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Javid’s plan set for next Wednesday CATHERINE NEILAN BIG TOBACCO @CatNeilan PHILIP MORRIS AND ALTRIA ENTER CHANCELLOR Sajid Javid has brought forward his debut TALKS OVER $210BN MEGA-MERGER spending review to next Wednes day, fuelling speculation AS MARLBORO-MAKERS SEEK TO of an autumn General Election. Javid was due to give his first LIGHT UP ALTERNATIVE PRODUCTS major speech since becoming chancellor this morning, before it was cancelled yesterday. AUGUST GRAHAM Altria already plans to market PMI’s The Treasury said the Iqos – a heated tobacco product which spending review would “cover @AugustGraham won US approval in April – to American the themes and priorities he ONE OF the world’s most hotly consumers. was due to outline”. anticipated mega-mergers kicked off Meanwhile, Altria bought a 35 per One source told City A.M. the yesterday as tobacco giants Philip cent stake in popular vape pen maker decision to pull the speech had Morris International (PMI) and Altria Juul for $12.8bn late last year. come from Number 10. said they were in talks to form a Bonnie Herzog, managing director at Javid is expected to announce $210bn (£170bn) behemoth. Wells Fargo Securities, said ahead of significant spending hikes. The deal would reunite two the announcement that PMI would be companies that split up in 2008 amid an ideal partner to help the younger regulatory pressures at the time. Juul expand beyond the US. In recent years, both businesses Elliott said: “The combined entity – have put alternative nicotine products Philip Morris 2.0 – could present a such as e-cigarettes at the front and united front” on alternative products, Home Office centre of their strategies. and “go about a coordinated global The merger would be the fourth brand-building exercise the same advert banned largest on record, according to data way Philip Morris originally built from Refinitiv. Marlboro.” Analysts have suggested for some Shares in Altria initially by watchdog time that Altria might want to take jumped around 10 per cent, PMI back into its fold a decade after but they closed down almost CATHERINE NEILAN they separated. four per cent after CNBC Yesterday, Altria, which owns reported that there would be no @CatNeilan Marlboro, confirmed it was in premium on the deal. A HOME Office advert telling EU discussions over an all-stock merger of Philip Morris shares closed down citizens how to remain in the equals. 7.76 per cent last night. UK after Brexit has been banned Declining traditional cigarette sales The deal would solidify the US as the by the independent watchdog are putting pressure on the sector, but place to be for mega-mergers this year. for being “misleading”. the global e-cigarette market hit According to data from Mergermarket, The Advertising Standards $11bn last year and is expected to eight of the 10 biggest deals in 2019 Authority (ASA) has told the grow eight per cent per year over the have had US buyers. government it must not next half-decade. US companies have spent 1.9 per broadcast a radio ad regarding “With disruption facing the world of cent more on mergers and acquisitions the EU Settlement Scheme, tobacco, we can see some merit in a (M&A) this year compared to 2018, saying it was not “sufficiently re-merger,” Bernstein analyst Callum although the number of deals has clear” what was required. First Elliott said in a note. fallen, showing a drive towards bigger broadcast in April, the ad said An agreement between the two acquisitions. “all you need to apply is your companies could help them market Meanwhile, Europe has dropped off passport or ID card and to each other’s e-cigarettes, other the M&A radar, with 16 per cent fewer complete an online form”. analysts have said. deals and 19 per cent less spent. A Home Office spokesperson said: “We completely disagree with ASA’s decision.”

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HOUSTON, WE HAVE LIFT OFF Elon Musk’s Space X completes the final test of its next generation Starhopper rocket prototype THE CITY VIEW The summer is over, now it’s back to Brexit

HE BOARD is set, the pieces are moving, to quote Gandalf from the Lord of the Rings. Next week, MPs return from Tthe summer recess and both the Brexiter and Remain sides are rallying their troops for the autumn battle. After a summer of insults and infighting, opponents of a no-deal Brexit (including Labour, the Liberal Democrats, the SNP, as well as some independents and Tory rebels), yesterday appeared to be solidifying around a plan. Rather than arguing about who would be a caretaker Prime Minister were Boris Johnson to be toppled in a vote of no confidence, the new strategy is to focus on blocking no-deal by passing legislation. This would require seizing control of the parliamentary agenda and passing a new law, perhaps to compel the Prime Minister to seek yet another Article 50 extension, as we saw in April. A confidence vote is SPACE X’s Starhopper successfully took to the skies for the second time in south Texas late last night, following a failed launch attempt on Monday evening. The small rocket reached a record height of 500 feet, approximately a small skyscraper, before being kept on the table as a back-up plan, should that fail. making a controlled descent back to Earth. The technology will pave the way for the next generation in sustainable rockets. The Brexiters in Downing Street, however, are prepared. Over the weekend, reports surfaced that the government was seeking legal advice on proroguing parliament almost as soon as it resumes, to prevent Remain MPs from enacting their plan. While Number 10 denied this, Johnson and members of his top Trump tweet of team have repeatedly refused to rule it out. The message they Rebel alliance to are preparing is that, if parliament is going to insist on blocking “the will of the people” (defined as leaving the EU on 31 October approval for without a deal), the government will simply ignore parliament. In the background, meanwhile, Downing Street is ramping up Conte’s return preparations for a snap election. And the Prime Minister’s office halt EU exit meet is working furiously to show that a deal remains a viable JAMES BOOTH prospect. The encouraging noises that came out of the G7 over CATHERINE NEILAN @Jamesdbooth1 the weekend may have helped to quell the fears of some critics Johnson has shown himself open to @CatNeilan using anti-democratic means to force US PRESIDENT Donald Trump in the Tory party that the Prime Minister is hurtling towards through no deal. The attendees yesterday welcomed the possibility no-deal. Whether this is a serious endeavour or a ploy to keep OPPOSITION parties have rowed back agreed on the urgency to act together that Italy’s former Prime Minister Tory rebels on-side for the time being remains to be seen. from plans for a vote of no confidence to find practical ways to prevent no Giuseppe Conte could return to in the Prime Minister, instead agree- deal, including the possibility of power following a political battle. The plausibility of either the government proroguing ing to seize control of the Brexit end passing legislation and a vote of no Conte’s 5-Star movement is in parliament or MPs taking control remains unknown. Britain has game through a legislative takeover. confidence,” it added. talks with the centre-left not been through quite this kind of constitutional conflict Labour leader Jeremy Corbyn held They plan to meet again to thrash Democratic Party (PD) to set up a before – with parliament and the government so at odds, both crunch talks in Westminster yester- out the details, although it is thought new coalition government after the day, to try to build a consensus one option being mulled would be to collapse last week of the Prime claiming democracy is on their side – and it is uncertain where around him leading a caretaker recycle the tactic used earlier this year Minster’s alliance with the far-right power lies. But with just 64 days to go until the deadline and all government, following a vote of no to force an extension to Article 50. League party. PD reported that still to play for, one wonders whether MPs on all sides might confidence. One Labour source played down the “fruitful” progress had been made However, the rebel alliance, which suggestion that a vote of no confi- in the talks. consider skipping the traditional three-week recess for party includes MPs from the Liberal Democ- dence had been dropped as an option, Trump tweeted: “Starting to look conference season in order to get some work done instead. rats, SNP, Plaid Cymru and The Inde- but other parties stressed legislation good for the highly respected pendent Group for Change, now plans as the best possible route forward. Prime Minister of the Italian to put forward legislation they hope “Excellent meeting between all the Republic, Giuseppe Conte. will prevent a no-deal Brexit. opposition party leaders this morn- Represented Italy powerfully at the The hour-long meeting was “produc- ing. We agree we will work together G-7. Loves his Country greatly & tive and detailed”, a statement from to stop a no-deal Brexit by legislation,” works well with the USA. A very the various opposition parties said. said The Independent Group for talented man who will hopefully Follow us on Twitter @cityam “The attendees agreed that Boris Change leader Anna Soubry. remain Prime Minister!”

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL TECH GIANTS FACE NO MORE WHAT THE PHARMACY CHAIN WELL HARRY RAMSDEN’S GOBBLED US GLUT IN NATURAL-GAS QUESTIONS OVER CONTRACT OTHER STOCKPILES FOR BREXIT UP BY RIVAL CHIP SHOP SUPPLY GOES GLOBAL A late review of a $10bn (£8.14bn) The boss of Britain’s third-largest Famed fish and chip shop chain Harry More shale gas than ever is leaving US Pentagon cloud computing contract PAPERS SAY pharmacy chain says it has spent £7m Ramsden’s has been swallowed up by shores. Unfortunately for the country’s has failed to seek new information from building stocks of medicine to prepare Deep Blue Restaurants, taking it over beleaguered natural-gas producers, Amazon or Microsoft, the two bidders, THIS for a potentially disruptive Brexit, from rival chain Boparan Restaurant global prices for the fuel have never raising concerns that it is a political ploy contrary to government advice. John Group. Deep Blue, which already has a been lower. Natural-gas prices have aimed at reassuring the White House. MORNING Nuttall, boss of Well Pharmacy, said the 26 fish and chip shops, will acquire plummeted this year to historic lows in Mark Esper, the defence secretary, was company had decided it was a “prudent Harry Ramsden’s 34 sites, as well as its the midst of reduced demand, the trade this month due to announce the winner measure” and stressed he wanted to brand, in a debt-free deal. The value of dispute with China and brimming of the contract, known as Jedi, which reassure the public. the deal was not revealed. storage in Europe. would give one company responsibility for handling US military data and CARNEY UNDER FIRE FOR HAMMOND IS PREPARING TO PIECH, WHO TRANSFORMED communications around the world. TRIP TO MEET ZUCKERBERG BLOCK A NO-DEAL BREXIT VOLKSWAGEN, DIES AT 82 partner pulled out and another Mark Carney is facing questions over a Philip Hammond is preparing to Ferdinand Piech, grandson of the ROMANIAN GOVERNMENT ON potential ally said it would not support “secret” trip to Silicon Valley for a spearhead efforts to block a no-deal original designer of the Volkswagen THE BRINK OF COLLAPSE it in parliament. Its first female Prime meeting with the founder of Facebook. Brexit, it emerged, after Jeremy Corbyn Beetle and a towering figure in modern Romania’s centre-left government is Minister is facing a no-confidence The governor of the Bank of England appeared to shelve plans for a no automotive history, has died, his wife, close to collapse after its main coalition motion within six weeks. flew to San Francisco in mid-April. confidence vote in the government. Ursula Piech, said on Monday night. CITYAM.COM WEDNESDAY 28 AUGUST 2019 NEWS 03 Sports Direct’s Giant BP exits Alaska with deal to sell oil fields for $5.6bn to Helcorp investors urged: AUGUST GRAHAM Chief executive Bob Dudley said opportunities for BP’s portfolio Alaska has been “instrumental” to within our disciplined financial @AugsutGraham BP’s growth for the past half century. framework,” Dudley said. BP SOLD all its oil fields in Alaska to However, other opportunities in The companies said they will tell Hilcorp for $5.6bn (£4.5bn) yesterday the US and around the world “are BP’s 1,600 Alaskan staff if they will vote out Ashley as the oil giant seeks to divest assets more closely aligned with our long- keep their jobs “as soon as possible”. worth $10bn and re-focus on its core term strategy and more competitive Founded in 2012, Hilcorp is the business. for our investment”, he said. largest private oil and gas operator The deal includes all BP’s The deal is part of a two-year in Alaska. It produces more than JESS CLARK Belgian tax bill that delayed the com- upstream and midstream business in programme to divest $10bn from 75,000 barrels of oil equivalent every pany’s latest annual results. the US state and its stake in a major BP’s books. The plan will allow the day. In 2014, Hilcorp bought BP’s @jclarkjourno Ashley’s ferocious appetite for acqui- pipeline, the company said. oil giant to “pursue new advantaged stakes in four fields. MIKE Ashley could face a shareholder sitions, which has seen Sports Direct revolt at Sports Direct’s annual general snap up Game, Evans Cycles, Sofa.com meeting (AGM) next month after two and Jack Wills and fail in a bid to buy proxy advisers recommended investors Debenhams, was also highlighted by vote to oust him from the board. the shareholder advisory firms as a Glass Lewis yesterday joined reason to block his election. Pensions and Inv est ment In a note to investors, Pirc Research Consultants said: “Shareholders of the (Pirc) in urging share- company are faced with holders to oppose the re-election of Ashley, Mike Ashley could lose the firm’s chief execu- his place on the board if tive and founder, on 11 the revolt succeeds September. Pirc has also opposed a decline in profitability, the re-election of loss of value for their chairman David Daly and shares, no dividend distribu- directors Richard Bottomley, tion and a further potential loss Nicola Frampton and David Brayshaw. when the tax evasion case concludes.” It has recommended shareholders Glass Lewis said that as the boss, support the election of employee founder and figurehead of the firm representative Cally Price. Ashley is “inextricably linked with The recommendations follow a the myriad controversies, past and on- chain of controversies, including the going”, which have caused “serious resignation of its auditor Grant reputational damage”. Thornton and a €674m (£608.2m) Sports Direct declined to comment.

GREETINGS CARD Ex-WH Smith boss Kate Swann appointed as new Moonpig chair

FORMER WH Smith boss Kate Swann, who transformed the stationary retailer during her 10-year stint as chief executive, is preparing to join greeting cards firm Moonpig, according to Sky News. She has also recently joined Independent Vetcare. German exports fall at fastest in six years as economy contracts

HARRY ROBERTSON weak demand from China and Brexit negotiations weigh on @henrygrobertson growth. GERMANY’s economy shrank in the “There is nothing in the detail of second quarter, official statistics conf- the second quarter GDP estimate to irmed yesterday, as exports fell at the allay fears that the German economy fastest rate in six years. will enter a recession in the third Exports fell 1.3 per cent quarter on quarter,” said Andrew Kenningham, quarter in the months from April to chief Europe economist at Capital June, a breakdown of Germany’s Economics. economic performance revealed. It followed a respected survey from The sharp fall reignited concerns the Ifo think tank, which two days that Germany is heading for a reces- ago showed business confidence in sion – two quarters of consecutive the country fell to its lowest point in negative growth – as trade wars, seven years in August. 04 NEWS WEDNESDAY 28 AUGUST 2019 CITYAM.COM

ON YOUR BIKE High-end tech fitness firm Deloitte UK partners set for payday Peloton files for US float as losses widen despite spotlight on audit industry JAMES BOOTH Profit for distribution rose to The Competition and Markets £617m, from £584m in 2018. Authority recommended the @Jamesdbooth1 Deloitte said it had benefited from introduction of joint audits and an DELOITTE partners are in line for a one-off gain on the sale of an operational split between the audit their biggest pay cheque in a decade investment, lower provisioning and non-audit businesses of the Big this year, despite the controversy charges and currency gains without Four to make the sector more surrounding the performance of the which profit would have been flat. competitive and improve quality. Big Four accounting firms. Revenue grew 10.9 per cent from Stephen Griggs, Deloitte’s Average profit per equity partner £3.58bn to £3.97bn. managing partner of audit, said: for Deloitte UK and Switzerland rose The audit sector is currently facing “We are looking at how to adapt the six per cent to £882,000 for the year unprecedented regulatory scrutiny scope of our audit to match the ended 31 May. after a series of scandals. needs of stakeholders.”

