BUSINESS WITH PERSONALITY LONDON CALLING HOW THE OTHER HALF THE CITY’S OLDEST SHOPS MEET THE STORES BUILDER TAKES A OF ST JAMES’S STREET P8–9 LOOK BACK P25 WEDNESDAY 27 NOVEMBER 2019 ISSUE 3,509 CITYAM.COM FREE BOLD MOVE Elon Musk to defend GOLDMAN himself in ‘pedo guy’ court case BULLISH ON SEBASTIANUK MCCARTHY MARKET Goldman economists have the upcoming ballot. @SebMcCarthy upgraded their growth forecasts for While the pound rose sharply on the next three years, predicting a Monday after one survey pointed to GLOBAL banking giant Goldman rise of 2.4 per cent in the second half an 80-seat majority for the Conserva- Sachs is advising its clients to snap up of 2020. tives, the latest poll showed a weaker stakes in British firms, taking a For 2021 the bank is expecting lead for Johnson, causing sterling to bullish stance on the future of the growth of two per cent, up from 1.6 fall back down 0.3 per cent yesterday. UK economy. per cent, and in 2022 it has raised its Both the Conservatives under Boris Buoyed by expectations of less forecasts from 1.8 per cent to 2.1 per Johnson and Labour under Jeremy Brexit uncertainty and block- cent, providing Brexit clarity Corbyn have promised a swathe of buster spending promises and fiscal stimulus can spending and tax cuts in areas such from both the major be delivered. as infrastructure while on the political parties, the US Investor hopes of a campaign trail. investment bank has Against the backdrop of its outlook STEFAN BOSCIA help rescuers access the boys, calling recommended a long The US giant thinks for growth, Goldman expects the @stefan_boscia it a “PR stunt”. Musk responded by position on UK domes- investors should pounce Bank of England to hike its interest calling him a “pedo guy” on Twitter. tic stocks. on British companies rate by 25 basis points in late 2020, TESLA boss Elon Musk will testify in The tech billionaire’s defamation Since the EU referen- and then once per year in 2021 his own defence in a defamation case trial will begin on 3 December in Los dum in 2016, UK domes- bounce in UK equities and 2022. brought against him for calling a Angeles, California. tic stocks have under- have been mounting as Goldman’s economists also expect a British cave diver a “pedo guy”. Speaking at pre-trial hearings, performed British interna- the 12 December election modest recovery in global growth in Vernon Unsworth was involved in Musk’s lawyer Alexander Spiro said: tional stocks by 20 per cent. draws near, with the FTSE 250 2020, “driven by loose financial the rescue of a trapped Thai junior “Evidence is going to be through Mr However, in its 2020 outlook pub- hitting a 15-month high this week conditions and a robust consumer”. football team in 2018, which led to an Musk [testifying] that in fact Mr Musk lished yesterday, Goldman urged its following steady recent gains. The bank said that “downside risks unlikely row between the cave diver didn’t call him a paedophile. clients to take advantage of the However expectations of a Brexit to equity markets seem limited”. and the Tesla chief. “Mr. Musk deleted the tweet, cheaper domestic shares by buying deal under a newly-formed Conserva- It added: “Sustained falls in earnings Unsworth accused Musk of apologised and moved on.” them up ahead of an expected tive government have been pinned are unlikely unless there is a reces- grandstanding when the billionaire Unsworth is also set to testify at the rebound in the economy following back by differing polls, which suggest sion, and the typical triggers of reces- tried to build a mini-submarine to trial, according to his lawyer. next month’s General Election. a wide range of possible outcomes for sions do not seem to be in place.” FTSE 100 ▲ 7,403.14 +6.85 FTSE 250 ▲ 20,864.92 +161.75 DOW ▲ 28,121.68 +55.21 NASDAQ ▲ 8,647.93 +15.44 £/$ ▼ 1.285 -0.003 £/€ ▼ 1.167 -0.003 €/$ 1.101 unc. 02 NEWS WEDNESDAY 27 NOVEMBER 2019 CITYAM.COM FLASH MOB PROTEST Hong Kong chief executive Carrie Lam fails to win round demonstrators after pro-democracy landslide THE CITY VIEW A second referendum would come at a cost REXIT is testing traditional party loyalties almost to destruction. According to pollster Peter Kellner, the BTories could grab more than 50 seats from Labour, largely in areas where it’s been assumed that people simply don’t vote Tory. At the other end of the debate, Brexit is leading people into uncomfortable compromises. People who never thought they would countenance Jeremy Corbyn’s hard-left politics are talking themselves into favouring a minority Labour government on the grounds that it would likely bring about a