity. develop creative solutions, we can start to agency that expects the majority of our political and Given the need for a long-term and pivot the UK’s economy to a cleaner one. its investments to fail. public intolerance inspirational mission, tackling envi- £Hetan Shah is chief executive of Martin Bellamy, chairman, This is Gravity Cast your mind ahead a few years: ronmental challenges could be a the British Academy. He is on Twitter this government’s honeymoon pe- for failure good focus. The public would intu- @HetanShah. BEST OF TWITTER Libertarians: Government sucks, let’s hollow out the civil service Going viral? How mathematical models *Pandemic comes, hollowed-out civil service is unable to respond effectively* Libertarians: See, told you attempt to predict the spread of disease government sucks @Noahpinion

HE VARIOUS pronounce- From the names of the categories, ulation. Then, very quickly, these Progressives: Government should do ments on coronavirus are a Paul it is known as the SIR model — sus- accelerate dramatically. everything, let’s throw billions of source of puzzlement to Ormerod ceptible, infected, recovered. Imagine a city of one million. Peo- dollars into an unwieldy and Tmany. On the one hand A major uncertainty is whether to ple are only infectious for one day ineffectual bureaucracy there are lurid predictions use this model or its SIS variant. and infect two susceptibles. Some- *Pandemic comes, unwieldy and of millions of cases and hundreds of Here, the final “S” also means sus- one catches the disease. There are ineffectual bureaucracy is unable to thousands of deaths. On the other, ceptible. The SIS model means that only 128 cases at the end of the first respond effectively* while the actual numbers are grow- people can get re-infected. The com- week. But in less than three weeks, Progressives: See, it’s the libertarians’ ing, they seem tiny so far compared mon cold is a good example. everyone will have had it. fault! to the scale of the predictions. The key part of the system is deter- Modern versions of the model @PhilWMagness Almost 100 years ago, two Scots, that Elvis Presley is alive. It is not mining how many susceptibles any look more closely at how people in- Anderson McKendrick and William clear yet who is susceptible to Covid- given infected person passes the dis- termingle in reality, and use big The UK response to coronavirus isn’t Kermack, developed an apparently 19. It seems to be affecting most de- ease onto before he or she recovers. data to map infection patterns. This perfect. But the government had far simple mathematical model to ex- mographic groups, but the World In turn, this depends on how much is the basis for the search for so- more aggressive testing much quicker plain and predict the spread of Health Organisation pondered last the susceptibles and infected inter- called “super spreaders”. than the US; the response has been viruses. This abstract model re- week that children might not be mingle (hence the drastic quaran- In practice, predicting the course guided by public health experts rather mains the basis of our modern un- susceptible, for example. tines in China and Italy), the of any particular virus is a chal- than the president’s “hunches”; derstanding. It gives insights not The next category is those who are probability of catching the virus lenge. My sympathies lie with those nobody calls it a hoax or scam; and just into the spread of diseases, but infected, which is straightforward from a single contact, and the who have this task. But a 100-year- there is drive-thru testing. how things like fake news dissemi- enough. The final one is “recov- length of time someone is infected. old mathematical model tells us @brianklaas nate on the internet. ered”. This could mean genuinely Basically, a virus will spread if a that the very large numbers we read These economists proposed that recovered, or actually dead — at any sufferer infects on average more about could easily become reality. North Americans: *hoarding toilet people at any point in time are in rate, no longer susceptible. than one susceptible. The current paper, vociferously debating the one of three conceptual states. Kermack and McKendrick set up number for Covid-19 seems to be be- £ Paul Ormerod is an economist at merits of hand sanitizer* The first defines those who are three non-linear differential equa- tween two and three. Volterra Partners LLP, a visiting professor France: FOR THE LAST TIME, COCAINE susceptible to any particular virus. tions to describe how a virus might Typically, solutions of the model in the Department of Computer Science DOES NOT PREVENT CORONAVIRUS For example, a certain type of per- spread. Their apparent simplicity start with a very small number of at UCL, and author of Against the Grain: @anne_theriault son may be susceptible to rumours disguises a fiendish complexity. cases relative to the size of the pop- Insights of an Economic Contrarian. CITYAM.COM WEDNESDAY 11 MARCH 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Wanted: Someone to breathe DEBATE Should the Bank of England new life into the fumbling BBC consider an emergency interest ODAY is your last chance to will need to hit the ground running. rate cut in response Covid-19? throw your hat in the ring Atholl These things will not be achieved by for one of the most impor- Duncan an internal candidate. The external Ttant roles in British public names in the frame include Channel This is an emergency situation and life. That’s right, it’s the clos- 4 boss Alex Mahon, Apple’s Jay Hunt, emergency measures are needed. ing date for applications to be the or ITV chief executive Carolyn McCall The Budget needs to focus on next director general of the BBC. (although the latter would have to providing short-term help, but a joint YES The successful candidate will be the take a bath on her £3.7m remunera- monetary and fiscal stimulus would most critical appointment at the BBC tion in 2018). Smart money says we’ll make the biggest impact. Consumer VICKY PRYCE since Lord Reith was made general see the first female DG. It might even and business confidence were manager in 1922. With income of where it excels. be someone from outside the UK. improving, but both are taking a knock which will be under stress, and relaxing £5bn, 20,000 employees, bases in 59 They must also create a clear vision The board of the BBC would be wise as a result of the coronavirus scare. capital requirements for banks which countries, and a salary of £450k, it’s of a new business model which will not to rely just on traditional inter- Monetary policy still has a lot it can offer, should allow hundreds of billions of a big job. survive beyond the phasing out of the view panels in making such a critical as it did after the referendum vote. A 50- pounds to be lent to the economy. The candidate brief prepared by licence fee. In the age of Netflix and selection. Increasingly at my com- basis-point cut down to 0.25 per cent is The UK now needs lots of extra Odgers informs us that the BBC “faces Amazon Prime, the BBC needs re- pany, we see clients using sophisti- perfectly consistent with meeting the liquidity to get us through the next few a unique set of challenges… a digital defining — who is it for, and what pur- cated psychometric assessments current inflation target of two per cent. months, and there is little point in native generation is growing up with pose does it serve? A leader who can which reveal insights that would not And more should be announced waiting for the crisis to deepen. a different set of media habits”. These bring an end to the catalogue of repu- be discovered in the normal process. immediately, including a resumption of changes threaten to make the BBC and tational shambles — from the Jimmy These methods predict human per- quantitative easing, a new funding for £ Vicky Pryce is former joint head of the its licence fee funding model obsolete. Saville scandal to the gender pay gap formance, behaviour, predispositions, lending scheme to provide subsidised Government Economic Service, and The job description also suggests — is essential too. and capability. loans to through the banking system author of It’s the Economy, Stupid. that the ideal candidate needs com- Most importantly, they must defend Lord Patten may have wished he had mitment to the BBC’s public purpose, BBC journalism in the age of rage, used such assessments when he was exceptional leadership, and demon- while addressing its conscious and un- BBC chair back in 2012. He got it spec- strable resilience. conscious bias. And with a new licence tacularly wrong when he appointed It seems likely that the Bank of England They’ll need all of that — and more. fee settlement due for April 2022, they George Entwistle as DG — only to see will eventually follow the herd of I worked at the BBC for more than him stand down 54 days later after central banks around the world 20 years. Now I chair a leadership and floundering in dealing with a News- slashing interest rates in response to NO performance company which helps night report which had falsely ac- the virus outbreak. However, amid calls businesses assess candidates for top cused Lord McAlpine of child abuse. to do so ahead of or to coincide with DEAN TURNER jobs. So here’s what I think the new The current BBC chair, Sir David today’s Budget, it is debatable whether DG needs to do to save the BBC from The next boss Clementi, has made many hires over this is really the medicine the UK Bank on Thursday. Financial stability extinction. his varied career, whether as chief ex- economy needs right now. and measures to ensure the flow of First, they must turn around the po- needs to stop ecutive of Kleinwort Benson, chair- Interest rates are already very low credit via fiscal policy are arguably litical acrimony from Boris Johnson man of the Pru, or the man who ran globally. Cutting borrowing by half a more important at this point. and Dominic Cummings. That will defending the the day-to-day operations at the Bank percentage point now is not going to If the Bank does cut rates, be it now or only be possible by bringing a new of England for 15 years. encourage companies to invest, nor will later, it should support the rebound in mindset to the top of the BBC. The status quo, and But this will be his most important it encourage consumers to buy. With a economic activity when it comes. The new boss must stop defending the sta- instead come hiring decision of all — for him, for his rate decision already in the diary for 26 greater the policy response, the tus quo and proposing incremental board, and for the great British public. March, rate setters would be better off stronger the bounce back is likely to be. change, and instead come up with a up with a pausing to see what two other cast radical plan which creates a much £ Atholl Duncan is chair of Black Isle Group members do next: the chancellor £ Dean Turner is an economist at UBS smaller BBC — focused on the areas radical plan and a former BBC executive. tomorrow, then the European Central Global Wealth Management.

