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CALLUM KEOWN @CallumKeown1 DISGRUNTLED Metro Bank shareholders raised their discontent at yesterday’s annual general meeting (AGM) MINISTER but stopped short of a full- MPS FROM ACROSS blown rebellion against the board following a torrid few THE SPECTRUM REJECT months for the lender. More than 28 per cent of THERESA MAY’S LATEST investors voted against the re-election of two directors in BREXIT DEAL DESPITE A charge of risk: Stuart Bernau and Eugene Lockhart. SERIES OF CLIMBDOWNS Under-fire chairman Vernon Hill survived the AGM but 12 per cent voted against his re-election, up from the 3.7 per cent who rebelled against him last year. The bank admitted in January that a swathe of commercial loans had been OWEN BENNETT favour of May’s plan. Agreement Bill is voted down by MPs, second referendum vote proposal “a wrongly classified and should @owenjbennett The DUP, which still technically they would be “voting to stop Brexit”. betrayal of the 2016 referendum and have been among its risk- props up May’s government, also said “What would we do then?” she said, a betrayal of everything she has been weighted assets. THERESA May’s latest gamble to win it would not back her deal despite adding: “Some suggest leaving with- saying since she became Prime Shares have fallen 68 per support for her beleaguered Brexit fresh assurances over the border in out a deal, but whatever you think of Minister”. cent since the error was deal backfired spectacularly yester- Northern Ireland. that outcome – parliament has been Zac Goldsmith, Conservative MP for discovered and the bank was day in a humiliating blow for the It leaves May facing a fourth defeat clear it will do all it can to stop it. Richmond Park, said that while he forced to raise £375m in extra Prime Minister. on her withdrawal plan when it is “If not no-deal, then it would have backed May’s “rotten deal” the capital last week through a May revealed Brexit legislation set put to a vote in the Commons in the to be a General Election or a second last time it was put to parliament, discounted share placing. to be put before MPs would contain week commencing 3 June. referendum that could lead to revo- he would not support “this Chief executive Craig a vote on whether to hold a second Speaking at the PwC offices in cation – and no Brexit at all.” convoluted mess”. Donaldson, who offered to referendum, in a bid to win over Charing Cross, May insisted that by Former Conservative leader Iain He added: “That it takes us towards resign earlier this year, was Labour support for her deal. offering a vote on a second referen- Duncan Smith described May’s new a rigged referendum between her the most popular board But not only did it infuriate dozens dum, as well as letting MPs decide proposals as a “bad buffet of non deal and no Brexit is just grotesque. member, with just 10 per cent of Conservative MPs – including what customs arrangement the UK Brexit options”, adding: “Today the The PM must go.” calling for him to leave. many who had previously supported should have with the EU after Brexit, government has moved from take Former foreign secretary Boris Some shareholder advisory her Brexit deal – many Labour MPs she showed she had “compromised”. back control to give back control.” Johnson, who is seeking to replace groups had urged investors to calling for second referendum were “Now I ask you to compromise too,” Conservative MP for Harlow Robert May as Tory leader, tweeted: “The bill block the re-elections of Hill, angry that another public vote May said. Halfon, who voted in favour of May’s is directly against our manifesto – Donaldson and a number of would only take place if they voted in She warned that if the Withdrawal Brexit deal in March, called the and I will not vote for it.” other directors.

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SEE PAGE 21 FOR OUR PARTNER SPOTLIGHT 02 NEWS WEDNESDAY 22 MAY 2019 CITYAM.COM

TANK MAN IN TAIPEI Taiwanese capital marks anniversary of Tiananmen Square massacre as China seeks to rewrite history THE CITY VIEW Ministers must resist a bailout of British Steel

IMING is everything, whether in business or politics. British Steel’s cap-in-hand plea to the government for an Temergency, job-saving bailout just 48 hours before the country goes to the polls is either an extraordinary coincidence or an audacious political ambush. Either way, there’s never an easy time for a government to face such a decision. The situation at British Steel is a perfect story for our times – featuring a cast of skilled workers facing global pressure, private equity trying to make a deal come good and a clash of political priorities and ideologies including free-market economics, state-directed industrial strategies, nationalisation, privatisation and environmentalism. Left-wing pundits were out in force yesterday, arguing that jobs must be saved and this “proud industry” must be given the support it needs. What it A TAIWANESE artist has created giant inflatables of a tank and “tank man” – the lone protester who stood in front of a convoy of needs, in addition to cash, is gas and coal – both of which are tanks on Beijing’s Tiananmen Square – to mark 30 years since China’s bloody crackdown on its pro-democracy movement. Any imported and burned as part of the steel making process. The mention of the crackdown, which took place on 4 June 1989, is heavily censored in Chinese news and social media. same voices calling for a bailout of heavy industry were calling for a carbon-neutral economy just days earlier. They need to get their priorities clear. Meanwhile, Jeremy Corbyn wants to wave his wand and nationalise the steel industry, as if doing so would protect it indefinitely from the forces of globalisation. Tory MPs are, by and large, instinctively hostile to the idea of propping up Steel crisis: Now Corbyn failing industries, but with an election looming (and possibly another one before the year is out) it was left to former Treasury civil servant Lord McPherson to say what Tory MPs daren’t: bunging public money into British Steel “would be further calls for nationalisation evidence that industrial policy has lurched back to the failed interventionism of the 1970s,” adding: “If British Steel can’t compete at this exchange rate, you have to ask whether it ever ALEX DANIEL company to secure the long term porting about 20,000 more jobs indi- will.” If the government is to part with taxpayer cash it must do @alexmdaniel future of the steelworks and protect rectly in its supply chain. Unite the so with real, strategic purpose in mind – and not simply use it as peoples’ livelihoods and union said the company going bust BRITISH Steel is still in talks with the communities,” he said. would be an “economic catastrophe”. a short-term bailout. This morning, Tory grandee David Willetts government over a proposed cash It remains unclear whether the A British Steel spokeswoman said it and economist Mariana Mazzucato launch a new report aimed injection designed to save it from money will be forthcoming, but was in “live negotiations” with stake- at generating “a mission-orientated UK industrial strategy”. They collapse, business minister Andrew Stephenson told the Commons the gov- holders to consider different funding argue that the state should marshall a wide range of forces to Stephenson said yesterday. ernment “will leave no stone options. The firm, which was also yes- unturned” in its support for “We are aware of speculation that the tackle major challenges in areas such as transport, ageing and terday forced to assure that the company and the steel May salaries may not be paid,” they artificial intelligence. Under such a framework, the steel its employees’ salaries industry at large. “We added. “For the avoidance of doubt, we industry would, according to Mazzucato, be “supported to would be paid in full for can confirm that funding is in place transform, not to simply exist”. This is neither the clunking this month, has for the last Corbyn said the firm and British Steel employees will be paid week been lobbying the should be nationalised their salaries in full.” nationalisation of Corbyn nor the ruthless logic of the free- government for a £75m to save it from collapse Labour MP for Scunthorpe Nic Dakin market. It’s a detailed and thought-provoking report, but has loan to address “Brexit- said given that talks could have come too late to save British Steel. related issues”. recognise that global eco- collapsed last week it was “actually Labour leader Jeremy Corbyn nomic considerations con- quite positive” that they were still said the government should be tinue to be challenging for happening. ready to nationalise the company if the industry,” he added. He told City A.M. the government was necessary to save it from collapse. British Steel, the UK’s second-largest guilty of being “asleep at the wheel” to “If an agreement cannot be struck steel maker behind Tata, employs let the situation get to this stage, “but with British Steel, the government around 5,000 people at its Scunthorpe at the moment, they are trying very Follow us on Twitter @cityam must act to take a public stake in the steelworks and various other sites, sup- hard to resolve this crisis”.

FINANCIAL TIMES THE WALL STREET JOURNAL KPMG FACES RECORD £12.5M WHAT THE IRAN’S ROUHANI SEEKS NEW US THREATENS SANCTIONS US SLOWS CHIPMAKER HIRES FINE OVER BANK REPORTS OTHER POWERS TO COMBAT US ON RUSSIAN PIPELINE PLAN OF CHINESE NATIONALS Regulators have called for KPMG to be President Rouhani has told Iran’s clerics The US is preparing to impose sanctions The US has sharply slowed approvals fined at least a record £12.5m for PAPERS SAY he will seek expanded powers in an on the controversial Nord Stream II for the nation’s semiconductor misconduct in its work for Bank of New attempt to tackle the threats posed by project that will pipe Russian gas to companies to hire Chinese nationals for York Mellon, dealing another heavy THIS rising tensions with the US. Rouhani Germany. US politicians will soon advanced engineering jobs, according blow to the reputation of the Big Four described President Trump’s decision to debate a bill that could severely limit to industry insiders, who say the delays accounting firm. The UK Financial MORNING reimpose sanctions as an “economic activities of companies building the are limiting access to vital talent. The Reporting Council, the audit industry’s war”. pipeline, US Energy Secretary Rick Perry disruption has affected firms including watchdog, said at a London hearing said in Kiev yesterday. Intel, Qualcomm and Globalfoundries. yesterday the penalty would be BREXIT PARTY CANDIDATE justified because of the size of the US TIED TO RADOVAN KARADZIC MACRON: EU FACING ‘RISK’ BOEING OFFICIAL PLAYED bank’s operations and the “truly ’s running mate in the FROM NATIONALISTS DOWN POSSIBLE 737 THREAT exceptional” seriousness of the abuses. European elections shared a platform French President Emmanuel Macron of Four weeks after faulty sensor data led a chunky sheep has been hired as a with a notorious Bosnian Serb leader France warned of an "existential risk" to a 737 Max jet to crash in Indonesia last ‘ABSOLUTE UNIT’ TWEET social media manager by Tesla after who was later convicted of war crimes. the EU as he waded into the European year, a high-ranking Boeing executive EARNS BRIT JOB AT TESLA catching the attention of Elon Musk. John Kennedy, who is also a former election campaign ahead of Sunday’s raised and dismissed the possibility of a A 28-year-old Reading resident who set Adam Koszary previously worked at the aide to the British royal family, is knife-edge vote between his centrist bird collision leading to a second the internet alight with a photograph of Museum of English Rural Life. standing in the South East region. party and the far-Right. accident. CITYAM.COM WEDNESDAY 22 MAY 2019 NEWS 03 Farage attacks Huawei accuses watchdog over US of bullying funding review OWEN BENNETT @owenjbennett NIGEL Farage has launched a blistering attack on the elections after trade ban watchdog after it began a review into his new party’s finances. Farage, leader of the Brexit Party, JAMES WARRINGTON two tech firms are working claimed the Electoral Commission together to counter the measures. is “absolutely full of Remainers” @j_a_warrington “We are working closely with Google and is part of an “establishment” EMBATTLED Chinese tech firm Huawei to find out how Huawei can handle attack on his new outfit. has accused the US of “bullying” and the situation and the impact from the On Monday, former Prime said it is working with Google to fight US department of commerce deci- Minster Gordon Brown called for back against potentially crippling sion,” he said. an investigation into the Brexit trade restrictions. Liu added that Huawei did not Celebrity chef Jamie Oliver had invested £4m in the business since the start of 2019 Party’s finances after it was US President last blame Google for its decision and said revealed donations of under £500 week signed an executive order it was too early to say what the were being made to the party from adding Huawei to a trade blacklist and consequences will be. abroad via Paypal – a practice effectively banning American firms The temporary lift on the ban means Around 1,000 jobs lost as Jamie which is entirely legal. from doing business with the Chinese Google will be able to send Android In his attack on the Commission, company. software updates to Huawei, ensuring Farage said: “I bet we’re more “Huawei is becoming the victim of customers have access to the latest Oliver restaurant chain collapses compliant than any of the other bullying by the US administration,” security patches. parties in this election. said Huawei executive Abraham Lui. It comes after Huawei founder Ren JESS CLARK administrators yesterday as 23 of the “I’ve crossed with the Electoral “This is not just an attack against Zhengfei played down the impact of brand’s 25 sites closed. Commission before – they are not a Huawei. It is an attack on the liberal, the trade restrictions, saying his firm @jclarkjourno HSBC, which is the company’s neutral organisation, absolutely rules-based order.” had made preparations for a ban. AROUND 1,000 workers were made main bank lender, is facing a multi- full of Remainers, full of The US has since scaled back the “The US government’s actions at the redundant after celebrity chef Jamie million-pound loss following the establishment figures.” trade ban, granting firms a temporary moment underestimate our capabili- Oliver’s restaurant chain collapsed restaurant chain’s collapse, Sky The Commission said its review licence to help minimise disruption ties,” he told Chinese state media. into administration following failed News reported. was due to “significant public for customers. The US has said it will consider an attempts to secure additional Oliver, who founded the Jamie’s concern about the way the party Liu insisted Google had “zero moti- extension of the temporary licence investment. Italian brand in 2008, said he was raises funds” and not related to vation” to block Huawei and said the beyond 90 days. Jamie’s Italian appointed KPMG as “deeply saddened” by the collapse. Brown’s comments.

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LENDING A HAND Lord Blackwell stands Manufacturing orders slump in May up for ‘noble’ role played by City bankers

LORD Blackwell insisted yesterday that banking was as stocks rise amid Brexit impasse still a “noble” profession despite years of scandals HARRY ROBERTSON industrial trends survey yesterday Stock-building supported following the financial crisis. showed. economic growth in early 2019, but Speaking at the City Week @henrygrobertson The survey, which asks 280 the CBI said business surveys conference, the Lloyds Bank MANUFACTURERS in the UK saw manufacturing firms their views on suggested underlying conditions chairman said bankers order books slump in May, while the sector, found order books have remained more subdued. performed a “noble... service recent Brexit preparations took stocks deteriorated again in May following Anna Leach, CBI deputy chief for society” through investing of finished goods to a decade high, a fall in April, with total orders economist, said stockpiling people’s money to help according to the Confederation for reaching their lowest balance since “combined with a sharp decline in businesses and the economy British Industry (CBI). late 2016. order books” means “it’s clear why to grow, during a discussion Manufacturing output growth in The stockpiling of finished goods manufacturing firms are so keen to on culture in financial the UK held steady in the three reached its post-financial crisis peak see a swift end to the current Brexit services. He admitted bankers months to May, the CBI’s monthly in May. impasse”. have not been popular but said he was excited by his employees’ “sense of purpose” to help the nation. Ex-EC president: UK must support GONE IN A financial sector

HARRY ROBERTSON country’s total output in 2017. Barroso’s intervention comes a day FLASH @henrygrobertson after the chairman of insurance THE UK’s financial services sector marketplace Lloyd’s of London said should be much higher on the agenda the government is not advocating of Britain’s Brexit negotiators, the strongly enough for UK financial chairman of and services in its Brexit talks. former president of the European Bruce Carnegie-Brown told City A.M. Commission (EC) said yesterday. yesterday: “I think financial services “I’m relatively surprised by the fact is underrepresented in the govern- that until now in the discussion of ment’s mindset for what needs to Brexit, the issue of financial services happen post-the Brexit decision.” has not been very high up in the Today, Barroso, who was also agenda,” said Jose Manuel Barroso, formerly prime minister of Portugal, speaking at the City Week conference said he thinks London will stay a key in London. financial hub after Brexit. Barroso said: “I think the most “London will remain a very impor- important issue for Britain is services, tant, one of the leading financial and in services certainly the jewel of places in the world because of the the crown is financial services.” culture, because of the global market “So I would expect financial services infrastructure, because of the to be on the top of any negotiation expertise,” he said. between the United Kingdom and Yet he warned: “I think the city Europe for the future relationship,” should not underestimate the risks he said. for its future of Brexit.” The UK’s services sector accounted He called on the UK’s leaders, say- for 80 per cent of GDP in 2016, accord- ing: “Regulation and supervision is This fantastic Business Fibre ing to the Office for National Statis- much important from an economic deal comes with our fi xed tics (ONS), while the financial services point of view than anything you can price guarantee. sector contributed 6.5 per cent of the say about tariffs.” So here’s a quick executive decision for you. Do you grab it now? Excl. 20% vat. US-China tensions major threat Or wish you had later? to global growth, says OECD HARRY ROBERTSON ratcheted up tariffs on $200bn (£158bn) worth of goods from China @henrygrobertson to 25 per cent from 10 per cent and GLOBAL economic growth is under cracked down on Chinese companies Hurry – offer ends 28th May! threat from the escalating US-China such as Huawei. trade conflict, the Organisation for The Paris-based OECD, which has 0800 587 5825 Economic Co-operation and 36 of the world’s richest countries as Call: Development (OECD) has warned. members, downgraded its prediction plus.net/business The OECD’s closely-watched for global growth to just 3.2 per cent Visit: economic outlook said if current in 2019 from a 3.3 per cent prediction tariffs between the two countries are in March. ∞ Traffi c prioritisation applies (See website for more details). New customers only. Fixed price applies to broadband and line rental monthly price only (excludes other services, such maintained, they will shave between Slowing trade growth, weak as call plans, call charges and add-ons). Prices excludes 20% VAT. 12 month min term. Subject to availability. New line install £50 (subject to survey). Terms apply. Unlimited Business Fibre - £30 plan available until 28/05/19. £47.50/mth from mth 13. Outside low-cost areas £36/mth, then £53.50/mth from mth 13. 0.2 and 0.3 per cent from US and manufacturing and low investment Chinese GDP. are to blame for the downgrade, the US President Donald Trump has organisation said.

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SWISS PRECISION Watches of Switzerland London’s status as HQ hub ‘under targets City listing at a £660m valuation LUXURY retailer Watches of Switzerland threat’ from new immigration laws said yesterday JAMES WARRINGTON it is targeting a attracting 591 projects since 2003. New jobs in activities relating to London float Over the same period, London and headquarters have slowed down since @j_a_warrington that could hit a the south east have attracted a fifth 2016, according to the report, while valuation of LONDON’s status as a top global of new investment in headquarter business visits in London have fallen £660m. The destination for multinational projects in western Europe, more for the first time since 2009. company sells headquarters could be under threat than Ile-de-France, Dublin and “The headquarter economy luxury watch amid new immigration laws and Amsterdam-Rotterdam combined. underpins London’s standing as a brands such as Brexit chaos, a report has warned. But Centre for London warned global city, and it’s vital that local Rolex, Patek Research by think tank Centre for London’s status as a hotbed for and national decision-makers remain Philippe, London showed the capital is the top- headquarters could be under threat focused on strengthening the city’s Cartier and ranked destination for foreign direct from new immigration rules and offer,” said Nicolas Bosetti, research Hublot. investment into headquarters, reputational damage from Brexit. manager at Centre for London. Deutsche chair facing calls to step down early

TOM SIMS executives and overseeing the lender has been chequered, said one of the AT LEAST three major investors in sources, who spoke on condition of want chairman Paul anonymity. Achleitner to step down early amid Deutsche Bank shares hit record Celebrating the top talent in CHAMPIONING WOMEN OF discontent with the bank’s turn- lows on Monday and yesterday, but around, two people with knowledge closed one per cent higher by the fi nancial services, WIBF’s Awards for NOTE IN FINANCIAL SERVICES of the matter said yesterday. end of trading in Frankfurt. They are Achievement is an inspiring event Achleitner, whose term expires in down 36 per cent since investors met MARK CARNEY, 2022, is due to face investors at the at last year’s shareholder meeting. which has shone the spotlight on GOVERNOR OF THE bank’s annual general meeting The bank was already facing a BANK OF ENGLAND tomorrow. potential rocky ride at this year’s infl uential leaders for over two A spokesperson for Deutsche Bank gathering after two advisory groups decades. 2019 AWARDS declined to comment, both on to shareholders – Institutional KEYNOTE SPEAKER behalf of the bank and Achleitner. Shareholder Services (ISS) and Glass The sources did not want to Lewis – urged them to issue a vote of Shortlisted nominees and their colleagues plus identify the three investors, and no confidence in management. senior members of the banking and fi nance while they do not have the power to One small but vocal investor last industry will come together to celebrate push through management change month added to the meeting’s on their own, their calls are a sign of agenda a vote to oust Achleitner individual achievements and in recognition of “Greater diversity in all its forms the pressures facing Germany’s because the bank “remains trapped the value of women and diversity to our sector. biggest bank after years of failed in an unbroken downward spiral”. can help transform the fi nancial turnarounds. In response, the supervisory board In recent years, Deutsche Bank has last month said it had full A limited number of tables remain for what will sector. Financial services will been plagued by failed regulatory confidence in Achleitner. Last year, a be a sell-out event. benefi t from more women in senior tests, ratings downgrades, big fines similar effort to force out the and management reshuffles. It chairman garnered just 9.1 per cent roles and it is crucial we champion posted its first profit in four years in of the vote. Table of 10: £3,000 + VAT top talent in the industry as we 2018. Achleitner became Deutsche’s Achleitner’s record of installing chairman in 2012. Reuters Contact lauren.hewitt @wibf.org.uk for bookings develop the next generation of or for more information visit www.wibf.org.uk women leaders. The WIBF Awards for Achievement plays a key role HEADLINE SPONSOR MEDIA PARTNER in celebrating the successes of Turkey ends rate increase as it women in the sector.” prepares to cut US import tariffs