second referendum. For some, a form of Corbyn government is preferable to any form of Brexit. Indeed, die-hard Remainers, including City PR tycoon Roland Rudd, will be campaigning on this basis right up to polling day — seeking to identify the voters for whom there is no price too high for stopping Brexit. Rudd, DEMONSTRATORS shone lights from their smartphones during a lunch time flash mob protest at Hong Kong’s International Finance Center (IFC) Mall yesterday, as they continued to protest despite a landslide win in local elections this week. Hong Kong and what’s left of the fractured People’s Vote campaign, is leader Carrie Lam didn’t make any new concessions to protesters in her first comments to voters, following months of unrest. focused on encouraging tactical voting to deny Boris Johnson a majority. The logic then runs that Labour will be supported in government by the Lib Dems or the SNP but will be moderated and constrained by the Commons and Corbyn, while technically Prime Minister, will simply be a stepping stone to another Bovis Homes to referendum. This proposition suffers from a number of fatal flaws. Firstly, a second referendum would deepen and inflame London housing the divisions opened by the first one. No good can come from it. face investor Secondly, a deal with the SNP would bring about another referendum on Scottish independence — something that would revolt over pay be ruled out by a Tory majority government. Finally, it isn’t viable to claim that Corbyn could be in office but market revived JESS CLARK not in power. If he emerges from the negotiations of a hung JESS CLARK @jclarkjourno parliament as Prime Minister, then that’s it — he’s in charge and research by property platform Zoopla. @jclarkjourno Woking and Runnymede in Surrey HOUSEBUILDER Bovis Homes is very much in power. Even if he lacked a working majority and and Dacorum in Hertfordshire also facing investor backlash over even if many of those who voted for him saw his job solely as LONDON house prices started to show saw house prices drop, along with executive pay proposals as it enabling a second referendum, a high price would have been “signs of life” last month due to re- Kensington and Chelsea, which suf- prepares to approve a £1.1bn newed buyer demand and a shortage fered a 1.5 per cent decline in house takeover of Galliford Try’s paid. A very high price. As the chief rabbi said on Tuesday of property coming to the market. prices to £1.17m. residential development arm. night, “a new poison — sanctioned from the very top — has taken House prices in the capital grew one Richard Donnell, research and in- A number of institutional root” in Corbyn’s party. That poison is anti-Jewish hatred, and per cent year on year in October fol- sight director at Zoopla, said today: investors are preparing to vote Corbyn is responsible for allowing it to fester. Last night, he lowing a period of falling prices. In “After a three-year repricing process against Bovis Homes’ long-term October 2018 London house prices accompanied by a sizeable decline in incentive plan (Ltip) and wouldn’t even apologise for it. So as uncomfortable and as dropped 1.1 per cent year on year. housing sales, the London housing remuneration policy at a unfair as it may be, the question for Remain-voters isn’t Southwark reported the strongest market is finally showing signs of life. shareholder meeting next week, whether Corbyn represents their best route to another year-on-year growth of 2.5 per cent to However, the latest data from UK Sky News reported. an average price of £490,800. Houn- Finance suggested that mortgage Several shareholders have told referendum, it’s whether their conscience could ever allow slow, Kingston upon Thames, Isling- lending dipped in October, suggesting the FTSE 250 company’s board that them to put him in office. ton and Newham completed the top buyers were still hesitant to commit they will oppose the plans that five boroughs for house price growth. due to ongoing political uncertainty could lead to bumper payouts to Commuter towns dominated the caused by Brexit and the upcoming chief executive Greg Fitzgerald and bottom of the table, with Mole Valley general election. other top executives, the — a district in Surrey to the south of Gross mortgage lending across the broadcaster said, citing sources. the capital — seeing the greatest residential market last month A Bovis spokesperson said the decline as house prices fell 1.8 per was £25.5bn, a dip of 0.9 per cent proposals reflected the Galliford Follow us on Twitter @cityam cent year on year, according to compared to October 2018.