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TROUBLED AIRLINE IN TURMOIL AS IT SEEKS A MULTI-MILLION-POUND TAX BILL DELAY FROM MINISTERS

ALEX DANIEL The broadcaster said business letter from Anderson, which @alexmdaniel secretary Andrea Leadsom and refused to give them any transport secretary Grant Shapps further details and warned FLYBE’s chief executive Mark Anderson will meet chancellor Sajid Javid against “unhelpful and yesterday pleaded with employees not today to discuss a potential funding unproductive speculation”. to speculate on its financial situation, as package, and a deferral of the tax bill “I do appreciate that the the struggling airline remained tight- until 2023. headlines some of you have lipped on reports that it is hurtling Big Four auditor EY is said to have already read are disturbing but I want JESS CLARK which point it picked up following towards collapse. been put on alert to handle an you to know that we are determined to @jclarkjourno Boris Johnson’s election victory. Europe’s biggest regional carrier was administration process. Flybe’s financial do everything we can to make this Meanwhile the UK’s housing stock rocked after a fresh battle for survival difficulties come just four months on work,” he said. THE RESULT of the General Election reached a record value of £7.39 emerged on Sunday night, less than a from the fall of Thomas Cook, which the A consortium including Virgin Atlantic, “prompted a strong close to the trillion last year, according to the year after a buyout by a consortium led government refused to bail out. Cyrus Capital and Stobart Group year as confidence to transact firm’s latest research. by Virgin Atlantic. However, Anderson Representatives for the Department acquired Flybe’s assets in March. returned to the market”, estate Total gains last year hit £101.8bn — insisted that it is business as usual. for Transport and the Department for Since then, neither Virgin or Flybe agent Savills said yesterday, a rise of 1.4 per cent — and the value The company is trying to convince the Business, Energy and Industrial Strategy have released financial results for the heralding a strong start to 2020 for of housing in the UK increased by government to provide a rescue deal, declined to comment yesterday. firm. However, Virgin Atlantic boss Shai property in London and beyond. £2.74 trillion in the last 10 years. with reports by Sky’s Mark Kleinman A spokesperson for Flybe also refused Weiss told City A.M. in October that to Savills said Brexit uncertainty had Over the decade, London and the late last night claiming the airline is to comment on the reports, but stopped “keep Flybe flying” was still a priority. suppressed activity in both the UK south of England accounted for 73 seeking to defer its annual multi- short of denying the claims. commercial and residential markets per cent of all value gains with a million-pound air passenger duty bill. Flybe’s 2,400 employees received a £FLYBE: ALL YOU NEED TO KNOW: P5 until the middle of December, at total of £2 trillion. Foreign secretary trades barbs with Iran as tensions continue to mount

CATHERINE NEILAN since the killing of Iranian general developing weapons. an Iranian missile. “Any new mistake of Britain will @CatNeilan Qasem Soleimani by the US, is still Tensions between the two Raab summoned the Iranian be severely confronted by Iran and seeking an independent inquiry countries worsened over the ambassador to the Foreign Office London will be responsible for FOREIGN secretary Dominic Raab into the Ukranian Airways crash, in weekend, after UK ambassador Rob yesterday to “demand an apology that,” the ministry said, according yesterday warned Iran of further which four Britons died. Macaire was arrested and held and seek assurances full assurances to Iranian state TV. political and economic isolation if Brits are currently not illegally for three hours. Iran said this will not happen again”. Raab said yesterday Macaire’s the country does not start charting recommended to travel to Iran, it was the result of Macaire Following the meeting, Iran’s arrest was “a flagrant violation of “a peaceful way forwards”. which has unilaterally pulled back attending a public vigil to pay foreign ministry issued a strong international law”, adding that The government, which has been from a major nuclear deal, which respect to the victims of Flight 752, statement, warning the UK not to security measures for the embassy urging a de-escalation of tensions restricted the country from which was accidentally downed by make any further missteps. were under review.

FTSE 100▲ 7,617.60 +29.75 FTSE 250▲ 21,716.76 +150.09 DOW▲28,97.05 +83.28 NASDAQ▲9,273.93 +95.07 £/$▼ 1.298 -0.008 £/€▼ 1.166 -0.009 €/$▲ 1.114 +0.002 02 NEWS TUESDAY 14 JANUARY 2020 CITYAM.COM

MOVING ON UP The Museum of London unveils plans for long- awaited move into Farringdon’s Grade II-listed Smithfield Market THE CITY VIEW Boardroom shakeup at Buckingham Palace

SHOCK decision that caught the establishment by surprise led to rancour, division and a nation divided. Now, after Ahectic negotiations during which the media lapped up spin from each side, it looks as if a Canada-style deal is on the cards — following a pragmatic transition period. But this ain’t Brexit folks, it’s the modern monarchy and its growing pains have become audible. More accurately, these are shrinking pains — since the top executives at the firm (better known as Her Majesty the Queen, the Prince of Wales and the Duke of Cambridge) decided last year to focus on a slimmed-down Royal Family, focusing on the immediate heirs. The streamlining of the board was made easier (though doubtless it didn’t feel like it at the time) by the epic fall of Prince Andrew, who decided to THE MUSEUM of London has submitted its plans to relocate to Smithfield Market, claiming the new site could become one of the make his case directly to shareholders only to find his value capital’s top 10 tourist attractions. The designs, submitted to the City of London Corporation, preserve the facade of the tank once he opened his mouth. building, with the building’s “cavernous and atmospheric spaces” to be used for displays, exhibitions and events. His disastrous Newsnight interview meant he had to clear his desk without so much as a farewell drinks party. Within the The Royal plans for Monarchy 2020 there Russian hackers was surely room to accommodate family is UK economy in the wishes of the Duke and pragmatic - target Biden’s Duchess of Sussex to take ruthlessly so voluntary redundancy. Indeed, the Palace has let it be known that discussions about Harry and surprise shrink Ukrainian firm Meghan’s future role were very much on the cards. Despite rumours of a tell-all interview, we may never know why the EMILY NICOLLE Sussex sub-branch decided to unilaterally announce a split from ANNA MENIN win in mid-December has cheered @emilyjnicolle HQ, but the Royal Family is pragmatic (often ruthlessly so) and AND HARRY ROBERTSON many businesses, according to various RUSSIAN military hackers have the Queen, despite being shocked by the behaviour of her surveys, leading some to predict an been conducting attacks on the @annafmenin @harrygrobertson grandson, issued a memo to all heads of department in which economic bounce. Ukrainian gas firm at the centre of THE UK economy fared much worse The official data showed that pro- US President Donald Trump’s she demanded solutions, not problems. The result was than expected in November as it duction declined 1.2 per cent during impeachement trial, it was revealed yesterday’s Sandringham summit. There were no ACAS struggled with political uncertainty, November, while manufacturing in the early hours of this morning. mediators, but it seems a plan is developing. The Queen said in a official data revealed yesterday, lead- dropped 1.7 per cent. First reported by the New York statement last night that “we respect and understand their wish ing to a surge in expectations that the Britain’s usually resilient services sec- Times, the hacking attempts were Bank of England (BoE) will cut interest tor, which accounts for more than 75 conducted against Burisma, the to live a more independent life” and that there will be “a period rates at its next meeting. per cent of the economy, also con- company where Democratic of transition in which the Sussexes will spend time in Canada British GDP fell 0.3 per cent in tracted in November, by 0.3 per cent. presidential candidate Joe Biden’s and the UK”. Crucially, the Queen acknowledged that the Duke November, the Office for National Sta- Philip Shaw, economist at Investec, son Hunter served on the board. tistics (ONS) said, undershooting ana- said: “We are not convinced that this The attacks have been ongoing and Duchess “do not want to be reliant on public funds in their lysts’ predictions of stagnation. The is a temporary, Brexit related occur- since November, according to new life”. As is so often the case, money will be the sticking year-on-year growth figure of 0.6 per rence following the passing of Octo- cybersecurity researchers, as news point of these negotiations. Harry and Meghan can’t just launch cent was the worst since 2012. ber’s deadline.” regarding the impeachment a clothing line and tout for voiceover work. However, we should Yet many economists said Bank of The official GDP reading caused ex- proceedings and Burisma mounted. England policymakers will not make pectations that the Bank of England Experts at Area 1 remarked that recognise their desire to take back control and support them as decisions about rates until a batch of would cut its main interest rate from the tactics being utilised by the they forge a new path. Indeed, we should wish them all the best. survey data is released at the end of 0.75 per cent to rise markedly. perpetrators, known by the the month, which will give a more up- Investors now place the probability nickname Fancy Bear, were similar to-date look at the economy. of a rate cut at 47 per cent. A week to those used in the Russian hacks Follow us on Twitter @cityam Boris Johnson’s thumping election ago, that figure was just five per cent. of Hillary Clinton’s emails in 2016.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL JP MORGAN SUSPENDS WHAT THE PERSIMMON PAY SCANDAL BIG BEN WILL NOT BONG FOR OLD SEARS SETTLES WITH TRADER FOR WHATSAPP OTHER EXECUTIVE RESURFACES BREXIT AS COSTS SPIRAL NEW SEARS FOR $18M JP Morgan has suspended one of its The former chief executive of Big Ben will not bong for Brexit, after Sears Holdings, the estate of the iconic most senior credit traders for using a PAPERS SAY Persimmon who was sacked after an projected costs spiralled to half a department store left behind in WhatsApp group to communicate with outcry about his £76m bonus has million pounds. The issue was bankruptcy, has agreed to settle colleagues, highlighting Wall Street’s THIS resurfaced at another Yorkshire discussed at a meeting of the House of litigation over new owner Eddie growing concern about the use of housebuilder. Jeff Fairburn, 53, has Commons Commission yesterday Lampert’s $5bn (£3.8bn) purchase of unauthorised messaging systems that MORNING been appointed chief executive of morning, but it was dismissed over the retailer’s best stores for more could circumvent compliance checks. Berkeley Deveer after buying a 50 per financial and logistical issues. than $18m. Edward Koo, a longstanding credit cent stake in the business. trader at JP Morgan’s New York office, ASTON MARTIN ‘NEEDS PLAN TO REVAMP MEDICAID was put on leave in recent days while AUSTRALIAN MORRISON’S £500M CASH INJECTION’ ELIGIBILITY DRAWS CRITICS the bank investigates his role in the POPULARITY SLUMPS Aston Martin needs a £500m cash A push by the Trump administration Whatsapp group. The popularity of Australia’s Prime injection within weeks to stabilise the and states to overhaul Medicaid- accounting firm after two decades. Minister has plummeted since the embattled luxury car maker. The eligibility regulations is alarming critics KPMG UK’S MOST SENIOR Melanie Richards will leave KPMG in nation’s bushfire crisis erupted. Scott prediction was made by analysts at who say stiffer verification measures are FEMALE PARTNER QUITS September following a torrid two years Morrison’s ratings have tumbled eight Redburn and follows talks the company already creating procedural hurdles KPMG UK’s most senior female partner for the business, which is battling to points in a month, and his government is understood to have held with several that depress enrollment. The service and deputy chair has quit the Big Four restore its reputation. has fallen behind the opposition party. foreign potential investors. helps low income and disabled people. CITYAM.COM TUESDAY 14 JANUARY 2020 NEWS 03 Wall Street soars Visa buys fintech behemoth Plaid for $5.3bn in payments mega-deal as reconciliation EMILY NICOLLE company, which launched in the UK grown to hold connections with over last year to challenge rivals such as 10,000 banks and reach more than @emilyjnicolle Gocardless and Truelayer. 20m consumer bank accounts. VISA IS to acquire US payments giant Chief executive Zach Perret said It said last month that around 25 Plaid for $5.3bn (£4.1bn), a software joining the Visa brand “represents an per cent of US bank accounts have left on the cards startup that is used by the likes of incredible opportunity to continue to been connected to companies using Venmo, Robinhood and Coinbase. scale our products. We’ll be able to its software through an app. Plaid, which helps companies lean on their brand, resources, and Other Plaid investors included connect to users’ bank accounts, was international footprint to benefit our Silicon Valley stalwarts Index HARRY ROBERTSON per cent to a record high of $524.86, last valued at $2.65bn in a funding customers, our partners, and the Ventures, Andreessen Horowitz and surpassing the $500 per share mark round in 2018. Visa and Mastercard markets we serve”. Kleiner Perkins, and the venture arms @harrygrobertson for the first time. were early investors in the tech Since launching in 2013, Plaid has of Citi and American Express. US STOCK markets hit fresh all-time Google’s owner Alphabet rose 0.7 per highs yesterday as investors optimisti- cent and narrowly missed crossing cally await the signing of phase one of the vaunted $1 trillion (£777bn) mar- the US-China trade deal. ket capitalisation threshold. Only The US Treasury Department late Apple, Microsoft, Amazon and Saudi last night withdrew its official accusa- Aramco have reached this milestone. tion that China is a currency manipu- The US and China are due to sign a lator. Early anticipation of the move phase one trade deal tomorrow, which provided a boost to markets, as will reduce tensions between the investors sought signs of thawing rela- world’s two-biggest economies, but tions between the pair. not end them. Indices were also powered up by A cooling of tensions in the Middle expectations of a pick-up in profit for East also sent investors back towards US companies as fourth-quarter earn- riskier assets. Europe largely missed ings season kicks off. out on the US gains, except for the The tech-heavy Nasdaq was the FTSE 100, which rose 0.4 per cent. biggest riser, adding one per cent by Some analysts cautioned against pre- close of play. The S&P 500 rose 0.3 per mature optimism. cent, while the Dow Jones industrial “It is important to take into account average climbed 0.3 per cent. the possibility that this deal could Tech giants Apple, Facebook, Netflix underwhelm when we finally see the and Microsoft all drove US markets finer details,” said IG senior market upwards. Meanwhile, Tesla surged 9.8 analyst Joshua Mahony.

CROWN JEWELS Faberge owner eyes up secondary stock listing on London’s Aim

THE OWNER of the Faberge jewellery brand is to reveal plans for a future listing on London’s junior stock market, Gemfields boss Sean Gilbertson told the Financial Times yesterday. Faberge is best known for its line of bejewelled eggs, favoured by Russian royalty prior to the monarchy’s downfall in the 1917 revolution. US officials hand Johnson fresh data ahead of Huawei decision