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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 20 FEATURE WEDNESDAY 11 MARCH 2020 CITYAM.COM FINANCE FEATURE Alex Daniel looks into the divisive measure that could be axed in the Budget

HANCELLOR Rishi Sunak’s first Budget beckons, and business founders will be looking out for one an- nouncement in particular: Cwill he scrap entrepreneurs’ relief? The controversial tax break enables people who start their own successful businesses to pay less capital gains tax when they eventually sell it on. It was originally intended to encourage peo- ple to set up companies. However, speculation has mounted in recent months that the govern- ment could be about to ditch it today, after Boris Johnson criticised the re- lief earlier this year. “I have to tell you, the Treasury is fulminating against it because there are some people who are staggeringly rich who are using that relief to make themselves even more staggeringly rich,” the Prime Minister told a group of female entre- preneurs in his Uxbridge con- stituency in January. He is not alone. On the other side of the aisle, Labour leader Jeremy Cor- byn has also described entrepreneurs’ ENTREPRENEURS’ relief as “largely just a handout for a small number of people,” and prom- ised to get rid of it if he was elected in his election manifesto last year. Yet many business owners in the City and beyond are up in arms, leav- RELIEF: A TAX ing the chancellor, still less than two months into the job, with a conun- drum. With entrepreneurs on the verge of finding out what he has de- cided, here is everything you need to know about the divisive scheme. BREAK UNRAVELS? AN OLIVE BRANCH Entrepreneurs’ relief was brought in under the last Labour government, in ship, reward risk-takers and job cre- to any substantial increase in genuine to boost business is much needed,” Part of the problem with axing the early 2008, as something of an apol- ators, and bring wider benefits to so- entrepreneurship, with the number says Rachel Nutt, head of tax at Mac- scheme is that some businesses were ogy to business lobby groups. Months ciety as a result. of self-employed people that have em- Intyre Hudson. “The current al- set up on the basis that their owners before, the then chancellor Alistair ployees falling during the financial lowance of £10m of lifetime gains is a could sell them and use the proceeds Darling had clamped down on so- ‘EXPENSIVE, REGRESSIVE AND crisis and remaining at or below valued incentive for entrepreneurs to fund their retirement — a process called taper relief, which private eq- INEFFECTIVE’ 600,000 since 2010,” it said. wanting to grow their business.” which would inevitably be affected by uity barons were using to pay a lower Entrepreneurs’ relief has not gone en- Both think tanks have made their “Despite commentary that entrepre- entrepreneurs’ relief. rate in tax than the cleaners who tirely to plan, however. The measure feelings clear on the measure: ditch it. neurs’ relief only benefits the rich, it “A lot of entrepreneurs see their mopped their office floors. now costs the Treasury between £2bn At a pre-Budget briefing, IFS econo- is of great benefit to small entrepre- business as their retirement plan. But lobbyists protested, saying that and £3bn a year, and the benefit to mist Stuart Adam told economists: neurial business owners, many of They don’t have the gold-plated pen- cutting taper relief would hurt com- the wider economy is debatable. “I’d be delighted to see it removed al- whom have risked their houses and sions enjoyed by Treasury civil ser- panies far beyond the private equity According to the Institute for Fiscal together if possible.” personal savings to build their busi- vants,” says Mike Cherry, chairman of firms of Mayfair. Darling was forced Studies (IFS), 43,000 people claimed ness,” she adds. the Federation of Small Businesses. to compromise. £2.3bn in entrepreneurs’ relief last ‘OF GREAT BENEFIT’ Baron Howard Leigh, a member of He points out that the Conservative His solution was to offer an olive year, which works out as roughly Despite the figures, the reaction to the House of Lords, also wrote to General Election manifesto last year branch to small businesses by allow- £50,000 each. This is just an average, the PM’s comments in the City has Sunak late last month, urging him to committed to reforming the scheme ing owners selling their firms to pay however, with the vast majority of the been largely negative, with tax firms keep the tax relief in place so as to at- — which he describes as an “incen- just half the usual 20 per cent capital proceeds ending up in the pockets of and business owners arguing that, tract investment into the UK. tive” — rather than getting rid of it. gains tax on any profits they made, up relatively few people. rather than being regressive, entre- In a letter signed by more than 150 If the lifetime allowance of £10m is to a lifetime allowance of £1m. The Of the total paid out last year, about preneurs’ relief rewards success. business owners, including founder too high, Cherry suggests that the so- measure was estimated to cost little three quarters went to just 5,000 peo- “After a difficult period with limited of failed bakery chain Patisserie Va- lution is to bring it back down to £1m, more than small change for a na- ple who were making gains of more growth in many sectors, positive news lerie Luke Johnson, Leigh suggests meaning the benefits are felt most tional government — about £200m. In than £1m a year. These beneficiaries that entrepreneurs looking to start strongly by small business owners. the tax year 2008–9, it ended up cost- got an average of £350,000 a year each new companies would relocate to “Doing so would save the Treasury ing £500m. from the measure. countries like Singapore should the more than £1bn and maintain a vital As shadow chancellor, George Os- There are concerns that wealthy pro- tax relief get the chop. incentive which encourages entre- borne decried Darling’s attempted fessionals are choosing to form com- “Equally, other entrepreneurs have preneurs to start-up, hire and invest,” compromise as a “humiliation”. But panies and partnerships especially so sold their business and are now cur- he says. not long after he succeeded him at as to be eligible for the tax break, rently considering whether to start a With the recent outbreak of coron- Number 11 Downing Street, the chan- rather than collect salaries that new business or not and the rate of tax avirus overshadowing Sunak’s first cellor went on a fact-finding trip to would be subject to the top rate of in- Today’s Budget is a very important factor,” he writes. Budget, economists will likely be fo- Silicon Valley, to see what he could come tax. cusing on the bigger picture. But for learn from California’s entrepre- Similarly, the Resolution Founda- is the chancellor’s A HAPPY MEDIUM? those who have started their own neurs. When he returned, he decided tion last year excoriated the scheme Among small business owners, there companies, the tax relief will have to radically expand the scheme. as “expensive, regressive and ineffec- first big test, and is a feeling that scrapping entrepre- formed a vital part of their future Osborne increased the lifetime al- tive,” pointing out that the amount an opportunity neur’s relief entirely would be throw- planning. They will be watching with lowance for the capital gains tax relief the government spends on the relief ing the baby out with the bathwater. eagle eyes. to £10m and, a few years later, ex- alone is more than the entire budget to show he is on Small business confidence is at an “Today’s Budget is the chancellor’s tended it to long-term investors in un- for the intelligence services and 18-month low, and many among the first big test,” Cherry says, “and an op- listed companies. enough to give £100 a year to every the side of small entrepreneurial community think portunity to show he is unequivocally Both he and Darling argued that the household in the country annually. such a measure would make the situ- on the side of the small business com- relief would encourage entrepreneur- “There is no evidence that it has led businesses ation even worse. munity at an uncertain time.” CITYAM.COM WEDNESDAY 11 MARCH 2020 FEATURE 21 OFFICE POLITICS Is working from home about to go viral?

