BUSINESS WITH PERSONALITY

HOW MUCH?! IS IT GHOSN IN 8580 SECONDS THE THE END OF THE NISSAN FUGITIVE GIVES EPIC JANUARY WINDOW PERFORMANCE ON THE RUN P9 PANIC BUY? P26 THURSDAY 9 JANUARY 2020 ISSUE 3,530 CITYAM.COM FREE

ONE IS NOT AMUSED Palace said to be ‘disappointed’ by the timing of EU WARNING: Royal couple’s bombshell update OUR WAY OR THE HIGHWAY BRUSSELS CHIEF IGNITES A NEW ROW OVER TRADE DEAL

HARRY ROBERTSON university, von der Leyen lamented the implementation period beyond 31 the UK’s exit from the EU but said a December 2020”. @harrygrobertson post-Brexit partnership could be “un- Johnson stressed that he wanted “a A FRESH row has broken out over the precedented in scope”. broad free trade agreement covering future of the City’s relationship with However, she warned there will not goods and services, and cooperation the EU after the new head of the be enough time for both sides to in other areas”. Von der Leyen said European Commission said the UK reach a comprehensive trade agree- she wants a comprehensive free-trade must follow the bloc’s rules if it wants ment by the end of 2020, as Prime deal, but said the more the UK di- access to its markets. Minister Boris Johnson has prom- verges from EU standards, the less ac- Ursula von der Leyen ised. She said that instead cess it will get to “the world’s largest warned in a speech at the they “must prioritise” cer- single market”. The pair did not ex- ANDY SILVESTER complicated issues that will take London School of Eco- tain areas. change gifts as the second phase of time to work through”. nomics yesterday that Von der Leyen met talks got underway in earnest. @silvesterldn The BBC reported that senior talks would not be easy On the tricky issue of financial THE DUKE and Duchess of Sussex members of the Royal Family were and that there would Ursula von der Leyen services, von der Leyen said: “It is a plunged the monarchy into a crisis “disappointed” with the timing of have to be a “number said there would be a matter of trade-off and choices, and last night after announcing they will the couple’s announcement, which of trade-offs and “number of trade-offs” nothing will be as it was before, all “step back” as senior members of the they are understood to have made choices” over financial will change.” Royal Family and “work to become without consulting either the Queen services. with Johnson whilst in The two sides have said the UK financially independent”. or the Prince of Wales. Her comments came as London, with the PM’s should be able to access the EU’s fi- Prince Harry and wife Meghan The dramatic move casts doubt Bank of England governor spokesperson saying Johnson nancial markets using an “equiva- are expected to balance their over the future roles and titles of the Mark Carney and former chan- had told von der Leyen the UK lence” system which would deem time between the United Kingdom Royal pair, who last year launched an cellor George Osborne suggested that “wanted a positive new UK and EU Britain’s standards and regulations to and Canada. attack on the media over alleged given the international standing of partnership, based on friendly coop- be in alignment with the EU’s. However, a terse statement from infringements of their privacy. the City, the UK should go its own way eration, our shared history, interests Buckingham Palace said that while The Duke and Duchess last night set and not become a “rule-taker”. and values”, adding that he “was £ CITY SET TO TAKE CENTRE STAGE they “understand [the] desire to take up a new website setting out their During the speech at her former clear that the UK would not extend IN THE COMING NEGOTIATIONS: P2 a different approach... these are “transition” away from the spotlight. City lobbying firm Cicero set to be snapped up by global PR giant Havas

JAMES WARRINGTON Kings Cross offices this weekend. potentially acquiring a controlling The tie-up marks a beefing up of “We are delighted to welcome As part of the agreement Cicero, stake in Cicero. public affairs expertise for AMO, Cicero into AMO’s growing global @j_a_warrington which was founded by well-known “This agreement ensures we will which is active in mergers and network and we all look forward to THE UK’s largest public affairs Square Mile lobbyist Iain Anderson stay ahead of the curve,” said acquisitions (M&A) as well as working with Iain and Jeremy,” said agency Cicero is set to join AMO, a and chief executive Jeremy Swan in Anderson. “We will combine our financial PR. AMO chairman Angus Maitland. network of communications firms 2001, will work closely alongside world-class services to create the Last year the group’s US lobbying AMO operates in 11 countries, owned by or affiliated to Paris- fellow PR giant Maitland. leading strategic communications division Abernathy Macgregor and advised on almost 60 M&A based media giant Havas. City-watchers expect a offer and access the specialisms, opened a government affairs office deals worth over €230bn (£195bn) Cicero, which is currently based formal deal to be announced expertise and creativity of both the in Washington in a bid to capitalise in the first half of 2019. Cicero will in the City, will move into Havas’ within weeks, with Havas AMO and the Havas networks.” on booming demand. now rebrand to Cicero/AMO. FTSE 100 ▲ 7,574.93 +1.08 FTSE 250 ▼ 21,651.92 -180.76 DOW ▲ 28,745.09 +161.41 NASDAQ ▲ 9,129.24 +60.66 £/$ ▼ 1.311 -0.002 £/€ 1.179 unc. €/$ ▼ 1.112 -0.002 02 NEWS THURSDAY 9 JANUARY 2020 CITYAM.COM

IRAN PLANE CRASH Ukrainian passenger jet crashes killing 176 people near Tehran as tensions mount in the Middle East THE CITY VIEW Business needs weirdos and wild cards, too

E NEED some true wild cards… super-talented weirdos.” That was the verdict of new Number 10 Wbrain-in-chief, and occasional chief of staff, Dominic Cummings last week on who he wished to hire to transform the British state. His argument – in a blog that is best described as forthright – is that there are some profound problems at the heart of the way the civil service makes decisions, largely because of its people and the structures around them. In particular his frustration seems to be that there is not enough “genuine cognitive diversity” in Whitehall – with public school bluffers, as he put it, packing out a variety of positions and keeping out those who might be able to offer something a little different and, by extension, be more open to radical ideas. “If you want to figure out what Putin might do… THREE British nationals were among 176 people killed after a Ukrainian passenger jet crashed yesterday morning in Iran. The Boeing 737-800 crashed minutes after it took off from Tehran airport, leaving no survivors. The reasons for the crash are not yet you don’t want more Oxbridge English graduates,” he rather clear, but Iranian aviation authorities refused to hand over the plane’s black boxes to Boeing or American authorities. indelicately added. And while he accepts that diversity is an issue, he complains that in Westminster those who talk about it mean “gender identity diversity blah blah”. Cummings, for all his unnecessary braggadocio and rather blunt turn of phrase, is undoubtedly right that some elements of the civil service have become on the one hand a box-ticking exercise for diversity, in very limited terms, and on the other a City faces choices as row sort of decades-long safety net where middle-to-senior-ranking people can shuffle from post to post. It is not the fault of the individuals, necessarily, but more what is around them; an environment concerned with management and process, rather than one looking to take risks and thrive. over divergence kicks off What has this got to do with business? A new report from CONTINUED FROM FRONT PAGE Heidrick & Struggles revealed that 93 per cent of Britain’s chief and EU’s agreement “on the objec- said it is important to remember that tives we want to achieve… will not “equivalence” is granted separately to executives are men, and signs of that falling are frustratingly However, Bank of England governor change after Brexit” but noted that certain parts of the sector and is not absent. Cummings, of course, would consider this an entirely Mark Carney yesterday told the Finan- “left to our own devices [the UK] a “blanket solution”. pointless statistic, but it’s worth noting nonetheless. Of the cial Times that given the City’s inter- would construct financial conduct “I think the most likely outcome is national prominence, it “is not regulation in a rather different way”. that the UK will ask for equivalence in cream of the corporate crop, almost a third have MBAs; about desirable at all to align our Jonathan Hill, the EU’s former a very specific handful of [financial] half have been chief executives elsewhere beforehand. As those approaches, to tie our hands commissioner for financial sectors,” he said, particularly stock bosses look round their offices, they may wish to consider some and to outsource regula- services, made similar exchanges and clearing. of what Cummings has said. Diversity is not an end in itself. But tion and effectively observations after stand- Yet he said the freedom of non-align- supervision”. ing down from his post ment for the rest of the sector would having different views, different opinions, different upbringings His comments were come at the cost of many firms “hav- and different outlooks on life is undoubtedly a benefit. It echoed by ex-chancel- Mark Carney will leave ing to move more operations, staff, appears Number 10 is hellbent on blowing up Whitehall, but the lor Osborne, who told the Bank at the end of capital to the EU”. BBC Radio 4 that “some the month The future of the City is set to be one private sector can certainly look at less radical steps to achieve freedom to be a global of the more complex parts of negotia- the holy grail of cognitive — and gender — diversity. financial sector wouldn’t in Brussels after the tions, but before they can begin the be a bad thing”. Brexit referendum, telling UK government will need to decide if Incoming Bank of England the House of Lords it made no it wishes to pursue a very close governor Andrew Bailey claimed sense to “subcontract all our rule- partnership with European markets last year that “there are things we making to someone else” in the hope or push more aggressively towards would have done differently with EU of maintaining the status quo. a so-called Singapore-on-Thames rules if we had developed them uni- William Wright, head of the capital model, favoured by many Brexit-back- Follow us on Twitter @cityam laterally”. He suggested that the UK markets think tank New Financial, ing backbench Tory MPs.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL BOOTS LAUNCHES BUSINESS WHAT THE FRENCH TARIFFS WILL COST GLOBAL GROWTH DEPENDS GRUBHUB CONSIDERS SALE REVIEW AS SALES SLIDE OTHER US JOBS, TRUMP WARNED ON FRAGILE MARKETS AS COMPETITION GROWS Boots’ retail sales in the three months US President Donald Trump has been Any hope of global growth increasing Grubhub is considering strategic to November were down 2.9 per cent PAPERS SAY warned that his plan to impose tariffs this year depends on countries such as options including a possible sale amid amid a “very challenging” market, on France on $2.4bn (£1.8bn) worth of Argentina, Iran and Turkey, the World increased competition and a recent prompting the 170-year-old company THIS goods risked damaging American Bank has warned after it predicted a decline in its shares, according to to initiate a detailed review of its consumers, companies and workers. deepening slowdown in the west. A people familiar with the matter. The business. “We did have a rough quarter MORNING Industry leaders cautioned that rebound in world growth to 2.5 per cent Chicago food delivery provider has in retail and it really does come down to targeting French products would be in 2020 will depend on eight emerging tapped financial advisers for help with a the market,” said James Kehoe, chief “catastrophic” for tens of thousands of economies where recoveries could stall. review of potential moves. financial officer of parent group businesses in the US. Walgreens Boots Alliance. FORMER BARCLAYS BANKER SPOTIFY ROLLS OUT TECH TO IVY BOSS RICHARD CARING DEFENDS TRIAL COLLEAGUE HELP PODCAST ADVERTISERS BRAZILIAN PROSECUTORS TO PARTS WITH STAR EXECUTIVE The ex-Barclays executive who was Spotify has launched a new digital tool CHARGE VALE OVER DAM more than 250 people. The move will be Richard Caring, the owner of the Ivy dubbed the gatekeeper of the bank’s that for the first time will let advertisers Prosecutors in Brazil have announced a blow to the world’s largest iron ore Collection and Bill’s Restaurants, has relationship with Qatar has defended a know how many people heard a given they will imminently file charges miner, which has struggled to turn a parted company with industry veteran colleague accused of fraud, by arguing ad in a podcast, as the streaming giant against mining company Vale over a corner from the disaster amid claims it David Campbell, who has left his top that under pressure “sometimes you pushes into a growing business that has dam disaster one year ago that killed knew about the dam’s vulnerability. role at the chains after only 18 months. lose your way”. struggled to produce reliable data. CITYAM.COM THURSDAY 9 JANUARY 2020 NEWS 03 Trump: Further Travelex hack stops currency supply at major British high street banks EDWARD THICKNESSE firm that unless it paid $6m (£4.6m) Travelex said it had contained the sanctions to be they would release customer data. ransomware and that investigations @edthicknese The banking arms of supermarkets showed that customer data had not HIGH street banks Barclays, Lloyds such as Tesco and Sainsbury’s were been compromised. and Royal Bank of Scotland have been also affected by the attack, as were Currently the firm, which serves left without foreign currency services HSBC and Virgin Money. over 70 markets, can only serve after a cyber attack against forex An RBS representative told the BBC: customers face-to-face at its 1,200 imposed on Iran giant Travelex. “We are currently unable to accept worldwide locations. The banks, who get their foreign any travel money orders either Shares in parent company Finablr EDWARD THICKNESSE sanctions would remain in place until notes from Travelex, said supplies online, in branch or by telephone due fell over 17 per cent yesterday to a @edthicknesse Iran changed its behaviour. were running short after last week’s to issues with our travel money record low, with two major investors Oil prices dropped dramatically on attack, in which hackers warned the supplier, Travelex.” selling shares worth up to $72m. PRESIDENT Donald Trump has said the back of Trump’s statement, with that the US will “immediately impose Brent crude falling over four per cent punishing additional sanctions” on as fears of a wider conflict subsided. Iran after the Islamic Republic fired In the early hours of yesterday missiles at two US bases in Iraq. morning Iran fired more than Speaking at the White a dozen ballistic missiles at- House yesterday, the Pres- coalition military bases ident confirmed that in Iraq. Trump called no Americans were on the international harmed in the at- tacks, and that the US would continue Trump blamed to assess its options Obama in his speech in response. He said Iran “appeared to be stand- community to recog- ing down” in the after- nise that the Iran nu- math of the attack, clear deal negotiated by adding that it would Barack Obama had failed, “never be allowed to have a and said he would seek to in- nuclear weapon”. volve Nato on the Iran situation. The President said the US had toler- He seemed to lay the blame for ated Iran’s activities in the Middle Iran’s recent actions at his predeces- East since 1979 but that now “those sor’s door, saying that the deal had days [were] over”. He added that the greatly increased Iran’s hostility.

WARMING UP Fitness startup Classpass joins unicorn ranks with $285m funding

FITNESS startup Classpass yesterday achieved unicorn status after it announced the close of a $285m (£217.6m) funding round which pushed its total value past $1bn. The US company provides clients access to fitness activities across 28 countries. Ted Baker lenders hire advisers to review fashion firm’s prospects

JESS CLARK which the lenders provide debt to the @jclarkjourno company, the broadcaster said. Former chief executive Lindsay TED BAKER’s lenders have appointed Page and executive chairman David advisers to review the struggling high Bernstein quit their roles at the street retailer’s prospects. beleaguered retailer last month as it Lenders including Barclays and issued the latest in a string of profit Royal Bank of Scotland have lined up warnings. Long-serving non-executive restructuring experts FTI Consultants director Ron Stewart exited the firm to lead an independent business a week later. review to explore the health of the Last month the company company, Sky News reported. slashed full-year expectations to a The review could take several minimum pre-tax profit of £5m. The weeks, and may lead to further company reported £50.9m pre-tax restrictions on the terms under profit in 2018.

CITYAM.COM THURSDAY 9 JANUARY 2020 NEWS 05 Sainsbury’s hit UK retailers fall victim to worst year on record as sales fall for first time JESS CLARK Brexit and elect a new government. KPMG and British Retail Consortium by lower festive In December — a crucial trading (BRC) research. @jclarkjourno period for retailers — total sales Political uncertainty caused by LAST year was the worst 12 months increased 1.9 per cent. However, if ongoing Brexit negotiations and the on record for UK retailers as overall adapted to cancel out distortions December General Election was annual sales dipped for the first time created by Black Friday falling later partly to blame for the gruelling year since 1995, according to new data. than the previous year, total sales for UK retailers. demand for toys Total sales in 2019 fell 0.1 per cent, declined 0.9 per cent. However, the high street is also marking the worst year for retailers Like-for-like UK retail sales were up battling rising rent and is in the JESS CLARK more money in their pockets than since records began 25 years ago, due 1.7 per cent last month, however the process of adapting to changing AND JOE CURTIS they did last year, and they are just to a year of political uncertainty that adapted figures show that sales consumer behaviour and the shift to @jclarkjourno @joe_r_curtis being more careful in the way they saw the UK edge towards a no-deal slumped 1.2 per cent, according to online shopping. are spending it, and that is reflected SAINSBURY’s suffered the biggest in Christmas spending,” he said. drop in Christmas sales of general Grocery sales rose 0.4 per cent as on- merchandise last year since it bought line commerce grew 7.3 per cent year Argos in 2016, as consumer demand to experience record order numbers for toys and games weakened. over Christmas. Clothing sales grew General merchandise sales, which 4.4 per cent, boosted by colder includes Argos, dropped 3.9 per cent weather during the quarter. in the 15 weeks to 4 January, driving “We have a real sense of momentum a 0.7 per cent decline in total retail in Sainsbury’s and investment in our sales excluding fuel. stores and improvements to service However, Argos reported its biggest and availability have led to our high- ever online trading day on Black Fri- est customer satisfaction scores of the day, registering 12 orders per second year,” Coupe said. in the peak hour on 29 November, Richard Lim, chief executive of Re- suggesting that consumers did their tail Economics, said the update of- Christmas shopping earlier last year. fered a mixed picture for Sainsbury’s. It’s what we do The shift away from traditional toys “On the one hand, the food business and games towards electronic items held up relatively well in an ex- such as iPads was “part of the expla- tremely tough market,” he said. “Com- nation” for the division’s sales slump. petition was intense and the sense is Sainsbury’s chief executive Mike that they held their own. was £3.70 was £6 was £5.65 Coupe said the retailer over-trades in “On the other, Argos appears to have the sector and will “look at it closely” had a much tougher time, delivering £1.85 £3 £2.82 during its Christmas trading review. an uncomfortable decline in sales “The reality is that consumers have over the period.”