THE CONNECTED fitness hardware maker Peloton yesterday released document- ation for a planned initial public offering, according to a filing with the US Securities and Exchange Commission. Losses rose to $245.7m (£200m) in the year to June. Purdue to settle for up to $12bn in opioid suits

AUGUST GRAHAM Plaintiffs have claimed drug makers failed to tell consumers about the @AugustGraham risks they faced from prolonged use. OXYCONTIN maker Purdue Pharma is On Monday, Johnson & Johnson was set to cough up between $10bn (£8bn) fined $572m by a judge in Oklahoma and $12bn to settle more than 2,000 for using deceptive marketing of its lawsuits over its role in America’s addictive painkillers. growing opioid crisis, according to In March, Purdue paid $270m to reports late last night. settle another lawsuit in the state. Last week, at least 10 state attorneys Patients seeking pain relief are often general met with lawyers for the prescribed the powerful painkillers by Sackler family, which controls the doctors. But when legal supplies dry firm, to discuss a deal, NBC reported, up they often turn to the black citing sources. market, and even illegal drugs. The attorneys general are part of “As the Sackler family and the other thousands of suits from states, cities defendants grew richer, New Yorkers’ and counties across the US. health grew poorer and our state was They claimed that Purdue used left to foot the bill,” New York deceptive tactics when marketing its attorney general Letitia James said in drugs, helping to fuel the opioid crisis March when updating a lawsuit in the US, which is believed to have against the company. claimed more than 400,000 lives James alleged that Purdue fraudu- between 1999 and 2017. lently sent money to the Sackler fam- Several US companies are facing ily despite becoming insolvent. lawsuits over their alleged role in the Yesterday, Purdue Pharma said it crisis which is ripping apart entire was actively working with the state communities in the US. attorneys general to find a solution. Muddy Waters accuses Burford Capital of deceiving its investors JAMES BOOTH Muddy Waters’ latest report was titled: “Was MW wrong about Napo?” @Jamesdbooth1 Answering, the first sentence was: SHORTSELLER Muddy Waters blasted “No. Don’t be silly.” litigation funder Burford Capital Muddy Waters had previously said again yesterday, saying the company that Burford had categorised its “is not worthy of an Aim listing, let return on investment for Napo in its alone a US one”. 2013 annual report as a “win with a The shortseller’s first attack on significant return when it should Burford this month wiped 40 per have been a loss”. cent from the company’s share price. Burford had said “the claim is Muddy Waters yesterday reiterated simply false,” adding that another its criticism of Burford in relation to matter resolved first and resulted in cases it had funded for pharma firm an entitlement for Burford which is Napo against rival Salix. included in its 2013 reporting. CITYAM.COM WEDNESDAY 28 AUGUST 2019 NEWS 05 FTSE 100 firms Uber engineer faces US charges for stealing Google’s driverless secrets in pledge to cut AUGUST GRAHAM The engineer is facing years in US attorney David Anderson said prison and a significant fine if that employees “cannot… stuff our @AugustGraham convicted. His lawyers yesterday pockets on the way out the door”. He ONE OF Uber’s former star engineers denied the allegations, adding they did not say whether Uber would also is a facing a possible 10-year jail sent- will prove he is innocent. face charges. ence after he was yesterday charged Prosecutors at the US Department The ride-hailing firm became execs’ pensions with stealing secrets from Google. of Justice claimed that Levandowski involved in 2016 when it bought Anthony Levandowski, one of took materials from Google after Levandowski’s startup Otto to boost Silicon Valley’s leading developers of deciding to form his own company its self-driving arm. ANNA MENIN British Land – made multiple driverless technology, allegedly took developing self-driving technology. “Silicon Valley is not the Wild changes, reducing contributions for information with him when he left The information included details West,” said FBI special agent John @annafmenin both existing and future directors. the search giant’s Waymo unit. on sensor technologies. Bennett. THREE in 10 FTSE 100 companies have Seventeen FTSE companies commit- pledged to cut their executives’ ted to giving new directors pension pension payments in response to contributions in line with the major- pressure from shareholders, as new ity of the workforce. data has revealed that investor rebel- Data published on IA’s Public Regis- lions are on the rise. ter – which tracks investor rebellions Research published today by the of more than 20 per cent – showed Investment Association showed that that shareholder dissent is on the 30 companies on the index have made rise, with a five per cent increase so significant changes to executive pen- far this year. sions during this year’s annual gen- “Shareholders have been very clear eral meeting (AGM) season. they want pension payments for exec- Of these, three companies (RBS, BT, utives to come down to the same level and Aviva) appointed new directors as the rest of the workforce and for with pension contributions in line diversity on boards to improve,” said with the majority of the workforce. Chris Cummings, the head of the IA, Four others – BP, Intercontinental in response to the figures released Hotels, Persimmon, and Centrica – today. £1 reduced current directors’ pension “Companies that do not take on contributions. board shareholder concerns risk EACH Six additional companies – ITV, facing yet more shareholder rebel- Direct Line, RSA, HSBC, Segro and lions next year.”

SLICE OF THE ACTION Papa John sizzles after appointment of new chief executive

SHARES in Papa John’s jumped almost nine per cent yesterday, after it hired the head of US restaurant chain Arby’s as its new chief. The world’s third-largest pizza chain picked Rob Lynch, replacing Steve Ritchie just 19 months after he took the job.

Arcadia restructure to go Prosecutors in raid on ahead after US landlords offices of Deutsche withdraw legal battles Boerse over tax probe JESS CLARK SEBASTIAN MCCARTHY @jclarkjourno @SebMcCarthy TWO US landlords have withdrawn THE OFFICES of Deutsche Boerse, their legal challenges to Sir Philip the operator of Frankfurt’s stock Green’s restructuring plan for his exchange, have been searched as embattled retail empire Arcadia. part of an investigation into a The businessman has reached an German tax fraud scandal. agreement with Vornado, which Public prosecutors have combed owns two Topshop stores in New through the premises of Deutsche York, and Californian landlord Boerse’s subsidiary Clearstream over Caruso, the company announced a share-trading fraud case. yesterday. “As in the past, Deutsche Boerse is The retail landlords had launched fully cooperating with the an offensive against the retailer’s authorities,” a spokesperson for the company voluntary arrangement. group said yesterday. 06 NEWS WEDNESDAY 28 AUGUST 2019 CITYAM.COM IN BRIEF US CONSUMER CONFIDENCE CHINA ANGRY OVER G7 NIGERIA WILL FIGHT $9BN SLIPS IN AUGUST STATEMENT ON HONG KONG AWARDED TO IRISH COMPANY SPENDING SPREE China announces US consumer confidence fell slightly in China’s foreign ministry said yesterday Nigeria said yesterday it will fight a measures to boost struggling economy August following an increase in July, that Beijing is resolutely opposed to a British court ruling which awarded $9bn according to a closely-watched gauge statement from the G7 summit that (£7.3bn) to an Irish firm in a dispute over yesterday, as expectations about the referenced the current unrest in Hong a gas project in the country. Information economy’s short-term prospects Kong. The G7 group “reaffirms the minister Lai Mohammed said the declined. Nonetheless, the drop in existence and importance of the Sino- company will not relinquish any assets in confidence was less than economists British Joint Declaration of 1984 on Hong a speech to journalists yesterday. “The had predicted as consumers remain Kong and calls for violence to be federal government is taking all relatively upbeat in the face of a trade avoided,” according to the statement. necessary steps to appeal the decision of war with China and a global slowdown. Foreign ministry spokesman Geng the UK Court, to seek a stay of execution The consumer confidence index (CCI) Shuang said: “We express our strong of the decision, to defend its rights and to from business body the Conference dissatisfaction and resolute opposition protect the assets of the people of the Board fell marginally to 135.1 in August to the statement made by the leaders of Federal Republic of Nigeria,” he said. from 135.8 in July. The year 1985 is the the G7 Summit on Hong Kong affairs. We Process and Industrial Developments 100 benchmark. American consumers have repeatedly stressed that Hong (P&ID) had been awarded the money, were upbeat about current business and Kong’s affairs are purely China’s internal which equates to a fifth of Nigeria’s employment conditions, however, with affairs and that no foreign government, currency reserves, after the government the present situation gauge rising to its organisation or individual has the right backed out of an agreement to provide a highest point in nearly 19 years. to intervene.” plant with natural gas.

THE CHINESE government yesterday announced measures to boost consumption in the country as its economy slows under the weight of the US trade war. Beijing said regions should relax limits on buying cars and promote spending. Employers still creating jobs as optimism slows

HARRY ROBERTSON ers comes despite falling business investment, a contraction in the man- @henrygrobertson ufacturing sector and a trade slow- UK EMPLOYERS are losing confidence down due to Brexit uncertainty, trade in the economy, but are nonetheless tensions and slowing global growth. looking to hire workers, a new survey Some economists have suggested has shown. that businesses could be hiring work- The balance of employers’ confi- ers instead of investing during an dence in the UK economy stood at uncertain period as new employees minus 26 in the three months to July, are cheaper in the short-term and can down one point from the February to be fired in a downturn. April period, according to the latest Almost half of the surveyed firms jobs outlook survey from the expressed concern about finding Recruitment and Employment enough suitable candidates to hire Confederation (REC). with unemployment at 45-year lows. The negative figure is close to its The government’s announcement lowest post-Brexit point and means that it will end the free movement of far more employers are pessimistic people instantly in the event of a about the economy than are opti- no-deal Brexit could exacerbate the mistic. Out of the more than 600 com- problem, the REC said. panies asked, 43 per cent thought the “These skills shortages are especially economy would get worse, while 17 acute in sectors like health and social per cent thought it would get better. care,” said Tom Hadley, director of Despite this pessimism, firms’ policy and campaigns at the REC. demand for permanent staff in- “With over 100,000 vacancies in the creased in the May to July period. The NHS and staff already working at full balance of firms seeking to hire stood capacity, the government’s recent at 19 compared with 16 in the previ- announcement on ending freedom of ous rolling quarter. movement has come at the worst pos- The growing desire to take on work- sible time.” Mitsubishi leads $50m funding round for London solar startup EMILY NICOLLE Montreal-based MacKinnon Bennett and the sustainable energy arm of @emilyjnicolle French utilities firm Engie. A CLEAN energy startup based in Bboxx targets homes and Chiswick has closed a $50m (£40.7m) businesses in developing countries, series D funding round, led by where communities often need off- Japanese car giant Mitsubishi. grid energy and mobile money is a Bboxx, which provides pay-as-you- widely adopted form of payment. go energy using in-home solar Today’s round follows a $31m systems paid for via mobile top-ups, investment by Africa Infrastructure will use the funding to power up its Investment Managers in January. international expansion efforts. Last year, EDF took a 50 per cent Other investors included the stake in Bboxx’s Togo unit. European funds Bamboo Capital Bboxx currently operates in 12 Partners and Doen Participaties, countries in Africa and Asia. Make your capital go further

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. 08 NEWS WEDNESDAY 28 AUGUST 2019 CITYAM.COM Pilots are on strike, but British Airways won’t be grounded for long

HE HOLIDAY plans of thous- Stephan public perception of British Airways However, although British Comparatively, Ryanair’s score is ands of Britons have been Shakespeare and Ryanair has dipped, with the Airway’s perception has suffered minus 9. put at risk by the threat of former suffering slightly more. more than Ryanair’s, it still comes If this pay dispute can be resolved, Tstrikes by British Airways Buzz scores (a net measure of first for customer contentment with then customer perception should and Ryanair staff. whether consumers have heard a Satisfaction score (whether rebound quickly. British Airways pilots are set to anything positive or negative about someone is a satisfied or dissatisfied strike on various dates throughout the brand in the last fortnight) were customer) of 29.8 over the past 12 £ Stephan Shakespeare is chief executive September over a pay dispute, after at plus 2.7 at the start of July and fell months. of YouGov the airline lost an appeal to block to minus 36.4 on 14 August – a the action. This led to customers YouGov data shows that public massive 39.1 point drop. Scores have BA HAS THE HIGHEST CUSTOMER SATISFACTION spending hours over the Bank opinion of strike action is negative; since recovered to minus 12.8, but Satisfaction score average over past 12 months (%) 29.8 Holiday trying to rebook flights. half of Brits feel that it’s an are still declining as action Ryanair pilots are also striking ineffective way of achieving change continues. 24.2 throughout September, having compared with just 32 per cent who Ryanair’s scores haven’t fared started their first action last week. It think it can work. So how has public much better, falling steadily from 16.0 insists most flights have taken off as perception of both airlines suffered? minus 15.6 to minus 32.0 over the 13.4 scheduled despite the protest. Since strike talks began in July, period (16.4 point drop). 8.2

-9.0 YouGov Brandindex 28/8/18 - 27/8/19 Brandindex YouGov Ryanair Flybe Jet2.com Virgin Atlantic Easyjet British Airways UK mortgage FREE eToro Trading approvals reach Course in association with City A.M. a two-year high

HARRY ROBERTSON director of the UK-wide mortgage broker Coreco, said: “July was the @henrygrobertson month when the odds of a no-deal BRITISH high street banks approved Brexit got a lot shorter and this the highest number of mortgages for clearly incentivised people to act.” house purchases in over two years in In non-seasonally-adjusted terms, July, according to financial services banks approved 95,126 mortgages for body UK Finance, in a sign of life in a house purchases, remortgaging and housing market which has struggled other secured lending in July, the Fancyy leancF learningarning hohoww tto trw trade?adeo ? Join multi-assemulti-asset invinvestmentest plaes platform etftment eToro forTorm foror a fro frfreeee under the weight of Brexit. highest monthly total since July 2009. There were 43,342 mortgages for Gross mortgage lending for homes trading ctr courseourading se on 30 AAugustugust 2019. house purchases approved by the by high street banks reached £26.1bn main high street banks last month in in July, three per cent higher than the ThrThroughoutoughout the day yyouou will eexploree trxplor tradingading essentials ttoo help yyouou cut thrthroughough the seasonally-adjusted terms, up from same month a year earlier. 42,775 in June and over 10 per cent Archer said: “Improved earnings noise, ccoveringering tvonoise, topicsopics such as ccyclicityyclicity and momovingving avaverages tagerving to lees leverageagervo e and marmargin.gin. higher than a year earlier. In season- growth in tandem with current ally-adjusted terms, the total number record high and rising employment The ccoursese is suitourThe suitableable ffor all lelevelsels – frvor fromom bebeginnersginner tginner to mors more eo experiencedxperience invinvestorsortesed ors of loans for house purchases, remort- may also be providing some help to gaging and other secured lending housing market activity.” and trtradersaderand s looking ttoo rrefreshefro esh their knoknowledgewledge – and it’it’s ccompletelyely FREE ttomples too sign-upsign-up..o combined was 82,761 in July, the Montlake emphasised Brexit, saying: highest figure since December 2016. “Borrowers have become increasingly HowHow is the coursec structured?sour trucse ed?tur “It is possible that mortgage activity worried that lenders could easily pull is being lifted by some people looking down the shutters in the event of a to complete their house purchases disorderly Brexit and also increase The ccourseourThe se is split up intinto ffour ko keyy leleeour learning arareas:as:earning before Brexit occurs on 31 October their rates so they’re getting on with given the major uncertainties as to it. Similarly, a lot of prospective buy- what will actually happen then,” said ers are wary that house prices could • The currcurrencyy markmarkenc markettey Howard Archer, chief economic bounce back quite sharply if no-deal • TypesTypes of trtradertr• ader - lelearnarn whawhatt type of trtrader YYOU arader areeOU adviser to the EY Item Club. proves to be a damp squib and the bal- • KeyK y tte• termserms - underunderstand kts keyy teand termserms with simple eexamplesamplesx Andrew Montlake, managing ance of power swings back to sellers.” • TradingT ading - er• eexplorexplore the essentials of currencycurr trenc tradingadingy

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Notice of Application for grant of a 30 AugusAugustt 2019 FEATURE Premises Licence Level39,veL el39, One Canada Square,Square, Hargreaves NOTICE IS HEREBY GIVEN THAT Supercity Aparthotels Ltd, 12 Albemarle Way, EC1V 4JB has applied to the City of London CanaryCanary WharfWharf,f,, LLondonondon E14 5AB should be Corporation on 20th August 2019 for the grant of a premises licence to use the premises The Chronicle, 4 Norwich Street, EC4A looking to 1DR for the provision of alcohol between the hours of 06:00am

Registrationtion aatrgiseR att 8:30am, 9am sstart. Tartt Too c. concludeonclude no lalaterter than 4pm. RRefreshmentseshmentefr s will bolster its The record of this application is held by the Licensing Authority and ƒ„‡˜‹‡™‡†‘–Š‡™‡„•‹–‡™™™Ǥ ‹–›‘ϐŽ‘†‘Ǥ‰‘˜Ǥ—‘”‹•’‡ –‡† be prprovidedobe vided on the day (lunch will nonot be prprovided).vided).ot oversight ƒ––Š‡‘ˆϐ‹ ‡•‘ˆ–Š‡‹–›‘ˆ‘†‘‘”’‘”ƒ–‹‘ǡ‘”– ‡ƒŽ–ŠƬ—„Ž‹  ”‘–‡ –‹‘ȋ‹ ‡•‹‰ȌǡƒŽ„”‘‘Šƒ”ˆǡ͹ͺǦͺ͵’’‡”Šƒ‡•–”‡‡–ǡ MIKE BARRETT ‘†‘ǡͶ͵†—”‹‰‘”ƒŽ‘ˆϐ‹ ‡Š‘—”•ȋ‹‰‹ƒ†˜ƒ ‡ˆ‘” ƒ’’‘‹–‡–Ȍ The ccourseourThe se will be led bby CCurrenciesurry encies & IndicIndices TTrader,aderres derr,, HenrHenry WWard,d, who boary boastss twtwtas twoo TALKS Any person wishing to submit representations to the application must CONCENTRATION give notice in writing to the Licensing Authority at the address shown decdecadesades of trtradingading eexperience,xperience, risk managementmanagement and marketmark t analysis.analysis.e ƒ„‘˜‡ǡ‰‹˜‹‰‹†‡–ƒ‹Ž–Š‡‰”‘—†•ˆ‘”‘„Œ‡ –‹‘„›ͳ͹–Š‡’–‡„‡”Ǥ RISK Representations must be received by the Licensing Authority by the PAGE 16 date given above. The Licensing Authority will have regard to any representations made when considering this application. Strictly RtricS RSVPSVP - ttly tto rSVP register ttgiseo to aer attendtto end email [email protected]@cityentv om –‹•ƒ‘ˆˆ‡ ‡—†‡”•‡ –‹‘ͳͷͺ‘ˆ–Š‡‹ ‡•‹‰ –ʹͲͲ͵ˆ‘”ƒ›‘‡ –‘”‡ Ž‡••Ž›‘”‘™‹‰Ž›ƒ‡ƒˆƒŽ•‡•–ƒ–‡‡–‹ ‘‡ –‹‘™‹–Šƒ With yyourour phone number tto cconfirmonfirm ao aattendance.e.endancttonfirm Ž‹ ‡•‹‰ƒ’’Ž‹ ƒ–‹‘ǤŠ‡ƒš‹—ϐ‹‡‘ ‘˜‹ –‹‘‹•͉ͷǡͲͲͲǤ CITYAM.COM WEDNESDAY 28 AUGUST 2019 NEWS 09