vestment in addressing regional in- One effect of Covid-19 could be an end equalities, increasing levels of knowl- of the traditional office-based workforce edge, and providing financial relief to help businesses grow. With a new Budget to be announced today, this ITH each day that passes, Kulveer health crisis could help turbocharge it becomes clearer that us into the “Digital 2020s”. the world is facing a Ranger Of course, the traditional workplace Wonce-in-a-generation cri- STAY won’t disappear. In our own experi- sis of public health. CONNECTED ence, as flexible working and working With Italy now locked down and gov- from home have increased at Atos, so ernments around the world scram- Flock too has the importance that people at- bling to contain Covid-19, there is no Free to download tach to opportunities to get together in doubt that the impact on daily life person — that’s why we have intro- across the globe will exceed anything Whether or not duced more conference-style events for seen before in most of our lifetimes. In the past few years, the experience you need to our employees across the country. The most urgent priority for govern- of flexible working has changed dra- self-isolate, In the future, people will still hold ments, businesses and individuals is matically thanks to the development working from meetings, gather at conferences, and containment. Short-term disruption to of new platforms and collaboration home is even shake hands as we have always life and work will be both significant tools, new networks and bandwidth. becoming more done. However, even if the House of and inevitable. Longer term, most of us We now understand that we can in common. Flock Commons is run via Skype, politics will expect life to return to normal — fact be very productive in an environ- enables you to will still happen via those conversa- but by the time it does, could we have ment that’s not a traditional work- stay connected tions in the corridors of power, and reappraised what “normal” means? place. ONS statistics show that the We now memory, we will have fundamentally with colleagues having a coffee and chat with a work An unintended consequence of number of people working from understand changed the way we live and work. wherever you colleague will remain integral to change during a crisis is that what home rose from 884,000 to 1.54m be- that we can in This wholesale transformation will are. Message building trusting relationships. feels like a temporary response can be- tween 2008 and 2018, while the num- fact be very be enabled by the essential backbone your team mates We will still crave that essential come permanent. Research suggests ber who work across various sites but productive in an of new technology, capabilities and with one-to-one human quality of meeting, greeting that it takes an average of 66 days for a use their home as a base increased environment digital services, aided by the govern- chat or group and face-to-face talking. But we will new behaviour to become a habit. from 200,000 to 2.66m — both signifi- that’s not a ment’s priority of getting broadband channels, share have much more virtual collaboration, One change that millions of us are cant shifts, but still fractions of the traditional and 5G to every server in the country. your screen, as well as visible data about the world, likely to experience in the near future overall office-based workforce. workplace As an industry, we have been talking and launch video the places, and the people around us. is working from home. With large That shift is set to accelerate rapidly, about tech-driven transformation for calls and audio numbers of people now not just being with a large proportion of the work- some years. Now is the time to make conferences £ Kulveer Ranger is deputy president asked to self-isolate but having isola- force potentially being forced into this a reality. at the press of for economy & productivity at techUK, tion enforced by their government, the what was previously a flexible benefit. The shift to home-working must in- a button. senior vice president at Atos UK&I, and a momentum for us to change our usual The residual effect is that, by the time form the chancellor’s plans for former digital adviser to mayor of London routine and mindset is growing fast. Covid-19 is a distant and unfortunate Britain’s digital future, including in- Boris Johnson. 22 LIFE&STYLE WEDNESDAY 11 MARCH 2020 CITYAM.COM LIFE&STYLE ON AND ON AND ADDISON

Clockwise from left: Chris Addison directs top new sitcom Breeders, which examines the universal difficulties of being a parent; Martin Freeman in Breeders; Addison in The Thick of It

think men in particular don’t come I remember Tony Roach – a very one thing my interests all have in The Thick of It’s Chris Addison talks together to talk about these things. brilliant writer who’s worked on common is I choose the thing that’s Once the show was together and Veep and The Thick of It and Succes- slightly outside of my comfort zone, about the limits of satire, the trials of we’d pitched it and opened a writing sion – saying ‘everybody’s got a book even though I hate feeling uncom- room, we sat around for two weeks now, or an album or a TV show or a fortable. There’s some weird com- being a parent and his great new show and everybody just talked through movie’. When we were kids you’d pulsion, and I end up thinking ‘Oh their lives and their anecdotes and wait months for the things you like my god, how on earth am I going to e rose to fame as a stand-up The next morning he thought ‘I’ve their positions on all this stuff, and to happen, now it’s like an ava- do this?’ They were all idiotic comedian and became a never seen that reality in a TV com- it’s definitely been an enormously lanche. choices, and when I got comfortable household name playing edy’. So he suggested the idea to me, cathartic experience – to know that My children are both at secondary I’d move on. The Thick of It’s hapless we took it to Simon and the three of you’re not alone. Martin’s character school now so my wife and I have an SpAd Ollie Reeder. Now, us realised quite quickly that there’s Paul says to his dad at one point in the hour a day that the TV is free for us WHAT’S IT LIKE WRITING SATIRE Hafter a spell in Hollywood, Chris Ad- an awful lot in that subject. We sat show, ‘I thought I was a nice person to watch, so you just have to choose DURING THESE STRANGE TIMES? dison is returning to British screens together over a series of long lunches but it turns out I’m not. Nothing can incredibly carefully. Everything is We have a government that isn’t with his new sitcom Breeders, di- opening our hearts and being honest make me angrier than those children’ eight or 10 episodes now. So a series going to trouble the statue makers rected alongside Simon Blackwell about our experiences of being par- and I think that was an extraordinary is two working weeks, and that’s a of the future. From a standing start, and starring Martin Freeman. ents. We quickly realised he’s right – moment of revelation as a parent. Not big commitment. I try not to beat these are not the people who you It’s a biting comedy about the sleep- you don’t see that particular truth that, once it’s occurred to you, it myself up about it, you have to go would have chosen to run the incred- less reality of raising young children, about parenting told on TV. makes it any easier. through life watching the things ibly complicated and important serv- which may prove the death knell for you want to watch and reading the ices we all rely on as a nation. procreation among the already ab- DO YOU WISH YOU KNEW ARE WE EXPERIENCING A things you want to read, it’s all grist At least in the old days there was stemious Gen-Z. Here’s what he had THEN WHAT YOU KNOW NOW? NEW GOLDEN AGE OF TV? to the mill. the pretence – or attempt – of com- to say. There’s no question that when you There was a period a few years ago petence. There was an understand- have kids your life utterly changes. when there was relatively little in YOU’VE GONE FROM STAND-UP ing among politicians that that was HOW DID YOU COME UP WITH You’re always told about how you this space and now there’s so much TO ACTING TO DIRECTING, important. THE IDEA FOR BREEDERS? didn’t know that you had the capac- good stuff. It’s overwhelming. HOW DOES THAT WORK? We’re in the post-competence era – It started because Martin had a ity to love a thing the way you love My agent said to me a few months politicians can lie to the Commons dream. He’s not the first Martin to your child. What you’re not told is ago, ‘You have the bizarrest career of and keep their jobs. They can be in- have a dream, nor is it the most im- that nothing can make you angrier anyone I’ve ever met, let alone man- volved in personal scandals that portant dream a Martin has ever had. than your own children. Nothing aged.’ I never had an end goal when I would have ended their careers 10 But the dream makes up the first can push your buttons the way your started. I did stand-up as a distraction years ago. They don’t even have to be scene of the series. He was dreaming kids do. Not your siblings or your from what I really wanted to do, very good at their jobs. We’re in a that he was walking up the stairs be- parents. Nothing winds you up the We have a which was to be a theatre director. I very different landscape to when we cause his children were making ter- same way. didn’t start out thinking ‘I want to were making The Thick of It eight rible bedlam and he knew he was government that play this place’. I just liked it and years ago. going to scream at them. He was HOW HAVE PEOPLE REACTED? wanted to be a part of it. And that’s thinking ‘You don’t have to do this, One of the main responses from par- isn’t going to trouble been more or less what I’ve done £ Sky Original Breeders starts Thursday you can be better, you can do better’ ents is relief, that it’s not just them. the statue makers throughout my career – ‘Oh, I like 12 March on Sky one and NOW TV; Read and then he got to the top and We all feel like we’re failing, not the idea of that’. the full interview in the upcoming issue of screamed and swore at them. meeting the minimum standards. I of the future. It’s taken me 25 years to realise the City A.M. The Magazine, out on 2 April CITYAM.COM WEDNESDAY 11 MARCH 2020 LIFE&STYLE 23

WINES OF THE WEEK Stefano Barbarino, head sommelier at The Chucs Restaurant & Café Collection, picks two bottles 1. 2.