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JESS CLARK agreement — which allows businesses @jclarkjourno to seek rent cuts and shutter stores — soared among large retailers between THE NUMBER of retailers using 2017 and 2018, rising from two to 13 company voluntary arrangements within the space of the year. &ODVVLFEDVNHWƓOOHUV (CVAs) to rescue their businesses However, last year the number of slumped last year due to backlash large retailers opting to launch CVAs from landlords, as administrations dropped down to eight, according to spiked in December. the latest research from Deloitte. half price The use of CVAs declined 24 per Landlords have become cent from 38 in 2018 to 29 in 2019 as increasingly vocal about their landlords increasingly push back opposition to some CVA plans amid against rent cut requests by tough conditions on the high street, All products are half price. Offer dates vary, participating stores only. Subject to availability. struggling retailers. with some launching legal action The controversial restructuring against retailers. 06 NEWS THURSDAY 9 JANUARY 2020 CITYAM.COM US cranks up pressure on UK ahead Major mergers of final Huawei equipment decision POPPY WOOD Huawei equipment could be used for operators, and there are fears that an Chinese state spying. outright ban would increase the cost drop to lowest @poppyeh The UK will make a final decision of the 5G rollout scheme. THE US is set to make a last-ditch on how to deploy Huawei equipment MPs have also warned that a ban attempt to influence the UK in its 5G networks later this month. would compromise the government’s government’s decision on whether Pompeo is expected to reiterate ambitious connectivity targets across to use Huawei equipment in its that international intelligence Britain. A UK government spokesman rollout of 5G. sharing could be compromised if the said: “The security and resilience of level since 2013 US secretary of state Mike Pompeo UK opts to use equipment produced the UK’s telecoms networks is of is expected to hold talks with foreign by the Chinese technology firm. paramount importance.” JAMES BOOTH Head of UK M&A for Willis Towers secretary Dominic Raab in However, Huawei is a key supplier Huawei has repeatedly denied Watson Jana Mercereau said: “Last Washington today over concerns that to all four major UK telecoms allegations of aiding state spying. @Jamesdbooth1 year may have ended with a flurry of GLOBAL dealmaking fell last year to deals, yet the global picture for merg- its lowest level since 2013. ers and acquisitions in 2019 was In 2019 there were 774 transactions patchy at best. valued at over $100m (£76m) complet- “As regulatory, trade and economic ed worldwide, compared to 904 deals uncertainties persist, the market is in 2018, the lowest volume recorded likely to continue at a slow pace in since 2013 (720). 2020, with companies in wait-and-see Major deals last year included Marsh mode, particularly in North America & McLennan’s £4.6bn acquisition where many transactions are on hold of insurance broker Jardine Lloyd due to trade tensions, a slowing US Thompson, Abbvie’s mammoth $63bn economy and because presidential takeover of Botox-maker Allergan and election years historically bring mar- Nestle’s £8bn sale of its skincare arm ket volatility.” to a consortium led by private equity Mercereau predicted that dealmak- firm EQT. ing will continue to struggle in 2020, According to analysis from Willis driven by a slowdown in US M&A. Towers Watson and Cass Business UK deal volume was at its lowest for School, mergers and acquisitions a decade in 2019 with 31 deals over (M&A) in 2019 on average failed to add $100m, according to the data. value for shareholders. Mercereau said UK deal volumes Acquirers underperformed the glob- would struggle “as long as the risk of a al index by five percentage points over cliff-edge no-deal Brexit remains”. the past year for deals valued over She added: “Market conditions are $100m, based on share price perform- becoming increasingly challenging, ance, and acquirers have now on aver- yet many investors with plenty of dry age failed to add value for three powder remain cautiously optimistic consecutive years. about the year ahead.”

The UK’s productivity crisis could pose a threat to long-term economic growth UK productivity inches upwards but long-running crisis continues

HARRY ROBERTSON Britain is mired in the middle of a productivity crisis that threatens @harrygrobertson long-term economic growth, as it THE UK’S long-running struggle with limits the amount of wealth a productivity showed little sign of country can amass. ending yesterday when official Prime Minister Boris Johnson and figures revealed output per hour chancellor Sajid Javid — whose worked grew only marginally in the Conservative party has been in third quarter of 2019 following four power for 10 years — have vowed to successive quarters of falls. tackle the problem. Productivity grew 0.1 per cent in Javid said: “Low productivity has the July to September period of last held our economy back for too long. year compared with the same period In the Budget on 11 March, I will set a year earlier, the Office for National out our ambitious plans to level up Statistics (ONS) said. across the country.” CITYAM.COM THURSDAY 9 JANUARY 2020 NEWS 07 Anglo American mulls £386m rescue package for struggling Sirius Minerals

JOE CURTIS Sirius Minerals has run into to Sirius’ shareholders, whilst Anglo @joe_r_curtis difficulties trying to raise billions of American brings the financial, dollars to complete the project and in technical and marketing resources ANGLO American has confirmed November said it would welcome a and capabilities to progress the that it is weighing up a £386m rescue strategic investor to help fund a new project over time,” the mining giant bid for the struggling British miner two-stage plan. said in a statement yesterday. Sirius Minerals. Anglo, which identified the potash Sirius’ new two-part project would The 5.5p per share cash offer would project as being of interest “given the see it drive two 1.5km shafts into the offer a lifeline to the cash-strapped quality of the underlying asset”, is ground to access the polyhalite and North Yorkshire company, which is now in advanced talks with Sirius. transport it through a 37km tunnel. struggling to build a huge potash “Anglo American believes that the It is also building the UK’s largest mine on the North York Moors. possible offer could provide certainty mine in a generation. Sirius is struggling to build a huge potash mine on the North York Moors NMC shares fall Greggs pays out as top investors offload stakes

£7m staff bonus STEFAN BOSCIA @Stefan_Boscia NMC HEALTH’s stock price plummeted yesterday after it after good year emerged two of its controlling shareholders were looking to offload $490m (£373.5m) of shares. JESS CLARK stores focusing on travel hub loca- Shares in the healthcare firm @jclarkjourno tions. Greggs is also seeking to closed down almost 16 per cent as add more seating space to its high the market reacted to a statement HIGH street bakery chain Greggs is street branches. saying Mohamed al-Qebaisi and set to pay out £7m as a staff bonus “People started to realise that we are Khalifa Butti al-Muhairi were following a “phenomenal” year, more than just sausage rolls and start- Hundreds of fake reviews have been traded on Facebook and Ebay looking to offload their substantial driven by the success of its vegan ing to use us more often and for more holdings in NMC. sausage roll that has boosted the busi- reasons,” Whiteside told City A.M., The pair’s statement about the ness’s profit expectations. adding that the company has grown sale came just a month after a Greggs yesterday announced that its share of the coffee market. Facebook and Ebay sign pledge damning report from US short- profit would be “slightly higher” The bakery chain has plans to roll seller Muddy Waters. than previous expectations, having out a delivery service across the coun- The short-seller said it had already upgraded its profit forecast try later this year following successful to stop trading of fake reviews “serious doubts” about NMC’s in November. trials with Deliveroo and Just Eat, and financials statements, including its The bakery — which recently an announcement on a delivery part- asset values and reported profits launched a vegan steak bake and ner is expected to be made soon. ANNA MENIN concerns about the trade of fake and and debts. This was branded “false donut following the popularity of its Plans for more vegan products are @annafmenin misleading reviews on tech giants’ and misleading” by NMC. meat-free sausage roll — also an- being devised, as the bakers aims to platforms, and has been pressing Nevertheless, the attack by nounced that more than 20,000 cater to the growing number of “flex- THE COMPETITION watchdog them to crack down on the issue. Muddy Waters halved the employees would receive a cut of a itarians”. Greggs is also planning to yesterday said Facebook and Ebay Since then, Facebook removed 188 company’s share price and wiped £7m bonus. extend the operating hours of more of have pledged to combat the sale groups and disabled 24 accounts £2.7bn off its market value. Yesterday’s fourth quarter trading its branches as it seeks to capture of fake and misleading reviews on while Ebay has banned 140 users. The decision of al-Qebaisi and al- update topped off a bumper year for the 6pm to 9pm market, which the their platforms. The CMA said the firms have Muhairi to sell off their shares has the Newcastle-based firm, which is company hopes will also be a popular The Competition and Markets pledged to put measures in place to now plunged the company into aiming to add an additional 100 delivery time. Authority (CMA) last year raised help prevent future occurrences. further turmoil.

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Offer ends 11th Feb. Call: 0800 731 7517 Visit: plus.net/business New customers only. Unlimited Business Broadband – £21.99 plan available until 11/02/20. £43.50/mth from mth 25. Outside low-cost areas £27.99/mth, then £49.50/mth from mth 25. Prices excludes 20% VAT. 24 month min term. Subject to availability. New line install £50 (subject to survey). Fixed price applies to broadband and line rental monthly price only (excludes other services, such as call plans, call charges and add-ons). Terms apply, visit plus.net/business for more details. 08 NEWS THURSDAY 9 JANUARY 2020 CITYAM.COM Ofcom floats more competition for fibre to speed up broadband rollout ANNA MENIN rural and urban areas. supporting competition, so @annafmenin Charges for rural and urban companies can build the networks.” provision of fibre broadband are Prime Minister Boris Johnson OFCOM will “supercharge” British currently broadly similar, but pledged to connect all UK homes to investment in full-fibre broadband by upgrading rural homes costs far so-called gigabit speed internet as encouraging more competition in more than urban ones. part of his campaign to become cities and supporting BT to roll out “These plans will help fuel a full- leader of the Conservatives last year, faster speeds in rural areas. fibre future for the whole country,” and a £5bn commitment to do so In a new five-year plan set out said Ofcom interim chief executive featured in the party’s manifesto. yesterday, Britain’s telecoms Jonathan Oxley. BT, which owns and operates the regulator proposed the introduction “We’re removing the remaining UK’s Openreach network, welcomed of different regulatory regimes for roadblocks to investment and the regulator’s announcement.

The telecoms regulator said it will encourage more competition in cities Small UK firms owed £50bn in late payments EDWARD THICKNESSE issue for SMEs, with research from @edthicknesse the Federation of Small Businesses in 2016 stating that 50,000 small busi- SMALL and medium sized businesses nesses are put out of business annu- (SMEs) across the UK are chasing an ally by this behaviour, a £2.5bn hit to estimated £50bn in late payments. the UK economy. New research from digital banking Oliver Prill, Tide’s chief executive, platform Tide revealed that the aver- said: “It has been known for a while age UK SME is chasing five outstand- now that late payments are crippling ing invoices at once, wasting an hour SMEs, with the government having and a half every day. tried a number of times to address In total, this means that almost the issue. 900,000 hours a day are wasted by “It is however shocking to see ex- companies trying to get paid for the actly how much time SMEs, and par- work they have done. The average ticularly the self-employed are amount owed per invoice is £8,500. wasting by having to chase clients to London-based businesses are the pay promptly. Cash flow is crucial for hardest hit, with companies in the SMEs, and just a few late payments capital claiming to have an average of can tip them into danger of becoming seven invoices outstanding. insolvent.” Those who are self-employed have Tide surveyed 1,000 chief executives an average of four outstanding and senior management staff at SMEs invoices at any one time, amounting to analyse their use of time. The study to almost £1,000. showed such figures spend almost a Late payments are a significant third of their time on admin tasks.

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From , Superdrug, Holland & Barrett, supermarkets, health stores, pharmacies & wellwoman.com CITYAM.COM/ *UK’s No1 women’s vitamin brand. Source: Nielsen GB ScanTrack Total Coverage Value & Unit Retail Sales NEWSLETTER 52 w/e 7/9/19. To verify contact Vitabiotics Ltd, 1 Apsley Way, London NW2 7HF. CITYAM.COM THURSDAY 9 JANUARY 2020 NEWS 09

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CARLOS Ghosn’s press conference Ghosn unplugged: dragged on a bit — with an opening monologue running to nearly an hour and then answers to questions that went on so long that even those paying attention struggled to remember how his defiant fugitive response had started. He ended up delivering an impressive two hours and 25 minutes; so what else could he (or those watching it) have done in that time? puts on a show WATCHED THE NEW STAR WARS At two hours and 22 minutes, that’s plenty of time for The Rise of Andy Silvester gives the lowdown Skywalker TAKEN A POLISH CITY BREAK on the ex-Nissan chair’s extraordinary A flight from London to Warsaw eats press conference in Beirut yesterday up just two hours and 20 minutes GONE THE LENGTH OF THE NORTHERN LINE... AND BACK ARLOS Ghosn has accused the secondly to the Mission Impossible rent Nissan executives in his claims of Japanese cabinet. Morden to High Barnet and back is a Japanese state and Nissan film franchise. a plot to unseat him, calling them His appearance, which lasted for two breezy two hours and six minutes executives of instigating a co- He said the Japanese govern- “unscrupulous and vindictive hours and 24 minutes, did not include LISTENED TO THE ENTIRE ordinated plot against him, in ment and Nissan had col- individuals”. details of his dramatic flight from HAMILTON SOUNDTRACK an explosive first appearance luded “illegally” to oust Among them, he said, Japan, which made him one of the Csince his sensational escape from him because of perceived was Hiroto Saikawa, his world’s most sought-after interna- A two hours and 23 minute Japan last month. interference in the tional fugitives. singalong jamboree In a defiant but rambling press con- firm’s alliance with Ghosn denied claims that Instead, he turned his ire on the WATCHED SIX SIMPSONS ference in Beirut, the former Nissan- Renault by the French Japanese PM Shinzo Abe Japanese legal system, which he said Renault chairman said the charges of government. was involved subjected him to an “unspeakable or- Even tearaway Bart never got in as financial misconduct for which he “Some of our Japanese deal” of “injustice… and persecution”. much trouble as Carlos (two hours had been arrested in November 2018 friends thought the only successor as chief execu- “[It was] a travesty against my human and 12 minutes) were “baseless”. He vowed to clear his way to get rid of Renault in- tive of the struggling car rights and dignity,” he added. IT COULD HAVE BEEN WORSE... name, likening his plight firstly to the fluence on Nissan is to get rid maker, and Masakazu Toy- He said: “I was brutally taken from ambush of the US naval base Pearl of me,” he said. oda, an independent director at my work as I knew it, ripped from my Fidel Castro spoke for more than Harbor in the Second World War, and Ghosn named six former and cur- Nissan and special adviser to the work, my family and my friends.” four hours at the UN in 1960 10 NEWS THURSDAY 9 JANUARY 2020 CITYAM.COM PARTNER CONTENT Watchdog calls for end to tick-box governance JAMES BOOTH executive, two of which failed to plans to meet targets — beyond just offer any rationale or mitigating gender — and understood the long- @Jamesdbooth1 arrangements for this failure to term value of diversity”. AUDIT watchdog the Financial comply with the code. The FRC’s chief executive Sir Jon Reporting Council (FRC) today said The FRC said that many Thompson said: “While there are there was “significant room for companies were grappling with examples of high‑quality governance improved corporate reporting” by defining purpose and what an reporting from ‘early adopters’, FTSE companies. effective culture means. looking ahead we expect to see After examining corporate reporting “Too many [are] much greater insight into last year against the 2016 UK substituting slogans or governance practices and corporate governance code and the marketing lines for a outcomes reporting on a 2018 code, which has yet to take force clear purpose,” the but has been adopted by some firms, FRC said. The watchdog said more WHAT’S DRIVING CAPITAL the watchdog found more needed to Maureen Beresford can be done to improve be done to improve governance. of the FRC’s corporate corporate governance Of the 288 companies reviewed, governance team said: MARKET DEVELOPMENTS IN 73 per cent reported full compliance “What is lacking is a range of key issues from with the code, and 95 per cent holistic approach...seeing diversity to climate change. SOUTH AFRICA AND NAMIBIA? said they either complied with all, governance as a long-term “Concentrating on achiev- or all but one or two of the code’s approach rather than looking ing box-ticking compliance, at 54 provisions. at the code and saying ‘yes, we have the expense of effective governance One company failed to comply done that.’” and reporting, is paying lip service to with any of the nine provisions. The FRC also said it found reporting the spirit of the code and does a dis- CFA INSTITUTE TALK Twelve companies in the FTSE 250 on diversity was limited, but said com- service to the interests of shareholders had the same chair and chief panies that did report well “had clear and wider stakeholders.” CFA Institute Contributors highlight key capital markets developments in neighbours South Africa and Namibia.

outh Africa – the second-largest economy, the biggest stock market economy in Africa after Nigeria listings are dominated by other DEBATE S– has considerably higher GDP sectors. In fact, three sectors make than its sub-Saharan neighbours. up half the listings on the NSX: Was the The country is home to the largest banking (four companies), mining stock market in Africa, the (seven companies), and finance (11 British Johannesburg Stock Exchange (JSE), companies). which is 132 years old and has a The issuance and listing of debt is Museum capitalisation of more than USD1 a more recent development. Until trillion. 2011, Namibia had almost no public right to drop The JSE is a sophisticated and debt. In fact, at just 16% of GDP, the modern exchange, providing full country had one of the lowest debt- BP as a spon- electronic trading, clearing and to-GDP ratios in the world. By 2017, settlement in equities, bonds and however, the rapid rise in public sor due to interest-rate products, as well as debt led the country to be financial, commodity and currency downgraded to a sub-investment climate con- derivatives. rating by international ratings There are about 350 companies agencies. cerns? listed on the JSE, of which the The NSX has attracted interest largest grouping is industrials, from Namibian state-owned MARINE TANGUY followed by resources companies enterprises and private companies SAYS YES, such as mining and oil companies. that have floated bonds worth HARRY PHIBBS But the JSE faces significant more than NAD33 billion (about headwinds. Having faced no £1.73bn). SAYS NO competition for decades, the JSE is In the near future, more P23 now challenged by smaller rivals Namibian companies are expected such as ZAR X, a low-cost model to issue bonds as conventional created in 2016 to provide lower- funding dries up. Banks’ balance income individuals with access to sheets and loan-to-deposit ratios stocks. have become stretched because of Since then, other competitors the economic downturn, and they have joined the fray, including are less willing to lend to A2X, 4AX, and the black economic corporates. empowerment-focused Equity For local companies, the Express Securities Exchange. withdrawal of conventional Market focus is currently on the funding represents an opportunity recently introduced ‘twin peaks’ to source capital through balance model of regulation, which sheets, collateralised or responds to poor practices in the government-guaranteed debt financial sector and inadequate instruments, or through equity regulatory oversight. raising on the local exchange.