RICH TAPESTRY Major investor swallows £41m of Carpetright’s massive debt pile Bunzl ‘resilient’ UK to make 5G despite slowing Huawei decision of British sales ALEX DANIEL @alexmdaniel OUTSOURCER Bunzl’s half-year in the autumn results were yesterday helped by the weak ness of the pound as it boosted revenue and profit, despite UK sales lagging behind the rest of ALEX DANIEL frontrunner in the race to develop 5G its business. @alexmdaniel networks. ONE OF Carpetright’s largest shareholders has paid to take on £40.7m of its debt, The FTSE 100 distribution giant Britain’s mobile operators are sending shares up 9.3 per cent at the close. Meditor European Master Fund has un- reported a modest rise in pre-tax CULTURE secretary Nicky Morgan already pushing ahead with the 5G derwritten a loan from Natwest and Ulster Bank to retain its revolving credit facility. profit and nudged its dividend up yesterday said that the government rollout, all of them using Huawei two per cent. Shares closed down will decide whether to let Huawei’s equipment in non-core areas, mean- 0.3 per cent at 2,027p. equipment be used in its 5G networks ing a complete ban on the firm would Bunzl supplies everything from this autumn. force them to rip up their plans. rubber gloves and cleaning prod- Morgan noted that whatever deci- Morgan’s comments come after US Russian company sues Boeing ucts, to hard hats and packaging, sion it takes on the Chinese telecoms President Donald Trump discussed and operates a sizeable chunk of its giant, the government will ensure it the matter with Prime Minister Boris business in the US. is for the long term. Johnson on the sidelines of the G7 Pre-tax profit was £201m for the “We will make the right decision for summit in Biarritz, France, over the over 737 Max breach of contract first half of 2019, after reporting the UK. I would hope we could do weekend. £197m this time last year. Revenue something by the autumn,” Morgan “The president and Prime Minister ALEX DANIEL globe, following two crashes in which rose 4.7 per cent per cent to £4.5bn told the BBC. also addressed global security issues @alexmdaniel 346 people were killed. over the same period. Net debt “We’ve got to make sure that this is of mutual concern, especially Iran’s It now wants the order cancelled, increased by £36.3m to £1.4bn. going to be a decision for the long threat to freedom of navigation in the BOEING is facing its first lawsuit after revelations that it was a faulty Bunzl lifted its dividend to 15.5p, term, making sure that we keep all Gulf, tensions in Hong Kong, 5G and from an aviation industry customer part that caused both crashes. but this was weak against an our networks secure.” Huawei, and instability in Libya and of its 737 Max, after a Russian firm Avia has claimed the crashes were average dividend growth of nine The question of whether to include the Sahel region,” the White House that ordered 35 planes is said to have down to the “negligent actions and per cent over the past five years. Huawei in Britain’s plans for 5G said in a statement. sued it for breach of contract. decisions of Boeing,” according to the Chief executive Frank van Zanten mobile network infrastructure has The Trump administration has put Avia Capital Services, an aircraft Financial Times. It said Boeing had said: “Against the background of ignited a fierce debate over national the squeeze on the Chinese firm in leasing company that is a subsidiary de s igned a “defective” plane and was slowing macroeconomic and security. recent months, adding Huawei and of Russian firm Rostec, ordered 35 guilty of “withholding critical inform - market conditions… Bunzl has Huawei is the world’s biggest sup- many of its subsidiaries to its govern- 737 Max jets from Boeing before the ation” from US aviation regulator the produced a resilient operating plier of telecoms equipment and is a ment agency trading blacklist. model was grounded across the Federal Aviation Administration. performance.” 10 NEWS WEDNESDAY 28 AUGUST 2019 CITYAM.COM Cabinet ‘knew BA rapped after confusion on for years’ HS2 cancellations ALEXANDRA ROGERS @city_amrogers BRITISH Airways (BA) was yesterday rebuked by the UK’s aviation is over budget regulator for telling customers they will be un able to fly on strike days next month. JOE CURTIS ered in 2026, before a second phase BA pilots who are members of will connect Birmingham, Leeds and the British Airline Pilots’ Assoc- @joe_r_curtis Manchester by 2033. iation (Balpa) are set to strike on 9, THE GOVERNMENT is said to have Last month, transport minister 10 and 27 September in a row over known for years that HS2, Britain’s Nusrat Ghani told MPs in the pay and working conditions. controversial new high speed railway, Commons that HS2 would be deliv- South Western-operated trains will be affected by strikes this weekend The airline told custom ers: “We was running over budget and behind ered on budget and on time. have been working with the pilots’ schedule. Former chancellor George Osborne union, Balpa, to reach an The Department for Transport (DfT) discovered in May 2016 that phase one agreement on pay… We are now and HS2’s managers knew as early as of HS2 was already £1bn over its South Western rail travellers are making changes to our schedule. If 2016 about the project’s troubled £24bn budget, the BBC said. you have a flight booked with us on outlook, according to documents seen A DfT briefing document in Decem- those dates, it is likely that you will by the BBC. ber 2016 admitted that even if HS2 cut facing four days of strike action not be able to travel due to Balpa’s These papers date back to three costs elsewhere, “a significant gap to strike action. ” years ago, before parliament approved target price will remain”. ALEXANDRA ROGERS drag its heels” and “trying to mug off The Civil Aviation Authority said the first stage of the project. It would also have to open a year staff” with a policy which the union BA has not provided customers This suggests that MPs did not know later than planned, it added. @city_amrogers says would see the role of the guard with all of their available options, the true extent of HS2’s spending Prime Minister Boris Johnson last SOUTH Western Railway (SWR) is to “butchered completely”. leading to confusion among its projections and timescale when sign- week launched a review into the be hit by four days of strike action, SWR said: “It’s extremely disapp- customers. Director Richard Ste- ing off the initial phase. scheme amid fears over its costs and starting this Friday, as part of an ointing that despite having a date in phenson said the CAA had sought A DfT spokesperson said: “HS2 is deliverability. Costs have swollen from ongoing row over guard safety. the diary for what we hoped would an explanation from the airline. Europe’s biggest construction project an initial £55.7bn to £65bn, while RMT members are to strike from a be constructive talks… the RMT A BA spokesperson told City A.M. and like all major, complex projects, Johnson has admitted the final price minute past mid night on Friday 30 union has somewhat cynically it has been working with other delivery plans evolve over time.” of building HS2 could exceed £100bn. August to the same time on Monday decided to call further disruptive airlines to rebook all affected HS2 is due to link London and the A full review of HS2 is due to deliver 2 September. strike act ion, inflicting misery on our flights on other carriers, or would west midlands in a first phase deliv- a decision by the end of the year. The RMT said SWR “continues to customers and colleagues.” offer a full refund to customers.

ADVERTISEMENT FEATURE Jemma Jackson looks at the results NO-DEAL FEARS AND of interactive INVESTORS DIVERSIFY There has been a investor’s Brexit notable fall in poll and why there AWAY FROM UK AMIDST investors deciding is a fall in investor to filter out confidence CURRENCY CONCERNS market ‘noise’

flash poll by interactive in- vestor, the UK’s largest flat-fee markets, it's difficult for investors to investment platform, shows know how and when to invest. This is Athe prospect of a no-deal understandable, but also provides op- Brexit has knocked investor portunities for contrarian investors sentiment as the October 31 deadline willing to ride out volatility in the for leaving the EU edges closer. short term. Investors need to have clear Some 41% of investors polled in Au- goals and a diversified portfolio and gust said they have an investment strat- it’s important to take a long term egy in place and are sticking to it, view.” despite the ongoing Brexit uncertainty. Rebecca O’Keeffe, Head of Invest- This is down from 53% in March, sug- ment, interactive investor, says: “In- gesting that investors are feeling less vesting in non-UK assets has been a certain about the best course of action. very rewarding strategy since the EU In addition, there has been a notable referendum, with investors benefiting fall in investors deciding to filter out from the weakness in sterling - and market ‘noise’ and take a long-term higher returns in global markets. view – 23% in August compared to 32% Should the UK crash out of the EU in March. without a deal, sterling may fall even This is not to say that appetite for in- further from its current low level, so it vesting has waned, as the vast majority is no surprise that almost a quarter of of standard savings accounts still fail to investors polled said they are holding pay interest above the rate of infla- less in UK assets.” tion – meaning the value of sav- ings are eroded by the rising This article is provided for information cost of living in real terms. purposes only and is not intended to be a Indeed as uncertainty over personal recommendation to buy or sell the Brexit gridlock continues Jemma Jackson is any financial instrument or product, or to to mount over three years on Head of PR at up slightly from 36% in March to 37.5% gion. Fewer investors are sticking with adopt any investment strategy. from the EU referendum vote, Interactive Investor in August, overtaking the US-China their strategy and are increasing their more investors are growing trade war as number one investor weighting to companies with less ex- tired of putting their investment cember 2018. worry (32.4%). posure to the UK over fears of how decisions on hold. In August, 18% of Meanwhile, almost one in four Myron Jobson, Personal Finance Brexit will affect the value of sterling. respondents said they would not invest (24%) respondents said they’re holding Campaigner, interactive investor “We have seen an uptick in the num- until a firm decision has been made on less UK exposed stocks over fear of says: “The UK investment market has ber of investors investing in gold, as Brexit – but this was down seven per- what would happen to the pound if been buffeted by the ongoing Brexit fears over how stock markets will be af- READ MORE ONLINE centage points from 25% in March’s Britain leaves the 28-nation bloc with- uncertainty and the prospect of a no- fected by Brexit if and when the 31 Oc- poll and significantly lower than 31% out a deal. deal Brexit appears to have further tober deadline is met takes hold. The Keep up to date on our news at: in January’s instalment and 38% in De- In all, concerns over Brexit has crept soured investors’ appetite to the re- problem is that amid volatile stock www.ii.co.uk CITYAM.COM WEDNESDAY 28 AUGUST 2019 MARKETS 11

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RESTAURANT GROUP Hopes of avoiding P 155 Recession fear 27 Aug 148.10 150 drags indices a no-deal Brexit 145 ALL Street slipped yesterday, Wweighed down by financial 140 stocks as a deepening of the US Treasury yield curve inversion raised recession fears and uncertainty boosts mid-caps 21 Aug 22 Aug 23 Aug 26 Aug 27 Aug over any progress in trade talks between the US and China took a toll. Following Restaurant Group’s acquisition of Asian fusion chain Wagamama, The Dow Jones fell 124.66 points, or analysts expect the company’s profit before tax to rise 38 per cent to £27.8m in its 0.48 per cent, to 25,774.17, the S&P 500 interim results, due on 3 September. Peel Hunt issued a “Hold” recommendation lost 9.53 points, or 0.33 per cent, to ROMISES from Britain’s oppo- retailer’s £40.7m line of credit from its and a target price of 145p. 2,868.85, and Nasdaq dropped 26.79 sition parties to avoid a no- lenders. points, or 0.34 per cent, to 7,826.95. deal Brexit led to gains for the Serviced offices provider IWG scaled Stocks initially advanced, building Pdomestically focused mid-cap a life-time high with a four per cent PURETECH HEALTH on Monday’s bounce, as US President Donald Trump forecast another round index as well as blue-chip rise, after Sky News reported over the P holiday companies and airlines, weekend that the company was 300 of talks with Beijing. China’s foreign although a rise in the pound weighed planning a £3bn listing of its US arm 290 ministry, however, reiterated on the exporter-heavy FTSE 100. in New York. yesterday that it had not received any The blue-chip index, which earns 280 recent telephone call on trade. A deepening of the inversion in the more than two-thirds of its profits FTSE 270 27 Aug abroad, gave up 0.1 per cent to close at yield curve between the two- and 10- P 7,089.58 points. 7,250 260 269 year US Treasuries underscored fears about a weakening global economy. The FTSE 250 added 0.5 per cent to 7,200 250 19,335.88, tracking gains in sterling as “It is going to be pretty confusing some MPs vowed to try to pass a law to 7,150 and unfortunately, without some kind 21 Aug 22 Aug 23 Aug 26 Aug 27 Aug prevent a no-deal Brexit. 7,100 27 Aug of a major backpedaling on trade, to Travel and related firms, including 7,089.58 maybe slow things down and push Tui and British Airways owner IAG also 7,050 Healthcare company Puretech reported significant progress in the first six months things out, the economy is going to gained. Carpetright surged 11 per cent 7,000 of the year. Its affiliate firm Karuna listed on Nasdaq, and weight loss product suffer,” said Jack Ablin, chief invest- as its biggest shareholder, Meditor Cap- Gelesis Plenity received Federal Drug Administration approval. Puretech is mulling ment officer at Cresset Capital ital Management, is set to buy the 21 Aug22 Aug 23 Aug 26 Aug 27 Aug a US listing, and Liberum issued a “Buy” recommendation and 347p target price. Management in Chicago. CITY MOVES WHO’S SWITCHING JOBS

OAKNORTH e-commerce start-up that she co-founded in 2009 and KING & WOOD MALLESONS BAKER MCKENZIE OakNorth, the next-generation that was acquired by JP Morgan Chase. She sits on the Law firm King & Wood Mallesons has added to its Global law firm Baker McKenzie has hired banking credit platform, has appointed board of directors for EARN.org, a national San Francis- London corporate practice by appointing cross-border litigation partner Marc Florent to join its dispute Tiffany Teng as chief of staff, co-based non-profit tackling financial insecurity by M&A and private equity transactions partner Stewart resolution practice in London. Marc was previously at and Bloomberg veteran offering an online savings platform. Jeremy has worked Worthy. Stewart, who joins KWM from Winston & Allen & Overy. His hire plays a key role in further enhan- Jeremy Payne as director of for several global institutions, including: JP Morgan, S&P Strawn LLP, specialises in complex cross-border cing the firm’s financial services contentious offering and data product. Tiffany was Global Market Intelligence, Blackstone and Bloomberg, transactions, with a focus on in-bound UK investments is in line with its wider growth strategy. With 29 years’ previously at JP Morgan, where he spent the past seven years. At Bloomberg, he and English law deals throughout Central and Eastern experie nce, Marc is a notable practitioner regard ed for where she worked on the managed planning across a business unit comprised of Europe, the Middle East and Africa. He has strong his banking and finance litigation practice, which spans launch of several products, seven product managers, more than 100 engineers, experience working with leading private equity firms. the wholesale and retail banking sectors, asset man- including Chase Pay and the over 600 data analysts, and a $50m ($40m) annual In particular, in the automotive, sport, packaging, agement, funds and sponsors on a cross-border basis. In redesigned web platform external budget. During his tenure, he pioneered the manufacturing, retail, leisure and hospitality, clean addition, Marc is a strong commercial litigator and has behind www.chase.com. Prior to JP Morgan, Tiffany Scaled Agile planning, execution and accountability technology, metals and mining and oil & gas sectors. also substantial reputation for insolvency regulation and led the branding, social media, and content system, which was replicated across the company’s He is the second transactional partner to join King & contentious restructuring. Marc is recognised as a lead- production teams for Bloomspot.com, a daily-deal 5,000+ person global engineering and product team. Wood Mallesons in London in the past two months. ing individual in both the UK Legal 500 and Chambers.