WEEKLYGRILL 1. 2011 CHATEAU BATAILLEY, PAUILLAC, BORDEAUX, FRANCE José Pizarro A classic Bordeaux blend mainly made Top chef talks about his mother’s stew, using Cabernet Sauvignon. On the nose it offers blackcurrant, blackberry and and making food so good it makes his diners frisky plum with a touch of oak and sweet spice. Quite earthy on the palate with WHO ARE YOU? WHAT’S THE STRANGEST YOU COME HOME DRUNK WHAT SHOULD EVERYONE some leathery notes, followed by I am José Pizarro, a Spanish chef who calls ENCOUNTER YOU’VE HAD AND HUNGRY – WHAT DO HAVE IN THEIR KITCHEN tobacco leaves. Very elegant on the London home after living here for 20 years. IN YOUR RESTAURANT? YOU COOK? CUPBOARD? palate with silky tannins. Great paired I have published cookbooks on Spanish A noisy couple in the toilet having fun. Something simple... A Spanish omelette The basics for me are pulses, good olive with our orecchiette, crusco peppers, food and have four restaurants. They were so loud they made the or toast topped with some tinned oil, good sherry vinegar, rice, potatoes tomato, anchovy and rocket. restaurant go quiet. It’s safe to say my Spanish seafood such as mussels and eggs. With these you will always have WHAT’S NEW? food made them very happy. escabeche. And crisps, always with the basics of a good meal at hand. £ £135, justerinis.com I recently launched rooms at my Surrey crisps. pub The Swan Inn, so you can come for TELL US ABOUT THE BEST WHAT’S YOUR EARLIEST 2. 2018 COLLIO FRIULANO, SIMON KOMJANC, FRIULI VENEZIA-GIULIA dinner and stay the night. I have also been MEAL YOU EVER HAD WHAT’S YOUR FOOD MEMORY? in Spain this month doing final tastings for It was in D’Berto Restaurant in O’Grove FAVOURITE DISH? Being a child and waking up to the smell 100 per cent Friulano with rich and my new olive oil. Other than that, I have Galicia. It is a very traditional restaurant My mother’s Cabrito Stew. She has made of the freshly made churros my mum intense floral notes such as acacia and been working on new dishes for my in the Galicia region that focuses on this on special occasions since I was a would make before I went to school. jasmine. A hint of stoned fruit on the Broadgate restaurant and creating a menú seafood. I have eaten in some very good child. It is made very simply with cabrito, palate, such as apricot and peach, as del dia at Pizarro Bermondsey. restaurants but D’Berto is something very dried Spanish peppers and a few store WHAT’S THE MOST well as tropical notes of pineapple. A special. cupboard ingredients, all slow cooked, OUTRAGEOUS THING great texture on the palate, lively and YOU’RE MAYOR FOR A DAY – but for me it is the taste of home. YOU’VE SEEN A CHEF DO? fruity with a refreshing finish. Has a WHAT FOOD LAW WOULD WHAT DO MOST PEOPLE GET I saw one boiling fermented foods. He background of toasty almond. A perfect YOU INTRODUCE? WRONG WHEN COOKING? WHAT’S THE WORST tried to convince me it added to the pairing for our clam risotto. I would make it compulsory for schools to When you fry an egg, people tend to put THING YOU’VE EVER flavour, when really it completely ruins it. have a good basic food education so the egg in before the oil is hot enough. PUT IN YOUR MOUTH? £ £50, shelvedwine.com children understand where the food is The most important thing is to put it in At a jamon tasting, I tried one of the £ For more information or to book, go to coming from and have a knowledge of when the oil is really hot. Then you will cheapest hams ever. It was so disgusting, josepizarro.com, call 020 7256 5333 or To reserve a table at one of Chucs’ basic flavours so they can cook meals get it nice and crispy on the outside – a with a taste of chemicals, that it was visit Jose’s Broadgate Circle restaurant at collection of Italian inspired restaurants from scratch at home. proper fried egg! impossible to swallow. 36 Broadgate, London EC2M 1QS go to chucsrestaurants.com

THIS WEEK’S RECIPE: garden all year round instead All in all a great winter op- £20 seedless black grapes, halved MARK HIX of being at the whims of tion for dinner parties £2 large red onions, baked in a moderate What I’m going to tell the supermarkets. I or light lunches. oven in their skins for 45 mins Chef and didn’t do quite so £2tbsp good-quality red wine vinegar you about the things I restaurateur well with my beet- RUBY SALAD £5tbsp olive oil root but I did (SERVES 4) £Salt and freshly ground black pepper grow in my garden will manage to sal- vage a few to go INGREDIENTS METHOD change your life forever into this salad. £3-4 good £Whisk the vinegar and oil together and If you grow handfuls of red season to taste. ’m about to blow your mind dictable and stormy winter, I’ve your own, any salad leaves such £Remove the skins from the onions, cut into a thousand delicious managed to keep all my bitter, red winter as treviso, them into 6 wedges each and pull the pieces. I’m about to perma- winter leaves going strong, leaves can be radicchio, ruby natural layers apart. nently rewire the culinary part thanks to regular harvesting and used. Otherwise, chard, red endive, £Toss all of the ingredients together with of your brain, which is, as we all feeding them my special nettle just buy whatever red amaranth the dressing and season. Iknow, the most important part. infusion. So I have chicory- and red stuff you can £2 medium beetroots, I’m about to drop an edible truth radicchio-family salads coming find in your local cooked, peeled and cut bomb like you wouldn’t believe. out of my ears. What I love about shop. You can also turn into wedges Salads aren’t just for summer. growing your own leaves is that this into a meaty salad using £1-2 blood oranges, peeled and During this mild yet unpre- you can enjoy the fruits of your rare pigeon breasts or deer fillet. segmented 24 PUNTER WEDNESDAY 11 MARCH 2020 CITYAM.COM

Caspar Fownes has a number of good chances at Happy THE PUNTER Valley today HONG KONG RACING TRADER Wally Pyrah previews today’s Naboocard from Happy Valley can be the Star for Fownes