NAMIBIA: FINANCE, BANKING AND £ CFA Institute has examined Africa’s 10 MINING DOMINATE THE EXCHANGE largest capital markets in a major The Namibian Stock Exchange (NSX) report compiled by Heidi Raubenheimer, has 424 listed companies – a fair CFA, Senior Director of Journal achievement considering Namibia Publications. has the second-lowest population £For more insights on density of any sovereign country and Africa and the other 8 counts just 2.6 million citizens. countries examined, The NSX was created in 1904 to please visit the reports’ fund the country’s diamond rush. interactive website. By 1910, the rush was over and the exchange abruptly closed. It wasn’t until 1992, some 82 years later, that READ MORE ONLINE the NSX reopened with start-up capital from 36 Namibian Read more at: businesses. cityam.com/cfa-institute Although agriculture and tourism are important elements of the CITYAM.COM THURSDAY 9 JANUARY 2020 NEWS 11 New code to help December UK house price growth jumps to strongest rate since 2007

JESS CLARK 2019. The increase is the largest “December’s jump in house prices prevent further month-on-month jump since reported by Halifax is undoubtedly @jclarkjourno February 2007, analysts said. a major surprise, especially as it UK HOUSE prices jumped in In the fourth quarter of last year follows on from robust November December as the General Election house prices were one per cent data.” result “reignited” the property higher than in the preceding three Marc von Grundherr, director at market, according to the months, the Halifax house price London estate agent Benham and corporate failures latest figures. index showed. Reeves, added: “Whether or not House prices increased four per The average house price in you agreed with the outcome, last JAMES BOOTH communication between the chief cent year on year and rose 1.7 per December was £238,963. month’s election helped to reignite @Jamesdbooth1 internal auditor and the partner cent compared to November — the Howard Archer, chief economic the smouldering embers of an responsible for external audit. biggest monthly increase seen in advisor to the EY Item Club, said: otherwise weary property market.” A NEW code for internal auditors Brendan Nelson, The chair of the has been launched to help prevent corpo- committee that drew up the report, rate scandals such as the failures of said: “High-profile corporate collapses outsourcer Carillion and cake shop linked to governance deficiencies have Patisserie Valerie which went to the wall led to a wide-ranging review of the in January 2018 and 2019 respectively. audit and corporate governance The new code from the Chartered framework. Strong, effective and well- Institute of Internal Auditors was resourced internal audit functions have launched today after a consultation. a central role to play in supporting Key recommendations included boards to better manage and mitigate unrestricted access for internal audit so the risks they face.” it is not stopped from looking at any Helen Brand, chief executive of the part of the organisation it serves, the Association of Chartered Certified right to attend and observe executive Accountants said: “We believe the code committee meetings, a direct line to will further strengthen the quality and the chief executive and regular application of internal audit.” City of London update NORWAY’S Record level of tax paid by financial services HE tax contribution of the UK financial services sector was at a T record level in the year to 31 NORTHERN March 2019 with a total of £75.5bn paid to the public purse, according to a new report published by the City of London Corporation. This contribution, comprising £33.4bn LIGHTS of taxes borne and £42.1bn of taxes collected, is broadly stable compared to share of the sector’s tax contribution. the previous year’s £75.0bn despite Financial services firms employ 1.1m ongoing economic uncertainty and people across the country accounting represents 10.5% of all UK tax receipts. for around 3% of all UK employment, generating 7.1% of GVA and 11.6% of Employment taxes make up the largest all UK employment taxes (£34.5bn). Tech it off your hands CITY residents and workers are invited to bring tech gadgets from home that they no longer want to Tech Takeback events.

Items could include PCs, tablets, Unique to Hurtigruten laptops, hard drives, CDs and DVDs, memory cards, cables, USBs and USB We’ll give you a connected devices, mobile and smart 12-DAY CLASSIC phones, games consoles, digital FREE VOYAGE ROUND VOYAGE cameras and SatNavs. if the aurora borealis doesn’t Data will be securely erased and items occur on your 12-day voyage, The events will take place 8.30am-5pm will go off for reuse or recycling. October to March.* fr £1,349pp* on 10 January in Room 12, North Wing, Residents need to bring proof of

Guildhall and 10am-3pm on 11 January address and workers proof of workplace © ØYSTEIN LUNDE INGVALDSEN *Full itineraries and terms and conditions available at www.hurtigruten.co.uk. Price quoted are per person, subject to availability, valid on our at St Giles Cripplegate Church. within the City (eg a work ID card). ‘Bergen-Kirkenes-Bergen Classic Round Voyage with Flights from the UK’ tour on selected departure dates in 2020/21 Northern Lights season. CALL 0208 712 2474 | VISITWWW.HURTIGRUTEN.CO.UK | CONTACT YOUR PREFERRED TRAVEL AGENT News, info and offers at www.cityoflondon.gov.uk/eshot 12 NEWS THURSDAY 9 JANUARY 2020 CITYAM.COM Questions raised over Rory Stewart’s links to church locked in fraud dispute STEFAN BOSCIA flood of allegations and complaints Tuesday night. Stewart also went @Stefan_Boscia have emerged about the church, with Ogoloma on Monday to a with some claiming it is a cult. Lambeth estate to speak to locals as a MAYORAL candidate Rory Stewart has The church is being probed by the part of his London Speaks initiative. been criticised for associating himself Met and the Charity Commission, Croydon councillor Sean with a church being investigated for after allegations that senior pastors Fitzsimons branded Stewart “naive” fraud by the Metropolitan Police and have been coercing young members and slammed him for associating the Charity Commission. to illegally take out loans and hand with the senior church figure. Croydon-based SPAC Nation was over the proceeds to the church. When asked by City A.M. about the set up by former gang members to Stewart, a former Tory Cabinet association, a spokesperson for try and combat knife crime in member, invited senior member of Stewart did not distance the minority communities. the church Daniel Ogoloma to speak independent mayoral candidate However, in the past six months a at a campaign event in Croydon on from Ogoloma or SPAC Nation. Rory Stewart is running in the London mayoral election as an independent Mayor’s press Six arrests made budget hiked by Sadiq Khan as antisemitism STEFAN BOSCIA @Stefan_Boscia SADIQ Khan has increased spending on the mayor of London’s row hits Labour press operation by 26 per cent since being elected, according to newly released figures. STEFAN BOSCIA whether it is in the public interest for The mayor’s office spent @Stefan_Boscia them to do so.” £920,967.95 on communications Dick could not say if there was a officers in 2018/19, after his SIX PEOPLE have been arrested in re- rigid time scale for the CPS to make a predecessor Boris Johnson spent lation to antisemitism allegations decision on the arrests. £732,537.42 in 2015/16. within the Labour Party, according to “Obviously the more complex the The new Smithfield site is set to feature shops, offices and conference spaces Khan’s office hired new London’s police commissioner. case the longer it will take. We would communications staff in that Metropolitan Police commissioner not expect a firm time scale in a case period, while also giving pay rises Cressida Dick revealed yesterday that like this,” she said. to some of its leading figures. files have been sent to the Crown Pros- The Equality and Human Rights Contracts awarded to design new The figures, released following a ecution Service (CPS) to deliberate on Commission launched an investiga- Freedom of Information request, whether to charge the individuals. tion into Labour last year over come alongside substantially Dick did not comment further on antisemitism complaints. increased spending on other City the nature of the allegations or poten- The investigation will focus on Smithfield Market development Hall staff. tial charges that could be brought for- whether “unlawful acts have been Data published last year showed ward against those arrested. committed by the party”, steps taken STEFAN BOSCIA Spitalfields and Billingsgate markets that Khan had increased mayoral Speaking to LBC, she said the files in the party to try to address racism @Stefan_Boscia in one site at Dagenham Dock. office spending by 58 per cent since were submitted to the CPS in Septem- and whether the party has responded Yesterday, architecture companies being election. ber last year. to antisemitism complaints in an THE TRANSFORMATION of Studio Egret West and Hawkins While Johnson’s budget in his She added: “Of course it is for the “efficient and effective manner”. Smithfield Market has taken another Brown won contracts to redevelop final year was £3.8m, Khan has CPS to decide. It is a very complex Labour is the second party to be in- step forward, with contracts awarded the Smithfield site and its budgeted for £6m in 2019-20. crime type there is a lot for them too vestigated by the watchdog after the to design the new public space. surroundings. Initial designs showed A spokesperson for Khan look at, and a lot for them to consider far-right British National Party faced The City of London Corporation is the space would house a number of defended the increase in as to whether there is sufficient a probe in 2009 over not allowing non- planning on combining the historic shops, offices, conference spaces and communications and office evidence for them to charge and white members. meat market with the New the Museum of London. spending as necessary.

Great leaders are good at prioritising. So, what are you doing on 16 January?

Join us at the Royal Society of Arts for our Executive MBA-Global Preview Evening. Book your place now: hly.ac/rsa CITYAM.COM THURSDAY 9 JANUARY 2020 NEWS 13 Shoe Zone reports £2.9m profit hit JESS CLARK from £11.3m to £9.6m, due to rising the continued rollout of Shoe Zone’s @jclarkjourno operating costs related to new out-of-town Big Box format, two were stores openings and an increase in standard high street branches and one BUDGET footwear retailer Shoe Zone minimum wage. was a hybrid between the two. suffered a slump in profit last year Shoe Zone said it reassessed Shoe Zone chief executive Anthony after it was forced to take a £2.9m hit the value of its freehold property port- Smith said: “Despite it being a diffi- on the value of 17 properties. folio to “reflect the current retail cult year for Shoe Zone, the business Statutory profit before tax dropped property environment”. has achieved revenue growth, and de- from £9.6m to £6.7m after the com- The company opened 24 stores in the livered underlying profit before tax pany reported a £2.9m writedown on period, and closed 16, bringing its marginally ahead of our revised expec- the value of 17 freehold properties. total number of branches to 500. tations following our revaluation of Underlying profit before tax slipped Of the new stores, 21 openings were freehold property.” The footwear retailer last year reported a £2.9m dent in the value of 17 properties Finance bosses Vivendi tries to take UK’s best halt freeze on paid positions Mediaset stake EDWARD THICKNESSE ELVIRA POLLINA @edthicknesse FRENCH media giant Vivendi has THE 20 best-paid jobs in the UK have asked an Italian court to suspend a been revealed, with chief financial ruling forcing it to freeze two thirds officers climbing to the top of the of its stake in Italian broadcaster salary tree. Mediaset. On average, chief financial officers Mediaset auditors said in a report earn £112,666 a year, according to that Vivendi had filed a request with data from UK job search site Indeed. an Italian administrative court on 2 Healthcare roles filled an January requesting suspension of the impressive nine of the top 20 spots, measure. Should the administrative with orthodontists the highest-paid court rule in favour of Vivendi’s members of the medical profession request, it could further complicate on £99,010. efforts by Mediaset to push ahead They were joined in the top 10 by with a corporate overhaul to create a dermatologists, neonatologists, pan-European TV champion. rheumatologists and Vivendi, led by billionaire Vincent ophthalmologists, of all whom earn Bollore, has challenged Mediaset’s more than £90,000 a year on average plans on the grounds governance for their specialist skills. would give Mediaset’s main The proliferation of roles from shareholder, the Berlusconi family, the healthcare sector demonstrates too much power. that in most cases, it is the Mediaset shareholders are due to combination of a specialism and meet tomorrow to vote on governance experience that commands the tweaks to a Dutch holding company highest levels of remuneration. into which the Italian broadcaster More broadly, other senior aims to fold its Italian and Spanish managerial roles such as senior businesses to pursue tie-ups with directorships and vice presidencies European peers. also made this year’s list of highest- Vivendi, which owns 23.9 per cent paid vacancies. of phone incumbent Telecom Italia , Indeed analysed thousands of full- has been at loggerheads with the time roles advertised across its Milan-based group since pulling out jobseeker platform to identify which of a deal to buy its pay-TV unit in 2016 positions were offering the highest and then building a hostile 28.8 per average salaries. cent stake. “Gaining advanced skills and In 2017 Italy’s communications experience has long been a powerful watchdog said Vivendi’s stakes in way to boost your earning power — Mediaset and Telecom Italia broke and this snapshot of the best-paying rules designed to prevent a vacancies currently being advertised concentration of power in the on Indeed shows it holds as true as telecoms and media sectors, ordering ever,” said Bill Richards, the UK it to cut one of the stakes below 10 managing director of Indeed. per cent. To comply, Vivendi “What is striking is just how much transferred just under 20 per cent of the medical profession dominates its voting rights in Mediaset to a our top 20 best-paying roles. Such trust subsequently barred from high salaries suggest that the supply voting at the Italian broadcaster’s of qualified candidates isn’t keeping shareholder meetings. up with demand, leading employers But in December, the EU advocate to pay more in order to win the general said the law leading to the battle for talent.” freeze was a breach of EU rules. Reuters Former M&S finance chief set to join Belron EDWARD THICKNESSE glass repair firm. (£2.3bn) in 2018 when private equity @edthicknesse The appointment is set to be firm Clayton Dubilier and Rice announced today, Sky News reported, acquired 40 per cent of its shares. MARKS & Spencer’s former finance citing sources close to Belron. Singer’s departure from M&S came chief will make a swift return to the The firm owns companies such as shortly after the retailer was corporate world just eight days after Autoglass, the world’s largest relegated from the FTSE 100 for the leaving the British retail stalwart. windscreen repair group, as well as first time in the premier index’s 30- Humphrey Singer, who worked for brands like Carglass and Safelite. year history. M&S for less than two years, will The company has upwards of 11m M&S has looked inward to replace become the new chief financial customers in 30 countries. Singer, with David Surdeau set to Belron, which is valued at around $3bn, owns firms such as glass repairer Autoglass officer at Belron Group, a vehicle Belron was valued at around $3bn become interim finance chief. 14 NEWS THURSDAY 9 JANUARY 2020 CITYAM.COM Virgin Galactic spaceship gets closer to lift off ALEX DANIEL @alexmdaniel SIR RICHARD Branson’s Virgin Galactic has reached a major milestone in the construction of its next passenger spaceship, the company said yesterday. All major structural elements have been assembled, and the rocket is standing on its landing gear at Mojave Air and Space Port in California. The new spaceship is Virgin Galactic’s second completed passenger craft Images showed the craft in a hangar next to Virgin’s Spaceship with our third making good performing regular trips to space.” Unity vessel, which has already progress,” chief executive George The company hopes to start been to space twice during test Whitesides said. commercial operations in 2020. flights ahead of commercial “These spaceships are destined to Virgin Galactic, which was operations in New Mexico. provide thousands of private founded by billionaire Branson, “We now have two spaceships astronauts with a truly listed on the New York Stock which are structurally complete, transformative experience by Exchange late last year.

FA to review its media rights sales as games shown on betting website SHRIVATHSA SRIDHAR “This deal was agreed before we available to anyone who had placed made a clear decision on the FA’s a bet or deposited money into their THE FOOTBALL Association (FA) relationship with gambling account 24 hours prior to the start said it would review a part of its companies in June 2017 when we of the clash. media rights sales process ended our partnership with “Bet365 does not sponsor the FA yesterday after the British Ladbrokes,” the BBC quoted the FA or the FA Cup and does not have government urged it to reconsider as saying. any direct commercial agreement the decision to sell FA Cup Britain’s secretary of state for with the FA,” the bookmaker said broadcast rights to a gambling Digital, Culture, Media and Sport in a statement to the BBC. website through a third party. Nicky Morgan said in a tweet “Bet365, along with multiple English football’s governing body “things have moved on since the other operators, has the right to agreed a media rights deal with contract was signed” and hoped the live stream certain FA Cup matches IMG in January 2017 and governing body would reconsider through a long standing media bookmaker Bet365 then acquired its relationship with the rights deal with IMG. the rights to show FA Cup games bookmaker. “There is no obligation on live from the 2018/19 season, before Sports minister Nigel Adams Bet365’s customers to place a bet the FA had ceased all commercial added in a tweet that governing on any FA Cup match to enjoy the agreements with gambling firms in bodies had to be mindful of the live streams at Bet365.” June that year. impact that problem gambling can The FA has attempted to distance In a statement yesterday, the FA have on the most vulnerable itself from the betting industry in said it now would review this sections of society. recent years. In June 2017 it pulled element of the media rights sales Bet365 last weekend showed 23 out of a £4m sponsorship deal process ahead of tendering rights FA Cup third-round games on its with Ladbrokes Coral following from the 2024/25 season. website and app, with matches staunch criticism. Reuters The football body has attempted to distance itself from betting over recent years CITYAM.COM THURSDAY 9 JANUARY 2020 NEWS 15 Boozy boroughs: Square Mile tops new list STEFAN BOSCIA of any borough, according to the excuse sexual harassment. survey, with an average of just 2.9 One poster read: “If you go @Stefan_Boscia units per week. out dressed like that, what do you ex- THE CITY of London has lived up to its The findings come after the City of pect?”, while another said: “They were boozy reputation in a new survey, top- London Corporation recently began a wasted! They didn’t know what they ping a list of boroughs were people go campaign to quell drunken, antisocial were doing.” out for drinks most often. behaviour by Square Mile workers. The initiative, co-partnered by A survey by Healthcheck revealed The Reframe the Night Campaign fellow table-topper Hackney that residents of the Square Mile go will feature 600 posters displayed at Council, reiterated that people who out for 3.4 so-called drinking sessions various City venues that are adorned speak up will “always be believed per week. with phrases traditionally used to and supported”. Coming in equal second was Rich- mond upon Thames and Redbridge WHICH LONDON BOROUGHS DRINK WHICH LONDON BOROUGHS DRINK with 3.2 apiece. THE MOST UNITS PER WEEK? THE MOST REGULARLY? However, the results do not neces- DISTRICT UNITS PER WEEK DISTRICT DRINKING SESSIONS sarily indicate that the City is the Hackney 8.1 City of London 3.4 drunkest of London’s boroughs. Lambeth 7.9 Richmond upon Thames 3.2 The same survey found people in the Richmond upon Thames 7.8 Redbridge 3.2 City drank 5.9 alcoholic units a week, Wandsworth 7.6 Bromley 3.0 putting the borough in 12th place. Southwark 7.0 Enfield 3.0 Healthcheck found that it was Hack- Islington 6.9 Islington 2.9 ney residents who drank the most Tower Hamlets 6.5 Kensington and Chelsea 2.9 alcoholic units per week, with the Haringey 6.5 Lewisham 2.9 average resident consuming 8.1. Merton 6.3 Waltham Forest 2.9 Hillingdon residents drank the least Hammersmith and Fulham 6.1 Westminster 2.9 The average City of London dweller goes for 3.4 drinking sessions per week