To appear in CITYMOVES please email your career updates and pictures to [email protected] NEWS Consumer group warns shoppers Britain still attractive for being ripped off by special offers aerospace investment JESS CLARK to follow government pricing clearly still in the wrong, which ALEX DANIEL Germany was placed seventh. @jclarkjourno guidelines and has called on the numerous examples of dodgy @alexmdaniel The analysis also took into account competition watchdog to clamp discounts and never-ending offers. geopolitical risks such as Brexit, but SHOPPERS are at risk of being ripped down on rogue deals. “These retailers must stop tricking BRITAIN is the fourth-most attractive the UK was still judged a major player off, a consumer watchdog has Several major supermarkets were shoppers with deceptive deals country to invest in for the aerospace down to its “robust aerospace and warned, after an investigation found to be advertising misleading and spurious special offers – if and defence industries, according to defence industry”. uncovered misleading discounts and offers four years on from the not, the CMA [Competition and research. PwC head of UK aerospace and special offers at major UK implementation of new government Markets Authority] must intervene to Despite warnings from major indus- defence Roland Sonnenberg said: supermarkets. guidance, Which said. ensure that pricing guidelines are try players that Brexit uncertainty will “We’ve seen a lot of speculation that The probe, published today by Rules state that the information followed”. hamper investment in the sector, the uncertainty over Brexit terms and the Which, revealed that some super- retailers provide to shoppers must be Which has reported its findings to UK has been named the best European potential disruption to global supply markets offer multi-buy deals that fair and not cause a consumer to the CMA. country to invest in ahead of Ger- chains may impact the ability to cost more, discounts that refer to a overspend or buy a product that is A CMA spokesperson said: “It is many, according to PwC research. attract global investment and meet price that is not the most recent and inappropriate for them. important that special offers are Countries were ranked on a range of production timetables. offers in which items are sold at the Natalie Hitchins, head of home clear and honest so that people can factors including cost, economy, infra- “But this analysis shows that the UK discount price for most of the year. products and services at Which, said: judge for themselves whether they structure and tax policy. Ahead were continues to be a strong competitor The consumer group urged grocers “Many of the big supermarkets are represent good value.” the US, Canada and Singapore, while when it comes to investment.” 12 MARKETS WEDNESDAY 28 AUGUST 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1077 0.0069 €/$ 1.1091 0.0009 7089.58 19335.88 3899.22 25777.90 7826.95 2869.16 /$ 1.2287 0.0068 €/£ 0.9025 0.0057 5.40 99.75 0.64 120.93 26.79 9.22 /¥ 129.94 0.2587 €/¥ 117.30 0.5014

                               