JAMES WARRINGTON this week, after the US halved tariffs on Turkish steel imports, Reuters @j_a_warrington reported, citing two Turkish sources. THE TURKISH central bank has The US had doubled tariffs on lowered its lira interest rate on Turkish steel and aluminium imports 22ND ANNUAL AWARDS FOR foreign currency swap transactions, last August amid a diplomatic row reversing a tightening of monetary between the Nato allies that policy rolled out earlier this month. accelerated a fall in the lira. Turkey ACHIEVEMENT LUNCHEON The central bank said it has retaliated by doubling tariffs on US resumed its funding rate of 24 per cars, alcohol and tobacco imports. The Ballroom, Hilton on Park Lane, cent, down from the 25.5 per cent it Last week, the White House halved had previously introduced. those tariffs, but also terminated 22 Park Lane, London W1K 1BE The hike came as part of a series of Turkey’s eligibility for the measures to stabilise the currency Generalised System of Preferences ahead of elections next month. programme. Friday 14th June 2019 12:00 – 4:30pm Separately, Turkey’s trade ministry The lowered tariffs will take effect will implement a reciprocal this week with a presidential decree, reduction in tariffs on US imports the sources said. CITYAM.COM WEDNESDAY 22 MAY 2019 NEWS 07 Topps Tiles earnings slip by a fifth JAMES BOOTH per cent in the seven weeks to 18 May, confident in our ability to continue to compared to a 0.2 per cent fall at the extend our market leading position.” @Jamesdbooth1 same period last year. On an adjusted basis, taking out TOPPS Tiles’ profit before tax skidded Chief executive Matthew Williams items such as trading losses from its nearly 20 per cent in the first half of its said: “Against a consumer backdrop new commercial business, it said financial year, but the firm which remains challenging, our adjusted profit before tax was up 11 maintained its outlook for the year. trading performance was robust, per cent at £8m and gross margin was The specialist tile retailer said underpinned by further gains in up 90 basis points at 61.4 per cent. revenue slipped 0.2 per cent to market share.” In November, Topps revealed that £110.3m and profit before tax fell 18.8 He added: “While we are retaining a adjusted profit before tax fell 14 per per cent to £5.2m. prudent view of market conditions for cent to £16m for the year ending 30 It said like-for-like sales increased 1.2 the remainder of the year, we remain September. The specialist tile retailer warned about a decline in customer confidence Protest disrupts Homeserve shareholder eyes deals as meeting at BP profit increases RON BOUSSO ALEX DANIEL

ACTIVISTS disrupted BP’s annual @alexmdaniel shareholder meeting yesterday HOMESERVE shares rose 6.9 per cent shouting “this is a crime scene” in the yesterday as the home repairs latest climate protest against the oil company revealed double-digit profit and gas group, while rival Royal growth last year, driven by success in Dutch Shell got some rare praise from its key North American market. investors on its emissions policies. The FTSE 250 utilities firm, which Both oil giants have been working delivers maintenance to 8m people with shareholders in recent years to across the UK, US, France and Spain, try to define a path towards meeting added it expects more of the same the goals of the 2015 Paris climate next year even as it pours money agreement to limit global warming. into developing its Home Experts US rivals Exxon Mobil and Chevron trading arm. are also under pressure from Profit before tax was £139.5m, a 13 investors, but have so far not per cent year-on-year rise from 2018, committed to any targets. while revenue rose 12 per cent to Two protesters inside BP’s annual edge over the £1bn mark for the first general meeting (AGM) in Aberdeen, time ever. In the UK, where it makes Scotland, were carried out by most of its revenue, this translated to security staff, while others turned on an eight per cent profit rise to £66m, an alarm during BP chief executive while in North America profit rose Bob Dudley’s speech as activists 37 per cent to £54.7m. complained the UK-based group was Net debt rose 28 per cent as not doing enough to battle global Homeserve invested in growth areas warming. of the business to £304.7m, while The action came a day after ordinary dividend per share was up Greenpeace protesters blockaded the 12 per cent at 21.4p. entrance to BP’s London Chief executive Richard Harpin headquarters, demanding it end all told City A.M. the firm was looking at new oil and gas exploration. doing more deals in the coming year BP agreed in February with a in the US, Spanish and French group of shareholders known as markets. “We’ve got a number of Climate Action 100+ on a resolution targets – but we can never predict to increase transparency around whether any of those are going to carbon emissions, set targets to happen,” he said. reduce emissions from its operations In a statement, he added: and link them to executive pay. That “Homeserve delivered another very resolution won overwhelming good year with further profit growth shareholder support at the AGM. across the group. North America was But after BP’s overall carbon once again the outstanding emissions rose in 2018 to their performer and our progress there highest in six years, shareholders also continues at pace. Allied to good pushed it to do more and follow Shell performances in the UK, France and by imposing stricter emissions limits. Spain, our membership business is Outside the AGM, several dozen strong and I remain excited about its people held placards reading “BP prospects.” climate criminals” and “climate “Our mission is to make home emergency”. Around 20 repairs and improvements easy for environmental activists also both homeowners and trades and I gathered outside Shell’s AGM in the remain as passionate as ever about Hague. Reuters our efforts to provide great service.”

Fidelity International boss Anne Richards Firms ‘too slow’ to share cybersecurity tips called on companies to collaborate in the fight JAMES WARRINGTON future threats. always been as fast at sharing with against cyber crime “I think collaboration is really impor- other people in the ecosystem.” @j_a_warrington tant across the industry because, partic- Richards, who is one of the best- COMPANIES must put competition ularly with the cyber aspects, one of the known figures in the asset manage- aside and take a more collaborative absolutely critical things is the speed of ment sector, said new regulation had approach to fighting cyber crime, a response,” Richards told the City Week helped improve corporate attitudes top asset management boss has said. conference in London yesterday. towards cybersecurity. Fidelity International chief executive “Because we’re worried about compe- But she warned a reluctance to share Anne Richards urged firms to be more tition and because we’re always tried to information may have caused problems open in sharing information about minimise reputational risks and dam- to escalate faster than they might cyber attacks in a bid to minimise age, I don’t think we’ve historically otherwise have done. The City AM Club is a new and exclusive membership programme designed specifically for you— London's professionals. Access a unique and thoughtfully curated experience - from discounts, to added value, events and networking in your favourite restaurants and across leading lifestyle brands. The City AM Club is designed to match your lifestyle and take you through the week - morning till midnight. It’s Better On The Inside - are you in?

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per year CITYAM.COM WEDNESDAY 22 MAY 2019 NEWS 09

GERMAN WHIP World’s oldest Porsche to Veteran boss of go on sale at Sotheby’s for more than $20m Shoe Zone steps up gains as rent WH Smith set to falls lace figures HARRY ROBERTSON @henrygrobertson FALLING rents helped UK value footwear retailer Shoe Zone hold exit in October steady in its interim half-year results, released yesterday, despite a tough trading environment. JOE CURTIS ience chain In Motion, with growth The company’s profit before tax stripped back to a four per cent annual rose marginally to £1m in the half @joe_r_curtis increase outside of the purchase. year ended 30 March, compared to THE BOSS of WH Smith is set to step Like-for-like sales rose one per cent THE OLDEST car to wear the Porsche badge went on view at Sotheby’s yesterday. £955m a year earlier, while revenue down later this year after 15 years compared to the same period the year The 1939 Type 64 Berlin-Rome, formerly owned by Ferdinand “Ferry” Porsche, will fell to £73m from £73.6m in the with the British retailer. before. likely fetch at least $20m (£15.7m) when it goes up for sale in California in August. first half of 2018. Stephen Clarke will leave the role of WH Smith’s high street stores con- The company, a long-time fixture chief executive at the end of tinued to decline over the period, on the British high street, saw its October to be replaced by Carl with total sales falling one per rent on renewals fall 18.5 per cent Cowling, the managing cent year on year as well as in the first half, equivalent to a director of the firm’s like-for-likes. full-year saving of £334,000. high street business, at However, the retailer’s Halfords profit going downhill as Digital sales increased 4.9 per the start of November. cent to £5m, up from £4.8m a year “It really has been a Stephen Clarke has earlier, as the store branched out great privilege to lead worked at the British ‘fragile’ confidence lands blow from its bricks and mortar WH Smith for the last retailer for 15 years operations. Shoe Zone said it has a six years and I am HARRY ROBERTSON per cent to £58.8m. “positive outlook for the rest of the extremely proud of what travel hub stores sucess- In September Halfords said it does year,” largely due to its “refreshed we have achieved during fully underpinned its @henrygrobertson not expect profit to increase until digital strategy”. my time,” Clarke said. growth yet again as sales RETAILER Halfords said its profit 2021 as it looks to invest in its stores Shoe Zone’s 26 spin-off Big Box Clarke oversaw a 15 per cent soared 26 per cent compared to before tax fell 24 per cent in 2019 to and its online service. stores generated £5.5m of revenue year-on-year rise in sales in the 11 the same quarter in 2018. £51m as it struck a warning over Last year, the company held rescue in the first half, a relatively small weeks to 18 May, according to a They boasted a seven per cent jump shaky consumer confidence. talks with struggling bike chain percentage of the total. trading update issued yesterday. without the contribution of In The company said revenue Evans Cycles, which was ultimately Chief executive Nick Davis said That was largely due to the £155m Motion’s 115 stores, with like-for-like remained broadly flat on £1.1bn, but bought out of administration by the first half of the firm’s financial acquisition of the US airport conven- sales up three per cent. underlying profit before tax fell 17.9 Sports Direct. year had been “positive”.

ADVERTISEMENT FEATURE Lee Wild discusses the volatile market INTERACTIVE INVESTOR The higher-risk and looks at which WINTER PORTFOLIO portfolio made portfolios are 29.03% for delivering returns DOUBLES AFTER FIFTH investors who for investors MARKET-BEATING YEAR stuck to the ive years ago, our interest was portfolio’s rules’ piqued by a stock market phe- nomenon that promised consis- mid-April was also driven by serviced tent market-beating returns offices player IWG. Agreeing to sell its year after year in the winter Japanese business and enter into a Fmonths between 31 October and 30 franchise agreement with the buyer is April. If something sounds too good to a potentially lucrative strategy. be true, it often is, they say. Among the Consistent Winter Nevertheless, we ran a pair of portfolios Portfolio constituents, speciality to test the theory. chemicals giant Croda extended its They started well, delivering total run of positive winter returns to at returns of 15% and 18% compared with least 15 years, and motorway barriers 9% for the FTSE 350 benchmark index. expert Hill & Smith delivered the Encouraged by results, we’ve goods again. continued both six-month strategies Greene King shares had halved ever since. from almost £10 in 2015 and sat near In the winter period 31 October 2018 a six-year low when the latest winter to 30 April 2019, the interactive portfolio launched in October. But, investor Consistent Winter Portfolio – a while the chart screams sell, its share basket of five stocks which have each price outperforms every winter. A run risen every year for the past decade - of solid trading updates underpinned generated a total return of 20.30%! a 33% gain for the six months. It had The higher-risk interactive been 46% a few days earlier! investor Aggressive Winter Portfolio did even better, This article is provided for information making 29.03% for investors Lee Wild is Head of portfolio would have returned 52.7%. return of 36.9%, excluding charges. purposes only and is not intended to be a who stuck to the portfolio’s Equity Strategy at Without any costs, the FTSE 350 index personal recommendation to buy or sell rules of buying on 31 interactive investor reinvested each winter would have WINTER 2018-19 ROUND-UP any financial instrument or product, or to October and selling on 30 returned just 26.8% including The Aggressive Winter Portfolio 2018- adopt any investment strategy. April. By comparison, the FTSE wrong to use Brexit as an dividends. 19 turned a 14% deficit during the 350 benchmark index delivered excuse to ignore UK equities. For the most part it is difficult to broad fourth-quarter sell-off, to end a total return of just 6.40%. argue with the adage "Time in the with a 29% gain. Now, with a five-year track record, RICH REWARDS FOR THE FAITHFUL market rather than timing the High street sports chain JD Sports the strategy has been proved a massive Buying the maiden interactive investor market," but the interactive investor was down 20% mid-December, but fear success, delivering mouth-watering Aggressive Winter Portfolio at the end Winter Portfolios have consistently of a poor Christmas for the retail returns for loyal followers. of October 2014 and reinvesting the proved themselves worthy of any sector proved wide of the mark. JD The 2018-19 Aggressive portfolio proceeds into the next winter strategy diversified investment strategy. Buying delivered strong results and buyers READ MORE ONLINE easily beat the globe’s major market each year would have generated a the FTSE 350 index at the end of chased the shares up until late April to indices, even factoring in all purchase return of 96.7%, which includes all October 2014, and holding end with a 54% gain for this year’s Keep up to date on our news at: costs. That’s proof, if it were needed, commission and stamp duty. continuously until the end of April seasonal strategy. www.ii.co.uk that international investors have been Doing the same with the consistent 2019, would have generated a total The spike in portfolio performance 10 NEWS WEDNESDAY 22 MAY 2019 CITYAM.COM Majestic’s retail Outbreak raises Cranswick pork business draws exports to east JUSTIN GEORGE VARGHES

BRITISH meat processor Cranswick said on yesterday comparable several suitors annual export volumes in its core far-east markets jumped 16 per cent, as it benefitted from higher prices after African swine fever SAMANTHA MACHADO four times core earnings, valuing the epidemic hit the world’s biggest unit between £110m and £130m. pork market, China. MAJESTIC Wine revealed yesterday “Anywhere between £75m and The company, which processes multiple suitors had shown interest £100m should be considered seri- and supplies fresh pork, sausage, in its retail business, a month after ously,” Liberum said, adding that the bacon and cooked meats, said Britain’s largest specialist wine current valuation of the group was prices “strengthened considerably” retailer said it was looking to sell the too cheap and severely undervalued The firm’s is behind beloved cartoon Peppa Pig, which performed well in the second half of the year after unit to focus online. the firm. supply tightened in China. Sky News reported on Monday that The wine producer and distributor China has reported more than Opcapita, former owner of the said in March it would sell some 120 outbreaks of the incurable Comet retail chain, was among a assets, close stores and review its Profit slips at Entertainment One disease in all of its mainland group of investors looking to dividend to focus on its growth provinces and regions, as well as buy Majestic Wine’s store net- engine Naked Wines, which it Hainan island and Hong Kong, work for £100m. acquired in 2015, as it seeks to after write-downs reach £61m since it was first detected in the Traditional store groups fend off competition from country in early August. Millions of are facing the brunt of ris- discount markets and online JAMES BOOTH interest tax depreciation and pigs have died as a result of the ing property taxes and rivals. @jamesdbooth1 amortisation was up 21 per cent at epidemic. sluggish consumer The company, which has £198m. It said growth was driven by Revenue at Cranswick slipped spending adding to over a million customers ENTERTAINMENT One said yesterday Peppa Pig, superhero show PJ Masks 1.9 per cent to £1.4bn, while its competitive pressures in Britain, the United that its profit before tax fell 43 per and its new production Cupcake & profit before tax dropped from from online rivals and States and Australia, cent to £37m after one-off charges. Dino: General Services. £92.4m to £92m. discount chains. plans to rename itself The company behind children’s TV The company said that a decline Adam Couch, Cranswick’s chief Analysts at Liberum Naked Wines. Reuters favourite Peppa Pig said adjusted in its film, television and music executive officer, said: “The last said Majestic’s retail profit before tax was up 20 per cent division was the result of fewer film year was one of consolidation and commercial busi- Majestic plans to relaunch at £156m from £130m. releases and a market decline in following three years of very strong ness is worth three to itself as Naked Wines It said underlying earnings before home entertainment. growth.” Reuters Bayer hires Sidley Austin to investigate Thyssenkrupp board backs Monsanto influencer data collection chief’s spin-off listing plan CHRISTOPH STEITZ company’s directors. TASSILO HUMMEL campaign, which French media said agency Fleishman Hillard, on behalf “As the supervisory board, we are sought to influence the public debate of Monsanto, had mapped THYSSENKRUPP’s supervisory board convinced that the executive board is BAYER yesterday hired law firm on pesticides and genetically stakeholders in France, Germany, yesterday said it unanimously on the right track with the new Sidley Austin to investigate a Europe- modified products. Italy, Netherlands, Poland, Spain, and approved chief executive Guido strategy.” wide data collection scheme run by Bayer faces potentially heavy the UK as well as stakeholders related Kerkhoff’s overhaul strategy, includ- Earlier this month, Thyssenkrupp’s its Monsanto unit, which targeted litigation costs from US lawsuits in to EU institutions. ing a plan to list its prized elevators chief executive said the steel-to- journalists, politicians and other which plaintiffs claim that its Sidley Austin will investigate how unit, the conglomerate said. submarines conglomerate would stakeholders to influence the debate Roundup weedkiller, which contains many stakeholders were included in “We have agreed that the executive embark on a new round of restructur- on pesticides. glyphosate, causes cancer. Bayer those files and whether people from board will now work out the concrete ing, including exploring a stock mar- Bayer last week admitted that disputes this. other countries could also be plans and begin the implementation,” ket listing for its elevators business. Monsanto, which it acquired for In a Q&A document posted on its affected, Bayer said. Thyssenkrupp supervisory board The conglomerate’s crown jewel saw $63bn (£49bn) last year, had gathered website yesterday, Bayer said US The law firm will contact affected chairwoman Martina Merz said in a margins fall in the second quarter non-public information as part of the public relations and marketing people by the end of this week. Reuters statement following a meeting of the due to higher material costs. Reuters Finding ways to make your money more interesting

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Your capital is at risk and interest payments are not guaranteed. Investment in any Wellesley Listed Bonds are not covered by the Financial Services Compensation Scheme. 12 NEWS WEDNESDAY 22 MAY 2019 CITYAM.COM Markets reward Galliford Try after it unveils plan to shrink workforce ALEX DANIEL The latest announcement confirmed the construction division @alexmdaniel would shrink to a revenue base of GALLIFORD TRY GALLIFORD Try has announced it will around £1.3bn, down from £1.5bn. 650 P axe 350 of its workers in a bid to Shares were buoyed by the first make the business more profitable, as decisive move since the company the struggling building firm grapples said it was to reorganise how it 600 619 to streamline its operations. operated in April. The firm said the 21 May The firm, which last month cuts would deliver annual savings of 550 warned the plans to scale back its about £15m by 2021 core construction arm would hit City A.M. understands most of the 500 profit by between £30m and £40m, cuts will be associated to the scale- yesterday said its guidance for the back of its Scottish infrastructure rest of the year was unchanged. construction division. 15 May 16 May 17 May 20 May 21 May Galliford Try has warned its scale-back will hit its overall profit Tech investment Political turmoil hits property as cuts Nationwide transactions fall JAMES WARRINGTON @j_a_warrington PROPERTY transactions slipped profit 15 per cent slightly in April as political uncertainty hampered a traditional spring surge. Residential property transactions HARRY ROBERTSON currently has one for at least the next fell 0.3 per cent month-on-month in two years, amid rising concerns that April, but were up 0.8 per cent on @henrygrobertson people risk being cut off from tradi- last year, according to the latest NATIONWIDE said its profit fell 15 per tional finance. figures from HMRC. cent as the building society’s interest Its net interest margin, the differ- The dip in transactions showed income was squeezed by strong ence between its deposit interest rate uncertainty around Brexit market competition and it splashed and its lending rate, fell to 1.2 per continued to dampen buyer out on technology, its full-year results cent in the year ending in April, from demand, while industry analysts revealed yesterday. 1.3 per cent the previous year. The group found it too hard to turn a profit in the UK mortgage market also pointed to a lack of supply. The UK stalwart’s profit before tax Nationwide’s net mortgage lending Transactions for non-residential fell to £833m in the year to 4 April, increased 13 per cent, however, to properties jumped 9.5 per cent on a down from £977m in the same period £8.6bn for the full year. monthly basis, and increased 7.1 a year earlier. Its member deposit grew to £154m Tesco Bank abruptly quits UK’s per cent on last year, showing Net interest income fell three per for the full year from £148m in 2018. demand for commercial real estate cent to £2.9bn for the year, compared Joe Garner, the building society’s remains strong. to £3bn in 2018. chief executive, said: “2018–19 was a ‘challenging’ mortgage market “There is undoubtedly much Nationwide’s spending on digital strong year for Nationwide. More peo- pent-up demand as buyers and banking hurt its profit in the year to ple have chosen us for their mort- JOE CURTIS “Our focus is on how we best serve sellers have inevitably put decisions 4 April. The company took a charge of gages, savings or current accounts.” Tesco customers,” he added. on hold because of Brexit,” said £227m from asset write-offs and “During the year, we also an- @joe_r_curtis Tesco Bank first began offering Jonathan Harris, director of additional technology investment. nounced a significant boost in our TESCO Bank has thrown in the towel mortgages in 2012, but in February mortgage broker Anderson Harris. The building society’s interest technology investment over five years on mortgages, ceasing all new slashed its home loans fees and tried “However, as the politicians margin – the way lenders tradition- to ensure we continue to excel on lending as it attempts to sell of its to attract new customers with continue to argue and don’t seem ally make money – was squeezed by service,” he said. existing ledger book. cashback deals and other incentives any closer to a resolution, people increased competition among rival Mark Rennison, its chief financial Currently the bank has 23,000 as housing market activity was are finally getting the message that financial institutions. officer, said: “In line with our expec- mortgage customers to whom it has restrained. they need to get on with their lives The building society said it saw no tations and previous statements, our lent £3.7bn, which it is now The supermarket’s banking arm and not rely on what is going on in end in sight for the environment of net interest margin narrowed reflect- exploring the possibility of was recently named the worst Westminster and beyond.” tough competition that has forced the ing conscious pricing decisions and offloading to another provider. challenger bank by customers, with Brian Murphy, head of lending at figure downwards. competition for lending. We expect Bank boss Gerry Mallon said 6.3 per cent of surveyed users Mortgage Advice Bureau, said the Nationwide has pledged to keep a this trend to continue during the “challenging market conditions have threatening to leave the bank over figures point to a “degree of branch in every town and city that coming financial year.” limited profitable growth”. its complaint turnaround times. resilience” amid political turmoil. Shaftesbury scrap with top investor continues amid bump in revenue

JAMES BOOTH in connection to a 2017 equity correspondence with Mr Lee, but we fundraising which he says diluted have never met him. We get a lot of @Jamesdbooth1 his interest and was used to block letters from his lawyers but we don’t WEST End landlord Shaftesbury’s him making a takeover bid. see that to be a dialogue.” spat with its largest investor heated A spokesperson for Lee said: “What happens next is up to him, up yesterday as it announced 5.2 per “Directors must always act in the we are not being distracted from cent revenue growth in the first half. best interests of all shareholders; running the business and the results Shaftesbury is facing a potential Shaftesbury’s board failed to do demonstrate that.” £10m claim from Hong Kong this.” Shaftesbury said net income from billionaire Samuel Tak Lee. Speaking to City A.M., Shaftesbury its property portfolio grew 5.2 per Lee, who owns 26 per cent of the chief executive Brian Bickell said: cent to £48.6m in the six months to Shaftesbury owns swathes of property in the West End company, is claiming losses of £10m “We have had this long-running 31 March. CITYAM.COM WEDNESDAY 22 MAY 2019 NEWS 13

MEDITATION STATION City workers enjoy sky-high meditation session at the Gherkin JP Morgan boss Thomas Cook’s pay passes with shares begin to lower support ELIZABETH DILTS