EMILY NICOLLE A decision on the matter by Johnson is expected shortly, with many under- @emilyjnicolle standing him to be leaning in Huawei’s SENIOR US officials made a last-ditch favour. British security agencies have plea to Boris Johnson yesterday to advised that any potential risks could keep Huawei out of Britain’s telecoms be mitigated by only using Huawei network, warning that allowing the equipment in non-core areas. Chinese firm to be involved would be “It would be like putting Russia in “nothing short of madness”. charge of anti-doping of world ath- A dossier was presented by a US dele- letes,” a US official attending the meet- gation to the UK that officials told ing told the Financial Times. media outlets included new technical A final decision on the matter is information that highlighted the risks expected by 31 January. of including Huawei technology in 5G Huawei did not respond to a request networks. for comment. 04 NEWS TUESDAY 14 JANUARY 2020 CITYAM.COM Thornberry nips Minister kicks off green bond in to round two sale in Kenya HARRY ROBERTSON @harrygrobertson THE UK’S international of Labour battle development secretary Alok Sharma yesterday launched East Africa’s first so-called green bond on the Kenyan securities exchange CATHERINE NEILAN came in second with 33 nominations. — a product developed with the Nandy, who has been critical of help of the City and British aid. @CatNeilan Labour’s push for a second referen- The bond will help Acorn SHADOW foreign secretary Emily dum came in third after securing 31 Housing raise local currency to Thornberry scraped through to the nominations, while Phillips and build environmentally-friendly second round of the Labour Thornberry received 23 apiece. houses for students in Nairobi, leadership contest yesterday after she All five candidates must now seek Environment minister Zac Goldsmith was made a lifelong peer yesterday Kenya’s capital. secured critical support with just min- the backing of unions and/or local Environmental finance has utes to go. constituencies . become an increasing priority for Thornberry is one of five candidates If they make it past the second governments and companies, who secured enough nominations round, they will make the final short- Brexit bill reaches House of Lords bolstered by climate-related enter the next stage of the leadership list, which will see the vote open out events such as the Australian bid, with just one contender — Clive to party members and supporters of bushfires. Lewis — dropping out. affiliated societies. as peers vote on second reading The Bank of England has led calls She now goes up against fellow The final decision will be announced for UK financial institutions to London MP and shadow Brexit secre- on 4 April. POPPY WOOD It will now be subject to strict address climate change. tary Keir Starmer, Rebecca Long-Bailey, Meanwhile, first-round results also scrutiny by the House of Lords over Sharma told City A.M. that the Jess Phillips and Lisa Nandy to succeed rolled in for the deputy leadership @poppyeh the coming days, and will return to launch of the green bond — an IOU Jeremy Corbyn. race yesterday, with Angela Rayner the THE HOUSE of Lords yesterday started the Commons for further readings if that helps fund eco-friendly Starmer, the only man left running, favourite to replace Tom Watson, who voting on the Withdrawal Agreement peers decide to amend the bill. projects — was an example of the is widely viewed as the frontrunner, quit during the election campaign. Bill, which will write Boris Johnson’s Yesterday culture secretary Nicky role UK aid can play in promoting having secured the backing of Unison Rayner is up against fellow front- Brexit deal into law. Morgan, who bucked out of the environmental issues globally. — the UK’s largest trade union — early benchers Dawn Butler and Richard The legislation passed through the General Election, and environment He called the launch of the bond on in the campaign. Burgon, as well as Tooting MP Commons unamended last week, minister Zac Goldsmith, who lost his a “landmark moment” in the Starmer yesterday secured the back- Rosena Allin-Khan and Scottish MP bolstered by the Conservatives’ fresh parliamentary seat, were made relationship between Kenya and ing of 89 colleagues, while Long-Bailey Ian Murray. parliamentary majority. lifelong peers in the House of Lords. the UK. Johnson insists on ‘no circumstances’ TfL mulls landover tax to for goods checks in Northern Ireland fund Bakerloo extension CATHERINE NEILAN shown leadership”. of the UK. STEFAN BOSCIA from central government that it He said circumstances are “very, Asked about life after Brexit, will foot the bill. @CatNeilan very promising” for Northern Ireland. Johnson stressed there were “no @Stefan_Boscia It was revealed yesterday by New BORIS Johnson has insisted there will The breakthrough meant “now is the circumstances whatever in which TRANSPORT for London (TfL) is Civil Engineer that TfL is be “no circumstances” in which chance to deliver for the people of there will be a need for checks” on considering funding the planned considering taxing landowners goods coming between Northern Northern Ireland… the people’s goods going between Northern £3.1bn Bakerloo line extension with along the proposed route to pay for Ireland and Great Britain would be priorities,” Johnson said. Ireland and Great Britain. a tax on landowners. the line as they would likely benefit subject to checks after Brexit. Better infrastructure, education However he added that goods The proposed works would from increased property values The Prime Minister, who is in and technology in Northern Ireland going from Britain to Northern extend the line from Elephant and from the extension. Stormont after the breakthrough last would improve things for all four Ireland would undergo checks if they Castle to Lewisham via stations on A TfL spokesman told City A.M. week restored the power-sharing nations of the United Kingdom, were destined for Ireland, and if the Old Kent Road and New Cross Gate. that the levy is just one of several executive, praised those involved for Johnson added, stressing that he government had failed to negotiate a However, the project has been options that the transport body having “stepped up to the plate and leads a government for the whole zero-tariff trade deals. left unfunded with no indication is exploring. CITYAM.COM TUESDAY 14 JANUARY 2020 NEWS 05 Questions arise over Flybe future Boeing ex-boss gets $62m after LYBE, the biggest regional air- in a new strategy of moving away from start operating flights from line in Europe, is said to be on leisure routes and focusing on family Birmingham to Edinburgh and the brink of collapse. Sky News and business travel. Glasgow — another major route for 737 Max chaos reported the carrier is engaged It also removed the least cost-effi- Flybe. F ALEX DANIEL in a frantic bid for emergency cient aircraft from the fleet, and WHO COULD IT AFFECT? funding, and the government is also Q&A announced a number of new routes. @alexmdaniel said to be involved in the talks — Since the buyout, neither Virgin nor Some reports suggest as many as 2,000 which come just four months after Flybe has released financial results for jobs would be at risk if Flybe collapses FORMER Boeing boss Dennis Thomas Cook went bust in late the brand. However, Virgin Atlantic – the airline’s website says it has 2,400 Muilenburg has left the firm September. British regional flight market. chief executive Shai Weiss told City employees. with a $62m (£48m) pay package, Neither party is offering any mean- The majority of UK domestic flights A.M. in October that turning the strug- The British Airline Pilots Association despite having overseen one of the ingful comment on the situation — so that do not include a London airport gling company around, and to “keep this morning reacted angrily to the most disastrous years in the here are some of the key questions as are operated by the airline — and it Flybe flying”, was still a priority. news about the “secret” talks, company’s 104-year history. the airline fights to stay aloft. has the highest number of flights at saying the union had not been The payment comes in Aberdeen, Birmingham, Glasgow, SO WHAT WENT consulted. compensation and pension WHAT DO WE KNOW SO FAR? Manchester and Southampton air- WRONG? Flybe has so far insisted benefits, but Muilenburg will Less than a year after it was bought ports. It also flies to Amsterdam, Flybe has taken a serious that it is business as not get severance pay, according out by Virgin Atlantic, Flybe is in trou- Dusseldorf and Paris. hit from the falling usual. If it were to go to Boeing. ble again, with reports suggesting it is However, Flybe only carries around value of the pound into administration, The company fired Muilenburg making heavy losses and looking for a 8m passengers a year. Compared to a since the 2016 EU refer- however, things would in December in a bid to restore cash injection to keep it aloft until the major short haul carrier like Easyjet, endum. This is because become less clear cut. confidence in the firm. It came peak summer season. which carries 96.1m a year, this is tiny. a high proportion of its When Thomas Cook after two deadly crashes involving Big Four auditor EY is said to have costs are in dollars, went bust in its 737 Max plane, which killed a been put on notice to handle an HADN’T IT ALREADY BEEN while most of its earn- September, the govern- total of 346 people. administration process, which would RESCUED? ings are in sterling. ment was forced to The aeroplane manufacturer put more than 2,000 jobs at risk. Yes — less than a year ago. After the Similarly, the period of recruit other major airlines confirmed yesterday that David Sources have suggested that the gov- airline put itself up for sale in 2018, a uncertainty that has struck to replace the cancelled Calhoun, Boeing’s new chief ernment was briefed on the situation group comprising Virgin Atlantic, the travel industry since the referen- flights — bringing 150,000 stranded executive, could get a $7m bonus if in the last few days, with one adding Stobart Group and US hedge fund dum has softened demand for travel holidaymakers home to the UK in he can get the 737 Max back in the that the discussions included whether Cyrus Capital bought it in March 2019. in recent years. the process. air over the coming months. it might facilitate emergency funding. The consortium paid £2.8m for Moreover, Flybe’s competitors have On routes operated under public Boeing said it was sure Calhoun Flybe’s operations and another £2.2m pushed it to the side in many of its tra- service obligations, such as Newquay was the right person for the job, WHERE DOES FLYBE OPERATE? for the parent company, and vowed to ditional strongholds. It has already to London, the government would saying he would “strengthen After starting out in 1979 as Jersey rebrand the airline as Virgin Connect suffered in Bristol, where Easyjet has need to get another airline to step in. Boeing’s safety culture, improve European Airways, the airline in 2020. established itself as the major But if standard procedure protocol is transparency and rebuild trust”. He rebranded in 2002 as Flybe. Today, it The group also said it would pour an presence flying to Belfast, Edinburgh followed, others will not be able to get has served on the board since 2009, operates 189 routes in the UK and extra £100m into making the regional and Glasgow. their flights, with all bookings can- prior to being appointed chief exec Europe, with a firm grip on the carrier profitable again, and brought Easyjet also recently said it would celled and limited refunds made. and president of Boeing last year. 06 NEWS TUESDAY 14 JANUARY 2020 CITYAM.COM Travelex restores Dip in German car production some e-services hurts economy ANGHARAD CARRICK @angharadcarrick A SHARP decline in automotive pro- following attack duction in Germany weighed on the economy last year, according to a report published yesterday. A report released by the Munich- ANNA MENIN “We are now at the point where we based IFO Institute showed that the are able to start restoring German automotive workforce @annafmenin functionality in our partner and shrank 1.3 per cent last year — a FOREIGN exchange company Travelex customer service.” much sharper decline than the 0.2 is beginning to restore some As of mid-afternoon yesterday, the per cent dent in the rest of the electronic systems almost two weeks company’s global websites were still manufacturing industry. after hackers held the company’s sys- offline. Travelex said it had restored Barr criticised Apple for providing no “substantive assistance” to US authorities The steep decline halted the rise of tems to ransom, leading to a global some internal and order processing Germany’s economic output by 0.75 blackout of its online services. systems, and was providing refunds to per cent in 2019, the IFO said. Staff at the foreign exchange giant customers “where appropriate”. It cited a 16 per cent rise in had been forced to use pen and paper The currency trader has a presence US attorney general wades into German imports of passenger cars to serve thousands of customers after in over 70 countries, and provides from the EU, and the increasing a cyber attack forced it to take all its foreign exchange services for the relocation of German car production systems offline on New Year’s Eve. customers of HSBC, Barclays, Virgin Apple iPhone security debate outside the country as the main It later emerged that the ran- Money, and Tesco and Sainsbury’s reasons for the production slump. somware gang Sodinokibi had banking arms. EMILY NICOLLE December shooting at a US military Germany has been forced to start demanded $6m (£4.6m) from the com- The company said yesterday it would base, Barr asked Apple to provide converting its car production sites to pany in return for customer data, but continue to communicate with part- @emilyjnicolle access to two phones used by the suit electric car manufacturing, as Travelex said it had contained the ners about restoring services and “pro- US ATTORNEY General William Barr gunman. EU emissions targets weigh on the virus and there was no evidence cus- vide a roadmap” outlining its next yesterday petitioned Apple to unlock “This situation perfectly illustrates industry. It has had to relocate most tomer data had been compromised. steps, and had been able to honour the iPhone of a suspect involved in a why it is critical that the public be of its car production to factories in “We continue to make good progress most online orders for collection in deadly shooting last month, pushing able to get access to digital evidence,” other European countries. with our recovery and have already store. The firm is working with forward a debate surrounding the Barr said. He added that Apple had “Structural change is now leaving completed a considerable amount in authorities including the National Californian tech firm’s right to yet to provide “substantive assistance”. its mark on the labour market,” said the background,” the company said in Cyber Security Centre and respect its users’ privacy. Apple has said it cannot bypass the Timo Wollmershaeuser, head of a statement. Metropolitan Police, it said. At a press conference for the 6 security built into its phones. forecasts at IFO. Relx snaps up ID Analytics for $375m EY UK boss takes up new in bid to boost fraud-spotting abilities global sustainability role ANGHARAD CARRICK Relx — which uses data analytics to and business analytics unit, and will JAMES BOOTH UK and Ireland, but will be help companies make decisions — has operate under the Lexis Nexis Risk replaced as managing partner. @angharadcarrick undergone heavy transformation in Solutions brand. @Jamesdbooth1 Varley informed EY partners of EUROPEAN information provider the past few years after selling off the The purchase of the data firm will EY YESTERDAY announced the the change in a memo yesterday, Relx yesterday agreed a deal to buy ID bulk of its print publications to focus help Relx — which has a market appointment of its UK and Ireland Sky News reported. Analytics for $375m (£288m) in a bid on data development. valuation of £37bn — create a boss to a new position as global The memo said the process to to bolster its fraud-spotting ID Analytics helps companies “comprehensive approach to vice chair for sustainability. choose his successor will start next capabilities. identify customers who want to set detecting and preventing fraud Steve Varley, who is chairman month and conclude in March. The FTSE 100 company yesterday up new accounts that might be used and managing risk,” said Rick and managing partner of the Big Varley said: “We simply agreed the purchase of San Diego- fraudulently, and uses data to Trainor, chief executive of Lexis Nexis Four firm in the UK and Ireland, cannot stand still when it based ID Analytics from Norton Life produce credit scores for customers Risk Solutions. will relinquish the latter role when comes to protecting the Lock, marking its third-largest who have limited credit files. Relx shares rose 0.8 per cent to he takes up his new job on 1 July. environment and creating growth acquisition in over a decade. It will become part of Relx’s risk 1,946.5p on the news yesterday. Varley will continue to chair EY opportunities.” Introducing: The Artful Trader

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CITYAM.COM TUESDAY 14 JANUARY 2020 NEWS 09 Beales in crisis Atlantia plans to appoint joint chief executive to up focus on overseas talks to stave off FRANCESCA LANDINI extraordinary board meeting executive Giovanni Castellucci yesterday at which Bertazzo’s resigned last September amid the ITALIAN infrastructure group appointment as chief executive was fallout from the deadly collapse of a Atlantia is expected to appoint Carlo on the agenda. bridge operated by the group’s Bertazzo, general manager of the Bertazzo, who also sits on the motorway unit Autostrade per l’Italia chain’s collapse Benetton family holding company board of telecom masts group Cellnex in 2018, in which 43 people died. which controls the group, as chief and toll road group Abertis, has been The firm did not announce a executive for Italy, two sources with working since 1994 for Edizione, the successor after Castellucci’s knowledge of the matter said holding company of the Benettons, departure but it is expected to name JESS CLARK street stores as landlords will yesterday. which control Atlantia through a 30 two leaders — one responsible for AND HARRY ROBERTSON continue to pay business rates in the One of the sources said that the per cent stake. operations in Italy and the other to event of the retailer’s failure. company was due to hold an Atlantia’s long-serving chief focus on overseas. Reuters @jclarkjourno @harrygrobertson “We’ve only managed to get one STRUGGLING department store chain council to help us out on a temporary Beales is in crisis talks with potential basis,” Brown told the BBC. buyers in an effort to stave of a col- “Landlords — not all of them but pre- lapse that could cost hundreds of jobs. dominantly most of them — have been The talks come after the helpful and they see a long term. Bournemouth-based firm on Sunday “Now don’t get me wrong, the high filed notice of its intention to appoint streets do need to develop but there administrators to step in as a last has to be a timescale on which that’s resort if a sale falls through. done by. Beales, which was founded in 1881, is “At the moment, in my view speaking to a rival retailer as well as a councils really don’t care, because venture capital company. A deal could they get their business rates, whether be struck by the end of this week, we’re there or not because the land- Beales chief executive Tony Brown told lord pays if the store closes”. the Financial Times yesterday. Retailers have repeatedly called Last month Beales, which has 22 on the government to reform the department stores across the UK, business rates system, as high street appointed KPMG to launch a strategic stores face rising costs and a drop in review and assess a potential sale of consumer footfall. the business. In December the chain said it is Brown yesterday accused local seeking investment to implement councils of failing to help struggling further cost saving strategies as it high street retailers. “continues to acclimatise to the ever- The chief executive said local author- changing landscape and challenges of ities “really don’t care” about high the retail market”.

MALL TALK Harrods security guards vote on strike action in long-running pay dispute

HARRODS security guards started balloting for strike action yesterday after a dispute between union members and management over pay. Members of Unite will decide whether to launch industrial action over a below-inflation pay rise. Tiktok mulls new curated feed in bid to win back advertisers’ trust

JAMES WARRINGTON The move would allow Tiktok, which is owned by Chinese tech giant @j_a_warrington Bytedance, to charge higher TIKTOK is said to be mulling the advertising rates to premium brands. launch of a curated content feed as The video app, which is popular the Chinese social media app looks to with teenagers and has racked up assuage advertiser fears over harmful more than 1bn users, has come material posted to its platform. under fire in recent months over The video-sharing firm is weighing concerns about harmful content, up plans for a new stream that would cybersecurity flaws and potential contain carefully vetted content from censorship by Beijing. so-called Tiktok creators or A gated content stream would professional publishers, the Financial mirror a similar initiative by rival Times reported, citing three people social media firm Snapchat, which familiar with the matter. launched its Discover section in 2015. 10 NEWS TUESDAY 14 JANUARY 2020 CITYAM.COM

VA VA VROOM Porsche defies global auto Renault shares hit six-year low as industry gloom with record 2019 revenue Nissan prepares for potential split ALEX DANIEL 2.82 per cent down to €40.66 Separate reports last night said @alexmdaniel The plans include war-gaming a Ghosn is taking Renault to court in 2.82% total divide in engineering and an attempt to recoup a €250,000 FRENCH car giant manufacturing, as the downfall of pension payment, as part of a string Renault’s shares hit a six- former Nissan chairman Carlos of legal cases lobbied in France. year low yesterday, after reports Ghosn continues to hurt the Lawyers for Ghosn said he was suggested Nissan had accelerated 20-year alliance. forced to sign his resignation letter secret contingency planning for a Nissan has also included by Japanese authorities, leaving him potential split from its alliance. wholesale changes at board level in entitled to the payment. The company’s stock plunged as its plans, which have hastened They will argue he is also owed a low as €40.16 yesterday, a four per since Ghosn’s escape from Japan in pension of €770,000 per year, and up cent drop for the day, before settling late December. to €15.5m in shares.

PORSCHE shrugged off a global slump for the automobile industry as the German car company yesterday posted record sales in 2019. The firm said it expects its first all-electric model, the Taycan (pictured) to generate further growth in 2020. China’s car sales drop for second successive year

ALEX DANIEL business,” Matt Tsien, president of GM @alexmdaniel China, said last week as the US manu- facturer reported a 15 per cent drop in THE CHINESE car market was in 2019 China sales. reverse for the second consecutive Sales of electric cars also struggled year in 2019, as the cooling economy last year, after Beijing slashed govern- and the nation’s trade disputes with ment subsidies last June by more than the US hit consumers, data released half, prompting manufacturers to cut- yesterday showed. back on production. Sales slumped 8.2 per cent to 25.8m This prompted a number of manu- vehicles last year, after a 2.8 per cent facturers to wind down production. fall to 28.1m in 2018, according to the Sales of new energy cars fell four China Association of Automobile per cent year on year to 1.2m in 2019 – Manufacturers. far below the government’s target The slowing of the Chinese market of 1.6m. has hit manufacturers hard. Volkswagen, whose SUVs helped it Yesterday, Ford said its China auto report a smaller 1.1 per cent year-on- sales slumped more than a quarter in year fall in sales in the first 11 months 2019 for its third year of decline. of 2019, has said it expects China’s The latest fall, however, was slower market to grow at a relatively slow than the 37 per cent weathered in pace for the next five years. 2018, and the car maker said it saw its Analysts at London Capital market share stabilise in the high-to- Group said the faltering market premium segment. would continue hitting manufactur- It remained cautious about 2020, ers hard. echoing bearish comments on China’s “Under the weight of falling vehicle market from General Motors. sales, a slowdown in China and the “We expect the market downturn to trade war, its hard to see where earn- continue in 2020, and anticipate ings growth materialises for automak- ongoing headwinds in our China ers in the New Year,” they said. Motor manufacturers set to face €14.5bn emissions fines in 2021 EDWARD THICKNESSE of as much as €4.5bn as a result of its @edthicknesse high sales volumes across Europe. In terms of profit, Jaguar Land EUROPE’s top 13 car makers will face Rover is on track for the biggest fines of up to €14.5bn (£12.4bn) for blow, with a fine of €93m forecast, missing their 2021 emissions targets, equivalent to 400 per cent of the according to a new forecast from PA companies 2018 profit. Consulting. PA’s analysis ranks each After four years of decreasing manufacturer against their carbon emissions, a rise in the number of dioxide emissions forecast for 2021. customers buying SUVs, stronger PA Consulting’s Michael Schweikel demand for high-powered cars, and said: “The good news is that there a shift in preference to petrol cars are many options open to car makers has seen emissions climb. to reduce emissions and minimise Volkswagen could be hit by a fine future fines.” CITYAM.COM TUESDAY 14 JANUARY 2020 NEWS 11

The betting firm credited favourable William Hill set to beat 2019 forecast sports results for its high JESS CLARK of both market and management guidance of £50m to £70m. profit expectations, driven by a strong gross The betting firm’s UK online forecast @jclarkjourno win margin. business grew in line with the market WILLIAM Hill announced yesterday William Hill also announced that for the third consecutive quarter, and that it beat profit expectations last chief financial officer Ruth Prior will a weakness in gaming net revenue was year due to “favourable sporting step down as a director after more offset by the gross win margin. results”, as the gambling chain than two years with the firm to join The performance of the company’s revealed that its finance chief is set to Element Materials Technology in the international online division was step down. same role. mixed, and net revenue is expected to The company said full-year adjusted In a trading update yesterday be flat. The company’s US business, operating profit for 2019 is expected the company said its retail business meanwhile, continued to grow in the to be between £143m to £148m, ahead generated operating profit above the fourth quarter. Investor bets on Astrazeneca in infrastructure for $100m hit as spending bump drug fails trials HARRY ROBERTSON ALEX DANIEL @harrygrobertson @alexmdaniel INVESTMENT firm Sandton Capital ASTRAZENECA is in line for a $100m Partners has allocated £100m for (£77m) hit after a heart disease drug acquisitions in the UK infrastructure was shown to be ineffective in sector, it said yesterday, ahead of what treating certain heart conditions. is expected to be an expansive Budget After the disappointing results, from chancellor Sajid Javid in March. the drug manufacturer said it would The Conservatives campaigned on stop running trials on the drug, a promise to increase investment known as Epanova. across the country, particularly in It also said that it would review its poorer areas, with a focus on $533m value on the company’s infrastructure such as rail and balance sheet. road projects. Epanova is used in the United The party’s emphatic election States to treat hypertriglyceridamia victory puts Javid in a strong — a condition which involves high position to increase spending on the levels of certain fats, known as regions when he holds a Budget on triglycerides, in the bloodstream. 11 March. The condition is often a Sandton said in a statement that is forerunner of heart disease. sees “great potential for growth in Astrazeneca had hoped the drug infrastructure, in particular the would also prove effective in treating subsectors of rail, highways, utilities mixed dyslipidemia — another and power”. condition which increases the risk of Sandton describes itself as an heart disease. investment firm that provides “It was important to assess the alternative debt and equity capital to potential benefit of Epanova in challenged but viable companies mixed dyslipidemia,” said Mene with growth potential. Pangalos, executive vice-president of UK head of Sandton Matt Meehan biopharmaceuticals research and said: “We are seeing encouraging development at Astrazeneca. signs for the UK infrastructure sector “We are disappointed by these which has been hit by challenging results, but we remain committed to trading conditions.” addressing the needs of patients in He said Sandton, which was the cardiovascular space where we founded in 2009 and has offices in have an extensive pipeline.” London and across Europe, wants to Astrazenca bought Epanova “ensure we are doing everything through its 2013 purchase of we can to assist it and ensure Omthera Pharmaceuticals. businesses are poised to take Then, it said there was a “clear advantage of the opportunities that need” for alternative treatments for present themselves”. people with high levels of The environment, public services triglyceride in the bloodstream, as and the cost of living are expected to obesity and diabetes continued to be prioritised at the Budget, and become more frequent in the US. Javid will also introduce new fiscal The firm said the trial results rules, as outlined during the would have no bearing on the drug’s election. use in treating severe Javid said yesterday that the hypertriglyceridaemia. Budget’s increased spending will The loss failed to dent “lay the foundations for a decade Astrazeneca’s shares, which closed of renewal”. almost flat at 7,650p yesterday. Lululemon raises its quarterly profit outlook JESS CLARK over the important Christmas trading $1.38bn, up from a previous estimate period. of $1.32bn to $1.33bn. @jclarkjourno Shares in the retailer jumped 4.4 “We’re excited by the momentum EXERCISE clothing retailer Lululemon after it announced that profit per in our business over the holiday raised its quarterly profit outlook share for the quarter to 2 February is period with guests responding well to yesterday after a strong sales expected to be $2.22 to $2.25. our innovative merchandise,” the performance over the important The company’s share price almost firm said in a statement yesterday. Christmas trading period. doubled last year. Lululemon, which is known for its Exercise clothing retailer The Canadian company also said it $100 yoga trousers, expanded its Lululemon raised its profit outlook expected its net revenue to be loyalty programme and improved its The sportswear retailer, known for its $100 yoga leggings, has 10 stores in London today after a strong sales performance between $1.37bn (£1.05bn) and in-store shopping experience. 12 NEWS TUESDAY 14 JANUARY 2020 CITYAM.COM Ferrexpo shares tower as firm hails Phony investors ‘strong margins’ over the last year EDWARD THICKNESSE trick Lekoil into company said that prices were up 16 with falling prices for steel making @edthicknesse per cent over the last 12 months, ingredients such as iron ore the which had offset a $5 rise in result. China is one of the world’s SHARES in iron ore pellet maker production prices from $43 to $48. top producers of steel, although Ferrexpo surged over eight per cent Sales volumes also saw a small rise demand is expected to fall 0.6 per yesterday on the back of strong from 10.2m to 10.3m, with net debt cent in 2020. loan agreement margins in 2019, despite a slowdown at $282m. The company has declared Last year the firm, which has in pellet production. an interim special dividend of 6.6 assets in Ukraine, twice delayed its In a trading update the FTSE 250 cents as a result of its strong cash full-year results, after it revealed that firm said that it had produced 10.5m generation. some of the funds it gave to a charity EDWARD THICKNESSE individuals who have constructed a tonnes of pellets in 2019, down from A prolonged trade dispute with in the country might have been @edthicknesse complex facade in order to masquer- 10.6m in 2018. However, the Swiss the US hit Chinese demand for steel, misappropriated. ade as representatives of the QIA”. AIM-LISTED oil explorer Lekoil The company said it would contact yesterday had its shares suspended the relevant authorities across a num- after individuals purporting to be ber of jurisdictions without delay over investors tricked the firm with a fake the attempt to defraud Lekoil, as well loan deal. as conducting its own investigation. The West Africa-focused firm was Sources close to QIA had previously approached by people it believed said that the organisation had no were representatives of the Qatari knowledge of any loan. Investment Authority (QIA), who Lekoil said that its financial expo- agreed a $184m (£141.6m) loan with sure stood at $600,000, which it paid the company on 2 January. to Seawave Invest, the firm that intro- The loan, which was for drilling and duced it to those “purporting to be development work on the Ogo field the QIA”. The firm said it had started off Nigeria, was agreed with the an investigation into Seawave and individuals with an annual interest would attempt to recover the $600,000 rate of 3.72 per cent. in question. In a statement yesterday, the firm Seawave Invest, which lists addresses said the deal “seems to have been in both Ghana and the Bahamas, did entered into by the company with not respond to requests for comment.