Marshalls ...... 696.0 1.0 699.0 412.2 Future ...... 1170.0 96.0 1248.0 410.0 Great Portland Es . . . . .694.2 5.8 773.6 649.4 Mitchells & Butle ...... 349.5 5.5 353.0 238.0 GILTS FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6254.0 148.0 7155.0 5593.0 National Express . . . . .428.8 1.8 438.4 361.4 Polypipe Group ...... 387.0 -1.0 453.8 307.8 Redrow ...... 569.0 3.0 674.6 460.8 Goco Group ...... 77.0 -3.6 108.0 64.6 Hammerson ...... 232.6 5.1 492.4 203.9 Haynes Publishing . . . .220.0 0.0 227.0 160.0 PPHE Hotel Group . . .1820.0 40.0 1990.0 1495.0 Tsy 3.750 19 ...... 100.09 -0.03 103.1 100.1 ELECTRICITY 3i Group ...... 1079.0 -7.5 1164.5 756.2 Centrica ...... 66.7 1.1 155.6 64.6 Taylor Wimpey ...... 148.4 1.3 192.3 129.3 Intu Properties ...... 37.8 2.9 201.5 32.2 Tsy 2.000 20 ...... 101.35 0.02 102.4 101.3 3i Infrastructure ...... 300.5 1.0 303.0 240.3 National Grid ...... 854.1 1.1 889.2 748.7 Huntsworth ...... 93.4 -1.2 124.5 81.0 Rank Group ...... 176.4 6.2 183.6 135.0 Land Securities G . . . . .784.6 24.8 939.5 735.4 148.1 -1.0 221.9 111.9 Tsy 4.750 20 ...... 102.23 -0.02 106.2 102.2 Contour Global ...... 183.0 6.4 226.8 150.1 AJ Bell ...... 390.0 17.0 477.0 220.0 Pennon Group ...... 726.4 -0.6 792.8 684.2 INDUSTRIAL ENGINEERING Informa ...... 864.2 7.0 892.0 605.8 LondonMetric Prop . . . .208.2 2.2 215.2 172.7 Restaurant Group . . . . . Tsy 3.750 20 ...... 103.36 0.02 106.1 103.3 Allied Minds ...... 59.1 -0.5 84.2 37.3 ITE Group ...... 72.0 -0.7 83.7 56.3 Stagecoach Group . . . . .126.4 -0.6 177.0 115.5 Drax Group ...... 271.4 4.4 427.2 260.2 Severn Trent ...... 2052.0 22.0 2153.0 1770.0 Bodycote ...... 701.5 6.0 988.5 654.0 Primary Health Pr . . . . .138.6 2.2 139.0 106.4 TUI AG Reg Shs (D . . . . .825.6 21.8 1474.0 698.0 Tsy 2.500 20 ...... 355.28 -0.03 361.4 355.1 ...... 1128.5 4.5 1268.5 1008.0 Amigo Holdings ...... 159.6 -5.0 297.5 140.4 United Utilities ...... 795.0 7.8 873.6 682.4 ITV ...... 114.0 -0.9 165.5 103.6 776.6 3.8 789.0 585.2 SSE . . . . . Hill & Smith Hold . . . . .1152.0 3.0 1306.0 902.5 SEGRO ...... Wetherspoon (J.D. . . .1580.0 -35.0 1630.0 1066.0 Tsy 8.000 21 ...... 113.52 0.00 120.0 113.1 Arrow Global Grou . . . .194.0 0.0 273.0 167.2 IMI ...... 976.0 17.0 1227.0 870.0 Moneysupermarket. . . .367.5 -0.1 417.7 264.0 Shaftesbury ...... 839.5 11.0 928.5 739.5 Tsy 4.000 22 ...... 109.22 0.05 111.0 109.0 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .391.0 6.0 510.0 320.0 GENERAL INDUSTRIALS Pearson ...... 809.0 -9.0 1027.5 769.2 Whitbread ...... 4306.0 30.0 5114.0 3989.0 Melrose Industrie ...... 167.9 2.2 233.9 146.3 Tritax Big Box Re ...... 141.2 2.4 159.7 129.0 William Hill ...... 163.1 -0.5 265.5 132.3 Tsy 0.500 22 ...... 100.52 0.10 100.5 97.7 Halma ...... 1951.5 -8.0 2094.0 1237.0 Ashmore Group ...... 468.4 2.4 542.5 341.2 Smith (DS) ...... 331.7 7.5 510.6 292.2 Reach ...... 92.7 -0.8 94.5 54.6 RHI Magnesita N.V . . .4490.0 58.0 5000.0 3318.0 Unite Group ...... 1058.0 9.0 1076.0 797.5 Wizz Air Holdings . . . .3639.0 86.0 3769.0 2329.0 Tsy 1.875 22 ...... 116.78 -0.01 118.3 115.5 Morgan Advanced M . . .247.2 -0.8 353.6 237.0 Brewin Dolphin Ho . . . .304.0 4.6 362.6 287.6 Smiths Group ...... 1572.5 -11.0 1666.0 1279.5 Rotork ...... 306.6 2.3 342.8 235.7 Relx plc ...... 1949.0 23.0 1978.0 1491.5 Workspace Group . . . . .868.5 9.0 1075.0 789.5 Tsy 2.250 23 ...... 107.70 0.11 107.9 104.7 Oxford Instrument . . .1348.0 0.0 1424.0 842.0 Charter Court Fin . . . . .280.5 0.5 375.0 228.8 Smurfit Kappa Gro . . .2490.0 78.0 3292.0 1934.0 Spirax-Sarco Engi . . . .7795.0 -80.0 9400.0 5900.0 Rightmove ...... 530.7 2.8 585.1 420.9 AIM 50 Tsy 2.500 24 ...... 375.95 -0.02 377.1 358.7 City of London In . . . . .409.5 -0.5 440.0 360.0 STV Group ...... 384.0 24.0 406.0 318.0 SOFTWARE & COMPUTER SERV. Renishaw ...... 3390.0-170.0 5520.0 3390.0 Vesuvius ...... 474.4 5.6 662.0 456.4 Weir Group ...... 1389.0 38.0 1920.0 1240.0 Abcam ...... 1169.0 -9.0 1539.0 1017.0 Tsy 0.125 24 ...... 115.19 -0.03 115.6 110.9 CMC Markets ...... 93.5 -0.4 184.6 77.4 WPP ...... 947.2 -5.0 1301.0 800.4 Avast ...... 384.0 -9.4 395.2 245.9 Spectris ...... 2285.0 -4.0 2898.0 1966.5 GENERAL RETAILERS INDUSTRIAL METALS & MINING Advanced Medical . . . .314.5 1.5 357.5 260.0 Tsy 5.000 25 ...... 125.68 0.11 125.9 122.1 EQUITY INVESTMENT INSTRUM. Coats Group ...... 73.0 -0.1 91.3 69.8 MINING Aveva Group ...... 3842.0 -10.0 4170.0 2284.0 Tsy 4.250 27 ...... 131.95 0.11 132.2 122.6 Georgia Capital ...... 1000.0 -26.0 1260.0 941.0 Auto Trader Group . . . .535.2 10.2 606.0 388.5 Computacenter ...... 1346.0 -78.0 1525.0 952.0 Alliance Pharma ...... 67.7 -0.8 95.0 60.0 Evraz ...... 483.1 1.6 709.4 442.1 ASOS ...... 2320.0 24.0 6192.0 2107.0 Tsy 1.250 27 ...... 139.69 -0.19 140.1 128.4 Aberforth Smaller . . . .1174.0 6.0 1362.0 1114.0 Hargreaves Lansdo . . .1909.0 20.0 2433.0 1633.0 B&M European Valu . . .365.1 10.1 426.3 278.6 Ferrexpo ...... 193.7 -8.2 301.3 143.5 Acacia Mining ...... 263.2 3.6 264.4 96.1 FDM Group (Holdin . . . .755.0 10.0 1000.0 734.0 Tsy 6.000 28 ...... 151.15 0.09 151.4 140.5 IG Group Holdings . . . .539.6 -5.0 915.0 474.8 Card Factory ...... 154.2 -0.5 209.0 152.7 Anglo American . . . . .1690.4 23.8 2266.0 1464.6 Blue Prism Group . . . . .871.5 -58.5 2575.0 865.5 Alliance Trust ...... 794.0 7.0 838.0 672.0 Funding Circle Ho ...... 112.6 -4.4 440.0 99.0 9925.0 50.0 11750.0 9100.0 Tsy 0.125 29 ...... 133.16 -0.15 133.3 118.8 Apax Global Alpha . . . .159.0 1.5 159.0 127.0 IntegraFin Holdin . . . . .391.5 1.5 406.1 269.0 Dixons Carphone . . . . .108.6 -0.4 178.6 104.9 INDUSTRIAL TRANSPORTATION Antofagasta ...... 810.4 -1.6 1022.5 727.2 Kainos Group ...... 485.0 -11.0 676.0 365.0 Camellia ...... Tsy 4.750 30 ...... 146.35 0.07 147.0 132.1 Intermediate Capi . . . .1332.0 -19.0 1429.0 899.0 BHP Group ...... 1672.6 -7.8 2049.0 1490.6 ocus Inter . . . . .1566.8 -2.4 2491.6 1434.4 CareTech Holding . . . . .373.0 2.0 406.0 325.0 AVI Global Trust ...... 739.0 4.0 781.0 660.0 Dunelm Group ...... 865.0 -6.5 981.0 482.8 BBA Aviation ...... 308.4 2.6 324.8 207.0 Micro F Central Asia Meta . . . . .186.4 -1.4 266.5 180.0 Tsy 4.125 30 ...... 399.48 -0.19 400.2 355.2 5.0 -2.0 866.0 663.0 International Per ...... 92.0 3.0 240.2 88.5 Inchcape ...... 574.0 1.0 701.0 486.6 Centamin (DI) ...... 149.2 8.3 150.3 79.8 Baillie Gifford J ...... 78 Clarkson ...... 2340.0-130.0 2900.0 1878.0 Playtech ...... 363.9 -14.7 532.0 352.9 Clinigen Group ...... 877.5 -2.5 1069.0 721.0 Tsy 4.250 32 ...... 144.26 0.03 145.3 128.5 Bankers Inv Trust . . . . .922.0 0.0 970.0 766.0 Investec ...... 413.3 1.9 561.0 400.7 JD Sports Fashion . . . . .603.6 2.8 649.8 318.5 Fresnillo ...... 697.6 13.2 1027.5 601.0 Fisher (James) & . . . .2125.0 -25.0 2260.0 1600.0 Sage Group ...... 693.0 5.4 820.4 525.6 23.0 395.0 Tsy 1.250 32 ...... 164.92 -0.26 165.3 144.1 BBGI SICAV S.A. ( ...... 156.0 1.0 168.0 142.5 IP Group ...... 59.5 1.8 131.2 57.1 Just Eat ...... 756.0 -16.2 812.0 533.8 Glencore ...... 223.8 -1.7 341.5 222.1 Softcat ...... 1001.0 11.5 1002.0 565.0 CVS Group ...... 866.5 1.5 10 Royal Mail ...... 206.9 5.9 489.0 188.4 Dart Group ...... 758.0 9.5 1017.0 709.5 Tsy 0.125 36 ...... 159.50 -0.47 160.1 133.4 BlackRock Smaller . . . .1412.0 -4.0 1490.0 1160.0 John Laing Group . . . . .355.0 2.0 402.0 296.2 Kingfisher ...... 193.0 2.4 280.0 188.0 Hochschild Mining . . . . .218.4 11.6 226.0 149.1 Sophos Group ...... 388.6 -4.4 539.5 298.2 Tsy 4.250 36 ...... 153.10 -0.03 154.5 133.1 JTC ...... 359.0 -1.0 440.0 287.0 Marks & Spencer G . . . .189.6 2.9 299.1 180.4 Kaz Minerals ...... 390.0 -5.5 738.4 378.8 Diversified Gas & ...... 101.5 0.0 134.0 97.0 BMO Global Smalle . . .1338.0 -8.0 1495.0 1220.0 Draper Esprit ...... 445.0 -3.0 625.0 429.0 Tsy 4.750 38 ...... 168.23 -0.15 170.4 144.9 Caledonia Investm . . .3045.0 -5.0 3110.0 2650.0 Jupiter Fund Mana . . . .343.2 1.9 432.0 287.6 Polymetal Interna . . . .1151.0 35.0 1158.5 597.2 SUPPORT SERVICES Tsy 0.625 40 ...... 182.05 -0.60 182.9 152.8 City of London In . . . . .405.0 2.0 431.5 376.0 Liontrust Asset M . . . . .744.0 -14.0 816.0 532.0 Rio Tinto ...... 3934.5 10.0 4976.5 3486.0 Aggreko ...... 773.6 0.8 879.8 691.8 Eland Oil & Gas ...... 121.8 1.2 134.0 97.0 EMIS Group ...... 1110.0 -22.0 1242.0 864.0 Tsy 4.500 42 ...... 172.54 -0.22 175.2 145.9 Edinburgh Inv Tru . . . .549.0 1.0 695.0 535.0 LMS Capital ...... 55.0 -1.3 56.3 44.0 MOBILE TELECOMS Ashtead Group ...... 2153.0 6.0 2438.0 1586.5 Tsy 3.500 45 ...... 154.98 -0.25 157.5 128.0 London Finance & . . . . .38.5 0.0 42.5 37.5 Fevertree Drinks . . . . .2270.0 27.0 3956.0 2070.0 F&C Investment Tr . . . .692.0 -2.0 737.0 616.0 BCA Marketplace ...... 241.8 0.2 247.0 178.5 t Derivatives . . . . .2315.0 25.0 4330.0 2050.0 Tsy 4.250 46 ...... 176.20 -0.25 179.2 145.7 Fidelity China Sp ...... 213.0 2.0 250.0 182.4 London Stock Exch . . .6840.0 8.0 7058.0 3867.0 Inmarsat ...... 587.0 4.6 587.0 362.8 Bunzl ...... 2027.0 -6.0 2551.0 1966.5 Firs Tsy 4.025 49 ...... 183.73 -0.21 186.8 150.0 Man Group ...... 172.6 3.7 183.0 126.8 MAIN CHANGES UK 350 Vodafone Group ...... 151.3 0.9 175.3 123.3 Frontier Developm . . . .915.0 -17.0 1385.0 740.0 Fidelity European . . . . .247.0 0.5 257.5 202.0 Capita ...... 124.8 3.2 150.2 99.9 Gamma Communicati .1010.0 -25.0 1195.0 688.0 Tsy 0.500 50 ...... 218.48 -0.85 219.3 173.7 Fidelity Special ...... 255.0 0.0 277.0 220.0 OneSavings Bank . . . . .341.6 0.0 447.4 326.6 OIL & GAS PRODUCERS DCC ...... 6894.0 112.0 7390.0 5555.0 Tsy 0.250 52 ...... 216.77 -0.81 217.3 168.8 Finsbury Growth & . . . .923.0 4.0 956.0 740.0 Paragon Banking G . . .429.0 2.0 480.6 379.2      Diploma ...... 1552.0 3.0 1634.0 1150.0 GB Group ...... 559.0 -4.0 631.0 410.5 Plus500 Ltd (DI) ...... 708.6 -5.4 1647.0 495.0  BP ...... 488.1 0.1 598.3 485.9 Gooch & Housego . . . .1002.0 -13.5 1880.0 954.0 GCP Infrastructur ...... 126.2 0.0 130.8 122.4 Electrocomponents . . .569.0 -0.8 761.6 480.0 Hurricane Energy ...... 44.5 0.7 60.8 38.9 AEROSPACE & DEFENCE Genesis Emerging . . . .758.0 4.0 783.0 615.0 Provident Financi ...... 411.5 30.3 687.6 356.0 Future ...... 1170.0 8.9 TI Fluid Systems ...... 165.4 -7.3 Cairn Energy ...... 160.9 -0.3 244.0 140.0 Equiniti Group ...... 201.6 4.5 266.0 186.2 Quilter ...... 126.6 0.8 156.6 110.6 Intu Properties ...... 37.8 8.4 Computacenter ...... 1346.0 -5.5 Energean Oil & Ga . . . . .991.0 -23.0 1082.0 520.0 Impax Asset Manag . . .232.5 2.5 295.0 184.0 BAE Systems ...... 541.0 -0.2 636.2 443.9 Greencoat UK Wind . . .138.6 -0.4 143.2 124.2 Essentra ...... 403.8 2.2 455.6 325.4 HarbourVest Globa . . .1690.0 4.0 1726.0 1326.0 Rathbone Brothers . . .2335.0 35.0 2634.0 2085.0 Provident Financia ...... 411.5 8.0 Clarkson ...... 2340.0 -5.3 Premier Oil ...... 75.6 0.7 143.6 55.6 Experian ...... 2535.0 20.0 2565.0 1728.5 Iomart Group ...... 330.0 -13.0 475.0 308.0 Cobham ...... 161.9 -0.2 168.3 96.8 2 104.0 51.6 Herald Investment . . .1310.0 6.0 1364.0 1055.0 Real Estate Credi ...... 165.0 -0.5 175.5 163.0 Royal Dutch Shell . . . .2248.0 -18.5 2666.0 2213.0 . . . . .5884.0-100.0 6556.0 4749.0 IQE ...... 53.9 -1. Meggitt ...... 614.0 -3.2 621.8 458.0 NMC Health ...... 2298.0 6.5 Renishaw ...... 3390.0 -4.8 Ferguson ...... James Halstead ...... 500.0 8.0 532.0 367.0 0 Record ...... 31.1 -0.2 42.1 27.3 Royal Dutch Shell . . . .2243.0 -9.0 2705.5 2227.0 G4S ...... 172.1 3.7 252.2 168.3 QinetiQ Group ...... 283.0 -1.0 312.4 267.0 HGCapital Trust ...... 215.5 6.5 220.0 175. Centamin (DI) ...... 149.2 5.9 British American T ...... 2832.0 -4.4 Johnson Service G . . . . .169.2 1.8 176.0 113.6 HICL Infrastructu ...... 167.4 0.0 170.1 149.9 River and Mercant . . . .260.0 -5.0 330.0 212.0 Hochschild Mining ...... 218.4 5.6 Ted Baker ...... 912.0 -4.1 Tullow Oil ...... 210.3 3.4 266.3 165.2 Grafton Group Uni . . . . .716.0 -1.0 937.0 630.0 Rolls-Royce Holdi . . . . .748.6 -1.4 1016.5 730.0 S&U ...... 2060.0 10.0 2605.0 1767.5 Hays ...... 144.2 0.2 212.0 135.7 Keywords Studios . . . .1588.0 22.0 2050.0 900.0 Senior ...... 201.6 0.6 327.8 185.4 International Pub . . . . .165.4 0.2 165.6 146.8 Go-Ahead Group ...... 2124.0 5.5 Ferrexpo ...... 193.7 -4.0 OIL EQUIPMENT & SERVICES American . .466.0 0.0 494.5 386.5 Sanne Group ...... 512.0 -19.0 752.0 450.0 ...... 1100.0 0.0 1263.0 849.0 Learning Technolo . . . .126.0 3.2 166.5 62.2 Ultra Electronics . . . . .2172.0 10.0 2210.0 1232.0 JPMorgan Homeserve . . M&C Saatchi ...... 220.0 6.0 394.0 206.0 JPMorgan Emerging . .984.0 -6.0 1066.0 759.0 Schroders ...... 2671.0 33.0 3210.0 2334.0 Riverstone Energy ...... 700.0 5.3 Playtech ...... 363.9 -3.9 Hunting ...... 432.2 4.4 849.0 414.2 Howden Joinery Gr . . .536.6 -2.8 573.4 416.4 BANKS JPMorgan Indian I . . . . .718.0 16.0 790.0 566.0 Standard Life Abe . . . . .250.7 10.0 376.7 224.9 AJ Bell ...... 390.0 4.6 Funding Circle Hol ...... 112.6 -3.8 Petrofac Ltd...... 406.0 7.3 663.4 381.5 Intertek Group ...... 5332.0 -32.0 5962.0 4387.0 M. P. Evans Group . . . . .687.0 23.0 800.0 637.0 TP ICAP ...... 289.5 1.5 324.5 267.2 Standard Life Aber ...... 250.7 4.2 Sanne Group ...... 512.0 -3.6 Wood Group (John) . . .390.1 -1.1 796.4 384.7 Midwich Group ...... 504.0 -12.0 685.0 490.0 Bank of Georgia G . . . .1391.0 22.0 1878.8 1310.0 JPMorgan Japanese . . .450.0 2.0 465.0 367.0 Network Internati . . . .588.0 -1.0 628.0 500.0 Mortgage Advice B . . . .558.0 -28.0 720.0 490.0 Jupiter European . . . . .847.0 -6.0 895.0 666.0 Walker Crips Grou ...... 25.3 0.0 39.0 24.0 Pagegroup ...... 427.6 1.2 623.5 415.0 Barclays ...... 136.7 -1.4 183.7 136.5 XPS Pensions Grou . . . .116.5 -2.5 178.5 95.0 PERSONAL GOODS Naked Wines ...... 249.5 -10.0 420.5 219.0 Law Debenture Cor . . .562.0 0.0 620.0 534.0         PayPoint ...... 914.0 3.0 1118.0 748.0 Close Brothers Gr . . . . .1297.0 12.0 1660.0 1227.0 Mercantile Invest . . . . .204.0 3.0 219.0 168.0 Burberry Group . . . . .2109.0 -26.0 2345.0 1623.5 Rentokil Initial ...... 447.8 3.9 458.6 284.8 Next Fifteen Comm . . .572.0 -2.0 658.0 469.0 CYBG ...... 135.9 -3.2 338.4 132.0 FIXED LINE TELECOMS Nichols ...... 1720.0 -37.5 1880.0 1240.0 Monks Inv Trust ...... 904.0 -5.0 964.0 710.0 Next ...... 5882.0 116.0 6064.0 3991.0 PZ Cussons ...... 206.0 0.5 244.0 178.6 Robert Walters ...... 510.0 0.0 475.0 814.0 HSBC Holdings ...... 580.9 -5.5 690.6 580.9 BT Group ...... 160.0 1.1 264.7 157.7 NON LIFE INSURANCE Numis Corporation . . . .237.0 5.0 422.0 221.5 ng Gr . . . . .49.8 -0.2 66.6 48.6 Murray Internatio . . . .1152.0 8.0 1208.0 1056.0 Pets at Home Grou . . . .231.0 0.4 233.0 110.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 142.0 1.0 147.4 84.1 Lloyds Banki NB Global Floatin ...... 88.9 0.1 93.0 87.6 TalkTalk Telecom ...... 101.5 0.2 137.0 96.6 SIG ...... 126.5 1.6 153.0 102.2 Polar Capital Hol . . . . .508.0 -8.0 644.0 448.0 Metro Bank ...... 270.4 1.8 3050.0 262.0 Sports Direct Int ...... 246.0 -0.6 389.1 214.0 Admiral Group ...... 2165.0 8.0 2300.0 1932.5 Purplebricks Grou . . . . .126.4 -2.0 300.0 90.0 NextEnergy Solar . . . . .120.0 0.5 124.5 108.0 Telecom Plus ...... 1182.0 -22.0 1528.0 1010.0 Ted Baker ...... 912.0 -39.0 2378.0 800.0 Beazley ...... 586.5 -4.0 599.0 492.6 AstraZeneca ...... 7240.0 -73.0 7412.0 5325.0 Travis Perkins ...... 1251.0 7.0 1465.0 970.0 Royal Bank of Sco . . . . .184.2 1.2 270.4 177.7 Dechra Pharmaceut . .2958.0 -28.0 3128.0 2014.0 Redde ...... 111.2 -0.4 196.0 90.0 Standard Chartere . . . .606.8 -7.6 736.8 519.8 Pantheon Internat . . .2285.0 -10.0 2330.0 1955.0 FOOD & DRUG RETAILERS Vivo Energy ...... 119.0 -0.8 146.9 96.0 Direct Line Insur ...... 289.0 1.3 366.5 285.0 TOBACCO Renew Holdings ...... 387.0 7.0 436.5 333.0 . . .292.5 0.5 364.5 284.5 Genus ...... 2600.0 14.0 2884.0 2098.0 TBC Bank Group ...... 1276.0 0.0 1728.0 1242.0 Perpetual Income . WH Smith ...... 1993.0 6.0 2186.0 1697.0 Hastings Group Ho . . . .187.0 0.6 274.2 174.0 RWS Holdings ...... 605.0 2.0 652.0 415.5 Pershing Square H . . . .1516.0 4.0 1548.0 990.0 Greggs ...... 1966.0 -19.0 2476.0 1006.0 Hiscox Limited (D . . . .1585.0 5.0 1777.0 1418.0 GlaxoSmithKline . . . . .1687.2 -4.0 1730.0 1418.0 British American . . . .2832.0-129.0 3909.0 2375.0 Morrison (Wm) Sup . . .182.2 0.4 268.6 176.9 HEALTH CARE EQUIPMETN & S. Hikma Pharmaceuti . .2041.0 8.0 2064.0 1510.5 Scapa Group ...... 226.5 0.5 473.4 157.0 BEVERAGES Personal Assets T . . .42800.0-100.0 43150.038900.0 Lancashire Holdin . . . . .697.5 -5.5 725.5 530.0 Imperial Brands . . . . .2061.5 6.5 2800.0 1846.8 Secure Income Rei . . . .435.0 3.0 438.0 371.0 Polar Capital Tec . . . . .1402.0 8.0 1500.0 1066.0 Ocado Group ...... 1236.0 36.0 1435.0 749.8 Assura ...... 68.9 0.7 69.9 52.4 RSA Insurance Gro . . . .528.6 -2.4 640.6 496.6 PureTech Health ...... 269.0 -1.0 292.0 154.8 Barr (A.G.) ...... 603.0 -3.0 975.0 602.9 Sainsbury (J) ...... 196.3 -0.6 336.4 177.1 TRAVEL & LEISURE Serica Energy ...... 113.0 -2.8 142.0 74.9 Britvic ...... 856.0 -3.0 956.0 745.0 RIT Capital Partn . . . . .2100.0 5.0 2150.0 1892.0 Convatec Group ...... 177.7 1.2 239.0 118.6 Sabre Insurance G . . . .264.5 0.0 294.0 249.0 REAL ESTATE INVEST. & SERV. SSP Group ...... 699.0 -8.0 744.4 615.1 . . . .3407.0 -27.0 5000.0 3332.0 Smart Metering Sy . . . .452.0 -9.4 665.0 448.8 Coca-Cola HBC AG . . .2689.0 21.0 3074.0 2244.0 Riverstone Energy . . . .700.0 35.0 1282.0 635.0 Mediclinic Intern ...... 318.3 -0.4 498.7 293.4 Carnival ...... Telford Homes ...... 349.0 0.5 430.0 267.0 9.0 Tesco ...... 213.7 1.1 258.2 189.6 LIFE INSURANCE BMO Commercial Pr . . .107.6 -1.0 149.4 106.0 Diageo ...... 3444.5 26.5 3526.0 2523.5 Schroder Asia Pac . . . .430.0 -4.0 469.5 37 NMC Health ...... 2298.0 141.0 3976.0 1801.5 Cineworld Group ...... 232.2 3.1 323.6 212.0 Thorpe (F.W.) ...... 308.0 -14.0 340.0 248.0 Scottish Inv Trus ...... 806.0 2.0 888.0 748.0 UDG Healthcare Pu . . . .796.0 -6.5 821.0 551.0 Capital & Countie . . . . .204.7 4.1 279.5 184.9 075.0 25.0 2110.0 1483.0 Smith & Nephew . . . . .1937.5 4.5 1945.0 1258.0 Aviva ...... 358.5 -2.9 497.0 357.6 Compass Group . . . . .2 Watkin Jones ...... 218.0 3.0 232.5 192.2 CHEMICALS Scottish Mortgage . . . .508.0 -3.0 568.5 441.4 FOOD PRODUCERS Legal & General G . . . . .219.7 -2.0 291.2 218.6 CLS Holdings ...... 245.5 0.5 255.0 195.4 Domino's Pizza Gr . . . . .235.6 -2.4 297.2 221.2 Economic . . . .116.8 -0.4 117.9 106.0 HHOLD GDS & HOME CONSTR. Daejan Holdings . . . .5490.0 0.0 6160.0 5420.0 281.6 0.2 285.0 155.8 Young & Co's Brew . . .1600.0 -20.0 1885.0 1322.5 Croda Internation . . . .4564.0 -16.0 5447.7 4524.0 Sequoia Phoenix Group Hol . . . .634.2 -5.4 724.8 544.0 EI Group ...... Young & Co's Brew . . .1150.0 -5.0 1275.0 1030.0 Smithson Investme . .1234.0 -2.0 1278.0 1000.2 Associated Britis . . . . .2267.0 -11.0 2638.0 2041.0 Barratt Developme . . . .647.2 11.2 663.0 434.0 Prudential ...... 1348.0 -14.5 1814.5 1334.1 Grainger ...... 248.0 3.8 278.5 205.8 FirstGroup ...... 128.4 0.7 129.6 79.3 Elementis ...... 146.2 -1.5 247.8 129.8 Syncona Limited N . . . .234.0 6.0 302.5 213.5 Bakkavor Group ...... 108.4 2.2 189.4 93.3 NewRiver REIT ...... 167.6 0.6 265.5 147.6 833.0 27.0 3673.0 2620.0 Bellway ...... 2926.0 37.0 3226.0 2419.0 St James's Place ...... 938.4 5.4 1164.5 914.0 Flutter Entertain . . . . .6754.0 34.0 7290.0 5525.0 Johnson Matthey . . . .2 Temple Bar Inv Tr . . . . .1176.0 6.0 1366.0 1116.0 Cranswick ...... 2714.0 38.0 3454.0 2472.0 Safestore Holding . . . . .673.5 13.5 673.5 499.4 Go-Ahead Group . . . . .2124.0 110.0 2200.0 1480.0 Sirius Minerals ...... 10.4 0.2 37.0 8.1 Berkeley Group Ho . . .3967.0 -2.0 4012.0 3226.0 MEDIA CONSTRUCTION & MATERIALS Templeton Emergin . . .755.0 -4.0 829.0 649.0 Greencore Group . . . . .208.0 0.9 230.0 162.9 Bovis Homes Group . .1055.0 8.0 1177.0 828.0 Savills ...... 853.5 25.0 957.0 678.5 Greene King ...... 840.4 -0.6 850.0 472.8 Synthomer ...... 301.4 1.8 532.1 279.8 Hilton Food Group . . . .970.0 3.0 1088.0 884.0 St. Modwen Proper . . . .411.5 5.5 441.5 365.0 Victrex plc ...... 1973.0 18.0 3408.0 1845.0 The Renewables In . . . .130.0 2.2 133.2 109.3 Countryside Prope . . . .303.2 4.2 353.2 270.0 4Imprint Group . . . . .2800.0 0.0 2940.0 1800.0 GVC Holdings ...... 610.8 1.0 1110.0 507.5 TR Property Inv T ...... 421.5 2.5 427.0 353.5 Tate & Lyle ...... 702.2 10.0 800.4 633.4 Crest Nicholson H . . . . .357.2 3.2 404.8 296.4 Ascential ...... 387.4 8.4 434.8 337.2 UK Commercial Pro . . . . .81.3 -0.3 92.7 80.2 InterContinental . . . .5086.0 -23.0 5738.0 3958.4 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .489.0 1.5 489.0 421.5 Unilever ...... 5095.0 85.0 5117.0 3931.0 McCarthy & Stone . . . . .138.0 1.7 142.7 110.0 Bloomsbury Publis . . . .231.0 -1.0 243.0 190.5 REAL ESTATE INVEST. TRUSTS International Con . . . . .422.7 2.9 711.4 413.5 . . . .127.4 -0.1 128.7 89.9 Balfour Beatty ...... 213.0 0.4 296.5 194.2 VinaCapital Vietn . . . . .346.0 -4.5 356.5 318.0 FORESTRY & PAPER Persimmon ...... 1930.0 20.5 2488.0 1836.0 Centaur Media ...... 39.5 0.0 56.5 34.7 Marston's ...... Witan Inv Trust ...... 208.5 0.0 226.4 189.6 Big Yellow Group . . . .1046.0 16.0 1062.0 852.5      CRH ...... 2660.0 16.0 2735.0 1971.5 Entertainment One . . .586.0 1.0 593.6 336.4 Merlin Entertainm . . . .452.0 0.0 453.4 307.1 Woodford Patient . . . . .42.0 -1.3 91.0 39.9 Mondi ...... 1596.0 19.5 2200.0 1510.5 Euromoney Institu . . .1380.0 0.0 1412.0 1132.0 British Land Comp . . . . .517.2 20.4 641.8 468.3 Millennium & Copt . . . .685.0 0.0 685.0 436.0  Galliford Try ...... 587.5 -2.0 1104.0 512.0 Derwent London . . . . .3196.0 38.0 3328.0 2761.0 Ibstock ...... 213.0 1.0 262.0 193.1 Worldwide Healthc . .2755.0 -10.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV ...... 85.16 0.06 92.71 56.32 3M...... 155.75 -0.37 219.75 155.08 ADIDAS N ...... 263.85 3.60 297.95 178.30 ABBOTT LABORATOR...... 83.65 0.53 88.76 65.22 AIR LIQUIDE...... 123.70 0.00 127.20 101.85 ADOBE ...... 289.45 0.71 313.11 204.95 AIRBUS BR...... 122.56 -0.28 133.86 77.50 ALPHAB RG-C-NV...... 1167.84 -1.05 1289.27 970.11 ALLIANZ...... 198.62 -0.94 218.70 170.50 ALPHABET-A...... 1170.82 -0.36 1296.98 977.66 AMADEUS IT GRP BR-A ...... 67.04 0.62 82.20 58.06 NEWSLETTERS AMAZON.COM ...... 1761.83 -7.04 2050.50 1307.00 ASML HLDG...... 193.46 1.04 211.50 130.12 AMERICAN EXPRESS...... 117.75 -0.78 129.34 89.05 AXA...... 21.26 -0.04 23.99 18.40 APPLE...... 204.16 -2.33 233.47 142.00 BANCO SANTANDER...... 3.47 -0.03 4.68 3.42 AT&T...... 34.72 -0.21 35.50 26.80 BASF N...... 58.10 -0.08 81.73 55.72 BANK OF AMERICA...... 26.47 -0.31 31.41 22.66 BERKSHIRE HATH RG-B...... 198.35 -1.85 224.07 1 6.10 BAYER N ...... 66.90 0.60 83.30 52.00 8 The biggest stories BOEING CO...... 354.73 -4.31 446.01 292.47 BBVA...... 4.29 0.01 5.79 4.19 CATERPILLAR...... 113.38 -1.04 159.37 112.06 BMW...... 59.41 -0.20 86.71 58.10 CHEVRON...... 115.83 0.09 127.60 100.22 BNP PARIBAS A...... 40.33 -0.23 55.34 38.14 direct to your inbox CISCO SYSTEMS ...... 46.79 -0.31 58.26 40.25 CRH PLC...... 29.50 0.23 34.87 26.53 CITIGROUP...... 61.66 -1.06 75.24 48.42 DAIMLER N...... 41.44 0.06 59.90 40.35 COCA-COLA CO...... 54.72 0.18 54.95 44.25 DANONE...... 80.60 0.90 81.16 59.72 COMCAST-A...... 43.60 0.25 45.30 32.61 DEUTSCHE POST N...... 29.13 0.12 32.20 23.43 COSTCO WHSL...... 292.38 13.92 293.44 189.51 DEUTSCHE TELEKOM N...... 14.83 -0.02 15.88 13.36 DOW...... 41.17 0.35 0.00 0.00 ENEL N...... 6.50 0.17 6.62 4.22 GET THE MORNING UPDATE, EXXON MOBIL...... 67.19 -0.66 87.36 64.65 ENGIE...... 13.66 0.16 14.39 11.31 FACEBOOK-A ...... 181.30 0.94 208.66 123.02 ENI N...... 13.30 0.08 16.67 12.92 GOLDMAN SACHS GR...... 198.07 -1.58 245.08 151.70 ESSILORLUXOTT ...... 132.85 1.35 133.55 95.50 CITY A.M.’S DAILY EMAIL HOME DEPOT...... 218.21 -0.44 222.66 158.09 FRESENIUS...... 44.00 0.10 69.76 38.50 IBM...... 131.17 1.18 154.36 105.94 IBERDROLA...... 9.30 0.04 9.40 5.68 INTEL...... 45.79 0.23 59.59 42.36 INDITEX...... 27.16 0.27 28.86 21.85 JOHNSON & JOHNSO ...... 129.64 1.84 148.99 121.00 ING GROUP...... 8.50 0.01 12.14 8.20 JPMORGAN CHASE...... 105.74 -1.13 119.24 91.11 INTESA SANPAOLO N...... 1.95 0.01 2.47 1.80 CITYAM.COM/NEWSLETTER MASTERCARD RG-A ...... 276.64 0.21 283.33 171.89 KERING...... 430.05 5.00 539.80 351.70 MCDONALD'S...... 216.05 -0.86 221.93 156.56 KON AH DEL BR...... 20.78 0.03 24.01 18.60 MEDTRONIC...... 107.54 0.65 109.70 81.66 L'OREAL...... 244.10 5.50 257.80 182.00 COMMODITIES CREDIT & RATES MERCK...... 85.52 -0.36 87.25 66.10 LINDE ...... 167.00 0.95 0.00 0.00 MICROSOFT...... 135.74 0.29 141.68 93.96 LVMH...... 359.85 6.25 392.65 242.30 NETFLIX...... 291.03 -3.95 386.80 231.23 Gold...... 1503.80 1.10 Copper Cash Official...... 5674.50 6.50 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 NIKE -B-...... 82.03 -0.22 90.00 66.53 MUENCHENER RUECKV N...... 217.80 -1.00 228.70 180.50 Silver...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 17.05 0.80 Aluminium Cash Official...... 1739.00 8.00 ORACLE ...... 52.39 0.26 60.50 42.40 NOKIA...... 4.47 -0.04 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.25 0.00 Brent Crude ...... 59.34 0.40 Nickel Cash Official...... 15755.00 16.00 PEPSICO...... 134.76 1.02 135.36 104.53 ORANGE ...... 13.52 0.09 15.25 13.08 Krugerrand...... 1505.60 -5.00 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 1.97 -0.07 Aluminium Alloy Cash Official...... 1156.00 -94.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor ...... -0.401 0.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ROY.PHILIPS...... 41.93 0.50 43.67 29.05 Palladium...... 1482.00 10.00 Cocoa Futures...... 2197.00 -20.00 LIBOR Euro - overnight...... -0.467 0.00 The vix index...... 20.31 0.99 PFIZER...... 34.34 -0.50 46.47 33.97 SAFRAN...... 128.25 0.25 137.20 99.98 Platinum...... 860.00 30.00 Coffee 'C' Futures...... 97.48 -0.02 LIBOR Euro - 12 months...... -0.385 0.00 The baltic dry index...... 2168.00 50.00 PROCTER&GAMBLE...... 120.55 1.23 121.76 78.49 SANOFI...... 77.87 0.92 80.44 71.74 Tin Cash Official...... 16025.00 125.00 LIBOR USD - overnight...... 2.088 0.00 Markit iBoxx EUR ...... 250.55 0.91 SALESFORCE.COM...... 153.57 -1.57 167.56 113.60 Feed Wheat Futures ...... 132.00 -1.50 SAP I...... 107.98 1.14 125.00 84.02 Lead Cash Official ...... 2082.00 -3.00 LIBOR USD - 12 months ...... 2.029 0.00 Markit iBoxx GBP ...... 359.38 2.39 TRAVELERS COS ...... 147.10 -0.24 155.09 111.08 SCHNEIDER EL...... 73.62 -0.18 81.36 57.54 Zinc Cash Official...... 2260.00 4.00 Soybeans Futures Continuation Contract...846.20 -7.00 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD ...... 263.37 -0.27 TWITTER...... 42.14 0.70 43.48 26.19 SIEMENS N ...... 88.89 0.38 114.10 84.72 UNITEDHEALTH GRO...... 222.93 -8.15 287.94 208.07 SOCIETE GENERALE...... 22.43 -0.12 35.01 20.81 WORLD INDICES UTD TECHS...... 124.57 -0.92 144.40 100.48 TELEFONICA ...... 6.14 0.09 8.06 5.86                 VERIZON COMM ...... 57.18 0.47 61.58 52.28 TOTAL...... 43.97 0.13 55.39 42.65 VISA RG-A...... 178.38 0.79 184.07 121.60 UNILEVER...... 55.14 0.80 55.40 45.30 FTSE 100...... 7089.58 -5.40 -0.08 S&P 500 ...... 2869.16 -9.22 -0.32 CAC 40 ...... 5387.09 36.07 0.67 Hang Seng...... 25664.07 -16.26 -0.06 WALGREENS BOOTS...... 49.45 -0.59 86.31 49.12 VINCI...... 97.82 1.02 98.62 69.98 FTSE 250 ...... 19335.88 99.75 0.52 Dow Jones I.A...... 25777.90 -120.93 -0.47 Swiss Market Index...... 9786.08 70.25 0.72 Shanghai Composite...... 2902.19 38.63 1.35 WALMART...... 112.42 0.43 115.49 85.78 VIVENDI...... 25.31 -0.02 26.69 20.80 FTSE All-Share ...... 3899.22 0.64 0.02 Nasdaq Composite ...... 7826.95 -26.79 -0.34 ISEQ Overall Index ...... 5831.34 88.00 1.53 STI Index...... 3061.86 -5.23 -0.17 WALT DISNEY...... 134.49 -0.12 147.15 100.35 VOLKSWAGEN VZ I...... 143.92 1.40 163.70 131.02 FTSE AIM All-Share...... 870.19 -1.23 -0.14 Xetra DAX ...... 11730.02 71.98 0.62 FTSEurofirst 300...... 1469.68 10.24 0.70 ASX All Ordinaries...... 6565.60 34.60 0.53 WELLS FARGO...... 44.75 -0.23 59.33 43.02 CITYAM.COM WEDNESDAY 28 AUGUST 2019 FEATURE 13 OFFICE POLITICS Let’s call time on poisonous workspaces

