BUSINESS WITH PERSONALITY POWER UP THE THE WEEKEND IS HERE FIRST LOOK INSIDE OUR GUIDE TO THE LATEST BATTERSEA’S HOT FILMS AND SHOWSP28-29 NEW FLATS P20 FREE YOUR FRIDAY 15 NOVEMBER 2019 ISSUE 3,501 CITYAM.COM LABOUR PLOT REGULAR BROADBAND PAPER TAKEOVER • McDONNELL TO ANNOUNCE NATIONALISATION → OF BT OPENREACH AND ‘FREE INTERNET FOR ALL’ • LABOUR PLAN NEW TECH MULTINATIONALS TAX JAMES BOOTH would be a disas ter for the telecoms bonds for shares. sector and the customers that it Nicky Morgan, secretary of state for INSIDE @Jamesdbooth1 and Spor t, serves” while analyst Michael Howett Digital, Culture, Media THE CITY reacted with shock last night of Assembly Research described the slammed the plans, saying: “Jeremy UBER X-SELLKalanick continues to Labour’s plan s to part-nationalise plan as “hard, expensive and fraught Corbyn’s fantasy plan ot effectively na- FTSE 100 giant BT and prom ise free with difficulty”. tionalise broadband would cost hard- sell-off in loss-making taxi giant full-fibre broadband orf every UK At a speech in Lancaster today, working taxpayers tens of billions.” EDWARD THICKNESSE lockup period, which prevented early household by 2030. shadow chancellor J ohn Mc- The Conservatives have promised investors from selling shares for six Labour unveiled the pol- Donnell will sa y: “Thi s is £5bn to back the UK rollout of full- @edthicknesse months after the company’s initial icy late last night, which public ownership for the fibre broadband. future,” and say, “every Mark Littlewood of the Institute of OUSTED Uber chief executive Travis public offering. it estimated at costing Despite the selling spree, Kalanick around £20bn, and said part of this plan has Economic Affairs said: “To bring inter- Kalanick has sold afurther $164m still holds almost 1.9bn$ worth of it would pay for its plan been legally vetted, net provision into the state’s remit (£127m) worth of shares in the shares in the company, according to by levying a tax on echt checked with experts.” would ensure all of het delays, waiting company he helped found, just days the Bloomberg Billionaires Index. giants such as Amazon, The party also said it times an d quality decline t hat go after offloading more than a fifth of . In the UK, Uber is awaiting a Google and Facebook. will nationalise “broad- hand-in-hand with bureaucracy.” his stake in the ride-hailing app decision next week on whether its The Tories hit back say- band-relevant parts of BT”, A BT spokesperson said broadband The entrepreneur sold around 6.1m licence in the capital will be extended. ing that the opposition had including Openrea ch and rollout was “a national mission that’s shares, taking the total disposed of Transport for London has granted a not included the cost of buy- parts of BT Technology, BT En- bigger than any one company”. this month ot $711m , according to a series of extensions allowing the firm ing assets, estimated by the Con- terprise and BT Consumer. Analyst Howett said only Australia company filing submitted yesterday. to continue operating, but the San servatives as an additional £12.5bn. Labour said the cost of part-national- had tried such a scheme, and it was Uber’s stock price fell to a record Francisco-based tech giant is looking Chief executive of trade group Tech ising BT would be set by parliament “years late, over budget and (offers low last week as shareholders -called for greater certainty. UK Julian David said: “These proposals and paid for by swapping government speeds) a fraction of the original aim”. prepared for the endf o the so Holy Guacamole: Questions over Chilango as consultancy RSM called in ANNA MENIN source familiar with the Chilango confirmed to City Birmingham— were due to be filed around 1,500 retail i talks that the firm is A.M. that it had engaged RSM by 30 September, but are marked as th @annafmenin considering all options, “to assist on long-term overdue online HIGH street burrito chain Chilango including administration planning, options and A Ch is engaged in discussions to secure or a company voluntary strategy” for the com its long-term future with arrangement — a The fi consulting and restructuring firm controversial RSM as it emerged that its restructurin accounts are now six weeks late BUSINESS WITH PERSONALITY City A.M und BUSINESS WITH PERSONALITY POWER UP THE THE WEEKEND IS HERE FIRST LOOK INSIDE OUR GUIDE TO THE LATEST BATTERSEA’S HOT FILMS AND SHOWS P28-29 NEW FLATS P20 FRIDAY 15 NOVEMBER 2019 ISSUE 3,501 CITYAM.COM FREE LABOUR PLOT BROADBAND TAKEOVER • McDONNELL TO ANNOUNCE NATIONALISATION OF BT OPENREACH AND ‘FREE INTERNET FOR ALL’ • LABOUR PLAN NEW TECH MULTINATIONALS TAX JAMES BOOTH would be a disaster for the telecoms bonds for shares. @Jamesdbooth1 sector and the customers that it Nicky Morgan, secretary of state for serves” while analyst Michael Howett