CITY OF WESTMINSTER LONDON LOCAL AUTHORITIES ACT 2000 PART V - REGULATION OF BUSKING

Notice is hereby given that Westminster City Council (“the Council”) intends to pass resolutions pursuant to the London Local Authorities Act 2000 (“the 2000 Act”) to regulate busking in Westminster. The draft proposals involve the application of Part V of the 2000 Act to two areas of Westminster, namely (1) Oxford Street and (2) Piccadilly JOIN Circus, Chinatown and Leicester Square, on the basis that the Council has reason to believe that there has been, is being or is likely to be THE caused, as a result of busking (a) undue interference with or inconvenience to or risk to safety of persons using a street in those areas or other streets within the vicinity of those streets; or (b) nuisance CLUB to the occupiers of property in or in the vicinity of a street in those areas. TODAY It is proposed that busking will be prohibited in those areas apart from busking that will be licensed in eight designated areas or pitches that will be designated as licence streets. The draft resolutions currently proposed will be as follows: (1) The creation of a Busking and Street Entertainment Policy, Code of Conduct, and a dedicated Buskers and Street Entertainers Forum. (2) Supporting established self-regulation of busking and street entertainment in Covent Garden with enhanced council officer presence to encourage compliance outside of The Street Performers YOUR Association (SPA) operating area and times. (3) Piloting newly established self-regulation of busking and street KEY TO entertainment in Trafalgar Square by promoting the Code of Conduct, having a Memorandum of Understanding with the buskers and street ALL THE entertainers, and establishing and monitoring pitches. (4) Adoption of Part V of the London Local Authorities Act 2000 for the control and regulation of busking and street entertainment in BEST designated streets and areas: (4.1) Busking and street entertainment is prohibited in all the areas DOORS to which Part V of the 2000 Act will apply (as set out in the draft policy) apart from those pitches designated pursuant to section 34 of the IN THE 2000 Act where busking and street entertainment will only be permitted under and in accordance with a licence to busk CITY (4.2) permit busking and street entertainment in eight designated pitches (as set out in the draft policy) (4.3) permit only licensed buskers and street entertainers on the pitches subject to the conditions of the licence (4.4) the designated streets and areas are proposed on Piccadilly Circus, Chinatown, Leicester Square and Oxford Street (5) The making of regulations pursuant to section 36 of the 2000 Act prescribing the information that must be provided by applicants for the grant of a licence and the procedure for determining applications. (6) The making of regulations pursuant to section 40 of the 2000 Act prescribing standard conditions applicable to all busking and street VISIT entertainment licences. CITYAMCLUB.COM (7) Carrying out ongoing and quarterly monitoring, and an annual review after one full calendar year of operation. Information regarding the proposed busking policy and implementation of Part V of the 2000 Act (including detailed maps of the areas where busking will be prohibited or licensed) will be kept at the following Council Libraries (Westminster Reference Library and Marylebone Library) and can be found on the Council’s website address: https://www.westminster.gov.uk/busking Representations or a request to hear representations relating to the proposed resolutions may be made in writing to the Council until 24th February 2020 via the web page above or by post to Busking Consultation, PPC, 17th floor, Westminster City Hall, SW1E 6QP. Dated: [14th January 2020]

14 NEWS TUESDAY 14 JANUARY 2020 CITYAM.COM Hong Kong eyes China: Taiwan secession ‘will tax measures to leave a stink’ EDWARD THICKNESSE @edthicnkesse CHINA’s top diplomat has said that Taiwanese separatists would “leave lure equity cash a stink for 10,000 years” as Beijing reacted to the re-election of President Tsai Ing-wen. ANNA MENIN yesterday made a public plea for Tsai was re-elected by a landslide @annafmenin the rule of law to be protected in majority over the weekend on a the territory. platform of standing up to the HONG Kong’s finance secretary has “The rule of law is rightly cherished mainland government. said its government is considering a by the community and is the founda- In her victory speech, Tsai said more “competitive” tax arrangement tion of a cohesive society,” chief that Taiwan would not be to attract private equity funds to the justice Geoffrey Ma said during an threatened with Chinese territory and help support its strug- event with Hong Kong and mainland Authorities warned that an eruption at Taal volcano could trigger a tsunami intimidation, and that its people gling economy. Chinese lawyers. had a right to self-determination. Speaking at a regional finance “We do all our best to preserve it and Speaking in Africa, Chinese state forum yesterday, finance secretary to treasure it because once damaged, councillor Wang Yi said that the Paul Chan said Hong Kong’s banking this is not something from which our Volcano halts Philippines capital international community had long system was running smoothly and community can easily recover,” added accepted the so-called one China had ample liquidity despite the Ma, who due to step down at the end principle that sees the island state “unprecedented” turbulence it is of this year. amid fears of imminent eruption as part of mainland China. facing. Chan did not offer any further Hong Kong’s judiciary, which under- He said: “This consensus won’t details on what measures the territory pins the territory’s semi-autonomous KAREN LEMA evacuate their homes around Taal, alter a bit because of a local could take to attract private equity status under the “one country, two one of the world’s smallest active election on Taiwan, and will not be funds. systems” framework, is coming under SCHOOLS and businesses shut across volcanoes, which spewed ash for a shaken because of the wrong The financial hub’s economy slipped strain following the over 7,000 arrests the Philippine capital of Manila second day from its crater in the words and actions of certain into its first recession in a decade in made during recent demonstrations. yesterday as a volcano belched clouds middle of a lake about 45 miles south Western politicians.” October following months of often Ma and his justices are widely of ash across the city and of central Manila. The Chinese government violent anti-government protests, with regarded as symbols of Hong Kong’s seismologists warned an eruption The stock exchange suspended has increased focus on forcing the demonstrators calling for greater strength, and have been credited with could happen at any time, potentially trading and government offices were state to submit to Beijing, and has independence from Beijing. helping make the region a key global triggering a tsunami. closed. More than 500 flights have been angered by US support for the Hong Kong’s most senior judge financial hub. Thousands of people were forced to been cancelled or delayed. Reuters island’s independence. CITYAM.COM TUESDAY 14 JANUARY 2020 NEWS 15 City Pub Group warns 2019 results to fall short of profit expectations JESS CLARK amortisation (Ebitda) for the year its London pubs. @jclarkjourno to 29 December will be slightly A delay in opening two Jam Tree below expectations at between £9.1m sites after refurbishment meant they THE CITY Pub Group yesterday and £9.2m. did not benefit from Christmas warned that 2019 profit will fall short In a trading update yesterday the bookings, reducing their profitability. of expectations after “one-off factors”, pub operator said political Bad weather in November and including political uncertainty and uncertainty held back sales until the December was also “unhelpful”, the strikes on London commuter train result of the General Election was pub chain said. services, impacted performance over announced in mid-December. City Pub Group said this year the the Christmas trading period. The company also said the Rugby company will benefit from the new The firm’s share price fell 11.4 per World Cup did not boost sales as pubs that were opened in 2019, cent at market close, after it much as expected, and strikes on including Aragon House in Parsons announced that earnings before South Western Railway services in Green — the most successful pub the interest, tax, depreciation and December hurt the performance of firm has ever opened. The firm is set to open new pubs in Exeter, Cambridge and Bath later this year Khan launches a Confusion over Farage’s Brexit new renewable night bonanza STEFAN BOSCIA @Stefan_Boscia CONFUSION surrounds the fate of energy provider Nigel Farage’s Brexit night party as City Hall and Westminster City Council wrangled over planning responsibility for the event STEFAN BOSCIA according to Ofgem. yesterday. @Stefan_Boscia The energy market watchdog’s 2019 The Brexit Party leader is report on the energy market found planning to throw a party at SADIQ Khan launched his own green that 53 per cent of consumers had Westminster’s Parliament Square energy company yesterday, claiming it never switched energy companies. to celebrate the UK’s exit from the will save the average household £300 a However, the figure for London — European Union on 31 January. year on bills. where energy prices are among the The budget for the bash is The mayor of London will run most expensive in the country — is not reportedly £100,000, with capacity London Power, in conjunction with known. Peter Earl, head of energy at The international airport welcomed a ninth year of passenger growth in 2019 for up to 10,000 people. Octopus Energy, as a part of his Energy Compare the Market, said he wel- However, Farage’s party is yet to for Londoners programme. comed the extra competition in the gather planning approval from City The company — whose services will sector, but that it may be difficult to Hall, which is in charge of planning only be available in London — will attract new customers. Heathrow airport breaks record permission for Parliament Square. reinvest all its profits “into communi- “It’s an industry challenge to A Greater London Authority ty projects”. activate the large section of people spokesperson said a decision “will The service will be provided by who have never changed their energy for Christmas passenger figures be made in due course”. However a Octopus Energy and will rely on 100 company,” he said. City Hall source told City A.M. the per cent renewable energy. “[Khan’s] got an offering that should JOE CURTIS UK flights, such as Flybe’s routes to decision rests with Westminster Khan said the new provider would be attractive to people, but it’s not @joe_r_curtis Newquay and Guernsey, saw the City Council and whether they’re be within the cheapest 10 per cent of going to be easy.” biggest surge over the festive period willing to “play ball”. similar tariffs in the market and The formation of London Power won HEATHROW airport welcomed a at 10.6 per cent, while British Airways “While the mayor is technically would save the average household plaudits from green energy advocacy record 80.9m passengers in 2019 to increased capacity on flights to responsible for the area, in reality £300 on bills. groups the Renewable Energy Agency notch a ninth consecutive year of Scotland for Hogmanay. it is on them as it affects people in “It is a disgrace that many Londoners (REA) and National Energy Action. traffic growth, the transport hub Middle East destinations enjoyed Westminster and there [aren’t] pay too much to heat and light their Caroline Russell, Green party leader revealed yesterday. 7.3 per cent growth as Liverpool fans meant to be events there that late homes, with more than a million in the London Assembly, on the other Larger and fuller aircraft pushed flew to watch their team win the Fifa on a weekday,” they said. living in fuel poverty,” he said. hand, said Khan’s plans did not go far the passenger growth as Heathrow Club World Cup in Qatar. “My understanding is that we'll “For the first time we have a fair, enough. She said the mayor should airport witnessed its busiest US flights also took off, with follow Westminster Council’s lead affordable, green energy company spe- have set up the company without the December ever, when 6.7m bookings up 7.1 per cent on new if they’re willing to go ahead.” cially designed for Londoners.” help of Octopus Energy so City Hall passengers travelled through the services to Las Vegas and Salt Lake A Westminster City Council London Power enters a market that could have greater power over the airport over Christmas and New Year, City. African flights, meanwhile, spokesperson, however, said: “It’s a is already home to 64 active suppliers, company’s energy resources. up 3.1 per cent compared to last year. dropped four per cent in the holidays. decision for the mayor’s office.” Banks lobby Aramco for ‘incentive fee’ after slim pickings from listing

HADEEL AL SAYEGH shares, raising the size of its IPO to “incentive fee” under a clause in the $29.4bn (£22.6bn) — the world’s contract that gives the Saudi GLOBAL banks who worked on Saudi biggest listing to date. government the discretion to pay Aramco’s record initial public But the energy giant’s earlier banks an extra sum if the listing offering (IPO) are pushing for an decision not to market the deal went well. additional “incentive fee”, three internationally means most banks The payment of incentive fees is sources familiar with the matter said, involved in selling Aramco’s shares increasingly common for IPOs in as they try to boost relatively low will earn less than $5m each, Europe and the US but rare in the earnings from the deal. according to two of the sources — a Gulf. The sources did not say how Aramco said on Sunday it had low amount for such a large deal. much extra the banks could be paid, exercised a so-called greenshoe Now banks are in discussions with although it would likely vary Most banks involved in selling Aramco shares will only receive around $5m each option to sell an additional 450m Aramco for the payment of the between institutions. Reuters 16 NEWS TUESDAY 14 JANUARY 2020 CITYAM.COM

LEADING THE PACK Joker scoops the most Oscar nominations with 11 film award nods Amazon to ramp up counterfeit reporting to law enforcement

JEFFREY DASTIN discouraging some from selling In recent weeks, Amazon has held via Amazon. meetings with government authori- AMAZON is planning to give more In the past, the world’s largest ties and related organizations to dis- data on counterfeit goods to law online retailer has informed author- cuss its new counterfeit reporting enforcement in a further crackdown ities of counterfeit peddlers when it strategies and how the company can on fakes listed on its e-commerce thought it had enough information further their enforcement efforts, sites, a person familiar with the pro- for police to pursue a culprit. the person said. The hope has been gramme told Reuters yesterday. Now, the company plans to disclose that Amazon’s coveted data will help The move comes as Amazon faces merchant information to European law enforcement make connections public scrutiny over how it polices and US federal authorities every about criminals. counterfeits and allegedly unsafe time it confirms a counterfeit was According to the source, Amazon products on its platform. sold to customers, increasing the will report a merchant’s name, com- Fakes have long frustrated top frequency and volume of reporting pany name, product and contact labels such as Apple and Nike, to law enforcement. information to authorities. Reuters Travis Perkins sells off plumbing unit for £46m WARNER Bros’ Joker yesterday led nominations for the Oscars with 11 nods, including HARRY ROBERTSON The deal, which the building focus and more disciplined capital best picture and best actor for Joaquin Phoenix. The dark comic film will compete for the material supplier said will help allocation”. top prize with films such as The Irishman at the awards ceremony on 9 February. @harrygrobertson pay down its debt, is part of a Shares in Travis Perkins were BRITISH builders’ merchant Travis strategy to reduce the complexity 0.8 per cent higher at 1,580.5p at Perkins has sold its plumbing and of the company. the bell yesterday. ANNOUNCEMENTS heating business to distribution Travis Perkins chief executive The building merchant said it group Newbury Investments for Nick Roberts said: “The divestment expects the deal to be completed at £46m, it said yesterday. of our wholesale plumbing and the end of this month. LEGAL AND PUBLIC NOTICES The sale came just four months heating business is a further step As part of its streamlining drive, after Travis Perkins halted the sale in reducing the group's overall Travis Perkins is also planning to of the unit, blaming complexity.” spin off its Wickes division, which CITY OF LONDON “unprecedented uncertainty”. He said it will enable “greater specialises in DIY. 1RWLFH LV KHUHE\ JLYHQ WKDW WKH &RPPRQ &RXQFLO RI WKH &LW\ RI / RQGRQ DV WUDIÀF DXWKRULW\ IRU WKH undermentioned streets will make several Orders on 23 January 2020 under Section 14(1) of the Road 7UDIÀF5HJXODWLRQ$FWDVDPHQGHGE\WKH5RDG7UDIÀF 7HPSR UDU\5HVWULFWLRQV $FWZLWK WKHH[FHSWLRQRIOld Broad Street RUGHUPDGHRQ6HSWHPEHU ZKLFKKDVEHHQDPHQGHGDQG ANNOUNCEMENTS Brackley Street RUGHUPDGHRQ$XJXVW ZKLFKKDVEHHQH[WHQGHG7KHHII HFWRIWKHVH2UGHUV ZLOOEHWRSURKLELWYHKLFOHV RUSHGHVWULDQVZKHUHVWDWHG IURPHQWHULQJWKHVDLGURDGV Old Broad Street (Threadneedle Street to Wormwood Street) ---- Utility Works LEGAL AND PUBLIC NOTICES ([WHQGHG XQWLO SP RQ )ULGD\  -DQXDU\   $OWHUQDWLYH URXW H 1% YLD 7KUHDGQHHGOH 6WUHHW %LVKRSVJDWHDQG:RUPZRRG6WUHHW Brackley Street (Viscount Street to Golden Lane) ---- Building Site FORUM CITY OF LONDON ([WHQGHGXQWLOSPRQ)ULGD\0D\$OWHUQDWLYHURXWHYLD*ROGHQ/DQH)DQQ6W 9LVFRXQW6W 9LVFRXQW6WEHWZHHQ%UDFNOH\6W )DQQ6WWREHPDGHWHPSRUDU\WZRZD\IRUDFFHVV The more THE PLANNING ACTS AND THE ORDERS AND REGULATIONS MADE THEREUNDER Leadenhall Street *UDFHFKXUFK6WUHHWWR%LOOLWHU6WUHHW ---- Highways Activity This notice gives details of applications registered by the Department of The Built Environment DPWRSPRQ6DWXUGD\)HEUXDU\$OWHUQDWLYHURXWHYLD)HQFKXUFK6W *UDFHFKXUFK6W desperate Code: FULL/FULMAJ/FULEIA/FULLR3 – Planning Permission; LBC – Listed Building Consent; Noble Street (London Wall to Staining Lane) ---- Mobile Crane TPO – Tree Preservation Order; OUTL – Outline Planning Permission )URPDPHDFK6DWXUGD\WRSPHDFK6XQGD\IURP)HEUXDU\WR )HEUXDU\$OWHUQDWLYHURXWH you are — YLD*UHVKDP6W6WDLQLQJ/Q 2DW/Q6WDLQLQJ/QDQG2DW/QZ LOOEHPDGHWHPSRUDU\WZRZD\IRU :HVW6PLWKÀHOG/RQGRQ(&$1% ÁRRUVSDFH $$$  VTPRIÁH[LEOH DFFHVV the more 19/01215/FULL UHWDLO ÁRRUVSDFH $$$ VTPRI OLYHU\ Gutter Lane (Goldsmith Street to Carey Lane) ---- Mobile Crane Structural works to the underground tunnels, KDOO ÁRRUVSDFH VTPRI FU\SW ÁRRUVSDFH DQG )URPDPWRDPHDFK6DWXUGD\IURP)HEUXDU\WR)HEUXDU\ $OWHUQDWLYHURXWH*XWWHU/Q panicked — including associated above ground works. 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Charterhouse Street /LQGVH\6WUHHWWR&KDUWHUKRXVH6TXDUH  Charterhouse Square (Charterhouse of basement (including a basement mezzanine 6WUHHW WR &DUWKXVLDQ 6WUHHW   Carthusian Street &KDUWHUKRXVH 6TXDUH WR $OGHUVJDWH 6WUHHW  ---- level); iii) Creation of ground level public access .LQJ6WUHHW/RQGRQ(&9(* Carriageway Works to level 10 roof garden and basement level 1 to 19/01312/LBC )URPDPRQ6DWXUGD\)HEUXDU\WRSPRQ)ULGD\-XO\ $OWHUQDWLYHURXWH:%YLD Grade II Listed crypt; iv) Dismantling, relocation i) The re-instatement of a secondary entrance to 18 $OGHUVJDWH6WUHHW*RVZHOO5G&OHUNHQZHOO5RDG6W-RKQ·V6W &KDUWHUKRXVH6W and reconstruction of the Lambe’s Chapel Crypt .LQJ6WUHHWDQGLL WKHUHLQVWDWHPHQWRIDURRÁLJKW Hayne Street (Entire Length) ---- Carriageway Works WR EDVHPHQW OHYHO  DQG DVVRFLDWHG H[KLELWLRQ in the rear lightwell and (iii) minor internal works. )URPDPRQ6DWXUGD\)HEUXDU\WRSPRQ)ULGD\-XO\$OWHUQDWLYHURXWH1RQH accommodation (Sui Generis) (listed Grade II); v) Alterations to and conservation of the Grade 6W 3DXO·V &DWKHGUDO 6W 3DXO·V &KXUFK\DUG Old Bailey +ROERUQ9LDGXFWWR6W*HRUJH·V&RXUW ---- Mobile Crane I Listed Tower of All Hallows Staining; vi) )URPSPHDFK)ULGD\WRSPHDFK6XQGD\IURP)HEUXDU\WR0DUFK$OWHUQDWLYHURXWH1% Provision of new hard and soft landscaping and /RQGRQ(&0$' YLD/XGJDWH+LOO$YH0DULD/DQH:DUZLFN/DQH 1HZJDWH6W6%YLD1HZJDWH6W:DUZLFN/Q$YH other associated works. 19/01356/FULL 0DULD/Q/XGJDWH+LOO 2OG%DLOH\ 7KHWRWDOSURSRVHGÁRRUDUHDRIWKHQHZEXLOGLQJ 5HODQGVFDSLQJ ZRUNV WR UHDOLJQ WKH H[LVWLQJ Clements Lane .LQJ:LOOLDP6WUHHWDQG/RPEDUG6WUHHW ---- Building Site is 94,336sq.m GIA, comprising 88,064sq.m pathway in the North Churchyard leading to the )URPDPRQ0RQGD\)HEUXDU\WRSPRQ0RQGD\$SULODVDQGZKHQUHTXLUHG$OWHUQDWLYH RIRIÀFH ÁRRUVSDFH VTPRIÁH[LEOH UHWDLO area immediately in front of the North Transept. URXWHYLD/RPEDUG6W$EFKXUFK/QDQG.LQJ:LOOLDP6W $SSOLFDWLRQV FDQ EH YLHZHG DW ZZZSODQQLQJFLW\RÁRQGRQJRYXNRU DW WKH (QTXLULHVWR7UDIÀF0DQDJHPHQW6HUYLFHVRQ 'HSDUWPHQWRI WKH %XLOW (QYLURQPHQW 1RUWK :LQJ *XLOGKDOO %DVLQJKDOO Street, London EC2, between 09.30 and 16.30. Representations must be &DURO\Q'Z\HU%(QJ +RQV  'DWHG 14 January 2020 made within 21 days of the date of this newspaper online or in writing to '06&0,/7)&,+7 3/1&RPPHQWV#FLW\RÁRQGRQJRYXNRUWKH&KLHI3ODQQLQJ2IÀFHU32%R[ 'LUHFWRURIWKH%XLOW(QYLURQPHQW Guildhall, London, EC2P 2EJ. In the event that an appeal against a decision of the &RXQFLO SURFHHGVE\ ZD\RIWKH H[SHGLWHGSURFHGXUHDQ\ UHSUHVHQWDWLRQV PDGH about the application will be passed to the Secretary of State and there will be no opportunity to make further representations. CITYAM.COM TUESDAY 14 JANUARY 2020 MARKETS 17