JP Morgan said yesterday that only 72 per cent of shareholder votes claw back losses approved its executive compensation packages, marking unusual opposition to pay for the bank’s top leaders. JOE CURTIS But panic has gripped investors after About 93 per cent supported JP the holiday maker issued yet another Morgan’s executive pay last year. @joe_r_curtis profit warning last week as well as a WORKERS keen to escape the hustle and bustle of the City took part in a guided JP Morgan also said all of its THOMAS Cook’s shares shot upwards massive £1.5bn loss in the six months meditation session at the top of the Gherkin yesterday. Searcys bar in the iconic directors were elected, and that a yesterday, but not enough to offset a to the end of March. skyscraper hosted the event to mark World Meditation Day. shareholder proposal that the bank huge stock market slump over the last The terrible set of results prompted report annually on its global week. to warn shareholders that gender pay gap was voted down, The struggling travel agent’s share Thomas Cook’s shares were virtually according to preliminary tallies. price closed up almost 19 per cent at worthless, valuing them at 0p and The votes were taken at the 12.2p after falling to under 10p earlier urging investors to sell out. bank’s annual shareholder meeting this week. Thomas Cook has issued a statement Private jet departures in UK at its offices in Chicago. However, the share price rise was saying it has “the support of our lend- Around 29 per cent of equivalent to only around 2p, as the ing banks and major shareholders”. shareholder votes supported a value of Thomas Cook’s stock hovered nosedive amid US competition proposal asking for more details on at such a low level. THOMAS COOK gender pay equity in the United ALEXANDRA ROGERS A nosedive of 17 per cent on Monday, 25 Europe as a whole. The number of States and some 28 per cent of following a 40 per cent plunge last P business aviation registrations in votes were in favour of a proposal @city_amrogers Friday, forced the firm, which is trying 20 Europe has also been falling. aimed at easing shareholders’ to sell off its airline arm, to reassure 12.24 PRIVATE jet departures from the UK Oliver Stone, managing director of access to proxy voting rights. customers its immediate future is not 15 21 May took a downward turn last month as Colibri Aircraft, which carried out ISS, the influential proxy at risk and that “operations are run- the market faced stiff competition the research, said: “Increased advisory group, urged investors to ning as normal”. 10 from the US. demand for pre-owned jets from the vote against the bank’s executive pay packages in a report published The firm has also said it will push on 5 The number of business aircraft large USA market has led to a rise in with plans to open a new hotel in departures in the UK fell in April by the number of aircraft going from earlier this month because it Crete, its 13th new opening of the 4.1 per cent on the previous year, Europe to the USA, reducing the objected to the portion of pay that summer season. 15 May 16 May 17 May 20 May 21 May compared with 3.1 per cent for fleet of European aircraft.” was discretionary. Reuters IsPARTNER ‘Do CONTENT It Yourself’ Investing a Cheap Trick?

nvestors may sometimes reasonably to. ing fund at a very reasonable cost – say sive investor is rarely a better option ask: “If you are passive investors, why Iain Barnes When individuals invest for them- for 0.2%. But holding more than one overall. Especially when we can actively don’t I just invest in passive funds Head of Portfolio selves, it’s easy to fall prey to the many strategy (by diversifying) is usually worth manage investments on your behalf, and ETFs directly myself?” Let us Management, human biases that all people face. These it. Owning funds also requires a plat- reducing your stress and offering advice explain the benefits of choosing a Netwealth thinking traps (which can include loss form or a wrapper to host the invest- if you need it – at a truly competitive Iwealth manager like Netwealth to man- aversion, overconfidence, familiarity ments, which is usually another 0.1 to cost. age your money for you. bias and herd behaviour) can have con- 0.2% a year at a minimum. Our investment approach aims to siderable effects on investor outcomes – Hiring a wealth manager like £When investing your capital is at risk build portfolios thoughtfully and effi- and are better overcome by a watchful Netwealth lets you roll all your ongoing ciently so that we can maximise returns but even the most financially-literate and objective team with all the neces- portfolio management, administration, for a given level of risk. In creating the clients rarely have the time, inclination sary experience to make informed deci- custody, trading and reporting costs into READ MORE ONLINE right asset mix we take a long-term view, or discipline to stay on top of their sions about where and how to invest. one straightforward fee, clearly while proactively monitoring changing investments day after day. Our clients DIY investing may well be cheapest – explained upfront and quoted including For information on Netwealth’s economic and market conditions. prefer the reassurance that, for a small but it’s not always the most cost effec- VAT. investment service, visit: Replicating our strategy might be charge, an experienced team is tive. For personal investing, individuals So, while buying passive funds on a netwealth.com manageable for some savvy investors, watching the screens so they don’t have can invest in a single equity index-track- DIY basis may seem cheaper, being a pas- 14 NEWS WEDNESDAY 22 MAY 2019 CITYAM.COM Ofcom concerned over broadcaster duty of care after reality TV deaths JAMES WARRINGTON towards people who appear on their support to participants after they shows. have appeared on TV shows. @j_a_warrington The intervention came after ITV “What happens after transmission OFCOM has expressed concern about pulled its hit daytime programme at the moment, there is a window the treatment of reality TV stars, a the Jeremy Kyle Show following the between filming and transmission week after ITV axed the Jeremy Kyle apparent suicide of former where there is advice on the media Show following the death of a participant Steve Dymond. and social media and going often contestant. But White said “alarm bells” had from being a private person to Appearing in front of the Digital, also been rung over the suicides of suddenly to being casting into a Culture, Media and Sport two former contestants on the media world,” she said. Committee, Ofcom chief executive broadcaster’s reality dating show White said ITV has asked the Sharon White said the regulator is Love Island. regulator for more time to complete “particularly concerned” about the White said clearer guidance was its internal inquiry into the Jeremy duty of care broadcasters have needed to ensure producers offered Kyle Show death. Ofcom boss Sharon White said clearer guidance was needed for broadcasters BT’s brand value FTSE 100 firms face £100bn bill slumps ahead of from new rules ALEX DANIEL @alexmdaniel BLUE-chip firms could collectively be image overhaul left up to £100bn worse off because of changes to accounting standards rules, according to research. JESS CLARK its value by 40 per cent to £18bn, Aviva, Upcoming tweaks to the up 39 per cent to £5.2bn and British International Financial Reporting @jclarkjourno Airways, which saw brand value in- Interpretations Committee rule 14 THE VALUE of telecoms giant BT’s crease 23 per cent to £3.2bn. make regulations stricter on what brand slumped this year as new chief Meanwhile, the value of supermar- companies have to report when it executive Philip Jansen prepares to ket brands continued to grow as comes to their pension contributions. overhaul the company’s image. online services remained popular with Zelenskiy was made President of Ukraine on Monday This, along with increasing pressure BT dropped two rankings to 10th consumers. Tesco was the highest- for accelerated contributions from place at the beginning of this year as ranking supermarket with brand companies, could leave many FTSE its brand value, which is calculated as value growth of 17 per cent to £8.8bn. 100 companies with billions of the net economic benefit its owner Sainsbury’s brand value rose 11 per Ukrainian President Zelensky pounds worth of bills. would receive if it licensed the brand cent to £4.5bn, Morrisons was up 3.9 The analysis by Lane Clark and in the open market, fell 25 per cent per cent to £2.6bn and Co-op soared 45 Peacock (LCP) also found companies from £8.7bn to £6.4bn. per cent to £2.1bn. decrees snap election for 21 July paid about £90bn in dividends to The company’s upcoming rebrand, Brand Finance chief executive David shareholders in 2018, seven times the which was ridiculed online after its Haigh said: “It is the best of British NATALIA ZINETS President on Monday, promising that £13bn paid into pension schemes. minimalist logo was revealed last brands whose reach already extends as hard as he had worked in the past This represents an increase from week, was not taken into account for beyond the UK which will flourish due UKRAINE’s new President Volodymyr to make Ukrainians laugh, he would 2017, when dividends were about six the ranking. to their international presence. Zelensky yesterday issued a decree now work to keep them from crying. times the amount paid to pensions. However Brand Finance, which com- “This global reach outside of Europe setting 21 July as the date for a snap The inauguration day was marked The increase was from a rise in piled the research published yesterday, is what will ultimately help sustain parliamentary election, according to by informal moments that conveyed dividends, rather than a fall in is expected to reconsider BT’s placing momentum and further brand value a statement on his website. the outsider persona that helped contributions. after the logo is rolled out in August. growth. Zelensky, a political novice before carry the political novice to a land- LCP partner Phil Cuddeford said: The total value for the UK’s top 150 “Despite the weaker pound and on- running for the presidency, said on slide victory last month. “It is critical to go beyond the single brands rose 10 per cent to £369.1bn, going Brexit saga, this year’s UK 150 Monday he was dissolving parliament Ukraine’s parliament is still domi- headline statistic when it comes to driven by success in professional brands show a surprising level of re- to prepare for an election. The vote nated by the bloc named for Zelen- drawing conclusions on the services, retail, insurance, tourism silience. Lower petrol prices, cheaper would give his new party the oppor- sky’s defeated opponent Petro contributions or dividends debate. and leisure. flights and the continued desire to tunity to win seats for the first time. Poroshenko and smaller parties There will be many factors to The highest performing brands in have a holiday are benefiting airline, Television comedian Zelensky took founded mostly as personal vehicles consider and certainly no one-size- these sectors included EY, which grew hospitality and retail brands.” the oath of office as Ukraine’s new for political insiders. Reuters fits-all answer.” Will Amazon’s Deliveroo stake improve its luck in the UK? NLINE retail giant Amazon Stephan in that they don’t actually provide the Those who use quick-delivery serv- quarter of a nationally representative has made a large products they sell directly. Their cus- ices certainly order takeaways more sample (25 per cent), proving investment in food courier Shakespeare tomers also share similar views about than average Brits; 43 per cent of customer engagement is high. Deliveroo, taking a stake in convenience and eating out, accord- Prime Pantry users and two thirds (64 O £ the startup’s latest £450m ing to YouGov Profiles data, and over- per cent) of Deliveroo users often Stephan Shakespeare is chief executive of fundraising round. lap significantly. A quarter (26 per order takeaways, compared to a YouGov Amazon has attempted to enter the cent) of consumers who use same-day food delivery market before with delivery services like Amazon Prime USERS OF FOOD DELIVERY SERVICES SHARE SIMILAR HABITS Amazon Restaurants UK, which was have used Deliveroo in the past three To what extent do you agree with the statement “I often order takeaways”? shut down last year. Amazon also months, compared to three per cent runs Prime Pantry, a service allowing occasions, compared to 26 per cent of of Prime Pantry users and nine per Prime members to order grocery Britons as a whole. cent of the UK as a whole. National Representative Amazon Prime Pantry user 68 essentials straight to their home News of the investment sent shock- Although this shows that customers 64 within 24 hours. waves throughout the grocery sector who order groceries straight to their Deliveroo user Deliveroo is one of Europe’s fastest- as it pairs two of the biggest threats home aren’t interested in eating 50 growing technology companies, and to the supermarket giants, who have restaurant-prepared food, it does 43 its customers have more indulgent already highlighted companies that imply that those who already use than average attitudes to eating out. can act as intermediaries between quick delivery services like Amazon 25 26 YouGov data shows that almost three restaurants and customers as a threat Prime are likely to favour other serv- 77 quarters (73 per cent) don’t think eat- to grocery spending. ices that offer the same speedy service YouGov Source: 10 ing out should be reserved for special Amazon and Deliveroo are similar they’re used to, such as Deliveroo. Agree Neither agree nor disagree Disagree CITYAM.COM WEDNESDAY 22 MAY 2019 MARKETS 15

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BLOOMSBURY New Brexit deal 240 P Wall St rises as 235 Huawei respite

230 21 May offers up boost 227 boosts tech 225 HARES of technology companies Shelped lift Wall Street yesterday 15 May 16 May 17 May 20 May 21 May after the United States temporarily eased curbs on China’s to FTSE index Bloomsbury is in blooming good health with its latest set of results, which show Huawei, alleviating investor concerns revenue in line with expectations and profit modestly ahead. Academic and about pressure on future corporate professional titles saw revenue grow 13 per cent, while the publishing house’s digital results in the sector. resources also boomed 42 per cent The acquisition of IBT also contributed around Late on Monday, the United States HE FTSE rose yesterday, States eased restrictions on telecom £2.5m in revenue. Broker Peel Hunt makes no changes to current-year forecasts, and granted the Chinese telecoms helped by a rally in home- giant Huawei. says Bloomsbury story is “a robust commercial story with a great defendable IP equipment maker a license to buy US builders amid news of a pro- Shares of Lloyds and asset”. Peel Hunt confirms its “Buy” rating with a target price of 270p. goods until 19 August. The Tposed parliamentary vote on gained as Tesco’s decision to stop development offered a reprieve to a second Brexit referendum mortgage lending raised the shares of chipmakers, with the and gains in Asia-facing stocks after prospect of reduced pressure on NON-STANDARD FINANCE Philadelphia Semiconductor Index the United States relaxed restrictions margins, due to lesser competition. gaining 2.1 per cent to end a three-day on China’s Huawei. Keeping a lid on gains were 50 P slump. The FTSE 100 was up 0.3 per cent, exporter stocks that weakened as 48.60 Shares of Huawei suppliers such as while the FTSE 250 rose 0.5 per cent, sterling strengthened. 49 Intel, Qualcomm, Xilinx and with builder Galliford Try leading Britain’s largest industrial 21 May Broadcom rose between one per cent gains after announcing job distribution firm and 4.6 per cent. cuts. Electrocomponents rose 7.8 48 Technology shares rose 1.2 per cent After weeks of waiting per cent to a seven- to add the most gains to the S&P 500 for significant updates month high after among the benchmark index’s major on Brexit, investors 47 sectors. welcomed a “new Lloyds and Barclays got a The Dow Jones Industrial Average deal” for Britain’s bump on Tesco’s decision 15 May 16 May 17 May 20 May 21 May rose 197.43 points, or 0.77 per cent, to departure from the to stop selling mortgages 25,877.33, the S&P 500 gained 24.13 European Union set Non-Standard Finance, which is pressing ahead with its hostile takeover bid for rival points, or 0.85 per cent, to 2,864.36 out by Prime Minister reporting profit ahead sub-prime lender Provident Financial, issued a brief statement yesterday in which its and the Nasdaq Composite added Theresa May, which of market expectations. own fortunes are sunny. There is strong growth in both branch-base and guarantor 83.35 points, or 1.08 per cent, to offered the prospect of a UDG Healthcare scaled a lending, while margins have improved in home credit, says broker Peel Hunt. “The 7,785.72. possible second referendum on more than eight-month high key focus in the short term remains the offer for Provident Financial. The shares Even with yesterday’s gains, the S&P the agreement. with a 6.8 per cent rise, after the trade in line with secured lenders and, at these levels, we maintain our Reduce 500 is still on track to post its first That thrust housebuilders 1.2 per company raised its 2019 adjusted recommendation,” the broker said, giving NSF a target price of 50p. monthly decline of the year. The index cent higher, their biggest one-day profit forecast. is now three per cent away from its all- rise in a month. Persimmon and Metro Bank, which has seen its time high on 1 May as it has been Taylor Wimpey were among top shares hammered after disclosing an WPP pressured by mounting concerns gainers on the main index. accounting error, advanced 7.5 per about a prolonged US-China trade Heavyweights HSBC, Prudential and cent following its annual meeting. 970 P war. Standard Chartered also offered Keeping a lid on gains among Among the S&P 500’s major sectors, support as markets hoped that trade midcaps was Entertainment One, 960 only defensive consumer staples tensions between Washington and which slumped 11 per cent after shares traded lower, down 0.3 per Beijing would ease after the United missing estimates for revenue. 950 cent. Shares of Kohl’s and JC Penney 940 957.80 plunged after the two department TOP RISERS 21 May FTSE stores’ quarterly results missed 7,400 930 expectations. 1. Sainsbury’s Up 4.70 per cent Kohl’s shares dropped 12.3 per cent, 2. Coca-Cola HBC Up 3.63 per cent 7,350 15 May 16 May 17 May 20 May 21 May the largest decline among S&P 500 3. Persimmon Up 3.03 per cent companies, after the retailer cut its 7,300 WPP is wavering on the brink of a potential break-up, says Liberum, either from full-year profit forecast and reported TOP FALLERS within or from an outside intervention. The broker says it sees the rationale behind quarterly same-store sales and profit 7,250 such a possibility, which would create “significant shareholder value with a number that missed expectations. 1. Rolls-Royce Down 2.46 per cent 7,328.92 of assets likely to attract premium valuations because of their strategic importance Shares of rival JC Penney fell seven 7,200 2. Imperial Brands Down 2.01 per cent 21 May and / or ‘trophy’ status”. It also notes that four bidders are lining up for a majority per cent after the company also 3. Pearson Down 1.92 per cent stake in WPP’s Kantar business. As a result, Liberum has reiterated its “Buy” rating reported a bigger-than-expected fall 15 May 16 May 17 May 20 May 21 May for the advertising giant, while upping its target price from 1,290p to 1,450p. in quarterly same-store sales. CITY MOVES WHO’S SWITCHING JOBS

NEURO-INSIGHT of major brands to its client list, including the CUSHMAN & WAKEFIELD AIRSHIP Neuro-Insight, a Telegraph, UKTV and Slimfast. The promotion Cushman & Wakefield has appointed retail strategist Airship has announced David King-Harris as vice neuromarketing and recognises Shazia’s role in driving the company’s new Paul Durkin as head of UK retail. Paul joins from Asda, president (VP) of sales in Europe, Middle East and neuroanalytics company that business strategy and strengthening key relationships. where he was senior director of strategy, to lead a Africa (EMEA). David will lead Airship’s EMEA sales uses unique brain-imaging As chief, Shazia will be responsible for strengthening team focused on delivering advisory services to clients organisation directing regional growth from the technology to measure how Neuro-Insight’s profile, as well as further expanding operating in a sector evolving at unprecedented pace. company’s new London office in Southwark and its the brain responds to the business and its impressive client portfolio. Shazia Prior to joining Asda, one of Britain’s largest locations in France and Germany. He brings nearly a communications, has previously set up and led the global insight function for supermarket brands, Paul held senior strategy decade of sales leadership experience including roles promoted Shazia Ginai to the GHD. Prior to this, she worked at Proctor & Gamble for positions at SABMiller, Morrisons and McKinsey. He at Lyris, Silverpop, IBM and, most recently, Movable Ink role of UK chief executive. She seven years, where she was responsible for designing starts work at Cushman & Wakefield in June. Paul’s as regional vice president sales EMEA. Prior to that, will replace the current UK and executing consumer research and building recruitment follows several other senior appointments David founded a project management company, chief executive, Heather storytelling capability for their luxury fragrance and at Cushman & Wakefield. Former Kingfisher’s group which he led for eight years before acquisition. Other Andrew as she steps down from the business. Shazia skincare brands. Heather, who has led the UK business property manager Tim Crighton has joined to provide appointments include Dale Flores as VP of sales joined Neuro-Insight in July 2017 as head of new since 2010, will stay on at Neuro-Insight as a non- specialist retail supply chain and logistics advice to Americas, Neil Gariepy as VP of infrastructure and business. Since then, the company has added a series executive director. clients. security and Jeff Winsor as VP of technology services.