RAINER Caspar Fownes night with Fownes leaving the Valley (12.45pm) over six furlongs. This for- Fownes’ best chance of success could mous in opposition. However, regular could be the man to follow at with a couple of winning doubles. mer Australian galloper was heavily be the once unpredictable and frus- rider Ho has deserted him in favour of Happy Valley today. Galaxy Racer has been a work in supported when suffering a health trating NABOO STAR, who seeks to suc- Naboo Star. TCharismatic Fownes is progress since joining the Fownes sta- issue during the race back in January. cessfully follow up his last month’s Francis Lui’s Holy Heart is another known as the ‘King of the ble back in December and judged by Having already won over course and win in the closing Queensway Handi- to consider having been a former poly- Valley’. The three-time champion his strong finish, when runner-up distance, as well as being a three-time cap (2.50pm) over 1m1f. track surface winner for trainer John trainer has saddled around 470 win- over seven furlongs at Sha Tin last winner in similar company, his inside Having already won over a mile back Gosden back in the UK when racing ners at the inner-city track since he month, will surely appreciate the step draw is a bonus and it will be interest- in December, Naboo Star took the step under the same name. gained his licence back in 2003/04 and up in distance to the extended mile in ing to see if his supporters go on a re- up to Class 3 company in his stride This Holy Roman Emperor gelding is the go-to trainer when bettors are the Wan Chai Gap Handicap trieval mission. when surging clear of some useful has only ever raced once on turf, but looking for some inspiration. (11.15am). Another Fownes hope is Perfect To handicappers. the fact Purton has been booked sug- Fownes, who has remarkably sad- Class 5 contests are not the most at- Play in the Thomson Handicap The step up in distance is a massive gests connections believe he is well- dled 18 of his 25 winners this season tractive of betting heats, but the fact (1.45pm) over the extended mile. bonus to his chances, regular pilot handicapped. at the Valley, is represented in seven Zac Purton climbs aboard the gelding This dual track and trip winner may Vincent Ho is again in the saddle and of the eight contests and will hope to for the first time suggests connections have uninspiring form figures, but he a recent highly encouraging trial extend his winning tally with another must mean business in a low-key never saw daylight down the home meanse his chance is obvious. POINTERS winner or two. event. straight when a close-up sixth three The form-book says this won’t be It’s certainly been a time of celebra- Keep an eye on E Master who lines- weeks back, and he is now 5lbs below easy though, with the likes of useful Naboo Star 2.50pm Happy Valley tions for the stable over the past fort- up in the Tai Yuen Handicap his last winning mark. course and distance winner World Fa- You better Be Ready to back Zac Purton’s valley mount IFE has been tough for formbook the track. in the latter stages of the race and potential sprinting superstar in September with Purton aboard. Lstudents at Happy Valley over the Hopefully with the weather in leaving his rivals toiling, he is going to Wellington over six furlongs at Sha With a positive draw in his favour, past few weeks. Hong Kong getting warmer, and track be a popular choice to follow-up, Tin last month. expect him to sit just off the early Normally horses drawn low, racing conditions turning quicker again, despite carrying a hefty 8lb penalty. Having already finished fourth to pace from the start and then burst up with the pace and along the rail normal service will be resumed. However, he may find it hard giving the likes of Beauty Applause and clear down the home straight. down the home straight, have been a Last start winner Massive Pocket 4lbs to the lightly-raced but fast another progressive speedster in recipe for success, but not so much returns to the scene of his triumph improving BE READY. Super Wealthy earlier in the season recently. last month when lining up in the This Australian import, he has the best form on view. POINTERS The majority of results have seen competitive Johnston Handicap representing the successful Frankie This will be his first time racing at horses coming from behind and (2.15pm) over six furlongs. Lor and Zac Purton combination, lost the Valley, but he trialled well enough Be Ready 2.15pm Happy Valley finishing strongly down the centre of Visually impressive when exploding nothing in defeat when third to around the tight turning bends back

LIVE

AT HAPPY VALLEY 11:15AM - 2:50PM

Shops Online Watch RACING ON WEDNESDAY CITYAM.COM WEDNESDAY 11 MARCH 2020 PUNTER 25

Jockey Zac Purton is riding Be Ready at Happy Valley today 26 PUNTER WEDNESDAY 11 MARCH 2020 CITYAM.COM THE PUNTER RACING TRADER @BillEsdaile

Bill Esdaile Longhouse Poet (red cap) ran a solid race at previews the Leopardstown last Ballymore time and is a big price Novices’ Hurdle and Coral Cup

ITH global shares taking a battering on “Black Mon- day”, the hordes of Irish Wracing fans who have de- scended on Cheltenham this week will be hoping to make it “Black Wednesday” for the bookmak- ers. A string of high-profile, short-priced favourites are set to strut their stuff around Prestbury Park this afternoon and the alarm bells will be ringing Longhouse upset will be loudly if Envoi Allen wins the opening Ballymore Novices’ Hurdle (1.30pm). Sporting the famous Cheveley Park Stud silks, Gordon Elliott’s unbeaten six-year-old has that air of star quality and punters will be falling over them- selves to back him to follow in the hoof- prints of other successful Irish bankers pure poetry for his backers in this race like Samcro and Faugheen. This horse is never going to win by a wide margin, but he keeps getting the job done and he was very impressive in the Champion Bumper 12 months ago. Festival, so he’s been solid if not spec- be difficult for him to reverse the form John, who, like the favourite, is also un- My selection was disappointing in the Although undoubtedly the most tacular. with Envoi Allen, he looks a good each- beaten. Boyne Hurdle last month, but that was likely winner, his hurdles form doesn’t Owned by the boss of sponsors Bally- way bet at 16/1. He looked very good at Ascot last time a different test and he has some very entitle him to be as short as 4/6 with more, just like City Island, you get the As is always the case in this race, and is the best of the British according strong form in big field handicaps. Paddy Power and I simply have to take feeling his whole season has been there are plenty of others with solid to the layers, although Colin Tizzard’s Simon Torrens takes off 7lbs and it’s him on. about this day and while it’s going to claims, not least Philip Hobbs’ Sporting The Big Breakaway is very well re- worth bearing in mind that six of the After all the rain on Monday, connec- garded and is two from two over hur- last seven winners have carried 11st tions may be regretting their decision dles. 2lbs or more. to run him in this rather than yester- Punters are advised to be careful I will also be backing THOSEDAYSARE- day’s Supreme Novices’ Hurdle as it is when placing bets in this race because GONE at 14/1 for brilliant target trainer going to be a real test. Willie Mullins saddles The Big Get- Charles Byrnes. For that reason, I am going to look for away, so if you fancy either of them The seven-year-old finished with a rat- a true stayer and the one who stands make sure you don’t mix up your tle to land the hugely valuable Lad- out at the prices is LONGHOUSE POET Breakaways with Getaways! brokes Hurdle at the Dublin Racing for the same team that won this prize Handicaps don’t get any harder than Festival last time and will relish the last year with City Island. the Coral Cup (2.50pm), but JP Mc- step up in trip here. Martin Brassil doesn’t have too many Manus looks to have all bases covered Kevin Brouder was excellent on him horses, but he can certainly train, and with Dame De Compagnie, Birchdale at Leopardstown and he keeps the ride. this son of Yeats got his career under and Alfa Mix towards the head of the rules off to a good start when winning market. POINTERS a bumper at Punchestown last May. However, I’m more interested in his He broke his maiden at Navan in No- top weight KILFENORA each-way at Longhouse Poet e/w vember, before finishing third to Envoi 33/1. 1.30pm Cheltenham Allen in a Grade One at Naas in early He was hugely impressive at Navan Thosedaysaregone e/w January. two starts back when giving Alfa Mix 2.50pm Cheltenham His next run was another third, this 10lbs and a beating, while the third, Kilfenora e/w time behind Latest Exhibition in an- beaten nearly 20 lengths, won a handi- 2.50pm Cheltenham other Grade One at the Dublin Racing cap at Naas on Sunday. CITYAM.COM WEDNESDAY 11 MARCH 2020 PUNTER 27