BBC commercial arm ‘has more to do’ as streaming rivals loom large JAMES WARRINGTON such as Netflix and Amazon Prime. The report comes at a trying In its first financial year, BBC time for the corporation, which is @j_a_warrington Studios’ profit surged more than haemorrhaging younger viewers THE BBC’s commercial division 50 per cent to £159m, boosted by a and facing threats from Boris must up its game if it is to fend off bumper streaming deal for its Johnson that his government could fierce competition from deep- natural history programming with decriminalise non-payment of the pocketed streaming rivals, US media giant Discovery. licence fee. according to the public spending The division has also cashed in However, executives at watchdog. on strong performance of its Broadcasting House have been In 2018 the broadcaster created branded channels such as UKTV, buoyed by bumper viewing figures BBC Studios by bringing together and has secured more than 30 over the festive period. its commercial production and commissions for its content from BBC iPlayer enjoyed its most distribution arms into one unit. firms including Netflix and Apple. successful Christmas catch-up In a report published today, the However, the NAO said it was too period ever as viewers flocked to National Audit Office (NAO) said early to tell whether the merger hit shows such as Gavin and Stacey the merger had gone well so far, had delivered value for money and and Dracula. but improvements were needed if warned there was still work to do A BBC spokesperson welcomed it is to reach its full benefit. to integrate the production and the findings, adding: “In a time of The public service broadcaster distribution units. unprecedented change across the has cited BBC Studios, which It added that while Studios had global market, and with continued generates revenue from new met the profit target set by the BBC tough financial challenges, the content and its associated board, there was a wide contrast in success of BBC Studios is vital in intellectual property, as a key way profitability between different helping the BBC deliver value for of fighting off streaming firms business areas. money for the licence fee payer.” 16 NEWS THURSDAY 9 JANUARY 2020 CITYAM.COM Erdogan toasts Putin over new Turkish pipeline EDWARD THICKNESSE @edthicknesse RUSSIAN President Vladimir Putin and his Turkish counterpart Recep Erdogan yesterday opened the Turkstream oil pipeline in Istanbul. The 930km pipeline, which crosses the Black Sea, will carry oil to southern Europe in a move that will allow Russia to reduce its oil shipments through Ukraine. In recent years the two countries have grown closer through security commitments, including the purchase of defence equipment. Putin called the pipeline a sign of “interaction and cooperation for the benefit of our people and the people of all Europe, [and] the whole world”. Russia has been seeking to bypass Ukraine due to a deterioration in relations as a result of Russia’s annexing of Crimea in 2014. As part of the strategy, Russia is also doubling the capacity of the controversial trans-Baltic Nordstream pipeline. The two leaders used the inauguration to call for a ceasefire in Libya, where they have been backing opposing proxies in the current hostilities. UN investigators find Yemen’s Houthis did not carry out Saudi oil plant attack MICHELLE NICOLS Khurais, dismissing a quick claim of Iranian general Qasem Soleimani in responsibility by the Iran-allied Baghdad and Tehran retaliated by YEMEN’s Houthi group did not Houthis. Tehran denied involvement. firing missiles at military facilities launch an attack on Saudi Arabia’s oil The report by the independent UN housing US troops in Iraq. facilities in September, according to a experts to the Security Council The UN investigators said they confidential report by UN sanctions Yemen sanctions committee said doubted the drones and land attack monitors seen by Reuters yesterday, “that despite their claims to the cruise missiles used in the 14 bolstering a US accusation that Iran contrary, the Houthi forces did not September attack “have a sufficient was responsible. launch the attacks on Abqaiq and range to have been launched from The US, European powers and Khurais on 14 September 2019”. Yemeni territory under the control of Saudi Arabia blamed Iran for the 14 The findings of the UN report come the Houthis”. They were not tasked September attack on the Saudi amid escalating tensions in the with identifying who was responsible Aramco oil plants in Abqaiq and region after the United States killed for the Saudi attack. Reuters The September attacks shut down more than five per cent of global oil supply CITYAM.COM THURSDAY 9 JANUARY 2020 NEWS 17

OUT OF THEIR TREE? Fogle and transport boss Shapps push green January clean-up Tesla’s market value eclipses GM’s and Ford’s combined for first time NOEL RANDEWICH The record figure is $2bn larger chief executive Elon Musk has than General Motors’ and Ford’s defied short sellers and other TESLA’s stock market value respective stock market values of traders expecting the car maker eclipsed the combined values of $49bn and $37bn, combined. to be overtaken by long- General Motors and Ford for the Fuelled by a surprise third- established car companies, first time yesterday. quarter profit, progress at a new including GM and Ford. The Silicon Valley electric car factory in China and better-than- However, the company has maker’s stock rose almost four expected car deliveries in the repeatedly missed targets in per cent yesterday, hitting a fourth quarter, Tesla’s stock has recent years and Musk’s record high and elevating its nearly doubled over the past mercurial behaviour has come market capitalisation to three months. under close scrutiny from $88bn (£67bn). The progress made by Tesla financial regulators. Reuters

THE JOINT government and industry low-carbon tie-up Go Ultra Low hit the streets of Camden yesterday with a host of electric-powered vans picking up discarded Christmas trees. Transport secretary Grant Shapps and adventurer Ben Fogle did the honours. Tiktok raises regulation stakes as it bans ‘misleading information’ KATIE PAUL owned by Chinese tech company Bytedance, wrote in new guidelines POPULAR video-sharing app Tiktok which expand and add detail to its yesterday issued a broad ban against earlier rules. misleading information that could Tiktok has yet to wrestle publicly cause harm to its community or the with the persistent content public, setting itself apart from rivals moderation scandals that have dogged like Facebook which say that they do larger and more entrenched not want to be arbiters of truth. competitors such as Facebook. “We remove misinformation that However, Tiktok has grown rapidly could cause harm to an individual’s over the last year and come under health or wider public safety. We also scrutiny from US politicians concerned remove content distributed by that it may be censoring politically disinformation campaigns,” Tiktok, sensitive content. Reuters

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Registered charity no: 1148976 18 NEWS THURSDAY 9 JANUARY 2020 CITYAM.COM Saudi Aramco share price hits fresh Third of UK asset low as US-Iran tensions rock region SAEED AZHAR trading on 11 December, putting the falling as investors took a harder look market value of the company at at the firm’s prospects with initial managers snub SAUDI Aramco shares hit a new low around $1.8 trillion (£1.4 trillion) fervor dissipating. yesterday after Iran launched missiles from a peak of $2.1 trillion on 12 Aramco shares are down almost 12 against US bases in Iraq, but Gulf debt December. They ended yesterday 0.4 per cent from their December high, markets were stable as some had per cent lower at 34.2 riyals. but still above their initial public feared stronger action in retaliation Jason Tuvey, a senior emerging offering price of 32 riyals. for the killing of an Iranian military markets economist at Capital Aramco’s performance was in line social concerns commander. Economics, said the geopolitical with the wider market, with all Saudi Aramco shares fell to as little tensions were causing the latest regional Gulf indexes lower after as 34 riyals (£6.90) at the market weakness in Aramco’s shares, Iran’s retaliation for a US drone strike EDWARD THICKNESSE Claire Jones, principal and head of Reuters open, the lowest since they began although they had already been that killed Qasem Soleimani. @edthicknesse responsible investment at LCP, said: “The survey results around climate NEARLY a third of investment man- change considerations are particu- agers are not committed to systemat- larly worrying, especially given the ically considering environmental, widespread pressure on institutions social and governance (ESG) factors as to respond to growing demands part of their investment process for a faster transition to a net zero across all asset classes. carbon economy. According to pensions advisory firm “The lack of clear engagement poli- LCP’s annual Responsible Investment cies when it comes to responding to DECODES survey, 30 per cent of managers are the challenges and expectations of still failing to adequately take such modern society is also concerning. considerations into account. “Stewardship is a vital element of The report suggests that responsible that response, enabling investment investing can lead to better financial managers to help create long-term outcomes, with 85 per cent of man- value for our clients and their benefi- WE HAVE TO agers saying they integrate ESG fac- ciaries, whilst providing sustainable tors to improve long-term investment benefits for the economy, the environ- outcomes for their clients. ment and society.” Despite increased focus from regu- Overall, however, there were signs TALK ABOUT RACE lators and policymakers, actions that progress is being made. Man- taken to address climate-related risks agers’ overall scores have improved remain weak. from 2.3 to 2.6 (out of four) since 2018, Of five specific actions that can be and 88 per cent said they are now taken to manage such risks, invest- signed up to the UN’s Principles for ment managers said they undertake, Responsible Investment. on average, just 1.7 per asset class. A mere eight per cent said that ESG In 14 per cent of cases, climate-re- integration is not an important part lated risks are not considered at all. of their approach.

Tuesday 28th January M Threadneedle Street, 2 - 3 Threadneedle Walk 60 Threadneedle Street, London, EC2R 8HP 8.00am Arrival & breakfast 8.30am - 9.30am Panel & Q&A

Join the City A.M. Club for the next in our City A.M. Decodes: Diversity and Inclusion series - We Have to Talk About Race - hosted by Julia Streets, Founder & CEO of Streets Consulting and Host of DiverCity Podcast.

The 2018 ‘BAME Boss’ report published by the Equality Group found that half of ethnic minority respondents noted no prominent role models of their ethnic profile in professional positions to which they aspire. Yet, on leaving school, 59% aspired to securing a role at senior management, director and/or board level.

Today responsibility for D&I sits very firmly on the shoulders of all leaders, managers and rising stars and they need to understand and embed it in their leadership style, philosophy, business, talent and performance planning. In this series, we will expose the reality, wrestle with the complexity and engage Facebook boss Mark Zuckerberg in a manipulated video known as a deepfake in debate leaving our audience with a whole host of practical ideas designed to drive change and gain an edge. US politicians left unconvinced Dr Miranda Brawn Raphael Mokades CEO, The Miranda Managing Director, Brawn Diversity Rare Recruitment by Facebook’s deepfake pledge Leadership Foundation NANDITA BOSE to probe Facebook’s digital defences Hephzi Pemberton Bev Shah ahead of the November elections — CEO, The Equality CEO, CityHive FACEBOOK yesterday said it would four years after Russia used the site to Group remove so-called deepfake and spread misinformation during the other manipulated videos from its 2016 Presidential race. website to combat the spread of false Subcommittee chairwoman Jan Hosted by Julia Streets, Founder information ahead of the 2020 Schakowsky, a Democrat, said: Register to attend at and CEO, Streets Consulting & Presidential race, but US politicians “I am concerned that Facebook’s cityam.com/events/city-a-m-decodes-january-2020/ Host of DiverCity Podcast said those and other changes latest effort to tackle misinformation it has recently announced do leaves a lot out.” not go far enough. Other politicians cited Facebook’s The comments, made during a inability to address the issues of hearing held by the House Energy data security, misinformation and and Commerce subcommittee, mark foreign interference ahead of the the latest effort by House politicians previous elections. Reuters CITYAM.COM THURSDAY 9 JANUARY 2020 MARKETS 19

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

HAYS P Wall St climbs FTSE steadies as 185 8 Dec 175.90 180 but ends well Iran fears ease 175 off day’s highs 170 S STOCKS ended higher Uyesterday, but the day’s uneven 2 Jan 3 Jan 6 Jan 7 Jan 8 Jan path showed investors’ sensitivity to any signs of turmoil in Recruitment firm Hays reported flat net fees back in October during a tough year for the Middle East, with stocks rising on but midcaps fall the global economy. So, how the economy fares in 2020 is likely to influence its comments by US President Donald performance throughout the year. Analysts at Barclays say that although there are Trump and paring gains on reports of some promising signs, they think “demand in Hays’ key economies is likely to blasts in Baghdad. ONDON’s main index re- The midcaps’ underperformance remain weak throughout 2020”. Yet they see some positives, for example the ring- Trump spoke at a White House couped almost all its earlier was down to comments from a fencing of investment that management thinks is crucial to growth. They give the briefing after Iran’s missile strikes losses yesterday as markets European Central Bank policymaker stock an “equal weight” rating, with a target price of 160p. overnight on military bases housing Lhoped flaring tensions be- that Britain could crash out of the US troops in Iraq. The President said tween the United States and European Union without a deal by the strikes had not harmed any Iran would not escalate further, while the end of 2020. PREMIER OIL Americans and that Tehran appeared midcaps slipped as worries of a hard While Prime Minister Boris to be standing down. P Brexit resurfaced. Johnson’s victory in the December 120 Comments earlier from Iran’s foreign The FTSE 100 ended roughly flat. election had spurred hopes of a 8 Dec minister that the country did not seek 115 The FTSE 250 tumbled 0.8 per cent as smooth Brexit process, his hard line 109.05 an escalation and a tweet from Trump a steep fall in payment processing on inking a free trade deal with 110 that “All is well!” also helped calm firm Finablr also weighed. the EU by December has investor jitters. Both benchmark investors concerned. 105 Both the S&P 500 and Nasdaq hit indexes were initially Blue-chip NMC Health 100 record intraday highs, but major jolted after Iran slumped 16 per cent indexes cut their gains late in the day retaliated for the 95 following reports of two blasts heard killing of one of its BP’s one per cent loss in Baghdad. After the bell, Iraq’s top commanders last dragged the blue-chip 2 Jan 3 Jan 6 Jan 7 Jan 8 Jan military said two rockets had fallen week by launching index down inside Baghdad’s Green Zone but missile strikes at US With tensions in the Middle East running high to say the least, it is an uncertain time there were no casualties. forces in Iraq. and Finablr slid 18 per for oil companies. Analysts at broker Peel Hunt praise Premier Oil’s decision to make The Dow Jones Industrial Tensions had cent to a fresh low after a UK North Sea acquisitions in the current climate, saying the moves “tick all the Average rose 161.41 points, or 0.56 per threatened to boil over discounted share sale by boxes”. The deals, which include purchases from BP, give Premier “accretive assets cent, to 28,745.09, the S&P 500 gained during the night but dealers major shareholders. Finablr’s with upside,” they say. The analysts add that Premier should not have much of a 15.87 points, or 0.49 per cent, to turned sanguine as the day unit Travelex separately confirmed it problem funding the deals. They see much to be cheery about, saying: “We maintain 3,253.05, and the Nasdaq Composite progressed. In the final few minutes was hit by a software virus attack. our 155p target price and ‘buy’ rating.” added 60.66 points, or 0.67 per cent, of trading, US President Donald Wood Group skidded 7.6 per cent to 9,129.24. Trump also signalled a desire to de- after the UK’s competition watchdog Among the day’s decliners, Boeing escalate the crisis with Iran. said it would probe the proposed RAMSDENS HOLDINGS fell 1.8 per cent after a 737-800 jet Receding worries over the sale of the company’s nuclear unit to made by the company and belonging P situation in the Middle East and a Jacobs Engineering. 250 to a Ukrainian airline burst into flames Sirius Minerals shortly after takeoff from Tehran, build in US crude stockpiles led oil soared 35 per cent 245 prices to session lows. Shell and BP to a four-month high after Anglo 247.15 killing all 176 people aboard. were the biggest drags on the blue- American said it was in advanced 240 8 Jan Walgreens Boots Alliance slid chip index. talks to buy the fertiliser maker. 5.8 per cent after its quarterly profit 235 missed expectations. Shares in rival 230 CVS fell 1.3 per cent. TOP RISERS FTSE On the upside, Lennar ended up 0.8 225 P per cent after the number two US 1. Easyjet Up 2.74 per cent 7,700 homebuilder beat quarterly profit 2. Hargreaves Lans. Up 2.11 per cent 7,650 7,574.93 2 Jan 3 Jan 6 Jan 7 Jan 8 Jan estimates and forecast 2020 homes 3. Meggitt Up 2.09 per cent 8 Jan sales above analysts’ estimates as 7,600 As you might expect, it appears that pawnbroker and gold dealer Ramsdens has lower home prices and mortgage TOP FALLERS been doing well during the recent economic downturn. The company announced rates drive demand. 7,550 strong trading over Christmas, brokers at Liberum say, meaning profit before tax will The ADP National Employment 1. NMC Health Down 15.86 per cent 7,500 be comfortably ahead of expectations. They say the higher gold price has been Report showed private payrolls 2. TUI Down 4.59 per cent “extremely helpful” to the business. The analysts add that new jewellery sales have jumped by 202,000 jobs last month, 3. British Land Down 2.55 per cent been strong, leading to increased recognition of a jewellery retailer. They say “buy” well above the 160,000 rise expected 2 Jan3 Jan 6 Jan 7 Jan 8 Jan with an increased target price of 248p. by economists polled by Reuters. CITY MOVES WHO’S SWITCHING JOBS