To appear in CITYMOVES please email your career updates and pictures to [email protected] 16 OPINION WEDNESDAY 22 MAY 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS The extremist Green party is TO THE EDITOR Watch your face trying to overthrow capitalism [Re: San Francisco becomes first US city to ban facial recognition software] Following San Francisco’s ban of facial recognition technology last week, the first HE GREEN Party is doing Venezuelan Solidarity Campaign. fracking’s biggest supporters.” legal challenge outside the US began in well. It gained nearly 200 Then we have Molly Scott Cato, a Harry But backing that would put the Cardiff yesterday. This heralds a sea- council seats in the recent Green MEP. When Fidel Castro, the Phibbs Green Party on the same side as an- change in how much privacy we’re willing Tlocal elections and is hop- mass murderer and Communist other billionaire Brexiteer, Sir Jim to blithely give up in the name of “safety”. ing for a strong showing in dictator of Cuba, died, she tweeted Ratcliffe. So its supporters protest On the one hand, it’s a natural reaction the European ones this week. the following tribute: “RIP #Fidel, against it. to be reassured by the thought of facial Publicity over school children last of the great revolutionaries. In- Speaking of Brexit, it is unclear recognition helping police to catch a bad going “on strike” to protest about cli- spiration to many to fight for social why the Green Party is so keen on guy. But it’s also natural to then wonder: mate change has helped. With politi- justice and bulwark against worst the EU. The environmental damage “How often can that ‘eye in the sky’ see cians competing to fawn over the excesses of market.” of both the Common Fisheries Pol- me – and can I trust it?” truants, the Green Party makes an These sentiments are an outrage The socialist states icy and the Common Agricultural The health of our democracy – and the easy claim to moral superiority com- to all who believe in freedom and Policy is well established. future of work – demands trust. But the pared to the mainstream parties. democracy. Yet within the Green not only brought A US think tank, the Property and tech trust deficit isn’t closing; too often, It has managed to hit the balance Party, there is nothing odd about Environment Research Center, what we get instead are retroactive mea- of being anti-establishment, but them. Cheerleading for totalitarian poverty – they also champions free-market environ- culpas that “we didn’t do enough to also worthy and respectable. regimes is the norm. proved ecological mentalism. Its work includes a com- prevent X from happening”. Meanwhile, Yet the Green Party is a thor- However, Green supporters parison of privately-owned and there’s near-unanimous agreement that oughly extremist outfit. Like the should reread their history. The so- catastrophes stated-owned forests, analysis of ap- facial recognition software error rates – watermelon, it is green on the out- cialist states not only brought plying property rights to marine as- especially among people of colour – are side but red inside. tyranny and poverty – they also sets, and in particular a report on unacceptably high. Of course there are genuine envi- proved ecological catastrophes. the bee population that shows how As we continue to see the rise of facial ronmental challenges to be faced. The state-owned factories of the technology and innovation offer ex- market mechanisms have prompted recognition as a means to keep us safe, we But the only solution the Green Soviet Union and the rest of the citing opportunities to improve our beekeepers to counter the impact of are going to have to navigate a thorny mix Party is interested in is a miserabilist Warsaw Pact were great sources of environment, but these are dis- Colony Collapse Disorder. of standards, laws, regulations and ethics. agenda that would include the over- pollution. missed as ideological deviations. As bee mortality rates increased, This means that we need the consent of throw of the free enterprise system. One estimate from the 1980s The Times recently reported on so did pollination fees. More citizens – not digital-political overlords – Caroline Lucas, the only Green MP, found that particulate air pollution the efforts of Sir James Dyson to healthy colonies need to be split to to ultimately control who “watches the has been a long-standing supporter was 13 times higher per unit of have his cyclonic filter added to car replenish numbers – and the sup- watchers”. of the oppressively Marxist regime GDP in eastern Europe than in exhaust systems to trap pollution ply from queen breeders has in- Robert Brown, AVP, Cognizant’s Centre in Venezuela. western Europe. The Aral Sea be- particulates. It could provide us creased to cope with demand with for the Future of Work Back in 2007 she signed a letter to tween Kazakhstan and Uzbekistan with much cleaner air. no great difficulty. , along with Labour’s was devastated to fit the demands But why should the Green Party be Capitalism is not the entire an- Ken Livingstone and Diane Abbott, of the central planners. interested in pushing for a solution swer, of course. The government also declaring: “We believe that the lives Eco-warriors decry profits. But from a billionaire Brexiteer? has a role in providing legal protec- BEST OF of millions of Venezuelans have been the profit motive encourages effi- Then there is the fracking revolu- tion. But the message of miserable TWITTER transformed by the progressive so- ciency. That includes keeping the tion. Natascha Engel, who resigned despondence should be challenged. cial and democratic policies of Hugo use of energy and other scarce nat- after just seven months as the gov- It is perfectly possible for us to I supported the PM’s rotten deal last Chavez’s government. Extreme ural resources to a minimum. A ernment’s shale gas commissioner, have a future that is richer and time as I felt we could then draw a line poverty has been halved, illiteracy command economy stops the price says that “fracked gas with half the greener. The ingenuity of free enter- and select a new PM to pick up the nearly eliminated, participation in mechanism from functioning ef- emissions of coal” is “an essential el- prise will allow both to happen, if it pieces. But I cannot support this education has more than doubled fectively to send such signals. ement in any transition to a renew- is given the chance. But not if the convoluted mess. That it takes us and free basic healthcare extended The Green Party’s very ideology able future”. Green Party gets its way. towards a rigged referendum between to nearly 20m people. Unemploy- prevents it from being open- She adds: “If environmental groups her deal and no Brexit is just ment has fallen to a historic low.” minded about how the environ- really cared about reducing carbon £ Harry Phibbs is a journalist at grotesque. The PM must go. She went on to be a patron of the ment can be safeguarded. New emissions quickly, they would be Conservative Home. @ZacGoldsmith

The Prime Minister’s customs “compromise” is meaningless. It’s not a permanent customs union and the UK will in all probability remain in a customs union until December 2022 Puzzled over Australia’s shock election anyway under the existing transitional arrangements. result? Economic theory can help explain @hilarybennmp The man who egged Jeremy Corbyn was denounced as a fascist and jailed HE SURPRISE of the week tistical theory. He used the latter, Labor, which had made climate for a month. The man who was the re-election of the for example, to work out that a Paul change and emissions control a milkshaked Nigel Farage is treated as centre-right Coalition gov- broadly accurate picture of opinion Ormerod major part of its platform. a hero. The double standards of our Ternment in the Australian in the whole of the US could be ob- Similarly, Labor campaigned on arrogant, authoritarian chattering General Election. tained from a sample survey of only the policy of abolishing franking classes are astonishing. The Labor opposition had led a few thousand people. credits. These may seem esoteric, @TheaDickinson every major opinion poll for the Since then, polling techniques but the effect was widely under- past two years. But Scott Morrison have become much more sophisti- stood: pensions would become taxed The people who enjoy the of the Coalition is still Prime Minis- cated. Their fundamental problem more heavily. As a result, over-65s being thrown at the far right like it ter – and it is his Labor opponent is not the statistical science, but the voted overwhelmingly against Labor. because they feel otherwise who is resigning as leader. fact that their results depend upon polls indicated that Theresa May was No matter how right-on they may powerless. The far right are popular Economists, regardless of their stated preference. In contrast, with heading for a comfortable majority. seem and how much support they because they say they’re taking the own political views, can take pleas- revealed preference people quite lit- But the Australian election is also get in polls, many environmentalist power back. No side feels like they ure in this result. It is yet another erally reveal their preference by particularly interesting because of policies are not popular in practice. have “the power”. Where is the power? illustration of the importance of making an actual choice. They vote the issues over which it was fought, The gilet jaunes movement in @caitlinmoran what economics calls revealed pref- for the Coalition and not Labor. reflected in the results. France is further testimony to this. erence over stated preference. They buy Pepsi and not Coke. There were big swings against And people reveal a consistent Jamie Oliver, you brought this on The concept of stated preference On social media, people – perhaps Labor in Queensland, for example. preference for paying less rather yourself when you banned Turkey is the bedrock of the entire polling unwittingly – reveal a great deal A key issue here is coal mining – in than more tax. Twizzlers back in 2005. Now us kids industry. People are asked to give about themselves, their opinions, particular, a major new mine pro- Whoever becomes Conservative have grown up we are able to take our their views on hypothetical ques- and their emotions. Analysis based posed by the Adani company. leader might find it useful to learn revenge! tions. Who will you vote for? Do you on this data will surely supplant A opinion survey was leaked from the Australian result. @christophharker prefer Pepsi or Coke? the existing approaches of the on 14 May. It claimed to find that in George Gallup introduced opin- polling industry. Queensland itself the coal mining £ Paul Ormerod is an economist at My #GameOfThrones hot take – ion polls in America in the 1930s. This is of course by no means the industry was “nearing crisis” and Volterra Partners LLP, a visiting professor Westeros chose AI to rule them, and His flash of genius was to combine only close result which opinion had “strong negative perceptions”. in the Department of Computer Science so should we. questionnaires with what at the polls have failed to call. In our own Yet on 18 May, the Queensland at UCL, and author of Against the Grain: @holly time was the infant science of sta- 2017 election, for example, most electorate swung decisively against Insights of an Economic Contrarian. CITYAM.COM WEDNESDAY 22 MAY 2019 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Malevolent superintelligence? DEBATE That’s science fiction, not reality After this week’s incident with Nigel Farage, is ‘milkshaking’ an N STANLEY Kubrick’s 2001: A make an infinite number of paper- Space Odyssey, HAL 9000 was an Yorick clips and destroying all the world’s re- acceptable form of protest? all-knowing robot that decided to Wilks sources to do so. This is very early Idestroy a spacecraft and its crew. science fiction indeed – it is straight Naturally enough, the crew didn’t out of The Sorcerer’s Apprentice, a The protest meme began care for this. poem from 1797. when group of far-right goons The film was an important crossover One of the odd things about harangued a Muslim teenager, who moment from science fiction to sci- Bostrom’s menacing AI prediction is defended himself with a milkshake. YES ence fact. Many who saw HAL came to that he assumes there will be only one They pounced on him and beat him up. believe that there are indeed such of them, because it will have killed all This public intimidation is a routine ELEANOR PENNY computers in charge of things. But there’s no reason to be afraid. the others – a bit like the dragons part of a far-right technique aimed at What was once the stuff of fiction is AI developments are hyped up to ap- fighting it out with the zombified making the streets unsafe for BAME powerful message that we can’t let our now closer to reality, and the question pear far more intelligent than they dragon in Game of Thrones. people, and for anyone speaking out towns be used as backdrops for vicious of whether artificial intelligence (AI) really are. But this assumes that superintelli- against rising fascism. All the while, propaganda, that we won’t welcome will cause us harm has become more It is true that the technology is gent computers never evolve towards much of the media and mainstream xenophobia. important than ever. blooming everywhere, from health to the same thing that humans acquired politics has rolled out the red carpet for Tommy Robinson has a track record After all, automated cars will soon space to agriculture, but there is no in spades thanks to evolution: the abil- the far right, rehabilitating its image. of assault and incitement. Nigel Farage take to our roads, and drivers may hint as yet of the kind of general intel- ity to cooperate and work together. So no wonder that, across the has said he’d “pick up a rifle” to enforce begin to worry that the family saloon ligence that we humans have and Also, why assume that any creation country, people have had enough. his vision of Brexit. Spare us their tears might decide to kill them in order to which can create these marvels. would want to destroy its creator? Milkshaking has quickly become a over a little spilt milkshake. save a coachload of schoolgirls. Already, AI can have capabilities All the myths and religions we know way to both ridicule and resist the Fears around AI have been stoked by more like those of animals and far su- assume that created things are more steady encroachment of racist hatred. £ Eleanor Penny is a writer and editor the concerns of some public figures. perior to our own: AI-powered eyes, or less well-disposed towards their cre- It’s a harmless missile – but it packs the at Novara Media. Stephen Hawking said that the emer- like those of an eagle, can see a stamp ators, and much more likely to wor- gence of AI could be the “worst event a mile away. But just as an eagle poses ship them and build temples than to in the history of our civilization”, as no risk to us, neither are these tech seek to kill them. In Bostrom’s science it may try to replace humans. developments a threat to humans. fiction, the Superintelligences want If throwing a milkshake at someone is a Meanwhile Nick Bostrom, a philoso- Bostrom also believes that intelli- to kill their parents. legitimate form of political protest, pher at Oxford and author of the best- gent machines will have goals of their Of course, AI could be dangerous in how about a coffee? Or acid? selling book Superintelligence, thinks own and will be hostile to us, but he the future – extraordinary weapons The truth is that it is an assault NO that AI could create an “existential ca- is reduced to describing absurd sce- are now being created by all the major regardless of the object used to commit tastrophe” for us all. narios such as a machine wanting to powers, from submarines with no the attack. BEATRICE TIMPSON Released in 2014, Superintelligence crews to huge flocks of heavily-armed Nigel Farage is a politician whose scared a huge number of people by de- drones and tiny tanks. party is polling highest in the upcoming careers – that they remain cocooned scribing AI research as being at the The AI that we need to be most care- European elections. He is unequivocally and cosseted out of range of public cusp of suddenly taking over and con- All the religions we ful of is the one that extends already- supported by large swaths of the public. views and opinions. We can’t see them, trolling our lives – or at worst, de- existing technologies – like weapons, Many others may disagree with his and they don’t see us. stroying us all. know assume that cars, and fully-automatic factories – opinions – perhaps vehemently – but For anyone who doesn’t like a This sounds compelling, because it created things are and makes them much cheaper, yet his rights both to voice them and to politician’s arguments, take them on panders to our love of catastrophe as also more deadly. meet the public are indispensable for and beat them. our lives become ever more comfort- well-disposed towards But AI rebelling against us? That’s our democracy to function. Once you’ve left the playground, able and less arduous. It also plays their creators just science fiction. The alternative is to have our that’s how it’s done. into a cultural moment for AI, with politicians so terrified of the humiliation several TV and film dramas featuring £ Yorick Wilks is a visiting professor of that a second’s encounter can create – £ Beatrice Timpson is a political the technology. Artificial Intelligence at Gresham College. which these days can haunt their entire communications consultant.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1382 0.0012 €/$ 1.1162 0.0007 7328.92 19436.36 4014.44 25877.33 7785.72 2864.36 /$ 1.2706 0.0019 €/£ 0.8783 0.0009 18.04 100.77 11.56 197.43 83.35 24.13 /¥ 140.38 0.2864 €/¥ 123.30 0.3541