Bill Esdaile previews the RSA Novices’ Chase

RACING TRADER @BillEsdaile

Barry Copperhead and Minella Indo look Geraghty

most likely to become RSA champs NVOI Allen is the one we all have to beat in the Ballymore Novices’ Hurdle (1.30pm), Ealthough I did think he was a P MCCOY was a truly extraor- bit workmanlike the last day. dinary sportsman and the I’m on SPORTING JOHN and you horse named after him, can’t make much of a case against AChamp, will be many punters’ him. idea of the banker in today’s He’s beaten everything he’s had to RSA Insurance Novices’ Chase (2.10pm). beat, handles soft ground, stays well Nicky Henderson’s son of King’s The- and will hopefully show further atre had finished first or second on his improvement. first 11 starts, but last time in the Dip- Next up for me is CHAMP in the RSA per Novices’ Chase at Cheltenham on Novices’ Chase (2.10pm). New Year’s Day he fell at the second last I wouldn’t have any concerns about with the race seemingly in the bag. him being off the track since falling in It is never ideal coming to the Festival the Dipper and he schooled very well on the back of a fall and he will have to last week. sharpen up his jumping if he is to see It’s a very competitive race, but I off some very promising novice chasers. wouldn’t swap him for anything else. I wasn’t particularly taken with him In the Coral Cup (2.50pm), I had the at Newbury the time before, so at just pick of a few for JP [McManus] and it 3/1 with Sporting Index Odds I will be was a toss-up between DAME DE looking elsewhere. COMPAGNIE and Birchdale. Colin Tizzard has an abundance of tal- I just wondered whether Birchdale ent within his Dorset yard and he must would handle the hustle and bustle of be thrilled with the progress shown by Copperhead bolted up a 26-runner handicap as well. COPPERHEAD this season. in the Reynoldstown at I’ve been very lucky in the Champion His chasing debut at Chepstow in Oc- Ascot last month Chase (3.30pm) over the years and I’m tober was a little underwhelming, but hoping that can continue with DEFI two handicap successes in December DU SEUIL. followed by an incredible display in the normally want in this race, but he is an He’s a brilliant jumper with a great Grade One Reynoldstown Novices’ out and out stayer who has won four attitude and has plenty of pace too. Chase at Ascot last month have seen his from five over three miles. It’s a shame there’s no Altior as he rating fly from 125 to 155. He came alive in the spring last year would have taken plenty of beating on Regular readers of this column will and his trainer’s horses always improve his day. have a nice ante-post slip in their wallet, over fences, so he looks to have very Chacun Pour Soi is a bit like us in that as we backed him at 16/1 prior to Ascot solid claims at 7/2. he looks a progressive type and should and he is now no bigger than 9/2. Sporting Index offer a number of handle the softer conditions too. I’m still very keen on his chances, and match bets on the spreads and I will be The other one I have is MICK he will love the ground, but I also think siding with him against Champ. PASTOR in the Boodles Juvenile it’s worth adding last year’s Albert Allaho, who finished third in the Al- Hurdle (4.50pm). Bartlett winner MINELLA INDO to the bert Bartlett, is another danger but he Paul [Nicholls] holds him in high portfolio. has been a bit keen in his races and will regard and he had some very good He was one of the biggest shocks of need to settle better to get home. form in France, so hopefully he can live the Festival when landing that staying up to it. prize for novice hurdlers at 50/1, but he POINTERS proved it was no fluke when following Barry Geraghty is a brand ambassador up in another Grade One at the Pun- Minella Indo 2.10pm Cheltenham for Sporting Index. chestown Festival. Buy Minella Indo in match bet with Henry De Bromhead’s seven-year-old Champ 2.10pm Cheltenham has only had two starts over fences, Copperhead (already advised 16/1 e/w) which is a lighter campaign than you 2.10pm Cheltenham 28 PUNTER WEDNESDAY 11 MARCH 2020 CITYAM.COM 1 DEFI DU SEUIL BILL ESDAILE’S 2 CHACUN POUR SOI THE PUNTER CHAMPION CHASE 1-2-3 3 SCEAU ROYAL RACING TRADER @BillEsdaile Bill Esdaile previews the Champion Chase

VERY year there is always a ‘race of the Festival’ and up until yesterday morning it Ewas undoubtedly the Betway Champion Chase (3.30pm). However, sadly reigning champion Altior was ruled out by Nicky Hender- son after suffering a setback on Sun- day and going lame. He just couldn’t recover in time and it’s a real shame as it would have been fantastic to see him against two hugely exciting younger horses. DEFI DU SEUIL is now the 11/10 favourite with Betfair and it’s hard to argue against that after the season he’s had. A reappearance win in the Shloer Chase was followed by a gutsy success in the Betfair Tingle Creek, where he won the battle against the now re- Hobbs runner Definitely the tired Un De Sceaux. He then faced the same rival in the Matchbook Clarence House Chase and it was the same result, although even more impressive thanks to an electric burst of speed in the home straight. one in the Champion Chase It’s been a faultless campaign and Philip Hobbs’ stable star has an excel- lent record at Cheltenham, winning on six of his eight visits to Prestbury Park, including the Triumph Hurdle It was a hugely impressive perform- On his reappearance this term over he improved for the run. finishing in the top three. and last year’s JLT Novices’ Chase ance, although it was at the end of a Christmas at Leopardstown, this son He beat stablemate Min at the However, I marginally prefer Alan (now the Marsh). long, hard season for Hobbs’ horse, so of Policy Maker was beaten by A Plus Dublin Racing Festival, showing a lot King’s SCEAU ROYAL who was third in Blessed with both speed and stam- there was an excuse. Tard but like many of Mullins’ horses of speed and it was a performance this 12 months ago and has a good ina, he has all the attributes you are that marked him down as a potential record at Cheltenham. looking for with a top class two mile Champion Chase winner. I’m sure connections would ideally chaser and he is the one they all have Speed and class are no problem at want a sounder surface, but it was to beat. all, but there is a nagging worry that soft on this day last year so he can The Champion Chase is one of the this will be his first start at Chel- definitely handle it. few races missing from Willie tenham so we don’t know if he’ll han- He hadn’t been in the best of form Mullins’ CV, but he looks to have a dle the track. so far this season, although his sec- good chance of finally landing the Comfortably Defi Du Seuil’s biggest ond to Altior last time was a step in prize with CHACUN POUR SOI. danger, he is no bigger than 6/4 and the right direction and we know he is The Rich Ricci-owned eight-year-old it promises to be an epic battle be- up to this level. joined Mullins in 2016 but lots of tween the big two. With only seven runners he isn’t re- niggles kept him off the track until Paul Nicholls’ Dynamite Dollars ran ally an each-way proposition at 16/1 he landed a beginners chase in fine a promising race behind Altior in the but you could back him for a top style at Naas a year ago. Betfair Exchange Chase on his first three finish, or without the big two. His main target was then the Grade start for over a year after suffering a Nicholls’ other entry Politologue One Ryanair Novice Chase at Pun- setback last season. was second last year and he will enjoy chestown, where he beat Defi Du He had some very good novice chase the soft ground. Bar the big two, Seuil and the previous month’s Arkle form last year so if he has improved there isn’t a huge amount between winner Duc Des Genievres. from Newbury he has every chance of the rest of them. CITYAM.COM WEDNESDAY 11 MARCH 2020 PUNTER 29

Gordon Elliott is seeking a third win in the Boodles

RACING TRADER @BillEsdaile Bill Esdaile previews the Cross Country Chase, Boodles Juvenile Hurdle and Champion Bumper Tronador looks diamond of a bet in the Boodles