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT FTSE towers as ASSURA P Wall St nears a 77

76.5 76.50 13 Jan record high on 76 US-China trade 75.5 fresh optimism 75 ECH favourites propelled Wall TStreet to record highs yesterday, 7 Jan 8 Jan 9 Jan 10 Jan 13 Jan fuelled by optimism about the signing of a preliminary US-China deal advances Property firm Assura has been beefing up its portfolio in recent months, snapping trade deal, as well upcoming fourth- up six assets and completing its third development of the year. Analysts at Liberum quarter earnings reports. were impressed with the company’s third-quarter update, which showed its Apple, Facebook, Netflix, annualised rent roll has increased 1.3 per cent since the first half to £105.8m. Assura, Microsoft and Amazon, which have ONDON’s main stock index firm KKR’s bid for the UK utility’s which specialises GP surgeries and healthcare buildings, also has an acquisition powered the longest bull run in US gained yesterday, in step with waste management unit. pipeline of £252m — its strongest in a decade. Liberum kept its “hold” rating for equities, were among the top global peers, as investors took Its shares hit an all-time high and Assura with a target price of 76p. contributors to record high closes for Lheart from the imminent sign- helped those of bluechip peers the S&P 500 and Nasdaq. ing of a phase one US-China United Utilities, Severn Trent and Apple rose 2.14 per cent to close at a trade deal, while hopes of further in- Centrica gain more than two per cent RATHBONE BROTHERS record high. Also reaching a record terest rate cuts by the Bank of Eng- each. high, Google-owner Alphabet P 13 Dec land helped the midcaps outperform. Housebuilders climbed higher, led 2,200 added 0.8 per cent, bringing its The FTSE 100 added 0.4 per cent, by a 2.2 per cent rise in Taylor 2,090 market capitalisation to $993bn having earlier touched its highest Wimpey, after upbeat forecast and (£764bn). level so far this year, as trade bullish comments from real 2,150 An easing of Middle East tensions hopes were complemented estate services provider and the phase one US-China trade by easing Middle East Savills. 2,100 agreement, which is expected to be tensions. Savills’ shares leapt 7.2 signed in Washington tomorrow, The FTSE 250 per cent to scale a have encouraged riskier bets over the outshone the 2,050 last week. bluechips and the Ted Baker shares slid six Bloomberg, citing sources, reported European benchmark per cent yesterday after 7 Jan 8 Jan 9 Jan 10 Jan 13 Jan that the Trump administration with a 0.7 per cent a stock downgrade planned to lift its designation of China rise on its best day It’s been a tense festive period for Rathbone Brothers. The firm’s investment as a currency manipulator, adding to since 2 January. record high. management flows were “significantly worse” than expected in the fourth quarter, the positive mood. A Bank of England Focus now shifts to Liberum brokers said, even after a ropey set of figures in the previous three months. Investors are awaiting earnings from policymaker said over the Washington, where the While some of this should be non-recurring, Liberum took the opportunity to reduce big banks JP Morgan, Citigroup and weekend that he would vote United States and China its flow assumptions. Nevertheless, they forecast an uptick in net flows this year and Wells, which kick off the fourth- for policy easing later this month will ratify their preliminary were reassured by continued strong growth in unit trusts. Liberum maintained its quarter reporting season today. unless economic data improved trade deal tomorrow, while the “hold” rating with a slightly higher target price of 2,100p. Many investors, however, are significantly. corporate earnings season also kicks already looking ahead to a potentially Data showing Britain’s economy off this week. rosier earnings outlook once grew at its weakest annual pace in Retailers were among steepest VECTURA GROUP Washington and China resolve their over seven years in November also small-cap fallers. trade dispute. P 102 fanned hopes of a rate cut. Fashion brand Ted Baker lost six 13 Dec The Dow Jones Industrial Average rose 0.29 per cent to end at 28,907.05, The midcaps were also boosted by per cent after RBC downgraded the 100 a 7.1 per cent jump in Pennon after a stock. Fellow retailer Superdry, 96.90 while the S&P 500 gained 0.70 per Bloomberg report claimed that the which issued a profit warning last 98 cent to 3,288.13, its highest close ever. company had rejected private equity week, shed 6.5 per cent. The Nasdaq Composite jumped 96 1.04 per cent to 9,273.93, also a 94 record high. TOP RISERS FTSE Aerospace companies Hexcel and 92 P Woodward jumped 9.6 per cent and 1. Evraz Up 5.47 per cent 7,700 4.8 per cent, respectively, after the two 2. BAE Up 3.58 per cent 7,617.60 7 Jan 8 Jan 9 Jan 10 Jan 13 Jan Boeing suppliers said they would 7,650 13 Jan 3. Antofagasta Up 2.71 per cent combine in an all-stock merger valued 7,600 Vectura’s trading update was just what the doctor ordered, according to brokers at $6.43bn. TOP FALLERS over at Peel Hunt, who saw nothing in the figures to alter their forecasts or valuation Tesla surged 9.8 per cent to a record 7,550 materially. The Chippenham-based pharmaceuticals firm said 2019 trading was in high after a report that China would 1. NMC Health Down 6.89 per cent 7,500 line with expectations, while 2020 outlook came as no surprise. The analysts said not make significant cuts to subsidies 2. Lloyds Down 2.64 per cent they were looking forward to the first public presentation from new chief executive for new energy vehicles this year, 3. Flutter Down 2.02 per cent Will Downie, which is due on Thursday at the JP Morgan conference. Peel Hunt gave while Oppenheimer boosted its price 7 Jan8 Jan 9 Jan 10 Jan 13 Jan Vectura a “hold” rating with a target price of 114p. target on the stock. CITY MOVES WHO’S SWITCHING JOBS

COMMIFY “After an extensive selection process, the board is allocation, maximising value and improving portfolio Magnus brings a wealth of valuable experience, having Business communications delighted to have appointed Richard as Commify’s quality. Polly will lead Unite’s investment and asset managed the execution and implementation of firm Commify has announced new chief executive officer. “Richard is an outstanding management activity, following the recent acquisition numerous sophisticated private fund and direct the appointment of Richard leader...with his experience in telecommunications of Liberty Living. Richard Smith chief executive of investments over the past 20 years working in the Hanscott as its new chief and delivering value for SMEs, [he] is primed to Unite, commented: “I’m delighted to welcome Polly to industry. His previous roles include chief of staff to executive officer (CEO). accelerate Commify’s growth.” the business. Her appointment further strengthens the Lord Rothschild, partner at Hermes GPE, a global Richard’s most recent role was breadth and expertise of our executive team... She private equity and infrastructure fund, and 10 years at CEO of Yell where he joined in UNITE GROUP joins at an incredibly exciting time for Unite — in the Top Technology Ventures and IP Group. Magnus 2011, leading a successful The Unite Group, the UK student accommodation wake of the Liberty Living acquisition, and the started his career qualifying as a solicitor with transformation of the business developer, has announced the appointment of Polly significant opportunities it provides — and I look Slaughter and May. Adam Turtle, co-founder at Rede to a fully digital. Prior to this, Troughton to its executive team as group investment forward to working with her.” Partners, said: “We are very pleased to have Magnus he spent 13 years in the director. Polly has joined Unite following over six years on board. Through his unique mix of experience, mobile industry with NEC and Orange, delivering at Landsec, one of the UK’s largest commercial REDE PARTNERS coupled with our existing skilled team, we can provide growth in both consumer and business-to-business property companies, where she was head of retail Independent private equity fundraiser Rede Partners a distinctive proposition to our clients delivering truly markets. Carla Cico, chair of the board, commented: markets. She has extensive experience in capital has hired Magnus Goodlad as head of transactions. accretive GP-led transactions.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 18 OPINION TUESDAY 14 JANUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS In politics as in football, a star TO THE EDITOR RIP Roger transfer player isn’t enough Scruton