                                International Con . . . . .493.2 -9.2 726.6 489.3 GILTS Kier Group ...... 319.4 5.0 1072.1 310.6 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6269.0 1.0 7155.0 5593.0 Euromoney Institu . . .1376.0 32.0 1450.0 1132.0 REAL ESTATE INVEST. TRUSTS Marshalls ...... 669.0 10.0 671.5 399.8 Gocompare.com Gro . . . .81.0 -0.9 139.0 64.6 Merlin Entertainm . . . . .337.6 -12.4 410.5 307.1 Redrow ...... 575.0 17.0 674.6 460.8 Millennium & Copt . . . .462.0 0.0 570.0 436.0 Tsy 3.750 19 ...... 100.88 -0.02 104.1 100.6 Polypipe Group ...... 423.0 4.2 439.6 307.8 3i Group ...... 1068.0 -3.5 1088.5 756.2 Centrica ...... 94.7 1.2 163.7 92.2 Taylor Wimpey ...... 175.9 4.4 205.0 129.3 Haynes Publishing . . . . .191.5 -4.0 246.0 160.0 Big Yellow Group . . . .1062.0 7.0 1072.0 852.5 Tsy 2.000 20 ...... 101.42 -0.03 103.0 101.4 3i Infrastructure ...... 285.5 0.0 288.5 221.0 National Grid ...... 815.2 -2.6 889.2 748.7 Huntsworth ...... 101.0 2.2 139.0 81.0 British Land Comp . . . .555.2 0.2 693.8 523.0 Mitchells & Butle . . . . .246.0 4.0 291.4 238.0 ELECTRICITY . . . .406.0 3.0 433.2 361.4 Tsy 4.750 20 ...... 103.14 -0.03 107.4 103.1 AJ Bell ...... 428.0 -2.0 477.0 220.0 Pennon Group ...... 712.2 11.0 812.4 684.2 INDUSTRIAL ENGINEERING Informa ...... 769.6 -2.4 859.0 605.8 Civitas Social Ho ...... 84.4 -0.1 114.0 84.2 National Express . Tsy 3.750 20 ...... 103.82 -0.03 107.1 103.8 Contour Global ...... 199.0 5.2 250.0 150.1 Allied Minds ...... 80.1 5.0 116.8 37.3 ITE Group ...... 75.6 -0.6 90.6 56.3 Derwent London . . . .3320.0 0.0 3328.0 2761.0 Paddy Power Betfa . .5756.0 -58.0 9110.0 5525.0 Severn Trent ...... 1940.0 20.5 2091.0 1770.0 Bodycote ...... 795.0 7.0 1055.0 676.0 Rank Group ...... 157.4 3.8 194.0 135.0 Tsy 2.500 20 ...... 356.02 -0.01 362.3 355.8 Drax Group ...... 322.0 -0.4 427.2 318.2 Amigo Holdings ...... 226.5 2.5 310.0 154.5 United Utilities ...... 783.4 13.6 873.6 682.4 ITV ...... 111.7 -0.9 180.4 111.0 Great Portland Es . . . . .766.2 6.4 773.6 652.3 Hill & Smith Hold . . . . .1252.0 2.0 1523.0 902.5 Restaurant Group . . . . .134.6 4.3 237.1 111.9 Tsy 8.000 21 ...... 114.82 -0.05 122.0 114.4 SSE ...... 1045.0 5.5 1440.5 1025.5 Arrow Global Grou . . . . .211.8 -0.8 289.5 167.2 IMI ...... 950.0 4.6 1242.0 870.0 Moneysupermarket. . . .365.5 -1.8 373.1 264.0 Hammerson ...... 287.8 -0.2 560.2 284.4 Tsy 4.000 22 ...... 109.05 -0.06 112.2 109.0 ASA International . . . . .399.0 -3.0 510.0 336.0 GENERAL INDUSTRIALS Pearson ...... 785.2 -15.4 1027.5 777.6 Intu Properties ...... 98.6 2.0 207.3 91.3 Stagecoach Group . . . . .136.8 3.0 177.0 115.5 Melrose Industrie ...... 177.4 2.8 247.0 146.3 TUI AG Reg Shs (D . . . . .785.6 10.6 1810.5 713.2 Tsy 0.500 22 ...... 99.21 -0.06 99.6 97.7 ELECTRONIC & ELECTRICAL EQ. Ashmore Group ...... 468.4 2.2 488.0 337.0 RPC Group ...... 789.0 0.0 834.8 632.2 Reach ...... 78.9 0.9 87.0 54.6 Land Securities G . . . . .866.6 -2.6 965.1 791.8 RHI Magnesita N.V . . .4778.0 6.0 5290.0 3318.0 Wetherspoon (J.D. . . . .1327.0 18.0 1375.0 1066.0 Tsy 1.875 22 ...... 116.31 -0.06 119.2 115.5 Halma ...... 1810.0 14.0 1825.0 1237.0 Brewin Dolphin Ho . . . .308.8 0.8 388.0 295.4 Smith (DS) ...... 321.0 2.6 538.9 292.2 Relx plc ...... 1802.0 -8.0 1824.5 1491.5 LondonMetric Prop . . . .209.2 1.6 210.4 172.7 Rotork ...... 299.4 6.5 361.4 235.7 Whitbread ...... 4549.0 24.0 5114.0 3883.0 Tsy 2.250 23 ...... 106.12 -0.09 106.8 104.7 Morgan Advanced M . .259.4 0.6 363.0 237.0 Charter Court Fin . . . . .340.0 4.0 375.0 228.8 Smiths Group ...... 1487.5 6.0 1801.0 1279.5 Spirax-Sarco Engi . . . .8590.0 0.0 8735.0 5900.0 Rightmove ...... 564.7 1.0 573.1 420.9 Primary Health Pr . . . . .134.4 1.4 135.2 106.4 Tsy 2.500 24 ...... 363.98 -0.06 369.1 358.3 ...... 3946.0 6.0 5685.0 3670.0 City of London In ...... 417.0 -3.0 435.0 360.0 2185.0 34.0 3292.0 1934.0 STV Group ...... 365.5 0.0 458.0 318.0 SEGRO ...... 719.0 6.4 720.4 585.2 William Hill ...... 138.7 2.4 332.9 134.7 Renishaw . . . . Smurfit Kappa Gro . . . Weir Group ...... 1566.0 38.5 2325.0 1240.0 Wizz Air Holdings . . . .3165.0 -147.0 3797.0 2329.0 Tsy 0.125 24 ...... 112.89 -0.04 114.1 110.9 Spectris ...... 2540.0 20.0 2908.0 1966.5 CMC Markets ...... 82.9 3.9 206.0 77.4 Vesuvius ...... 519.5 -1.0 662.0 473.2 Tarsus Group ...... 305.0 -2.0 320.0 243.0 Shaftesbury ...... 854.0 2.0 990.0 817.0 Tsy 5.000 25 ...... 123.41 -0.13 125.9 122.1 Coats Group ...... 83.8 0.5 91.3 69.8 INDUSTRIAL METALS & MINING WPP ...... 957.8 5.6 1360.5 800.4 Tritax Big Box Re ...... 151.8 -0.1 155.7 129.0 AIM 50 Tsy 4.250 27 ...... 126.86 -0.14 128.3 122.6 EQUITY INVESTMENT INSTRUM. Georgia Capital ...... 971.0 13.0 1260.0 941.0 GENERAL RETAILERS Unite Group ...... 973.5 6.0 975.5 797.5 Evraz ...... 589.2 13.6 669.0 442.1 MINING Abcam ...... 1394.0 -13.0 1539.0 1017.0 Tsy 1.250 27 ...... 133.36 -0.05 135.6 128.4 Aberforth Smaller . . .1300.0 12.0 1442.0 1120.0 Hargreaves Lansdo . .2399.0 7.0 2433.0 1633.0 Auto Trader Group . . . .587.8 8.2 591.4 351.2 Ferrexpo ...... 220.7 -4.1 301.3 143.5 Workspace Group . . . .952.0 -5.5 1165.0 789.5 Tsy 6.000 28 ...... 144.85 -0.16 146.6 140.5 IG Group Holdings . . . .474.8 -3.3 954.5 467.4 B&M European Valu . . .383.9 2.1 426.3 278.6 Acacia Mining ...... 159.5 8.5 256.6 96.1 Advanced Medical . . . .345.0 2.5 370.0 260.0 Alliance Trust ...... 770.0 0.0 789.0 672.0 INDUSTRIAL TRANSPORTATION SOFTWARE & COMPUTER SERV. Alliance Pharma ...... 78.1 0.0 102.0 60.0 Tsy 0.125 29 ...... 125.19 -0.06 127.6 118.8 Apax Global Alpha . . . .143.0 -0.5 153.0 127.0 IntegraFin Holdin . . . . .400.2 1.8 410.7 269.0 Card Factory ...... 191.3 1.7 228.8 162.6 Anglo American . . . . .1942.6 9.4 2226.0 1464.6 Tsy 4.750 30 ...... 138.43 -0.18 140.2 132.1 Intermediate Capi . . . .1197.0 -7.0 1222.0 899.0 Antofagasta ...... 846.2 17.2 1149.0 727.2 Avast ...... 311.4 4.6 315.2 208.2 ASOS ...... 3535.0 8.0 6834.0 2128.0 Baillie Gifford J ...... 776.0 -1.0 869.0 663.0 Dixons Carphone ...... 124.1 -0.6 234.7 116.2 BBA Aviation ...... 268.2 0.8 350.0 207.0 Blue Prism Group . . . .1838.0 38.0 2575.0 1040.0 Tsy 4.125 30 ...... 372.84 -0.05 379.4 355.2 .0 4.0 914.0 766.0 International Per ...... 161.0 3.4 248.8 155.0 Dunelm Group ...... 866.0 0.0 912.5 482.8 BHP Group ...... 1790.0 -1.6 1944.2 1490.6 Aveva Group ...... 3388.0 20.0 3446.0 2284.0 Bankers Inv Trust . . . . .894 Clarkson ...... 2285.0 10.0 2900.0 1878.0 Camellia ...... 10250.0-150.0 12700.0 9100.0 Tsy 4.250 32 ...... 135.38 -0.18 137.4 128.5 BBGI SICAV S.A. ( ...... 157.5 0.0 168.0 132.0 Investec ...... 485.2 -1.6 594.8 423.4 Inchcape ...... 557.5 1.0 799.0 486.6 Centamin (DI) ...... 91.6 1.5 162.8 79.8 Computacenter ...... 1255.0 20.0 1620.0 952.0 Fisher (James) & . . . .1996.0 4.0 2260.0 1600.0 CareTech Holding . . . . .378.0 8.0 406.0 325.0 Tsy 1.250 32 ...... 152.85 0.03 156.9 144.1 BlackRock Smaller . . .1464.0 8.0 1600.0 1160.0 IP Group ...... 90.4 0.5 142.8 87.8 JD Sports Fashion . . . . .629.4 3.4 635.6 318.5 Royal Mail ...... 211.4 -21.5 556.0 211.4 Fresnillo ...... 736.8 -0.4 1340.0 724.6 FDM Group (Holdin . . .994.0 10.0 1128.0 734.0 Tsy 0.125 36 ...... 144.42 0.08 149.8 133.4 John Laing Group . . . . .388.0 5.6 402.0 264.2 Glencore ...... 273.3 0.3 400.4 269.1 Micro Focus Inter . . . . .1943.4 38.4 2491.6 1427.2 Central Asia Meta . . . . .225.0 0.5 296.0 203.0 BMO Global Smalle . . .1340.0 10.0 1495.0 1220.0 Just Eat ...... 633.2 12.4 883.4 533.8 Stobart Group Ltd . . . . .112.2 -1.6 266.5 108.8 Clinigen Group ...... 1012.0 -8.0 1043.0 721.0 Tsy 4.250 36 ...... 141.35 -0.23 144.0 133.1 British Empire Tr ...... 732.0 3.0 767.0 660.0 JTC ...... 419.0 -1.0 422.0 287.0 Kingfisher ...... 225.3 1.3 318.1 205.4 Hochschild Mining . . . . .167.7 -1.1 222.7 149.1 Playtech ...... 405.2 0.6 826.6 361.8 Tsy 4.750 38 ...... 154.51 -0.25 157.8 144.9 Caledonia Investm . . .2975.0 0.0 3060.0 2650.0 Jupiter Fund Mana . . . .363.0 3.8 488.0 287.6 Kaz Minerals ...... 549.4 -6.6 1076.0 436.7 Sage Group ...... 753.2 14.6 763.0 525.6 CVS Group ...... 669.0 14.5 1163.0 395.0 Tsy 0.625 40 ...... 165.40 0.09 172.7 152.8 City of London In ...... 417.5 2.0 442.5 376.0 Liontrust Asset M . . . . .696.0 4.0 710.0 532.0 Polymetal Interna . . . .823.6 4.8 894.0 597.2 Softcat ...... 966.5 17.0 986.0 565.0 Dart Group ...... 916.0 2.0 1017.0 740.0 Diversified Gas & ...... 132.0 -0.5 134.7 92.0 Tsy 4.500 42 ...... 156.77 -0.31 161.0 145.9 ru . . . . .611.0 1.0 712.0 588.0 LMS Capital ...... 50.4 0.0 53.5 44.0 Rio Tinto ...... 4637.0 -39.5 4771.5 3486.0 Sophos Group ...... 404.9 18.9 639.0 298.2 Inv T Draper Esprit ...... 473.0 3.0 645.0 440.0 Tsy 3.500 45 ...... 138.93 -0.33 143.0 128.0 F&C Investment Tr . . . .698.0 2.0 741.0 616.0 London Finance & . . . . .39.5 0.0 45.5 39.5 MOBILE TELECOMS SUPPORT SERVICES Tsy 4.250 46 ...... 157.82 -0.33 162.7 145.7 Fidelity China Sp ...... 217.0 1.0 268.0 182.4 London Stock Exch . . .5270.0 22.0 5308.0 3867.0 Eland Oil & Gas ...... 127.6 -0.8 137.5 97.0 Tsy 4.025 49 ...... 163.60 -0.35 169.0 150.0 Man Group ...... 149.5 0.1 196.3 126.8 MAIN CHANGES UK 350 Inmarsat ...... 541.0 2.0 632.2 356.6 Aggreko ...... 812.4 6.2 882.0 641.8 EMIS Group ...... 1192.0 22.0 1207.8 860.0 Fidelity European . . . . .239.0 3.5 240.0 202.0 Fevertree Drinks . . . . .2880.0 -5.0 3956.0 2131.0 Tsy 0.500 50 ...... 194.34 0.18 207.7 173.7 Fidelity Special ...... 259.0 1.5 280.0 220.0 OneSavings Bank . . . . .414.2 0.4 449.6 330.0 Vodafone Group ...... 126.0 -0.4 199.1 124.3 Ashtead Group ...... 2032.0 17.0 2438.0 1586.5 BCA Marketplace ...... 188.4 2.0 242.0 183.4 First Derivatives . . . . .3180.0 150.0 4680.0 2050.0 Tsy 0.250 52 ...... 190.68 0.20 204.9 168.8 Finsbury Growth & . . . .895.0 1.0 905.0 740.0 Paragon Banking G . . .472.6 11.4 552.5 379.2      OIL & GAS PRODUCERS Plus500 Ltd (DI) ...... 595.4 2.0 2040.0 495.0  Bunzl ...... 2088.0 -19.0 2551.0 2060.0 Frontier Developm . . .1008.0 -6.0 1825.0 740.0 GCP Infrastructur ...... 127.2 0.0 130.8 119.0 Gamma Communicati .1130.0 -20.0 1200.0 688.0 AEROSPACE & DEFENCE Genesis Emerging . . . .705.0 1.0 739.0 615.0 Provident Financi . . . . .485.6 5.6 692.6 450.0 Galliford Try ...... 619.0 15.4 Entertainment One ...... 410.0 -11.0 BP ...... 560.1 2.9 598.3 485.9 Capita ...... 110.6 0.5 169.1 102.3 GB Group ...... 579.0 -8.0 630.0 410.5 Greencoat UK Wind . . .136.6 -0.2 143.2 120.2 Quilter ...... 141.5 -0.3 156.6 110.6 Saga ...... 53.3 8.4 Royal Mail ...... 211.4 -9.2 Cairn Energy ...... 171.4 4.2 267.6 140.0 DCC ...... 7066.0 54.0 7565.0 5555.0 BAE Systems ...... 461.0 1.7 676.4 445.5 1598.0 1234.0 Rathbone Brothers . . .2330.0 45.0 2652.0 2198.0 Electrocomponents ...... 654.2 7.9 Wizz Air Holdings ...... 3165.0 -4.4 Energean Oil & Ga . . . . .781.0 -7.0 846.0 493.5 Diploma ...... 1494.0 4.0 1634.0 1150.0 Gooch & Housego . . . .1360.0 -5.0 1880.0 1095.0 Cobham ...... 114.8 0.5 131.7 96.8 HarbourVest Globa . . .1596.0 -2.0 Herald Investment . . .1356.0 6.0 1370.0 1055.0 Real Estate Credi ...... 174.5 0.5 175.5 163.0 Premier Oil ...... 97.9 1.0 143.6 55.6 Electrocomponents . . .654.2 47.6 761.6 480.0 Hurricane Energy ...... 57.1 0.3 60.1 39.0 Meggitt ...... 508.4 -15.0 572.0 458.0 Metro Bank ...... 705.5 7.6 Sirius Minerals ...... 15.3 -3.8 Iomart Group ...... 349.5 0.0 475.0 308.0 HGCapital Trust ...... 2155.0 10.0 2170.0 1750.0 Record ...... 30.2 0.0 47.0 27.3 Homeserve ...... 1167.0 6.9 Merlin Entertainme ...... 337.6 -3.5 Royal Dutch Shell . . . .2538.5 -0.5 2748.5 2213.0 Equiniti Group ...... 225.2 3.2 278.0 186.2 QinetiQ Group ...... 303.8 -0.4 311.4 241.9 Essentra ...... 409.8 3.2 507.0 325.4 IQE ...... 73.5 -3.2 128.0 56.3 HICL Infrastructu ...... 158.6 -0.4 170.1 140.0 River and Mercant . . . .250.0 -2.5 330.0 212.0 UDG Healthcare Pub ...... 700.0 6.8 Ted Baker ...... 1443.0 -3.2 Royal Dutch Shell . . . .2547.5 7.5 2841.0 2227.0 Rolls-Royce Holdi . . . . .918.0 -23.2 1094.0 759.2 S&U ...... 2220.0 -20.0 2755.0 1767.5 Tullow Oil ...... 230.4 2.3 275.0 165.2 Experian ...... 2330.0 29.0 2351.8 1728.5 James Halstead ...... 510.0 2.0 520.0 367.0 Senior ...... 229.0 3.4 334.4 185.4 International Pub . . . . .154.4 -0.8 163.4 141.4 Acacia Mining ...... 159.5 5.6 Vivo Energy ...... 113.6 -3.1 organ American . . .457.5 4.0 472.0 386.5 Sanne Group ...... 689.0 6.0 724.0 450.0 Ferguson ...... 5436.0 40.0 6556.0 4749.0 Johnson Service G . . . . .152.6 0.6 155.0 113.6 Ultra Electronics . . . . .1594.0 -21.0 1743.0 1232.0 JPM OIL EQUIPMENT & SERVICES Keywords Studios . . . .1688.0 25.0 2065.0 900.0 JPMorgan Emerging . .929.0 -2.0 972.0 759.0 Schroders ...... 3073.0 15.0 3488.0 2334.0 Sophos Group ...... 404.9 4.9 Greencore Group ...... 216.0 -3.0 G4S ...... 216.8 1.2 282.0 175.9 BANKS JPMorgan Indian I . . . .738.0 -1.0 744.0 566.0 Standard Life Abe . . . .265.0 5.3 423.9 224.9 Bank of Georgia Gr ...... 1723.0 4.8 Genus ...... 2660.0 -2.9 Hunting ...... 565.0 7.0 914.0 453.6 Grafton Group Uni . . . .910.0 -1.0 937.0 630.0 Learning Technolo . . . . .88.5 4.9 166.5 62.2 JPMorgan Japanese . . .424.5 1.0 472.0 367.0 TP ICAP ...... 274.9 -0.5 439.9 259.7 Sainsbury (J) ...... 207.1 4.7 Meggitt ...... 508.4 -2.9 Petrofac Ltd...... 430.0 11.1 663.4 381.5 Hays ...... 148.0 0.2 212.0 135.7 M&C Saatchi ...... 362.0 2.0 410.0 270.0 Bank of Georgia G . . . .1723.0 79.0 3400.0 1310.0 M. P. Evans Group . . . . .680.0 -1.0 800.0 637.0 Jupiter European . . . . .826.0 9.0 895.0 666.0 VPC Specialty Len ...... 72.0 0.0 84.4 71.4 Wood Group (John) . . .452.3 3.4 796.4 438.0 Homeserve ...... 1167.0 75.0 1172.0 842.0 Barclays ...... 157.0 0.6 211.1 146.1 Law Debenture Cor . . .606.0 4.0 636.0 534.0 Walker Crips Grou . . . . .25.0 0.0 39.0 24.0 Howden Joinery Gr . . . .518.0 5.2 539.0 416.4 Majestic Wine ...... 280.0 14.0 485.0 219.0         PERSONAL GOODS ...... 615.0 0.0 685.0 491.5 Close Brothers Gr . . . .1495.0 7.0 1660.0 1406.0 Mercantile Invest . . . . .210.6 1.9 226.0 168.0 XPS Pensions Grou . . . .160.0 1.5 192.0 132.0 Intertek Group ...... 5054.0 4.0 6014.0 4387.0 Midwich Group . CYBG ...... 187.9 -1.4 364.2 173.9 Mortgage Advice B . . .580.0 -32.0 720.0 490.0 Monks Inv Trust ...... 868.0 4.0 891.0 710.0 Burberry Group ...... 1825.0 23.0 2325.0 1623.5 Pagegroup ...... 517.0 -1.0 623.5 432.2 HSBC Holdings ...... 652.5 2.4 745.7 600.8 FIXED LINE TELECOMS Marks & Spencer G . . . .271.2 5.5 314.5 242.4 NON LIFE INSURANCE Rentokil Initial ...... 383.0 -2.7 391.1 284.8 Next Fifteen Comm . . .564.0 10.0 600.0 455.0 Murray Internatio . . . .1146.0 6.0 1208.0 1056.0 Next ...... 5910.0 112.0 6202.0 3991.0 PZ Cussons ...... 198.8 1.8 244.0 178.6 Lloyds Banking Gr . . . . .60.5 1.0 67.0 50.0 BT Group ...... 203.4 0.2 264.7 200.6 Robert Walters ...... 640.0 10.0 475.0 814.0 Nichols ...... 1812.5 32.5 1840.0 1240.0 Metro Bank ...... 705.5 49.5 3436.0 475.0 NB Global Floatin ...... 90.2 0.1 94.5 87.6 Pets at Home Grou . . . .148.0 0.2 163.2 110.0 Admiral Group ...... 2063.0 -1.0 2281.0 1870.0 PHARMACEUTICALS & BIOTECH . . . .120.0 0.5 124.5 107.5 TalkTalk Telecom ...... 121.3 -1.3 137.0 96.6 Serco Group ...... 122.9 0.9 136.5 84.1 Numis Corporation . . . .265.0 0.0 438.5 221.5 Royal Bank of Sco . . . . .225.5 3.3 296.0 203.0 NextEnergy Solar . Saga ...... 53.3 4.1 138.7 48.9 Beazley ...... 567.5 5.0 608.0 492.6 Polar Capital Hol ...... 578.0 8.0 732.0 448.0 Pantheon Internat . . .2190.0 20.0 2200.0 1955.0 Telecom Plus ...... 1466.0 -12.0 1524.0 1010.0 AstraZeneca ...... 5868.0 44.0 6525.0 5182.0 SIG ...... 137.0 0.9 153.0 102.2 Standard Chartere . . . .686.6 9.6 770.3 519.8 Sports Direct Int ...... 288.4 0.8 436.1 233.2 Direct Line Insur ...... 322.1 1.7 376.2 304.9 Travis Perkins ...... 1371.0 27.0 1475.5 970.0 Purplebricks Grou . . . . .90.0 -11.0 410.0 88.5 Perpetual Income . . . .322.5 1.0 375.0 301.5 Hastings Group Ho . . . .189.0 3.2 274.2 174.0 BTG ...... 834.0 -0.5 853.0 475.0 TBC Bank Group . . . . .1670.0 0.0 1788.0 1290.0 FOOD & DRUG RETAILERS Ted Baker ...... 1443.0 -48.0 2558.0 1420.0 Spirent Communica . . .159.6 0.0 166.2 110.6 Redde ...... 112.6 -1.2 196.0 90.0 Pershing Square H . . .1350.0 -4.0 1398.0 990.0 Vivo Energy ...... 113.6 -3.6 175.0 96.0 Hiscox Limited (D . . . .1666.0 7.0 1711.0 1418.0 Dechra Pharmaceut . .2714.0 -4.0 3168.0 2014.0 Personal Assets T . . .41200.0 50.0 41250.038900.0 Greggs ...... 2180.0 62.0 2190.0 942.0 Genus ...... 2660.0 -80.0 2992.0 2098.0 Renew Holdings ...... 422.0 8.0 433.9 333.0 BEVERAGES WH Smith ...... 2032.0 4.0 2186.0 1697.0 Lancashire Holdin . . . .694.5 -1.5 704.3 530.0 TOBACCO RWS Holdings ...... 602.0 -1.0 615.0 343.5 Polar Capital Tec . . . . .1338.0 2.0 1386.0 1066.0 Morrison (Wm) Sup . . . .211.1 1.6 269.4 209.2 .567.0 3.2 681.8 496.6 GlaxoSmithKline . . . . .1544.6 -6.8 1621.6 1418.0 Barr (A.G.) ...... 933.0 12.0 938.0 665.0 RSA Insurance Gro . . . British American . . . .2981.5 9.5 4222.5 2375.0 Scapa Group ...... 319.5 -53.5 482.6 275.8 RIT Capital Partn . . . .2040.0 15.0 2130.0 1892.0 Ocado Group ...... 1248.5 11.0 1435.0 749.8 HEALTH CARE EQUIPMETN & S. Sabre Insurance G . . . . .277.5 3.5 294.0 241.0 Hikma Pharmaceuti . .1691.0 -16.0 2025.0 1317.0 Britvic ...... 938.0 5.5 956.0 745.0 Imperial Brands ...... 2143.5 -44.0 2987.5 2129.0 Secure Income Rei . . . .401.0 0.0 414.0 371.0 Riverstone Energy . . . .920.0 2.0 1298.0 908.0 Sainsbury (J) ...... 207.1 9.3 341.5 197.8 Assura ...... 62.7 1.9 63.3 52.4 Indivior ...... 46.8 0.2 496.2 30.1 Coca-Cola HBC AG . . .2769.0 97.0 2864.0 2244.0 SSP Group ...... 700.0 -1.0 744.4 615.1 LIFE INSURANCE Serica Energy ...... 136.8 0.0 142.0 57.4 Diageo ...... 3324.5 -19.5 3350.5 2523.5 Schroder Asia Pac . . . . .436.5 1.0 481.0 379.0 Convatec Group ...... 138.3 -1.7 239.0 118.6 REAL ESTATE INVEST. & SERV. TRAVEL & LEISURE Smart Metering Sy . . . .504.5 10.5 830.0 480.0 Scottish Inv Trus ...... 792.0 5.0 902.0 748.0 Tesco ...... 236.9 2.2 266.2 189.6 Aviva ...... 4 Mediclinic Intern ...... 330.1 -5.3 686.0 301.3 17.8 0.9 552.0 364.6 888 Holdings ...... 133.6 2.3 324.8 128.7 Staffline Group ...... 326.5 2.5 1340.0 320.0 CHEMICALS Scottish Mortgage . . . . .513.0 5.0 568.3 441.4 UDG Healthcare Pu . . .700.0 44.5 931.5 551.0 NMC Health ...... 2449.0 21.0 4120.0 2192.0 Just Group ...... 62.6 1.6 150.6 58.3 Capital & Countie . . . . .228.0 0.2 308.9 225.9 CLS Holdings ...... 223.0 0.5 255.0 195.4 Carnival ...... 3991.0 23.0 5000.0 3659.0 Telford Homes ...... 275.5 8.5 466.0 267.0 Croda Internation . . . .5070.0 -25.0 5447.7 4576.0 Sequoia Economic . . . . .111.8 0.2 114.2 106.0 Smith & Nephew . . . .1630.0 -3.5 1643.5 1258.0 Legal & General G . . . . .272.1 0.1 291.2 223.7 Thorpe (F.W.) ...... 319.0 0.0 340.0 248.0 Smithson Investme . . .1184.0 0.0 1222.0 1000.2 FOOD PRODUCERS Daejan Holdings . . . .5620.0 0.0 6400.0 5530.0 Cineworld Group ...... 303.1 4.3 323.6 245.0 Elementis ...... 157.3 0.7 279.1 151.5 Phoenix Group Hol . . .686.0 3.4 724.8 544.0 Compass Group ...... 1801.0 -3.0 1825.0 1483.0 Watkin Jones ...... 224.0 -4.0 232.5 192.2 Syncona Limited N . . . .251.0 -2.0 302.5 213.5 Associated Britis . . . . .2555.0 29.0 2836.0 2041.0 HHOLD GDS & HOME CONSTR. Prudential ...... 1649.0 10.5 1954.5 1340.0 F&C Commercial Pr . . . .121.6 1.4 155.0 117.0 Johnson Matthey . . . .3143.0 31.0 3823.0 2620.0 Bakkavor Group ...... 124.4 -1.4 206.0 113.0 Grainger ...... 260.0 1.4 291.0 205.8 Domino's Pizza Gr . . . .239.9 3.9 386.9 224.4 Young & Co's Brew . . .1830.0 -50.0 1880.0 1322.5 Sirius Minerals ...... 15.3 -0.6 38.5 15.0 Temple Bar Inv Tr . . . .1298.0 14.0 1366.0 1116.0 Barratt Developme . . . .597.0 10.2 625.8 434.0 St James's Place . . . . .1120.0 5.0 1240.5 914.0 CONSTRUCTION & MATERIALS .0 Cranswick ...... 2876.0 14.0 3460.0 2472.0 NewRiver REIT ...... 229.5 0.0 297.5 195.0 easyJet ...... 984.6 -5.4 1796.0 973.0 Young & Co's Brew . . . .1170.0 0.0 1325.0 1030.0 Synthomer ...... 409.4 2.4 575.5 347.4 Templeton Emergin . . .742.0 5.0 792.0 649 Bellway ...... 2966.0 59.0 3422.0 2419.0 The Renewables In . . . .123.4 0.0 125.6 104.3 Greencore Group ...... 216.0 -6.6 230.0 156.7 MEDIA Safestore Holding . . . .658.5 7.0 660.8 499.4 EI Group ...... 217.8 3.2 224.8 134.6 Victrex plc ...... 2036.0 26.0 3408.0 2010.0 Berkeley Group Ho . . .3717.0 63.0 4321.0 3226.0 FirstGroup ...... 111.1 -0.9 117.5 79.3 TR Property Inv T ...... 413.5 2.0 433.5 353.5 Hilton Food Group . . .1088.0 22.0 1090.0 884.0 4Imprint Group . . . . .2690.0 0.0 2700.0 1715.0 Savills ...... 862.5 0.5 975.5 678.5 Bovis Homes Group . .1045.0 32.0 1298.0 828.0 Go-Ahead Group . . . . .1874.0 23.0 2078.0 1388.0 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .440.0 -1.0 472.0 390.0 Tate & Lyle ...... 787.0 -5.4 800.4 598.0 Countryside Prope . . . . .317.2 8.4 378.2 270.0 Ascential ...... 389.4 2.8 465.0 337.2 St. Modwen Proper . . . .432.5 1.0 440.0 365.0 VinaCapital Vietn . . . . .342.0 1.0 350.0 306.0 Unilever ...... 4751.0 -36.5 4813.5 3931.0 Bloomsbury Publis . . . .227.0 -7.0 254.0 190.5 UK Commercial Pro . . . . .91.9 0.2 92.7 81.0 Greene King ...... 635.0 12.0 704.4 472.8 Balfour Beatty ...... 235.2 3.6 311.1 230.6 Nicholson H . . . . .376.6 11.2 448.0 296.4 GVC Holdings ...... 607.0 -0.2 1170.0 507.5      Witan Inv Trust ...... 1054.0 0.0 1138.0 948.0 Centaur Media ...... 55.0 0.0 56.5 34.7 CRH ...... 2512.0 6.0 2857.0 1971.5 FORESTRY & PAPER McCarthy & Stone . . . . .133.5 3.6 142.4 97.5 InterContinental . . . .5022.0 36.5 5063.0 3958.4 Woodford Patient . . . . .80.8 -0.5 91.0 73.3 Persimmon ...... 2108.0 62.0 2880.0 1859.5 Entertainment One . . . .410.0 -50.4 483.4 278.8  Galliford Try ...... 619.0 82.5 1104.0 512.0 Mondi ...... 1661.5 5.5 2236.0 1584.0 Ibstock ...... 250.4 1.4 300.0 193.1 Worldwide Healthc . .2585.0 20.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 72.87 -0.10 91.14 56.32 3M...... 167.30 1.05 219.75 165.61 ADIDAS N...... 257.10 6.00 258.50 178.30 ABBOTT LABORATOR...... 76.03 0.26 80.74 60.32 AIR LIQUIDE ...... 113.35 0.20 119.10 101.85 ADOBE...... 278.07 2.62 291.71 204.95 AIRBUS BR...... 118.26 -0.82 124.00 77.50 ALPHAB NON VTG-C...... 1149.63 10.78 1289.27 970.11 ALLIANZ...... 204.35 2.85 216.20 170.38 NEWSLETTERS ALPHABET-A ...... 1154.44 9.78 1296.98 977.66 AMADEUS IT GRP BR-A ...... 69.72 -0.06 82.20 58.06 AMAZON.COM...... 1857.52 -1.45 2050.50 1307.00 ASML HLDG...... 173.74 2.42 189.50 130.12 AMERICAN EXPRESS...... 120.55 0.71 120.68 89.05 AXA...... 22.58 0.17 23.90 18.40 APPLE...... 186.60 3.51 233.47 142.00 ...... 4.10 0.00 5.24 3.80 AT&T...... 32.41 0.22 34.53 26.80 BASF N...... 62.29 0.19 90.00 57.26 BANK OF AMERICA...... 28.69 0.29 31.91 22.66 BERKSHIRE HATH RG-B...... 203.36 0.63 224.07 184.75 BAYER N...... 56.02 0.34 104.04 52.00 The biggest stories BOEING CO...... 358.75 5.96 446.01 292.47 BBVA...... 5.12 0.04 6.65 4.48 CATERPILLAR ...... 124.95 2.52 161.60 112.06 BMW...... 64.82 -0.08 91.15 64.43 CHEVRON...... 121.34 0.50 130.39 100.22 BNP PARIBAS BR-A...... 45.00 0.37 62.83 38.14 direct to your inbox CISCO SYSTEMS...... 56.52 0.51 57.53 40.25 CRH PLC...... 28.70 0.13 34.87 26.53 CITIGROUP...... 66.08 1.12 75.24 48.42 DAIMLER N...... 52.68 0.45 68.57 44.54 COCA-COLA CO...... 48.60 -0.25 50.84 41.93 DANONE...... 71.20 0.66 72.54 59.72 COMCAST-A...... 43.29 0.51 43.96 30.67 DEUTSCHE POST N...... 27.74 0.07 34.46 23.43 DOW...... 50.63 0.55 0.00 0.00 DEUTSCHE TELEKOM N...... 15.15 -0.18 15.88 13.09 EXXON MOBIL...... 76.25 0.35 87.36 64.65 ENEL N...... 5.77 0.08 5.80 4.22 GET THE MORNING UPDATE, FACEBOOK-A...... 184.82 2.10 218.62 123.02 ENGIE...... 12.84 -0.72 14.73 11.31 GOLDMAN SACHS GR...... 199.11 1.87 245.08 151.70 ENI N...... 14.54 0.12 16.71 13.42 HOME DEPOT...... 191.45 0.50 215.43 158.09 ESSILORLUXOTT ...... 107.15 -1.30 129.55 95.50 CITY A.M.’S DAILY EMAIL IBM...... 136.45 1.33 154.36 105.94 FRESENIUS...... 47.20 0.22 71.10 38.50 INTEL ...... 44.46 0.90 59.59 42.36 IBERDROLA...... 8.16 -0.01 8.23 5.77 JOHNSON & JOHNSO...... 138.12 -0.30 148.99 118.62 INDITEX ...... 25.17 0.22 30.30 21.85 JPMORGAN CHASE ...... 111.73 0.38 119.24 91.11 ING GROUP...... 10.06 0.10 13.54 9.09 MASTERCARD RG-A...... 255.36 1.87 257.43 171.89 INTESA SANPAOLO N...... 1.98 -0.00 2.85 1.86 CITYAM.COM/NEWSLETTER MCDONALD'S...... 199.84 0.85 201.15 153.13 KERING...... 510.10 6.90 539.80 351.70 MERCK...... 79.50 0.62 83.85 58.03 KON AH DEL BR...... 20.72 -0.37 24.01 18.60 MICROSOFT...... 126.90 0.68 131.37 93.96 L'OREAL...... 241.30 0.10 245.80 182.00 COMMODITIES CREDIT & RATES NETFLIX ...... 354.27 6.16 423.21 231.23 LINDE...... 167.05 0.75 0.00 0.00 NIKE -B- ...... 83.64 0.79 90.00 66.53 ORACLE...... 54.17 0.51 55.53 42.40 LVMH...... 335.15 5.10 355.05 242.30 Euro Base Rate ...... Gold...... 1276.85 -3.95 Copper Cash Official...... 6090.00 -106.00 BoE IR Overnight...... 0.750 0.00 ...... 0.000 0.00 PAYPAL HOLDINGS...... 112.43 0.28 114.66 74.66 MUENCHENER RUECKV N...... 217.60 1.10 224.00 175.00 Silver...... 14.41 -0.06 BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 Aluminium Cash Official ...... 1805.00 -19.50 PEPSICO...... 129.05 -0.94 130.87 97.32 NOKIA...... 4.57 0.06 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 1.91 0.00 Brent Crude ...... 71.97 -0.24 Nickel Cash Official...... 12020.00 -105.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ORANGE...... 13.89 -0.08 15.25 13.15 Krugerrand...... 1298.65 -2.65 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.84 0.01 Aluminium Alloy Cash Official...... 1430.00 6.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.379 0.00 PFIZER...... 41.67 0.08 46.47 35.32 ROY.PHILIPS...... 36.04 -0.14 40.01 29.05 Palladium...... 1317.00 -6.00 LIBOR Euro - overnight...... -0.478 0.00 The vix index...... 14.95 -1.36 PHILIP MRRS INT...... 85.76 -0.47 92.74 64.67 SAFRAN...... 123.15 -1.65 130.00 97.08 Cocoa Futures...... 2388.00 29.00 Platinum...... 819.00 -7.00 LIBOR Euro - 12 months...... -0.220 0.00 The baltic dry index...... 1041.00 1.00 PROCTER&GAMBLE...... 106.37 -0.96 108.68 72.80 SANOFI...... Coffee 'C' Futures...... 92.85 2.95 ...... 73.95 -0.39 80.44 64.45 Tin Cash Official...... 19580.00 70.00 LIBOR USD - overnight...... 2.359 0.00 Markit iBoxx EUR ...... 236.78 -0.13 TRAVELERS COS...... 147.47 -0.70 148.85 111.08 Feed Wheat Futures...... 150.00 1.40 SAP I...... 113.58 1.34 117.02 84.02 Lead Cash Official...... 1808.00 -13.00 LIBOR USD - 12 months...... 2.647 0.01 Markit iBoxx GBP ...... 335.29 -0.80 TWITTER ...... 37.47 0.32 47.79 26.19 SCHNEIDER EL...... 73.18 0.96 78.66 57.54 Zinc Cash Official...... 2755.00 14.00 Soybeans Futures Continuation Contract....821.20 -10.40 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 248.24 -0.24 UNION PACIFIC...... 175.04 0.30 180.02 128.08 SIEMENS N ...... 107.04 1.54 121.40 90.90 UNITEDHEALTH GRO ...... 249.94 3.95 287.94 208.07 SOCIETE GENERALE...... 25.24 0.16 41.89 23.56 WORLD INDICES UTD TECHS...... 136.03 2.55 144.40 100.48 TELEFONICA...... 7.20 0.03 8.06 6.59                 VERIZON COMM...... 59.50 0.49 61.58 47.13 TOTAL...... 49.77 0.54 55.39 44.23 VISA RG-A ...... 163.86 0.39 165.74 121.60 UNILEVER CERT...... 53.91 -0.15 54.46 45.12 FTSE 100 ...... 7328.92 18.04 0.25 S&P 500...... 2864.36 24.13 0.85 CAC 40 ...... 5385.46 26.87 0.50 Hang Seng ...... 27657.24 -130.37 -0.47 WALGREENS BOOTS...... 52.76 0.50 86.31 51.79 VINCI...... 89.40 0.48 90.14 69.98 FTSE 250...... 19436.36 100.77 0.52 Dow Jones I.A...... 25877.33 197.43 0.77 Swiss Market Index ...... 9624.16 42.08 0.44 Shanghai Composite...... 2905.97 35.36 1.23 WALMART...... 101.12 -0.40 106.21 81.78 VIVENDI...... 24.65 0.09 26.69 20.40 FTSE All-Share ...... 4014.44 11.56 0.29 Nasdaq Composite ...... 7785.72 83.35 1.08 ISEQ Overall Index ...... 6231.93 8.55 0.14 STI Index...... 3183.26 -22.20 -0.69 WALT DISNEY ...... 134.09 0.18 142.37 98.81 VOLKSWAGEN VZ I...... 144.74 -0.38 176.50 131.02 FTSE AIM All-Share ...... 959.44 2.43 0.25 Xetra DAX...... 12143.47 102.18 0.85 FTSEurofirst 300...... 1493.32 7.81 0.53 ASX All Ordinaries...... 6584.40 19.70 0.30 WELLS FARGO...... 46.33 0.88 59.53 43.02 CITYAM.COM WEDNESDAY 22 MAY 2019 FEATURE 19 PERSONAL FINANCE