ONDITIONS will be really of the weights at 8/1 with Paddy in anywhere near the same form as Dublin Racing Festival and is without caster last time and having won his tough at Cheltenham this af- Power. 12 months ago he will be tough to doubt a very special talent. point-to-point over three miles ternoon and that could play He stayed on well on bad ground catch. However, this promises to be a real shouldn’t struggle in the stamina de- to the strengths of the Gor- over a trip further than this last time French raider Easysland will make slog and there may just be a bit of partment. don Elliott-trained TRONADOR and stamina looks to be the order of him work hard, but I’d rather side value in taking him on with a couple I’m also interested in one of El- Cin the Boodles Juvenile Handicap Hur- the day this afternoon. with Tiger Roll at 10/11. at big prices. liott’s three runners and that’s dle (4.50pm). All eyes will be on TIGER ROLL as he If the short-priced Envoi Allen wins All week I’ve been keen to get with DARLING DAUGHTER at around 20/1. Elliott saddles five of the 22 runners looks to win the Glenfarclas Cross the opening Ballymore Novices Hur- Roger Teal’s Ocean Wind but all the The stable look to have better fan- in a contest he won two years ago Country Chase (4.10pm) for an his- dle and Tiger Roll gets the job done in recent rain has somewhat dampened cied chances in Queens Brook and Es- with Veneer Of Charm and back in toric third year on the trot. the Glenfarclas Cross Country Chase, my confidence about one that won so kylane, but she won so well last time 2013 with Flaxen Flare. If he were to be successful, that bookmakers will be bracing them- well on good ground last time. and gets a handy 7lb allowance. The market suggests that his Ara- would be a fifth win at the Chel- selves by the time the Weatherbys I respect the David Pipe-trained Is- max is the one to beat, but he is pretty tenham Festival to add to his two Champion Bumper (5.30pm) comes rael Champ, who has won on bad short at around 5/1 and punters may Grand National victories which would along. ground and also has some nice course POINTERS have got carried away with the fact cement him as one of the greatest of Appreciate It is already as short as form, but I cannot help but have a that he won the same prep race as last all time. 7/4 and will potentially be the last leg few quid each-way on Tom Lacey’s Tiger Roll 4.10pm Cheltenham season’s winner Band Of Outlaws. This will be a tough test for him, but of many trebles so could yet get ADRIMEL at 28/1 under Champion Tronador e/w 4.50pm Cheltenham However, it is the stable’s Tronador off level weights it is just impossible shorter still. Jockey Richard Johnson. Adrimel e/w 5.30pm Cheltenham that catches the eye towards the foot to oppose him and if he comes here He was hugely impressive at the He defied a penalty nicely at Don-

Boodles Handicap Hurdle (4.50pm) and break since carrying a penalty to I suppose the big unknown with her is David Pipe talks David he seems to have improved with every victory at Ascot last time. whether she handles the ground, but Pipe start for us. He had previously won at we will give it our best shot. through his runners He has some course form and will Cheltenham, so we know he handles Looking at the race, obviously Willie at Cheltenham handle the conditions, so there are the track which is important. Mullins’ Appreciate It looks the one to definite grounds for optimism. Conditions may be pretty tough come beat on the back of a hugely impressive today Obviously we are in against a whole the last today, but that should actually win last time. bunch of unexposed youngsters, but I play to his strengths as he is a proper My two are in good form though and do think he is a lively outsider who stayer. we are hopeful. O RUNNERS for us at could hit the frame. We also run the filly PANIC ATTACK We are entertaining owners in our Cheltenham yesterday, but the week, the ground will be starting to Then we saddle two in the Champion who hasn’t been with us all that long. marquee each day and I’m looking Nwe have three today so it’s a dry out a little and that is often pretty Bumper (5.30pm), so hopefully it’s a She was mightily impressive at forward to bumping into a few busier day for the yard. hard work. case of saving the best till last! Market Rasen and gets a whopping of the City A.M. Syndicate members After all the rain at the beginning of We run NIGHT EDITION in the ISRAEL CHAMP has had a bit of a 15lbs from the boys here. throughout the week. 30 SPORT WEDNESDAY 11 MARCH 2020 CITYAM.COM SPORT Uninspired Spurs dumped out of the Champions League by Leipzig, writes Felix Keith

HIS time there was no come- back. Lucas Moura, the hat- trick hero of that famous night in Amsterdam 10 months ago, was on the pitchT for Tottenham, but the magic of that Champions League semi-final OVER second leg was nowhere to be seen in Leipzig last night. That was to be expected. Even before kick-off in east Germany it seemed a tall order for Tottenham. They had a 1-0 deficit to make up, having been outplayed in their own stadium by the Champions League knockout stage newcomers. The boundless optimism, that feel- ing that anything could happen, that AND no obstacle was insurmountable which defined last season’s run to the final is gone. It has been replaced by a glass-half-empty philosophy, which originates from the manager. Given the extenuating circum- stances – which Jose Mourinho has spent his every breath emphasising – it would have taken an almighty ef- fort to turn things around. In the event there was plenty of effort, but OUT nowhere near enough quality to pull off the upset. NO FIREPOWER With no Harry Kane, Son Heung-min or even Steven Bergwijn to call upon, CHAMPIONS LEAGUE side could do it is up for debate, but later Serge Aurier misjudged a simple ing off the bench. the firepower Spurs needed to breach his run of Champions League knock- header, allowing Angelino in behind As the disappointed players traipsed RB Leipzig’s solid defences was sorely LEIPZIG SPURS out games without a win was on the to pick out Sabitzer at the near post. off the pitch having been thoroughly lacking. way to being extended to eight His header caught out Lloris once outplayed for 180 minutes there were Dele Alli did his best in a false No9 matches after just 10 minutes. again, sparking the PA system to rub no injustices to hide behind. No refer- position, producing neat flicks and Spurs’ defence dropped off Timo salt in the wounds by blaring out “I eeing decisions by which to deflect. backheels to his supporting cast of Werner and although his attempt was Feel Good” by James Brown for a sec- No VAR controversy to pore over. Moura and Erik Lamela. But almost blocked by Eric Dier it rebounded and ond time in 11 minutes. The question for Tottenham is: every effort at link-up play led to noth- the striker squared for Marcel Sab- where now? Because even withstand- Sabitzer30 10, 21 NO EXCUSES ing, as Leipzig’s well-drilled back Forsberg 87 itzer to shoot. The Leipzig captain’s ing their injury problems, their re- three swept up Spurs’ attacks. shot was well-directed, but its lack of Leipzig held a 3-0 lead on aggregate at gression is undeniable. Their fifth The most goalkeeper Peter Gulacsi 4-0 ON AGGREGATE power shouldn’t have beaten Hugo half-time and both sides seemed to defeat in the last three weeks leaves had to do was parry away a curling ef- Lloris and ended up in the Spurs net. have accepted the tie’s result was now them out of all cup competitions and fort from Giovani Lo Celso in the first Werner nearly made it 2-0 minutes a foregone conclusion. with just league position to fight for. half. Celso ahead of Sunday’s crucial home later as Angelino charged forward The final 45 minutes played out at a In his current malaise he hardly There was no surge, no momentum Premier League clash against and crossed for the 24-year-old to tap fraction of the intensity of the first be- seems a man capable of delivering a build-up and little threat overall. Manchester United. in, but what would have been his 28th fore yet more misery was heaped on stirring speech, but Mourinho desper- Ultimately Spurs accepted defeat, club goal of the season was ruled out Spurs, Emil Forsberg finding the bot- ately needs to find a way to spark a re- with Mourinho waving the white flag LLORIS LOSES GRIP by the offside flag. tom corner from a loose ball with his vival, starting against his former club in the 80th minute by substituting Lo Whether Mourinho truly believed his Not that it mattered. Two minutes first touch just 32 seconds after com- on Sunday. Henderson return can revive Liverpool for Atletico test