One headline announced the sad news as S EVERY football fan than the party’s socialist agenda. existential crisis: winning just “Roger Scruton: conservative thinker dies knows, the start of a new Robert And so we have Sir Keir Starmer, nine per cent of the vote at the Eu- at 75”. But to describe Roger Scruton as a year marks the opening of Colvile north London barrister and doyen ropean elections, Leavers and Re- conservative thinker is to understate the the January transfer win- of the Islington Remainers, launch- mainers at each other’s throats, breadth of his influence. At Conservative A Philosophy group meetings, he often dow. A host of Premier ing with a campaign video suggest- the delivery of any form of Brexit League teams, anxiously surveying ing that he’d spent half his life on in significant jeopardy. encouraged others to think about defining their position in the table, will be the picket line. The calculation made by the “a philosophy of conservatism” and not “a forking out eight-figure sums for In football terms, this is rather party’s members was that the one philosophy for the Conservative party”. new players in order to drag them- like a club that insists on focusing person who could convincingly dis- In defining his own thoughts, Roger selves out of the relegation zone or on the problems on the pitch, sociate himself from May’s Brexit compared conservatism to its historical up towards the Champions League rather than the leaking stands and deal and see off Nigel Farage was rivals: liberalism and socialism. For him, places, or else fill some position or shambolic front office — that buys the man who had led the Leave liberalism was the product of the other of desperate need. new players and hires new man- campaign in the first place. enlightenment, which views society as a But as new research from the 21st agers, but never stops to address the And Boris’ own calculation was contract and the state as a system for Club consultancy shows, this kind A Rebecca Long- fundamentals. that the only route to Tory survival guaranteeing individual rights. By contrast, of panic-buying is a mug’s game. For For the Liberal Democrats, the sit- — let alone his eventual triumph — he saw socialism as the product of the the average team, splashing out Bailey or Richard uation is even worse. The fact that was to go hell for leather to deliver industrial revolution, which sees society as £30m will generate an extra 0.1 the next leader has to be an MP Brexit and ask the voters to punish an economic system and the state as a points per game on average — which Burgon may talk a means that they are choosing from those who insisted on blockage means of distributing social wealth. equates to just one or two points a pitifully small pool — a threadbare and delay. Roger felt that conservatives leaned over the remaining half-season. great game about squad, many well past their best, It is true that the Liverpool centre- more towards liberalism than socialism, The problem is particularly acute how they share barely able to get a full 11 on the half has a rather more elegant man- but he cautioned that freedom should when it comes to strikers. The ar- pitch, with no transfer budget to ner on the football pitch than the also entail responsibility, manifested in chetypal winter buy is the star for- the club’s values, speak of. PM. But in both cases, there was an public spirit and virtue. He scolded ward, meant to add some What are the odds of finding a su- extensive period of diagnosis, fol- conservatives for allowing themselves to desperately needed end product to but sooner rather perstar, given such limited choices? lowed by exactly the right signing be caricatured as leaving social problems a struggling side. than later, you’ll Of course, any football fan reading to fit the team’s needs. to the market, but also felt that markets But 21st Club shows that a stagger- this will be able to think of a host of The message to the opposition were not necessarily expressions of ing 55 per cent of such signings do be desperate to January transfers that do work out, parties, then, is to think very care- selfishness and greed. not score a single goal over the re- most recently, Liverpool snapping fully and strategically about ex- Perhaps his conservative philosophy mainder of the season. And even offload them up Virgil van Dijk as the lynchpin of actly what you need. The more was best summed up when he wrote those that do find the target will their defence. desperate you are — the more pan- “Liberals seek freedom, socialists equality, have less impact on the club’s even- array — to alter its trajectory by But again, the political lessons are icked — the worse a decision you’re and conservatives responsibility. And, tual league position than those sheer force of personality, without striking. Liverpool had been court- likely to make. without responsibility, neither freedom doing the buying generally imagine. anyone pausing to consider the ing van Dijk for months, having de- A Rebecca Long-Bailey or Richard nor equality have any lasting value.” Why bring this up? Well, at the deeper causes of the party’s decline. cided (rightly) that he was exactly Burgon may talk a great game Syed Kamall, academic and research risk of twisting the knife, this is the Moreover, the fact that the Labour the piece they needed in their tacti- about how they share the club’s val- director, Institute of Economic Affairs position that Britain’s opposition selectorate is firmly of the left cal jigsaw. ues, and there’s nobody better at parties currently find themselves in. means that, with the exception of The parallel here is with the Con- kissing the badge. But the odds are Labour, for example, has a re- the Blairite standard-bearer Jess servatives earlier this year. It is that sooner rather than later, you’ll spectable range of candidates from Phillips, each candidate is having to hard to remember, as Boris John- be desperate to offload them. BEST OF all wings of the party. But they are pay lip service to the idea that son basks in the glow of a thump- TWITTER being asked, effectively, to provide a Labour’s main problem was Corbyn, ing election victory, but the party £ Robert Colvile is director of the Centre miracle fix for a club that is in dis- or at a stretch Corbynism, rather under Theresa May was facing an for Policy Studies. Saddened to hear news of death of @Roger_Scruton a man of extraordinary intellect, learning & humour, great supporter of C European dissidents, &the kind of provocative, sometimes outrageous Conservative thinker that a truly liberal society should be glad to have Unleash the digital economy: Three ways challenging it. @fromTGA the PM can spur technological progress In the 1980s, Roger Scruton organized money and books for dissidents in Eastern Europe. I was one of the O FAR, the new government local jobs and attracting the best of productivity-boosting technolo- student couriers who helped smuggle has yet to unveil its detailed Kulveer global talent beyond the M25. gies would spur digital investment them “across the iron curtain.” I am plan for building a stronger, Ranger Second, we must increase levels of in the short term while also increas- still grateful for what Roger did for Smore prosperous, rebal- knowledge. Existing technology ing productivity and tax receipts in them, and for me. anced Britain that we heard could be transformational to many the long term. @anneapplebaum about so much during the election smaller businesses, dramatically in- Crucially, it would also promote campaign last year. creasing their size and productivity, the UK as an attractive market to Lots of tributes to the late Roger The first post-Brexit Budget in but they simply do not have the ex- larger multinationals offering rele- Scruton tonight. I’m not questioning March will be an opportunity for pertise to take full advantage of it. vant digital products, helping to his intellect or his academic Downing Street to show its commit- A new service which helps smaller stimulate direct investment from contributions and I am sure he was a ment to this cause — and pledges to regional inequality when it comes businesses adopt technologies such overseas and positioning the UK as fine friend to many. He also referred to roll out full fibre broadband and in- to digital investment. Between 2015 as cloud computing, artificial intel- a genuine global leader. Syrian refugees in Hungary as a vest in digital skills and infrastruc- and 2018, London received £9bn in ligence and digital identity soft- As the largest trade association for “sudden invasion of huge tribes of ture are a promising sign. tech investment. The second closest ware could be established through technology businesses in the UK, we Muslims from the Middle East” But if Boris Johnson really wants UK city was Cambridge, receiving existing channels such as Local En- are well aware that this is a pivotal @mehdirhasan to unleash our potential and equip just £583m. This is an unacceptably terprise Partnerships, enabling time for the UK. After years of polit- our economy to meet the challenges large gap. firms to easily access support that ical upheaval, where so many policy There’s a very good chance that a of the 2020s, we need to settle for Britain is home to technologies can enable them to level up areas were put on the back-burner woman candidate could, for the first nothing less than the wholesale dig- which are addressing some of soci- Finally, we must ensure that busi- due to the Brexit debate, we finally time in Labour’s history, come as high ital transformation of Britain — at ety’s biggest challenges, from the nesses have the financial relief they have a chance to create a national as second in a leadership contest. both local and national levels. ageing population to climate need to grow. Productivity is al- digital economy that can power @thhamilton Fortunately for the government, change, but too many are housed ready in crisis, and we are at risk of Britain into an exciting digital age. techUK has a blue-print for doing in and around the capital. More falling further behind the global Harry and Meghan latest: World just that, with three key priorities funding to develop world-class dig- leaders. Figures show that fewer £ Kulveer Ranger is board member and enters sixth day of coming to terms that will enable businesses and indi- ital clusters outside London, and than one in five UK firms are adopt- deputy president for economy & with 35-year-old man moving out of viduals alike across the UK to “plug tax and regulatory incentives for ing internal digital infrastructure, productivity at techUK, senior vice his nan’s house. in” to the digital age, and prosper. businesses within them, will sup- well below the European average. president at Atos UK&I, and former digital @haveigotnews First, we must address the level of port innovation while creating Tax relief on the initial adoption adviser to London mayor Boris Johnson. CITYAM.COM TUESDAY 14 JANUARY 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Farming isn’t outdated, it’s DEBATE Should Boris Johnson consider a sowing the seeds of our future complete cabinet overhaul after N HIS Channel 4 documentary last The next frontier is the creation of the UK leaves the EU this month? week “Apocalypse Cow” and the Mark advanced artificial intelligence, en- accompanying op-ed, the journal- Bridgeman abling remote decision-making, Iist George Monbiot both predicted highly precise nutrient use and diet Boris Johnson has an overwhelming and celebrated the end of farming. formulation, all of which will in- majority, Brexit is on track to be “After 12,000 years of feeding hu- crease efficiency while dramatically delivered in just a couple of weeks, and mankind,” he wrote, “all farming ex- reducing waste and environmental the Conservative party is at last united YES cept fruit and veg production is likely impact. Large tractors will begin to on Europe for the first time in decades. to be replaced by ferming: brewing mi- disappear, to be replaced by small in- This all gives the Prime Minister an VICTORIA MACKARNESS crobes through precision fermenta- telligent machines able to work in all entirely free hand when choosing his tion.” He went on to say that food pesticide for the same yield. In 2018, conditions and perform diverse tasks. cabinet — a rare power. While collective Prime Minister cannot afford to reward production was “ripping the living there were 3.2 million hectares of The government’s new environmen- responsibility is still vital, the ideological Brexit loyalty over expertise. world apart”. New technologies, Mon- land within a UK government scheme tal land management scheme will fur- purity on Brexit that was necessary pre- To ensure that he sees his vision biot argued, will soon make dietary ar- to promote biodiversity and wildlife ther encourage the creation of election is no longer a requirement. brought to life, Boris needs to view his guments irrelevant, and most of our habitats. And animal welfare has im- conditions that support biodiversity, Instead, the PM should make sure he cabinet with a pair of fresh eyes. Come food will come from “unicellular life”. proved significantly with the growth improve soil and water quality, and has the very best people in each post. February, there should be no such thing Monbiot is right to say that we are of free range products. limit flooding and ecological damage. The government’s bold new agenda as a safe job, as the Prime Minister sets on the cusp of a huge technological Imagine where we could be 25 years This isn’t futuristic sci-fi — these tech- encompasses everything from major about proving that he cares about revolution in agriculture — but it from now. A the heart of future food nologies already exist and will only im- foreign trade deals to increased competence over cronyism. won’t be this. The kind of food pro- production will be a drive to bring prove. Meanwhile, Monbiot paints a infrastructure in the north. If this duction he describes may one day farming into harmony with nature. gruesome picture of bacterial sludge ambitious programme is to be £ Victoria Mackarness is an account have its place in our societies. But not There is rising interest in regenerative being turned into food, exalting a tech- accomplished in the next five years, the manager at CMS Strategic. only is it expensive and difficult to agriculture, agro-ecological practices nology that is in its infancy and has yet scale up — there is no evidence what- and organic farming, but even conven- to produce anything approaching com- soever that there is a consumer mar- tional agriculture, through the use of plex taste, texture or nutrition. ket for this kind of food. technology and precision farming, is He is throwing the baby out with the Politicians like change. It makes them Rather, the imminent revolution is becoming more sustainable. bathwater, arguing that because of its look forward-thinking and dynamic. taking place within farming itself. And of course, data will play a grow- flaws — flaws which farmers are ad- Cabinet reshuffles are best of all, The story of agriculture, which gave ing role in maximising sustainability. dressing — farming, the wholesome because they’re easy: after all, the NO rise to the first civilisations, is one of This is already the situation in horti- food it produces, and the tens of thou- Prime Minister holds all the cards. But a constant change. Over thousands of culture, which makes the precise man- sands of jobs associated with it should major shuffle of Boris Johnson’s deck ELIOT WILSON years, driven by necessity and a natural agement of high-value crops possible. be consigned to history. at the moment would be a mistake. human affinity for the land, farming This is unnecessary. We are making A good cabinet minister takes at least competent government. The current practices have evolved and efficiency progress and will continue to do so. a few months to master his or her brief. administration is ambitious, and has a has risen. Whereas once it was forecast One wonders why Monbiot does not That’s just the time it takes to learn, to lot of challenges to face. that population growth would lead to use his platform to help us improve understand, and to be able to go toe- Don’t add to ministers’ woes by mass food shortages and starvation, existing agricultural practices, rather to-toe with the entrenched civil service putting them in jobs where they’re farming has consistently risen to meet than to try to engineer the industry’s policy experts. Only then can they frantically staying one page ahead of the challenges of the day. Monbiot paints a destruction. Farmers want to feed the begin to flower. their advisers in the briefing. Let them You only have to look at the progress nation and protect the environment. Bear in mind that most of Johnson’s learn, consolidate, and breathe. in the UK of the last 25 years to see gruesome picture We should all be on their side. top team have only been in place since this in action. We’ve become far more of bacterial sludge last summer, so they’re just starting to £ Eliot Wilson is head of research at efficient with our use of resources — £ Mark Bridgeman is president of the get settled. Right Angles and a former House of and are using far less fertiliser and turned into food Country Land and Business Association. Now more than ever we need sound, Commons official.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1657 Ä 0.0091 €/$ 1.1138 à 0.0019 7617.6 0 21716.76 4225.78 28907.05 9273.93 3288.07 /$ 1.2984 Ä 0.0076 €/£ 0.8579 à 0.0067 29.75 150.09 19.06 83.28 95.07 22.72 £ /¥ 142.71 0.3000 €/¥ 122.42 0.6900 ÃÃÃÃÃÃ Ä Ã Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise .....464.5 0.5 509.0 421.5 Just Eat...... 894.0 -7.0 901.0 587.4 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Alliance Pharma ...... 81.1 -0.5 84.5 60.0 Tsy 4.750 20 ...... 100.61 -0.01 104.5 100.6 Contour Global...... 195.0 6.2 222.5 159.1 VinaCapital Vietna ...... 325.0 -1.0 357.5 323.0 Kingfisher...... 214.0 3.6 266.2 185.9 Games Workshp ...... 6375.0 -45.0 6530.0 2800.0 BP ...... 497.1 1.9 582.5 462.4 Aggreko ...... 861.0 7.2 861.0 693.2 ASOS...... 3300.0 -118.0 4066.0 2107.0 Witan Invest ...... 235.0 2.5 235.0 197.4 Marks & Spencer ...... 189.5 -1.8 303.2 163.9 Tsy 8.000 21...... 110.42 0.05 117.2 110.3 Drax Gp ...... 291.2 1.4 413.8 251.0 LIFE INSURANCE Cairn Energy...... 195.8 -4.0 213.8 143.1 Ashtead Gp ...... 2469.0 17.0 2473.0 1805.5 Blue Prism ...... 1236.0 -21.0 1472.0 788.0 Tsy 2.500 24 ...... 362.17 0.72 377.9 358.8 SSE ...... 1444.5 19.5 1467.5 1008.0 Wwide Healthcare .... 3160.0 -5.0 3255.0 2495.0 Next ...... 6728.0 -26.0 7340.0 4644.0 Energean Oil & Gas .....895.0 -1.0 1082.0 613.3 Babcock Intl Grp...... 638.4 2.4 646.6 416.7 Aviva ...... 411.6 -1.2 438.8 352.3 Camellia ...... 8700.0 -50.0 11750.0 8475.0 Tsy 5.000 25 ...... 122.67 0.23 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 271.6 6.6 287.8 118.0 Premier Oil ...... 115.8 1.4 117.8 65.1 Bunzl ...... 2081.0 41.0 2551.0 1943.0 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 771.0 7.5 780.5 561.5 Tsy 4.250 27 ...... 128.14 0.26 132.8 125.2 Vivo Energy ...... 120.8 -0.4 139.5 111.4 Royal Dutch Shell A...2268.0 4.5 2612.0 2144.5 Capita ...... 166.7 -0.8 183.0 99.9 Caretech Holdings ...... 473.0 13.0 473.0 325.0 Halma ...... 2115.0 23.0 2164.0 1385.0 BT Gp ...... 189.4 -2.8 238.9 158.9 Legal & General ...... 302.2 -3.9 317.7 216.7 Watches of Switz ...... 368.4 4.2 390.0 270.0 Royal Dutch Shell B ..2280.0 10.0 2622.0 2126.5 DCC ...... 6544.0 38.0 7496.0 6225.0 Central Asia Metals ....228.0 6.0 266.5 180.0 Tsy 6.000 28 ...... 146.12 0.31 152.1 143.1 Morgan Advanced ...... 312.2 8.4 324.8 232.4 Talktalk Telecom ...... 118.3 -0.7 126.5 96.5 Phoenix Gp ...... 733.9 -0.1 758.7 609.6 WH Smith...... 2492.0 14.0 2654.0 1860.0 Tullow Oil ...... 62.3 3.3 250.0 39.9 Diploma ...... 1908.0 -22.0 2084.0 1260.0 Tsy 4.125 30 ...... 379.15 1.30 404.2 364.2 Oxford Instruments ..1564.0 -14.0 1626.0 866.0 Telecom Plus ...... 1516.0 6.0 1534.0 1130.0 Prudential ...... 1471.5 -8.5 1790.0 1279.5 Clinigen Group ...... 907.0 2.0 1069.0 737.5 Tsy 4.250 32...... 139.33 0.31 146.4 132.4 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Electrocomp ...... 689.6 1.8 729.8 530.2 Renishaw ...... 3700.0 -18.0 4670.0 3232.0 FOOD & DRUG RETAILERS St James Place ...... 1120.0 -19.0 1199.5 913.6 CVS Group ...... 1137.0 -5.0 1160.0 395.0 Equiniti ...... 215.4 2.4 236.2 186.2 Tsy 4.250 36 ...... 147.06 0.32 155.7 137.5 Spectris ...... 2830.0 26.0 2962.0 2234.0 Greggs ...... 2396.0 -40.0 2476.0 1496.0 Convatec ...... 213.8 1.6 213.8 118.5 Std Life Aberdeen ...... 312.0 0.2 336.9 231.1 Hunting ...... 395.0 -6.6 657.0 363.8 Essentra ...... 418.6 2.2 449.0 357.4 Dart Group ...... 1806.0 -11.0 1817.0 709.5 Tsy 4.750 38...... 161.50 0.40 171.8 150.0 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 188.9 1.1 245.8 176.9 Mediclinic Intl ...... 405.6 11.0 415.3 293.4 MEDIA Petrofac ...... 388.8 -5.8 559.0 374.4 Experian ...... 2566.0 -3.0 2631.0 1874.5 Diversified Gas & Oil ....106.0 0.5 116.5 97.0 Tsy 4.250 46 ...... 168.47 0.37 181.0 1.0 Ocado Gp ...... 1280.0 20.5 1435.0 873.8 NMC Health ...... 1256.5 -93.0 3000.0 1256.5 Wood Gp(J) ...... 386.7 7.4 598.6 319.6 3i Infrastructure ...... 296.5 5.0 306.5 263.8 4imprint ...... 3320.0 0.0 3500.0 1855.0 Ferguson ...... 7166.0 88.0 7166.0 4800.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 220.5 0.5 293.9 177.1 Smith & Neph...... 1869.0 3.0 1990.0 1405.5 PERSONAL GOODS Draper Esprit ...... 487.0 2.0 548.0 410.0 Aberforth Smlr Cos .. 1498.0 6.0 1546.0 1114.0 Ascential ...... 409.8 6.0 409.8 319.0 G4S ...... 205.5 2.8 234.3 168.3 BAE Systems ...... 614.0 21.2 614.0 443.9 SSP Group ...... 679.0 6.0 721.0 608.0 UDG Hlthcare ...... 793.5 11.5 832.5 551.0 EMIS Group ...... 1168.0 48.0 1242.0 890.0 Alliance Trust ...... 862.0 6.0 862.0 708.0 Auto Trader Gp ...... 575.0 8.8 607.6 441.8 Burberry Gp...... 2242.0 25.0 2345.0 1695.0 Hays ...... 170.4 1.0 183.5 138.0 Cobham ...... 164.4 0.0 168.3 99.8 Tesco ...... 248.6 -0.8 258.9 212.6 HOUSEHOLD GOODS AVI Global Trust...... 790.0 9.0 790.0 695.0 Euromny Inst Inv...... 1300.0 -10.0 1498.0 1152.0 PZ Cussons ...... 200.5 -3.0 227.0 178.6 Homeserve ...... 1296.0 -16.0 1316.0 874.0 Fevertree Drinks ...... 1949.5 58.5 2475.0 1732.5 Meggitt ...... 697.2 14.4 697.2 489.9 FOOD PRODUCERS Baillie Gifford Japan ...846.0 7.0 848.0 711.0 Barratt Devel ...... 768.4 12.2 774.2 498.5 Future ...... 1390.0 -32.0 1572.0 491.0 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5848.0 98.0 5962.0 4643.0 First Derivatives ...... 2600.0 0.0 3555.0 2050.0 QinetiQ ...... 354.2 -1.8 367.4 267.0 Bankers InvTst ...... 1018.0 12.0 1018.0 803.0 Assoc British Foods...2575.0 -46.0 2672.0 2106.0 Bellway ...... 3900.0 58.0 3900.0 2698.0 Informa ...... 843.4 9.2 892.0 646.6 AstraZeneca ...... 7650.0 5.0 7808.0 5325.0 IWG...... 445.1 0.4 445.9 220.2 Rolls-Royce ...... 675.6 -7.0 988.4 665.6 Frontier Devs ...... 1226.0 -16.0 1260.0 844.0 BlackRock Smaller .....1712.0 -4.0 1726.0 1280.0 Bakkavor ...... 138.8 2.0 170.0 93.3 Berkeley Grp Hldgs .. 4848.0 41.0 5214.0 3437.0 ITV ...... 147.7 0.5 156.5 103.6 Dechra Pharma ...... 3062.0 38.0 3062.0 2290.0 Network Int...... 581.0 2.0 645.0 513.0 Senior ...... 179.7 1.2 239.2 165.7 Gamma Comms ...... 1325.0 20.0 1390.0 766.0 BMO Global Smaller .....145.8 0.6 150.0 127.0 Cranswick ...... 3284.0 24.0 3464.0 2472.0 Countryside Prop ...... 476.4 6.4 476.4 277.6 Moneysupermkt.com ...334.0 -0.4 417.7 285.7 Genus ...... 3104.0 -10.0 3246.0 2158.0 Pagegroup ...... 468.2 -1.8 539.0 367.8 Ultra Electronics ...... 2276.0 36.0 2276.0 1232.0 Caledonia Inv ...... 3140.0 25.0 3180.0 2910.0 Greencore Gp ...... 248.8 1.8 281.8 185.1 Crest Nicholson ...... 429.0 5.2 445.0 332.0 Pearson ...... 625.6 -2.2 976.6 615.0 GlaxoSmithKline ...... 1809.2 11.8 1818.8 1436.0 Paypoint...... 1042.0 10.0 1118.0 820.0 GB Group ...... 731.0 -14.0 800.0 420.0 AUTOMOBILES & PARTS City of London IT ...... 443.0 1.0 448.5 381.5 Hilton Food Gp ...... 1064.0 12.0 1118.0 894.0 McCarthy & Stone...... 142.0 2.1 158.8 123.5 RELX ...... 1946.5 14.5 2011.0 1606.0 Hikma Pharma ...... 1928.0 21.5 2200.0 1510.5 Rentokil Initial ...... 451.7 -3.5 467.8 329.0 Gooch & Housego ...... 1427.5 12.5 1527.5 954.0 Edin Inv Trust ...... 629.0 4.0 652.0 535.0 Tate & Lyle ...... 788.8 3.2 800.4 663.8 Persimmon ...... 2735.0 29.0 2826.0 1836.0 Rightmove Group ...... 645.8 8.0 649.6 465.9 Aston Martin...... 461.9 -7.8 1374.4 399.3 REAL ESTATE Sanne Group ...... 630.0 -16.0 752.0 450.0 Hurricane Energy ...... 29.1 -1.2 53.6 29.1 TI Fluid Systems ...... 253.0 0.0 273.0 155.2 European Opp ...... 847.0 13.0 875.0 675.0 Unilever ...... 4343.0 38.5 5324.0 3941.0 Serco ...... 160.2 -3.3 165.0 110.1 Assura ...... 76.5 1.1 79.3 53.5 Impax Asset Mgmt ...... 378.0 7.5 394.0 184.0 BANKS F&C Investment ...... 773.0 4.0 778.0 655.0 FORESTRY & PAPER MAIN CHANGES UK 350 SIG ...... 93.3 0.1 153.0 93.2 Fidelity China SPE ...... 249.0 4.0 250.0 193.4 Big Yellow Gp ...... 1180.0 10.0 1200.0 898.0 Mondi ...... 1673.0 -5.0 1898.0 1510.5 Travis Perkins...... 1580.5 12.0 1692.5 1160.5 Iomart Group ...... 377.5 -5.5 400.0 316.5 Barclays ...... 181.7 0.7 192.5 136.2 % % BMO Comm Prop ...... 112.2 -0.4 131.2 106.0 Fidelity Euro Values .... 264.5 2.5 264.5 214.0 GENERAL FINANCIAL Risers à Fallers Ä TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 48.4 -1.6 98.0 41.8 BGEO Group ...... 1635.0 65.0 1755.0 1252.0 Fidelity Spec Val ...... 278.5 2.5 280.5 240.5 Spirent Comms ...... 233.50 14.2 NMC Health ...... 1256.50 -6.9 British Land ...... 587.4 2.2 638.8 468.3 James Halstead ...... 556.0 16.0 560.0 440.0 HSBC Hldgs...... 590.8 6.2 680.6 552.3 Finsbury G&I Tst ...... 886.0 -1.0 958.0 757.0 3i Group ...... 1103.5 15.0 1184.5 810.8 Ferrexpo ...... 157.65 8.3 Man Group ...... 152.30 -3.9 Captl & Count Prop .....256.0 0.1 270.5 184.8 Spirent Comms ...... 233.5 29.0 251.5 139.0 Lloyds Banking ...... 58.7 -1.6 67.2 48.6 GCP Infra Inv ...... 132.2 1.0 132.4 122.6 Ashmore Gp ...... 530.0 16.0 542.5 367.8 Savills ...... 1232.00 7.2 Stagecoach Gp ...... 153.50 -3.2 CLS Hldgs ...... 285.0 3.5 312.5 212.0 TOBACCO Johnson Service Gp ....208.0 0.0 211.5 128.0 Pennon ...... 1078.50 7.1 Mitchells & Butlers ...... 420.50 -2.9 Royal Bank of Scot ...... 232.0 -3.3 270.4 177.7 Genesis Emerging ...... 805.0 8.0 805.0 659.0 Brewin Dolphin ...... 354.0 1.2 375.2 287.6 Daejan Hldgs ...... 5300.0 10.0 6160.0 4715.0 Br Am Tob ...... 3495.0 13.0 3495.0 2375.0 Keywords Studios .....1508.0 31.0 1838.0 900.0 Softcat ...... 1218.00 5.8 Restaurant Grp ...... 146.00 -2.7 Standard Chartered .....714.0 3.4 738.6 575.7 Greencoat UK ...... 149.2 0.0 152.8 128.8 Close Brothers ...... 1595.0 1.0 1663.0 1227.0 Derwent London ...... 3920.0 18.0 4010.0 2884.0 Imperial Brands ...... 1972.4 12.4 2713.5 1668.2 Tullow Oil ...... 62.30 5.6 Lloyds Banking ...... 58.74 -2.6 Learning Tech Gp ...... 135.0 1.8 143.0 62.2 TBC Bank Group...... 1276.0 38.0 1706.0 1150.0 Harbourvest Glb ...... 1828.0 8.0 1832.0 1384.0 Coats Group ...... 76.6 0.6 91.3 68.1 Grainger ...... 303.0 2.2 315.6 214.8 Evraz ...... 412.50 5.5 Sanne Group ...... 630.00 -2.5 TRAVEL & LEISURE Virgin Money UK ...... 178.0 -0.3 220.1 104.4 Finablr ...... 127.0 0.1 215.0 126.0 Grt Portland Est ...... 878.0 25.0 878.0 649.4 M&C Saatchi ...... 111.0 -1.0 394.0 79.0 Herald Inv Trust ...... 1490.0 26.0 1514.0 1150.0 BGEO Group ...... 1635.00 4.1 Marstons ...... 118.40 -2.3 Hargreaves Lans...... 1830.0 -14.5 2433.0 1633.0 Hammerson ...... 272.7 -0.6 388.4 203.9 Carnival ...... 3562.0 31.0 4430.0 3056.0 BEVERAGES HICL Infr ...... 170.8 1.6 174.0 156.6 Wizz Air Holdings ...... 4284.00 4.0 Future ...... 1390.00 -2.3 M.P. Evans ...... 720.0 4.0 750.0 612.0 Land Securities...... 953.2 -3.6 1001.5 735.4 Cineworld Group ...... 200.7 1.9 321.0 191.0 JPM American ...... 499.5 4.0 499.5 411.0 IG Gp...... 683.2 0.8 708.0 474.8 BAE Systems ...... 614.00 3.6 Flutter Ent ...... 9210.00 -2.0 Majestic Wine ...... 225.0 -1.0 318.0 213.0 Barr (AG) ...... 553.0 17.0 975.0 526.0 Compass Gp ...... 1930.0 17.5 2138.0 1583.0 JPM Emerg Mkt ...... 1084.0 14.0 1084.0 861.0 Integrafin Holdings .....442.0 7.0 462.0 315.0 LondonMetric Prop ..... 226.0 0.0 241.2 176.6 Britvic ...... 882.0 2.0 1068.0 850.0 Dominos Pizza ...... 306.3 3.0 326.4 221.2 Midwich Group ...... 550.0 10.0 633.0 474.5 JPM Indian IT ...... 761.0 11.0 790.0 633.0 Intermediate Capital 1646.0 31.0 1646.0 971.5 Reckitt Benckiser .....6088.0 49.0 6688.0 5593.0 WPP ...... 1062.5 1.5 1077.5 800.4 NewRiver Retail ...... 196.0 -0.4 246.0 147.6 Coca-Cola HBC AG .....2680.0 19.0 3074.0 2299.0 easyJet ...... 1492.0 -7.0 1501.0 854.8 Mortgage Advice B .....706.0 -4.0 795.0 546.0 JPM Japan IT ...... 471.5 6.0 477.5 368.0 Intl Public Prtnshps .....165.8 -1.8 171.0 146.8 Redrow...... 766.0 6.0 771.0 533.0 MINING Primary Hlth Prop ...... 157.6 0.6 160.0 112.0 Diageo ...... 3232.5 -12.5 3625.5 2701.0 Investec ...... 432.7 -3.0 518.6 395.3 Taylor Wimpey ...... 202.0 4.3 202.0 142.9 Safestore Hldgs ...... 781.5 14.0 817.5 527.5 EI Group ...... 284.2 0.2 285.0 194.0 Next Fifteen Comm .....556.0 11.0 658.0 465.0 Jupiter Fund Mngt ...... 391.0 5.1 432.0 311.1 Anglo American ...... 2185.5 20.5 2266.0 1666.6 CHEMICALS IP Group ...... 67.7 -0.8 112.4 55.7 Savills ...... 1232.0 83.0 1232.0 728.0 FirstGroup ...... 123.1 2.3 137.5 89.0 Law Debenture ...... 646.0 4.0 654.0 552.0 Vistry Group ...... 1285.0 16.0 1399.0 926.8 Nichols...... 1380.0 -40.0 1880.0 1380.0 Antofagasta ...... 970.8 25.6 1022.5 779.6 Flutter Ent...... 9210.0 -190.0 9456.0 5525.0 Croda International ...5115.0 55.0 5375.0 4564.0 Mercantile IT ...... 260.0 3.0 267.5 188.0 John Laing Gp ...... 388.0 3.0 402.0 339.0 INDUSTRIAL ENGINEERING SEGRO ...... 873.6 3.4 900.0 622.4 BHP Group ...... 1804.6 22.6 2049.0 1563.0 Go-Ahead Gp ...... 2124.0 36.0 2278.0 1686.0 Numis Corporation ...... 279.5 -10.5 306.0 212.0 Elementis...... 164.7 1.2 197.9 129.8 Monks Inv Tst ...... 988.0 10.0 988.0 768.0 London Stock Exch ....7566.0 -86.0 7766.0 4404.0 Shaftesbury ...... 913.5 8.5 979.5 739.5 Bodycote ...... 927.5 11.5 971.0 652.0 Centamin ...... 127.2 1.6 152.3 79.8 GVC Hldgs ...... 922.6 -16.4 939.0 507.5 Johnson Matt...... 2983.0 44.0 3454.0 2770.0 Murray Intl Tst ...... 1258.0 14.0 1286.0 1114.0 Man Group ...... 152.3 -6.2 175.2 130.5 St Modwen Props ...... 500.0 15.0 510.0 373.0 Polar Capital Hdgs ...... 568.0 -20.0 604.0 450.0 Hill & Smith ...... 1469.0 26.0 1510.0 1049.0 Fresnillo ...... 619.0 -6.2 1027.5 539.6 Intercontl Htls ...... 5051.0 31.0 5738.0 4257.5 Synthomer ...... 340.8 1.2 420.8 279.0 Next Energy Solar ...... 125.0 0.5 126.5 112.0 Onesavings ...... 420.0 0.4 452.0 313.6 TR Property IT ...... 484.0 5.0 491.5 377.0 Purplebricks Gp ...... 122.0 -2.0 132.0 96.0 Paragon...... 505.0 -0.5 553.5 388.0 IMI ...... 1173.0 10.0 1206.0 906.0 Glencore ...... 242.3 2.1 340.3 216.9 Tritax Big Box ...... 142.0 0.0 159.7 135.3 Intl Cons Airl...... 655.8 -8.2 667.6 413.5 Victrex ...... 2454.0 -20.0 2540.0 1845.0 Pantheon Intl Partn ..2450.0 -15.0 2620.0 2020.0 Redde...... 107.2 0.8 127.6 100.6 Melrose Ind ...... 236.3 -1.0 242.3 156.8 Hochschild Mining ...... 169.9 0.2 227.0 152.0 Marstons ...... 118.4 -2.8 131.4 93.3 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...329.5 2.5 342.0 284.5 Plus500 ...... 938.2 28.2 1647.0 495.0 UK Commercial Prop .....86.2 0.5 92.7 79.9 RHI Magnesita ...... 3718.0 20.0 5000.0 3420.0 Kaz Minerals ...... 564.0 11.8 738.4 380.3 Mitchells & Butlers .....420.5 -12.5 470.5 238.0 Renew Holdings...... 514.0 14.0 568.0 358.0 Pershing Square ...... 1530.0 26.0 1570.0 1102.0 Provident Fin ...... 423.6 5.5 610.0 356.0 Unite Group ...... 1250.0 1.0 1261.0 855.0 Balfour Beatty ...... 263.6 2.6 295.0 194.2 Workspace Gp ...... 1161.0 9.0 1198.0 806.0 National Express ...... 464.2 6.4 476.0 379.0 Personal Assets Tst .430000 -500 431500 390000 Quilter ...... 162.6 -0.8 167.6 120.8 Rotork ...... 323.5 8.7 341.2 263.0 Polymet Int...... 1235.5 1.5 1272.0 772.6 RWS Holdings ...... 619.0 4.0 670.0 450.0 CRH ...... 3038.0 52.0 3100.0 2169.0 PPHE Hotel Gp ...... 1960.0 20.0 1990.0 1630.0 Polar Cap Tech Tst ...... 1674.0 28.0 1674.0 1154.0 Rathbone Brothers ...2090.0 -30.0 2540.0 2045.0 Spirax-Sarco...... 9015.0 100.0 9400.0 6240.0 Rio Tinto ...... 4555.0 67.0 4976.5 3761.5 SOFTWARE & COMPUTER SERVICES Scapa Group ...... 265.0 5.5 403.0 157.0 Galliford Try...... 157.7 -0.7 177.2 102.4 Schroders ...... 3260.0 -8.0 3419.0 2541.0 Weir Gp ...... 1509.0 39.0 1814.0 1261.5 Rank Gp ...... 266.0 -4.0 280.0 144.0 Renewables Infra Gp ...136.6 1.0 139.2 115.4 MOBILE TELECOMMUNICATIONS Avast...... 511.5 12.1 511.5 276.0 Secure Income REIT .. 455.0 -1.0 456.0 384.0 Grafton Group...... 858.0 16.0 937.0 645.5 TP ICAP ...... 401.5 -2.2 417.5 270.0 Restaurant Grp ...... 146.0 -4.1 166.4 111.9 RIT Cap Partners ...... 2080.0 5.0 2180.0 1944.0 INDUSTRIAL METALS Aveva Gp...... 4830.0 86.0 4830.0 2654.0 Ibstock ...... 307.0 2.8 322.0 208.6 Vodafone Gp ...... 151.6 0.0 165.2 123.3 Stagecoach Gp...... 153.5 -5.0 167.0 115.5 Serica Energy...... 122.6 2.6 143.4 103.6 Schroder Asia ...... 483.5 13.5 483.5 412.0 GENERAL RETAILERS Computacenter...... 1726.0 32.0 1829.0 1008.0 Marshalls ...... 820.0 4.0 876.0 496.0 Evraz ...... 412.5 21.4 709.4 341.4 NONLIFE INSURANCE Wetherspoon (JD) .....1600.0 -5.0 1734.0 1178.0 Scottish Inv Tst ...... 830.0 1.0 843.0 769.0 B&M ...... 372.3 -0.7 420.9 310.5 FDM Group...... 1026.0 4.0 1100.0 647.0 Smart Metering Sys.....551.5 3.5 665.0 310.0 Polypipe Group ...... 517.5 5.5 546.5 367.6 Ferrexpo ...... 157.7 12.1 301.3 123.0 Whitbread ...... 4710.0 61.0 5152.0 3988.0 Scottish Mortgage ...... 601.5 3.0 601.5 465.7 Dixons Carphone ...... 138.5 1.9 150.0 104.9 Admiral Gp ...... 2306.0 7.0 2317.0 2014.0 Kainos Gp ...... 796.0 22.0 796.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION William Hill ...... 186.0 1.6 205.2 132.3 Sequoia Econ Infra ...... 117.0 -0.6 118.0 110.0 Dunelm Gp...... 1094.0 12.0 1173.0 680.0 Beazley ...... 539.5 3.5 628.0 492.6 Micro Focus Intl ...... 1087.4 16.8 2160.0 1004.0 Wizz Air Holdings ...... 4284.0 165.0 4284.0 2880.0 Thorpe (F.W.) ...... 346.0 0.0 359.0 248.5 Smith (DS) ...... 375.7 0.0 394.8 307.9 Smithson Inv ...... 1328.0 18.0 1334.0 1016.0 Frasers Group ...... 497.0 6.2 497.0 214.0 Clarkson ...... 2925.0 0.0 3030.0 2200.0 Direct Line Ins ...... 328.7 2.8 366.5 270.5 Playtech ...... 395.8 -5.8 457.7 360.5 Watkin Jones ...... 241.5 -0.5 247.5 199.6 Smiths Gp...... 1747.0 3.5 1748.0 1378.0 Syncona ...... 218.5 1.5 294.0 203.0 Howden Joinery Gp...... 669.6 7.2 685.8 474.0 Fisher (James) ...... 1982.0 14.0 2260.0 1790.0 Hastings Gp Hldgs ...... 185.3 0.1 231.6 167.9 Sage Group ...... 735.8 -4.2 820.4 593.0 AIM 50 Smurfit Kappa Gp...... 2874.0 48.0 2966.0 2096.0 Temple Bar IT ...... 1428.0 -2.0 1486.0 1162.0 Inchcape...... 702.5 4.0 720.0 545.5 Royal Mail ...... 218.0 -2.8 304.3 188.4 Hiscox ...... 1339.0 -1.0 1777.0 1213.0 Softcat ...... 1218.0 67.0 1218.0 672.0 Abcam ...... 1353.0 32.0 1500.0 1066.0 Young’s Brew NV ...... 1275.0 0.0 1310.0 1030.0 Vesuvius...... 464.0 -0.8 642.0 341.0 Templeton Em Mkts .....867.0 8.0 867.0 716.0 JD Sports Fashion ...... 840.8 8.8 844.2 425.4 Signature Avi ...... 324.9 0.0 406.0 285.2 RSA Ins Gp ...... 565.2 -3.6 597.0 501.6 Sophos ...... 568.0 3.0 577.0 298.2 Advanced Medical ...... 290.0 -5.0 354.5 225.0 Young’s Brew-A...... 1622.5 -7.5 1885.0 1475.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 309.15 0.10 310.00 197.00 3M ...... 180.92 0.45 219.50 150.74 AIR LIQUIDE ...... 126.25 0.45 130.80 103.55 ABBOTT LABORATORIES ...... 85.12 -0.24 88.74 69.05 ALLIANZ AG ...... 219.65 -0.60 223.80 179.22 ADOBE INC ...... 345.63 5.82 340.45 238.27 AMADEUS IT GROUP ...... 74.44 0.32 74.30 42.30 ALPHABET NON VTG-C ...... 1439.23 9.50 1429.73 1036.23 ALPHABET-A ...... 1440.03 11.07 1428.96 1116.79 ANHEUSER BUSCH INBEV ...... 72.66 -0.97 92.71 61.83 AMAZON.COM ...... 1891.30 8.14 2020.99 1588.22 ASML HOLDING NV ...... 269.05 0.45 272.40 137.50 AMERICAN EXPRESS ...... 128.54 1.26 128.57 97.99 AXA ...... 25.34 -0.02 25.47 19.74 APPLE INC ...... 316.96 6.63 310.33 152.70 BANCO SANTANDER ...... 317.30 -0.45 402.00 295.05 AT&T ...... 38.10 -0.47 39.63 29.37 BASF...... 65.79 -0.04 74.49 56.20 BANK OF AMERICA ...... 35.06 0.32 35.64 26.25 BAYER AG...... 74.73 -0.63 75.36 52.53 BERKSHIRE HATHAWAY...... 228.45 1.83 228.65 195.81 BMW ...... 73.63 -0.94 77.75 58.70 BOEING CO ...... 330.22 0.30 432.69 320.42 BNP PARIBAS ...... 51.93 -0.23 53.58 39.32 CATERPILLAR INC ...... 146.82 0.69 150.53 113.38 CRH ...... 3038.00 52.00 3100.00 2169.00 CHEVRON ...... 116.66 0.22 126.54 111.39 CISCO SYSTEMS ...... 47.97 0.84 58.05 43.52 DAIMLER ...... 48.90 -0.54 59.31 40.53 CITIGROUP ...... 80.65 1.40 81.23 60.33 DANONE ...... 72.26 -0.34 82.00 61.47 COCA-COLA CO ...... 56.13 0.60 55.77 44.69 DEUTSCHE POST AG ...... 33.73 -0.33 34.91 24.91 COMCAST ...... 45.80 0.82 46.97 34.97 DEUTSCHE TELEKOM ...... 14.65 -0.11 16.25 14.10 DOW ...... 52.35 0.85 66.65 40.71 ENEL ...... 7.40 -0.02 7.42 5.10 EBAY INC ...... 34.73 -0.16 41.57 30.29 ENGIE...... 14.80 0.04 15.12 12.45 EXXON MOBIL ...... 69.80 0.66 83.38 66.70 ENI ...... 14.04 -0.06 15.94 13.04 FACEBOOK ...... 221.91 3.85 218.30 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 245.21 3.10 242.60 179.91 FRESENIUS MEDICAL CARE ...... 66.30 0.04 76.32 57.92 HOME DEPOT INC ...... 223.34 -0.88 238.85 174.87 HONEYWELL INTERNATIONAL ...... 181.27 2.59 182.01 137.77 IBERDROLA ...... 9.00 0.02 9.54 6.02 IBM ...... 136.60 -0.09 151.36 121.62 INDITEX ...... 31.59 0.02 32.37 2.55 INTEL ...... 59.59 0.65 60.84 43.46 ING GROEP NV...... 10.73 -0.11 12.05 8.34 JOHNSON & JOHNSON ...... 145.70 0.64 146.44 126.95 INTESA SANPAOLO...... 2.34 -0.02 2.41 1.83 JPMORGAN CHASE & CO ...... 137.20 1.13 141.09 98.93 KERING ...... 593.80 1.70 600.90 394.30 MASTERCARD INC ...... 315.21 4.04 311.17 196.52 KON KPN NV ...... 2.67 0.00 2.96 2.47 MCDONALD’S ...... 206.51 -0.76 221.15 173.97 L’OREAL ...... 262.50 -1.40 266.10 195.25 MEDTRONIC ...... 118.01 -0.63 118.64 84.15 LVMH MOET HENNESSY ...... 426.75 3.10 424.50 246.55 MERCK & CO ...... 89.51 -0.02 92.04 72.92 MUENCHENER RUECKVE ...... 267.60 -0.20 268.70 190.45 COMMODITIES TOURIST RATES MICROSOFT ...... 163.28 1.94 162.09 102.78 NETFLIX ...... 338.92 9.87 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1550.00 -3.40 Copper Cash Official...... 6155.00 -0.50 Canada ...... 1.63 New Zealand ...... 1.85 NIKE INC ...... 102.16 1.26 102.20 77.14 ORANGE ...... 13.05 -0.07 15.01 13.11 Silver (Pence) ...... 1791.50 +0.50 Aluminium Cash Official ...... 1771.25 +0.50 Croatia ...... 7.94 Norway...... 10.85 ORACLE ...... 54.58 0.13 60.15 48.06 ROYAL PHILIPS ...... 44.35 -0.08 44.69 30.77 Silver (Cents) ...... 1370.00 -6.00 Nickel Cash Official ...... 14045.00 -77.50 Czech Republic ...... 26.93 Poland ...... 4.52 PAYPAL HOLDINGS ...... 115.28 2.35 121.30 96.64 SAFRAN ...... 137.45 -1.05 149.90 108.00 Krugerrand ...... 1565.25 -6.73 Aluminium Alloy Cash Official ...... 1375.00 +10.00 Denmark ...... 8.25 Singapore ...... 1.67 PEPSICO ...... 136.53 2.00 140.28 118.61 SANOFI ...... 92.07 -0.65 92.72 72.24 Brent Crude ...... 64.98 -0.39 Natural Gas ...... 30.45 -0.58 Hong Kong ...... 9.67 Sweden ...... 11.63 PFIZER INC ...... 39.41 -0.08 44.40 34.24 SAP SE ...... 123.76 0.00 124.72 88.07 Platinum ...... 969.00 +11.00 Tin Cash Official ...... 17262.50 +35.00 Iceland ...... 146.27 Switzerland ...... 1.21 PROCTER & GAMBLE ...... 124.88 0.91 126.09 90.44 SCHNEIDER ELECTRIC ...... 91.86 -0.28 93.74 58.20 British Sovereign ...... 365.39 -1.54 Zinc Cash Official ...... 2381.50 -36.50 India ...... 82.38 Turkey ...... 7.50 TRAVELERS COMPANIES ...... 136.26 0.75 154.83 121.82 SIEMENS AG ...... 115.76 -0.24 119.90 85.00 Lead Cash Official ...... 1921.75 +20.75 White Sugar ...... 376.80 +9.40 Israel ...... 4.26 United States ...... 1.26 TWITTER ...... 32.69 -0.09 45.42 28.89 SOCIETE GENERALE...... 31.43 0.00 31.79 21.13 UNITED HEALTH GROUP ...... 285.85 -9.28 295.97 215.26 UNITED TECHNOLOGIES ...... 152.05 0.19 153.68 110.87 TELEFONICA SA ...... 6.10 -0.08 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.15 0.16 62.07 53.28 TOTAL ...... 49.56 -0.23 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 195.33 1.56 193.77 168.86 UNILEVER NV ...... 50.26 -0.04 57.56 46.03 FTSE 100...... 7617.60 +29.75 +0.39 S&P 500...... 3288.07 +22.72 +0.70 CAC 40 ...... 6036.14 -0.97 -0.02 Hang Seng ...... 28954.94 +316.74 +1.11 WALGREENS BOOTS ALLIANCE...... 54.06 -0.16 76.05 49.29 VINCI ...... 99.74 0.32 102.40 73.46 FTSE 250 ...... 21716.76 +150.09 +0.70 Dow Jones I.A ...... 28907.05 +83.28 +0.29 Swiss Market Index ...... 10622.41 -17.08 -0.16 Nikkei ...... 23850.57 U/C U/C WALMART ...... 115.88 -0.50 121.28 93.86 VIVENDI ...... 25.70 -0.20 26.42 21.49 FTSE All-Share ...... 4225.78 +19.06 +0.45 Nasdaq Composite ...... 9273.93 +95.07 +1.04 ISEQ Overall Index ...... 7242.21 -31.98 -0.44 STI Index ...... 3251.07 -4.88 -0.15 WALT DISNEY CO ...... 143.88 -0.74 151.64 107.79 VOLKSWAGEN AG ...... 185.28 -0.24 185.52 138.16 FTSE AIM All-Share ...... 966.39 +4.74 +0.49 Xetra DAX...... 13451.52 -31.79 -0.24 FTSEurofirst 300 ...... 1635.65 -2.92 -0.18 ASX All Ordinaries...... 7020.20 -21.70 -0.31 WELLS FARGO & CO ...... 52.11 -0.39 54.46 43.38 CITYAM.COM TUESDAY 14 JANUARY 2020 FEATURE 21 TRADING & INVESTMENT Luke Graham looks at how oil markets are coping with rising tensions in the Middle East

