BUSINESS WITH PERSONALITY PIECE BY PIECE CAN A FREE BRIGHT SPOT MOUNT SHINES TRADE DEAL DRIVE AFRICA TO BUT BLUES DROP THE GROWTH IT NEEDS? P14 POINTS AGAIN P20 MONDAY 19 AUGUST 2019 ISSUE 3,438 CITYAM.COM FREE NUMBER 10 REBUFFS NO-DEAL CHAOS DOC ALEXANDRA ROGERS gotiations – leading to the possibility available and Whitehall has been October, but that government was “far prepared for a disorderly Brexit, but of civil unrest. stood up to actually do the work more prepared now than it was that she would “make an effort to find @city_amrogers But a Number 10 source said the doc- through the daily ministerial in the past”. solutions – up until the last day of ne- DOWNING Street insisted yesterday ument pre-dated Boris Johnson’s pre- meetings. The entire posture of The revelations come ahead gotiations”. that Whitehall reports predicting miership, when ministers were not government has changed.” of the Prime Minister’s visit Both meetings precede the G7 sum- chaos and disruption in the event of a seriously preparing for a no-deal The claims were also played to the continent this week, mit in Biarritz on Saturday, in which no-deal Brexit were outdated, as Boris Brexit. down by Michael Gove, who is in a last-dash hope of secur- Johnson will make his first interna- Johnson dashes to meet EU leaders for “This document is from when min- now the minister in charge of the ing a deal. He will meet Ger- tional appearance as PM. last-minute talks this week. isters were blocking what needed to government’s no-deal prepara- man Chancellor Angela Business groups last night warned Claims made within the leaked be done to get ready to leave and the tions. Merkel in Berlin on many companies are not yet prepared dossier, codenamed Operation Yel- funds were not available,” the source He said the UK Wednesday and for a no-deal exit. lowhammer, predicted food, fuel and said. “It has been deliberately leaked would experience French President A CBI spokesperson said businesses medicine shortages in a no-deal exit. by a for mer minister in an attempt to “bumps in the Emmanuel Macron “remain hampered by unclear advice, The document, leaked to the Sunday influence discussions with EU leaders. road” if it leaves on Thursday in timelines and costs”, while the Insti- Times, also said there would be a re- “Those obstructing preparation are the EU without Paris. tute of Directors’ Allie Renison said turn of a hard border in Ireland – the no longer in government, £2bn of an agreement Yesterday, Merkel many smaller firms were uncon- main sticking point in the Brexit ne- extra funding has already been made at the end of said Germany was vinced such planning was necessary. UMBRELLA PROTEST Hong Kong demonstrators rally amid deluge Bank of England governor Carney withdraws from UK-China dinner ALEXANDRA ROGERS “As the situation in Hong Kong past few days tanks have amassed develops, the City must remember on Hong Kong’s border. @city_amrogers that it is not just a financial services Ambassador Liu also warned last BANK of England governor Mark lobbying group. It has moral week that Beijing would “not sit on Carney has pulled out of a dinner in responsibilities, whether it wants its hands and watch” if the the Square Mile designed to foster them or not.” situation became relations between London and Another councillor told “uncontrollable”. China. City A.M: “There’s a A Corporation The City of London Corporation is question of whether we spokesperson said: holding the event at Guildhall on should even hold a 3 September. It will be attended by knees-up on the date of Mark Carney will not be China’s ambassador to the UK Liu 70 years of the founding attending the UK-China Xiaoming, the Corporation’s policy of the communist event in the Square Mile chief Catherine McGuinness and dictatorship that has lord mayor Peter Estlin. cost millions of lives. “We host a number of HUNDREDS of thousands of protesters It was the calmest weekend of Some City councillors are “If the Red Army rolls events throughout the filled the streets of Hong Kong protests since the demonstrations unhappy at the timing of the event, into Hong Kong, it would be year designed to support yesterday in the 11th week of anti- against the growing influence of Beijing as police in Hong Kong continue to unthinkable to hold this event.” the government’s efforts to government demonstrations. in Hong Kong life began. clash with pro-democracy protest - Carney was originally due to strengthen relationships with key The peaceful rally followed violent “They’ve been telling everyone we’re ers. The protests were originally speak at the event but a source said trading