this can help define the ground rules Toxic habits in the workplace are making us for the way people work. stressed out, but there are ways to fix them In their absence, you’ll quickly find that tribes form with their own poi- sonous ethics. HEN we feel in control, Anna This happens because different de- we can grow, develop, Baréz-Brown partments have clear goals and aims, and become better peo- which inform how they think: for in- ple. Surely this state of TIME TO stance, sales will be target-driven, W LEAVE mind is crucial for an ef- while marketing will be creative. fective working environment? Without a common set of values, they An increasing focus on workplace Totaljobs may see others as “the enemy”. wellbeing suggests that there is a shift Free Once values are in place, it’s vital in the right direction, but can stress that you start breaking down any em- and anxiety really be solved with table If your workplace bedded prejudices. This can be tennis and free pizza? ple go on the attack and try to domi- is particularly achieved by simply building empathy. The pace and intensity of many nate. They single out those that they toxic, no amount A good place to start is looking for workplaces is spiralling out of control. want to subjugate and change the way of free fruit or job where tensions lie, and then getting It’s a sad state of affairs when a re- an organisation thinks about them. perks will make the respective groups into a room. ported 595,000 of us are suffering you want to stay. Once there, each side can describe from workplace stress in the UK – and STONEWALLING Rather then grit how they feel. this doesn’t even include the number This happens when one person, group your teeth as you You then ask each side to step into of people who are too concerned of or department decides that they no march into the the other’s shoes and seriously try to the repercussions to report it. longer want anything to do with an- Can stress and pressure while also delivering news office each day, consider how they may feel in that sit- In response, many firms are trying other. People will keep information anxiety really that can seriously destabilise someone. maybe it’s time uation. It’s amazing how this can to fix the issue through wellbeing ini- away from those who need it, and be solved with to look for a new, calm situations quite quickly. tiatives such as free food or gym mem- may constantly cancel meetings. table tennis and CONTEMPT better place to This will also allow leaders to be- berships – but these don’t address the free pizza? This is the worst toxin of all. It’s al- work. This app come more aware of what’s going on root causes of workplace stress. DEFENSIVENESS most impossible to come back from a enables you to around them and in their teams on a Again and again, I meet people who People sometimes don’t listen and position where people or teams be- browse through truly human level. When we get to are at the end of their tether. jump to an aggressive defence of a po- lieve that their counterparts are hundreds of this level of humanity, people thrive Clearly, there needs to be change. sition, without considering why they worthless or beneath consideration. vacancies, and – and so do businesses. But before we can solve the problem, are doing so or what impact it can have. It may be hard to believe that busi- alerts you when With that in mind, creating a more we need to understand the toxins that nesses really can be like this, but it new positions welcoming workplace atmosphere can become endemic in an office. FLOODING does happen. So how can an office are posted. isn’t just “nice to have” – it is essential. This is when one group or person sys- overcome all these challenges? BLAME tematically overwhelms others to meet It starts with setting the right val- £ Anna Baréz-Brown is the co-founder of This is when people or groups of peo- a goal – for example, adding workload ues. When enforced at a senior level, Shine for Women. 14 OPINION WEDNESDAY 28 AUGUST 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Re-admit Russia to the G7? It TO THE EDITOR Let’s play airport should be expelled outright monopoly