Digital, Culture, Media and Sport, THE CITY reacted with shock last night of Assembly Research described the slammed the plans, saying: “Jeremy UBER X-SELL Kalanick continues to Labour’s plans to part-nationalise plan as “hard, expensive and fraught Corbyn’s fantasy plan to effectively na- FTSE 100 giant BT and promise free with difficulty”. tionalise broadband would cost hard- sell-off in loss-making taxi giant full-fibre broadband for every UK At a speech in Lancaster today, working taxpayers tens of billions.” household by 2030. shadow chancellor John Mc- The Conservatives have promised EDWARD THICKNESSE lockup period, which prevented early Labour unveiled the pol- Donnell will say: “This is £5bn to back the UK rollout of full- @edthicknesse investors from selling shares for six icy late last night, which public ownership for the fibre broadband. months after the company’s initial it estimated at costing future,” and say, “every Mark Littlewood of the Institute of OUSTED Uber chief executive Travis public offering. around £20bn, and said part of this plan has Economic Affairs said: “To bring inter- Kalanick has sold a further $164m Despite the selling spree, Kalanick it would pay for its plan been legally vetted, net provision into the state’s remit (£127m) worth of shares in the still holds almost $1.9bn worth of by levying a tax on tech checked with experts.” would ensure all of the delays, waiting company he helped found, just days shares in the company, according to giants such as Amazon, The party also said it times and quality decline that go after offloading more than a fifth of the Bloomberg Billionaires Index. Google and Facebook. will nationalise “broad- hand-in-hand with bureaucracy.” his stake in the ride-hailing app. In the UK, Uber is awaiting a The Tories hit back say- band-relevant parts of BT”, A BT spokesperson said broadband The entrepreneur sold around 6.1m decision next week on whether its ing that the opposition had including Openreach and rollout was “a national mission that’s shares, taking the total disposed of licence in the capital will be extended. not included the cost of buy- parts of BT Technology, BT En- bigger than any one company”. this month to $711m , according to a Transport for London has granted a ing assets, estimated by the Con- terprise and BT Consumer. Analyst Howett said only Australia company filing submitted yesterday. series of extensions allowing the firm servatives as an additional £12.5bn. Labour said the cost of part-national- had tried such a scheme, and it was Uber’s stock price fell to a record to continue operating, but the San Chief executive of trade group Tech ising BT would be set by parliament “years late, over budget and (offers low last week as shareholders Francisco-based tech giant is looking UK Julian David said: “These proposals and paid for by swapping government speeds) a fraction of the original aim”. prepared for the end of the so-called for greater certainty. Holy Guacamole: Questions over Chilango as consultancy RSM called in ANNA MENIN source familiar with the Chilango confirmed to City Birmingham— were due to be filed around 1,500 retail investors @annafmenin talks that the firm is A.M. that it had engaged RSM by 30 September, but are marked as through two mini-bonds it dubbed considering all options, “to assist on long-term overdue online. Burrito Bonds – controversial HIGH street burrito chain Chilango including administration planning, options and A Chilango spokesperson said investment products that have is engaged in discussions to secure or a company voluntary strategy” for the company. the firm was “currently working” come under scrutiny. its long-term future with arrangement — a The firm declined to comment with its auditors to get the Mini-bonds allow investors to consulting and restructuring firm controversial on what those options were. accounts “out as soon as possible”. essentially buy company debt for a RSM as it emerged that its restructuring plan that Accounts for Chilango — It is understood the company is set period in exchange for regular accounts are now six weeks late. allows chains to close which runs 12 restaurants in audited by Grant Thornton. interest payments. They offer high City A.M. understands from a outlets and cut rents. London, Manchester and The firm has raised £5.8m from interest rates, but are unsecured. FTSE 100▼ 7,292.76 -58.45 FTSE 250▼ 20,231.80 -57.98 DOW▼ 27,781.96 -1.63 NASDAQ▼ 8,479.02 -3.08 £/$▲ 1.288 +0.004 £/€▲ 1.169 +0.003 €/$▲ 1.102 +0.001 02 NEWS FRIDAY 15 NOVEMBER 2019 CITYAM.COM AMBER UNDER THE HAMMER Cretaceous relics will go up for auction next week in Billingshurst in a new Evolution showcase THE CITY VIEW Lagarde’s challenges start close to home HEN things get heated at work it’s only a matter of time before someone proposes an “off site”.