partners around the globe scenes last week after protesters rioters. The march today is to show sparked by a proposed bill that he had since pulled out, citing a for the benefit of the City, London occupied Hong Kong’s airport, clashing everyone we are not,” Chris, 23, told would have allowed extraditions to “diary issue”. and the UK.” with riot police. news agency Reuters. mainland China. The Chinese military has so far The Bank of England did not Councillor Richard Crossan said: stayed out of the conflict, but in the respond to requests for comment. FTSE 100▲ 7,117.15 +50.14 FTSE 250▲18,821.85 +181.20 DOW▲25,886.01 +306.62 NASDAQ▲7,895.99 +129.38 £/$▲ 1.214 +0.006 £/€▲ 1.094 +0.006 €/$▼ 1.109 -0.001 02 NEWS MONDAY 19 AUGUST 2019 CITYAM.COM OH, BLAST Demolition of power station cooling towers in Didcot, Oxfordshire, sparks a power outage for at least 40,000 homes THE CITY VIEW Trump’s blame game strategy is backfiring S PRESIDENT Donald Trump’s economic cheerleaders were out in force yesterday trying to convince American Uvoters that all is hunky-dory with the US economy and the escalating trade war with China. “There is no recession in sight,” White House economist Larry Kudlow insisted, after 1,500 points was wiped off the Dow Jones in recent weeks amid fear surrounding inverted yield curves that often precede a contraction in GDP. Trade adviser Peter Navarro went further, arguing that the curves were not inverted THE DEMOLITION of three cooling towers at Didcot power station in Oxfordshire yesterday led to a power cut for at least 40,000 but in fact flat – a positive sign, he said. homes after debris struck overhead lines. Seconds after the demolition, nearby pylons exploded, causing a local power outage. Trump is gambling on the economy holding up sufficiently well Energy company SSE said flying debris caused “significant damage to the overhead line and subsequent network faults”. over the next year to convince the US electorate to return him to office, with plans for further tax cuts to entice Republican voters who are starting to wobble. A sharp downturn could prove a severe hit to Trump’s chances of re-election, even though the White House continues to work on its back-up plan British Steel: Questions under such an eventuality – blaming everything on the Federal Reserve. Kudlow banged that drum again yesterday, arguing that the Fed had imposed “very severe monetary restraint” on the economy. linger as Ataer swoops in The danger for Kudlow, Navarro and their boss is that Trump’s maniacally-repeated hardline messages appear to be pushing a large number of people in the opposite direction to that OVERNMENT officials will WHY ARE THERE CONCERNS? intended. A poll published in the US yesterday showed a sharp this week start talks with Oyak has close ties with the Turkish increase in support for free trade in the past four years. In 2015, their preferred buyer for regime, led by President Recep Erdo- stricken industrial firm gan, who has been accused of being just over half of respondents said free trade was good for G British Steel. autocratic and having little tolerance America, with more than 40 per cent disagreeing. Ataer Holdings, a subsidiary of the of dissent. Oyak’s Renault plant has Turkish military’s pension fund Q&A also faced claims of mistreating Today, 64 per cent of Americans say it is good, and just 27 per cent disagree. Support for free trade has jumped seven per cent which is known as Oyak, reached a employees, raising concerns for work- provisional deal to buy the firm out of forces with their pensions. Founded ers in Scunthorpe who will soon in the past two years, according to the survey for NBC and the insolvency at the end of last week. in 1961, Oyak is one of the country’s count Oyak as their bosses. Wall Street Journal. After former owner Greybull Capital largest conglomerates, with revenue Labour’s shadow business secretary Separate polls show a rise in the balance of Americans saying let the firm slide into insolvency in hitting $9.8bn (£8.1bn) last year. Rebecca Long-Bailey said: “Given the May, the news gave hope to British It has interests in industrials, and company’s track record, Labour will that immigration is good for the country. After the electoral Steel’s 5,000 workers, despite concerns holds a joint venture factory with hold the government to account if shocks of recent years (on both sides of the pond) one needs over Oyak’s suitability as a buyer. French car maker Renault. there are any moves to undermine Ataer expects the talks to last several the unions and workers’ terms and nerves of steel to predict a Democratic victory in 2020.