Katherine care system. One potential policy idea is to create Denham outlines a system that resembles auto-enrol- ment, which Griffin says would make how to cope with it abundantly clear how much the CRISIS POINT state will provide, so that people know confusion around how much they will need to fund. And regardless of what emerges in social care costs the long-awaited green paper, it’s ap- parent that we will all have to take personal responsibility going forward. ISTRACTED by the ongoing With current funding gap at £1.5bn, Brexit crisis, the government and expected to rise to £3.5bn by the appears to have shoved the 2024/25 tax year, it’s clear that the Dnot-so-small issue of social onus is now on individuals to make care to one side. private provision when it comes to With a growing elderly population social care. (by 2046, a quarter of the UK popula- Admittedly, the lack of any definite tion will be aged 65 or over), and pro- conclusions around the reforms portionately fewer taxpayers able to makes it difficult for people to plan fi- prop them up, the rising cost of social nancially, but that’s not to say you care is an urgent matter. should do nothing. A report published by think tank the Like everything finance-related, the King’s Fund last month warns that the earlier you start, the better. social care system has reached a “crisis “People often don’t start thinking point”, with 22 per cent of elderly peo- about the money they need for care ple not getting support from local au- until they are in their 50s, at which thorities when they have asked. point it’s much harder to save large And yet, Simon Bottery, senior fellow sums of money,” warns Griffin. at the King’s Fund, sees little evidence She points out that, because of the that the government is willing to act pension freedoms, people can now use on this worrying trend. their pension pot to draw down in- Meanwhile, the Commission on come at higher rates in later life to Funding of Care and Support esti- help pay for care. “Increasing your con- mates that one in 10 people face life- tribution rates is a tax-efficient and time care costs of £100,000, forcing smart way to plan ahead,” she says. tens of thousands to sell their homes You could also consider buying in- each year. vestment bonds. Typically classed as “Advances in medicine mean that a “single premium life insurance pol- we’re living longer lives, but our icy” (because a portion can be paid health isn’t something we can always out on death), investment bonds are control,” says Pamela Reid from Quil- usually excluded from the financial ter Cheviot, who advises people not to assessment when determining ignore the fact that they might need whether you are eligible for care. assistance in later life. You can withdraw up to five per But while it’s all very well to tell peo- cent each year of the amount you ple to plan for their old age, there’s a have paid into your bond without degree of confusion around the costs paying immediate tax on it. – or rather, who will foot the bill. Another strategy is to use your hous- “One of the many problems with the ing wealth. For example, equity re- current social care system is the com- lease can provide a lump sum, regular plexity and uncertainty around the income, or both. However, if you de- provision from the state,” says Rachael social care can be left baffled as to Those falling between the two thresh- count towards their assets. But if they cide to go down that route, Griffin Griffin, financial planning expert at how much they need to pay in before olds have to contribute some cash. need to go to a residential care home, says that it’s important to plan Quilter. “Worryingly, people some- state funding kicks in. To determine how much state help the value of the property is included ahead, and make sure that your fam- times bank on the public purse to pay Care funding can vary depending on you should have with costs, the coun- in the assessment, meaning that they ily is in the loop about your plans. for their care, or at least part of it.” the local authority and on the individ- cil carries out a financial assessment would need to sell it (unless, for exam- With most of us preoccupied with According to figures from Quilter, ual’s healthcare needs, but in general, to determine your eligibility. ple, a spouse is living there). mortgages and pensions, social care 72 per cent of people think that it’s people with assets below £14,250 are Eligibility is affected by the type of And to add yet more confusion, this couldn’t be further from our minds. important to take into account poten- not required to use their money to assets held by an individual and the could all be set to change when the But taking social care into account tial long-term care needs when mak- contribute to their care, while anyone type of care they need. For example, if government finally publishes its heav- when planning your finances helps to ing inheritance plans. with assets valued above £23,250 will someone needs care in their own ily delayed green paper, which could ensure that you’ll have a good quality But even those who expect to pay for have to cover all the costs themselves. home, the value of their house doesn’t propose massive reforms to the social of life in your later years. 20 FEATURE WEDNESDAY 22 MAY 2019 CITYAM.COM OFFICE POLITICS Is wearable tech a blessing or a curse?

monitoring is needed to ensure safety. How can you get your staff to hand over And research indicates that newer data about their sleep, health, and fitness? entrants to the workplace will be far more open about technology, so long as it serves them a purpose too – 75 F YOU’VE woken up and checked Anton per cent of millennials report being your watch for last night’s sleep comfortable with biometric technol- data, you’re not alone. In the UK, Riolo ogy, for example. In this sense, atti- more than five million wearables GET A GOOD tudes should gradually change. (such as Fitbits and step counters) NIGHT’S REST But employers shouldn’t get compla- Iare now part of individuals’ everyday cent that a wearable will be automat- lives – 1.96m were sold in 2017 alone. Pillow ically accepted. The next generation So it’s only natural for employers to Free of products are even more advanced, be interested in the power of wearables and may require even more effort to as well. With workplace absence now Yawn. Are you get staff on side. more likely to be caused by stress, anx- ing in the US, where employers are tired of feeling These include sociometric badges ca- iety, or lack of proper sleep than tradi- linking workplace benefits to data tired? Pillow is a pable of measuring the amount of tional musculoskeletal problems, from wearables. At insurer Aetna, for sleep tracking face-to-face interaction staff have, as devices that can aggregate and then instance, employees can boost their app designed to well as their physical proximity to determine the overall health (and po- bonuses if their sleep tracker data help you rest. other people. Vocal pitch changes can tential health risks) of an organisation shows that they attain the right Download it be measured and recorded to analyse provide powerful data points. amount of rest each night over a cer- onto your the “social affinity” among teams. On one level, this degree of monitor- tain period. Other employers are link- phone, tablet, or The topic of wearables won’t go away, ing and guidance is what employees ing rewards with physical exercise. In the US, should theoretically be embraced. smartwatch, and and it will be a key discussion area at say they want. A study by Capital Em- By giving away a little bit of data, em- employers are The answer, of course, is proper com- it can analyse this summer’s inaugural Festival of ployee Benefits found that 76 per cent ployees can enjoy several benefits – for linking munication. Explaining the benefits your sleeping Work hosted by the Chartered Institute of staff would welcome financial well- instance, an employer’s health screen- workplace of wearables (and avoiding any ethical pattern, then use of Personnel and Development (CIPD) ness advice from their employer. ing may identify health risks that they benefits to data lines in the sand) is crucial – even if it the data to wake on 12-13 June at Olympia London. This But there are understandable con- can act on. from wearables also involves spelling out the corpo- you at the right event will celebrate people in the of- cerns about how data may be used. So should wearables be seen more as rate benefits. For example, employers moment when fice and debate the future of work. After all, it’s not uncommon for indi- a blessing than a curse? Wouldn’t em- could negotiate lower health insur- you’ll be most While a positive employee reaction to viduals with weight problems to suffer ployees value a text alert telling them ance costs if they can prove that staff refreshed. It can wearables isn’t guaranteed, what’s cer- conscious or unconscious discrimina- that they haven’t got up and walked are healthier year on year and there- also play sleep tain is that more employers will want tion in the workplace, and privacy around for more than a few hours? fore less likely to claim. aid sounds to to use them. They just need to work campaigners worry about the poten- As wearables improve in functional- For some employees, wearable tech- help you nod off. out how to tell staff why. tial for fitness or health data to be ity – such as by measuring tempera- nology is already compulsory, such as shared and misused by employers. ture and heart rate to identify stress – lone workers, or those in dangerous £ Anton Riolo is head of content for CIPD To an extent, this is already happen- the ability to spot symptoms of fatigue occupations where location-based Events at Haymarket Business Media. CITYAM.COM WEDNESDAY 22 MAY 2019 LIFE&STYLE 21 LIFE&STYLE MARK HIX: HOW I FELL IN LOVE WITH FISHING In an extract from his new book, Hooked: Adventures in Angling, the restaurateur talks about how he got hooked

CITY AM CLUB PARTNER SPOTLIGHT London’s finest bootmaker partners with the Club

t’s important to us that the the highest quality materials he Crockett & Jones brand possibly can. Our production remains under the watchful director spends all of his time on eye and in the experienced the factory floor, overcoming hands of its founding family. production issues and managing FoundedI in 1879 in Northampton factory staff, often at a personal at the heart of Britain’s level. Crockett & Jones is a shoemaking region, we have manufacturer with product quality specialised in making Goodyear- and skill at the heart of everything welted shoes for 140 years. it sets out to achieve and it all At the helm are Jonathan Jones starts with people. If there is a ngling: it’s potentially cold, in making the connection. been well documented as one of the (managing director) and Nick Jones fault with a pair of shoes and our it’s definitely wet, it can be I shoot a little bit in season, top five most popular outdoor par- (production director), and the 5th retail staff believe it to be a lonely and chances are you which keeps me busy when the ticipant sports, but I don’t really re- generation of the Jones family is manufacturing issue, that pair of won’t catch anything. But salmon and trout season finishes gard fishing as a sport – more of a also a part of the firm in the form shoes will end up in the hands of a it’s about so much more in autumn and winter, but, given good day out with some of my like- of Jonathan’s daughter Philippa Jones; a rare occurrence in a thanA that to me. It’s become a social the choice, I’d rather be on the minded friends. I’m sure they will (export sales manager). Jonathan’s company of our size. event that involves cooking and hav- river or out at sea. Shooting a bird all agree that the word ‘sport’ does- youngest, William, has recently We believe that there is ing a laugh and a bit of banter with above your head is instant; once n’t really come into our favourite joined to learn from the ground something very special about the boys. you’ve shot it, you wait for the next outdoor activity. And, of course, the up, beginning with UK wholesale. Crockett & Jones. The relationships Nothing beats it for getting the one to kill. But with fishing there’s incentive, apart from a good lunch, Nick’s Son Oliver is the newest we hold with our suppliers, and adrenaline going. I still remember a a bit of a fight – sometimes a is to rock up to the desti- member to join the ranks, taking the ones our retail staff forge with 40kg (88lb) sailfish I caught in Costa hell of a fight, depending nation with our gear the role of operations manager. you, our valued consumers, is at Rica, back in 2002. It was caught on on what you’ve and catch fish. Through the generations the heart of everything we do. We a fly, which is very light tackle for a hooked – and then Cooking on an open Crockett & Jones has not just relied are fiercely independent and heavy, fast, fighting fish, and it took there’s the op- fire by a river isn’t a on family to manage the business, driven by our wonderful heritage. a good 45 minutes to reel in. I was portunity to re- sport either, but it is a it has depended upon families Crockett & Jones is a dying breed, knackered afterwards. There’s defi- lease it or take crucial part of our social within the factory itself. Fathers, one of the few companies with over nitely a bit of that primal drive of it home for day out. We rarely talk mothers, daughters, sons, cousins, 140 years of family management man versus beast, though as most supper. pre-fishing about what kit nieces and nephews have worked manufacturing a quality menswear angling is for sport, you release it af- When I was a and flies we’re going to take, together for many years at product in the UK today. terwards. Or sometimes it gets away kid, I was really but we do discuss what the Crockett & Jones, creating a Club members will receive a from you, which is frustrating. Ei- into golf, but menu is and choose wines to unique camaraderie that’s complimentary shoe tree worth ther way, the fish gets to live to fight fishing gradually match. Some passersby may reflected in the quality of the final £65 with every purchase. another day and there’s still a thrill started to take think we’re competitive, as from product. Honesty and passion runs over, and by the the outside our fishing lunches throughout our business. £ Go to crockettandjones.com or time I was 16, that may look a bit extravagant com- Our managing director spends pop into the City store at 26 Royal was that. I grew up pared to what anglers normally most of his time focusing on Exchange, EC3V 3LP, or the in West Bay in consume. However, because we’re product quality, product Canary Wharf store at Cabot Dorset, right by the in the hospitality business, these development and the sourcing of Place, E14 4QS seaside, so if you saw the sea are really quite normal working bubbling – which indicated there lunches while enjoying some banter . were shoals of fish around – you with friends. If there are a few of us, just grabbed your rod and went maybe four or five, we often use the down to the beach or the pier. My bonnet of an old Land Rover to set grandmother used to grill or pan- out our lunch – we can present dif- HOW TO JOIN THE CLUB fry mackerel when they were really ferent dishes on the various flat sur- fresh, and she would pickle the rest. faces of the bonnet, creating the The City A.M. Club is your passport to the lifestyle brands, to your favourite Now, I probably go fishing two or perfect grande bouffe. City, giving you access to networking restaurants. three times a month and I can’t opportunities, events and exclusive An annual membership costs £240 – even imagine how many hours I’ve £ Hooked: Adventures in Angling & Eat- offers. City A.M. has collected more than an amount that could easily be recouped spent doing it, though I’d still say ing, published by Mitchell Beazley, is avail- 50 partners, each providing a totally in a matter of weeks. To apply, log on to it’s not enough. able for £20 from any Hix Restaurant unique, curated experience for City A.M. our Club website at club.cityam.com. We Compared to my earlier experi- Club Members. They range from leading look forward to seeing you on the inside. ences as a kid, when it was simply something exciting to do at week- For more information, visit: CLUB.CITYAM.COM ends, after school or on holiday, fishing has become a bit of a social event for me in later life. It’s always 22 PUNTER WEDNESDAY 22 MAY 2019 CITYAM.COM