OR GOOD or ill, oil remains the lifeblood of the global economy. It is essential to in- dustrial production, to how we transport goods (as well as Fourselves) around the world, and how we heat our homes and gener- ally go about our everyday lives. Rising oil prices can therefore act as a handbrake on global growth, as the increased costs cut into the prof- its of manufacturing and other in- dustrial activity, or reduce the amount of disposable income that consumers have when they aren’t fu- elling their cars. So the recent volatility in oil prices caused by rising tensions in the Mid- dle East is a major concern for mar- kets around the world. The price for Brent crude rose as high as $71.75 per barrel at one point last week, be- fore ending on Friday below $65. The price spike was triggered by the death of Iran’s top general Qassem Soleimani. The US-approved killing of Soleimani on 3 January sent fear rip- pling through world markets that this was the first step in an escalating mil- itary conflict that could spill out across the Middle East — the source of much of the world’s oil production. Iran retaliated by firing ballistic missiles at air bases housing US forces in Iraq. While the attack was not free of consequences (Iran later admitted to “unintentionally” shoot- ing down a Ukrainian passenger jet, killing 176 people) the lack of US ca- sualties thankfully seems to have al- lowed both sides to back down from further escalation, at least for now. The easing of tension by the end of last week meant that oil prices were able to settle down and stock mar- kets to rise, with some indices like New York’s S&P 500 and Nasdaq set- BARRELLING