NEVER thought I’d be writing FOOTBALL To some extent, Liverpool are vic- tough opponents. While their results team won’t give up goals as easily as this but Jordan Henderson has COMMENT tims of their own success. If they haven’t been brilliant this season, Barca did. Now the league is all but been a huge loss to Liverpool dur- aren’t dominating teams then peo- they have stubborn, hard-working won, Liverpool must switch focus to ing his recent spell on the side- ple will say they’ve faded, but and intelligent footballers and a defending their European crown and lines and it’s a big boost that he’s Trevor any great team has fluctua- fierce coach. They boast seri- rediscover their form. I think they Ifit to face Atletico Madrid tonight. tions in performance. ous Champions League can turn it on again, especially with Steven Henderson hasn’t just been missed Keeping results ticking pedigree under Diego Henderson available. for his play. He is the glue in this over is the key, how- Simeone while their It’s no exaggeration to say this team, the one ensuring that every- ever. Clearly they have match could define their season. If body maintains concentration and lost momentum and Liverpool’s slump has they fail to progress it will kill any urgency – because even the best play- gone wrong. A shock 3-0 Premier cohesion, partly be- coincided with their argument that this is the best ever ers need to be reminded sometimes. League loss at struggling Watford cause a 25-point lead captain’s recent injury Liverpool team stone dead. The Reds captain is the main link ended their 18-game winning run in the league has If they can retain the Champions between manager Jurgen Klopp and and 44-match unbeaten sequence be- robbed them of some goalkeeper, Jan Oblak, is League, on the other hand, it will el- the men on the pitch. The team’s re- fore they also lost in the FA Cup, edge. My 1984-85 Everton as good as anyone in Eng- evate an already great year to a spec- sults in his absence show how impor- going down 2-0 at Chelsea. side went through some- land and probably equal tacular one. And if they do overcome tant his leadership has become. Suddenly, Liverpool have looked thing similar. We clinched the best in the world with Liver- Atletico I fancy it to restore their Henderson suffered his hamstring uncharacteristically complacent. title early and, although we wanted pool’s Alisson. confidence levels to 100 per cent and injury in the first leg of Liverpool’s Even Virgil van Dijk has had suspect to finish in style, we lost three of our The hosts, meanwhile, are seeking Liverpool to go all the way. Champions League last-16 tie in moments – see how easily he let Ab- last four league fixtures because we another famous second-leg come- Madrid, which they lost 1-0, and it is doulaye Doucoure get past him and weren’t quite tuned in. back to follow last year’s turnaround Trevor Steven is a former England only since then that things have cross for Watford’s opening goal. Atletico were always going to be against Barcelona, but this Atletico footballer. @TrevorSteven63 CITYAM.COM WEDNESDAY 11 MARCH 2020 SPORT 31

It was watching Michael Johnson Rio agony hasn’t sprint to 400m gold at Sydney 2000 that convinced Muhammad that dulled taekwondo Olympic glory was his destiny. More recently, he cites the late Kobe ace’s resolve to MUHAMMAD Bryant’s response to a rough start in the NBA as an inspiration. win gold, he tells “I think the first clutch game he had, he missed four three-pointers in Frank Dalleres a row. I remember reading about what he did: [Bryant went] straight to the gym to practice his shooting.” EW pieces of broadcast footage ALL IN Bouncing back from the agony of distil sport’s capacity for heart- Rio has not been straightforward, in break better than the inter- part due to injuries and a move up in view given by British athlete weight. However, in November Lutalo Muhammad after his Muhammad won his first tourna- Fdesperately cruel defeat in a men’s ment for four years. “That was a big taekwondo final at the Rio 2016 win for me,” he says. Olympic Games. All the same – and possible coron- Grimacing, whimpering and seem- avirus disruptions aside – there is no ingly unable to process what has just guarantee he will go to Tokyo this unfolded, Muhammad sobs: “I was a summer. Once again he is in a selec- half-second away from accomplishing my dream.” On YouTube the clip is ti- tled “most heartbreaking Olympic in- terview ever”. Moments earlier, the gold medal he identified as his destiny aged nine had been ripped from his grasp when Moping around his opponent, the Ivorian Cheick Sal- lah Cisse, landed a kick as the clock wasn’t going to get struck zero in the final round. From me anywhere. The 6-4 up, Muhammad had lost 8-6. Four years later, the pain lives on. only way was to “Watching the interview, I still get that feeling – maybe only one per prepare for the cent of what it was then – but I still next one get that feeling in my stomach,” he tells City A.M. Even then, Muhammad was no tion battle for a single Team GB spot, stranger to swallowing bitter pills. only this time his rival, Mahama Cho, When Team GB selected him for his is a good friend. “I’m training be- first Olympics in 2012 instead of then- cause I’m preparing to go to a third world No1 Aaron Cook, he became Olympics. Other people might have collateral damage in Cook’s ulti- other ideas but we’ll see what hap- mately unsuccessful media campaign pens on the mat,” he says. against the decision and received hate mail. FINISH THE JOB Undaunted, the boy from Waltham- As a nine-year-old, Muhammad drew stow who took up taekwondo aged a picture of the Olympic rings and three under the guidance of his fa- wrote his name next to the words ther, Wayne, a martial arts instructor “Olympic champion 2016”. who still runs an academy in Stoke Because he did not duck Cisse’s last Newington, won a bronze medal in kick in Rio his prediction did not front of a home crowd. come to pass, but his determination cannot be overstated. RETIREMENT TALK “I don’t think anything could repre- That strength of character radiates sent success more than an Olympic now from Muhammad, a reflective gold medal, in this current stage of yet overwhelmingly upbeat presence my life anyway. It would be an ab- at odds with the broken man of Rio solute dream come true. It’s almost 2016, as he puts beginners through a impossible to describe, but it would training session at a Kings Cross gym. mean everything,” he says. It is also why he was able to quickly di- Should he fail to win gold this sum- gest his anguish in Brazil. mer or even miss out on selection “Moping around wasn’t going to get Muhammad has already resolved to me anywhere,” he recalls. “I knew – plough on through as many Olympic and this was going on in the hour cycles as it takes. “I don’t think this after it all happened – that the only want to put myself through all that ever really stops for me.” way I could make this better is to pre- training again?’. The result didn’t Muhammad’s mission could stop on pare for the next one.” play too much of a part in that.” Tuesday 28 July, though, when the Muhammad, 28, praises Team GB’s men’s over-80kg gold medal match is point of celebrating all medals for LEARNING FROM KOBE due to take place at the Makuhari helping him appreciate silver – “I was In time, Muhammad was even able to Messe Hall. “Let’s finish the job,” will able to go from devastation to real see some good in his defeat, in that be his mantra if he finds himself in personal satisfaction in a short time” Cisse’s success sparked an African another Olympic final, he says. “And – and says he gave no serious thought taekwondo boom. for Christ’s sake, in the last second, to walking away from the sport. Mindset is a key part of his ap- just duck.” “Not really – I mean – not really,” proach, and while he pays tribute to says Muhammad, a Bridgestone his work with celebrated sports psy- Lutalo Muhammad is an ambassador for ‘Chase Your Dream, No Matter What’ chologist Dr Steve Peters, friends and Worldwide Olympic and Paralympic ambassador. “You entertain the idea Lutalo Muhammad (main), putting beginners through their paces (above left) and in family say he has always been a natu- Partner Bridgestone for their ‘Chase Your of retiring after every Olympics. ‘Do I his now-famous post-match interview at the Rio 2016 Olympic Games (above right) rally positive and charismatic spirit. Dream, No Matter What’ campaign.

EPATANTE TAKES CHAMPION HURDLE WIN AT CHELTENHAM SPORT DIGEST EVER DREAMED OF £ Favourite Epatante won the Champion OWNING A RACEHORSE? Hurdle on the opening day of Cheltenham decree postponed the league. Olympiacos Festival yesterday to give owner JP and Nottingham Forest owner Evangelos Calling all National Hunt horse racing fans! Are you Interested in McManus a record ninth win in the race. Marinakis has tested positive for the virus, having a Racehorse in Training? Grand National winner? Cheltenham festival winner? A winner at your local track ? The six-year-old mare, who is trained by casting further doubt on football fixtures. Nicky Henderson, beat Sharjah to the line. David Pipe can source a horse to suit all owners and budgets. CHELSEA AND MAN UTD TO Contact us now SERIE A SEASON MAY NOT BE PLAY BEHIND CLOSED DOORS COMPLETED, ADMIT CHIEFS £ Tel: 01884 840715 Chelsea’s Champions League tie at Email: [email protected] £ The current Serie A season may not be Bayern Munich next week and Manchester finished because of coronavirus. The United’s Europa League game at Austrian Italian football federation met yesterday side LASK on Thursday will be played Comply or Die - Grand National Winner 2008 to discuss possibilities after a government behind closed doors due to coronavirus.