BAZAARVOICE entrepreneur and executive with a strong track record highly engaged audience and unique voice across all branding and digital marketing, corporate Digital marketing firm leading successful, client-focused growth. His digital, print and social media channels. Caroline communications and product marketing. He is an Bazaarvoice has announced technology and go-to-market experience is the ideal McGinn, Time Out’s global editor-in-chief, commented: experienced leader with a proven track record of the appointment of Keith match for the business needs of Bazaarvoice,” said “I am delighted that Joe [is] joining Time Out. As a building strong marketing teams. Most recently, he Nealon as its new chief Davis. lifetime Londoner, Joe brings an intrinsic knowledge was CMO at People.ai, where he was instrumental in executive officer (CEO). In his and love for the city which Time Out was born in, back creating a new category for AI-powered revenue new role, Keith will draw on TIME OUT in 1968.” intelligence. Prior to that, he led marketing at over 20 years of experience Global media brand Time Out has announced the community and social media management software with high-growth technology appointment of Joe Mackertich as its London editor. SNAPLOGIC firm Lithium Technologies, and has held senior companies to help scale Joe is an award-winning editor most recently of Intelligent Integration Platform, has announced that it marketing roles at Aruba Networks and Cisco. Gaurav Bazaarvoice’s leadership Shortlist where he helped earn its reputation for eye- has named Dayle Hall as its new chief marketing Dhillon, chief executive at SnapLogic, commented: position into new markets and catching visuals, A-list access and progressive values. officer (CMO). Dayle, who brings two decades of “Dayle’s integrated marketing expertise, proven areas of innovation. Keith will replace Joe Davis who Before that he ran Mr Hyde, the much-acclaimed daily success building and scaling marketing organisations leadership skills, and history of success at high-growth has served as CEO since Marlin Equity acquired email service. In his role as editor, he will be central to for high-growth technology companies, will lead the software as a service companies make him the right Bazaarvoice in February 2018. “Keith is a seasoned further evolving Time Out London’s curated content, company’s global marketing initiatives including person to guide our global marketing programs.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 20 MARKETS THURSDAY 9 JANUARY 2020 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1786  U/C €/$ 1.1117 Ä 0.0021 7574.93 21651.92 4203.44 28745.09 9129.24 3253.05 /$ 1.3109 ÄÄ0.0018 €/£ 0.8483 0.0002 1.08 180.76 5.90 161.41 60.66 15.87 £ /¥ 142.94 0.4800 €/¥ 121.25 0.3700 à ÄÄÃÃà Ãà 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 .....460.0 -10.5 509.0 421.5 Just Eat...... 868.0 -0.8 868.8 587.4 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 327.0 -2.0 357.5 323.0 Kingfisher...... 224.0 -4.0 266.2 185.9 Tsy 4.750 20 ...... 100.65 -0.02 104.5 100.7 Contour Global...... 190.8 -6.0 222.5 159.1 Games Workshp ...... 6290.0 20.0 6290.0 2800.0 BP ...... 494.3 -4.5 582.5 462.4 Aggreko ...... 845.6 -1.6 856.6 693.2 Abcam ...... 1390.0 49.0 1500.0 1066.0 Witan Invest ...... 231.0 -1.0 234.5 197.4 Tsy 8.000 21...... 110.33 -0.05 117.3 110.3 Drax Gp ...... 301.0 -1.2 413.8 251.0 Marks & Spencer ...... 218.6 0.2 303.2 163.9 LIFE INSURANCE Cairn Energy...... 203.6 -3.2 213.8 143.1 Ashtead Gp ...... 2427.0 29.0 2450.0 1805.5 Wwide Healthcare .... 3130.0 -10.0 3255.0 2495.0 Advanced Medical ...... 301.0 -1.0 354.5 225.0 Tsy 2.500 24 ...... 361.25 -0.06 377.9 358.8 SSE ...... 1408.0 -15.5 1467.5 1008.0 Next ...... 6906.0 4.0 7340.0 4644.0 Energean Oil & Gas .....898.0 -30.0 1082.0 613.3 Babcock Intl Grp...... 641.0 -5.6 646.6 416.7 Aviva ...... 416.1 -1.3 438.8 352.3 Alliance Pharma ...... 81.6 1.0 84.5 60.0 Tsy 5.000 25 ...... 122.20 -0.05 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 275.0 -5.2 287.8 117.5 Premier Oil ...... 109.0 -8.7 117.8 65.1 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 761.0 -10.5 780.5 561.5 Bunzl ...... 2030.0 -22.0 2551.0 1943.0 Tsy 4.250 27 ...... 127.62 -0.07 132.8 125.2 Vivo Energy ...... 118.0 1.6 139.5 111.4 Royal Dutch Shell A...2275.5 -15.0 2612.0 2144.5 ASOS...... 3457.0 39.0 4066.0 2107.0 Halma ...... 2075.0 -18.0 2164.0 1385.0 BT Gp ...... 195.9 3.8 238.9 158.9 Legal & General ...... 308.1 0.9 317.7 216.7 Capita ...... 163.2 -2.8 183.0 99.9 Watches of Switz ...... 375.0 -8.8 390.0 270.0 Royal Dutch Shell B ...2290.5 -8.5 2622.0 2126.5 Blue Prism ...... 1145.0 -47.0 1472.0 788.0 Tsy 6.000 28 ...... 145.56 -0.09 152.1 143.1 Morgan Advanced ...... 307.4 -2.6 324.8 232.4 Talktalk Telecom ...... 118.0 -0.5 126.5 96.5 Phoenix Gp ...... 746.3 -3.3 758.7 608.0 DCC ...... 6448.0 18.0 7496.0 6225.0 WH Smith...... 2618.0 10.0 2654.0 1850.0 Tullow Oil ...... 57.7 0.4 250.0 39.9 Camellia ...... 8575.0 -200.0 11750.0 8575.0 Tsy 4.125 30 ...... 377.49 -0.37 404.2 364.2 Oxford Instruments ..1544.0 -18.0 1626.0 866.0 Telecom Plus ...... 1516.0 2.0 1534.0 1130.0 Prudential ...... 1461.0 19.0 1790.0 1279.5 Diploma ...... 1990.0 -16.0 2084.0 1260.0 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 138.75 -0.12 146.4 132.4 Renishaw ...... 3760.0 -40.0 4670.0 3232.0 FOOD & DRUG RETAILERS St James Place ...... 1148.5 -2.5 1199.5 913.6 Electrocomp ...... 683.8 5.6 729.8 523.8 Caretech Holdings ...... 453.0 9.0 453.0 325.0 Tsy 4.250 36 ...... 146.65 -0.30 155.7 137.5 Spectris ...... 2800.0 -106.0 2962.0 2234.0 Greggs ...... 2434.0 32.0 2476.0 1495.0 Convatec ...... 200.9 -1.6 202.8 118.5 Std Life Aberdeen ...... 311.7 -2.7 336.9 231.1 Hunting ...... 407.2 -15.8 657.0 363.8 Equiniti ...... 208.0 -2.8 236.2 186.2 Central Asia Metals ...... 217.0 1.5 266.5 180.0 Tsy 4.750 38...... 161.01 -0.44 171.8 150.0 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 190.8 -4.7 245.8 176.9 Mediclinic Intl ...... 396.8 -4.9 415.3 293.4 MEDIA Petrofac ...... 385.9 -7.0 559.0 374.4 Essentra ...... 437.0 -4.6 449.0 357.4 Clinigen Group ...... 915.0 -4.5 1069.0 737.5 Tsy 4.250 46 ...... 167.90 -0.61 181.0 1.0 Ocado Gp ...... 1334.0 8.5 1435.0 861.2 NMC Health ...... 1257.5 -237.0 3000.0 1257.5 Wood Gp(J) ...... 373.0 -30.7 598.6 319.6 Experian ...... 2533.0 3.0 2631.0 1874.5 3i Infrastructure ...... 291.0 -1.5 306.5 263.8 4imprint ...... 3240.0 -100.0 3500.0 1800.0 CVS Group ...... 1148.0 -3.0 1160.0 395.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 227.2 -3.8 293.9 177.1 Smith & Neph...... 1832.5 0.0 1990.0 1405.5 PERSONAL GOODS Ferguson ...... 6980.0 32.0 7070.0 4800.0 Aberforth Smlr Cos .. 1498.0 -2.0 1546.0 1114.0 Ascential ...... 402.4 12.4 407.8 319.0 Dart Group ...... 1675.0 5.0 1750.0 709.5 SSP Group ...... 668.0 11.0 721.0 608.0 UDG Hlthcare ...... 787.5 -10.5 832.5 551.0 BAE Systems ...... 592.0 1.8 592.0 443.9 Alliance Trust ...... 846.0 -2.0 853.0 708.0 Auto Trader Gp ...... 558.2 -11.8 607.6 441.8 Burberry Gp...... 2176.0 12.0 2345.0 1695.0 G4S ...... 202.6 -4.6 234.3 168.3 Tesco ...... 251.0 -3.5 258.9 212.6 HOUSEHOLD GOODS Diversified Gas & Oil .....107.5 1.5 116.5 97.0 Cobham ...... 164.4 0.1 168.3 99.8 AVI Global Trust...... 779.0 -2.0 789.0 691.0 Euromny Inst Inv...... 1300.0 0.0 1498.0 1152.0 PZ Cussons ...... 203.0 -3.5 227.0 178.6 Hays ...... 175.9 -1.3 183.5 138.0 Draper Esprit ...... 490.0 5.0 548.0 410.0 Meggitt ...... 673.2 13.8 673.2 488.0 Baillie Gifford Japan ...828.0 -9.0 848.0 711.0 FOOD PRODUCERS Barratt Devel ...... 761.2 -1.0 774.2 489.2 Future ...... 1400.0 -20.0 1572.0 491.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1311.0 25.0 1311.0 874.0 QinetiQ ...... 361.6 4.2 367.4 267.0 Intertek Gp ...... 5708.0 0.0 5962.0 4643.0 EMIS Group ...... 1120.0 0.0 1242.0 890.0 Bankers InvTst ...... 997.0 -5.0 1012.0 803.0 Assoc British Foods...2662.0 -10.0 2672.0 2106.0 Bellway ...... 3857.0 -30.0 3888.0 2698.0 Informa ...... 843.6 -9.8 892.0 644.4 AstraZeneca ...... 7626.0 -19.0 7808.0 5325.0 Rolls-Royce ...... 665.6 -2.6 988.4 665.6 IWG...... 440.9 -0.6 441.5 218.7 Fevertree Drinks ...... 1914.5 -40.5 2475.0 1732.5 BlackRock Smaller ....1706.0 -10.0 1726.0 1280.0 Bakkavor ...... 137.6 -0.6 170.0 93.3 Berkeley Grp Hldgs .. 4850.0 6.0 5214.0 3437.0 ITV ...... 149.0 -1.0 156.5 103.6 Dechra Pharma ...... 3010.0 8.0 3036.0 2234.0 Senior ...... 181.8 -3.5 239.2 165.7 BMO Global Smaller ...... 144.1 -0.7 150.0 127.0 Cranswick ...... 3250.0 -40.0 3464.0 2472.0 Countryside Prop ...... 468.0 5.8 474.4 277.6 Moneysupermkt.com ...336.7 -0.7 417.7 281.4 Genus ...... 3136.0 -18.0 3246.0 2158.0 Network Int...... 584.0 -7.0 645.0 513.0 First Derivatives ...... 2620.0 10.0 3555.0 2050.0 Ultra Electronics ...... 2214.0 48.0 2252.0 1232.0 Caledonia Inv ...... 3125.0 -5.0 3180.0 2910.0 Greencore Gp ...... 253.4 -4.6 281.8 185.1 Crest Nicholson ...... 428.2 -6.8 445.0 332.0 Pearson ...... 635.4 -7.4 1027.5 615.0 GlaxoSmithKline ...... 1771.2 8.8 1818.8 1436.0 Pagegroup ...... 477.0 -13.6 539.0 367.8 Frontier Devs ...... 1220.0 -4.0 1260.0 844.0 AUTOMOBILES & PARTS City of London IT ...... 441.0 -3.0 448.5 381.5 Hilton Food Gp ...... 1052.0 -20.0 1118.0 894.0 McCarthy & Stone...... 141.3 -4.7 158.8 123.5 RELX ...... 1900.0 7.0 2011.0 1606.0 Hikma Pharma ...... 1874.5 -8.0 2200.0 1510.5 Paypoint...... 1006.0 -6.0 1118.0 820.0 Gamma Comms ...... 1300.0 0.0 1390.0 762.0 Edin Inv Trust ...... 623.0 -3.0 652.0 535.0 Tate & Lyle ...... 774.4 10.8 800.4 663.8 Persimmon ...... 2723.0 -4.0 2826.0 1836.0 Rightmove Group ...... 635.0 0.2 649.6 463.5 Rentokil Initial ...... 445.5 3.1 467.8 329.0 Aston Martin...... 408.4 -26.6 1374.4 399.3 REAL ESTATE GB Group ...... 760.0 -19.0 800.0 420.0 TI Fluid Systems ...... 262.5 -5.0 273.0 155.2 European Opp ...... 814.0 1.0 875.0 675.0 Unilever ...... 4240.0 -47.5 5324.0 3941.0 Sanne Group ...... 678.0 -2.0 752.0 450.0 Assura ...... 75.5 -0.3 79.3 53.5 Gooch & Housego ...... 1422.5 -10.0 1527.5 954.0 BANKS F&C Investment ...... 760.0 -4.0 778.0 655.0 FORESTRY & PAPER MAIN CHANGES UK 350 Serco ...... 158.7 -1.1 165.0 110.1 Fidelity China SPE ...... 238.5 0.0 250.0 192.4 Big Yellow Gp ...... 1169.0 -7.0 1200.0 881.0 Hurricane Energy ...... 29.9 0.2 53.6 29.5 Mondi ...... 1725.5 -11.5 1898.0 1510.5 SIG ...... 119.2 -2.3 153.0 99.3 Barclays ...... 182.0 -1.1 192.5 136.2 % % BMO Comm Prop ...... 114.4 -2.4 131.2 106.0 Fidelity Euro Values .....261.0 0.0 263.5 214.0 GENERAL FINANCIAL Risers à Fallers Ä Travis Perkins...... 1631.0 -7.5 1692.5 1114.5 Impax Asset Mgmt ...... 375.0 -12.0 394.0 184.0 BGEO Group ...... 1539.0 -29.0 1755.0 1252.0 Sirius Minerals ...... 5.55 35.4 Finablr ...... 126.00 -18.4 British Land ...... 602.8 -15.8 638.8 468.3 Fidelity Spec Val ...... 276.0 -1.0 280.5 240.5 TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 370.0 -2.5 400.0 316.5 HSBC Hldgs...... 581.3 -2.1 680.6 552.3 Finsbury G&I Tst ...... 877.0 -4.0 958.0 757.0 3i Group ...... 1088.0 1.5 1184.5 810.8 Galliford Try ...... 144.08 5.6 NMC Health ...... 1257.50 -15.9 Captl & Count Prop .....260.5 -6.5 270.5 184.8 IQE...... 48.5 0.1 98.0 41.8 Lloyds Banking ...... 62.8 -0.3 67.2 48.6 GCP Infra Inv ...... 131.8 -0.2 132.4 122.6 Ashmore Gp ...... 510.0 -2.0 542.5 367.8 Ascential ...... 402.40 3.2 Elementis...... 163.40 -8.5 CLS Hldgs ...... 282.5 -11.5 312.5 212.0 Spirent Comms ...... 212.0 -14.5 251.5 121.2 James Halstead ...... 536.0 -10.0 560.0 440.0 Royal Bank of Scot ...... 240.3 -0.3 270.4 177.7 Genesis Emerging ...... 788.0 -6.0 805.0 650.0 Brewin Dolphin ...... 371.0 -1.8 375.2 287.6 easyJet ...... 1407.50 2.7 Wood Gp(J)...... 373.00 -7.6 Daejan Hldgs ...... 5360.0 -100.0 6160.0 4715.0 TOBACCO Ultra Electronics ...... 2214.00 2.2 Premier Oil ...... 109.05 -7.4 Standard Chartered ....698.8 -2.8 738.6 575.7 Greencoat UK ...... 149.6 -1.2 152.8 127.8 Close Brothers ...... 1626.0 1.0 1663.0 1227.0 Derwent London ...... 3904.0 -68.0 4010.0 2884.0 Johnson Service Gp ....205.0 -3.0 210.0 122.0 Hargreaves Lans ...... 1911.50 2.1 Spirent Comms ...... 212.00 -6.4 Br Am Tob ...... 3469.5 63.5 3469.5 2375.0 TBC Bank Group...... 1220.0 -36.0 1706.0 1150.0 Harbourvest Glb ...... 1814.0 -18.0 1832.0 1384.0 Coats Group ...... 74.0 0.7 91.3 68.1 Grainger ...... 302.4 -9.4 315.6 214.8 Keywords Studios ...... 1455.0 -16.0 1838.0 900.0 Meggitt ...... 673.20 2.1 Rotork ...... 313.60 -6.4 Imperial Brands ...... 1970.4 23.2 2713.5 1668.2 Virgin Money UK ...... 180.0 -0.8 220.1 104.4 Finablr ...... 126.0 -28.5 215.0 126.0 Grt Portland Est ...... 850.2 -9.4 871.0 649.4 Herald Inv Trust ...... 1440.0 -30.0 1514.0 1150.0 BT Gp ...... 195.90 2.0 Aston Martin ...... 408.40 -6.1 Learning Tech Gp ...... 134.6 1.8 143.0 62.2 Hargreaves Lans...... 1911.5 39.5 2433.0 1633.0 Hammerson ...... 286.4 -14.6 388.4 203.9 TRAVEL & LEISURE BEVERAGES HICL Infr ...... 172.0 -0.4 174.0 156.6 Compass Gp ...... 1897.50 2.0 Cineworld Group ...... 210.20 -5.1 M&C Saatchi ...... 111.0 6.0 394.0 79.0 JPM American ...... 487.0 2.0 494.5 409.0 IG Gp...... 684.2 -6.4 708.0 474.8 Land Securities...... 978.8 -14.4 1001.5 735.4 Carnival ...... 3484.0 18.0 4430.0 3056.0 Barr (AG) ...... 567.0 -13.0 975.0 540.0 Homeserve ...... 1311.00 1.9 Hammerson ...... 286.40 -4.9 M.P. Evans ...... 711.0 -9.0 750.0 612.0 JPM Emerg Mkt ...... 1050.0 -2.0 1072.0 861.0 Integrafin Holdings ...... 