Higher prices will TOWARDS CONFLICT hit consumers and businesses, which is the last thing of dollars in lost revenue because of blamed for these incidents, though “President Trump has backed away that Trump wants US oil sanctions. It’s since then that it denied involvement. from military confrontation, as in- we’ve seen the ratcheting up of ten- These attacks were designed to creased tensions in the Middle East before the election sions,” Soltvedt adds. demonstrate Iran’s ability to disrupt and higher oil prices will hit both The Trump administration has the flow of oil from the region, ac- consumers and businesses, which is ting all-time highs. been pursuing a campaign of maxi- For the last eight cording to Soltvedt. He warns that the last thing that he wants before But just because the geopolitical mum pressure on Iran in order to get the outlook for the security and sta- the November presidential election,” situation has calmed, does that it back to the negotiating table and months or so, Iran bility of the oil industry in the re- adds Sayed. mean it will remain so? Not necessar- agree to a more comprehensive nu- has been losing gion remains negative. It is also worth remembering that ily. The recent clash was not an iso- clear agreement than the one struck However, markets do not currently the Middle East is not the only lated incident, but the latest episode in 2015, hence why it scrapped the out on billions of seem concerned about this risk, source of oil. Thanks to the shale gas in the long-running conflict between sanction waivers. which has been reflected in the revolution and the development of Washington and Tehran. But taking this hardline stance has dollars in lost falling price for oil. the Permian Basin in Texas and New “The key turning point for the re- had consequences. In the months “With Brent prices falling back Mexico, the US is now a net exporter gion was last year, when the US after this decision, two foreign oil revenue because below $65, traders seem convinced of oil. So if oil production in the Per- ended the sanction waivers,” explains tankers were attacked near the of US oil sanctions that Iran will not block the Strait of sian Gulf were significantly dis- Torbjorn Soltvedt, principal MENA strategically important Strait of Hor- Hormuz or carry out attacks on ship- rupted or reduced, America may be analyst at risk consultancy Verisk muz. Then in September, Saudi ments. That’s because Iranian exports able to step in and fill any gaps. Maplecroft. These waivers permitted Aramco oil facilities were attacked to China are a significant source of But fundamentally, while things countries around the world to import by swarms of drones and low-flying the government’s revenue, and with- currently appear calm, the underly- oil from Iran. Ending the waivers cruise missiles. out it, the economic crisis will only ing sources of tension between the US caused a sharp decline in Iranian oil The facilities had to be shut down exacerbate,” says Hussein Sayed, chief and Iran remain unresolved. The like- exports, from around two million for repairs, cutting Saudi Arabia’s market strategist at FXTM. lihood of further geopolitical conflict barrels per day to just 500,000. oil production by about half, which It also seems unlikely that the US and instability is thus still high. “For the last eight months or so, represented around five per cent of will escalate conflict with Iran in the So will oil prices remain around Iran has been losing out on billions global oil production. Iran was immediate future. $65 a barrel this year? Probably not. 22 FEATURE TUESDAY 14 JANUARY 2020 CITYAM.COM

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

CITY A.M.’S hat technology benefits more than 3 Billion peo- CRYPTO INSIDER ple for 80% of their wak- Wing hours? WEB 3.0: WHY IT MA JAMES BOWATER WEB 2.0. he last week has seen its fair share of Web 2.0, coined as Web 1.0 boom burst, Ttumultuous events with the moved the world on from static desktop uncertainty in the Middle East web pages and expensive servers to inter- continuing to dominate. Iran’s admission active experiences and user-generated con- of ‘accidentally’ shooting down the tent and brought us Uber, AirBnB, Ukrainian Boeing 737 has certainly not Facebook and Instagram. The rise of Web helped investor confidence with many looking 2.0 was largely driven by three core layers for safe havens such as gold and increasingly, it of innovation: mobile, social and cloud. seems, Bitcoin. With the launch of the iPhone in 2007, As per normal, crypto eyes are focused on Bitcoin (BTC) and the mobile internet access broadened both debate continues as to whether the mid-year halvening has been the user-base and the usage of the Web: priced in and whether or not it is a safe haven hedge. At the time of the browser, mobile apps were now in writing it was trading at US$8,128.95 / GB£6,260.36; Ethereum everyone’s pocket. (ETH) is at US$143.89 / GB£110.63; Ripple (XRP) is at US$0.2118 / Until social networks such as MySpace GB£0.1631; Binance (BNB) is at US$15.08 / GB£11.61 and Cardano and Facebook created online identities, (ADA) is at US$0.03707 / GB£0.02855. Overall Market Cap is at the Internet was largely an anonymous US$216.33bn / GB£166.66bn (data source: place. These networks coaxed users into www.CryptoCompare.com) good behaviour, content generation and The conference season is now well and truly underway with recommendations: from sharing photos Washington Elite taking place today and tomorrow before all focus online; to entrusting unknown travelers shifts to The World Economic Forum next week where I shall be with homes on AirBnB; and getting into a attending a number of the ‘Crypto side events’ including CVVC stranger’s car with Uber. Crypto Valley week where notable speakers include my friend Cloud commoditised the production Charles Hoskinson for whom 2020 should be the breakout year for and maintenance of internet pages & ap- Cardano (ADA) as they progress to mainnet launch and full plications: shifting from owning expen- decentralisation. sive dedicated infrastructure to renting In a similar vein with the DeFi (Decentralised Finance) space storage and compute power. Millions of being espoused as the main adoption arena for Blockchain and in entrepreneurial experiments could now particular the use of the Ethereum blockchain which counts the benefit from low-cost resources that scaled majority of DeFi projects as users. 2019 saw DeFi expanding 2.1x smoothly as businesses grew. Designed by of work, service, data and content ship, giving up privacy or reliance on third- with many an observer believing that US$100bn as being the size While the Web 2.0 wave is still bearing Phill Snelling, providers across health, food, finance and parties. In this way the entire long tail of by the end of 2020. fruit, the next large paradigm shift in ap- Bowater Media sustainability. data generators enters the ‘data economy’. The news surrounding the Australian bushfires has been with us plications has begun, logically entitled Where Web 2.0 was driven by the advent Powerful Artificial intelligence algo- since September, however with worsening conditions the fire has Web 3.0 - an even more fundamental dis- of mobile, social and cloud, Web 3.0 is built rithms layered on top of these new decen- spread further down the east coast and intensified. Inflection ruption. It is a leap forward to open, trust- on edge computing, decentralised data tralised data structures give access to a points have seemingly come on an almost daily basis, and this has less and permissionless networks. networks and artificial intelligence. wealth of data that would be the envy of awoken the world from its new year slumber. As you would expect £ ‘Open’: open source software built by While in Web 2.0 recently commoditised today’s tech giants. The potential applica- international efforts and fundraising drives have begun in earnest. an open and accessible community of de- personal computer hardware was repur- tions go far beyond targeted advertising One of the joys of my position is that I get to meet people from all velopers and executed transparently. posed in data centers, the shift to Web 3.0 into areas like precision materials, drug de- over the world and have, within my community groups, a large £‘Trustless’: the network itself allows par- pushes the data center out to the edge: our sign and climate modelling. number of Australians. James O’Donoghue, from HiveEx, reached ticipants to interact publicly or privately phones, computers, appliances, sensors The Web 3.0 future is where distributed out to me before Binance and Wirex launched their own efforts, to without a trusted third party. and vehicles, which are forecast to produce actors interact between peers delivering a talk about raising AUD$50.0m from the global Crypto Community. £‘Permissionless’: anyone, both users and 160 times more data in 2025 as compared composable, human-centric computing Thus the Crypto Fire Alliance was born. Phillip Snelling and I, suppliers, can participate without autho- to 2010. fabric. from Bowater Media, designed a logo, the folks ‘down-under’ did risation from a governing body. Decentralised data networks are making So much for the technology but what dif- the rest and now we are launching having received the various it possible for these data generators (from ference will this make to the individuals authorisations to move forward. Please, whether you are in the The ultimate outcome of these new open, an individual’s personal health data, to a and society as a whole? It has been said industry or not, read the Ad Strip at the bottom of the opposite trustless and permissionless networks is car’s location & performance data) to sell that the characteristic which sets hu- page and make a donation! the possibility to incentivise the long tail or barter their data without losing owner- mankind apart is our ability to organise Thank you very much in advance!

service secures Aave protocol’s 16 cryptocurrency price feeds in real-time, ensuring that the lending rates/prices Crypto A.M. shines reflect on-chain as well as off-chain data, and guaranteeing that Aave protocol is decentralized all the way. its Spotlight on Aave ”Our mission is to create a diverse money market to enable anyone to receive higher yields for their money via ondon-based decentralized finance wallet. It also features access to flash stablecoin deposits compared to Lcompany Aave launched its Aave loans, which allow developers/people traditional savings accounts offered by Protocol on the Ethereum mainnet with some technical knowledge to borrow banks. DeFi provides new opportunities last week. Aave was founded in 2017 by instantly; no collateral needed. Users are for the mainstream depositors.” -- Stani blockchain pioneer Stani Kulechov, and also able to switch between stable and Kulechov, CEO since then the team has grown variable interest rates with one click, Since it went live last week, there are internationally. Headquartered in the ensuring the best possible rates. Aave already over $2 million USD in assets fintech capital of the world, Aave hopes to protocol currently has 16 different circulating in Aave protocol. The next see London become the hub for cryptographic assets available to be steps for Aave are to move ownership of decentralized finance. Aave’s focus is on deposited or borrowed. 5 of these are the protocol into the hands of the building an open, transparent, and stablecoins with minimal volatility as they community. To do this, Aave must add trustless infrastructure for the $693.6 are pegged to a stable asset or fiat governance smart contracts, self- million USD decentralized finance market, currency. Chainlink’s decentralized oracle executing, trackable contracts where no and the release of Aave protocol is a huge third party is needed. In this initial launch step toward bringing the DeFi ecosystem phase, Aave is keeping ownership of the into the mainstream. protocol to further audit and respond to Aave protocol is a decentralized, open- any potential issues. Once the governance source, and non-custodial money market is released, Aave’s native LEND tokens will protocol. Depositors can earn interest by be used to propose and vote on changes providing liquidity to lending pools, while in the protocol. This is an important step borrowers can obtain loans by tapping Aave protocol is a toward building an open financial into these pools with both ecosystem where those participating have overcollateralized and undercollateralized decentralised, a say in the governance. DeFi is about loan options. Aave protocol is unique in open-source, and creating a more equitable financial that it tokenizes deposits as Aave interest system, and people are increasingly Stani Kulechov, CEO of Aave bearing tokens called aTokens which non-custodial money taking control of their money as DeFi accrue interest in real time directly in your market protocol. moves into the mainstream. CITYAM.COM TUESDAY 14 JANUARY 2020 FEATURE 23

E: [email protected] @CityAm_Crypto In association with

any individual or machine in the world, CRYPTOCOMPARE MARKET VIEW without having to pass through fee-charg- ing middlemen. This shift will enable a ATTERS TO YOU whole new wave of previously unimagin- able businesses and business models: from Bitcoin’s Momentum Continues Past $8,000 global co-operatives to decentralised au- tonomous organisations and self-sover- rypto continued its bullish start to blockchain applications, much like the eign data marketplaces. 2020 with Bitcoin soaring past the Ethereum network. The cryptocurrency’s This matters because: C$8,000 level to reach a high above whitepaper claims the project aims to £Societies can become more efficient by $8,400 on Wednesday. Trading at the time modernize China’s governance capacity, reducing rent-seeking third parties and re- of writing at $8,110, Bitcoin’s solid gains helping it become a leader in distributed turning this value directly back to the have also sparked some movement in ledger technology. users and suppliers. altcoin markets. Ethereum (ETH) recovered European Central Bank president £Organisations can be intrinsically more from a mid-week slump to trade at the Christine Lagarde in an interview last week resilient to change through their new time of writing at $143, while Litecoin (LTC) revealed that the regulator wishes to “play mesh of more adaptable communication surged over 11% last week to trade once an active role” in the digital asset space. and governance. again above the $50 level. Explaining her position with respect to £Humans, enterprises and machines can With Bitcoin’s halving (where the Bitcoin stablecoins, Lagarde noted that Central share more data with more privacy & se- mining reward halves in size) now only Bank Digital Currencies (CBDCs) shouldn’t curity assurances five months away, all eyes will be “discourage” private alternatives for “fast £ We can own our data footprints by watching every price movement for signs and efficient retail payments.” using digital scarcity & tokenised digital of a bull run. Finally, leading cryptocurrency exchange assets In other major news for the space last Binance has committed $1 million to £ Through ‘modern mutual’ ownership, week, Chinese search giant Baidu support the Australia bushfire relief governance and economic incentives, par- announced the release of its own through its blockchain-based charity ticipants can collaborate to solve ‘thinly cryptocurrency, Xuperchain. While it platform - the Binance Charity Foundation. spread’ problems remains unclear how decentralised it will Binance will donate $1 million worth of be, local news outlets explained that the BNB towards its Australia Bushfire The forthcoming wave of Web 3.0 goes blockchain-based network is capable of Donations program, which seeks far beyond the initial use cases in finance. supporting over 10,000 transactions per donations from the crypto community to Through the richness of interactions and second and is designed to support provide relief for the ongoing wildfire crisis. the global scope of counterparties, Web 3.0 will cryptographically connect data from individuals, corporations and ma- chines, with machine learning algo- rithms, leading to the rise of ourselves in the pursuit of a commonly tributed counterparties. Truly global busi- fundamentally new markets and associ- CRYPTO A.M. INDUSTRY VOICES envisioned goal. Let’s look back at the four nesses started to form since today’s inter- ated business models. The result is akin to major social & technological stages in net allows global coordination via digital a “return to the global village” - everyday, human collaboration: social trust intermediaries : from Face- highly-personalised interactions, yet now In Villages, people could trade value, in- book, to eBay & AirBnB. Unfortunately we delivered at global scale powered by a myr- formation & work with the small group have become dependent on these plat- iad of human and machine skills speciali- The UK should lead global of counterparties they already knew - lim- forms, and when they move from “at- sations. ited by geographic proximity & personal tract” to “extract”, their customers suffer trust. The small scale meant individuals via higher fees or the risk of the underly- £Richard Muirhead, Managing Partner of consensus for blockchain had multiple roles in society e.g. farmer, ing platform destroying the business they Fabric Ventures & Max Mersch, General warrior and father. rely upon. Partner in conversation with James In Urbanised Cities, the set of counter- With Web 3.0, women, men, machines Bowater. For further information visit applications and governance parties rocketed beyond those trusted per- & businesses will be able to trade value, in- https://www.fabric.vci sonally. It became economically viable to formation & work on a global scale with lockchain is in full swing in major PxBee, successfully addressed the gap of launch new specialised businesses, and counterparties they don’t know or yet ex- IMPORTANT INFORMATION: THE VIEWS AND countries around the world. Al- the IP protection for Photographers, and rely on others to produce all the remain- plicitly trust, without a trusted intermedi- OPINIONS PROVIDED BY CITY A.M.'S CRYPTO Bthough it offers many applications, it now ranks second in the world in re- ing goods and services required by the city. ary. Constituents of a network trust each INSIDER AND IN THE CRYPTO A.M. SECTION as well as a lot of investment opportu- gards to daily active users (more than Web 1.0 & Web 2.0 radically shrunk the other implicitly rather than seeking to SHOULD NOT BE TAKEN AS INVESTMENT OR nities, the industry is still in its infancy. 10,000+). In another application, China's latency and cost at which people & busi- achieve trust extrinsically. FINANCIAL ADVICE. ALWAYS CONSULT WITH Various problems widely exist within large steel producer Pzhsteel has devel- nesses could trade with geographically dis- Web 3.0 will enable us to interact with YOUR FINANCIAL ADVISOR. the current blockchain applications oped blockchain for supply chain fi- market. For example, many companies nance. This has brought substantial are guilty of releasing immature and value by helping SMEs to raise funds even non-existent blockchain products along their supply chains, through its just to raise funds or to simply attract at- provision of trustful data. The Chinese TOKENISATION OF SECURITIES AND tention, whilst others use blockchain in government has also started to use applications where it is not needed and blockchain technology for anti- corrup- ASSETS HAS GONE INSTITUTIONAL provides no use at all. tion purposes. One government depart- As a new technology, blockchain ment in Chengdu has developed a needs to be guided during its develop- blockchain application to store data Michael Barrell, Founder STR Global Summits ment with collective effort from govern- that cannot be altered, no matter who ment, enterprises and research has power in that department. These s we come up to our fourth event markets was three to five years away. deployable institutional solutions, institutions, so as to form an important are indeed very good and positive exam- within twelve months focusing on While this may seem long, in an 800 including a live demo zone. The leading consensus to ensure this emerging tool ples of how blockchain can serve the Ablockchain and tokenization trillion global industry it would certainly institutions and suppliers will also be is used properly and effectively. For ex- needs of society in China. However, within financial markets it is very clear be record breaking, and requires real recognised through awards that are ample, when humans first invented the these applications could still project fur- its gone from general information projects and spend now. being presided over by a panel of automotive, people in different coun- ther influence and provide greater util- gathering from thought leading start- Conversation has moved from judges headed up by James Bowater. tries would create similar standards ity in all countries, if they could be ups to real institutional projects. blockchain use cases to deployment Different global regions also have such as efforts to set traffic rules, built investigated and refined further. To do At our last regional STR(Security decisions such as DiFi (distributed different incentives to change/tokenise. infrastructures, and requirements for this, we should, therefore, start work on Tokens Realised) summit in New York in financial networks) and new Ranging from fundamentally broken - driving licences. This was to ensure the building industry standards and rules December senior executives from blockchains built specifically for the much of South America, efficiency safety of users and non-users, to reduce to form part of a new global consensus Citigroup, Fidelity Investments, BNY financial communities. improvement - Europe/USA, to the overall negative impact that the on blockchain. The UK, as a proven and Mellon, and State Street, all confirmed The next focused forum for discussion enabling sharia law compliance - Dubai. technology might bring to society experienced leader, is in the perfect po- visions to tokenise securities and assets, on this is the STR Global event in To share knowledge and help enable whilst also enhancing its positive im- sition to lead this effort. backed up with in motion projects. London on the 4th and 5th of February these changes we are also running pact. The same should be applied to the A robust conversation on timeframes at the Grand Connaught Rooms. While events and workshops during 2020 in development of blockchain. We, there- Professor Yu Xiong, Chair of Technology was also held with the institutional still showcasing the early movers such these regions. fore, need to agree on rules and regula- and Operations Management, Newcastle grade solution providers present, as independent platforms tokenising tions for this technology. The UK is well Business School. He’s chief scientific including Tokeny, IBM, Ownera, Koine, assets including property, STOs, and Please check regarded globally for inventing stan- advisor to the blockchain app PxBee, and Archax. General agreement was institutionalisation of digital currency, www.securitytokensrealised.com for dards in many areas, and it can cer- which now has more than 10,000+ daily that tokenisation of the existing we now have a heavy emphasis on more information tainly lead the world again in this active users. He is also President of the UK respect through blockchain. International Innovation Centre, which An opportunity for creating a rules- runs more than 7000 square meters based consensus on blockchain exits innovation space in Liverpool Street through cooperation with China. In Station of Central London. terms of developing useful applications for this technology, China is a global Professor Yu Xiong and Professor Birgitte leader. In fact, China now may have the Anderson are both co-chairs of the Global most applications in the market. For ex- Council for Blockchain Application and ample, an innovative blockchain App, Governance 24 LIFE&STYLE TUESDAY 14 JANUARY 2020 CITYAM.COM MOTORING BY MOTORINGRESEARCH.COM FOR CITY A.M. WHAT THE FUTURE HOLDS FOR LOTUS Tim Pitt speaks to Lotus CEO Phil Popham about the marque’s direction – and drives the thrilling Elise Cup 250