Frankie Lor’s Fat Turtle is yet to finish THE PUNTER out of the first two HONG KONG RACING TRADER Hong Kong racing expert Wally Pyrah previews today’s action from Happy Valley Time for punters to shell out on Lor’s Fat Turtle

EIGNING champion Zac Pur- down to seven by Frankie Lor, with ular pilot Purton and put valuable 5lb some catching, but drawn next to him luck when he saddles top-weight and ton, with 123 victories this sea- John Moore, who has won it seven claiming rider Victor Wong in the sad- is the equally exciting Lor-trained FAT exciting prospect TELECOM PUMA in an- son, is already over the hill and times, only one more behind. dle. TURTLE. other six-furlong dash at 3.15pm. far away as he closes in on his All three are firing plenty of ammu- Size will be hoping his former useful This former three-time winner in Aus- This New Zealand-bred four-year-old third jockeys’ title ahead of nition at the inner-city track, especially sprinter Zero Hedge rediscovers his tralia, who chased home smart sprinter has steadily improved in three runs this Rtoday’s Happy Valley action. Moore, who once upon a time, with a form now he is back on a similar win- Champion’s Way at Sha Tin in March, year, especially his latest effort last He currently leads his nearest pur- stable full of star-studded horses, was ning rating, in the 3.15pm, while he just failed to give a more experienced month when just outpaced in the clos- suer Karis Teetan by 48 winners but an infrequent visitor to the Valley. also saddles his star performer Tornado Planet Star 19lbs when beaten a neck ing stages by Dream Come True over looks even more determined in his Times have changed, and with an- Twist in the finale at 3.50pm over six from a wide draw over the track and five furlongs. quest to overhaul his best ever total of other chance of a title beckoning, he furlongs. trip last month. He has been partnered by apprentices 136 wins. will be looking to boost his already im- This is the best race on the card, with This time, with the early pace sure to in all three races, but this time Purton However, the trainers’ title race is pressive tally of 11 winners at Happy numerous track specialists lying in be red-hot and in his favour, he is climbs aboard and his experience can looking more intriguing, with three in Valley this season. wait, including Jimmy Ting’s potential mapped to sit just behind the leaders prove vital. with a shout of lifting the coveted tro- His best chance of success could be sprint superstar Yee Cheong Baby, who and make the valuable 6lbs he receives phy at the final meeting of the season consistent top-weight Happy Warrior, blitzed his rivals on his debut run over from both Tornado Twist and Yee POINTERS in July. with one victory and five seconds to his five furlongs and will try to defy a 6lb Cheong Baby count down the home With 15 meetings left, 10-time cham- name this term, in the 2.15pm over the penalty as he steps up in distance. straight. Telecom Puma 3.15pm Happy Valley pion trainer John Size has seen his extended mile. With the inside draw, and Purton in Jimmy Ting, with 33 wins in his first Fat Turtle 3.50pm Happy Valley seemingly unassailable lead whittled Moore has overlooked the horse’s reg- the saddle again, he is going to take season as a trainer, could have better My Ally can defy handicapper and bowl over his rivals UCH is the handicap system in Mostly, horses that win at the Valley for some time. and as a result his rating has dropped favourite. Hong Kong, with relatively few have to wait their turn for their next This former French-bred gelding, back down to an attractive mark. My Ally is likely to go off at Sracehorses totalling around 1300, success, be it when their handicap who was placed in Group company in This looks a competitive and tightly- attractive odds and rates a good each- it’s guaranteed that the majority of rating has dropped down again or his home country, finished third knit handicap, with the closely way proposition. races are going to be tight and exciting they attempt a new trip. beaten a length by Racing Luck over matched Racing Luck, Big Bang Bong, finishes. In the 1.15pm race over the course and distance in January and Last Kingdom and Magnetism having Horses that collect penalties for a extended mile at Happy Valley, the now finds himself 18lbs better off with raced against each other on numerous POINTERS win will always find it hard to Richard Gibson-trained MY ALLY jumps that rival. occasions this season. successfully follow up unless they are out of the form book looking like a That’s because Gibson subsequently Add the likes of the unexposed Gold My Ally e/w 1.15pm Happy Valley very progressive or potentially smart well-handicapped horse and one who chose to run him over inadequate trips Win, Xiang Yin and Win Win and it gallopers. has been ear-marked for this contest of six furlongs, and on the all-weather, will be hard to find who will start

Group 1 Standard Chartered Champions & Chater Cup Pakistan Star defends his crown at Sha Tin this Sunday

Shops Online Watch Hong Kong Racing Merchandise now available at www.giftatraces.com CITYAM.COM WEDNESDAY 22 MAY 2019 PUNTER 23

My Ally is one of five runners for Richard Gibson at Happy Valley today

14 10-200 POWERMAX (42) (B) (CD) (GF) HAPPY VALLEY (14) Richard Gibson 7-8-8 ...... RESERVE - Runs: 25 Wins: 4 Places: 8

Going: Turf - GOOD :BETTING: 3 Planet Star, 9/2 Loving A Boom, 11/2 Harbour Alert, Starlight, 8 California Argent, 12 Golden Dash, 16 Honest Way, 20 Others CORNWALL HANDICAP (CLASS 5) 12.15(3YO+) (COURSE B) (TURF) 1m 3yo plus 12 dec. NORFOLK HANDICAP (DIV II) (CLASS 3) 1 0-0738 SEIZE THE SPIRIT (42) (B) 3.15(3YO+) (COURSE B) (TURF) 6f 3yo plus 12 dec. (4) Y Tsui 5-9-7 ...... K Teetan - Runs: 7 Wins: 0 Places: 1 1 /9-743 TELECOM PUMA (42) (T) 2 008099 WICKER (28) (B) (5) J Ting 5-9-7 ...... Z Purton - (8) Richard Gibson 4-9-6 ...... Z Purton - Runs: 5 Wins: 0 Places: 1

Runs: 6 Wins: 0 Places: 0 2 -96009 HAPPY FAMILY (21) (HE) (D) (GF,A) 3 60-007 OPEN HOUSE (49) (B) (D) (1) L Ho 4-9-5 ...... H T Mo(3) - (7) D Hall 6-9-4 ...... C Y Ho - Runs: 13 Wins: 2 Places: 3 Runs: 18 Wins: 1 Places: 1 3 043313 ENDEARING (21) (HTP) (CD) (G,GF)

4 -38080 LETSGOFREE (35) (B) (CD) (G,GF) (9) John Moore 7-9-2 ...... C Schofield -

(1) J Ting 7-9-3 ...... T So(2) - Runs: 33 Wins: 3 Places: 12 Runs: 32 Wins: 3 Places: 4 THE ST GEORGE’S CHALLENGE CUP (HANDICAP) (CLASS 4) 4 406473 MR GENUINE (28) (B) (CD) 5 000043 MEGATRON (28) (TV) (CD) (G,GF) LANCASHIRE HANDICAP (CLASS 3) 1.15 2.15(3YO+) (COURSE B) (TURF) 1m 3yo plus 12 dec. (7) D Hall 8-9-1 ...... M Poon(3) - (12) P Yiu 7-9-3 ...... M Harley - (3YO+) (COURSE B) (TURF) 1m 3yo plus 12 dec. Runs: 39 Wins: 4 Places: 9 €71,350 Runs: 38 Wins: 4 Places: 4 1 905470 GOLD WIN (30) (TP) (D) (G,S,HY) 1 261222 HAPPY WARRIOR (21) (P) (CD,BF) (G) 5 14-533 SPARKLING DRAGON (70) (T) (CD) (GF,G) 6 2-6190 COME ON WONGCHOY (28) (C) (G) (5) A Cruz 4-9-7 ...... M Chadwick - (9) John Moore 6-9-7 ...... Victor Wong(5) - : (6) A Millard 5-8-13 ...... G Van Niekerk - (11) C Shum 5-9-2...... Victor Wong(5) - Runs: 15 Wins: 4 Places: 1 Runs: 14 Wins: 1 Places: 5

Runs: 16 Wins: 1 Places: 3 Runs: 11 Wins: 3 Places: 3 2 150124 RACING LUCK (21) (CD) (G,GF) 2 -08293 SALTO OLIMPICO (42) (B) (C) (G) 6 -26672 MOST BEAUTIFUL (35) (TB) (CD) (GF,G) 7 000-06 SHINING BRIGHT (60) (TB) (9) K Lui 6-9-4 ...... C Y Ho - (7) D Hall 6-9-7 ...... T So(2) - (3) C Shum 7-8-12 ...... N Callan - (3) C Chang 5-8-12 ...... C Schofield - Runs: 19 Wins: 3 Places: 3 Runs: 22 Wins: 2 Places: 2 Runs: 39 Wins: 2 Places: 13 Runs: 8 Wins: 0 Places: 0 3 050000 HANG’S DECISION (14) (HB) (C,D) (GF,G,A) 3 -69243 ACCLAIMED LIGHT (21) (B) (CD) (G)

8 69-550 WONDERFUL TIGER (35) (HT) (3) W So 8-9-1 ...... K Ng(3) - (10) P O’Sullivan 7-9-6 ...... N Callan - 7 1-8 WINNING FEELING (17) (D) (G)

(10) W So 5-8-10 ...... R Bayliss - Runs: 41 Wins: 5 Places: 8 Runs: 32 Wins: 2 Places: 9 (12) D Ferraris 4-8-12 ...... M Chadwick -

Runs: 26 Wins: 1 Places: 3 Runs: 2 Wins: 1 Places: 0 4 1-0306 XIANG YIN (24) (T) (G,GF) 4 6-4825 SPARKLING SWORD (63) (HT) (CD) (G) 9 6-0056 MASTER BERNINI (30) (B) (4) F Lor 4-9-1 ...... K Teetan - (1) K Lui 9-9-5 ...... M Poon(3) - 8 086333 SMART LEADER (24) (TB) (G) (5) D Ferraris 6-8-9 ...... U Rispoli - Runs: 10 Wins: 3 Places: 1 Runs: 33 Wins: 3 Places: 10 (11) A Cruz 5-8-11 ...... K Teetan -

Runs: 19 Wins: 0 Places: 3 Runs: 16 Wins: 1 Places: 4 5 016005 MAGNIFICENT (17) (CD) (G) 5 254095 GOOD FOR YOU (21) (B) (C) (G,GF) 10 476521 BONITO (35) (HT) (CD) (G) (10) L Ho 4-8-13 ...... H T Mo(3) - (8) Y Tsui 7-9-4 ...... R Bayliss: - 9 530267 FEARLESS FIRE (7) (CD,BF) (G) (6) L Ho 7-8-8 ...... G Van Niekerk - Runs: 38 Wins: 4 Places: 10 Runs: 15 Wins: 1 Places: 5 (4) C Fownes 5-8-10 ...... C Y Ho - Runs: 16 Wins: 1 Places: 1 6 -30797 MY ALLY (21) (HT) (D) 6 -66090 FAITHFUL TRINITY (14) (HET) (CD) (G) Runs: 25 Wins: 2 Places: 5

11 -44333 LITTLE FANTASY (38) (TP) (8) Richard Gibson 5-8-13 ...... N Callan - (12) Richard Gibson 5-9-3 ...... M Harley - 10 4-3620 HAPPY TIME (17) (H) (BF) (9) K Man 8-8-3 ...... J Moreira - Runs: 23 Wins: 2 Places: 1 : Runs: 22 Wins: 1 Places: 7 (8) K Lui 6-8-7 ...... K Leung - Runs: 29 Wins: 0 Places: 6 7 945513 BIG BANG BONG (21) (T) (CD) (G) 7 022048 REMARKABLE (30) (E/S) (D) (A) Runs: 10 Wins: 0 Places: 3 12 -00727 GOBI STORM (28) (TP) (6) J Ting 6-8-12 ...... U Rispoli - (6) J Size 6-9-2 ...... J Moreira - 11 578-68 ZERO HEDGE (21) (CD) (GF,G) (2) T Yung 6-8-1 ...... M Chadwick - Runs: 25 Wins: 3 Places: 5 Runs: 48 Wins: 5 Places: 10 (2) J Size 6-8-7 ...... J Moreira - Runs: 26 Wins: 0 Places: 3 8 673242 LAST KINGDOM (21) (D) (G) 8 95-312 CHARITY GRAND (98) (TB) (CD) (G) Runs: 21 Wins: 4 Places: 1 13 -79038 MI BLANCO (28) (TB) (D) (A) (2) C Shum 5-9-1...... K Teetan - (11) P O’Sullivan 5-8-12 ...... J Moreira - 12 049878 WINNING SUPREME (17) (B) (C,D) (A,G) (13) P O’Sullivan 6-8-8 ...... RESERVE - Runs: 6 Wins: 1 Places: 2 Runs: 22 Wins: 3 Places: 4 (10) Y Tsui 7-8-1 ...... T So(2) - Runs: 24 Wins: 1 Places: 5 9 497 JENERATOR (28) (B) 9 -60171 GENTRY (21) (CD) (G) Runs: 35 Wins: 4 Places: 3 14 370495 WINNING CIRCLE (17) (TB) (11) C Yip 8-9-1 ...... G Van Niekerk - (1) C Fownes 5-8-7 ...... C Schofield - 13 10-200 POWERMAX (42) (B) (CD) (GF) (14) John Moore 4-8-10 ...... RESERVE - Runs: 32 Wins: 4 Places: 4 Runs: 3 Wins: 0 Places: 0 Runs: 13 Wins: 0 Places: 1 (13) Richard Gibson 7-8-8 ...... RESERVE - 10 06 DREAM WARRIORS (28) (HET) 10 627210 WIN WIN (24) (B) (GF) Runs: 25 Wins: 4 Places: 8 BETTING: 11/4 Little Fantasy, 4 Bonito, 5 Megatron, 6 Wicker, 10 Seize The Spirit, (4) A Cruz 4-8-12 ...... U Rispoli - : (2) T Yung 4-8-8 ...... Z Purton - 12 Gobi Storm, Master Bernini, 14 Letsgofree, 20 Others Runs: 2 Wins: 0 Places: 0 14 -00877 VICTORY MACHINE (21) (TB) (D) (G,GF,GY) Runs: 7 Wins: 1 Places: 3 (14) John Moore 7-9-2 ...... RESERVE - 11 57-708 LUCKY TIME (21) (B) (CD) (GF,GY) 11 450054 MISTER MONTE (21) (P) (CD) (G) Runs: 30 Wins: 5 Places: 2 DORSET HANDICAP (DIV I) (CLASS 4) (7) D Hall 7-8-5 ...... M Poon(3) - (5) C Chang 6-8-12 ...... K Leung - Runs: 27 Wins: 1 Places: 5 12.45(3YO+) (COURSE B) (TURF) 6f 3yo plus 12 dec. Runs: 17 Wins: 2 Places: 4 :BETTING: 5/2 Telecom Puma, 9/2 Endearing, 7 Sparkling Dragon, 15/2 Smart Leader, 8 Most Beautiful, 10 Zero Hedge, 12 Winning Supreme, 12 573666 MAGNETISM (21) (TB) (CD) (G,GF) 12 360560 FAMILY LEADER (11) (H) 1 510 E STAR (52) (D) (G) (3) C Fownes 5-8-5 ...... C Y Ho - 16 Happy Family, 20 Others (10) K Man 4-9-7 ...... C Y Ho - (12) D Ferraris 7-8-5 ...... G Van Niekerk - Runs: 43 Wins: 6 Places: 8 Runs: 9 Wins: 0 Places: 1 Runs: 3 Wins: 1 Places: 0 13 004000 LITTLE ISLAND (11) (CD) (GF,G) BETTING: 7/2 Last Kingdom, Win Win, 6 Big Bang Bong, 8 Gold Win, My Ally, SUFFOLK HANDICAP (CLASS 2) 2 009060 THE ABRAXAS (24) : (13) K Man 8-8-4 ...... RESERVE - 3.50 Racing Luck, 12 Xiang Yin, 16 Lucky Time, Magnetism, 20 Others (3YO+) (COURSE B) (TURF) 6f 3yo plus 12 dec. (1) Y Tsui 5-9-5 ...... K Leung - Runs: 40 Wins: 3 Places: 1 Runs: 6 Wins: 0 Places: 0 14 807860 SLEEP EDUCATION (14) (B) 1 -79441 FORTUNE BOOTH (30) (P) (CD) (GF,G,A)

3 9-5028 SUPER EIGHTEEN (11) (B) (D) (G) DORSET HANDICAP (DIV II) (CLASS 4) (14) D Ferraris 7-9-2 ...... RESERVE - (11) John Moore 6-9-6 ...... U Rispoli - 1.45 (12) A Millard 5-9-4 ...... G Van Niekerk - (3YO+) (COURSE B) (TURF) 6f 3yo plus 12 dec. Runs: 23 Wins: 0 Places: 4 Runs: 24 Wins: 4 Places: 5

Runs: 16 Wins: 1 Places: 3 1 72 JUMBO PRIZE (28) BETTING: 7/2 Charity Grand, 9/2 Salto Olimpico, 11/2 Gentry, Happy Warrior, 2 642768 SUPER TURBO (11) (B) (CD) (GF) 4 56-773 WIN (21) (TB) (C) (GF) : 15/2 Remarkable, 10 Faithful Trinity, 12 Mister Monte, 16 Sparkling Sword, 20 Others (12) D Hall 6-9-3 ...... C Schofield: - (4) C Fownes 4-9-1 ...... C Y Ho - (2) P Yiu 6-9-3 ...... K Teetan: - Runs: 35 Wins: 4 Places: 8 €16,270 Runs: 2 Wins: 0 Places: 1 Runs: 29 Wins: 2 Places: 6 NORFOLK HANDICAP (DIV 1) (CLASS 3) 2 -40251 SUNNY DRAGON (35) (TP) (CD) (GF,G) 3 03-012 HIGH FIVE (30) (CD) (GF,G) 5 032 LUCKY THOUGHT (21) (TB) 2.45(3YO+) (COURSE B) (TURF) 6f 3yo plus 12 dec. (3) Richard Gibson 7-8-13 ...... M Chadwick - (4) A Millard 8-9-1 ...... M Harley - (5) C Shum 4-9-3...... Z Purton - Runs: 31 Wins: 2 Places: 3 1 373987 STARLIGHT (30) (CD) (GF,G,GY) Runs: 32 Wins: 4 Places: 5 Runs: 3 Wins: 0 Places: 2 3 5-1217 THE SHOW (28) (B) (CD) (G,GF) (2) C Yip 7-9-7 ...... U Rispoli - 4 2-0120 LITTLE BIRD (24) (TV) (CD) (GF,G) 6 -00706 VERY LUCKY (14) (B) Runs: 37 Wins: 7 Places: 8 (6) P Yiu 6-9-1 ...... R Bayliss - (6) K Lui 6-9-2 ...... M Poon(3) - (7) C Yip 9-8-13 ...... H T Mo(3) - Runs: 42 Wins: 4 Places: 8 10-36 (42) (HT) (D) (S,GS) Runs: 15 Wins: 3 Places: 5 Runs: 10 Wins: 0 Places: 0 2 2 CALIFORNIA ARGENT

7 DR LUCKY STAR 4 79-413 PRECIOUS SWEETIE (21) (HT) (CD,BF) (G) (3) A Cruz 4-9-5 ...... K Teetan: - 5 -11422 TORNADO TWIST (52) (T) (D,BF) (G) Runs: 10 Wins: 2 Places: 3 (4) D Hall 4-9-1 ...... T So(2) - (12) L Ho 5-8-12 ...... T So(2) - (7) J Size 4-8-12 ...... J Moreira - Runs: 11 Wins: 1 Places: 3 3 622140 HONEST WAY (11) (D) (GF,G) Runs: 7 Wins: 3 Places: 3 Runs: 0 Wins: 0 Places: 0 (9) D Ferraris 5-9-1 ...... G Van Niekerk - 8 083 TAKINGUFURTHER (28) (HV) 5 00- CHACHAUP (318) (B) 6 /424-1 YEE CHEONG BABY (28) (C) (G) Runs: 16 Wins: 3 Places: 3 (3) J Ting 5-8-13 ...... M Yeung(2) - (11) P O’Sullivan 5-8-9 ...... K Leung - (1) J Ting 4-8-12 ...... Z Purton - Runs: 2 Wins: 0 Places: 0 4 -01721 PLANET STAR (28) (B) (CD) (G) Runs: 3 Wins: 0 Places: 1 Runs: 5 Wins: 2 Places: 1 (8) P O’Sullivan 6-9-1 ...... Victor Wong(5) - 9 9-8083 BLOOMING SPIRIT (14) (TB) 6 9-4745 HIGH REV (52) (B) 7 2-1986 CALIFORNIA ARCHER (56) (HT) (D) (GF) Runs: 26 Wins: 4 Places: 8 (11) F Lor 4-8-9 ...... U Rispoli - (10) D Hall 5-8-8 ...... Z Purton - (8) A Cruz 6-8-11 ...... M Chadwick - Runs: 6 Wins: 0 Places: 1 5 0-8099 SHANGHAI MASTER (35) (CD) (G) Runs: 5 Wins: 0 Places: 1 Runs: 14 Wins: 2 Places: 5 (4) K Lui 6-9-1 ...... N Callan - 10 05079 BRAVE COMMAND (28) 7 9-6040 MONEYMORE (38) 8 /410-0 MONTREAL (11) (TB) (D) (G,GF) Runs: 22 Wins: 2 Places: 3 (7) J Size 5-8-7 ...... J Moreira - (8) W So 5-8-6 ...... C Schofield: - (5) C Fownes 6-8-11 ...... N Callan -