434.5 -2.5 462.0 315.0 LondonMetric Prop ...... 227.8 -3.6 241.2 175.1 Cineworld Group ...... 210.2 -11.2 321.0 191.0 Britvic ...... 884.0 -3.5 1068.0 846.5 Majestic Wine ...... 224.5 3.0 318.0 213.0 JPM Indian IT ...... 731.0 -1.0 790.0 633.0 Intermediate Capital .1610.0 1.0 1642.0 971.5 Reckitt Benckiser ...... 6069.0 -69.0 6688.0 5593.0 WPP ...... 1067.5 -3.5 1077.5 800.4 NewRiver Retail ...... 198.8 -2.2 246.0 147.6 Compass Gp ...... 1897.5 36.5 2138.0 1583.0 Coca-Cola HBC AG .....2618.0 -2.0 3074.0 2299.0 Primary Hlth Prop ...... 159.0 0.0 160.0 112.0 JPM Japan IT ...... 460.0 -5.0 477.5 368.0 Intl Public Prtnshps .....170.0 -1.0 171.0 146.8 Redrow...... 764.0 -5.0 769.0 533.0 MINING Dominos Pizza ...... 312.5 0.3 326.4 221.2 Midwich Group ...... 547.0 5.0 633.0 474.5 Diageo ...... 3208.5 24.0 3625.5 2701.0 Investec ...... 433.0 -6.3 518.6 395.3 Safestore Hldgs ...... 779.0 -10.0 817.5 527.5 Jupiter Fund Mngt ...... 405.0 -1.5 432.0 307.8 Taylor Wimpey ...... 193.3 -1.1 201.2 142.9 Anglo American ...... 2153.0 -7.0 2266.0 1666.6 easyJet ...... 1407.5 37.5 1501.0 854.8 Mortgage Advice B ...... 732.0 -43.0 795.0 546.0 CHEMICALS IP Group ...... 69.0 -1.7 112.4 55.7 Savills ...... 1137.0 -2.0 1175.0 728.0 Law Debenture ...... 636.0 -8.0 654.0 552.0 Vistry Group ...... 1259.0 -32.0 1399.0 909.0 Antofagasta ...... 931.0 9.0 1022.5 779.6 EI Group ...... 284.0 0.0 285.0 194.0 Next Fifteen Comm .....540.0 0.0 658.0 465.0 Croda International .5090.0 0.0 5375.0 4564.0 John Laing Gp ...... 376.6 -3.8 402.0 339.0 SEGRO ...... 878.2 -5.2 900.0 614.0 Mercantile IT ...... 254.0 -3.5 267.5 187.3 INDUSTRIAL ENGINEERING BHP Group ...... 1808.0 23.2 2049.0 1563.0 FirstGroup ...... 118.9 -3.3 137.5 89.0 Nichols...... 1412.5 -27.5 1880.0 1410.0 Elementis...... 163.4 -15.2 197.9 129.8 Monks Inv Tst ...... 964.0 -1.0 971.0 768.0 London Stock Exch ....7542.0 102.0 7760.0 4270.0 Shaftesbury ...... 917.5 -22.5 979.5 739.5 Bodycote ...... 921.0 -7.0 971.0 652.0 Centamin ...... 121.5 -1.3 152.3 79.8 Flutter Ent...... 9430.0 -24.0 9456.0 5525.0 Numis Corporation ...... 300.0 0.0 306.0 212.0 Johnson Matt...... 2910.0 -25.0 3454.0 2770.0 Man Group ...... 155.6 1.4 175.2 130.5 St Modwen Props ...... 490.5 -7.0 510.0 373.0 Murray Intl Tst ...... 1240.0 -4.0 1286.0 1114.0 Fresnillo ...... 642.0 -14.0 1027.5 539.6 Go-Ahead Gp ...... 2116.0 -24.0 2278.0 1665.0 Onesavings ...... 424.0 1.0 452.0 313.6 Hill & Smith ...... 1451.0 -33.0 1510.0 1049.0 TR Property IT ...... 477.5 -6.0 491.5 377.0 Polar Capital Hdgs ...... 566.0 -4.0 604.0 450.0 Synthomer ...... 345.0 0.0 420.8 279.0 Next Energy Solar ...... 124.5 -2.0 126.5 112.0 Glencore ...... 239.8 2.8 340.3 216.9 Paragon...... 526.5 2.0 553.5 388.0 IMI ...... 1155.5 -11.5 1206.0 906.0 Tritax Big Box ...... 142.7 -3.1 159.7 135.2 GVC Hldgs ...... 930.8 10.8 930.8 507.5 Victrex ...... 2496.0 -24.0 2540.0 1845.0 Pantheon Intl Partn .2500.0 -45.0 2620.0 2010.0 Hochschild Mining ...... 165.0 -3.1 227.0 152.0 Purplebricks Gp ...... 122.6 0.0 132.0 96.0 Plus500 ...... 885.0 -13.8 1647.0 495.0 Melrose Ind ...... 237.2 -1.4 242.3 156.8 UK Commercial Prop .....86.7 -2.0 92.7 79.9 Intercontl Htls ...... 5063.0 -11.0 5738.0 4257.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...329.5 -5.5 342.0 284.5 Kaz Minerals ...... 534.0 1.4 738.4 380.3 Redde...... 107.4 0.6 127.6 100.6 Provident Fin ...... 426.3 -13.7 657.0 356.0 RHI Magnesita ...... 3692.0 -40.0 5000.0 3420.0 Unite Group ...... 1245.0 4.0 1261.0 843.0 Intl Cons Airl...... 618.4 1.4 667.6 413.5 Pershing Square ...... 1490.0 10.0 1570.0 1102.0 Polymet Int...... 1202.0 -5.0 1272.0 772.6 Renew Holdings...... 512.0 -8.0 568.0 358.0 Balfour Beatty ...... 255.0 -0.6 295.0 194.2 Quilter ...... 167.6 1.2 167.6 120.8 Rotork ...... 313.6 -21.4 341.2 260.7 Workspace Gp ...... 1175.0 -1.0 1198.0 806.0 Marstons ...... 122.7 -2.3 131.4 93.3 Personal Assets Tst ...42800 50.0 43150 39000 Rio Tinto ...... 4500.0 60.0 4976.5 3761.5 CRH ...... 3008.0 -23.0 3100.0 2169.0 Rathbone Brothers ....2130.0 -15.0 2540.0 2045.0 Spirax-Sarco...... 8950.0 0.0 9400.0 6240.0 SOFTWARE & COMPUTER SERVICES Mitchells & Butlers ...... 421.5 -18.0 470.5 238.0 RWS Holdings ...... 611.0 -1.0 670.0 450.0 Polar Cap Tech Tst .....1606.0 -4.0 1622.0 1136.0 Sirius Minerals...... 5.5 1.4 24.3 2.9 Galliford Try...... 144.1 7.7 177.2 102.4 Schroders ...... 3249.0 -17.0 3419.0 2541.0 National Express ...... 464.4 -0.6 476.0 379.0 Scapa Group ...... 256.5 3.0 403.0 157.0 Renewables Infra Gp ...135.0 -1.6 139.2 115.4 Weir Gp ...... 1500.0 -6.0 1814.0 1261.5 MOBILE TELECOMMUNICATIONS Avast...... 478.2 5.8 478.2 276.0 Grafton Group...... 880.0 -15.0 937.0 645.5 TP ICAP ...... 403.4 -6.6 417.5 270.0 PPHE Hotel Gp ...... 1870.0 -30.0 1990.0 1630.0 RIT Cap Partners ...... 2085.0 -15.0 2180.0 1944.0 INDUSTRIAL METALS Aveva Gp...... 4756.0 32.0 4756.0 2634.0 Secure Income REIT ..454.0 2.0 454.0 384.0 Ibstock ...... 315.0 -2.8 322.0 208.6 GENERAL RETAILERS Vodafone Gp ...... 147.5 0.8 165.2 123.3 Rank Gp ...... 270.5 -4.5 280.0 144.0 Schroder Asia ...... 460.0 1.0 476.5 408.0 Evraz ...... 385.1 -8.0 709.4 341.4 Computacenter...... 1757.0 -24.0 1829.0 1008.0 Serica Energy...... 126.0 -3.0 143.4 103.6 Marshalls ...... 828.5 -19.5 876.0 492.6 NONLIFE INSURANCE Restaurant Grp ...... 161.2 -1.4 166.4 111.9 Scottish Inv Tst ...... 828.0 -5.0 843.0 769.0 B&M ...... 405.2 0.2 420.9 308.9 FDM Group...... 1026.0 -22.0 1100.0 647.0 Smart Metering Sys.....555.5 0.5 665.0 310.0 Polypipe Group ...... 521.0 -13.0 546.5 364.4 Ferrexpo ...... 156.3 -2.3 301.3 123.0 Scottish Mortgage ...... 590.0 3.0 590.0 465.7 Dixons Carphone ...... 138.6 -1.2 150.0 104.9 Admiral Gp ...... 2268.0 -21.0 2317.0 2014.0 Kainos Gp ...... 742.0 -8.0 786.0 430.0 Stagecoach Gp...... 160.0 -1.0 167.0 115.5 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 117.8 -0.2 118.0 110.0 Dunelm Gp...... 1143.0 9.0 1173.0 675.0 Beazley ...... 539.0 -7.0 628.0 492.6 Micro Focus Intl ...... 1109.6 6.8 2160.0 1004.0 TUI AG ...... 927.4 -44.6 1213.5 698.0 Thorpe (F.W.) ...... 343.0 -9.0 359.0 248.5 Smith (DS) ...... 379.5 -3.6 394.8 307.9 Smithson Inv ...... 1300.0 -10.0 1334.0 1016.0 Frasers Group ...... 476.0 -4.2 480.2 214.0 Clarkson ...... 2945.0 -10.0 3030.0 2200.0 Direct Line Ins ...... 312.5 -1.5 366.5 270.5 Playtech ...... 406.0 1.9 457.7 360.5 Wetherspoon (JD) ...... 1625.0 -1.0 1734.0 1177.0 Smiths Gp...... 1745.0 25.0 1745.0 1378.0 Syncona ...... 218.5 -0.5 294.0 203.0 Howden Joinery Gp...... 659.4 -6.6 685.8 465.5 Fisher (James) ...... 1950.0 -50.0 2260.0 1790.0 Hastings Gp Hldgs ...... 183.6 0.2 231.6 167.9 Sage Group ...... 733.8 -1.4 820.4 592.0 Whitbread ...... 4737.0 -58.0 5152.0 3988.0 Watkin Jones ...... 242.5 -1.5 247.5 199.6 Smurfit Kappa Gp..... 2860.0 -34.0 2966.0 2096.0 Temple Bar IT ...... 1440.0 -12.0 1486.0 1162.0 Inchcape...... 719.0 -1.0 720.0 545.5 Royal Mail ...... 224.2 -0.3 304.3 188.4 Hiscox ...... 1371.0 -13.0 1777.0 1213.0 Softcat ...... 1157.0 -16.0 1198.0 662.0 William Hill ...... 188.2 0.8 205.2 132.3 Young’s Brew NV ...... 1275.0 0.0 1310.0 1030.0 Vesuvius...... 480.4 -14.8 642.0 341.0 Templeton Em Mkts .....839.0 -3.0 856.0 710.0 JD Sports Fashion ...... 819.0 2.2 844.2 387.2 Signature Avi ...... 324.9 0.0 406.0 283.2 RSA Ins Gp ...... 567.2 2.4 597.0 501.6 Sophos ...... 564.0 1.2 577.0 298.2 Wizz Air Holdings ...... 3775.0 -61.0 4013.0 2880.0 Young’s Brew-A...... 1605.0 -32.5 1885.0 1475.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 302.85 8.10 296.35 195.50 3M ...... 180.63 2.73 219.50 150.74 AIR LIQUIDE ...... 125.00 0.10 130.80 102.40 ABBOTT LABORATORIES ...... 86.21 0.35 88.74 68.27 ALLIANZ AG ...... 218.30 0.10 223.80 178.52 ADOBE INC ...... 337.87 4.48 334.43 234.56 AMADEUS IT GROUP ...... 73.08 -0.20 73.70 42.30 ALPHABET NON VTG-C ...... 1404.32 10.98 1394.21 1036.23 ANHEUSER BUSCH INBEV ...... 73.46 -0.60 92.71 61.22 ALPHABET-A ...... 1405.04 9.93 1397.81 1116.79 AMAZON.COM ...... 1891.97 -14.89 2020.99 1588.22 ASML HOLDING NV ...... 270.70 2.30 269.40 137.50 AMERICAN EXPRESS ...... 125.54 2.13 128.57 97.99 AXA ...... 25.28 -0.01 25.47 19.51 APPLE INC ...... 303.19 4.80 300.35 150.00 BANCO SANTANDER ...... 318.60 -0.55 402.00 295.05 AT&T ...... 39.37 0.12 39.63 29.37 BASF...... 65.73 -0.57 74.49 56.20 BANK OF AMERICA ...... 34.97 0.35 35.64 25.73 BAYER AG...... 74.00 1.87 73.60 52.53 BERKSHIRE HATHAWAY...... 225.99 0.07 228.39 195.78 BBVA ...... 5.05 0.04 9.56 4.19 BOEING CO ...... 331.37 -5.91 432.69 320.42 BMW ...... 74.41 0.19 77.75 58.70 CATERPILLAR INC ...... 147.68 1.30 150.53 113.38 BNP PARIBAS ...... 52.78 0.12 53.58 39.32 CHEVRON ...... 117.70 -1.36 126.54 111.39 CRH ...... 3008.00 -23.00 3100.00 2169.00 CISCO SYSTEMS ...... 47.52 0.03 58.05 43.21 DAIMLER ...... 49.47 0.28 59.31 40.53 CITIGROUP ...... 79.36 0.60 81.23 56.44 DANONE ...... 72.56 -1.50 82.00 61.47 COCA-COLA CO ...... 54.35 0.10 55.77 44.69 DEUTSCHE POST AG ...... 34.28 0.36 34.91 24.91 COMCAST ...... 45.39 0.46 46.97 34.97 DOW ...... 52.73 0.54 66.65 40.71 DEUTSCHE TELEKOM ...... 14.55 -0.06 16.25 14.10 EBAY INC ...... 35.59 -0.03 41.57 30.21 ENEL ...... 7.27 0.04 7.23 5.10 EXXON MOBIL ...... 69.23 -1.06 83.38 66.70 ENGIE...... 14.87 -0.02 15.12 12.45 FACEBOOK ...... 215.22 2.16 213.06 174.60 ENI ...... 14.21 -0.11 15.94 13.04 GOLDMAN SACHS GROUP ...... 237.76 2.27 235.49 176.00 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 221.79 3.27 238.85 174.87 FRESENIUS MEDICAL CARE ...... 65.22 0.12 76.32 57.92 HONEYWELL INTERNATIONAL ...... 177.76 0.15 182.01 137.36 IBERDROLA ...... 8.98 0.03 9.54 6.02 IBM ...... 135.31 1.12 151.36 120.39 INDITEX ...... 32.00 0.07 32.37 2.55 INTEL ...... 58.97 0.04 60.84 43.46 ING GROEP NV...... 11.08 0.15 12.05 8.34 JOHNSON & JOHNSON ...... 144.96 -0.02 146.44 126.95 INTESA SANPAOLO...... 2.34 -0.01 2.41 1.83 JPMORGAN CHASE & CO ...... 136.94 1.06 141.09 98.93 KERING ...... 597.30 1.00 600.90 394.30 MASTERCARD INC ...... 305.10 4.89 303.39 195.43 MCDONALD’S ...... 205.91 3.28 221.15 173.97 KON KPN NV ...... 2.64 0.00 2.96 2.47 MEDTRONIC ...... 116.50 2.01 114.89 84.15 L’OREAL ...... 261.20 1.60 266.10 195.25 MERCK & CO ...... 88.60 -0.60 92.04 72.92 LVMH MOET HENNESSY ...... 418.80 2.80 419.15 246.55 COMMODITIES TOURIST RATES MICROSOFT ...... 160.09 2.51 160.62 102.05 MUENCHENER RUECKVE ...... 265.00 0.50 267.30 190.15 NETFLIX ...... 339.26 8.51 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1572.60 +2.14 Copper Cash Official...... 6134.25 +37.00 Canada ...... 1.63 New Zealand ...... 1.85 NIKE INC ...... 101.55 -0.23 102.20 76.04 ORANGE ...... 13.11 -0.09 15.01 13.12 Silver (Pence) ...... 1814.50 -29.50 Aluminium Cash Official ...... 1793.75 +3.25 Croatia ...... 7.94 Norway...... 10.85 ORACLE ...... 54.13 -0.03 60.15 47.82 ROYAL PHILIPS ...... 43.74 -0.03 44.34 30.20 Silver (Cents) ...... 1380.00 -22.00 Nickel Cash Official ...... 13857.50 +67.50 Czech Republic ...... 26.93 Poland ...... 4.52 PAYPAL HOLDINGS ...... 111.82 2.15 121.30 96.64 SAFRAN ...... 137.50 -0.20 149.90 105.55 Krugerrand ...... 1591.08 +5.23 Aluminium Alloy Cash Official ...... 1380.00 +45.00 Denmark ...... 8.25 Singapore ...... 1.67 PEPSICO ...... 134.70 0.69 140.28 118.61 SANOFI ...... 91.34 0.31 91.35 72.24 Brent Crude ...... 68.27 -0.64 Natural Gas ...... 30.24 -0.94 Hong Kong ...... 9.67 Sweden ...... 11.63 PFIZER INC ...... 39.06 0.31 44.40 34.24 SAP SE ...... 120.82 0.72 124.72 88.07 Platinum ...... 961.00 -22.00 Tin Cash Official ...... 16932.50 +65.00 Iceland ...... 146.27 Switzerland ...... 1.21 PROCTER & GAMBLE ...... 122.51 0.52 126.09 90.44 SCHNEIDER ELECTRIC ...... 92.56 0.24 93.74 58.20 British Sovereign ...... 371.30 +1.20 Zinc Cash Official ...... 2346.00 +12.00 India ...... 82.38 Turkey ...... 7.50 TRAVELERS COMPANIES ...... 136.61 1.45 154.83 120.27 SIEMENS AG ...... 117.04 0.48 119.90 85.00 Lead Cash Official ...... 1904.25 +5.25 White Sugar ...... 363.10 -1.60 Israel ...... 4.26 United States ...... 1.26 TWITTER ...... 33.05 0.51 45.42 28.89 UNITED HEALTH GROUP ...... 295.90 6.11 295.97 215.26 SOCIETE GENERALE...... 31.77 0.31 31.66 21.13 UNITED TECHNOLOGIES ...... 153.42 0.23 153.68 109.95 TELEFONICA SA ...... 6.16 -0.09 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.71 0.11 62.07 53.28 TOTAL ...... 50.24 0.13 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 191.92 3.23 191.12 168.86 UNILEVER NV ...... 49.82 -0.69 57.56 46.03 FTSE 100...... 7574.93 +1.08 +0.01 S&P 500...... 3253.05 +15.87 +0.49 CAC 40 ...... 6031.00 +18.65 +0.31 Hang Seng ...... 28087.92 -234.14 -0.83 WALGREENS BOOTS ALLIANCE...... 55.83 -3.46 76.05 49.29 VINCI ...... 99.92 1.88 102.40 72.98 FTSE 250 ...... 21651.92 -180.76 -0.83 Dow Jones I.A ...... 28745.09 +161.41 +0.56 Swiss Market Index ...... 10652.16 -34.64 -0.32 Nikkei ...... 23204.76 -370.96 -1.57 WALMART ...... 116.16 -0.40 121.28 93.86 VIVENDI ...... 25.75 -0.10 26.42 21.49 FTSE All-Share ...... 4203.44 -5.90 -0.14 Nasdaq Composite ...... 9129.24 +60.66 +0.67 ISEQ Overall Index ...... 7211.87 -34.66 -0.48 STI Index ...... 3245.89 -1.97 -0.06 WALT DISNEY CO ...... 145.40 -0.30 151.64 107.79 VOLKSWAGEN AG ...... 176.82 0.76 183.46 138.16 FTSE AIM All-Share ...... 958.04 +0.11 +0.01 Xetra DAX...... 13320.18 +93.35 +0.71 FTSEurofirst 300 ...... 1635.76 +3.07 +0.19 ASX All Ordinaries...... 6930.10 -13.50 -0.19 WELLS FARGO & CO ...... 52.82 0.16 54.46 43.38 CITYAM.COM THURSDAY 9 JANUARY 2020 FEATURE 21 DATA & BUSINESS