[Re: BA owners slams Heathrow plans F REPORTS are to be believed, turned a global power into his per- come under attack, both military for expansion] the recent G7 summit was a sonal fiefdom. John and cyber, from the Kremlin. I note the dispute between Heathrow tense affair, mainly thanks to The Russian President is often de- Ashmore Emmanuel Macron has said that Airport Limited (HAL) and the chief IDonald Trump. From being the scribed as a leader, strategist, and resolving the conflict in Ukraine executive of IAG (owner of BA and Iberia) only head of government to master of global statecraft. He is all would be a “magic wand” that who commented that HAL was on a miss a meeting on climate change, of these things, but above all he is would let Russia back into the club, “massive gravy train” with a sense of to pitching his own Miami hotel re- perhaps the world’s most accom- but if he envisages Putin relinquish- anger and relief. sort for the next G7 summit, the US plished thief. ing control of Crimea, the French Anger, because HAL’s rising expansion President kept the other world lead- By bringing swathes of the Russ- President is more delusional than costs are a symptom of the government’s ers constantly on their toes. ian economy under government optimistic. It might arouse scorn in continued failure to run a truly competitive But one major flashpoint appears control, Putin has created a kind of the west, but the annexation was bidding process to decide who builds and to have been all but forgotten now state capitalism in which he and wildly popular in Russia, where manages Heathrow’s expansion. the summit is over: Trump’s insis- his associates, including childhood President Vladimir many think of the peninsula as Relief, because for too long HAL’s £14bn tence that Russia should be re-ad- friends, are the chief beneficiaries. Putin is perhaps theirs by right, and boosted Putin’s price tag, which it has recently changed to mitted into the club, from which it The scale of their larceny is aston- own personal ratings. just being for the new runway, has hidden has been suspended since the an- ishing. It is tricky to work out ex- the world’s most The idea of using entry to the G7/8 the true cost of its plans, which the Civil nexation of Crimea in 2014. actly how much has been stolen, as a bargaining chip to resolve the Aviation Authority has recently confirmed The fact that Russia was in the G8 but in his recent book Russia’s accomplished thief Ukraine conflict is wishful think- are well over £30bn. (as it then was) in the first place is Crony Capitalism, Swedish econo- ing. There is a stronger argument HAL’s monopolies both over the airport – remarkable. The original Group of mist Anders Aslund writes that a that the appropriate response to which allows costs to rise and be passed Six, formed in 1975, was conceived “reasonable assessment is that pri- the Russian government’s behav- on to the passenger – and over the as a gathering of like-minded liberal vate Russian assets held anony- While it is incidents like the Salis- iour is not readmission to the G7, Department for Transport’s attention democracies – the founding mem- mously abroad are about $800bn”. bury poisoning and the accusation but outright expulsion. needs to be stopped by the new secretary bers were France, Italy, Japan, West As Aslund notes, Russia might of interference in the 2016 US elec- That would be a signal of western of state for transport. Competition is Germany, the US and the UK, with have the trappings of western-style tion that make the headlines, we support for Ukraine, and also for needed to deliver an affordable and world- Canada joining a year later. capitalism – a McDonald’s here, a should not forget that the biggest the Russian people who are start- class expansion for passengers, and to You could have just about have de- Gucci handbag there – but it’s really victims of Putin’s rule are arguably ing to realise the extent to which ensure that alternative proposals like ours scribed Russia as a democracy when more akin to an aristocracy, particu- the Russian people themselves, their President is at fault for their are treated fairly. it entered the G8 back in 1998 larly in the way that those in Putin’s many of whom put up with a level suffering. Carlton Brown, chief executive, under Boris Yeltsin. However, inner circle are able to pass on jobs of poverty and despair that is al- Some may ask whether it really Heathrow West Vladimir Putin’s ascent to the pres- and favours to their children. most incomprehensible in a coun- matters if the G7 becomes the G8 idency quickly put paid to any no- For a while, with the economy try of such vast natural wealth. once more. After all, Putin himself tion that Russia might embrace buoyed by high commodity prices, A standard Kremlin response to seems pretty indifferent to the an- western-style governance. Putin could get away with it. Ordi- complaints is to accuse critics of nual gatherings, often asserting For while the headlines often focus nary Russians saw their living stan- “Russophobia” (even when they are that the real decisions are made at on the Kremlin’s meddling abroad, dards improve substantially in the themselves Russian). But contempt the G20. BEST OF it is worth remembering the effects years leading up to the 2008 finan- for the government is not the same But following Trump’s chosen TWITTER of Putinism on his own country. cial crisis, and he was credited with thing as contempt for the country path would send the message that There is now a dense literature on bringing not only prosperity but or its people – indeed, many of Russia can act with complete im- Johnson thinks he’s some sort of the damage that the former KGB stability after what most saw as the Putin’s most vocal critics love the punity and still be allowed a seat at absolute monarch, shutting man has wrought in almost two chaos of the Yeltsin era. nation deeply. the table. The rest of the G7 should Parliament & creating peers at will. decades of rule. Books such as Luke Since then, however, the economy There is also the small matter of resist Trump’s overtures and keep Charles II tried the bully-boy stuff. The Harding’s Mafia State and Arkady has been stagnant, with many of the countries on Russia’s periphery, Putin at arm’s length. people acted. Ostrovsky’s The Invention of Russia the brightest young Russians opt- not just Ukraine but also Georgia @acgrayling meticulously detail how Putin has ing to leave the country. and the Baltic States, which have £ John Ashmore is acting editor of CapX. It’s impossible to deny that Nigel Farage has – and continues to have – a massive impact on British politics, securing that 2016 referendum. Which is more than I can say for most that have been stuffed into the House of Supply and demand at work, or just good Lords over recent years – why should he be denied a peerage? bargaining? The reality behind CEO pay @darrengrimes_ Rather than filling the House of Lords with more rich old men on taxpayer REPORT published by De- more suitable word for these that the same argument applies to salaries it should be abolished or at loitte a couple of weeks grandiose packages. Paul corporate executives. least slashed to 100/200 peers ago will have enhanced After all, does not basic econom- Ormerod The huge growth in business @matt_gillow Athe feeling of holiday well- ics provide a sound justification for schools in recent decades, for exam- being for many people. their pay? In the textbooks, prices ple, has presumably led to a substan- Brexiters: Parliament is sovereign! We The median annual pay for bosses are set by the interaction of supply tial increase in the supply of people are taking back control! of FTSE 100 companies fell in 2018 and demand. If something is in capable of filling top executive roles. UK Parliament: Ok then, we are taking to £3.4m, compared to £4m in 2017. short supply, such as the skills of The fact is that, in many situations, back control This is the lowest level since 2014, executives, the price will be bid up. there is an inherent indeterminacy Brexiters: No, no, no, not like that when the UK brought in rules Remarkably, a more sophisticated around a price – or a pay package – @davidallengreen which require firms to report a sin- version of this argument is ad- in society, highly talented individu- when it is being set. The Oxford gle figure for chief executive pay. vanced by some leading members als have been able to leverage their economist Francis Edgeworth ar- I will do everything I can to stop a no- Criticism of the remuneration of of the economics profession. talents across global markets and gued over a century ago that “in deal bankers’ Brexit. top corporate executives has been Greg Mankiw, a top Harvard econ- capture rewards that would have pure economics there is only one @jeremycorbyn growing strongly for some time. In omist, is one of the biggest cheer- been unimaginable in earlier times. theorem, but that it is a very diffi- June, for example, the shareholders leaders. Technological change, he This is certainly the case with cult one: the theory of bargain”. I reckon “banker’s” is just Corbyn’s go- of Netflix voted down – albeit by a argues, usually increases the de- stars of popular culture and sport. Corporate executives have cer- to adjective for anything he doesn’t very narrow margin – the firm’s ex- mand for skilled labour. As such, A hundred years ago, for example, tainly exhibited great bargaining like. E.g. his wife cooks him a crap ecutive officer compensation plan. unless society is able to educate the only people who could have any skills in recent decades. But it dinner: “Darling, this is a banker’s Netflix grew from nothing in 1997 and train people so that the supply direct experience of Manchester seems that, at last, their bluff is stuffed pepper” to a current value of around $150bn, of skilled labour increases at least United playing football live were being called. @Madz_Grant and over the last four years its share as much as the demand, the earn- those present in the stadium dur- price has almost trebled. But share- ings of skilled workers will rise rel- ing the game. Now, the team can be £ Paul Ormerod is an economist at Jeremy Corbyn promises to do holders still did not like the chief ex- ative to the rest of the labour force. watched by literally billions around Volterra Partners LLP, a visiting professor “everything necessary” to halt no-deal ecutive’s proposed package. Technology is further invoked by the world, using a variety of deliv- at the UCL Centre for Decision Making Brexit, although not today as he’s Top executives may feel rather ag- some to justify the pay of those at ery channels, and the players reap Uncertainty, and author of Against the having a shed delivered. grieved at this mounting unease the top. Because of a truly dramatic huge amounts as a result. Grain: Insights of an Economic @haveigotnews over their “emoluments” – a much increase in the level of connectivity However, it is not at all apparent Contrarian, published by the IEA. CITYAM.COM WEDNESDAY 28 AUGUST 2019 OPINION 15

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam HS2 is spiralling out of control, DEBATE here’s what we could do instead Could ‘women-only’ spaces be the answer to preventing NTIL recently, Crossrail tunities, economic growth, and urban was cited as an example of John regeneration. By improving local rail sexism in the workplace? that miraculous phenome- O’Connell links, new commuter towns could be Unon: a government infra- built to ease the housing crisis and re- structure project running duce car journey times. Both the Mid- In our experience, “women-only” on time and on budget. We now know land and Chiltern main lines could be spaces work. A key cause of sexism is that Crossrail has run off track; it is electrified for £6bn, resulting in an unfounded lack of respect for the £3bn over its 2010 budget, and will shorter journeys and better air quality. opposite sex. But when you have a YES open more than two years late. And as well as the railways, we can’t women-only workplace, it results in The much maligned HS2 project forget road infrastructure. The Lower fundamental respect for colleagues, KSENIA TKACHEVA came with none of Crossrail’s opti- project and save the cash. Thames Crossing will relieve conges- which is a prerequisite when you are mism. It hasn’t even been fully signed But unless that saving is used for a tion on the M25 and ageing Dartford trying to create a high-performing, vouchers. But this is about more than off yet, but we know that there are big tax cut (which is hardly ever is), Crossings. For £1.3bn, Britain’s cohesive team who enjoy their jobs. that. One of our company values is grave concerns that the costs are al- that’s not the answer, especially at a longest road, the A1, could be up- Unintentionally, we have created an empathy, and women tend to be good ready spiralling out of control – so time when we need better, more in- graded to dual carriageway from all-female team in our workplace, and at putting themselves in somebody much so that last week the govern- novative infrastructure more than Durham to Edinburgh. In one fell we could not be happier. There is a else’s shoes. Business is all about ment announced a welcome (if be- ever, to take the opportunities pre- swoop, congestion would be eased kind of mutual understanding and building and navigating relationships, lated) review into the project. sented by Brexit while warding off and safety greatly improved. support that makes it easier for us to so allowing women a space to do this This effort to shine a light on the the challenges. We can also, of course, do far more do big things even as a small team. with confidence can be invaluable. true costs of HS2 speaks to a familiar Instead, the solution is to curb politi- to encourage the private sector to get Having a women-only team can lead story in which public sector capital cians’ unwelcome desire to go for big, involved with infrastructure projects to some obvious perks if you’re lucky – £ Ksenia Tkacheva is the co-founder projects run wildly over budget and shiny projects over smaller ones that too. Extracting shale gas springs to from office spa getaways to yoga studio of Superfood Bakery. are delivered late. On Monday, the deliver better value for money. mind, where stringent regulations TaxPayers’ Alliance (TPA) took a look Earlier this year, the TPA ran our have threatened to scupper the entire at 10 infrastructure projects – includ- Great British Transport Competition, venture. Research into areas like au- ing Crossrail – and found the total which aimed to uncover such initia- tonomous vehicles could also be cost overrun to be £17bn, with total tives that might give taxpayers more helped along by relaxing regulation, Sexism and inequality are big issues for delays of nearly 33 years. bang for their buck. and we could finally get on with ex- offices, and a raft of women-only co- We’re not just talking about trans- The final report looked at 28 such panding Heathrow. working spaces have launched. But port projects, either. We all remember projects, which cumulatively came in Britain needs to update much of its look at the data: our poll of 2,000 NO public sector bogeymen like the NHS at £45.1bn – far less than the current creaking infrastructure, and that female workers found that only eight Supercomputer, which had cost tax- estimates for HS2 alone. means spending money. It will make per cent thought that these spaces NAZIA SIDDIQ payers £10bn before the plug was fi- For example, the Skipton to Colne us competitive and help address flag- were the answer to tackling sexism. nally pulled. railway line could be brought back to ging productivity across the country. Some women undeniably feel safer be heavily geared towards men and A cursory glance through the re- life to boost local employment oppor- But if the public sector is going to and more empowered working in a contribute to a sexist environment. And ports archive of the National Audit Of- spend our funds, it must drastically im- female environment, but we believe instead of women-only spaces, we fice and the Public Accounts prove on project management so that that diversity drives success and that should celebrate female leaders, and Committee reveal reams of docu- The solution is to taxpayers get value for their money. workspaces should – in addition to the ensure that they have a prominent role ments consistently critical of public curb politicians’ So fewer glitzy vanity projects like obvious things such as stamping out in workplace decisions. sector project management. HS2, please, and more focus on initia- sexism – focus on other areas. In short, just make sure that yours is Given the colossal waste of taxpay- desire to go for big, tives that might actually work, run by For example, 43 per cent of our poll not one of the many spaces that are ers’ money, it might be easy to argue shiny projects people who know what they’re doing. respondents said that better flexible designed for men, by men. to cut back on capital spending until working options were most likely to we can get it right. As with HS2, the £ John O’Connell is chief executive of the improve equality. Culture also matters, £ Nazia Siddiq is the HR Director of argument is often to simply scrap the TaxPayers’ Alliance. like considering office perks that might BE Offices.

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The same funds also tend to crop up discounted prices to meet redemption sense for the same research processes Katherine three or four times across the MM range. requests. This in turn could be to be used for both the Wealth 50 and Denham For example, Artemis Income is included detrimental to the MM portfolios that MM funds. warns in four of the MM funds’ top holdings, hold the same fund. Mike Barrett from The Lang Cat says he with the £2.8bn Income and Growth fund But the final concern is that, because would be more concerned if the firm had that Hargreaves’ having as much as 17.3 per cent The company the same team select the funds for both two in-house views of what represents exposure. the Wealth 50 and the MM range, you the best funds. However, Barrett also fund overlap There are a number of reasons why this should be looking can’t help wondering whether this poses warns that a consequence is that you should be a cause for concern. to strengthen its a conflict – that is, those overseeing the could find that customers’ assets are could be a cause First, the risk is that a lot of client MM funds may not be making decisions concentrated into a relatively small money could be exposed to the same governance as the that are in the best interest of their number of funds. for concern fund managers. If any of these funds run clients because they want to avoid a “This is especially the case for into problems (as we saw with lessons from the knock-on effect on the best buy list, or Hargreaves Lansdown in its position of IVEN that diversification is one Woodford), that’s potentially hundreds of Woodford case vice versa. market leader,” he warns. “I would of the most important millions of pounds of client money that When City A.M. put this to Hargreaves, expect it will be looking to strengthen the principles of investing, we end up suffering the same fate. are learnt head of investment analysis Emma Wall internal governance around its fund Gshould question why the UK’s Hargreaves may continually analyse said: “There has always and will always selection process as the lessons from the largest investment platform the recommended funds, but the fact be an overlap between the Wealth 50 Woodford case are learnt.” Hargreaves Lansdown doesn’t seem to that it kept Woodford on its Wealth 50 for and MM funds – it’s the same analysis but Much of Woodford’s popularity was be following this basic idea. so long when he was in breach of expressed in two different ways.” due to Hargreaves heavily promoting his This became apparent in the wake of regulation doesn’t inspire confidence. When asked if this strategy exposed funds – and while the Wealth 50 buy list the scandal around Britain’s most Second, Hargreaves is the biggest them to a high level of concentration risk, has worked well (partly as a marketing famous fund manager, as £1.6bn was investment platform in the UK. The Wall pointed to a paper published by the tool for fund managers), it has been a funnelled into Neil Woodford’s still- sheer volume of money invested Financial Conduct Authority back in victim of its own success, largely because suspended fund via the Hargreaves via the platform means that, 2017, which found that – while best the scale of the company increases the platform – not only because it whenever the company adds buy lists had a substantial impact on risk. recommended the investment on its best or removes funds from its fund flows – on average, they Non-advised platforms like Hargreaves buy list (known as the Wealth 50), but Wealth 50, it’s likely to have drove investors into superior don’t restrict investors’ individual also because six of its 10 multi-manager a big impact. Consider investments, which in turn exposure to one fund. However, unlike (MM) funds are exposed to it. that, collectively, produced better results. Hargreaves, some platforms – like AJ Bell Around 291,000 Hargreaves customers Hargreaves clients A letter from Hargreaves – will also monitor their best buy lists to are invested in the poorly performing accounted for £1.6bn of chief executive Chris Hill ensure that, collectively, their clients are Equity Income fund, and are now locked the £3.7bn Woodford to former chair of the not overly exposed to any single fund. in until December at the earliest, with no Equity Income fund. Treasury Committee From a general investment platform option but to pay the fees that Woodford In a worst case Nicky Morgan had said perspective, Ryan Hughes, head of active is still insisting on. scenario, dropping a that there is “no portfolios at AJ Bell, also said that it’s But this problem isn’t limited to fund from the list commercial conflict of “almost inevitable” that there will be a Woodford, as concentration risk could be could lead to a mass interest between the best crossover between the MM funds and an issue across other funds too. exodus of money, buy list/model portfolio best buy list. But Hughes admits that the City A.M. has found that at least 26 potentially leaving the provider and their clients”. downside to this is that it could increase funds included in Hargreaves’ Wealth 50 manager with no option Most industry figures the concentration risk. list are also invested in the company’s but to sell assets at have argued that it makes “It’s therefore important to monitor MM range, showing a distinct overlap how much exposure you have to a between the two. fund at an overall firm level to All the MM offerings have some understand if you are overly exposed to a exposure to the favourite funds, but eight manager or strategy, particularly if of the offerings have at least four Wealth something goes wrong or that manager 50 funds in their top 10 holdings. Take, leaves, creating a significant outflow.” for example, the £1.23bn Balanced The investment expert also points to Managed and £300m Equity and Bond the shrinking of buy lists across the funds, which both have at least seven industry in recent years, which has funds in the Wealth 50 list in their top 10 directed assets to fewer funds than we holdings. have seen historically.

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WHAT’S THE STRANGEST ENCOUNTER YOU’VE HAD IN YOUR RESTAURANTS? WINES OF I’m writing a book about that! When I was at Drones on Pont St some time around 2002, Sir David Frost THE WEEK complained we weren’t paying his table enough attention because there were more famous people on Toru Takamatsu, other tables. To be fair I had Johnny Depp and Christopher Lee on one sommelier at Hide, table, Sean Connery on another, Dale Winton on one, and Marco picks two bottles with some of his friends on a fourth, for the weekend so he was partly correct – but we were paying them all equal attention, of course. 1. 2. WHAT’S YOUR IDEAL DISH? Rump steak with truffled mash and a green salad. WHAT’S THE WORST THING YOU’VE EVER PUT IN YOUR MOUTH? A very, very odd amuse bouche from the Sheraton Hotel in Cascais. It was like a phlegmy pustule of disease which had been injected into a hideous pre-formed gel eyeball. Not sure why I ate it – it looked terrible. WHAT’S THE BEST THING ABOUT THE LONDON FOOD SCENE? Excellent service, staggering choice and, actually, very good value for money if you choose wisely. YOU’RE MAYOR FOR A DAY – WEEKLYGRILL WHAT FOOD LAW WOULD YOU INTRODUCE? James Robertson Everyone must have at least an hour London Steak House Co.’s on throwing off for lunch and go to a restaurant 1. DOMAINE D’AUVENAY CHEVALIER for a proper meal. crockery, cooking steak and annoying Sir David Frost MONTRACHET 2009, BURGUNDY WHAT’S THE MOST Domaine d’Auvenay is owned by Lalou OUTRAGEOUS THING Bize-Leroy and is considered to be one of WHO ARE YOU AND friend and mentor Marco Pierre WHAT FOOD MAKES YOU’VE SEEN A CHEF DO? the greatest Burgundy producers. Each WHAT DO YOU DO? White and I came up with an origi- YOU HAPPY AND WHY? Smash about 60 main course plates, wine is made in very small quantities, I’m James Robertson, father of two, nal steakhouse concept that blended Simple quality ingredients, well one by one, throwing them at me making them highly sought-after and waiter, restaurateur, serial entrepre- the finest British grass-fed dry-aged prepared and perfectly cooked. I across the kitchen – you know who difficult to source. Wines from d’Auvenay neur, Posh Sauce manufacturer and meat with an upmarket dining don’t want to be challenged by a you are… will hit your pocket hard but if you have lover of a good time. I own two room and impeccable service. ‘creation’ on my plate, it’s too much the money, you’ll be buying a bottle restaurants in London (Chelsea and effort to look at and eat. Generally, I WHAT DO MOST PEOPLE GET that’s a truly life changing experience. the City), import wine and sangria TELL US ABOUT THE BEST dine with friends or family and the WRONG WHEN COOKING? £8,800, hedonism.co.uk MEAL YOU EVER HAD from Portugal, have a company food is an accompaniment to the The pan not being hot enough, no 2. GRACE KOSHU HISHIYAMA called ResBoss that integrates Birch, Los Angeles 2015, with my gathering not the main event. seasoning, lack of confidence, and no VINEYARD 2016, YAMANASHI, booking solutions for restau- wife Rachael. An amazing resting time. A simple example is JAPAN rants, am writing a book meal cooked by Brendan YOU COME HOME DRUNK cooking a steak: it should be out of about my time in hospitality, Collins who I used to work AND HUNGRY – WHAT DO fridge for 10-20 minutes to lose the One of the leading wineries in Japan is and I constantly have new with when I was GM at Quo YOU COOK? chill. Then you want a smoking hot Grace wine from Yamanashi. Its ideas that I need my wife to Vadis. It was a masterpiece I don’t normally come home drunk pan on the stove. Rub a tiny amount winemaker Ayana Misawa has been restrain me from doing. that displayed incredible but if I do it’s two fried eggs on of oil into the meat, season with salt producing some amazing wines over awareness of fresh produce granary buttered toast with our Posh only and straight in. Two minutes the last few years, and they are starting TELL US ABOUT LONDON but also classic cooking Brown sauce. either side and then let it rest for 10 to gain recognition in countries outside STEAKHOUSE CO. techniques. I drank so minutes. It’s very easy but people try Japan. Koshu is one of Japan’s most We have two amaz- much I almost fell WHAT’S YOUR EARLIEST to make it more complicated. iconic grape varieties; the flavour is ing restaurants in off the balcony of FOOD MEMORY? citrus driven with a pleasing minerality, London, the first I our Four Season’s Probably the total excitement of £ London Steak House Co is located in and is often likened to Chablis. bought in 2003 hotel room when I getting chips from the local chippy. the City at 109-117 Middlesex St, E1 7JF, £30.10, hedonism.co.uk when I was 27, got back. He We were never allowed chips at home and in Chelsea at 386 Kings Rd, SW3 5UZ. the second in didn’t even let me so these would be rare and precious For more information and to book go to £ To book a table at Hide go to 2008. My great pay… occasions. So hot and salty – yum. londonsteakhousecompany.com hide.co.uk or call 020 3146 8666