Runs: 5 Wins: 0 Places: 0 Runs: 14 Wins: 0 Places: 1 6 -20292 LOVING A BOOM (21) (B) (D,BF) (G) Runs: 7 Wins: 3 Places: 0 8 -03270 SUPER EURO STAR (11) (T) (CD) (GF,G) (7) Richard Gibson 4-9-0 ...... Z Purton - 11 -75495 JUNZI (24) (CD) (GF,G) 9 31-803 FANTASTIC FEELING (42) (CD) (G) Runs: 12 Wins: 1 Places: 7 €16,529 (8) W So 7-8-6 ...... M Chadwick - (5) C Chang 6-8-6 ...... J Moreira - (3) D Ferraris 8-8-9 ...... M Yeung(2) - Runs: 26 Wins: 3 Places: 2 Runs: 38 Wins: 3 Places: 7 7 4124-4 GOLDEN DASH (28) (TB) (D) (GY,G) Runs: 28 Wins: 4 Places: 8 9 -53030 GOUTEN OF GARO (42) (T) (6) C Shum 5-8-9...... C Y Ho - 12 828499 HURRICANE HUNTER (14) (G) 10 -82764 HANDSOME BO BO (24) (D) (G) (6) D Ferraris 6-8-5 ...... G Van Niekerk - Runs: 7 Wins: 2 Places: 2 (9) C Yip 6-8-4 ...... H T Mo(3) - (9) K Man 5-8-8 ...... H T Mo(3) - Runs: 19 Wins: 0 Places: 4 8 -65879 ELITE PATCH (17) (H) (BF) Runs: 18 Wins: 1 Places: 4 Runs: 18 Wins: 3 Places: 5 13 812935 BRAVE BABY (38) (TB) (D) (G) 10 875370 CURLING LUXURY (17) (C) (GF,G) (10) John Moore 4-8-8 ...... K Leung - Runs: 6 Wins: 0 Places: 1 11 122 FAT TURTLE (28) (B) (CD,BF) (G) (13) A Cruz 5-9-1 ...... RESERVE - (2) Y Tsui 7-8-4 ...... K Ng(3) - (2) F Lor 5-8-6 ...... K Teetan - Runs: 10 Wins: 1 Places: 2 Runs: 37 Wins: 4 Places: 5 9 -70578 HARBOUR ALERT (21) (B) (D) (A) Runs: 3 Wins: 1 Places: 2 14 864683 STAR SUPERIOR (14) (D) (SW,A) 11 -02807 HAPPY COOPERATION (52) (HT) (C) (G) (5) C Chang 8-8-8 ...... J Moreira - Runs: 25 Wins: 2 Places: 8 12 455956 HINCHINLOVE (11) (T) (D) (HY) (14) C Chang 7-8-4 ...... RESERVE - (9) K Man 8-8-4 ...... M Poon(3) - 1 Runs: 35 Wins: 2 Places: 4 Runs: 21 Wins: 1 Places: 2 10 71-000 MANNA FROM HEAVEN (52) (H ) (GS,G) (10) W So 5-8-6 ...... M Poon(3) -

12 0-0896 CAPTAIN BOSS (35) (TB) (11) P Yiu 4-8-8 ...... M Chadwick - Runs: 17 Wins: 1 Places: 6 :BETTING: 6/5 Lucky Thought, 4 Cheer Win, 6 Takingufurther, 12 Blooming Spirit, Runs: 16 Wins: 2 Places: 3 (45) (T) (CD) (GF,G) E Star, 14 Brave Command, 16 Hurricane Hunter, 20 Others (1) A Millard 5-8-3 ...... K Teetan - 13 -23976 SUPER HOPPY Runs: 21 Wins: 0 Places: 3 11 359344 MIGHTY MAVERICK (11) (ET) (D) (GF) (13) C Shum 6-9-0...... RESERVE - 1000M 2400M 2200M (12) C Fownes 8-8-7 ...... C Schofield - Runs: 15 Wins: 3 Places: 3 13 00050 WHISKY KNIGHT (14) (TB) Runs: 48 Wins: 3 Places: 10 (13) John Moore 4-8-2 ...... RESERVE - 14 008-02 MY DARLING (101) (GF) Runs: 5 Wins: 0 Places: 0 12 059005 CEREFINO (21) (T) (C) (GF) (14) T Yung 7-8-9 ...... RESERVE -

(1) W So 6-8-6 ...... K Ng(3) - Runs: 19 Wins: 2 Places: 3 14 020-02 GOLDEN GLORY (28) (TB) (CD) (G,GF) Runs: 12 Wins: 1 Places: 0 (14) J Ting 9-9-7 ...... RESERVE - :BETTING: 3 Yee Cheong Baby, 7/2 Tornado Twist, 11/2 Fat Turtle, High Five, 13 466 BALLISTIC KING (21) W Runs: 26 Wins: 3 Places: 7 10 Fortune Booth, 14 Handsome Bo Bo, Super Turbo, 16 Little Bird, 20 Others (13) J Ting 5-8-11 ...... RESERVE - :BETTING: 5/2 Jumbo Prize, 6 High Rev, 7 Captain Boss, Super Euro Star, 8 Precious Runs: 3 Wins: 0 Places: 0 Sweetie, Sunny Dragon, The Show, 14 Curling Luxury, Gouten Of Garo, 20 Others Cards provided by 24 PUNTER WEDNESDAY 22 MAY 2019 CITYAM.COM

Chester Vase winner Sir Dragonet still has THE PUNTER Epsom on the agenda RACING TRADER @ThomasWMarriott reports from yesterday's Still, he showed all the credentials of Tom Marriott a live Derby contender on the Breakfast with the Stars event Knavesmire last week, and he couldn’t have a much better pedigree for the race, being out of Derby-winning sire New Approach and Oaks runner up Shirocco Star. Dragonet set to The big question mark hanging over the general 7/1 shot is that he needs to be supplemented for the race at a cost of £85,000. “It’s a huge amount of money and there are still other options,” said lead good crew Morrison. “We get a free entry into the Irish Derby and the Grand Prix de Paris.” At slightly bigger odds of 9/1 with Star Sports is Bangkok, whose trainer Andrew Balding was on hand to pro- from Ballydoyle vide an update on the son of Aus- tralia’s progression. “He’s a horse we’ve always liked and he probably didn’t achieve what he should have done last year. But the way he wintered and began to relax in in Investec Derby his work at home, we were getting pretty excited in March.” Balding’s colt opened his account ESPITE a sharp drift in the the lads [owners Coolmore] would pre- and-a-half well, he can quicken and he France.” two months ago with a win at Don- betting a few days ago cast- fer to go to Epsom rather than has class,” said O’Brien. In Sir Dragonet, Broome and An- caster, beating Telecaster by just over ing major doubt over the par- France.” O’Brien plans on bringing a “good thony Van Dyck, O’Brien is responsi- a length, and then went on to win the Dticipation of Aidan O’Brien’s That statement alone saw him re- crew” of horses to contest the Classic, ble for the top three in the betting, Classic Trial at Sandown. ante post Investec Derby turn to the summit of the betting at with (in no particular order) Circus though recent Dante winner Tele- “We were pleased with the way he favourite Sir Dragonet, the latest re- 10/3 with Star Sports, having been as Maximus, Broome, Norway, Anthony caster, trained by Hughie Morrison, did it that day [at Doncaster], his work port from the trainer suggests other- big as 6/1 with most bookmakers on Van Dyck, Cape Of Good Hope and could upset the Ballydoyle applecart. improved again, he won well at wise. Monday morning. Japan all still in the mix, though the Morrison said: “As a three-year-old Sandown and he’s in a great place at Speaking at the annual Breakfast If he does turn up on the Downs, Master of Ballydoyle did help clear up colt, he’s certainly the best I have ever the moment.” with the Stars event at Epsom Downs then the manner of his runaway per- the picture a little. trained.” More will be known come Monday’s Racecourse yesterday, the six-time formance in the Chester Vase, only his Mohawk, who also holds a Derby That maybe doesn’t instantly place supplementary stage, but as things Derby-winning trainer far from closed second career start, will, according to entry, looks destined for the French him in a pantheon of elite horses, as stand it looks like an Investec Derby the door on a tilt at next Saturday’s his trainer, stand him in good stead version at Chantilly. Morrison’s only previous Derby hope that is O’Brien’s to lose, with a select colts’ Classic. for the Epsom test. “We are not sure if he’ll get the mile- was Pisco Sour who finished ninth at handful of horses hungry to pick up “If I had to have a bet on it, I’d think “He showed that he gets the mile- and-a-half and he’ll probably go to odds of 50/1 in the 2011 renewal. the pieces. Gosden gives glowing update on his leading Oaks pair

HILE we won’t see the long- Mehdaayih’s win in the Cheshire unique nature of Epsom. “The betting slightly indicates Atzeni at the Surrey track. Wtime Investec Derby favourite Oaks catapulted her into favouritism "Both are athletic fillies who are that. It was a very strong trial at "I was delighted with how she Too Darn Hot next week, John for the second fillies’ Classic of the light on their feet and while both are Chester, with the form of the second moved and how she finished going Gosden has high hopes in Friday’s year and the daughter of Frankel young and still have plenty of and third. But I couldn’t have been through the line,” said Varian. “It feature, the Investec Oaks. looks set to be supplemented: “The for improvement, I couldn’t be more delighted with the other filly will do her the world of good.” The Newmarket-based trainer is set owner is very keen to supplement happier with them.” at Lingfield and we’ve got two very Even though she is no leading to be represented by both Mehdaayih her, as are we, so that will happen Gosden is aiming to win the Oaks realistic chances in the race." fancy at 50/1, we have seen in the and Anapurna in the fillies’ Classic, this week.” for a third time and of his two Meanwhile, spectators were given past with the likes of Talent and both of whom were impressive Anapurna is another daughter of runners this year, he believes a glimpse of one of the Oaks Taghrooda that a trot around Epsom winners of their respective trials at the star sire and Gosden is hopeful Mehdaayih may have the slightly outsiders, the Roger Varian-trained can be invaluable preparation ahead Chester and Lingfield recently. both his contenders will handle the stronger credentials. Tauteke, who worked under Andrea of the big race. CITYAM.COM WEDNESDAY 22 MAY 2019 SPORT 25

MORGAN: TOUGH TO DROP LAUDA’S LEGACY Tributes paid to legendary motor racing driver WILLEY FOR WORLD CUP SPORT DIGEST £ Eoin Morgan says England are in “the best possible place” for the World Saturday to retain his WBC title, kept Cup after naming their final 15-man hold of the same belt in a thrilling squad yesterday. Jofra Archer, Liam draw against Fury in December. And Dawson and James Vince replaced the British fighter says the rematch David Willey, Joe Denly and Alex Hales has been delayed by the fact they are from the original squad and Morgan signed to different US broadcasters. admitted dropping Willey was one of “Wilder can’t run forever. This rematch the most difficult of his career. “It is has got to happen,” Fury told ESPN. [hard on Willey] but a tough decision “This fight, I’m being told, is likely to had to be made and hopefully the happen in March or April next year.” right one for the squad,” he said. “We have absolutely no regrets. We’re LA LIGA CHIEF ACCUSES CITY positioned in the best possible place.” AND PSG OF FFP BREACHES £ Manchester City and Paris Saint- MKHITARYAN PULLS OUT OF Germain should be thrown out of EUROPA LEAGUE FINAL European competition for violating £ Arsenal expressed “deep concerns” Financial Fair Play rules, according to yesterday after announcing Henrikh La Liga’s president. Javier Tebas Mkhitaryan will not be travelling to accused the English and French league Baku for the club’s Europa League final champions of being “playthings” for against Chelsea. The Armenian billionaries. “The problem with PSG forward pulled out of the final in and City is they’re state-run clubs: one Azerbaijan next Wednesday because off petrol money, one off gas,” he said. he deemed it too risky to travel due to “The damage happening on Euro the conflict between the two football is massive.” countries. Arsenal said in a statement they had written to Uefa “expressing CHELSEA TO PAY CONTE £9M deep concerns”, while manager Unai AFTER LOSING TRIBUNAL Emery said he respected Mkhitaryan’s £ Chelsea have been ordered to pay “very personal decision”. former manager Antonio Conte £9m after the Italian won his employment WILDER REMATCH WILL tribunal. Conte was sacked by the Tributes poured in from the motor racing world yesterday after the death of Niki Lauda, aged 70. The three-time Formula One world HAPPEN, VOWS FURY Premier League club in July last year champion, who underwent a lung transplant in August, “passed away peacefully” on Monday, his family said. The legendary Austrian £ Tyson Fury says a world and the Blues refused to pay the final won titles with Ferrari in 1975 and 1977 and with McLaren in 1984 and famously returned to racing just 40 days after suffering serious heavyweight title rematch against year of his contract. However, Chelsea burns in a crash at the 1976 German Grand Prix. “He always had great integrity and was one the smoothest, best drivers I’ve ever seen,” Deontay Wilder is likely to take place have now decided to draw a line under said Sir Jackie Stewart. “Niki will always remain one of the greatest legends of our sport,” added Mercedes team principal Toto Wolff. next spring. Wilder, who knocked out the saga after a three-person panel Dominic Breazeale in the first round on ruled in Conte’s favour yesterday.

CRICKET’S TIME TO DELIVERlimited interest in cricket. This makes This summer’s World Cup heralds the it cricket’s equivalent of the iPad in that its target customer has no idea start of key spell in sport’s battle for they want it until it is launched. The concept is certainly disruptive, to hearts and minds. By Neil Hopkins use the current argot, but the ECB will be keen to avoid alienating the game’s ITH the biggest ever sum- and its coverage is highly sophisticated. existing fanbase, notable not only for mer of international Furthermore, Sky’s support for its affluence but also for its diversity. cricket about to start, fea- women’s cricket, and women’s sport in After all, this is what has attracted and turing a men’s World Cup general, has received far less credit retained the interest of major commer- as well as men’s and than is due. cial partners, not least NatWest whose Wwomen’s Ashes series, the sport faces The great challenge for sports govern- longstanding support for English perhaps its greatest challenge. But will ing bodies, however, has long been to cricket will enter its 40th season next such riches put cricket back in the pub- maintain a balance between reach and lic consciousness for the first time revenue. Since choosing the latter in since 2005? the hope that success would inspire a That year’s Ashes series marked the new generation, cricket has rarely been end of terrestrial television coverage able to get onto the front pages. It is stretching back decades during which, not a coincidence that, across the same The Hundred for large swathes of any given summer, period, the grassroots game has suf- you could watch cricket seven days a fered. is cricket’s week. It might not have been accept- Reversing this process is the funda- able in the ‘80s or ‘90s, but it was possi- mental challenge facing the England equivalent ble. Five days of Test cricket had a John and Wales Cricket Board (ECB), but of the iPad Player Sunday League squeezed in on times change and now there is simply the Sunday, a rest day, while on the sev- no terrestrial broadcaster able – or in- year. enth day God unleashed a cast of inter- clined – to allocate eight-hour slabs of For now, alienation seems way off national stars on the NatWest Trophy. scheduling to Test cricket. given the speed with which the vast Every generation has its heroes but Nor is it necessarily the case that au- majority of World Cup and Ashes tick- the sight of Viv Richards cracking wind- diences, particularly younger ones, ets have sold out, and the sport un- screens or Malcolm Marshall cart- would watch it anyway. The amount of doubtedly has an incredible, wheeling stumps around the shires time young people spend watching unprecedented summer ahead of it. was all you needed to become hooked. sport on TV is decreasing at an alarm- Teams are queuing up to upset Who knows how many England cricket ing rate for broadcasters and adminis- favourites England in the World Cup, chiefs are Joni Mitchell fans, but there trators. though, and with strong men’s has, since 2005, been a sense that you and women’s squads arriving to defend don’t know what you’ve got ‘til it’s DISRUPTIVE the Ashes, the hosts will be keen to gone. The ECB’s answer is The Hundred, a avoid complacency. Channel 4’s live coverage of that brand new format that jettisons the As for Joni Mitchell, England fans will year’s Ashes attracted 8m viewers yet concept of overs in favour of innings hope the only taxi being ordered is for by the next home series in 2009 an all- consisting of 100-ball countdowns. Mitchell Starc and his Australia team- encompassing broadcast deal with Sky Now, The Hundred has not been uni- mates. Otherwise, defeat in the World was into its fourth season. While cover- versally well received. As a broadcast- Cup and the Ashes may mean English age was more innovative and engaging friendly format designed to hook the cricket faces a future that is altogether than ever, the audience for England’s most casual of sports consumers, more stark. The Hundred might then series-clinching final-day victory was a though, it has convinced the BBC to become the most important century in mere 2m. host live cricket for the first time this English cricket. Let’s be clear: Sky’s huge investment century. has helped England scale new heights Of course, that’s only half the job. The Neil Hopkins is global head of strategy at M&C of professionalism and performance Hundred has to attract audiences with England are the favourites for this summer’s men’s World Cup on home soil Saatchi Sport and Entertainment. 26 SPORT WEDNESDAY 22 MAY 2019 CITYAM.COM SPORT

HE staggered launch of the England and Wales Cricket Sanjay Patel, the man in charge of The Board’s great new hope has- Felix Keith n’t gone exactly to plan. Al- Hundred, tells why the though it was unlikely to beginT in textbook fashion, The Hun- controversial new 100-ball tournament dred has so far experienced the full repertoire of problems on the runway, is needed to attract a new audience leaving the majority of its passengers apprehensive ahead of take-off. help us grow the game. If we grow the in the fast-moving consumer goods ‘I WANT After all, the idea to squeeze a game everyone benefits. sector before joining the ECB in 2015, fourth format into the domestic “What do cricket fans want? They has spent the past four years develop- cricket schedule alongside the County want to watch brilliant players play- ing The Hundred – first as chief sales Championship, One-Day Cup and T20 ing in front of good crowds on good and marketing officer and commer- Blast from next summer is an ambi- wickets. That’s what The Hundred is cial director, before the tournament tious and divisive one. But following going to deliver – world-class cricket, became his sole focus in February. CRITICS criticism at every turn – over the ac- for both the men’s and the women’s Having grown up in a cricketing tual need for a new format, the 100- competition, and I think we’re on household and played the game right ball concept itself and just about track to deliver it.” up to international level with Scot- every other aspect of the public-facing land, he is passionate about its future. operation so far – the man in charge MASSIVE OPPORTUNITY And having carried out research and of its delivery is unfazed. Patel, who worked at Diageo and formulated plans since 2015, he is ex- “I think it’s good that people have Heineken during almost two decades cited for what he describes as “a mas- TO HELP opinions,” Sanjay Patel, The Hun- sive opportunity”. dred’s managing director, tells City Here’s the grand plan to attract a A.M. “We’ve listened to a lot of those new audience: eight city-based teams opinions – we haven’t taken them – two from London and one each from lightly, and in some respects it’s Manchester, Birmingham, Cardiff, helped us shape some of our thinking. Leeds, Nottingham and Southampton US GROW “For me it shows how passionate the – will compete over a five-week period game is. When you want to change We haven’t taken to coincide with the school summer something that people are passionate the opinions holidays from mid-July to mid-August about they are going to have opinions. 2020. Eleven of the men’s games and What we need to do is turn that pas- lightly and some the final of the women’s will be sion into advocacy and I’m sure we broadcast on free-to-air television by can do that. have helped shape the BBC, with Sky also involved. GAME’ “I want to use those people who our thinking Each franchise, coached by a well- have criticised us and get them to known face yet to be confirmed, will

AND THE WARDROBE

31 MAY – 1 JUNE • EPSOM DOWNS RACECOURSE

TTicketsickets frfromom £12.50 - £299 Dining eexperiencesxperiences frfromom £325+v£325+vatta CITYAM.COM WEDNESDAY 22 MAY 2019 SPORT 27

be comprised of 15-player squads, cept itself, the need to do something The hope is that an entirely new with three overseas players per side, is clear. Cricket is failing to make the tournament which “starts with the which will be selected NFL-style in a most of its assets. audience in mind” can home in on live draft on 20 October. The sides will Patel says the ECB talked to over what’s important. It’s not without its play 100 balls per innings where 100,000 people to gather 100m data compromises, though. bowlers are allowed to deliver either points. Some of their findings are In order to accommodate The Hun- five or 10 consecutive balls, with ends stark. Of the 10.5m who follow cricket dred in next summer’s prime-time changing every 10 balls. in England, only 1.1m attended slot, the One-Day Cup has been moved After trial games in September, Patel matches in 2018, of which 94 per cent and, in the words of the ECB's manag- says “the overwhelming feedback was were white and 82 per cent male. ing director of county cricket, turned that this is a great format” and he be- Three quarters of people who cur- into a “development competition”, lieves that, marketed correctly, this is rently follow cricket came into it be- while the T20 Blast has in some ways the tonic to cricket’s ailments. been superseded. “What came back from our research However, Patel says England’s white- was that three things were critical,” ball players will be available through- the 46-year-old says. “Time: The Hun- out the whole competition and the dred directly addresses that because Test players will be available for the it can be played between two and two- Of the 10.5m who start and the end of the tournament, and-a-half hours. provided director of cricket Ashley “Complexity: so if you make the follow cricket in Giles permits them to play around game easier to understand it is going games against the West Indies and to naturally appeal to more people. England, only 1.1m Pakistan. The Hundred will have a simple attended matches After months of speculation, many countdown from 100 balls, with runs of the unknowns are now known. going up. Whoever scores the most in 2018 Next, before October’s draft – what runs wins. The way you can present Patel “calls our launch event” – will that in stadia, digitally and in broad- come head coach, overseas players, cast, it makes the game a simple one. fore the age of 16, but currently the team names and identities, ticket “The last thing is perception and sport is also only reaching seven per pricing and commercial partner an- this is particularly important with the cent of children at primary school nouncements. teenage audience and those from age. “We’ve learnt a lot over the last two south Asia. They said that if we had a “We’re not just competing against years,” says Patel. competition that was faster and more all the other sports,” Patel adds. “What we’re hoping to do is put that exciting they were more likely to get “We’re competing against leisure ac- learning into practice. What’s impor- involved. That’s exactly what The tivities and the entertainment indus- tant now is that between now and Hundred will deliver.” try, so if you don’t do anything that first ball that we build this tourna- interrupts young people and engages ment in the right way.” ENGAGING THE AUDIENCE them, they’re not automatically going Whether you like it or not, The Hun- Whether or not you agree on the con- to come into cricket.” dred is nearing fruition.