WHERE THE

HEART IS Luke Graham looks at some innovative ways to revolutionise the house buying process

OR TOO many people, home they need to by staying on their for our mortgage terms and conditions vide customers with an aerial survey and selling any easier. ownership is a distant dream. provider’s standard variable rate. from Fairer Finance, meaning that as an additional service. “The process is old-fashioned,” he In today’s Britain, only about 27 “Our research tells us that 55 per they have a reading age of just 11 years “A typical surveyor will examine warns. “The prospect of broken chains Fper cent of people aged 25 to 34 cent of mortgage holders could save old versus the industry average of 18.” your property inside and out, but are and a complex legal process only add own their home — a huge dip nearly £300 a month by switching By cutting down the paperwork and limited by a law only allowing them to the worry when moving home. All compared to 1990, when ownership for their mortgage,” says Daniel Hegarty, making mortgages easier to under- to climb three metres on a ladder,” he of this leaves sellers prone to uncer- this age group was 50 per cent, accord- chief executive and founder of online stand, Habito is helping to streamline explains. “Our drones allow us to ex- tainty and open to potentially devas- ing to the Resolution Foundation. mortgage broker Habito. the process of buying a home. amine the nooks and crannies of a tating fall-throughs. Ultimately, Sky-high property prices, the need to “In an age where animated meerkats property, getting to places ordinary sellers don’t see much — if any — save large deposits, and onerous af- are encouraging us to switch our en- SUDDENLY SURVEYS surveyors can’t. We’re also looking added value from their estate agent.” fordability criteria are just some of the ergy and water providers to save £50 a Buying a home is the single biggest into thermal imaging technology in Robinson argues that traditional es- obstacles to home ownership. To prop- month, too many of us still are un- purchase that most of us will make. order to identify additional issues, tate agents only help homeowners erly solve this crisis, we simply have to aware that, by slipping onto un- So we want as much information as such as dampness.” find a buyer, but fail to assist with the build houses — something that all the favourable interest rates, households possible on the state of a property in By adopting new technology, survey rest of the purchase. Nested takes a major political parties pledged to do are paying to the tune of almost £4,000 order to make the right decision. reports can be produced with greater different approach, which Robinson during the election. But the lack of a year into the pockets of the lenders, That’s why property surveyance is so accuracy and more information, describes as being a “moving agent”. housing supply is not the only barrier. unnecessarily.” essential, but the industry has failed which should help prospective buyers “This means that not only do we Thankfully, a raft of startups have Habito launched in 2015 with the to innovate or push boundaries, says make better choices. find you a buyer, but we help you to emerged in recent years that are trying aim of streamlining the mortgage ap- Ray Harriot, chief executive and find your new home and negotiate a to tackle some of the other issues plication process. By keeping every- founder of Reliable Surveyors. ON THE ESTATE better price, then make sure that the using technology. City A.M. spoke to thing online and using live chat to get “It’s important to adapt with the Moving home is so costly, complex, chain is managed until completion,” three such companies — Habito, help from the company’s advisers, cus- times, accept and implement technol- and in some cases risky that many he explains. “We also pioneered the Nested, and Reliable Surveyors — about tomers are able to sign up and get qual- ogy advances, and always put the cus- people are put off trying at all, even chain-breaking cash advance, en- how they are reforming the industry. ified advice on their mortgage at tomer first,” he argues. when they need to. abling movers to buy before they sell. nearly any time of the week, rather One way Harriot’s firm is doing that Elderly people who don’t downsize This helps to give them that peace of MORTGAGE WARS than having to take time off work to is through the use of drones to pro- from houses that are bigger than they mind that their new home doesn’t In some ways, there’s never been a bet- visit a mortgage provider in person or need means that families can’t move slip through their fingers.” ter time to get a mortgage. Interest spend hours on the phone. into larger homes, which in turn leads It bears repeating that the funda- rates remain low, while greater compe- Last year, Habito launched its own to fewer small properties becoming mental issue of the property market tition in the finance sector means mortgage products, helping to cut the available to first-time buyers. The lack is that we need to build more homes. cheaper products for borrowers. time for customers between complet- of places coming onto the market can But that doesn’t mean we should let However, the mortgage application ing an application and receiving a deter people from selling their home, the rest of the sector off the hook. We process remains confusing and obtuse. mortgage offer. Sellers don’t see leading to a self-reinforcing trend. must look for ways to make the This isn’t just an issue for first-time “We’re also taking a stand on jargon,” Matt Robinson, chief executive and process of securing a home easier, buyers — those who already own a adds Hegarty. “We’ve removed all jar- much — if any — founder of online estate agency more efficient, and less time-consum- home and fail to remortgage when gon from our website and recently be- added value from Nested, argues that the estate agent ing. These companies have found in- their fixed-term deal ends could be came the only mortgage lender to be industry is partly to blame, as it has novative ways to improve the process. paying hundreds of pounds more than awarded the ‘Clear and Simple’ mark their estate agent failed to make the process of buying Let’s hope that others follow. 22 OPINION THURSDAY 9 JANUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Honour-bound: Iran and the TO THE EDITOR US sleepwalk towards disaster Pay attention [Re: Are calculations like ‘High Pay Day’ useful to the conversation around executive salaries?] WELL remember that I kept put- means that, unlike all his post Cold amounts to a sort of a western-style The argument around executive pay is ting my hands to my head as I War predecessors, he has not yet John head of special operations, CIA di- only one part of a wider discourse around read, terror-stricken, Christopher engaged in a new war. Instead, the Hulsman rector, and presidential special the importance of pay equity and financial IClark’s provocative The Sleep- President has made it clear he envoy rolled into one. wellbeing, which will feature heavily in walkers, which boldly posited wants to get out of the “endless, Predictably, Iran has responded 2020. Businesses not only need to address that World War I was not part of mindless Middle East conflicts” rhetorically, with Supreme Leader pay issues for those at the very top, but anyone’s grand strategic design. that have so bogged America down, Khamenei tearfully promising also those at the very bottom. Instead, Armageddon came about and concentrate on “America First”. death to Americans as revenge. If Minimum wage underpayment remains through a number of countries and Jacksonians believe that US for- such a thing comes to pass — and a huge problem — in fact, just this week it statesmen making lesser errors, eign policy should prioritise Amer- given Iran’s own honour culture, it was revealed by the Resolution which compounded somehow pro- ican national sovereignty, internal will — President Trump has already Foundation that a quarter of people under duced the hellish dynamic of a war coherence, and independence of ac- vowed to respond by attacking 52 the age of 25 who should receive the that was to become the original sin tion. They do not want to dictate to sites in Iran. minimum wage have been underpaid. of our modern world. far-away people, but are determined And then we will have war. The problem lies with seeing payroll and Clark’s astute analysis for how to protect their own lives, values, I have studied Qassem Soleimani reward as a “tick-box” task and failing to things can so quickly get out of traditions, and above all dignity for a long time; no one familiar realise the strategic importance of proper hand can be seen in the present cri- from outside interference. Jacksoni- with the copious blood on his compliance measures and compensation sis between the US and Iran. anism is an honour culture. hands should mourn his passing. planning. Too many businesses are It is palpably in neither President The tit-for-tat nature of the pres- Further, I am philosophically a real- woefully unprepared to conduct effective Donald Trump nor Supreme Leader ent crisis therefore means that both ist, aware that war has been part of salary reviews, to monitor payroll Khamenei’s interests to start a ru- sides are locked into an escalation A war fought for no the human condition since Athens compliance, and to fulfil their reporting inous, full-on war. But, somehow, in — for honour’s sake, neither would and Sparta, and will be so forever. requirements, such as the new executive sleepwalker fashion, here we are. ever commit to backing down. real reason other But this honour-driven vicious pay ratio reports which are required for The key to why this crisis is so dan- The macabre dance has gone like cycle must be stopped. For, as was FTSE companies from this year. gerous is the political risk dynamic this. Trump points out that Iran, than pride on both true for the sleepwalkers in 1914 In fact, the Royal Statistical Society found beneath it: we have a series of tit-for- even after the nuclear deal signed sides is worse than who set their world alight, the costs that 15 per cent of gender pay gap reports tat, ever-escalating provocations be- with the Obama administration, is of this war far outweigh any gains. contained errors. If the same occurs for tween two honour cultures, neither still expansionistic in the Middle a tragic waste — it In terms of political risk, China is executive pay ratio reports, there will be of which can easily ideologically East, and abruptly withdraws from is wicked the only possible peer competitor major reputational repercussions. And, back down. It is the vicious cycle the accord, reinstituting highly ef- threatening American dominance with ethnicity pay gap reporting possibly lying beneath the crisis that is so fective sanctions on Tehran. in the near term. Washington focus- on the horizon, it’s time to take these chilling — and so dangerous. Humiliated and pushed into a ing on anything else geopolitically obligations very seriously. Much like Maoist China, Tehran corner, Iran responds by attacking is simply beside the point. In terms There is also a big need for businesses to needs perpetual revolution to keep shipping in the Persian Gulf, shoot- proxies in Iraq, led by the powerful of personal ethics, a war fought for look beyond just providing the transaction its whole rickety enterprise going. ing down a US drone, attacking Shia-dominated Popular Mobilisa- no real reason other than pride on of pay and enhance financial wellbeing by Being seen to compromise with — Saudi oil refineries, and generally tion Force militias, immediately both sides is worse than a tragic helping to support financial literacy and or even worse, give into — the US is making a nuisance of itself. How- storm the US embassy in Baghdad, waste — it is wicked. improve benefits awareness. There are simply not an option. ever, it goes a step too far and uses further angering the US. hundreds of thousands of people in the UK But in Trump, Tehran confronts proxy Kataib Hezbollah fighters in So, in true Jacksonian fashion, the £ Dr John C. Hulsman is president of who have unclaimed benefits that could the first Jacksonian president in Iraq to attack a US base there, President went one step further John C. Hulsman Enterprises, a add significantly to household spending memory. This world view has been killing an American contractor. himself, killing near-mythical Gen- prominent global political risk consulting power. This is really important for these around since the 1820s, yet scan- Humiliated, and enraged at the eral Qassem Soleimani, the immedi- firm. He is a life member of the Council on large businesses, which may have dalously almost no one outside the loss of an American life, Trump re- ate author of these provocative Foreign Relations, and can be reached damaged their employee relations and US has any real knowledge of it. sponds by attacking Kataib Hezbol- Iranian moves and the second most for speaking engagements and running need to rebuild trust. Trump’s Jacksonian ideology lah, killing 25. In turn, Iranian powerful man in the country, who war games at chartwellspeakers.com. John Petter, chief executive, Zellis

BEST OF Judging by yesterday’s ordeal, PMQs will TWITTER

be a dismal affair for the next three months Ghosn has been on his feet for an hour now, proclaiming his innocence, settling scores, burnishing his record HE FIRST Prime Minister’s heart just wasn’t it. The man who consumer” engagements, like the and bemoaning the corruption or Questions of the decade has opposed western military inter- Catherine Facebook live-streams we saw last incompetence of Japanese yesterday afternoon was vention throughout his career Neilan year, in which Johnson answered prosecutors and his successors. A Tthe return of the unedify- from the backbenches could barely pre-selected questions. boardroom dispute cast as a political ing spectacle of two men, muster the enthusiasm to question Given the scale of the Prime Min- conspiracy neither of whom wanted to be what evidence there was to support ister’s ambition, properly scrutinis- @pkelso there, both giving a performance so the American attack, let alone quiz ing him is vital, but tricky under bad it made the new film Cats look the Prime Minister on his where- current conditions. One (tempo- “I’m not here to talk about how I left watchable. abouts over the ensuing days or rary) solution might be to allow Japan... I’m here to talk about why I Jeremy Corbyn, a blunt tool at the why he thought we had been left each of the candidates for Labour's left” Ghosn says, as I immediately best of times, gave the newly em- out of the loop beforehand. the chamber. It didn’t matter what leadership a turn at replacing Cor- close the browser window and lose all boldened Boris Johnson nothing to The fire in Corbyn’s belly has answers he got because his focus byn to test their wits against a man interest in his press conference. worry about, despite the small mat- gone out, and the nation will now was on creating a moment of thun- (perhaps wrongly) famed for his. Demonstrate how you contorted ter of escalating tensions in the have to suffer the worst kind of no- derous grandstanding for a Twitter While the candidates vying to suc- yourself into a tiny box like a Middle East, the day after Iran had tice period — three-plus months of audience, dressed up as scrutiny. ceed Corbyn have plenty to grapple magician’s assistant or GTFO carried out retaliation attacks on going through the motions every We must hope that this will be a with — not least preventing the @tomgara US military bases. week until his successor is finally low watermark, as PMQs should be party’s implosion — it is time for Johnson — who, let’s not forget, al- announced. treated as what it is: one of the few the PMQs penny to drop: this is not Instead of prison, Ghosn will spend ready has form with Iran over his Many observers feel that PMQs has opportunities anyone in the coun- just about getting your 30-second the next five years in a monologue fumbled response to the imprison- been irrelevant for years, a cartoon- try has to hold the Prime Minister clip, but holding power to account. bashing Nissan ment of Nazanin Zaghari-Ratcliffe ish theatre that both sides use to to account. In doing so, it will also boost the @zerohedge — easily fended off Corbyn’s attacks create clips for social media rather With Johnson’s majority of 80, the morale of backbenchers, bring back by referring to the opposition than a genuine question-and-answer need to compromise and work col- erstwhile supporters, and it may “Could you do me a favour and put all leader’s own tainted relationship session. Corbyn has been particu- laboratively with others (even on even enlighten the rest of us on what that in an email?” — Translation: I with Iran, through his paid-for out- larly bad, never adapting his ques- his own side of the Commons) has is really going on at Number 10. haven’t been listening and I want to ings on the theocracy’s state TV. tions to the response he had just evaporated. There is talk of Number escape But beyond the specifics, what received, or even to news that 10 increasingly pulling back from £ Catherine Neilan is political editor of @SoVeryBritish was clear yesterday is that Corbyn’s might have broken on his way into interviews in favour of “direct to City A.M. CITYAM.COM THURSDAY 9 JANUARY 2020 OPINION 23

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam City Hall needs a shake-up if it DEBATE is to deliver for all Londoners Was the British Museum right to drop BP as a sponsor? HE IMMENSE challenges fac- policing across London. ing London are growing by Susan Nor is it only about numbers. We I completely understand why the British the day, and meeting these Hall also need to ensure that any new offi- Museum would be embarrassed to take Trequires not just a proactive cers are deployed effectively, which the sponsorship of BP while discussing national government but an means embracing the use of both stop the Arctic in its next exhibition, one of YES effective administration at City Hall. and search and Taser. the regions most affected by climate The political power of the capital’s It’s also time that City Hall started change. The transition to ethical MARINE TANGUY own local government is so often un- to treat London’s housing problem as funding may be painful financially, but derestimated, but there can be no the crisis that it is. The mayor has as a sector, galleries and museums way — most want to buy from and work doubt that the mayor of London has £4.82bn from the government to cannot continue like this. We cannot for companies that are doing the right the money and the power to have a sion that he neither has the ability build 116,000 new homes, yet after accept money from sources that are thing. Over 25 per cent of graduates of transformational impact on the lives not the money to make a real impact, four years he has only started to build affecting the world of our future the top business schools now want to of millions of Londoners. but in reality, he is the most powerful a third of those. generations so negatively. be involved in social impact investment. The challenges facing our city are elected mayor in the country with an City Hall must start building with Whether it is shunning donations Gone is the world when one can be not new, but they are getting worse. £18.5bn budget. urgency, unlocking London’s brown- from the Sackler family, whose immoral at work and get away with it. Homeownership is an impossible As a London Assembly Member, I get field land and providing for larger pharmaceutical companies have killed Dropping unethical sponsors may not dream for many, violence is a daily re- to look behind the press releases and households by ending its obsession hundreds of thousands of people be easy, but it is the only way to ensure ality in some communities, and a social media to the reality of how City with those one-bed flats which will through opioid addiction, or fossil fuel that tomorrow sees a better world. question mark hangs over London’s Hall is run, and I despair. Last month, see more young families forced out of giants that are destroying the planet, all future as a business mega-hub post- my colleagues elected me as the the capital. of us need to take a stand. £ Marine Tanguy is chief executive of Brexit after years of dither and delay. leader of the Conservative Group in Finally, we must put an end to the Younger generations are showing the MTArt Agency. London desperately needs a City Hall the London Assembly. Shaking up City negativity and embrace the opportu- that can build the homes we need, Hall is my goal, and under my leader- nities that Brexit provides for our make our streets safe, and be opti- ship, Conservatives in the London As- country and our city. Outside of the mistic enough to grasp the opportu- sembly will continue to champion a EU, Britain will embark upon new In the words of Greta Thunberg: “How nities offered by our exit from the EU. new path for the capital. trade deals, enter new markets, and dare you?” Most of the British Museum’s To some extent, our city has been a We’ve set out a plan to put an extra introduce a points-based immigration funding comes from our taxes — over victim of its own success. London’s 1,378 police officers on the beat by system to welcome the world’s talent £52m last year. That’s our money, which NO dominance in the UK has attracted making savings at City Hall. By revers- into our nation. could go on nurses, teachers or police HARRY PHIBBS talented people from across not only ing Khan’s decision to spend £83m The capital is at the heart of that officers, or even be left with us to spend our country but the globe, creating extra on bureaucrats, press officers, strategy. London is the UK’s global as we choose. Yet the British Museum, immense demand for housing and and cultural festivals, we can step up powerhouse, so Londoners can and which presumably claims that it needs investing in fracking — and ironically public transport. should be optimistic about their city’s every penny of that state funding, has some misguided environmentalists are While levelling up the north is the place a new global Britain. had the nerve to turn down sponsorship attacking it for doing so. right focus for Westminster and will The mayor has London’s mayor has the power and from BP — a craven decision due to The British Museum should have been ultimately benefit the whole country, the resources to deliver the change protests from Extinction Rebellion. proud to be sponsored by BP. The London needs investment too, and I the power to have that its residents and businesses want The objection is that BP produces government needs to appoint new do not doubt that, as a past mayor of a transformational to see. What is lacking is the political fossil fuels. Is it suggested that it should trustees. If the current bunch are foolish London himself, the Prime Minister will. With the local and mayoral elec- immediately cease production? Do enough to be turning down BP’s understands this. impact on the lives tions coming up in May, this is the none of the trustees of the British money, why should they be trusted But Westminster can’t deliver for of millions year to shake up City Hall. Museum drive cars? Do they not heat with any more of ours? our city alone, and Londoners need their homes? The main way to reduce City Hall to start stepping up too. £ Susan Hall is a London Assembly carbon emissions in the immediate £ Harry Phibbs is a journalist at Sadiq Khan likes to give the impres- member and leader of GLA Conservatives. term is to shift to shale gas. BP itself is Conservative Home.