ast summer, I boarded a red says. “So the opportunity to rejuvenate LOTUS ELISE CUP 250 will be electrified (either hybrid or full car. Its carbon fibre seats are sparsely Routemaster bus for a London Lotus was one I couldn’t turn down.” EV) and new platforms, currently padded, its Momo wheel is tiny and sightseeing tour. Along with a Popham joined Land Rover as a grad- PRICE: £49,555 under development, will underpin a the manual gearbox’s exposed linkage L handful of British hacks, the uate trainee in 1988 and stayed until 0-62MPH: 3.9 SECS host of new models from 2022. Will is pure petrolhead porn. You’ll find no top deck was crammed with 2014, rising to managing director and TOP SPEED: 154MPH these include the seemingly inevitable touchscreens or infotainment, save for Chinese journalists and social media overseeing its rise to global ubiquity. CO2 G/KM: 177G/KM SUV? The CEO remains tight-lipped, al- a dated Sony stereo. But you won’t stars, many armed with selfie sticks. He then turned around the fortunes though he recognises Porsche, which care, because the Elise is utterly life-af- Our final stop was the Royal Horti- of luxury yacht maker Sunseeker, be- MPG COMBINED: 36.2MPG makes most of its profit from SUVs, as firming to drive: its supercharged cultural Halls near Victoria, where fore taking the top job at Lotus in “a good benchmark”. motor is gutsy and pleasingly gruff, its the Lotus Evija would be revealed. 2018. All three companies have close After much talk about Lotus’ future, telepathic steering and nuanced chas- The most powerful road car ever, it connections with China, so Popham is THE VERDICT I drive home in the most tangible link sis just sublime. heralded the rebirth of a famous but no stranger to long-haul flights. His to its past. The evergreen Elise, which In fact, simplicity is key to the flatlining British brand. China’s Mandarin, however, is still a work-in- DESIGN hhhhi celebrates its 24th birthday this year, Elise’s longevity. Company founder media were there because Geely – progress. PERFORMANCE hhhhh is the bottom rung in the range: be- Colin Chapman’s maxim was “sim- the world’s fastest-growing car- Industry watchers will recall the last PRACTICALITY hhiii neath the track-focused Exige and plify, then add lightness” and maker, based in Hangzhou – was new dawn for Lotus. Under controver- VALUE hhhii (slightly) more luxurious Evora. Popham frequently uses “light- bankrolling it. sial former CEO Dany Bahar, it re- For a not-inconsiderable £49,555, the weighting” as a verb. Taking that phi- Six months later, at Lotus HQ in vealed five new concepts at the 2010 Cup 250 boasts a 248hp Toyota engine losophy forward in a world of deepest Norfolk, that balmy July Paris Motor Show, yet none came to to be successful, it’s got to be distinct,” and downforce-boosting bodykit. It tightening legislation and increas- evening feels like a distant dream. The fruition. Popham says this time will he says. “Our British heritage is very also has a removable roof – although, ingly complicated cars will be a chal- sleet is blowing sideways, lashing at be different, citing the examples of important.” as I swiftly discovered before rein- lenge, but I’m optimistic Lotus won’t the hoisted Union Jack outside Phil Volvo and LEVC (manufacturer of the The 2,000hp, £2m electric Evija stalling it, soft-tops and sleet aren’t a lose sight of its roots. “Ultimately, it’s Popham’s office. Thankfully, the 54- London black cab). Both have flour- “makes a statement that Lotus is great mix. all about the enjoyment of driving, year-old CEO hasn’t let the deluge ished under Geely ownership, with- back”, but a more affordable petrol-en- Clamber over the huge sill (no mean says Popham. Amen to that. dampen his spirits. “I had an Esprit on out forsaking their core values. gined sports car arrives in late 2020. feat with the roof in place) and the my bedroom wall as a teenager,” he “Geely understands that for a brand Beyond that, Popham says every Lotus Lotus has the pared-back feel of a race Tim Pitt works for motoringresearch.com NOT CONVINCED? CHECK OUT THESE ALTERNATIVES...

ALPINE A110 LEGENDE CATERHAM 620S PORSCHE 718 BOXSTER S PRICE: £50,810 THE VERDICT: PRICE: £50,390 THE VERDICT: PRICE: £54,891 THE VERDICT: 0-62MPH: 4.5 SECS DESIGN hhhhh 0-62MPH: 3.4 SECS DESIGN hhhii 0-62MPH: 4.6 SECS DESIGN hhhhi TOP SPEED: 155MPH PERFORMANCE hhhhi TOP SPEED: 145MPH PERFORMANCE hhhhh TOP SPEED: 177MPH PERFORMANCE hhhhi CO2 G/KM: 144G/KM PRACTICALITY hhiii CO2 G/KM: N/A PRACTICALITY hiiii CO2 G/KM: 210G/KM PRACTICALITY hhhii MPG COMBINED: 45.6MPG VALUE hhhhi MPG COMBINED: N/A VALUE hhiii MPG COMBINED: 33.2MPG VALUE hhhii CITYAM.COM TUESDAY 14 JANUARY 2020 FEATURE 25 OFFICE POLITICS

A vast number of candidates prefer applying online, too — 79 per cent said that recruitment apps have had a pos- Telling tall itive impact on their job search. And it helps many feel more confident to make the first move from behind the safety of a screen. As technology becomes more ad- tales? Why job WHO’S LYING vanced, an increasing number of use- TO WHO? ful, time-saving technologies can be developed. It also helps firms remove Glassdoor Jobs the boring admin bits of recruitment, seekers are Free such as scheduling interviews or keep- ing candidates updated on their Obviously, lying progress — we all know that the small on your CV or in things can make a big difference. lying on CVs a job interview Given the advantages that this tech- isn’t the best of nology offers for recruiters and busi- ideas — a quick nesses, the challenge is to mitigate Automated recruitment tech is helpful, but background any distrust that applicants might check or call to a feel. You have to strike the right bal- dishonest candidates are gaming the system former boss will ance between human and technology, expose the truth. ensuring that candidates can apply in But how can you a way that works for them, without HE JOB market is intense, Nearly a fifth job seekers to adapt their profile and tell if a potential the worry that they’re being gamed both for candidates, who Eugene of job seekers mention keywords for skills they new employer is out of the process — or the wrong peo- have to stand out among Tavyev admitted to using have, or are close to having, that fit totally honest ple are being gamed in. hundreds of competitors, buzzwords in the job ad. Being “good” at something about what it’s Recruiters who strike this balance and for businesses, which their CV in order might become “excellent” on an ap- like working for will find technology working for haveT to spot the best talent from hun- to manipulate plication form, for example. them? Glassdoor them in the right ways — saving time dreds of applications. As a result of an automated But where the line is crossed is when not only lists job that they can use for searching, inter- this challenge, an increasing number system candidates deliberately lie about the opportunities viewing, and engaging with people. of businesses are turning to techno- skills they have, or look for ways in but also provides The key thing is knowing where logical solutions in the hiring process. which they can game the system. This reviews from technology will augment, and where However, as businesses start using quired criteria, whether or not they ac- leads to UK businesses getting the best current and it will hinder. Too many obstacles, and more tech to find and hire the best tually had that skill, while 22 per cent liars, and missing out on the best — former you will end up with candidates who talent, job seekers across the UK are had searched online to find out how and most honest — talent. employees are willing to cheat to get ahead. looking for quick hacks to get ahead. other people had been hired. This probably has you thinking: let’s about a But with the right amount, you can Our recent research, entitled “Hiring Nearly a fifth (19 per cent) used buzz- just get rid of technology then. But company’s work spot the diamond in the rough, while Humans vs Recruitment Robots”, words in their CV in order to manipu- technology and automation do have environment, keeping candidates happy at all found that 69 per cent of job seekers late an automated system, or had lied their benefits — 42 per cent of respon- culture, and points of the hiring process. have gamed the system to their advan- or exaggerated about their experience dents agreed that automation in re- senior leaders. tage. A third (36 per cent) had updated to get to the interview stage. cruitment makes things easier, and £ Dean Sadler is chief executive of the skills on their CV to match the re- Of course, it’s perfectly natural for only 23 per cent said it makes it harder. TribePad. 26 SPORT TUESDAY 14 JANUARY 2020 CITYAM.COM SPORT NUMERO UNO ARCELONA have overtaken Real Madrid to become the world’s richest football club, Barcelona replace Real Madrid as world’s richest club. By Frank Dalleres Baccording to Deloitte’s Foot- ball Money League. The Spanish champions saw revenue soar to €840.8m (£741.1m) last year – a record figure for any team and almost 10 per cent more than domestic rivals Real Madrid. Manchester United remain the high- est placed English club in the annual ranking, which is based on revenue and published today. United recorded income of €711.5m (£627.1m) for 2018-19 but may soon find their status as the Premier League’s financial powerhouse under threat from Manchester City and Liv- erpool, says Deloitte. Bayern Munich and Paris Saint-Ger- main complete the top five, with City, Liverpool, Tottenham Hotspur and Chelsea the other English teams in the top 10. Spurs are now London’s richest club after they enjoyed major revenue growth due to a run to the Champi- ons League final and their move to the state-of-the-art Tottenham Hot- spur Stadium. Local rivals Arsenal dropped out of the top 10 as their continued absence from European club football’s elite competition saw income stagnate. BARCA’S IN-HOUSE BOOST Barcelona’s ascent to the top of the rich list came as they won the Spanish title for an eighth time in 11 years and reached the semi-finals of the Cham- pions League. Their €150m surge in revenue was rooted in off-field activity, however, and the club’s decision to bring mer- chandising and licensing operations in-house instead of farming them out to third parties. This affords Barca greater control of how its products are sold and allows them to report associated income on a gross rather than net basis. While not suitable a strategy for all clubs, rivals may take note. COMMERCIAL IS KING renewals with existing partners. “Bringing operations in-house was DELOITTE FOOTBALL MONEY LEAGUE Elite football continues to prove ro- Juventus, meanwhile, re-entered the probably the biggest impact on their bust, with the aggregate revenue of top 10 of Deloitte’s ranking on the commercial revenue, which increased €M £M the 20 richest clubs swelling 11 per back of signing Cristiano Ronaldo. by 19 per cent to €383.5m,” Izzy Wray cent year-on-year to €9.3bn (£8.2bn). The Portugal superstar, who boasts of Deloitte’s Sports Business Group 1. ▲ 1 BARCELONA 840.8 741.1 That growth was driven in part by a more Instagram followers than told City A.M. 2. ▼(1) REAL MADRID 757.3 667.5 new cycle of broadcast contracts for Barcelona and Real Madrid combined, “Other clubs will see those big num- 3. l 0 MANCHESTER UNITED 711.5 627.1 European competitions, meaning big- helped Juve achieve commercial bers and may look to do an analysis of 4. l 0 BAYERN MUNICH 660.1 581.8 ger payouts for those in the Champi- growth through greater brand visibil- their own commercial structures to ons League. Commercial income is an ity and improved merchandise sales. see whether it would make sense to 5. ▲1 PARIS SAINT-GERMAIN 635.9 560.5 increasingly significant differentiator The Premier League’s financial su- bring operations in-house as well.” 6. ▼(1) MANCHESTER CITY 610.6 538.2 among the biggest clubs, however, premacy is underlined by the pres- The Catalan club are the first to 7. l 0 LIVERPOOL 604.7 533.0 with growth in the value of broadcast ence of eight of its clubs in the top 20 record annual revenue of more than 8. ▲2 TOTTENHAM HOTSPUR 521.1 459.3 rights showing signs of slowing. of the Football Money League. €800m. Paris Saint-Germain overtook Man- West Ham and Everton, 18th and 9. ▼(1) CHELSEA 513.1 452.2 Barcelona’s commercial income chester City after they banked the sec- 19th respectively, are the only teams alone was greater than the total rev- 10. ▲1 JUVENTUS 459.7 405.2 ond highest commercial income in on the list despite not qualifying for enue of any club outside the top 11 on football history – €363.4m (£320.3m) European competition – again, due to Deloitte’s list. – thanks to five new sponsors and six the value of English broadcast rights.

United face threat to English supremacy Spurs overtake Chelsea and Arsenal JUST two years ago they were the world’s £560m-580m owing to their absence from the THEY may have lost out to Liverpool on the significant growth this year, their first full sea- richest team, their unrivalled commercial Champions League. night but Tottenham Hotspur’s run to a first son at the ground. operation allowing them to capitalise on a “This could put the club at risk of losing ever Champions League final came with a North London neighbours Arsenal, by con- brand built up during two decades of its position as the Premier League’s highest consolation prize: they are now London’s trast, have slipped to 11th in Deloitte’s rankings, dominance of English football. revenue generating club,” Deloitte says in its richest club. published today. Now, however, Manchester United are Football Money League report. Back-to-back Spurs’ best ever European campaign helped The Gunners saw income grow only margin- increasingly being left behind by Spain’s big Premier League winners City and European grow revenue by 21 per cent to £459.3m ally to £392.7m (€445.6m) as they counted the two clubs and in danger of being eclipsed champions Liverpool, meanwhile, continue (€521.1m), taking them above rivals Chelsea and cost of their absence from the Champions financially by Premier League rivals to reap the rewards of on-field success. Arsenal to eighth place in Deloitte’s latest Foot- League for a second consecutive season. Manchester City and Liverpool. “That is one to look out for next season,” ball Money League. Chelsea’s revenue was also largely flat at United brought in revenue of £627.1m Deloitte’s Izzy Wray told City A.M. “But there Broadcast income grew by £43m and commer- £452.2m (€513.1m), despite them winning the (€711.5m) last year, a long way off Barcelona’s is still a significant difference in total cial revenue by £31m, with both largely attrib- Europa League. €840.8m (741.1m) and the €757.3m (£667.5m) revenues between Manchester City and utable to the club’s Champions League success. West Ham climbed two places to 18th in the of Real Madrid. But while Barca are Liverpool and United, so it may not Tottenham’s relocation to a new £1bn, 62,000- list as income grew by £15m to £190.7m projecting income to grow further this necessarily be next season that we see those capacity stadium has also begun to pay off in (€216.4m) – an illustration of the Premier season, United have forecast a drop to clubs overtake them.” matchday revenue, which is expected to see League’s enduring financial strength. CITYAM.COM TUESDAY 14 JANUARY 2020 SPORT 27

ENGLAND OPT FOR FRESH SPORT DIGEST NEED FOR SPEED Collingwood backs Wood to replace Anderson START WITH NEW COACHES £ Eddie Jones has filled the gaps in his England coaching staff by hiring TRIAL OF EX-IAAF CHIEF England Sevens boss Simon Amor and DIACK DELAYED UNTIL JUNE former South African coach Matt £ The trial of the ex-head of athletics’ Proudfoot. Amor replaces Scott world governing body the IAAF Lamine Wisemantel as attack coach after he Diack has been delayed until June joined Australia’s management team. after new evidence was presented. Proudfoot has been appointed Diack and his son, Papa Massata forwards coach in place of Neal Hatley, Diack, are facing charges of corruption who has joined Bath. Steve Borthwick, and money-laundering linked to the who is expected to join Leicester Russian doping scandal. The 86-year- following the Six Nations, has been old Senegalese is accused of accepting given a new role of skills coach. “The €3.45m from athletes suspected of Six Nations is a fresh start for the team doping to delay sanctions so they so that is how we have approached could compete at the 2012 Olympics. our coaching staff,” said Jones. VILLA LOAN REINA AFTER MOURINHO: ERIKSEN WILL GOALKEEPER INJURIES PLAY DESPITE POOR FORM £ Aston Villa have signed former £ Jose Mourinho says he would have Liverpool goalkeeper Pepe Reina on to be an “idiot” not to see the reasons loan until the end of the season from behind Christian Eriksen’s recent poor AC Milan. Reina, a World Cup winner performances. Eriksen will start for with Spain, played for Liverpool Spurs in their FA Cup third round between 2005 and 2013 before going replay against Middlesbrough this on to represent Bayern Munich, Napoli evening, despite being booed off by a and AC Milan. Villa have signed the 37- section of the crowd in the 1-0 defeat year-old after No1 goalkeeper Tom by Liverpool on Saturday. The Danish Heaton was ruled out until the end of midfielder has been linked with a the season with a knee injury, while England fast bowler Mark Wood has got the “X-factor” to replace Jimmy Anderson in the third Test match against South Africa on Thursday, move to Inter Milan this month. “Is this understudy Jed Steer has an Achilles says assistant coach Paul Collingwood. Wood is competing with Jofra Archer and Chris Woakes for a place in the side after Anderson suffered the best Christian Eriksen? I have to be problem. Meanwhile, Premier League a broken rib. The 30-year-old has not played Test cricket since February 2019 due to a side strain. “He’s got the skills to go out there and make honest and say no,” Mourinho said. “I bottom side Norwich have signed an impact,” Collingwood said. “Port Elizabeth is generally a slower pitch so sometimes having that kind of X-factor bowler would be great.” know the reasons. I’m not an idiot.” Hoffenheim midfielder Lukas Rupp. Home conditions help Grace find his feet

OUIS Oosthuizen held a one- GOLF Cameron Smith won the Sony Open in shot lead going into the final Hawaii, beating Brendan Steele at the day of the South African Open COMMENT first play-off hole. Lon Sunday and nine times out Smith has now won all three of the of 10 his closing round of 68 play-offs he has reached in his career, would have been enough for him to Sam which is a great statistic to have on successfully defend his title. Torrance your CV. But Oosthuizen could do nothing The Australian is a hell of a player about Branden Grace, who hit eight and, while he turned professional in birdies and an eagle in a superb 62 to finish three shots ahead and claim the in the same year – so in familiar condi- trophy instead of his fellow South tions his performance was not alto- African. gether surprising. Grace had not won on the European Grace’s win means 14 of the last 22 Tour since triumphing at the Nedbank winners of the South African Open Grace single- Golf Challenge in November 2017 and have been from the host country, with finished 113th in the Race to Dubai last the distinctive coarse grass favouring putted nine greens year, so this was a big return to form for those who grew up with it. the 31-year-old. in a row and Winning on home soil is always spe- ARMITAGE’S OPEN DREAM cial. Oosthuizen rated his success in De- This was the ideal way to start the year, needed just 22 cember 2018 at the Randpark Golf Club considering that he had slipped down putts on his round in Johannesburg up there with his as far as No129 in the world rankings Major win at the Open Championship in 2019. altogether in 2010, so that shows the regard the His victory automatically qualifies event is held in among home players. him for entry into the Open in July 2013, he is still only 26 so has time on Grace single-putted nine greens in a alongside compatriot Jaco Ahlers and his side. row and needed just 22 putts on his England’s Marcus Armitage, who made His victory is a good story for another nine under-par final round, which is a birdie putt on the 72nd green to se- reason, too. Smith has donated a por- very impressive. cure third place outright. tion of his prize money, as well as $500 But to overturn a four-shot deficit Armitage, who climbed from world for every birdie and $1,000 for every against a player of Oosthuizen’s qual- No1386 to No475 with that finish, had eagle he managed, to the Australian ity and experience and win such an to go through qualifying school to earn bushfire crisis in which his uncle lost event you need everything to be almost his European Tour card for 2020, so this his home. perfect. is a brilliant result for him. He’s a high calibre player – he fin- Sam Torrance OBE is a multiple Ryder ished third at the PGA Championship SMITH’S WIN FOR AUSTRALIA Cup-winning golfer and media in 2015 and tied fourth at the US Open On the PGA Tour, meanwhile, Grace claimed his first trophy since November 2017 at the South African Open commentator. Follow him @torrancesam

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