THIS WEEK’S RECIPE: very firm – once they pepper seasoning them during cooking and adding MARK HIX start to turn yellow £400–500g seasonal a little more oil if the pan dries up. Add a Our resident they’re no good. If wild mushrooms, knob of butter towards the end of cooking Chef and the puffball is cleaned and cut into and keep warm. mycologist restaurateur large you may even sized pieces £Meanwhile, heat a little rapeseed oil in need to halve £ 3–4 tbls the same frying pan and a good knob of the rummages in the it before slic- rapeseed oil butter and gently cook the shallots and ing. £ 120g butter garlic for a couple of minutes without shrubbery for some £ 2tbls chopped colouring. Add the wild mushrooms, season perfect puffballs INGREDIENTS parsley and cook on a medium heat for 4–5 minutes cook with. You can simply dice £4 slices of until they soften, then add the rest of the uffballs are a strange phe- them and use them in a mush- puffball, cut to METHOD butter and parsley. nomenon. These funny lit- room mix, or slice them to use 2cm thick slices £Heat a couple £To serve, just spoon the mushrooms tle mushrooms turn up at them for a base for other ingredi- £2 large shallots, of tablespoons of onto the puffball. the most unexpected times, ents. They’re especially good at peeled, halved and rapeseed oil in a anywhere from July to Oc- breakfast, replacing a piece of finely chopped large frying pan and Ptober, depending on the weather. toast. If you’re lucky enough to £2 cloves of garlic, cook the puffball slices But when you stumble upon them, find one, just make sure it’s pure peeled and crushed for 3–4 minutes on each they are inspirational fungi to white with no yellow patches and £salt and freshly ground black side until nicely coloured, 18 SPORT WEDNESDAY 28 AUGUST 2019 CITYAM.COM SPORT STRIVING FOR The designer of Spurs’ stadium tells Felix Keith PERFECTION about the method behind the project

HE THIRD of April 2019 was a big day for Christopher Lee. After months of delays, specu- lation and criticism the Totten- ham Hotspur Stadium officiallyT opened its doors, with Spurs facing Crystal Palace in the Premier League. For the stadium’s project direc- tor it was the culmination of eight years of hard work – a chance for fans to fi- nally get to enjoy what he believes is “the perfect contemporary English foot- ball stadium”. The delays were quickly forgotten as the Tottenham faithful soaked up all the eye-catching architecture, buzzing at- mosphere and state-of-the-art additions £1bn can buy. “Building any of these kinds of mega projects is incredibly complex – move them into a central London location and they become even more complex,” Lee, managing director of Europe, the Mid- dle East and Africa for architecture firm Populous, tells City A.M. “It [the delay] was probably more frus- trating than nerve-wracking. We knew we would deliver the building, it would be complete and brilliant and that when the doors opened everyone would re- alise what a huge undertaking that [Tot- tenham chairman] Daniel [Levy], his team and the design team had taken. “We wanted to make it absolutely per- fect and Daniel is the kind of client who expects perfection. He’s an incredibly fo- cused guy, not just on the big picture but the detail as well.” CREATING AN ATMOSPHERE That detail has seen Levy commission a stadium fitted with all the mod cons to host a minimum of two games per imaginable. Tottenham’s website boasts year. an “unrivalled standard of finish” fea- It’s an added bonus better technology turing “brushed steel, copper, European brings, making commercial and envi- oak and quartz”, while there are a whop- ronmental sense. ping 60 food and drink outlets. “The ability to genuinely multi-use All of that is important, but for Lee these buildings is really key move for there was one thing that he and his our clients as businesses to get the max- team simply had to get right when de- imum use out of their building,” Lee signing the 62,062 seater ground: atmos- says. phere. “But also from an environmental and “I think there’s something which has sustainable position. If we’re going to in- been lost in a lot of contemporary stadi- vest this much carbon into a building, ums, this idea that it’s real, genuine and how do we get the maximum use out of authentic football stadium,” he explains. it?” “Some of that was looking at the great Tottenham aren’t the first club to cot- stadiums: the Spion Kops, as they were ton onto the opportunities provided by originally known; the North Bank at Ar- multi-use stadiums, but they are in a senal, The Kop at Liverpool, even as far perfect position to cash in thanks to as the Yellow Wall at Borussia Dort- their new home. mund. To get these fantastic home end Having delivered in N17, Lee and Pop- stands that are single-tiered and close. ulous have moved onto new projects, “Atmosphere is incredibly important Clockwise from the top: The Tottenham with a bid to build the new San Siro re- in football stadiums and I think that’s to Hotspur Stadium; the Arena das Dunas placement for AC and Inter Milan a par- do with a lot of mixes – science and the in Natal; Populous’ Christopher Lee ticularly exciting prospect. If successful, art of noise. what could that ground include? “We approached Tottenham the same can attest to the results, with the 17,500 proving the finished products. for too long our stadiums have treated “We’re doing a lot of work into the in- way we would a music arena or concert fans packed into the South Stand – the The Tottenham Hotspur Stadium, as it our customers as a captive audience,” he corporation of artificial intelligence into hall. We brought in our acousticians, largest single-tier stand in the country – will be known until a naming rights explains. the management of our buildings,” Lee who are actually U2’s sound engineers, leading the way. deal can be made, is the culmination of “We would tell them to come in a cer- explains. “We’d have an ecosystem and designed the seating bowl like we Lee’s 25 years in the industry. tain gate, drink a certain beer and eat a within a stadium, which comes from would a concert hall. BUILDINGS AS EXPERIENCES “If you look back 20 plus years ago sta- certain burger, watch the game then do several miles away and incorporates “We wanted noise, quick reverberation Lee, who started out on the Sydney diums were generally commissioned by it in reverse. It’s not how we live our tubes and buses, car parking, roads into times, songs to last longer – to get one Olympic Stadium in his native Australia the stadium manager,” he says. daily lives and we would react if some- the stadium themselves. end and back again without people get- and has worked on Cardiff’s Principality “As a result the stadiums were very one told us that’s what we had to do “That system currently is managed by ting out of time. Noise building noise Stadium, Arsenal’s Emirates Stadium much about function: how do I make every lunchtime or dinner on the high experienced stadium managers, but a was a big driver. And then obviously get- and Dublin’s Aviva Stadium among oth- this building work perfectly? Function- street.” lot of it could be and will be, we think, ting as many people as close to the pitch ers, is well placed to reflect on the ality, crowd flows, all of the stuff that is managed by artificial intelligence, as possible – getting as steep stands as changing nature of football grounds. driven by a stadium manager. Really THE FUTURE which has the ability to open, close, we could within code, but without tip- He believes the shift to viewing stadi- that should be a given.” When you spend £1bn on a stadium you switch and change directional signage ping over an edge where people feel un- ums as architectural feats, rather than Lee says right from discussing the want value for money and Tottenham’s to keep queue times down.” comfortable. You can create this sort of in engineering terms, and increasing plans with Levy he viewed Tottenham as ability to slide out their pitch for an ar- Stadiums are big business and design- cauldron of atmosphere.” the focus on the user experience over an “experiential design”. tificial replacement allows them to host ers like Lee will stop at nothing to per- Anyone who has visited the stadium functionality has played a big part in im- “I think the big shift is that probably NFL matches, with a 10-year deal signed fect the art. CITYAM.COM WEDNESDAY 28 AUGUST 2019 SPORT 19

BURY EXPELLED FROM EFL SPORT DIGEST DOWN AND OUT Edmund suffers five-set defeat at the US Open AS BOLTON GIVEN LIFELINE £ Bury were expelled from the year-old Russian. “I don’t think I’ve Football League last night after a ever been this nervous in my life,” takeover bid fell through. The Shakers’ Osaka said afterwards. Garbine 125-year membership of the EFL was Muguruza was knocked out by Alison ended when a bid from C&N Sporting Riske, but Petra Kvitova, Jelena Risk collapsed, leaving the financially- Ostapenko and Kiki Bertens all won. stricken club unable to meet a 5pm deadline. The League One side are the FINCH HUNDRED KEEPS first team to drop out of the EFL since SURREY’S T20 HOPES ALIVE Maidstone, who were liquidated in £ Aaron Finch smashed an unbeaten 1992. Meanwhile, Bolton Wanderers century as Surrey kept their hopes of have been given two weeks to resolve reaching the T20 Blast quarter-finals their administration and conclude a alive with a win over Somerset last sale of the club or face the same fate. night. Imran Tahir took 4-25 but Somerset posted 157-9 batting first at PALACE SHOCKED BY The Oval thanks to Tom Banton (47) COLCHESTER IN EFL CUP and Babar Azam (37). Finch then £ Crystal Palace were knocked out of blasted 102 not out from just 53 balls the EFL Cup by Colchester United on to lead the hosts home on 158-4 with penalties after a 0-0 draw last night. 21 balls to spare. Surrey moved up to Andros Townsend was the only player sixth in the South Group – a point to miss a spot-kick as the League Two behind Somerset in fourth with one side prevailed 5-4 in the shoot-out group game remaining. following the stalemate at Selhurst Park. Millwall were dumped out by SPANISH GRAND PRIX Oxford United, who came from 2-0 AGREES NEW CONTRACT down to draw 2-2 with two late goals £ The Spanish Grand Prix will remain and win 4-2 on spot-kicks. West Ham on the Formula One calendar after beat Newport County 2-0 thanks to striking a new deal. The Barcelona goals from Jack Wilshere and Pablo event had been under threat of Fornals, but Fulham lost 1-0 to missing out on a slot in the 22-race Premier League Southampton. calendar, but announced yesterday that a one-year contract had been MURRAY BEATS GOMBOS TO signed. “The decision to continue to MAKE IT TWO SINGLES WINS stage a round of the pinnacle of £ Andy Murray made it two wins in motorsport in Spain... is part of our the singles since hip surgery last night strategy of maintaining Formula One’s by beating Slovakia’s Norbert Gombos European roots, while also currently in straight sets. Murray, who thrashed expanding the championship into new teenager Imran Sibille in the first territories,” said chief executive Chase round on Monday, won 6-3, 6-4 against Carey. Italy and Germany are now the Gombos, who is ranked No115 in the only remaining races at risk for 2020. world, at the Rafa Nadal Open on the Challenger Tour. It was an encouraging WOODS TARGETS OCTOBER performance from the former British RETURN AFTER OPERATION No1, who hit some trademark shots to £ Tiger Woods is hoping to return to triumph in one hour and 43 minutes. golf in October after revealing that he had knee surgery last week. Woods, NERVOUS OSAKA BATTLES who ended an 11-year wait for a 15th THROUGH AT US OPEN Major by winning the Masters in April, £ Defending champion Naomi Osaka had an arthroscopic procedure on his admitted to nerves after battling past left knee to repair minor cartilage Anna Blinkova in the first round of the damage. Although the 43-year-old has Kyle Edmund was knocked out of the US Open in the first round after suffering a five-set defeat by Spain’s Pablo Andujar last night. Edmund US Open yesterday. The Japanese had four previous knee operations and ran out of steam in the deciding final set to lose 6-3, 6-7, 5-7, 7-5, 2-6 at Flushing Meadows. It was a disappointing defeat for the British No1, world No1 made 50 unforced errors four back surgeries, he expecting to who is ranked No30 in the world – 40 places ahead of Andujar, who had lost 10 games in a row against top-50 players on hard courts. Edmund and came from 4-1 down in the first return for the ZOZO Championship in extended his run of failing to get beyond the third round in Grand Slam events since reaching the semi-finals of the Australian Open last year. set to win 6-4, 6-7, 6-2 against the 20- Japan on 24 October. BLUNT SPURS NEED SPARK

HE domestic transfer win- FOOTBALL who left for China in January. can get their heads turned. Judge- dow may have shut on 8 Au- Dele Alli is injured, Erik Lamela is ment can become clouded by off-field gust, but 20 days later COMMENT inconsistent and you can’t expect circumstances, rumours and social TTottenham are still feeling £55m summer arrival Tanguy media. the negative effects it can Ndombele to have an immediate im- Spurs have only recently moved into bring. Trevor pact. a new stadium and played in a Cham- Apart from The European window remains Steven pions League final. Chairman Daniel open until the end of the month and DRESSING ROOM MORALE Levy is an astute businessman – Eriksen, where is I think it is causing Spurs a real issue. I don’t blame Pochettino. He he knows they need to hold the creativity It’s hovering over some of the players admitted after the Newcas- onto their best players if they and is causing a distraction – you can Spurs lacked penetration and guille. tle defeat that he’s still are going to have any chance going to come see it in the body language on the They looked predictable. Harry Kane waiting to see what hap- of keeping up with Man- pitch. isn’t going to score many goals if he’s pens with Eriksen and that chester City and Liverpool. from? We are now three games into the forced to play with his back to goal – is not an ideal situation to Some seem to have Premier League season but it’s almost he needs width and quick service to manage. ruled Tottenham out of like the race hasn’t started for some. thrive and that’s why I feel the full- Pochettino needs him on the title race already, Newcastle have showed just how The prospect of a move abroad is lin- backs are a problem area for Pochet- the pitch at his best. He which I think is silly. quickly things can turn around. gering and unsettling the players. tino. can’t be allowed to It’s been three In this context I think Sunday’s It can’t be easy for manager Mauri- Tottenham haven’t had many signif- sulk to try and games. It could north London derby should be viewed cio Pochettino, who has this issue icant departures so far this summer, force through prove a mo- as a great opportunity to bounce back with his most creative player. but Kieran Trippier’s transfer to a move, be- mentary blip. for Spurs. Christian Eriksen was left on the Atletico Madrid has changed their at- cause he’s They need Arsenal were humbled in a 3-1 de- bench for Spurs’ home match against tacking play. so impor- to stay fo- feat by Liverpool on the weekend, so Newcastle on the weekend, but with Kyle Walker-Peters has started the tant and cused, re- they are seeking something similar; the away side sitting deep and hold- first three league games at right-back, his depar- group and both underachieved and now they ing onto their lead he had to bring on with Danny Rose at left-back. Rose is ture hit back can try to put it right at the Emirates. the Dane. a good player, but I feel he’s declined would with a win Whichever way the game goes, it’s Although they looked brighter with slightly in the last two years: he’s not damage before the distraction of the sure to be a fascinating contest. Eriksen on the pitch, Spurs couldn’t as athletic or hungry and that is con- dressing transfer window disappears. break Newcastle down and suffered a tributing to making Spurs too narrow. room Trevor Steven is a former England poor 1-0 defeat, leaving them with Apart from Eriksen, where is the cre- morale Tottenham had 80 per cent footballer who has played at two World just four wins from their last 15 Pre- ativity going to come from? I think even more. possession, but two shots on Cups and two European Championships. mier League games. they are still missing Mousa Dembele, Players target against Newcastle Follow him @TrevorSteven63