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NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 24 LIFE&STYLE THURSDAY 9 JANUARY 2020 CITYAM.COM TECHNOLOGY EDITED BY STEVE HOGARTY LAPTOPS Steve Hogarty Driven by a sense of childlike cu- riosity, high-end PC manufac- rounds up the turer Alienware has taken a high-performance gaming PC good, the bad and squished it into the shape of a Nintendo Switch, so you can and the weird play Red Dead Redemption 2 on the toilet with all the settings from the world’s turned up. The Concept UFO (pic- ture 1) is just a prototype for now. biggest tech expo With Lenovo’s ThinkPad X1 Fold (picture 6), the craze for folding s difficult as it is to believe, phones has reached laptops. This is 2019 has actually ended, a tablet that closes shut like a book, slinking out of time’s back- with one half of the screen becoming door like a scolded cat and a keyboard when placed on a desk. into the history books under Dell also presented its own folding aA chapter titled ‘Bloopers and Out- laptop, the Concept Ori – yet more ev- takes’. Of course, the annual chang- idence that the industry has become ing of the calendar guards heralds far too excited about flexible screens. many things – reflection, resolution, vegan steak bakes – but it’s also a time TOILET STUFF to consider the incredible advance- 1 The real focus at CES this year was the ments made by the world’s biggest 2 bathroom, where titans of the indus- tech companies, which have been try wrestled (not literally, that would working tirelessly around the clock to be unhygienic) to bring their latest make our televisions a few inches WC gadgets to market. larger again. In the interest of advancing society, The annual CES trade show in Vegas Kohl has embedded a smart speaker is the venue for the consumer tech- into its new Moxie showerhead, so nology industry’s biggest players to THE BEST TECH you can speak to Alexa about the show off new and upcoming gadgets weather while you scrub yourself. and concepts. From rotating tellies to Bathrooms are the final frontier of a friendly robot who’ll bring you our virtual assistants, who until now some toilet roll whenever you’re could only listen from afar and won- caught short, here’s our selection of der what it is we humans do in there. the thin stratum of landfill that will FROM CES 2020 With the Moxie showerhead, Amazon one day denote to future archaeolo- and Google may lay claim to the re- gists that they have drilled down as maining shred of privacy and dignity far back as the year 2020. we had been naively holding on to. And with that dignity fully eroded, TELEVISIONS 4 what better time for Charmin to re- The war against bezels (in which the veal that its top engineers have been peaceful bezels are yet to retaliate) working on an artificial intelligence reaches new heights this year. The bel- that can fetch toilet roll for you (pic- ligerents at Samsung have shrunk the ture 8)? This is useful, as long as you bezels of the upcoming Q950TS 8K tel- are concerned enough about running evision enough to claim an outright out of toilet paper that you spend victory against bezel ideology in all its hundreds of pounds on a special toilet forms. The new display goes right up paper fetching robot, but not so con- to the very edge, where there is in fact cerned that you wouldn’t go for a poo – do our eyes deceive us? – a teeny, without first checking there was tiny bezel. Presumably too small for enough toilet paper. their marketing team to have noticed. 3 French smart home company Mateo Samsung’s new Sero television (pic- is similarly focused on your bottom, ture 2) still has bezels, but primarily how much of it there is. Its can automatically rotate 90 1. Alienware’s handheld PC, smart weighing scales are disguised degrees to display vertical 6 the Concept UFO 5 as a fluffy bathroom mat, and are ac- videos from your Snapchats 2. Samsung’s curate enough to detect not just your and your TikToks and what- rotatable Sero TV weight but your posture too, telling have-you. No more manu- 3. Kohl’s Alexa powered you off for slouching every time you ally tipping your television Moxie showerhead step out of the shower. on its side to watch viral 4. Sony’s Vision-S YouTube videos. And in ex- concept car THE REST tremely large telly news, 5. Samsung’s Ballie droid Samsung’s CES keynote address was Samsung’s 292 inch mon- 6. Lenovo’s folding at its most Bond villainesque when strosity is the biggest ThinkPad X1 Fold president Hyunsuk Kim declared that known to science. It is 7. The Wall, Samsung’s consumers had unwittingly entered called, rather omi- largest TV ever “the age of experience”, nously, The Wall 8. Charmin’s before failing to elabo- (picture 7). bogroll rate on what that retrieving 8 might entail exactly. CARS Would we need to With its Vision-S change our clocks? electric concept car (picture 4), Sony Should we let the post dares to imagine what it might be like office know? if a consumer electronics and enter- The confusion was tainment giant took all a bunch of further compounded fancy tech and crammed them into a by the announcement box with wheels on it. Sony’s car is that a key part of this dripping in widescreen displays and age of experience will camera sensors, and will almost cer- be Samsung’s Ballie, a tainly never see production. tennis-ball sized yellow Taking a small break from washing sphere that follows you machines, Bosch has had the great around your home. This idea to develop a smart sun-visor for friendly droid can gaze cars, which uses eye-tracking cameras at you longingly and e-ink glass to block only the sun through its built-in itself from your vision, leaving every- camera, annoy thing else unobscured. pets, respond to Hyundai and Uber revealed the S-A1 your voice and of- flying taxi, a concept vehicle they say fers companion- could be in operation by 2023. It flies ship in this at speeds of 180mph, at an altitude of increasingly 2,000ft, and should keep investors 7 strange and gadget happy for another few months. infested world. CITYAM.COM THURSDAY 9 JANUARY 2020 FEATURE 25 OFFICE POLITICS What do our kids need to learn? Finance

Being able to save smart should not Britain must become a leader in financial depend on whether your parents do — it should be accessible to everyone. education — or it risks being left behind Britain must encourage and promote basic financial education from nurs- HE UK has one of the most Stuart ery to retirement. thriving and competitive fi- Phillips Here’s one idea. Children in nursery nance industries in the often make things out of cereal boxes, world — a fact that is often TIME TO PAY so why not make a money box? The overlooked by the public. THE PIPER children could then set a savings goal TWe know that the financial services and earn credits throughout the rest industry is battling to improve levels VibePay of the year. That would be a great start. of trust and engagement on the back Free Children’s financial knowledge of a series of scandals and public apa- then needs to build year on year, thy. Yet, strong personal finance en- John from through school and university, before gagement should be the bedrock of a how best to make astute financial de- accounting still companies from every industry also robust, thriving economy. cisions during their lives and to learn owes you cash, get involved. Guidance in the work- What we need is a coordinated ap- about the power of saving wisely. but keeps place can go a long way to helping proach to fair trading and financial For instance, the head teacher of one forgetting his people use their financial knowledge education, as these two are inextrica- school that has set up its own bank wallet. practically. It will pay dividends to bly linked: people want finance prod- comments: “The children really enjoy Thankfully, those employers that do, and should ucts that they understand, but a saving and going to the bank at VibePay is the be a core component of any employee person’s understanding reflects their lunchtime to withdraw their acorns to social way to get wellbeing package. financial education. Even the Wood- spend in the shop. Many of our chil- 40 per cent of cation improves people’s lives. It im- paid back, Of course, there is no quick fix. ford saga would have been less damag- dren now talk about the importance of people lose proves confidence, self-esteem, and making it easier Making improvements immediately ing if all of his clients had understood saving money in order to buy items.” control of their life chances. It reduces money worries for friends to will be slow progress, but putting the power of diversification. And financial education shouldn’t finances at and has a hugely positive impact on split the cost of things right for future citizens is em- In protecting the public from poor finish there. University students can some point, and people’s mental health. tickets, presents, inently possible. practice and market turmoil, finan- learn and benefit at the same time. 20 per cent Today, we are more responsible than holidays, and We want the next generation of cial education is like a seat belt. It One university which shares this cannot read a ever for our financial future, yet sur- dinners. The app children to understand finance, like won’t prevent crashes, but it can re- view adds: “We engaged with a bank statement veys are consistent: 40 per cent of peo- is powered by this generation understands technol- duce the damage. provider of financial education last correctly ple lose control of their finances at Open Banking ogy. There’s no reason that this can’t Financial literacy must improve and year to embed a positive financial some point, and 20 per cent cannot and enables be done, and with growing consumer become the norm, not just the object mindset in students from day one, read a bank statement correctly. Evi- secure payments choice, there is a pressing need for of lip-service and political soundbites. helping them manage their finances dence suggests that children’s long- direct from your doing it. This process needs to start early. proactively throughout their univer- term attitudes to money are formed bank account. Throughout schools, colleges, and sity career and beyond.” early in life, so the sooner we start £ Stuart Phillips is director at The universities, students can be taught Everyone knows that financial edu- teaching them good habits, the better. FairLife Charity. 26 SPORT THURSDAY 9 JANUARY 2020 CITYAM.COM SPORT LAST OF HE HYPE and bluster surrounding Premier League transfer windows, and the shorter January version in particular, is well established. TRumour, counter-rumour and 24/7 rolling news with reporters camped in THE BIG club car parks were designed for such occasions and have become ingrained in football culture. All the window means in practice, however, is that after five months of playing, the top flight’s 20 clubs get a 31-day window in which they are al- lowed to bolster their ranks, plug gaps SPENDERS created by injuries or splash the cash to pursue a particular target, whether survival or league position. The potential of new arrivals brings Premier League clubs likely to continue excitement and offers hope – and something to talk about on transfer-fo- trend of modest January spending this cused programmes – but the early in- dications are that the new year could month, says Felix Keith be defined by the tightening of belts rather than a feast. Last season was the first since 2011- 12 in which expenditure dropped in the Premier League’s winter transfer window and it seems that, rather than being an anomaly, it could prove the start of a new trend. January 2019 saw a dramatic de- crease in outlay, with £180m spent compared to £430m during the previ- ous winter, and the factors behind that reduction appear to still be in effect a year later. Managers have often bemoaned the lack of value in the mid-season win- dow, when desperate buyers can be held to ransom by selling clubs, but the spiralling of transfer fees in recent years has made January an even worse time to dip into the market. Six clubs suggests the transfer-focused Milan Skriniar, Shakhtar Donetsk’s additions who are not prohibitively When you consider that 11 of the 20 JANUARY SALES elements of the media may struggle Mykola Matviyenko, Bournemouth’s priced. current Premier League sides broke for talking points between now and Nathan Ake or Leicester’s Caglar Targets such as Crystal Palace’s Wil- their transfer records in the summer 11pm on 31 January. Soyuncu would all command huge fried Zaha, Borussia Dortmund’s Jadon window, when a collective £1.41bn was Total transfer fees £430m Runaway league leaders Liverpool fees. Planning for a summer in which Sancho, Lyon’s Moussa Dembele, spent despite an earlier deadline, it is spent by Premier have already signed versatile attacker Guardiola could himself move on ap- Leicester’s James Maddison, Red Bull logical that most clubs simply don’t League teams in Takumi Minamino from Red Bull pears a more prudent strategy. Leipzig’s Dayot Upamecano, Atletico have the funds to go big again now. the last five winter Salzburg for a shrewd £7.25m and have Chelsea, on the other hand, look set Madrid’s Thomas Lemar and West The trends of the Premier League windows no apparent desire, nor need, to make to trade this window after their trans- Ham’s Declan Rice may all fall into don’t always follow logic, with ill-in- any other movements just now, with fer ban was cut short. Frank Lampard that category. formed decision-making and question- the title all but sewn up. has guided his side to fourth place in So far, Minamino has been the only able football expertise evident across £215m Defending champions Manchester the table but his young squad has signing of note involving a transfer fee some boardrooms. £175m City have dropped off the near-fault- stumbled recently. by a Premier League team. However, there are only so many less pace required to stay with Liver- Whether the Blues have the clout to With cut-price deals increasingly times teams can keep throwing money pool, but a man of Pep Guardiola’s spend big after recording a loss of thin on the ground and clubs biding at the same shiny things while expect- £180m intelligence knows the transfer market £96m in the last financial year re- their time until the off-season, loan ing different results. cannot provide any quick fixes, espe- mains to be seen though. deals with a view to buy later could £130m cially considering he oversaw spending Manchester United, Tottenham and prove the solution. STICK INSTEAD OF TWIST of north of £150m in the summer. Arsenal are all underperforming and Fans and broadcasters may not like it, A look over the current squads and A centre-back is on City’s wish list, could no doubt do with fresh faces, but but January could well be a quiet standings of the Premier League’s Big 2015 2016 2017 2018 2019 but reported targets Inter Milan’s their problem will be finding suitable month in transfer terms. Flying Dutchman’s deal gives wings to Red Bull title drive Verstappen was the best of the rest both Ferrari and Mercedes from 2021. extended my partnership with the three consecutive podium places, New Verstappen last season, finishing third in the The news comes just weeks after team. Red Bull believed in me and including a win, and had his best year drivers’ standings behind the Verstappen’s long-time rival Charles gave me the opportunity to start in yet in the series, amassing 278 points, contract is latest Mercedes pair, and Red Bull’s Leclerc, 22, similarly committed his Formula One which I have always three wins and six podiums. promsing second half of the future to Ferrari, ensuring the been very grateful for,” said And Red Bull motorsport chief sign of a team on campaign has raised hopes of a two will continue to go head- Verstappen. Helmut Marko has wasted no time in serious title challenge in 2020. to-head for the foreseeable “Honda coming on board building expectations for this season the up, writes The Dutchman had been linked future. and the progress we have by stating the battle for the title will with a move to Mercedes for 2021, but However, Horner, like made over the last 12 be between Mercedes and Red Bull, Michael Searles the decision to stay put suggests he the rest of the team, saying his team now have “no believes this car is capable of will also be eyeing Verstappen, whose best excuses”. AX Verstappen’s decision, an- delivering world titles again – if not success in the more season in F1 came last Marko has also praised the nounced this week, to sign a this year, then when new rules take immediate future. year, has signed until 2023 performance of the Honda power Mthree-year contract extension to effect next season. Red Bull made major unit in pre-season testing. stay at Red Bull until the end of the Team principal Christian Horner strides in 2019 and their months gives me even “If the others teams want to be 2023 season is the biggest sign yet of said it was important to keep relationship with engine more motivation and the better, they’ll have to make dramatic the team’s intent to topple Mercedes. Verstappen at Red Bull for manufacturer Honda belief that we can win gains,” he told German outlet Auto The 22-year-old’s future was the “continuity” ahead of the wide- appears to have been a key together. I respect the way Red Motor und Sport. “Max knows what is subject of much speculation during ranging changes to Formula One’s consideration behind Verstappen’s Bull and Honda work together and going on at Honda. He has already the off-season until he committed his regulations and he will also be decision to stay, alongside loyalty to a from all sides everyone is doing what seen the new car and he appreciates long-term future to the team which delighted to have retained one of the team that afforded him a chance in they can to succeed.” the continuity in the team. In the has already supported his career for grid’s hottest properties when there the sport aged just 17. The son of former F1 driver Jos end, there was a common will more than five years. appeared at least one seat available at “I am really happy to have Verstappen finished last season with between him and us.” CITYAM.COM THURSDAY 9 JANUARY 2020 SPORT 27

INJURED ANDERSON RULED SPORT DIGEST ALL SQUARE Villa hold Leicester to a draw in semi-final first leg OUT OF FINAL TWO TESTS £ Fast bowler Jimmy Anderson has tournament with a wrist injury. been ruled out of the final two Tests of Carbery damaged his wrist ligaments England’s tour of South Africa with a while playing for Munster against broken rib. Anderson picked up the Ulster last month and is expected to injury during the final day of England’s be out for two to four months. The 24- 189-run victory in Cape Town on year-old was set to start at No10 for Tuesday. The 37-year-old only Ireland with Johnny Sexton still returned to action at the start of the recovering from knee ligament series following a four-month lay-off damage. Andy Farrell’s side begin their with a calf problem. England are Six Nations campaign against hopeful Jofra Archer will be fit for the Scotland in Dublin on 1 February. third Test, which starts in Port Elizabeth on 16 January, after an KONTA’S FITNESS IN DOUBT elbow injury, while Mark Wood and BEFORE AUSTRALIAN OPEN Craig Overton are also in contention. £ Johanna Konta has pulled out of the Adelaide International in order to MAN UNITED’S MAGUIRE manage a knee problem in the build SIDELINED BY TORN HIP up to the Australian Open. Konta’s £ Manchester United are set to be camp said the withdrawal was without Harry Maguire for a lengthy “precautionary” after the 28-year-old period of time after the defender lost in three sets to Barbara Strycova in suffered a torn hip muscle. United, the first round of the Brisbane who are already without midfielders International on Monday. The Scott McTominay and Paul Pogba, Strycova match was Konta’s first since were forced to field Phil Jones with the US Open in September. Victor Lindelof in their 3-1 Carabao Cup defeat by Manchester City on LAZIO FINED FOR FANS’ Tuesday. Maguire suffered the injury in BALOTELLI RACIAL ABUSE the first half of Sunday’s 0-0 draw with £ Lazio have been fined 20,000 euros Wolves but decided to play on. (£16,958) after their fans racially abused Mario Balotelli. Sunday’s Serie CARBERY BLOW LEAVES A match between Lazio and Brescia Kelechi Iheanacho came off the substitutes’ bench to break Aston Villa’s resistance and earn Leicester City a 1-1 draw in the first round of IRELAND WITH NO10 ISSUES was temporarily suspended when their Carabao Cup semi-final last night. Villa defended stoutly at the King Power Stadium and took the lead when Frederic Guilbert turned in £ Ireland’s Six Nations hopes have away supporters “sang a chorus of Anwar El Ghazi’s cross (pictured). Villa Goalkeeper Orjan Nyland twice denied Jamie Vardy and James Maddison, and Ezri Konsa headed been dealt a blow after fly-half Joey racial discrimination” about the onto the bar for the away side, but Iheanacho fired in an equaliser to leave the second leg at Villa Park on 28 January delicately poised. Carbery was ruled out of the former Manchester City striker.

who are struggling to attract specta- tors and those nations still emerging it is worth experimenting with. It is not a new thing. England played Four-day Tests Ireland in a four-day Test last summer, with the game finishing inside three days, and South Africa did the same against Zimbabwe in 2017. In theory less time should encour- age a faster pace and could potentially would dampen mean better viewing. If cricket is going to evolve then it needs to be flexible and take into account the younger generation. There are some caveats though. Four-day Tests would see the day of cricket’s drama play extended by 30 minutes and the number of overs per day increased to 98 and I think that is unrealistic. NGLAND’S dramatic victory You can fit 98 overs into a day of over South Africa in Cape CRICKET county cricket, but Tests naturally Town on Tuesday came at a COMMENT move at a slower pace and there is al- Egood time for them, but also ready difficulty in managing 90 at the for the wider cricketing com- moment. munity. With the International Chris Another factor to consider is spin Cricket Council set to discuss the idea Tremlett bowling, which would suffer in this of reducing Test matches to four days scenario. Currently when a match to create space in the schedule and reaches the fifth day the spinner has ease players’ workloads, England’s to stand up and try and bowl the op- gripping 189-run win in the final ses- against England and the Ashes are not position out. There is spin on the sion of the fifth day provided the per- where the problem is. fourth day, but I think it would be a fect example of why the game should The idea of a four-day Test has obvi- shame to diminish their role. be played over five days. ously been put on the back foot by the Overall, I would like Tests to remain The atmosphere at Newlands was events of this week and the opinions as five days for the established na- brilliant, with the Barmy Army help- of current and former players. How- tions. The best thing is to trial more ing fill up the ground and add to the ever, empty stadiums for Test matches four-day Tests with the emerging sides spectacle. Watching on as Ben Stokes elsewhere in the world show the need to see if they have the desired effect clinched the final three wickets it for the ICC to consider possible solu- before making any drastic changes. didn’t seem like a format in decline. tions. It is a tricky issue and changing When the best take on the best in something with so much tradition is Chris Tremlett is a former England and Test cricket you want it to unfold over difficult, but I am not opposed to four- Surrey fast bowler and a director at Source five days. Series like South Africa day Tests completely. For countries England took the final wicket against South Africa with just 8.2 overs left in the game Property Investment. @ChrisTremlett33

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